South Korea

South Korean refiners warn of excessive emissions targets as government considers cuts of up to 60% from 2018 levels.
Driven by aerospace, industrial gas, and hydrogen investment, the global liquid hydrogen micro-storage systems market is projected to grow 9% annually through 2034.

Sinopec and LG Chem Sign Agreement to Develop Sodium-Ion Battery Materials

Sinopec and LG Chem announce a strategic partnership to develop key materials for sodium-ion batteries. This collaboration aims to accelerate the commercialization of this technology in energy storage systems and low-speed electric vehicles.
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QatarEnergy has awarded Samsung C&T Corporation an EPC contract for a 4.1 MTPA carbon capture project, supporting its expansion into low-carbon energy at Ras Laffan.
The French industrial gas group issued bonds with an average rate below 3% to secure the strategic acquisition of DIG Airgas, its largest transaction in a decade.

Excelerate Energy to build Iraq’s first floating LNG terminal in $450 mn deal

Excelerate Energy has signed a definitive agreement with Iraq’s Ministry of Electricity to develop a floating liquefied natural gas import terminal at Khor Al Zubair, with a projected investment of $450 mn.
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A new software developed by MIT enables energy system planners to assess future infrastructure requirements amid uncertainties linked to the energy transition and rising electricity demand.
U.S.-based Utility will build a hydrogen production and certification facility in Seongnam, using biogas, marking a strategic step for the expansion of its H2Gen® technology in the South Korean market.

Why lithium-ion battery technology maintains such dominance

Despite the emergence of new storage technologies, lithium-ion batteries retain a dominant position thanks to industrial leadership, improved performance and a high geographic concentration of production capacity.
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Enilive aligns conversions in Italy, hubs in Asia and U.S. diversification, with rising HVO margins, integrated pretreatment and HVO/SAF offtakes tied to European requirements, supporting volumes, site utilization and operational guidance.
South Korea becomes the first country to submit a safeguards technical report to the IAEA for a small modular reactor, setting a precedent for early integration of non-proliferation requirements in nuclear design.

Oxford Energy Institute forecasts +120 bcm in global gas demand at $6/MMBtu by 2035

According to the Oxford Institute for Energy Studies, a stable gas price of $6/MMBtu would boost global demand by 60 billion m³ in the short term and 120 billion m³ by 2035, mainly driven by Asia.
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NEO Battery Materials will supply high energy density batteries to a South Korean industrial robotics company under a $2.5M CAD order and joint development agreement over two years.
CMA CGM becomes the first international container shipping company to commission LNG-powered ships from an Indian shipyard, all to be registered under the Indian flag.

Amazon and X-energy advance nuclear project with 12 small reactors

Amazon unveils new visuals of its upcoming nuclear site, marking a key step in its partnership with X-energy to deploy up to 960 MW of modular nuclear capacity in Washington state.
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Swedish ocean energy developer Minesto joined a high-level trade mission to South Korea to explore new cooperation opportunities in marine energy.
Australian group Santos lowers its annual production forecast after an unplanned shutdown at the Barossa project and delayed recovery in the Cooper Basin.

Battery prices in Asia-Pacific drop to record lows through 2029

Utility-scale battery storage system costs continue to fall across Asia-Pacific, but the pace of reductions is expected to slow significantly by 2029, according to Wood Mackenzie projections.
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Singapore’s gasoil and kerosene inventories reached a three-month high after a sharp weekly drop in net exports, supported by a marked increase in imports from Northeast Asia.
The potential removal by Moscow of duties on Chinese gasoline revives export prospects and could tighten regional supply, while Singapore and South Korea remain on the sidelines.
TerraPower has selected three new American suppliers for its advanced Natrium nuclear reactor, confirming progress on the project located in Kemmerer, Wyoming, intended to replace a retiring coal-fired power plant.
The global photovoltaic films market is expected to see significant growth, reaching $41.59bn by 2034 due to the development of new solar technologies and the increasing demand for encapsulation suited to these innovations, a recent study indicates.

South Korea reduces its dependence on fossil fuels below 50%

In April 2025, fossil fuels represented 49.5% of South Korea's electricity mix, dropping below the symbolic threshold of 50% for the first time, primarily due to a historic decline in coal-generated electricity production.
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TotalEnergies will develop a 1.8 MW photovoltaic installation for Daehwa Pharmaceutical, covering approximately 20% of the annual energy requirements of the production site located in Hoengseong-gun, South Korea, under a 20-year agreement.
Estimated at 40.9 billion dollars in 2024, the global microgrid market is expected to grow at an average annual rate of 19.28% to reach 191.01 billion dollars by 2033, driven notably by innovative energy contracts.

Seoul approves definitive decommissioning of South Korea’s first nuclear reactor

South Korea's Nuclear Safety and Security Commission officially validates the decommissioning of reactor number one at the Kori plant, initiating an unprecedented project for the national industry scheduled to last until 2037.
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Estimated at $613.57bn in 2025, the global photovoltaic market is expected to reach $968.32bn by 2030, driven by declining costs and growing demand from residential and utility sectors, according to a MarketsandMarkets analysis published on June 26.
A regional court has upheld the award of two new reactors in the Czech Republic to Korea Hydro & Nuclear Power, dismissing Électricité de France’s challenge to the €16bn contract in a decisive step for the national energy programme.

Fortum selects Westinghouse to study an AP1000 reactor in Finland

The preliminary agreement launches planning and site assessment for a tailored AP1000 reactor, following two years of feasibility study, and enlists Westinghouse and Hyundai to support Fortum’s regional nuclear expansion.
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Driven by strong solar adoption, the global SCADA systems market for renewable energy is expected to reach $3.56bn by 2030, with an estimated average annual growth rate of 12.7%, according to MarketsandMarkets.
South Korea abandons plans to lower electricity rates this summer, fearing disruptions in liquefied natural gas supply due to escalating geopolitical tensions in the Middle East, despite recent declines in fuel import costs.

TerraPower raises $650 million with NVIDIA for modular reactors

TerraPower, an American nuclear company, secures $650 million funding from investors, including NVIDIA, to develop its Natrium modular reactors in the United States and internationally.
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South Korea's new president, Lee Jae-myung, is reviewing the national energy policy, aiming to rebalance nuclear regulations without immediately shutting down reactors currently in operation.
Above-average summer temperatures in Asia are significantly boosting demand for American liquefied natural gas, offsetting a potential slowdown in Europe and opening new commercial opportunities for U.S. exporters.

South Korea Accelerates Energy Diplomacy Amid Growing Geopolitical Tensions

President Lee Jae-myung adopts an energy diplomacy rooted in national interest, amid a complex international landscape of rivalries that could create challenging situations for the country and its energy businesses.
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Czech court authorizes major $18 billion nuclear project, allowing Korea Hydro & Nuclear Power to proceed with the construction of a controversial power plant despite legal challenges.
The Trump administration is seeking Asian partners to advance a $44 billion Alaska pipeline project aimed at exporting liquefied natural gas to the Indo-Pacific region.

EDF and KOWEPO win 1.5-GW Al Zarraf solar project in Abu Dhabi

EDF and Korea Western Power signed an agreement to develop a 1.5-GW solar power plant in Abu Dhabi, following a tender for which sixteen entities had been prequalified.
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Korea Hydro & Nuclear Power signed a 26-month contract to assess a site in Uganda’s Buyende region for its first nuclear reactor, in compliance with International Atomic Energy Agency standards.
EDF is challenging the legality of the nuclear contract awarded to KHNP, citing potential South Korean state support in violation of EU rules, leading to a temporary suspension of the Dukovany II project.