Launch of 'Long-term Energy Supply and Demand Outlook' through 2050... "Announcement in the First Half of Next Year"

The government has initiated the establishment of a 'Long-term Energy Supply and Demand Outlook' that looks ahead to the energy supply and demand situation until 2050. It plans to announce a scenario-based outlook next year in the first half, considering energy demand and supply, energy efficiency improvements, and technological development.

On the 17th, the Ministry of Trade, Industry and Energy announced that it held the first meeting to establish the long-term energy supply and demand outlook together with the Korea Energy Economics Institute and energy sector experts at Space Aid in Seoul.

The Ministry stated, "Overseas, agencies such as the U.S. Energy Information Administration (EIA) and the International Energy Agency (IEA) publish scenario-based long-term energy supply and demand outlooks to provide information to various stakeholders including governments, related organizations, and the private sector in response to future uncertainties. Accordingly, Korea also plans to establish a scenario-based long-term energy supply and demand outlook to consistently formulate and promote energy policies from a long-term perspective."

The energy experts from various fields attending the meeting are expected to develop and review various scenarios considering uncertainties about future energy policies and technological changes. The first meeting focused on discussing the operation plan for the expert committee going forward.

Choi Yeon-woo, Director of Energy Policy at the Ministry, said, "To respond to carbon neutrality, we plan to forecast energy demand and supply across all sectors until 2050 in the form of scenarios based on various assumptions derived by experts, aiming to announce the '1st Long-term Energy Supply and Demand Outlook' in the first half of next year. We ask the experts attending the meeting to conduct in-depth discussions and reviews so that the supply and demand outlook can be used as a basis when establishing government energy policies such as the Basic Plan for Electricity Supply and Demand and the Basic Plan for Rational Energy Use in the future."