Energy Market Landscape: South Korea

Introduction

Evolving competitive dynamics are rapidly and significantly changing the face of the gas and power markets in the Asia Pacific region. As such, a timely and broadly based understanding of the market landscape is vital for players throughout the value chain. Central to this is an understanding of the exact stage of competitive development reached in each market, and how it is likely to change.

Scope

*Up-to-date insight on market structures, regulatory developments, supply and demand balances and asset developments

*Insight into current levels of gas and power competitive intensity benchmarked against 12 other Asia Pacific markets

*Forecasts of how the nine metrics making up the competitive intensity scores will change by 2012.

Highlights

The MCI scores draw on nine underlying metrics grouped into three categories: Market Framework (Regulatory Effectiveness; Pricing Regime; Ease of Third Party Access), Supplier Push (Wholesale Fragmentation, Retail Fragmentation, Traded Market Maturity), and Customer Pull (Access to Market Information, Consumer Representation, Propensity to Switch)

Each of the Energy Market Landscape series provides a profile of both the relevant gas and power market. Issues examined include regulatory structures, player strategies and supply/demand dynamics.

Reasons to Purchase

*Obtain up-to-date, relevant and standardized information on the Asia Pacific energy markets from a single source

*Have a logical framework to monitor market developments and emerging trends, identify opportunities and plan strategies accordingly

*Assess current and future gas and power market competitive environments by gaining insight into factors driving market competitiveness.


Report Highlights

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DATAMONITOR VIEW 1
CATALYST 1
SUMMARY 1
ANALYSIS 2
Gas Market Overview 2
Industry Landscape 2
Gas Supply and Demand Analysis 2
Gas Infrastructure 7
Pipelines 7
Storage 7
LNG 7
Electricity Market Overview 9
Industry Landscape 9
Wholesale Environment 9
Electricity Supply and Demand Analysis 9
Electricity Infrastructure 14
Generation Capacity 14
Electricity Networks 15
Competitive Intensity Analysis Overview 16
Datamonitor's MCI Index offers a robust framework for measuring the development of energy Market Competitive Intensity 16
The MCI Index shows how competitive a particular market is. This has applications for both new entrants seeking to enter the market, and established players and former monopoly incumbents seeking to defend their market share from new entrants. 16
The MCI Index assesses markets as they stood in early 2010 and forecasts conditions likely to be prevailing in 2013. 16
The MCI assessment draws on nine underlying metrics grouped into three broad clusters: Market framework; Supplier Push; Customer Pull 17
Each of the nine pillars has an assessment scale to allow for the comparison of diverse markets (see appendix for more details) 18
Gas Market Competitive Intensity 19
South Korea's weak gas market competitive intensity declines further over the forecast period 19
South Korea's gas scores remain consistently low. 20
The Market Framework factors are a key element of South Korea's overall score 20
Effectiveness of Regulator [2010: 2/10 2013: 2/10] 20
Ease of Third Party Access [2010: 0.1/10 2013: 0.1/10] 20
Pricing Regime [2010: 1.5/10 2013: 2.5/10] 20
Supplier Push metrics remain consistently limited 21
Wholesale Market Fragmentation [2010: 0.1/10 2013: 0.1/10] 21
Retail Market Fragmentation [2010: 0.1/10 2013: 0.1/10] 21
Traded Market Maturity [2010: 0.1/10 2013: 0.1/10] 21
Customer Pull metrics remain particularly modest 21
Access to Market Information and Assistance [2010: 2/10 2013: 2/10] 21
Consumer Representation [2010: 2/10 2013: 2/10] 21
Propensity to Switch [2010: 0.1/10 2013: 0.1/10] 21
Electricity Market Competitive Intensity 22
Over the forecast period South Korea's power position remains down in the rankings 22
South Korea's power market scores cover a significant range of the scoring scale 23
South Korea's electricity sector is characterized by a regulation system dependent on the government and a system operator capable of balancing the entire system demand 23
Effectiveness of Regulator [2010: 5/10 2013: 6/10] 23
Ease of Third Party Access [2010: 0.1/10 2013: 1/10] 23
Pricing Regime [2010: 1.5/10 2013: 2.5/10] 24
Supplier Push factors are driven by the wholesale fragmentation metric 24
Wholesale Market Fragmentation [2010: 0.1/10 2013: 1/10] 24
Retail Market Fragmentation [2010: 0.1/10 2013: 1/10] 24
Traded Market Maturity [2010: 5/10 2013: 6/10] 24
Customer Pull metrics remain at the lower end of the scale 24
Access to Market Information and Assistance [2010: 3/10 2013: 3/10] 24
Consumer Representation [2010: 2/10 2013: 2/10] 25
Propensity to Switch [2010: 0.1/10 2013: 0.1/10] 25
Competitive intensity will remain very modest for the foreseeable future 25
COMPETITIVE INTENSITY ANALYSIS APPENDIX 26
MCI Scores Summary 26
MCI Scoring Scales 28
APPENDIX 33
Definitions 33
Ask the analyst 34
Datamonitor consulting 34
Disclaimer 34
List of Tables
Table 1: South Korea gas supply and demand balance, 2008?09e 3
Table 2: South Korea power supply and demand balance, 2008?09e 10
Table 3: Market Competitive Intensity, South Korea 2010 and 2013 26
Table 4: MCI Additive, Asia Pacific 2010 and 2013 27
Table 5: MCI Multiplicative, Asia Pacific 2010 and 2013 27
List of Figures
Figure 1: South Korea indigenous gas production, 2005?2009e 4
Figure 2: South Korea gas import supply sources, 2009e 5
Figure 3: South Korea gas sectoral consumption, 2009e 6
Figure 4: South Korea gas consumption, trends and forecasts, 1990?2020f 7
Figure 5: South Korea power production by fuel type, 1990?09e 11
Figure 6: South Korea power production by fuel type, 2009e 12
Figure 7: South Korea power sectoral consumption, 2009e 13
Figure 8: South Korea power consumption, trends and forecasts, 1990?2020f 14
Figure 9: South Korea power generation capacity by fuel type, 2009 15
Figure 10: MCI Assessment Scale 16
Figure 11: MCI Assessment Framework 17
Figure 12: MCI Scales 18
Figure 13: Asia Pacific Gas Market Competitive Intensity, 2010-13 19
Figure 14: Gas Market Competitive Intensity, South Korea 20
Figure 15: Asia Pacific Power Market Competitive Intensity, 2010-13 22
Figure 16: Power Market Competitive Intensity, South Korea 23
Figure 17: Market Competitive Intensity, South Korea 25
Figure 18: Scale for MCI Assessment, Effectiveness of Regulator 28
Figure 19: Scale for MCI Assessment, Ease of Third Party Access 29
Figure 20: Scale for MCI Assessment, Pricing Regime 29
Figure 21: Scale for MCI Assessment, Wholesale Market Fragmentation 30
Figure 22: Scale for MCI Assessment, Retail Market Fragmentation 30
Figure 23: Scale for MCI Assessment, Traded Market Maturity 31
Figure 24: Scale for MCI Assessment, Access to Market Information 31
Figure 25: Scale for MCI Assessment, Consumer Representation 32
Figure 26: Scale for MCI Assessment, Propensity to Switch 32

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