How can gas-to-power CCS support Korea’s low-carbon power future?

As Korea phases out coal and electricity demand continues to rise, its power system will need to decarbonise without compromising reliability, affordability or industrial competitiveness. Baringa’s latest study, commissioned by Shell, explores how Korea’s electricity system could evolve to 2040 under a range of future scenarios, and the potential role of gas-to-power carbon capture and storage, or CCS, within that transition. The findings were recently presented at the Korea CCUS Conference 2026 in Seoul.

The analysis finds that significant renewable deployment will need to be supported by firm, flexible, low-carbon capacity. Across the scenarios modelled, gas-to-power CCS emerges as a potentially important part of the least-cost power mix, helping to meet growing demand, manage renewable intermittency and reduce residual emissions. Its role also evolves over time, initially operating at higher utilisation before providing an increasingly flexible balancing service as renewable generation grows.

The findings build on Baringa’s wider work to enable investment in power and industrial CCS markets globally. In the UK, Baringa supported the development of the policy and commercial frameworks that enabled Net Zero Teesside Power to reach final investment decision, and has since advised subsequent projects and investors. We are now applying that combined power market, policy, regulatory and financing experience to Korea, with lessons that are also relevant to emerging CCS markets in Europe, the United States and elsewhere.

Read the full conference presentation

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This study was led by Baringa and commissioned by Shell. It forms part of Baringa’s wider global work helping governments, energy companies and investors understand the system value of CCS and create the commercial and regulatory frameworks needed to deliver it.