This paper examines dynamic conditions surrounding South Korean energy demand upon entering the new millenium. Korean energy consumption grew very rapidly during the 1990s, but was hit severely by financial crisis of 1997 and is again rapidly recovering. Our aim in this paper is to review the recent trends and make projections for the near future. After reviewing the 1990s, we present forecasts on energy demand for 2000-2005. We also present scenario analysis where the best and the worst case scenarios are discussed.