SEJONG, Sept. 30 (Korea Bizwire) — South Korea’s state power utility said Friday it will raise fourth-quarter electricity rates for consumer and industrial use amid high energy costs and mounting losses. Korea Electric Power Corp. (KEPCO) said it has decided to jack up the adjusted unit fuel cost — a key part of the country’s [...]
SEOUL, Sept. 30 (Korea Bizwire) — South Korea will raise natural gas prices for civilian use next month amid high international gas prices, the industry ministry said Friday. Starting in October, natural gas prices for households and commercial use will be hiked by 2.7 won (US$0.002) per megajoule, the ministry said in a press release. [...]
SEOUL, Sept. 29 (Korea Bizwire) — SK Telecom, South Korea’s No. 1 wireless carrier, said Wednesday it had signed an agreement with SK Energy Co., the Korea Electrotechnology Research Institute (KERI), 60 Hertz and Soft Berry to develop virtual power plant (VPP) technology. A virtual power plant refers to a network of decentralized power generators [...]
SEOUL, Sept. 28 (Korea Bizwire) — Youlchon Chemical Co., a South Korean producer of plastic films, said Wednesday it has signed an agreement to supply a key battery component used in electric vehicles to the joint venture company run by LG Energy Solution Ltd. and U.S. General Motors Co. for the next six years. The [...]
SEOUL, Sept. 28 (Korea Bizwire) – The Seoul city government will additionally ban Grade 4 diesel vehicles, the second lowest in the country’s five-tier emission standard, from the city’s central areas starting in 2025 with a goal of dramatically reducing air pollutants, the mayor said Wednesday. Mayor Oh Se-hoon announced the measure as part of a broader [...]
SEOUL, Sept. 28 (Korea Bizwire) — POSCO Group, South Korea’s leading steelmaker, said Wednesday it will actively enter the blue hydrogen business as part of efforts to expand its non-steel business. POSCO Holdings Inc. has signed a memorandum of understanding with its affiliate POSCO Engineering & Construction Co. and major hydrogen company Approtium Co. to [...]
SEOUL, Sept. 25 (Korea Bizwire) — POSCO International Corp., the commodity trading unit of South Korean steel giant POSCO Holdings Co., said Sunday it is investing a combined 280 billion won (US$198.2 million) to triple its natural gas production in the next three years. The funding will be provided to Senex, a subsidiary co-owned by [...]
SEOUL, Sept. 23 (Korea Bizwire) — Hanwha Solutions Corp., a key energy unit of South Korea’s Hanwha Group, said Friday it will split off its retail unit and a part of its advanced materials unit in a bid to bolster its edge in renewable energy sectors. Under the decision, approved by the board, Hanwha Solutions [...]
SEOUL, Sept. 23 (Korea Bizwire) — The United Arab Emirates (UAE) has started up the third unit of the South Korean-built Barakah nuclear power plant, the country’s nuclear energy corporation and South Korea’s state-run utility firm said Friday. The Middle Eastern country issued an operating license for the Unit 3 reactor in June, and it [...]
SEOUL, Sept. 23 (Korea Bizwire) — LG Energy Solution Ltd. (LGES) said Friday it has signed supply agreements with three Canadian mineral companies to secure key raw materials used in lithium-ion batteries for electric vehicles. Under the arrangement with Electra Battery Materials Corp., the Toronto-based battery materials refiner will supply 7,000 tons of cobalt sulfate [...]