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KEPCO to Seek Gradual Rise in Electricity Prices Based on Production Cost: Chief

KEPCO to Seek Gradual Rise in Electricity Prices Based on Production Cost: Chief

SEOUL, Oct 19 (Korea Bizwire) — The chief of state-run Korea Electric Power Corp. (KEPCO) on Thursday said the company will continue to seek a gradual rise in electricity prices based on production costs amid the lingering uncertainties in the energy market. “The global electricity industry is facing an unprecedented crisis amid the insecurity in [...]

Ruling Party, Gov’t Agree to Tentatively Postpone Electricity, Gas Rate Hikes

Ruling Party, Gov’t Agree to Tentatively Postpone Electricity, Gas Rate Hikes

SEOUL, March 31 (Korea Bizwire) — The ruling People Power Party (PPP) and the government agreed to temporarily hold off raising electricity and gas bills but reaffirmed that rate hikes are “inevitable,” a ruling party lawmaker said Friday. The decision was made in a policy consultation meeting amid concerns that a hike in utility fees [...]

Researchers Develop Technology to Produce Electricity Using Nearby Vibration Sources

Researchers Develop Technology to Produce Electricity Using Nearby Vibration Sources

SEOUL, Feb. 2 (Korea Bizwire) — The Korea Institute of Science and Technology announced the development of new technology that can produce electrical energy by adapting itself to various vibrations generated in surrounding environments. A research team from the institute developed an energy harvester that can convert resonant frequencies for itself depending on changes in [...]

S. Korea to Sharply Hike Q1 Electricity Rates on High Costs, Losses

S. Korea to Sharply Hike Q1 Electricity Rates on High Costs, Losses

SEOUL, Dec. 30 (Korea Bizwire) — South Korea will raise first-quarter electricity rates by the largest margin in about four decades on high global energy costs and mounting losses of the state utility company, the industry ministry said Friday. The government decided to jack up the electricity rates for consumer and industrial use by 13.1 [...]

Power Trading Volume Hits Record in H1 on Eased Social Distancing Restrictions, Early Heat

Power Trading Volume Hits Record in H1 on Eased Social Distancing Restrictions, Early Heat

SEOUL, July 11 (Korea Bizwire) — South Korea’s electricity transaction volume touched a new all-time high in the first half of the year due to eased social distancing restrictions and an early heat wave, data showed Monday. The volume of power traded in Asia’s fourth-largest economy stood at 269,432 gigawatt-hours (GWh) in the January-June period, [...]

Moon Calls Nuclear Power Main Source of Electricity Over Next 60 Years

Moon Calls Nuclear Power Main Source of Electricity Over Next 60 Years

SEOUL, Feb. 26 (Korea Bizwire) — President Moon Jae-in said Friday that South Korea will fully use its nuclear power plants under its nuclear phase-out scheme, calling nuclear power a mainsource of electricity over the next 60 years. “Over the next 60 years, while nuclear power plants continue to operate, nuclear power plants should be [...]

S. Korea to Launch ‘Energy Cashback’ Pilot Program in Three Cities

S. Korea to Launch ‘Energy Cashback’ Pilot Program in Three Cities

SEJONG, Jan. 25 (Korea Bizwire) — South Korea will launch an energy cashback pilot program starting with three cities — Sejong, Naju and Jincheon. Under this program, apartment complexes and households that consume less electricity than the average of neighboring apartment complexes and households can receive a cashback refund for the amount saved. The apartment [...]

New Noise Barriers Produce Both Electricity and Heat

New Noise Barriers Produce Both Electricity and Heat

DAEJEON, Jan. 18 (Korea Bizwire) — A South Korean research team has developed a multi-functional noise barrier technology that can produce both electricity and thermal heat. The Korea Institute of Energy Research said its research teams had developed a new photovoltaic-thermal (PVT) soundproof technology that uses a solar photovoltaic panel, a solar collector and a [...]