SEOUL, Mar. 21 (Korea Bizwire) — The state-run Korea Electric Power Corp. (KEPCO), South Korea’s electricity monopoly, said Thursday it has decided to freeze electricity prices for the second quarter. In 2023, KEPCO raised the rates three times — by 13.1 won per kilowatt hour (kWh) in the first quarter, 8 won in the second [...]
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 [...]
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 [...]
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 [...]
JEJU, Jan. 13 (Korea Bizwire) – The provincial government of Jeju Island said Thursday it will establish energy storage systems (ESS) at three sites on the island on a gradual basis by 2026 as part of efforts to ensure the stable storage and supply of renewable energy power. The three ESS will have a combined [...]
SEOUL, Jan. 3 (Korea Bizwire) — South Korea’s electricity consumption touched a record monthly high in December as the country was gripped by a nationwide cold wave and heavy snow, the power operator said Tuesday. The country’s average maximum power consumption stood at 82,716 megawatts (MW) last month, up 5.1 percent from a year earlier, [...]
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 [...]
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, [...]
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 [...]
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 [...]