Has the heatwave eased off? As a result, the maximum power demand forecast has been lowered. According to the Ministry of Trade, Industry and Energy on the 7th, the Korea Power Exchange's maximum power demand forecast for this week has been lowered by 140 megawatts (MW) from the previous 92,450 MW to 92,310 MW. The Ministry explained, "The reason for lowering the maximum power demand forecast for this week is that the heatwave has weakened compared to last week." The maximum power demand this year was 93,990 MW on the 24th of last month, and the power supply and demand situation is being closely monitored as it is expected to reach near the all-time high of 94,120 MW on August 7, 2018. The Ministry of Trade, Industry and Energy and the Korea Power Exchange are making efforts to ensure a stable power supply this summer by implementing various measures, such as expanding the output of power generation resources and reducing power demand through demand response.

Extreme heatwave temperatures have slightly eased, but the outlook for power demand this week remains similar to last week, according to South Korea's power trading agency. Despite the ongoing heatwave and the continuation of the rainy season, safety remains a concern. Power trading platform analysts expect the maximum power output to reach 91.6 GW around 6-7pm on Friday, similar to last Monday's 91.1 GW.

With supply reserves at 15.169 GW, the power supply is expected to remain "normal." If reserves fall below 5.5 GW, a "precautionary" alert stage will be issued. This week's peak electricity demand is forecasted to be between 92.9-96.7 GW, which is lower than the previously expected 94.1-98.8 GW range and also below the all-time record of 97.115 GW set on August 20, 2024.

The extreme heatwave seems to have finally broken this past weekend, with Seoul experiencing six consecutive days of extreme heat and all heatwave warnings being lifted last Friday. However, caution is still advised as more heat alerts and rainy season conditions could lead to an increase in air conditioning demand. The arrival of industrial plants resuming operations could also increase industrial electricity demand.

Coupled with decreased solar power generation due to more clouds, the power grid may face greater strain. Last week, early morning temperatures ranged from 23-26 degrees, while afternoon temperatures ranged from 28-35 degrees, still higher than average. Industrial demand has steadily increased since the beginning of the week, peaking at 95.32 GW on the seventh day, setting a new summer record and ranking fifth overall for summer.

The supply reserve rate dropped to 9% and the reserve capacity fell to 8.2 GW. A power trading agency spokesperson stated, "Although the heatwave has eased a bit, electricity demand remains high. We are continuously monitoring the weather situation and trends."