Korea to Cut Industrial Power Rates by Up to 10% Outside Seoul
Industrial electricity rates in South Korea’s Yeongnam and Honam regions are expected to fall by as much as 10% as the government moves to introduce region-based pricing that reflects power-generation locations and transmission costs. The policy is designed to encourage companies to shift or establi
South Korea is planning to cut industrial power rates by up to 10% outside Seoul, with the aim of encouraging companies to relocate power-intensive operations away from the capital and reduce overall electricity demand. The government will introduce a regional adjustment rate system based on transmission costs and regional electricity self-sufficiency, dividing the country into four broad regions and 11 subregions.
The southern region, which has a higher concentration of renewable energy and nuclear power facilities, will receive the largest reductions in electricity rates. The proposed changes are expected to reduce the industrial sector's annual electricity burden by about 2.8 trillion won and promote balanced regional development and industrial competitiveness.
Brief written by urgent.news from BusinessKorea's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
