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Published: 13 Mar. 2026, 19:48
Electricity meters are seen at a building in Seoul on Dec. 22, 2025. [YONHAP]
The government on Friday revised the electricity rate system for industrial use to help ease the cost burden of corporate power consumption.
Under the plan endorsed by the Electricity Regulatory Commission, the peak electricity rate for daytime will be cut by up to 16.9 won per kilowatt-hour (kWh), while the peak rate for nighttime will go up by 5.1 won per kWh, according to the Ministry of Climate, Energy and Environment.
In detail, the peak daytime rate will be reduced by 16.9 won during summer and winter, and by 13.2 won in the spring and autumn season. The new rates will take effect April 16.
The scheme of lowering rates for daytime and increasing rates for nighttime was part of efforts to lower cost burdens on companies. The Korea Electric Power Corporation had raised the rate for industrial use by 9.7 percent in October 2024 to cope with its financial troubles.
It is also intended to change the current scheme, which was designed to suppress daytime consumption while encouraging nighttime usage, while reflecting the expanding use of renewable energy sources, the ministry explained.
It marks the first time Korea has revised the system for industrial use since its introduction in 1977.
In addition, power usage between 11 a.m. and 2 p.m. on weekends and holidays in spring and autumn will be subject to a separate 50 percent discount, as demand is usually lower during the period, leading to frequent output curtailment.
The ministry said the new pricing system is expected to help around 97 percent of businesses save on their electricity costs, with a more significant cost saving effect anticipated for small- and medium-sized enterprises that usually operate during daytime.
Yonhap