Korea to Cut Industrial Power Rates, Prioritize Mega Projects
The Korean government plans to reduce industrial electricity rates in non-metropolitan areas by dividing the country into four tiers based on population density and transmission costs. Climate Minister Kim Sung-hwan said, 'The regional differential electricity rate system that takes transmission costs into account will be implemented in the second half after a public hearing in August.'
The extent of the industrial electricity rate cut will depend on what the Korea Electric Power Corporation can bear. In addition to this plan, a dedicated rate plan for large-scale artificial intelligence (AI) data centers will be introduced within the year.
The government also aims to focus on swift implementation of three mega projects. To this end, the Climate Ministry will review permitting for the construction of a liquefied natural gas (LNG) combined-cycle power plant within the Southwestern semiconductor industrial complex.