South Korea seeks regional power pricing, W2.8tr in industry savings

Industrial users outside southern Seoul and southern Gyeonggi Province could save a combined 2.8 trillion won ($2 billion) a year in electricity costs under a regional pricing system the government aims to introduce by the end of this year.

The biggest savings would be available in southern Korea, where industrial electricity rates could be cut by as much as 18 won per kilowatt-hour, or roughly 10 percent of last year’s average industrial electricity rate.

For large power users such as semicondu