Peak demand forecast to surpass 2024 record of 97 GW, reaching 98.8 GW in third week of August; reserve capacity to be maintained at 8.2 GW

An electricity meter installed on a building in Seoul. [Yonhap]
An electricity meter installed on a building in Seoul. [Yonhap]

South Korea's peak electricity demand this summer is forecast to reach 98.8 gigawatts during the third week of August, which would set a new all-time record.

The Ministry of Climate, Environment and Energy held a power supply and demand meeting Thursday morning at Korea Midland Power's Seoul headquarters in Mapo-gu, chaired by Minister Kim Sung-hwan, and announced its summer electricity supply and demand outlook and response measures.

The ministry projected that peak power demand this summer would climb to 98.8 GW, surpassing the previous all-time high of 97.1 GW set on Aug. 20 last year. The demand forecast incorporates average temperatures from the 10 hottest years and the three hottest years among the past 30, as well as solar power utilization rates.

In response, power authorities said they had secured a supply capacity of 107 GW, up 2 GW from last year, adding that even if peak demand reaches 98.8 GW, reserve capacity would stand at 8.2 GW — a manageable level.

The government has designated June 29 through Sept. 18 as the official power supply and demand response period and plans to maintain an emergency readiness posture together with power-sector agencies.

Power-sector agencies will also conduct preemptive inspections of vulnerable facilities and replace aging equipment before the peak heat season begins. About 8.8 GW of additional reserve resources have been prepared to handle unexpected equipment failures caused by heavy rain or typhoons, as well as emergency situations arising from extreme heat.

To ease the financial burden on households from rising summer electricity consumption, authorities plan to relax the progressive tariff brackets for residential electricity in July and August.

The current residential rate structure for July and August applies a three-tier progressive system: 120 won per kilowatt-hour (kWh) for consumption up to 300 kWh, 214.6 won per kWh for consumption between 300 kWh and 450 kWh, and 307.3 won per kWh for consumption above 450 kWh.

The base charge is 910 won for usage up to 300 kWh, rising to 1,600 won above 300 kWh and 7,300 won above 450 kWh. In effect, a household's summer electricity bill depends heavily on whether consumption crosses the 300 kWh or 450 kWh thresholds.

For vulnerable households, the government plans to expand the summer electricity bill discount ceiling to a maximum of 20,000 won ($13) per month. It will also continue supplying electricity without interruption during the summer months of July through September even when bills go unpaid, ensuring uninterrupted access for those in need.

"The government and power agencies will build a seamless crisis response system for power supply and demand to stably support the daily lives of citizens and the economic activities of businesses and industries," Kim said. He also urged the heads of each agency to take close care to ensure that workers at power generation sites during the summer can work in safe conditions.

Immediately after the meeting, Kim visited the below-ground power generation facility at Korea Midland Power's Seoul headquarters to inspect flood and inundation preparedness systems and check on the stable operation of disaster and emergency equipment.


oskymoon@heraldcorp.com