INDUSTRY & ECONOMIC POLICY

INDUSTRY & ECONOMIC POLICY

Major Electricity Tariff Overhaul After 49 Years: 'Time-of-Use' Pricing System to Reshape Korea's Industrial Landscape

Inside a domestic manufacturing plant office piled with electricity bills and energy cost analysis data. [Photo = Korea Business Review DB] Ahead of the full implementation of the time-of-use pricing system, companies are redesigning production schedules and reviewing cost structures. Background of the policy shift: Why now? The Ministry of Climate, Energy and Environment and the Korea Electric Power Corporation officially announced on the 14th that the 'seasonal and time-of-use electricity tariff reform plan' will take full effect starting on the 16th.