KEPCO to Support Traditional Market Merchants with 28.5 Billion KRW Over 5 Years

Jong-gap Kim, President of Korea Electric Power Corporation

[Asia Economy Reporter Moon Chae-seok] Korea Electric Power Corporation (KEPCO) announced detailed plans for support activities for traditional markets, which will be implemented alongside the sunset of the residential electricity saving discount. Instead of the existing traditional market electricity bill discount system, KEPCO plans to support merchants with a budget of 28.5 billion KRW over five years.

KEPCO stated on the 16th that, together with its power group companies, it will invest 5.7 billion KRW annually for five years to provide customized support in three areas, including energy efficiency improvement projects. To celebrate the Lunar New Year, benefits will be provided to about 1,450 traditional markets nationwide, with projects focusing on improving energy efficiency, enhancing traditional market environments, and supporting market revitalization.

To increase energy efficiency, a total of 4.3 billion KRW will be spent, allocating 860 million KRW annually. Support will be provided for LED replacement projects in stores, electric motor replacement costs, and the purchase of commercial high-efficiency refrigerators and heating/cooling devices. The goal is to improve electricity usage efficiency and reduce replacement costs, thereby achieving electricity bill savings.

For the traditional market environment improvement support project, 3.2 billion KRW will be spent annually, totaling 16 billion KRW. This will be used for installing solar power generation facilities within traditional markets, supporting maintenance of distribution facilities, and installing electric vehicle (EV) chargers in public parking lots. According to KEPCO, this will reduce common electricity costs and enable safe electricity use, allowing merchants to enjoy tangible benefits.

For market revitalization support, 1.64 billion KRW will be invested annually, totaling 8.2 billion KRW. Activities to revitalize traditional markets using online and offline channels are planned.

In preparation for the Lunar New Year holiday, power facilities will undergo intensive inspections. From the 6th to the 23rd of this month, inspections will be conducted at about 1,450 traditional markets nationwide, including small stores and commercial buildings, to prevent fires and enhance the safety of power facilities.

KEPCO will operate the "Ministry of SMEs and Startups - KEPCO - Merchants' Association Consultative Body" starting this month, in cooperation with the Ministry of SMEs and Startups. The consultative body will reflect the demands of traditional market merchants' associations regarding the priority and timing of support projects, addition of new projects, and coordination among projects. KEPCO expects that the traditional market support projects will not only revitalize markets but also create employment.

Kim Jong-gap, CEO of KEPCO, said, "We will systematically promote projects to improve electricity usage efficiency in traditional markets, which is what KEPCO can do best," adding, "We hope that KEPCO’s support projects, which go beyond short-term financial interests, will make traditional markets a beautiful place of meeting and culture."

This content was produced with the assistance of AI translation services.