KEPCO Ignores Traditional Market Struggles... Discounted Rates to End from Q3

24,000 units sold last year with 2.6 billion won discount... Average 110,000 won discount per unit
Han Mu-gyeong "Fiscal deterioration due to 탈원전 policy... Abolish discount rate system"

On the 25th, six days before Chuseok, a notice of closure is posted at a store inside Yeongcheon Market in Seodaemun-gu, Seoul. Photo by Mun Honam munonam@

[Asia Economy Reporter Moon Chaeseok] It has been revealed that the electricity bill discount system supporting traditional markets was abolished starting from the third quarter of this year.

According to data received by Han Mookyung, a member of the National Assembly's Industry, Trade, Energy, Small and Medium Business Committee from Korea Electric Power Corporation (KEPCO), the number of traditional market electricity bill discount beneficiaries was 24,000 households as of last year, with a total discount amount of 2.6 billion KRW. On average, each household received an electricity bill discount of 110,000 KRW.

However, KEPCO abolished the traditional market electricity bill discount system last year. According to Representative Han's office, some have raised suspicions that KEPCO abolished various discount systems due to deteriorating financial soundness caused by the nuclear phase-out policy.

KEPCO provided additional support for traditional market electricity bill discounts for six months from January 1 to June 30. This was a temporary support measure following the end of the discount special case.

Source: Office of Han Mu-kyung, People Power Party

As of the third quarter, the traditional market electricity bill discount system has been abolished. Instead, KEPCO announced plans to implement alternative support projects such as energy efficiency improvement projects and environmental improvement projects.

Representative Han's office stated, "KEPCO's position is that the special discount system is not a system implemented based on financial conditions."

Nevertheless, KEPCO plans to reduce the number of electricity bill special discount systems from 11 to 7.

Last year, discounts for traditional markets and residential energy-saving discounts were abolished. Some parts of the energy storage system (ESS) charging power discount system will also end by the end of this year. In the case of electric vehicle charging power support, the discount rate is being gradually reduced and will be abolished by June 2022.

Representative Han said, "The burden of management deterioration due to the nuclear phase-out policy is being passed directly onto ordinary citizens," and emphasized, "The electricity bill discount system for traditional market merchants, who are already struggling due to the COVID-19 pandemic, must be sustained."

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