Top 30 Power-Consuming Large Corporations "Used More Electricity, Paid Less"
Payment of 7.0312 trillion KRW for 75GW by 30 major conglomerates... Household electricity totaling 72.6GW with 7.6237 trillion KRW
Excessive industrial electricity rate gaps by load compared to major countries like the US and Japan! Special privileges
[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] It has been revealed that the top 30 companies in electricity purchase used 2.4GW more electricity last year than all households combined in the country, yet paid 592.5 billion KRW less in fees.
According to data submitted by Korea Electric Power Corporation (KEPCO) to National Assembly Industry, Trade, Energy, Small and Medium Business Committee member Shin Jeong-hoon (Democratic Party, Naju-Hwasun) on the 7th, the 30 major companies with high electricity consumption used a total of 75GW last year and paid KEPCO 7.0312 trillion KRW.
During the same period, household electricity sales totaled 72.6GW, and KEPCO collected 7.6237 trillion KRW in household electricity fees.
The reason why the average electricity price for large corporations is lower is because differential rates are applied according to load time periods. KEPCO sets a high differential rate of 3.4 times between off-peak and peak load rates for high-voltage electricity consumption by companies during summer.
Assemblyman Shin pointed out that the high-voltage B and C rate plans mainly used by large corporations already have low prices, but excessive off-peak time discounts are additionally granted, allowing them to consume electricity at prices much cheaper than general households or small and medium enterprises.
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Shin Jeong-hoon emphasized, “The differential rate by load in Korea is 3.4 times, which is significantly higher than Japan’s 1.5 to 1.6 times or the United States’ 1.4 to 1.8 times during summer peak loads,” and added, “The industrial off-peak electricity rate plan, which concentrates benefits on large corporations, should be reformed so that more benefits can be extended to small and medium enterprises, small business owners, and general households.”
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