Wholesale Electricity Prices Hit 16-Year Low... December Last Year Down 20% Year-on-Year
[Asia Economy Reporter Kwangho Lee] This winter's electricity wholesale price (SMP) is recording the lowest level in 16 years since the winter of 2004.
According to the Korea Power Exchange's Information and Statistics System (EPSIS) on the 10th, the average SMP in December last year was 66.88 won.
Recording the 60-won range during winter, the season when SMP is highest due to increased electricity demand, is the first time since December 2004 (63.60 won).
Compared to December 2019, when it was 83.72 won, this is about a 20% decrease. Compared to the highest level of 167.37 won in December 2008, it has fallen to less than half.
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SMP fluctuates with a time lag influenced by international oil prices. This winter, the record decline is analyzed to be due to the combined effect of the drop in international oil prices caused by the COVID-19 pandemic and the decrease in electricity demand.
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