Ministry of Industry Launches Public-Private Joint 'Energy Supply Emergency Response Team' to "Stabilize Prices"

Park Il-jun, Vice Minister of the Ministry of Trade, Industry and Energy, is speaking at the 'Industry Meeting for Revitalizing Investment in the Hydrogen Economy' held on the 20th at Lotte Hotel in Jung-gu, Seoul. Photo by Moon Ho-nam munonam@

[Asia Economy Sejong=Reporter Dongwoo Lee] The Ministry of Trade, Industry and Energy announced on the 1st that it has formed a public-private joint emergency response team to stabilize energy supply and demand during the winter season.

On the same day, the Ministry held the first meeting of the 'Public-Private Joint Energy Supply and Demand Emergency Response Team' chaired by Deputy Minister Iljun Park at the Korea Electric Power Corporation Namseoul Headquarters to review the current domestic energy supply and demand status and winter preparedness plans.

The emergency response team, composed of natural gas, oil, coal, and electricity response units, will monitor energy price trends and supply and demand status every one to two weeks and respond promptly in case of emergencies.

In particular, to prevent any disruption in natural gas supply management, necessary quantities will be secured early through spot purchases and the introduction of overseas equity investment volumes, and close management of domestic inventory status, including Korea Gas Corporation and direct import companies, will be maintained.

With the prolonged Russia-Ukraine war and continued instability in the international energy market, it is expected that energy price increases and global energy supply shortages will intensify this winter.

Deputy Minister Park urged, "Please do your best to ensure that major public and private companies in the energy sector can respond immediately at all times to various potential crises so that the daily lives of the people and our economy are not disrupted."

The Ministry plans to launch the 'Energy Policy Advisory Committee' chaired by the Minister within this month to gather opinions on overall energy policy and discuss specific countermeasures to stabilize domestic energy supply and demand and prices.

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