Government "Cashback Provided for Reducing City Gas Usage"

[Asia Economy Sejong=Reporter Dongwoo Lee] The government will temporarily implement a plan to provide cashback (credits) to approximately 16 million households nationwide using residential city gas, starting from December when heating demand increases, if they reduce a certain amount of usage.

The Ministry of Trade, Industry and Energy announced this on the day at a 'Natural Gas Supply Status Inspection Meeting' held in Seoul with related organizations such as Korea Gas Corporation, LNG direct importers, the City Gas Association, and the Private LNG Industry Association.

Specifically, among residential heating city gas users, applicants who reduce their usage by a certain amount or more compared to the same period last year from December this year to March next year will receive cash proportional to the reduction rate.

In addition, energy-intensive industrial companies will also receive cashback if they reduce their city gas usage by a certain amount or more compared to the same period last year, upon application.

Yoo Beopmin, Director of the Resource Industry Policy Bureau at the Ministry of Trade, Industry and Energy, said, "To reduce the consumption of expensive natural gas, we plan to expand the timing and target of the city gas demand reduction program this winter," and urged, "Korea Gas Corporation and the City Gas Association should thoroughly prepare to minimize trial and error in program operation."

Meanwhile, Korea Gas Corporation stated that LNG volumes secured through long-term contracts and spot purchases are being stably introduced, so there is currently no supply disruption, and additional required volumes for this winter will be secured by closely monitoring the international market situation.

Private direct importers also said they will strengthen volume securing and inventory management to ensure no disruption in power generation through LNG and product production, and contribute to supply stability through volume exchanges with Korea Gas Corporation in emergencies.

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