Korea's power consumption nearly back to pre-pandemic levels

Electricity consumption in South Korea has returned to pre-pandemic levels amid revived industrial and business activities this year.

According to the data released on Friday by the Korea Electric Power Corp., the country’s state-run utility company, Korea used 41,900 gigawatt-hour (GWh) in April, expanding 3.5 percent from a year prior.

The country’s electricity sales shrank 4.6 percent on year in April last year as the coronavirus pandemic pounded the economy.

The monthly power consumption had been on the steady rise for the sixth consecutive month.

The growing streak is largely attributable to the rebound in the industrial sector, which accounts for more than half of the total electrify sales. Power sales to the industrial sector gained five percent in April, marking the highest growth since the outbreak of pandemic.

Industrial electricity consumption had continued to expand since December last year, except in February when it slipped 1 percent.

The recovery came in line with the country’s strong export as demands for chips and automobiles have surged amid the improving global economy.

Power consumption from businesses also rose 3.4 percent from the previous year to 8,636 GWh.

Household consumption, on the other hand, dipped 0.2 percent on year due to high base effect from a year ago when Koreans spent more time at home due to virus containment measures.

Consumption from the education sector soared 28.9 percent on year as more students went back to schools.

[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]