Bloomberg News

South Korean Companies Pledge to Reduce Power Use by 5% a Year

November 29, 2011

Nov. 30 (Bloomberg) -- South Korea’s large companies, consuming 30 percent of the nation’s electricity, made “voluntary” pledges to cut power use by 5 percent a year to help conserve energy.

Representatives from 12 industry associations, including steel and petrochemicals, met with Knowledge Economy Minister Hong Suk Woo today in Seoul to declare their commitment to save energy, the ministry said in an e-mailed statement. Kepco, as state-controlled Korea Electric Power Corp. is known, imposed rolling blackouts Sept. 15 for the first time since 2001 as a surge in demand that day coincided with reduced supplies because of seasonal plant maintenance.

South Korea’s peak winter power demand may rise 5.3 percent to 78,530 megawatts from a year earlier, while supplies may increase 2.4 percent to 79,060 megawatts, the ministry said.

--Editors: Ryan Woo, John Chacko.

To contact the reporter on this story: Sangim Han in Seoul at sihan@bloomberg.net

To contact the editor responsible for this story: Amit Prakash at aprakash1@bloomberg.net.


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