Business Community Welcomes Plan to Introduce Industrial Regional Electricity Rate System, Says It Will Help Spur Corporate Investment

[Financial News] The business community has unanimously welcomed the government’s plan to introduce an industrial regional electricity rate system.
Twenty-one economic and industry groups, including the Korea Chamber of Commerce and Industry (KCCI), The Federation of Korean Industries (FKI), the Korea International Trade Association (KITA), and the Korea Enterprises Federation (KEF), issued a joint statement on the 26th. They said, "The introduction of an industrial regional electricity rate system and the overall downward pricing trend are expected to help ease the burden on companies, support industrial growth, encourage corporate investment, and promote balanced regional development."
The groups added, "Although electricity demand is surging due to the growth of AI and advanced industries, difficulties in the national power supply and demand situation are worsening because of concentrated demand in the Seoul metropolitan area and delays in building power grids." They emphasized, "Since electricity rates are directly linked to companies' production and investment activities, we hope the system will be implemented as soon as possible so its effects can be felt early on the industrial front lines."
They also said, "For the system's effects to continue through the success of mega-projects and the development of national strategic industries, policies to promote balanced regional development, such as regulatory reform, support for settlement conditions, and infrastructure expansion, must also be prepared." They added that they hope the industrial regional electricity rate system will become a successful policy that lays the foundation for activating Distributed Energy and drives both industrial competitiveness and balanced regional growth.
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