South Korea’s electricity consumption rose to a record high in the first six months of this year.
Adding to the energy use is the scorching heat wave that’s hit the country earlier than usual with electricity usage in May and June higher than in any other month ever.
According to KEPCO and the Korea Power Exchange, electricity consumption in the first six months came to 269,432 gigawatts. up 3.9 percent from the same period last year.
It’s not just the usage that’s increased.
Energy prices in South Korea have been impacted by rising global energy prices.
The system marginal prices of energy surpassed the 15-cents-per-kilowatt mark for the first time this April an increase of one-hundred-and-65 percent from the same time last year.
The country spent 28.7 billion U.S. dollars on electricity in the first half of the year 60.7 percent higher than the same time last year and breaking the 23 billion dollar mark for the first time ever.
Energy consumption is expected to break records in the second half of this year.
The early heat wave has already pushed energy demand above the levels seen in the summer of 2018 which was the hottest summer on record.
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