South Korea’s electricity transaction volume and value hit record-highs in the first half on normalized business from virus-related restrictions and an earlier arrival of heat spell to bode badly for state power monopoly’s widening deficit, data showed Monday.

The volume of power traded in the country stood at 269,432 gigawatt-hours (GWh) in the January-June period, up 3.9 percent from the previous year, according to the data from state-run Korea Electric Power Corp. (KEPCO) and the Korea Power Exchange.

It marks the highest tally for any first half and the third-largest half-year figure in history. The previous first-half record was 262,555 GWh set in 2016.

The first-half record was attributed to eased social distancing rules against the coronavirus pandemic, which prompted plants and commercial buildings to consume more electricity, as well as an unusually early heat wave that forced more people to rely on power-consuming air conditioning.

The value of electricity trade in the first half jumped 60.7 percent on year to 37.3 trillion won ($28.6 billion), the first half-year figure above 30 trillion won. The spike was attributed to a sharp rise in the wholesale price of electricity, which is applied when KEPCO purchases power from generators, amid soaring energy costs in the international market.

By Pulse

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