Prime Minister Han Duck-soo, third from left, presides over a meeting attended by top economy-related ministry officials at the Government Complex in Gwanghwamun, Seoul, Thursday. Yonhap

Electricity reserve falls to 5-year low

By Lee Kyung-min

The government is bolstering energy reserves to prevent possible blackouts triggered by an earlier and more intense heatwave in the summer, with electricity demand this year expected to peak in the second week of August, the Ministry of Trade, Industry and Energy said Thursday.

The short-term energy demand is affected by ongoing geopolitical uncertainties from the ongoing Russia-Ukraine conflict, a power supply risk set to push down this year's reserve energy supply rate to a multi-year low.

Further fanning the bleak outlook is the electricity price increase that took effect July 1, straining not only low-income households and the self-employed but also industries cornered to shoulder increases in production costs and other expenses. The government plans to raise the nuclear power supply to 20.7 gigawatts (GW) in the second week of August, up from 17.7 GW a year earlier.

The ministry said the minimum power supply reserve, as measured by the difference between supply capacity and demand, is expected to peak at 5.2 GW in the second week of August.