South Korea's electricity demand hit a new high in December 2022

According to Yonhap News Agency, the Korea Power Exchange said Wednesday that the average maximum power (power demand in a 24-hour period) in December last year was 82,176 megawatts (MW), a 5.1% increase from the previous record set in July last year.

It is reported that this is the first time that the average monthly electricity consumption demand in South Korea exceeds 80,000 megawatts in winter. In general, demand is lower in winter than in summer, and January, when demand is highest in winter, never exceeds 80,000 megawatts. But average maximum power demand in December surpassed the summer peak and set a record for the year.

It is believed that power demand hit a record high in the fourth week of last month due to the strongest cold wave and heavy snowfall. The maximum power capacity rose to 91,7171 megawatts on April 19, exceeding 90,000 megawatts for five days in a row, and soared to 94,509 megawatts on April 23. As a result, the reserve ratio of KePCO fell to 11 percent on May 21, the lowest level this winter. Generally, the lower the power reserve rate, the more unstable the power supply.

Power supply is expected to be challenged in the third week of this month. The government had forecast a maximum of 90,400 to 94,000 megawatts this winter, but with 94,000 megawatts already exceeded last month, this month could well exceed expectations. The South Korean government plans to maximize the use of nuclear power plants to meet demand.