Electricity market SMP South Korea 2017-2024

The system marginal price (SMP) for electricity in South Korea stood at around 126 South Korean won per kilowatt-hour as of April 2024. The South Korean government introduced the SMP ceiling system at the end of 2022, which limits the wholesale price at which Korea Electric Power Corporation (KEPCO) purchases electricity from power generation companies to protect energy consumers during times of price fluctuations. KEPCO is a public institution responsible for the distribution of electricity in South Korea. In the last 10 years, electricity consumed per capita in South Korea has seen a steady increase.

Sustainable energy sources in South Korea

South Korea imports over 90 percent of its energy, which primarily originates from fossil fuels. But as demand continues to rise, the country needs to look for more sustainable options for residents to maintain the same standard of living. One such option is solar energy. Indeed, the government has already invested in solar energy, newly installing multiple megawatts worth of solar power generators yearly.

Private solar power installations in South Korea

The amount of solar power for private use in South Korea is likely to rise as more people look toward installing their own solar panels to meet their energy needs. Panels that can be attached to the outside railings of apartments as well as on building rooftops are available for private installation. The government has encouraged these efforts through subsidies.