Economy · Under review · 3 sources combined
Only 32% pushing electrification
Cost support needed for transition
In short
Only 3 out of 10 companies are converting fossil fuel equipment to electric.
The remaining 6 have no transition plans due to cost burden.
Companies said incentives to lower electricity rates are most needed.
Key facts
| When | On November 8, the Korea Chamber of Commerce and Industry released electrification survey results. |
|---|---|
| Who | The survey targeted 307 companies among the top 1,000 by revenue. |
| What | 31.9% of companies are pursuing electrification, while 62.9% have no plans. |
| How | Initial investment burden (84.0%) was the largest concern, and companies requested power procurement cost incentives (66.1%). |
What it means for me
Discussions on revising electricity rate systems could affect manufacturing and overall energy costs.
If you work in manufacturing or energy sectors, watch for upcoming facility investment and power cost policy changes.
If your business uses significant electricity, it's worth checking whether electricity rate support programs will be introduced.
