Electricity demand is expected to set a new record this summer.
 
The Korea Power Exchange forecast on Friday that the peak power demand will stand at 86-and-a-half million kilowatts this summer. The power company made the projection during a meeting of the Ministry of Trade, Industry and Energy and an association of public agencies.
 
The projected figure is around one-point-three million kilowatts higher than last year’s power demand and would be a new record high.
 
The company was quick to add, however, that there will be no glitch in supply and demand as the power supply capacity currently stands at 96-point-six million kilowatts or around ten million kilowatts higher than the projected power demand.
 
In a bid to be prepared for emergency situations, including major heat waves, the ministry instructed participants of Friday’s meeting to secure energy that can be used in urgent situations by reducing demand for electricity using the negawatt market and to boost power generation by coal-fired power plants.  
 
The negawatt market is regarded to be a secondary market in which electricity is distributed from areas of less use to areas of greater use.