Kim Tae-heon, senior researcher with the institute, said in his research report that the electricity rate should be raised by 15 to 20 percent if taking into account the rates in advanced economies and suppress wasteful energy consumption.

 

He also said that for Korea's electricity rates to be on par with OECD average levels the industrial rates must go up 48 percent and consumer rates rise 84 percent. He said further that a rise of 18.2 percent will be needed to slow the 2012-2017 electricity consumption growth trend to the overall energy consumption growth rate of 2.7 percent.