Exports push up utility bills

The growth of electricity consumption in Korea’s industrial sector rose 4.2 percent on-year in May due mainly to export gains in energy intensive industries, the government said yesterday.

Sales of industrial electricity moved up to 21.53 billion kilowatt-hours last month from 20.67 billion kilowatt-hours reached a year earlier, according to the Ministry of Knowledge Economy. The gain marks a slowdown from an 8.5 percent on-year increase tallied in May last year, although numbers accelerated from just 1.7 percent growth reported in April of this year when sales reached 21.22 billion kilowatt-hours.

“Korean exports contracted last month, but there was solid overseas shipment increases in general machinery, auto parts, cars and steel that pushed up electricity sales,” the ministry said.

Sales of electricity to the machinery and auto sectors rose 8.4 percent and 5.8 percent, respectively, with the number for steel rising 3 percent from the year before.

Temperature last month was up 2.4 degrees Celsius from a year earlier. Yonhap