Lee Hyo-sik is Finance Desk editor at The Korea Times. He manages finance-related stories on macroeconomics, banks, stocks, bonds, crypto etc. He is passionate about covering what's happening in Korea's financial industry and explaining it to both Korean and non-Korean readers. You can reach him at leehs@koreatimes.co.kr. Your insights and feedbacks are always appreciated.
Check underway for overly warm buildings
By Lee Hyo-sik
Government inspectors have begun checking the indoor temperatures of commercial buildings in Seoul to keep electricity consumption low throughout winter.
A joint taskforce consisting of officials from Seoul and the Ministry of Knowledge Economy started to inspect buildings Thursday for an indoor temperature lower than 20 degrees Celsius as required.
Violators are first given an administrative warning. But if they are caught a second time, they will be hit with a 3 million won ($2,500) fine.
Inspectors carrying digital thermometers entered department stores and office buildings to measure indoor temperatures.
The Korean Federation of Banks building in downtown Seoul recorded a temperature of 20.9 degrees Celsius and received a warning, Seoul City officials said.
The taskforce plans to continue monitoring through the end of February.
The government recently required all commercial structures to maintain a low indoor temperature to curb a rise in electricity demand. The country suffered from a nationwide power outage in September as a result of surging electricity use.
Korea’s electricity supply capacity has remained nearly unchanged over the years, while demand has soared as it is cheaper for businesses and households to use electricity for air conditioning and heating, compared to crude oil, coal and other fuels.
The government has kept utility bills artificially low to rein in consumer prices, forcing power companies to sell electricity at below production costs.