Chey Tae-won, chief of the Korea Chamber of Commerce and Industry (KCCI), speaks during a ceremony marking the 53rd Commerce and Industry Day at the headquarters of the Korea Chamber of Commerce and Industry in Seoul, South Korea, 31 March 2026. Photo by YONHAP / EPA
June 11 (Asia Today) -- South Korea needs to reform its electricity market to respond to surging power demand from artificial intelligence and the expansion of renewable energy, the Korea Chamber of Commerce and Industry said Wednesday.
The chamber said the current power market structure is not enough to support private investment or the growth of new energy businesses, including energy storage systems and virtual power plants.
The business group raised the issue during a seminar in Seoul co-hosted with the Korean Resource Economics Association. Participants discussed ways to reform the electricity market and promote new energy businesses as AI adoption and renewable power generation expand.
"As the power industry shifts from a centralized structure to a distributed and digital-based system, various new businesses are emerging," said Cho Hong-jong, president of the Korean Resource Economics Association and a professor at Dankook University. "To make the energy transition a reality, it is necessary to build a competitive system based on market principles."
