[Exclusive] Top 20 Industrial Power Consumers Used as Much Electricity as All Households Nationwide

Samsung Electronics, Hyundai Steel, Samsung Display, LG Display, and SK Hynix Lead the Pack
Top Five Companies Consume Half of Residential Electricity
KORAIL Is the Only One to Exceed 200 Won per kWh

It has been revealed that the top 20 industrial power-consuming companies in South Korea used an amount of electricity last year comparable to the total power consumption of all households nationwide. Notably, the top five conglomerates alone consumed more than half of the country’s total residential electricity, and Korea Railroad Corporation (KORAIL), a public institution, was the only company among the top 20 this year with an electricity unit price exceeding 200 won per kWh. This highlights both the concentration of industrial power consumption and imbalances in electricity rates.

According to data submitted by Korea Electric Power Corporation to Assemblyman Kwak Sang-eon of the National Assembly’s Trade, Industry, Energy, SMEs, and Startups Committee on the 27th, the top 20 industrial power-consuming corporations used 84,741 GWh of electricity in 2024, which is 97.4% of the total residential electricity consumption nationwide (86,989 GWh) for the same year. In other words, just 20 companies consumed nearly as much electricity as all households in the country combined.

By company, Samsung Electronics ranked first by far, using 24,288 GWh. This is 5.7 times the average usage among the top 20 companies (4,237 GWh) and four times that of Hyundai Steel, which ranked second (6,140 GWh). Samsung Display (5,797 GWh), LG Display (5,430 GWh), and SK Hynix (5,221 GWh) followed, with the top five companies alone consuming 46,876 GWh. This amount equals 53.9% of the nation’s total residential electricity usage.

The total electricity bill paid by these companies amounted to 13.8628 trillion won, with an average unit price of 163.8 won per kWh. While there were slight differences depending on company size and contract type, most rates were concentrated in the low to mid-160 won range. In contrast, the overall average industrial rate was 168.2 won per kWh, and the residential average was 156.9 won per kWh, meaning the industrial rate was actually higher than the residential rate.

Another notable point concerns KORAIL. From January to July this year, KORAIL was the only company among the top 20 corporations whose electricity unit price surpassed 200 won per kWh. Due to the nature of railway operations, which require continuous power supply 24 hours a day, KORAIL is subject to the general industrial (Type B) rate and does not benefit from nighttime or off-peak discounts, which explains the higher rate.

KORAIL has continued to face a heavier electricity cost burden than large corporations this year, as it did last year. As a result, there is growing demand for a separate rate system that reflects the unique characteristics of public transportation.

KORAIL stated, “Despite being one of the major power-consuming companies in the country, we pay about 27 won more per kWh on average than the top 15 conglomerates. It is necessary to review whether the rate fairness claimed by Korea Electric Power Corporation is actually being maintained. The current system’s blind spots must be re-examined to determine if they are causing such imbalances.”

Meanwhile, in 2024, Korea Electric Power Corporation’s total electricity sales volume was 549,821 GWh, with sales revenue reaching 89.5794 trillion won. The average sales price by contract type was 156.9 won for residential, 168.2 won for industrial, 173.4 won for general, and 107.0 won for other uses. Notably, industrial electricity accounted for 52% of total sales volume but 53.7% of total electricity revenue, indicating that the impact of rate increases has been concentrated in the industrial sector.