The South Korean government revised its industrial electricity pricing system on Friday to reduce the financial burden on businesses. According to the Ministry of Environment's Climate, Energy and Industrial Policy, the new plan approved by the Electricity Regulatory Commission will lower daytime peak-hour rates by up to 16.9 won per kilowatt-hour while increasing nighttime peak-hour rates by 5.1 won. Specifically, daytime rates during summer and winter will be reduced by 16.9 won, while reductions of 13.2 won will apply in spring and autumn. The updated pricing will take effect on April 16. The adjustments aim to lower daytime electricity costs and raise nighttime rates to alleviate corporate expenses. This follows a 9.7% increase in industrial electricity prices implemented by Korea Electric Power Corporation in October 2024 to address financial challenges. Additionally, a 50% extra discount will be offered on weekends and holidays between 11 a.m. and 2 p.m. during spring and autumn, when electricity demand is typically lower. The ministry estimates that approximately 97% of companies will see lower electricity bills under the new system, with small and medium-sized enterprises operating primarily during daytime hours expected to achieve more substantial cost savings.