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Heating costs soared by more than 50% in a year

Posted February. 01, 2023 07:51,   

Updated February. 01, 2023 07:51


In December of last year, it was found that the average heating cost per square meter of apartments across the country soared by more than 50% from a year ago. From January of this year, the electricity costs will go up, likely increasing the burden of maintenance costs in February.

According to the Korea Real Estate Board's apartment housing management information system (K-apt) on the 31st, the average heating cost per square meter of apartments nationwide (regional and central heating standards) was 514 won in December last year. This is a 53.9% increase from a year ago (334 won). By region, heating costs in Sejong City (1,075 won) increased by 55.6% over the same period, making it the only square meter heating cost in the country to exceed 1,000 won. Following Sejong City, Gyeonggi (848 won), Seoul (767 won), Incheon (675 won), and Daejeon (638 won) displayed the highest heating costs. The analysis indicates that city gas retail and heating rates rose by 38.4% and 37.8%, respectively, over a year, and cold waves at the end of last year increased heating demand, causing heating costs to rise by more than 50%.

Electricity rates rose by 19.3 won per kWh (kilowatt hour) last year and will rise by 13.1 won from the first quarter of this year. Due to rising heating and electricity rates at the same time, the management cost burden in February is expected to increase. “Based on district heating, energy consumption in January is about 15% higher than in December," an official from the Korea District Heating Corporation said. "It is highly likely that the bill for February, which contains the amount used in January, will be greater than the previous month.”