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The South Korean government on Tuesday announced plans to invest a total of 200 billion won ($181 million) into building more public charging stations for electric vehicles, with the aim to nurture the growth of the local EV market.
The Ministry of Trade Industry and Energy and the state-owned Korea Electric Power Corp. plan to build 150 public charging stations in Seoul, Jejudo Island and other parts of the country by the end of this year.
The 150 public charging stations -- 60 in Seoul, 60 in Jeju and 30 in other regions -- will together house 300 charging units, most of which will be rapid chargers, the ministry said. The first 80 stations will be available for use from October.
The charging fees will be determined later based on projected electricity costs and consumer convenience before the stations open, the ministry said.
KEPCO will develop a system that shows the location of the charging stations as well as offers reservation services and charging usage analysis in time for the opening of the first stations in October, according to the ministry.
In addition, the government plans to build five more large-sized charging stations in Seoul and other major cities within this year. These specialized stations will house not only charging equipment but also EV vendors, car rental firms, car-sharing services, auto repair shops, restaurants and other stores.
By the end of the year, the ministry will also deploy some 30,000 charging units at about 4,000 domestic apartment buildings with the highest demand for EV charging services. KEPCO will levy an independent charging fee at these stations.
The government has rolled out other measures to encourage EV usage in both the public and private sectors.
As part of the state-led initiative, seven public energy companies including KEPCO and the Korea Hydro & Nuclear Power Co. plan to purchase a total of 1,100 EVs by 2023.
The government is offering a 50 percent discount on electricity used by individuals or business owners who install EV charging stations. KEPCO will halve the current fee of 2,400 won per kilowatt for everyone in Korea, expanding the discount that had been previously available on Jejudo Island only.
Moreover, it will extend the electricity savings discount offered to industrial complexes or buildings that install the Energy Storage System, or ESS, on their facilities, from the current period of one year to 10 years.
By Sohn Ji-young (jys@heraldcorp.com)
