The Korea Meteorological Administration recorded 42.5C, topping the 2018 record. Power demand hit 92.5 GW, prompting emergency reserves. KEPCO's revenue outlook and crop import costs are now in focus.
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South Korea recorded its highest-ever temperature of 42.5 degrees Celsius, the Korea Meteorological Administration said. The reading, taken in the central city of Hongcheon, topped the previous record of 41.0C set in 2018.
Electricity demand hit a new peak of 92.5 gigawatts on Tuesday, the Korea Power Exchange reported. The government activated emergency reserves to prevent blackouts. The heatwave is pushing the country's power system to its limits, and Korea Electric Power Corp. stands to benefit from the surge in cooling demand, analysts said.
Agricultural officials warned of damage to rice paddies and fruit orchards. The Ministry of Agriculture said 1,200 hectares of crops have already been affected by drought conditions linked to the extreme heat. Analysts tracking agricultural commodities said the damage could push up South Korea's food import bill, particularly for rice and fruit.
The Korea Meteorological Administration expects the heatwave to persist through the weekend.
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