The Statistics Korea has begun developing weekly power statistics using the automatic measurement system of Korea Electric Power Corporation. The goal is to provide weekly changes in electricity consumption to quickly understand the impact of various economic and social factors on power fluctuations.
According to relevant authorities on the 13th, the Statistics Korea is developing weekly power statistics that can identify electricity usage on the level of metropolitan cities and districts. The Statistics Korea plans to release electricity usage statistics categorized by purpose and industry as an 'experimental statistic' by the end of this year. Experimental statistics are created when the Statistics Korea deems necessary. They may evolve into national approved statistics after a verification process.
Currently, the power statistics are compiled by Korea Electric Power Corporation. A representative national approved statistic is the 'Korea Electric Power Statistics.' The data is aggregated annually, mainly focusing on power generation companies or facilities. KEPCO also publishes a monthly power statistics report, but there is about a one-month lag in the publication.
The Statistics Korea expects that once weekly power statistics are introduced, they will not only allow for quicker identification of fluctuations in electricity consumption than other statistics but also enable the comprehension of regional changes, which can be used effectively in various fields. For example, it will allow for a quicker understanding of the economic upturn or degree of economic activation in specific regions.
In fact, industrial electricity consumption is known as a leading indicator of the real economy and a key indicator for judging economic trends. This is because when the manufacturing sector revives or factory utilization rates increase, electricity consumption also rises. Electricity consumption in the service sector can be used as an indicator of the situation for small business owners.
The Statistics Korea also reports that it will become easier to grasp changes in electricity consumption due to short-term weather changes such as heat waves, tropical nights, cold waves, and heavy snow.
However, the statistical information will be provided in a processed form rather than actual electricity amounts. The Statistics Korea plans to disclose data based on the rate of increase or decrease in electricity consumption compared to a baseline reference point. It plans to provide information on increases and decreases in electricity amounts based on four criteria: ▲the previous week ▲four weeks ago ▲52 weeks ago ▲compared to a specific point in time. A Statistics Korea official noted, 'We plan to receive and process the statistics from KEPCO, which will be structured similarly to other weekly statistics,' adding, 'We are closely cooperating with KEPCO to achieve this.'
Meanwhile, the government has been operating the 'experimental statistics' system since 2021 to provide timely statistics. Experimental statistics are made using new types of data or writing methods, and it is said that a review of reliability and validity is required after their creation. Even if they do not meet the existing requirements for statistical approval, they can be recognized, published, and utilized as 'experimental statistics' for a certain period, and after going through several years of verification processes, they may evolve into national approved statistics.
As of now, the Statistics Korea is publishing 20 types of experimental statistics, and they will undergo revisions if their utility is low. This year, the release of the experimental statistic 'mobile workers' mobility behavior' will be halted, and a new statistic, 'living characteristics of socially interested groups,' which has broadened its subject and analysis, will be introduced. This statistic will analyze communication data and credit card records to illustrate the living conditions of various groups, including single-parent families, infant households, the elderly, and young one-person households.
A Statistics Korea official said, 'The results of workers' mobility behavior show almost similar findings each year and are deemed not meaningful, so we decided to halt its compilation,' adding, 'We plan to utilize an analysis of the mobility and consumption of socially vulnerable groups as a fundamental data source for policy support.'