An official at state-run Korea Electric Power Corp said that South Korea's five state run power utilities will need 73 million tonnes of steaming coal this year, of which 52% has already been secured. KEPCO did not provide figures for last year's consumption.

A utility source said demand last year had reached at a similar level, adding that earlier projections had put demand this year at up to 80 million tonnes, but a shift to high calorific coal after a nationwide power shortage late last year had reduced the volume of demand.

KEPCO and other utility officials said procurements this year had been made at an average of about USD 115 per tonne on a cost-and-freight basis, adding that most were made through long-term contracts rather than spot purchases.

KEPCO fully owns five utilities Korea East West Power Co, Korea Southern Power Co, Korea South East Power Co, Korea Western Power Co and Korea Midland Power Co.

(Sourced from Reuters)