三星电子与SK海力士拒绝KEPCO约25万亿韩元（约187亿美元）电费预缴方案，凸显韩国芯片集群电力融资难题

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Samsung, SK Hynix reject US$19 billion power prepayment as Korea speeds chip expansion

Sherri Wang
, DIGITIMES, Taipei

Sep 14, 2026, 16:24

0

Credit:: Samsung

Samsung Electronics and SK Hynix have rejected a proposal to prepay KRW25 trillion (approx. US$18.7 billion) in electricity bills, highlighting the financing challenge facing South Korea as it accelerates semiconductor expansion and the power infrastructure needed to support it.

Korea Electric Power Corp. (KEPCO) proposed the advance payments to help fund electricity infrastructure for planned semiconductor mega-clusters, Reuters reported. The two memory makers concluded after internal reviews that the proposal would be difficult to accept amid uncertainty over semiconductor demand several years ahead.
The rejection does not signal a retreat from the companies' semiconductor investment plans. Samsung and SK Hynix joined KEPCO, the central government, and regional authorities in August in signing agreements aimed at securing power supplies for major semiconductor projects in Yongin and southwestern South Korea.
Instead, the decision underscores a growing financing challenge as South Korea shortens fab construction schedules while generation and transmission infrastructure must be funded and built years before the new capacity comes online.
Chip clusters require massive power buildout
The scale of the power requirement is substantial. The Yongin national and general semiconductor clusters are expected to require more than 14GW of power by 2041, while the planned Honam semiconductor complex is expected to eventually require more than 6GW.
Honam is scheduled to receive about 3GW of initial capacity from 2029 before additional infrastructure raises supply beyond 6GW. Initial infrastructure costs will be shared by the public and private sectors based on usage, with part of the private contribution potentially eligible for government support.
Yongin will require a broader combination of generation and transmission investment. The current plan includes three 1GW liquefied natural gas plants to support initial demand, upgrades to existing transmission capacity, and eventually additional links carrying power from other parts of the country.
The power buildout is becoming more urgent as South Korea accelerates semiconductor construction. The government plans to bring forward completion of fabs in Yongin by seven to 12 years as part of a broader effort to double the country's memory-chip production capacity within five years.
Semiconductor expansion and new AI data centers could add 25–30GW to South Korea's national electricity demand. If that additional demand were supplied entirely by nuclear power, it would be equivalent to the capacity of roughly 20 Korean-standard reactors.
The accelerated timetable creates a mismatch between infrastructure investment and demand visibility. Power plants, substations, and transmission lines require substantial spending well before chipmakers know what market conditions will look like when new fabs eventually enter production.

Sources: KEPCO; South Korea's Ministry of Climate, Energy and Environment.
KEPCO faces funding squeeze
KEPCO's financial position adds another constraint. The state-run utility ended June with about KRW210.7 trillion in liabilities and KRW133 trillion in borrowings despite remaining profitable in the first half of 2026.
The utility also faces a change in its funding framework after 2027. Under current law, KEPCO may issue bonds equal to as much as five times the combined value of its capital and reserves through December 31, 2027. Unless the law is extended or revised, the standard ceiling of twice capital and reserves will apply after that date.
The proposed electricity prepayments would have provided KEPCO with another source of capital as it prepares for large-scale grid investment without relying solely on additional borrowing.
KEPCO sought about KRW20 trillion from Samsung and KRW5 trillion from SK Hynix, equivalent to roughly five years of electricity payments. The funds would have been paid over about a year, with KEPCO compensating the companies for providing the money in advance.
For Samsung and SK Hynix, however, committing several years of electricity spending upfront would tie up substantial capital while visibility into future semiconductor demand remains limited.
That caution is notable despite the current strength of the memory market. Demand for high-bandwidth memory and other memory products has surged alongside investment in computing infrastructure, but memory remains highly cyclical and has a long history of sharp swings in supply, pricing, and capital spending.
South Korea is therefore confronting two different timelines. Chipmakers and policymakers want new semiconductor capacity available sooner, while the power infrastructure needed to support those fabs must be financed and built years before future chip demand becomes clear.

Article
edited by Ysi Chen

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