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New electricity prices for Q3 to be announced in S. Korea Updated: 2022-06-27 11:39:06 KST


Newly set electricity prices for the third quarter will be announced this afternoon.
Korea Electric Power Corporation or KEPCO had earlier suggested raising rates by 33 Korean Won or three cents per Kilowatt hour in the third quarter.
According to KEPCO on Monday an average household last year used more than 5-thousand Kilowatt Hours of electricity.
So a rate hike of that size could really affect people's bills.
But KEPCO is saying a rate hike that big is the only way they can get over a financial deficit.
With international energy prices rising steeply, KEPCO in the first quarter saw a deficit of more than 7.7 trillion Korean Won or six billion U.S. dollars.
But a drastic rate hike is unlikely to happen.
The South Korean government, during the previous administration capped electricity price increases to a maximum three Korean Won from the previous quarter.
So at most, KEPCO can raise electricity rates by three won.
This comes as inflationary pressure in South Korea grows.
Finance minister, Choo Kyung-ho had said Monday during a radio show that he foresees prices to grow six percent in June or during the following summer months.
Now, the government is trying to walk an incredibly thin line between raising energy bills without adding too much pressure on individuals' wallets.
Kim Yeon-seung, Arirang News.
KOGL : Korea Open Government License
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