The state-run Korea Electric Power Corp. said Monday it will keep electricity rates unchanged for the third quarter amid its financial troubles.
The state-run Korea Electric Power Corp. said Monday it will keep electricity rates unchanged for the third quarter, despite factors pointing to a cut, amid its lingering financial troubles.
The adjusted fuel cost will remain at the maximum level of 5 won per kilowatt-hour for the July-September period. The company has maintained this level since the third quarter of 2022.
The KEPCO report showed rates were supposed to be lowered by 3.4 won per kWh, but the government cited the company's financial situation to keep the current rate. The government also asked the company to implement measures to improve its financial health.
KEPCO's troubles began when it supplied electricity below production costs as global energy prices surged between 2021 and 2023 due to Russia's invasion of Ukraine. The company holds 206 trillion won in debt and pays around 11.4 billion won in interest every day.
