Gyeongbuk Province Lowers City Gas Consumer Rates by an Average of 11.7%

Decision by Gyeongbuk Province Price Countermeasure Committee... Monthly Household Savings of 4,000 Won (Average Basis)

More than 250 employees of the Gyeongbuk Provincial Office, including Governor Lee Cheol-woo, participated in the "Thanks Challenge" on May 6.

[Asia Economy Yeongnam Reporting Headquarters, Reporter Park Dong-wook] Gyeongsangbuk-do announced on the 30th that it held the 'Gyeongbuk Province Price Countermeasure Committee,' composed of certified public accountants and consumer groups, on the 27th and finalized the urban gas consumer rates to be applied from July 1 at an average reduction of 11.7%.

The urban gas consumer rates consist of wholesale rates (85%) approved by the Minister of Trade, Industry and Energy and supply costs of urban gas companies (15%) approved by the governor. These rates are adjusted annually according to the 'Urban Gas Company Supply Cost Calculation Standards.'

Looking at the consumer rates decided this time, despite a partial increase in supply costs, the wholesale rates were significantly reduced, resulting in an average decrease of about 11.7% compared to the previous year. By region, the Pohang area decreased by 1.9034 KRW to 14.0547 KRW per MJ (LNG unit), the Gumi area decreased by 1.8430 KRW to 13.9691 KRW, the Gyeongju area decreased by 1.9972 KRW to 14.0248 KRW, and the Andong area decreased by 1.7241 KRW to 14.1952 KRW.

Accordingly, for household consumer rates, a fuel cost saving of about 4,000 KRW per month (based on average usage) is expected. In particular, industries with stagnant gas consumption are expected to benefit from cost reduction, enhancing their competitiveness.

Gyeongsangbuk-do commissioned a professional accounting firm from March 20 for four months to conduct a study on the calculation of urban gas supply costs and prepared the final plan for urban gas supply costs based on the study results.

Lee Cheol-woo, Governor of Gyeongsangbuk-do, stated, "In difficult economic situations, we will do our best to realize the energy welfare of residents by carefully managing urban gas rates and supply services so that people's livelihoods are less difficult even by a little."

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