KCCI: "Electricity Rate Hike Should Consider SMEs and Small Business Owners"

[Asia Economy Reporter Hwang Yoon-joo] The Korea Chamber of Commerce and Industry (KCCI) expressed concerns over the government's and Korea Electric Power Corporation's (KEPCO) decision to raise electricity rates, stating that while it is inevitable, the burden on small business owners may increase.

On the 23rd, KCCI stated, "In an uncertain economic situation, an increase in electricity rates will increase the burden on companies."

KCCI added, "Due to various factors such as rising oil prices, this electricity rate hike is an unavoidable choice," but emphasized, "More careful consideration is needed for small and medium-sized enterprises and small business owners who are going through difficult times due to COVID-19."

Meanwhile, the government and KEPCO announced on the 23rd that the final fuel cost adjustment rate for the fourth quarter has been set at 0.0 KRW per kWh (kilowatt-hour). This is a 3 KRW increase compared to the previous quarter (-3 KRW). The government had reduced the rate by 3 KRW per kWh in the first quarter considering the decline in international oil prices, and kept it unchanged in the second and third quarters citing price stability.

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