Government Delays Decision on Electricity Rate Adjustment for Q3 (Update)

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Dongwoo Lee] The government has postponed the decision on the fuel cost adjustment unit price for electricity rates in the third quarter of this year.

The Ministry of Trade, Industry and Energy notified Korea Electric Power Corporation (KEPCO) on the 20th of its policy to delay the decision on the fuel cost adjustment unit price.

An official from the Ministry of Trade, Industry and Energy said, "Additional discussions are needed regarding the factors for the electricity rate increase, so we decided to postpone," adding, "It will not extend beyond this week."

Originally, the Ministry planned to decide on whether to increase the fuel cost adjustment unit price for the third quarter and by how much, in consultation with the Ministry of Economy and Finance, and notify KEPCO within the day. KEPCO was scheduled to announce it the next day, on the morning of the 21st.

KEPCO also stated that morning, "Regarding the calculation details of the fuel cost adjustment unit price for electricity rates in the third quarter, consultations with related ministries are underway," and "We were informed to finalize the third quarter fuel cost adjustment unit price after receiving the results later."

This content was produced with the assistance of AI translation services.