Deputy Prime Minister Choo Kyung-ho: "KEPCO's Self-Rescue Plan Inadequate... Electricity Rates to Be Decided as Soon as Possible"

"Electricity Bills Directly Affect Public Burden... KEPCO Must Present Multiple Alternatives Acceptable to the Public"

[Asia Economy Sejong=Reporter Kwon Haeyoung, Sejong=Reporter Son Seonhee] Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho said on the 20th regarding the delay in the decision on whether to raise electricity rates for the 3rd quarter scheduled for the 21st, "There are insufficient parts in KEPCO's self-rescue plan, so further consultations are needed among the Ministry of Trade, Industry and Energy, our Ministry of Economy and Finance, and KEPCO."

Deputy Prime Minister Choo said at the Government Complex Sejong on the same day, "We intend to reach a conclusion as soon as possible and establish the government's position on electricity rates," he said.

He explained, "Regarding the electricity rate increase, there is KEPCO's management problem, which is a cumulative factor for the increase, and recently there has been a rapid rise in costs at the same time," adding, "Electricity rates are directly linked to the burden on the public, so KEPCO should have initially presented various plans at a level acceptable to the public, but there are insufficient parts." He added, "We are currently discussing additional self-rescue efforts rather than the current electricity rate level, and the height or low of the rate will be discussed with related ministries."

The government originally planned to decide on the 3rd quarter electricity rates on the 21st but decided to postpone it. The announcement of electricity rates is not expected to extend beyond this week.

Regarding the criticism that the government is excessively controlling electricity rates amid rising cost burdens due to recent high oil prices, Deputy Prime Minister Choo said, "There may be a view that questions why public utility rates are being raised when the public is suffering like this," adding, "We are making a comprehensive judgment from the perspective of the public and the national economy."

He emphasized, "Was there no profit when KEPCO had earnings?" and "KEPCO itself needs to reflect on why it has been in this state for the past five years." In particular, he added that efforts are needed to gain sufficient public understanding regarding the necessity of the increase and self-rescue efforts if electricity rates are raised.

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