Decision on Electricity and Gas Price Increase... Industry Meeting on the 20th

Additional Feedback Collection Following Academic and Expert Roundtable Discussions

The ruling party and the government will gather opinions from the industrial sector on electricity and gas rates on the 20th. Following an initial meeting with the opposition party earlier this month, they are now seeking additional feedback, making it highly likely that a decision on whether to raise the rates will be made this time.

According to the National Assembly and the Ministry of Trade, Industry and Energy on the 13th, the People Power Party's Policy Committee has decided to hold a meeting with the industrial sector regarding electricity and gas rates at the National Assembly on the 20th. Similar to how they previously listened to voices from civic groups and energy experts, they will now also hear opinions from industry representatives.

The participants from the industrial sector have not yet been finalized. A ruling party official hinted, "Although not yet confirmed, we understand that the meeting participants are being selected through recommendations from relevant ministries."

The ruling party and government held a meeting with academia, experts, and civic groups on the 6th but were unable to reach a conclusion on whether to raise the rates. Instead, they reviewed the effectiveness of a 28 trillion won self-rescue plan aimed at resolving deficits at Korea Electric Power Corporation (KEPCO) and Korea Gas Corporation. Park Dae-chul, chairman of the People Power Party's Policy Committee, said, "I mentioned that we need to think more deeply about whether the public can agree to this extent," adding, "I emphasized that structural reform efforts involving painful cuts must precede until the public says, 'This is enough.'" Ultimately, KEPCO and Korea Gas Corporation agreed to present additional self-rescue measures.

Subsequently, at the 'Energy Public Enterprises Management Innovation Status Review Meeting' held on the 11th, KEPCO and Korea Gas Corporation decided that all employees will maintain an emergency management system until deficits and unpaid bills are resolved. The new management innovation measures are expected to include additional self-rescue plans such as cost reductions including labor expenses, the sale of unnecessary assets, and adjustments to investments.

[Image source=Yonhap News]

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