Choo Kyung-ho: "Decision on Q2 Electricity Rates in Final Stage of Party-Government Consultations"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho stated that "consultations between the ruling party and the government have entered the final stage" regarding the electricity rate hike for the second quarter of this year. It is expected that the rate increase plan will be announced as early as this week.

Deputy Prime Minister for Economic Affairs Choo Kyung-ho is delivering opening remarks at the Ministerial Meeting on External Economy held at the Government Seoul Office in Jongno-gu, Seoul on the 8th. Photo by Dongju Yoon doso7@

On the 9th, during a visit to Hyundai Motor's Ulsan plant, Deputy Prime Minister Choo told reporters, "(The electricity rate decision) will soon have the ruling party convey its position to the government, and the government will announce its stance," indicating this.

He added, "Once the party decides its position soon, the government will finalize the public energy rates for electricity and gas through consultations," and "the government plans to announce its final position in the near future."

Minister of Trade, Industry and Energy Lee Chang-yang also explained at a press conference marking his first anniversary in office that the decision on the electricity rate hike is imminent. Minister Lee said, "It is not desirable to announce the second quarter electricity rate increase after May," adding, "We will finalize the electricity rate adjustment soon, but the method of determining the extent is still under the opinion-gathering process."

According to political circles, the ruling party and government plan to hold a party-government council around the 10th to 11th to review the self-rescue plan proposed by Korea Electric Power Corporation (KEPCO) to resolve its deficit and discuss the extent of the electricity rate hike. Currently, a plan to raise the rate by about 7 won per kWh (kilowatt-hour) is being seriously considered.

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