Electricity Rate Increase to Be Decided Tomorrow... Likely '8 Won per kWh ↑' from the 16th

Gas Price Increase Confirmed and Announced at Party-Government Meeting on the 15th
Gas Fees Also Raised... "Around 1-2 Won per MJ Increase"

The government and the ruling party will hold a party-government council on the 15th to decide on the electricity and gas rate hikes for the second quarter. It is expected that electricity rates will increase by 8 KRW per kWh, and gas rates will rise by around 1 to 2 KRW per MJ.

It is reported that the party and government reached a consensus in this direction during a high-level party-government meeting held at the Prime Minister's official residence in Samcheong-dong on the afternoon of the 14th.

Alongside the party-government council, the Korea Electric Power Corporation (KEPCO) board meeting and the Ministry of Trade, Industry and Energy's Electricity Committee's review and resolution will take place, with the electricity rate hike procedure finalized by a ministerial announcement from the Minister of Trade, Industry and Energy. Minister Lee Chang-yang is expected to announce the increase plan personally.

The determined rates will be applied starting from the 16th. Although the decision on the second quarter electricity rates was delayed by about 45 days, it will not be applied retroactively.

The party and government plan to decide the extent of the increase considering inflationary pressures, the burden on the public, international energy prices, and the possibility of resolving KEPCO's deficit.

[Image source=Yonhap News]

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