Martial Arts: "Electricity Rate Increase is Appropriate... Support Needed for Export Companies' Difficulties"

Press Release on Electricity and Gas Price Increase on the 15th

The Korea International Trade Association (KITA) has stated that the recent increase in electricity and gas prices was a necessary measure. However, it urged the preparation of countermeasures related to the difficulties export companies may face amid the global economic downturn.

On the 15th, KITA evaluated, "Considering the deteriorated financial structures of Korea Electric Power Corporation and Korea Gas Corporation, the recent electricity and gas price hikes are insufficient but appropriate measures taking into account the burden on citizens and companies."

KITA explained that electricity and gas prices had been frozen for several years amid the nuclear phase-out policy and soaring oil prices, allowing citizens to enjoy abundant energy consumption benefits. They added that this process also contributed to increasing the trade deficit due to excessive energy consumption.

However, they pointed out concerns that this price increase could become an additional burden on the domestic export industry, which is already facing difficulties due to the global economic recession.

KITA stated, "The government needs to prepare meticulous and sophisticated measures for export companies," and added, "The trade industry will also actively strive to make this price increase an opportunity for structural improvement such as energy efficiency and a return to trade surplus."

The Ministry of Trade, Industry and Energy announced the electricity and gas price increase plan at the Government Seoul Office on the same day. Starting from the 16th, electricity prices will rise by 8 won per kilowatt-hour (kWh), and city gas prices will increase by 1.04 won per megajoule (MJ). This increase means that the monthly electricity bill for a four-person household (based on 332 kWh usage per month) is expected to rise by about 3,000 won.

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