Visiting Minister of Industry Nominee Bang Moon-gyu: "Nuclear Phase-out, Major Cause of KEPCO Deficit"

"One of the biggest reasons electricity rates had to be set low was the 탈원전 policy"

Photo by Hyunmin Kim kimhyun81@

Candidate for Minister of Trade, Industry and Energy Bang Moon-kyu stated on the 13th that the large accumulated deficit of Korea Electric Power Corporation (KEPCO) is "mainly caused by oil price fluctuations, and the nuclear phase-out policy is an equally important cause."

During the National Assembly confirmation hearing, when Democratic Party lawmaker Kim Jung-ho asked whether KEPCO's deficit is related to the nuclear phase-out policy, Candidate Bang responded accordingly.

Candidate Bang said, "I believe one of the biggest reasons why electricity rates have to be set low is the nuclear phase-out policy," adding, "If electricity rates were composed reflecting the cost, KEPCO would not have incurred deficits by selling at a loss."

Regarding the need to improve KEPCO's structure, Candidate Bang mentioned, "If appointed as minister, I will engage in in-depth discussions with the newly appointed KEPCO president and others on management innovation plans for KEPCO and its power generation subsidiaries, as well as additional financial soundness measures."

Candidate Bang also said he would consider the consolidation and abolition of public institutions under the Ministry of Trade, Industry and Energy. He stated, "There may be parts where consolidation of several public institutions should be promoted. Institutions related to energy welfare and promotion, such as the Korea Energy Agency, Energy Foundation, and Korea Energy Information and Culture Foundation, are scattered, but if institutions with similar purposes and visions are consolidated, they can better carry out their unique tasks."

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