Visiting Minister of Industry Bang Moon-gyu Urges KEPCO and Gas Corporation to "Prepare Strong Self-Rescue Measures"

On the 12th, the Ministry of Trade, Industry and Energy and 14 public institutions hold 'Energy Public Enterprise Management Innovation Review Meeting'

Minister of Trade, Industry and Energy Bang Moon-kyu ordered intensive innovation to energy public enterprises such as Korea Electric Power Corporation (KEPCO).

On the morning of the day, Minister Bang held the 'Energy Public Enterprise Management Innovation Inspection Meeting' at the Korea Trade Insurance Corporation's main conference room in Seoul, attended by heads of 14 major public institutions under the Ministry of Trade, Industry and Energy, including KEPCO and Korea Gas Corporation.

All heads of the 13 public institutions, except Hwang Ju-ho, President of Korea Hydro & Nuclear Power who attended the National Assembly audit on the same day, participated in this meeting.

Minister Bang Moon-kyu of the Ministry of Trade, Industry and Energy is speaking at the National Assembly's Trade, Industry, Energy, Small and Medium Enterprises and Startups Committee audit held on the 10th. Photo by Hyunmin Kim kimhyun81@

Minister Bang said, "Currently, KEPCO has an accumulated deficit of about 47 trillion won, and Korea Gas Corporation has about 12 trillion won in unpaid receivables, indicating that the financial situation of energy public enterprises is deteriorating."

He added, "It is not possible to pass all energy costs onto the public through fees to resolve public enterprise deficits," and urged, "Please thoroughly implement the existing financial soundness and management innovation plans." He further said, "Please also make strong self-help efforts by actively discovering additional areas where management efficiency can be improved."

Minister Bang especially emphasized KEPCO, saying, "Prepare additional self-help measures at a level that the public can accept with the determination to embark on a second founding of the company."

Minister Bang also criticized the reckless management and 'gapjil' (abuse of power) of energy public enterprises revealed through the Ministry of Trade, Industry and Energy's National Assembly audit and the Board of Audit and Inspection's announcement on the 10th.

He repeatedly urged, "Under the responsibility of the heads of institutions, conduct thorough full-scale investigations and prepare strong measures to prevent recurrence. Please pay special attention to ensuring that there is no lapse in the establishment of public officials' discipline among executives and employees."

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