Andeokgeun, Minister of Industry Nominee, "Electricity Rate Realism Needed but Public Burden Already Significant"

Answers to Commoners' Questions at the Confirmation Hearing

Anduk Geun, nominee for Minister of Trade, Industry and Energy, is responding to questions from lawmakers at the confirmation hearing held at the National Assembly on the 3rd. Photo by Hyunmin Kim kimhyun81@

Candidate for Minister of Trade, Industry and Energy, Andeok Geun, expressed agreement on the necessity of raising electricity rates but stated that the previous rate hikes have placed a significant burden on the public. This is interpreted as an opinion that the pace of electricity rate increases should be moderated for the time being.

According to Kim Seonghwan, a member of the Democratic Party of Korea, on the 3rd, Candidate Andeok responded in a written inquiry, "Ultimately, the realization of electricity rates will be necessary to resolve Korea Electric Power Corporation's (KEPCO) accumulated deficit and normalize management," but also said, "The public burden is considerable due to six previous sharp rate hikes totaling over 44%." He mentioned that future adjustments to electricity rates and their levels will be reviewed comprehensively considering the public burden, KEPCO's financial situation, and international fuel prices, but he showed a negative stance toward immediate electricity rate increases.

Candidate Andeok emphasized, "As an energy public enterprise, KEPCO needs to strengthen its own management reform and innovation efforts rather than passing all energy costs onto the public," adding, "In particular, I plan to encourage the thorough implementation of the self-rescue plans announced so far to improve deficits and management conditions."

Regarding discussions about having an independent body decide on electricity rate adjustments, he said, "I will review reform plans." Candidate Andeok explained, "The Ministry of Trade, Industry and Energy is currently conducting a research project to reform the governance system for electricity and gas regulation," and added, "Based on the results of this project, we plan to review reform plans considering various aspects such as the impact on the national economy and the electricity and gas industries."

On the promotion of new nuclear power plants, Candidate Andeok stated, "It will be decided through scientific analysis of future power demand and expert discussions during the ongoing process of establishing the 11th Basic Plan for Electricity Supply and Demand," and said, "If the promotion of new nuclear power plants is decided in the future, I believe the site should be determined through a transparent procedure after comprehensively reviewing site safety and local community acceptance."

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