Korea Plans Record Power Price Hike in Hit to Consumers
- Unprecedented rate rise set to add to inflationary pressure
- Energy minister sees Kepco’s 2022 losses exceeding $24 billion
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South Korea plans a steep increase to electricity rates next year as the nation’s state-run utility faces a record loss from sky-high fuel costs.
Electricity prices for households and businesses will be increased by 13.1 won per kilowatt-hour (1 US cent) for the first three months of 2023, according to a statement Friday from Korea Electric Power Corp. That’s a 9.5% jump, which is the biggest quarterly rise in company data going back to 1982, and compares with 19.3 won for all of 2022.