 |
| ▲ This file photo, taken on June 19, 2022, shows electric meters set up in a residential area in Seoul. (Yonhap) |
S Korea-electricity rates
S. Korea to raise Q3 electricity rate amid high energy costs, inflation
SEOUL, June 27 (Yonhap) -- South Korea said Monday it will raise electricity rates for the third quarter and natural gas prices for civilian use starting next month amid mounting inflationary pressure due to high global energy costs.
The state-run power firm Korea Electric Power Corp. (KEPCO) said it will raise the adjusted unit fuel cost -- a key part of the country's electricity rates -- by 5 won (US$0.0039) per kilowatt hour for the July-September period. The government approved KEPCO's planned hike of electricity rates earlier in the day.
The industry ministry also announced its plan to raise natural gas prices for households and for commercial use by 1.11 won per megajoule starting in July.
"The hike is inevitable as global oil and natural gas prices have soared and the local currency has weakened sharply. The government tried to keep the increase rate at a minimum level given its impact on inflation," the ministry said in a release.
The move is feared to further accelerate inflation. In May, South Korea's consumer prices jumped 5.4 percent on-year, the fastest rise in almost 14 years and a pickup from a 4.8 percent spike the previous month.
(END)
(C) Yonhap News Agency. All Rights Reserved
