S. Korea’s to raise industrial power rates

South Korea’s state-run electricity provider, KEPCO, announced on Wednesday that it would increase electricity rates for industrial customers while maintaining current rates for households and small businesses.

Industrial power bills will rise by an average of 9.7 per cent starting Thursday, while household and small shop rates will remain the same. Big corporations will see a 10.2 per cent increase, and small to medium-sized companies will face a 5.2 per cent hike.

KEPCO attributed the rate adjustment to rising global energy costs, emphasising the need for increased revenue to invest in essential infrastructure and expand the power grid to support future industries like semiconductors and AI.

The company has accumulated a combined loss of approximately 41 trillion won ($29.7 billion) over the past three and a half years, with its consolidated debt reaching 203 trillion won ($147 billion) as of June 2024.

Attribution: Xinhua

Subediting: M. S. Salama