{"id":2201007,"date":"2023-05-16T08:00:49","date_gmt":"2023-05-15T23:00:49","guid":{"rendered":"https:\/\/koreapro.org\/?p=2201007"},"modified":"2023-05-15T18:38:46","modified_gmt":"2023-05-15T09:38:46","slug":"south-korea-to-raise-power-and-gas-rates-by-5-3-amid-high-costs","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/05\/south-korea-to-raise-power-and-gas-rates-by-5-3-amid-high-costs\/","title":{"rendered":"South Korea to raise power and gas rates by 5.3% amid high costs"},"content":{"rendered":"

The South Korean government has decided to increase electricity rates and gas prices by 5.3% starting in the second quarter due to high global energy costs and financial losses of state utility companies. The increase is $0.01(8 won) per kilowatt hour (kWh) for electricity and 1.04 won per megajoule for gas. These increases will result in an average rise of $2.20 (3,000 won) per month for a four-member household for electricity and $3.30 (4,400 won) for gas.<\/span><\/p>\n

Industries minister Lee Chang-yang said the hikes were necessary given high global energy prices, specifically influenced by the Russia-Ukraine war and their impact on the Korea Electric Power Corporation (KEPCO) and the Korea Gas Corporation (KOGAS) \u2014 two state-run utility companies. KEPCO reported a record operating loss of $24.4 billion (32.63 trillion won) in 2022 and KOGAS had about $8.6 billion (11.6 trillion won) in uncollected payments as of end-March.<\/span><\/p>\n

Dear readers,<\/span><\/i><\/p>\n

At KOREA PRO, our mission is to deliver content that captivates and educates our audience. Your insights are important to us as an invaluable tool in enhancing our services. To this end, we cordially invite you to partake in a concise <\/span><\/i>survey<\/span><\/i><\/a> anticipated to take at most 5 minutes of your time. This allows you to share your invaluable views and opinions, which we hold in the highest regard.<\/span><\/i><\/p>\n

Why It Matters<\/b><\/p>\n

KEPCO President and CEO Cheong Seung-il <\/span>offered to resign<\/span><\/a> on Friday, taking responsibility for the company\u2019s losses, as the company announced a set of self-rescue measures meant to address financial woes caused mainly by limited hikes in electricity rates. The self-rescue measures aim to save over $18.77 billion (25 trillion won) over the next five years. Measures <\/span>include<\/span><\/a> selling the company\u2019s real estate assets and freezing senior executives\u2019 wages.<\/span><\/p>\n

The increase in energy prices could contribute to inflationary pressure in the South Korean economy. Rising energy costs often feed into the costs of other goods and services, potentially leading to a broader price increase. To mitigate inflationary pressures on low-income households, the ministry also announced the government would exempt low-income households from the rate hikes for one year and allow small businesses to pay the utility bills in monthly installments.<\/span><\/p>\n

Business & Economy<\/span><\/a>Culture & Society<\/span><\/a>Domestic Politics<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"

The South Korean government has decided to increase electricity rates and gas prices by 5.3% starting in the second quarter due to high global energy costs and financial losses of state utility companies. The increase is $0.01(8 won) per kilowatt hour (kWh) for electricity and 1.04 won per megajoule for gas. These increases will result […]<\/p>\n","protected":false},"author":10407,"featured_media":2201008,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,25,27],"class_list":["post-2201007","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-culture-society","tag-domestic-politics"],"yoast_head":"\nSouth Korea to raise power and gas rates by 5.3% amid high costs - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2023\/05\/south-korea-to-raise-power-and-gas-rates-by-5-3-amid-high-costs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea to raise power and gas rates by 5.3% amid high costs - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"The South Korean government has decided to increase electricity rates and gas prices by 5.3% starting in the second quarter due to high global energy costs and financial losses of state utility companies. 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