Gov't to hike electricity and gas rates amid mounting deficit
Published: 15 May. 2023, 09:55
Updated: 15 May. 2023, 15:29
![Energy Minister Lee Chang-yang announces increases of gas and electricity rates on Monday at the Government Complex in central Seoul. [YONHAP]](https://koreajoongangdaily.joins.com/data/photo/2023/05/15/a315b681-d0ea-419a-9318-9fdaec832ee8.jpg)
Energy Minister Lee Chang-yang announces increases of gas and electricity rates on Monday at the Government Complex in central Seoul. [YONHAP]
The Korean government increased electricity rates by 8 won per kilowatt hour Monday, a hike that will come into effect starting May 16.
The decision is intended to ease snowballing deficits held by Korea Electric Power Corporation (Kepco), the country’s sole electricity distributor, amid rising fuel prices.
An average household with four members is expected to pay an additional 3,000 won ($2.24) per month, according to the Ministry of Trade, Industry and Energy.
Gas prices will be increased by 1.04 won per megajoule, which will see four-member households pay an additional 4,400 won per month.
BY PARK EUN-JEE [park.eunjee@joongang.co.kr]
with the Korea JoongAng Daily
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