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Kepco to freeze adjusted fuel cost for first quarter of 2025

Published: 23 Dec. 2024, 10:38 Updated: 23 Dec. 2024, 16:39

Korea Electric Power Corporation headquarters in Naju, South Jeolla [YONHAP]

The state-run Korea Electric Power Corporation (Kepco) said Monday it plans to freeze the adjusted fuel cost for the first quarter of 2025.

Kepco said it will keep the adjusted unit fuel cost, a key part of the country's electricity rates, unchanged at 5 won ($0.003) per kilowatt-hour for the January-March period.

The company has maintained the adjusted unit fuel cost at 5 won since the third quarter of 2022.

In October, Kepco decided to raise the electricity rate for industrial use by 9.7 percent, while those for households and small stores remained unchanged.

Kepco's third-quarter net profit, meanwhile, more than doubled from a year earlier, reaching 1.87 trillion won on the back of electricity rate hikes and stabilizing global energy prices.

The company, however, has reported a cumulative loss of 43 trillion won from 2021 to 2023 as it was unable to raise electricity prices sufficiently to cover soaring fuel costs during the Covid-19 pandemic and a period of high inflation.

Yonhap