Korea Electric Power Corp. (Kepco) will be increasing electricity prices in the fourth quarter, the company said Thursday.It is the first increase in eight years. The last time was in November 2013.
Despite rising oil prices, the government won't raise electric bills in the third quarter, citing worries about inflation. This is the second consecutive quarter the bills remained unchanged.
Electricity bills will be unchanged in the second quarter despite the fast rise in the international price of crude oil.
A new electricity billing system that adjusts to changing international fuel prices will go into effect on New Year's Day. That will give consumers break if they go down, but will cost them if they go up.