NK will never discuss 'sovereignty' with US, says Kim Yo-jong
Man stabs girlfriend while on trial for dating violence
Adults arrested for proxy purchasing of cigarettes, receiving $3 from teens
Yoon revives policy chief of staff position, reshuffles all senior secretaries
[Exclusive] PUBG developer wins lawsuit against Chinese copycat in US
Gov’t to enhance public energy firms’ financial status by raising rates next year: ministerBy Yonhap
Published : May 22, 2023 - 20:01
South Korea’s finance minister said Monday the government will improve the financial status of debt-laden public energy companies by raising rates to an acceptable level next year.
Finance Minister Choo Kyung-ho made the remarks at a meeting of the National Assembly’s Strategy and Finance Committee.
“It will take time for public energy companies to retrieve accounts receivable and make a turnaround. Experts expect Korea Electric Power Corp. (KEPCO) to swing to an operating profit in the third quarter (of 2023) and post an operating profit for the whole of 2024,” he said.
Last week, the government said it will raise electricity rates and gas prices by 5.3 percent for the second quarter starting May 16 to reflect rising global energy costs.
In 2022, KEPCO’s debt reached 192.8 trillion won (US$146 billion), jumping by 47 trillion won from a year earlier, while Korea Gas Corp.'s debt rose 17.5 trillion won to 52 trillion won during the same period.
KEPCO’s net losses widened to 24.42 trillion won last year from 5.22 trillion won a year earlier due to increased electricity purchasing costs.
Its operating losses also deepened to 32.6 trillion won from 5.85 trillion won, while sales rose 18 percent to 71.27 trillion won from 60.67 trillion won. (Yonhap)
Yoon accepts broadcasting watchdog chief's resignation
S. Korea, US, Japan, Australia jointly announce sanctions on NK
S. Korea to expand telemedicine services in remote areas