KEPCO keeps electricity rate amid virus pandemic
SEOUL, March 22 (Yonhap) – The state-run Korea Electric Power Corp. (KEPCO) on Monday said it has decided to maintain the current electricity rate for the second quarter despite increased fuel costs, in line with the country's efforts to ease the burden on the public amid the virus pandemic.
KEPCO adopted flexible electricity rates linked to global fuel prices this year, in a move to improve its profitability.
South Koreans were previously charged under a fixed-rate electricity billing system.
Under the current system, the billing system of electricity will be revised every three months, depending on movements in the global price of liquefied natural gas, coal and crude oil.
The company said despite the rising price of global energy prices, it has decided to keep the rate intact to lend a helping hand to households facing economic fallout from the COVID-19 pandemic.
colin@yna.co.kr
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