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SEOUL: South Korea will raise electricity prices by a record 13.1 won per kilowatt hour in the first quarter of 2023, the country’s energy minister said on Friday.

Minister Lee Chang-yang said that the amount of increase from the second quarter onwards will be determined in consideration of trends in global energy prices, domestic inflation, and the financial situation of public enterprises.

“Korea Electric Power Corporation (KEPCO) will post a deficit of more than 30 trillion won ($23.73 billion) this year, following a deficit of 6 trillion won last year, due to unreflected rising global energy prices. It is expected, at domestic prices in a timely manner,” Lee said. “Adjustment of electricity and gas prices is inevitable for the sustainability of energy supply and normalization of operations of KEPCO and Korea Gas Corporation.”

The 13.1 won rise in the first quarter was the largest quarterly increase on record, and the rate of increase will average 9.5%, according to state-owned power company KEPCO.

The government has decided to keep gas prices unchanged in the first quarter and consider raising prices from the second quarter onwards.

($1 = 1,264.2900 won) South Korea to hit record electricity price hike in Q1 2023

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