South Korea to Raise Electricity Prices

The South Korean Government is considering raising electricity prices due to the rising costs of raw materials.

According to the Vice-Minister for Trade and Energy Lee Jae-hoon, prices could be adjusted based on higher fuel costs, rising global oil prices and difficulty in securing liquefied natural gas supplies, writes Reuters.

Electricity prices in the country have been kept steady since 2006 but the country's top power company, Korea Electricity Corp, is expected to report an operating loss for this quarter due to low electricity costs.

South Korea imports nearly all of its energy resources.

By staff writer