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[Alpha Biz=(Chicago) Reporter Kim Jisun] Korea Electric Power Corp. submitted the unit price adjustment for fuel costs to the Ministry of Trade, Industry and Energy between October and December, which is the basis for the fourth-quarter electricity bill adjustment.
Based on KEPCO data, the Ministry of Industry and Energy will begin reviewing the timing and level of the rate hike with the Ministry of Strategy and Finance.
According to the power industry on the 18th, KEPCO submitted the fuel cost adjustment unit price to the Ministry of Industry. As a result, the Ministry of Trade, Industry and Energy will finalize its plan to adjust electricity bills in the fourth quarter and announce them later this month.
KEPCO is required to submit its fuel cost adjustment unit price to the Ministry of Industry by the 16th of the last month of each quarter. Based on this, after the consultation between the Ministry of Industry and the Ministry of Economy and Finance, the rate adjustment will be decided by the Electricity Committee, an independent body under the Ministry of Industry after consultation between the ruling party and the government.
The adjustment unit price is calculated by applying the conversion coefficient to the difference between the standard fuel cost and the performance fuel cost. Performance fuel cost refers to the average price of bituminous coal, liquefied natural gas (LNG), and BC oil trade statistics over the past three months.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
