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Korea Electric Power Corp. (KEPCO) will revamp its billing system by adopting flexible rates linked to global prices of resources next year to improve profitability.
According to KEPCO, the current billing system failed to timely reflect fluctuations in production costs and plans to adjust the billing table every three months that would reflect the prices of LNG, coal, and oil.
Furthermore, the billing system has remained unchanged since 2013 and failed to notify consumers of additional prices linked to climate change.
South Koreans are currently charged under a fixed-rate billing system.
The new system allows users to minimize power consumption when the price of resources remains high while providing more affordable rates when the costs are low.
KEPCO assured that the change will not immediately lead to a price hike, with the combined bills charged even dropping by 1 trillion won in the first half of 2021.
The government may also delay electricity bill adjustments when global oil prices suddenly increase.
The country's sole power supplier would also gradually abolish discounts given to small households while expanding benefits for the low-income bracket.
KEPCO, which suffered reported operating losses of 208 billion won and 1.2 trillion won in 2018 and 2019, has recently enjoyed improved profits on the back of the falling global price of oil amid the pandemic.
