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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: S.Korea says domestic power prices too low Reuters - Sunday, January 4 SEOUL, Jan 4 - South Korea's energy minister said current power prices were insufficient for state-run power companies -- Korea Electric Power Corp <015760.KS> and Korea Gas Corp <036460.KS>, urging an increase in electric rates. Lee Youn-ho said late on Saturday that KEPCO incurred a 2.8 trillion won shortfall in 2008 as it was unable to pass on a jump in energy costs to prices. The minister did not specify whether the number represented operating or after-tax losses. "KEPCO's electric rates fall short of costs, or coming in at about 97.1 percent of production costs," he told a town hall meeting between five government ministers and citizens televised live. "Power rates have not been adjusted enough to send KEPCO into the black... Korea Gas cannot help but post losses due to high purchase prices." The government provided a combined 1 trillion won in subsidies to both utilities last year as it called on them to freeze power rates in the face of the economic slowdown. But KEPCO posted a 789 billion won net loss in the nine months to September, 2008 and is forecast to report a 1.34 trillion won shortfall for the whole year, according to Reuters' survey of 15 analysts. Lee said electric charges would be unlikely to come down before oil prices stabilised and the won currency strengthened further. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business SNAPSHOT - Financial Crisis - 1925 GMTReuters - 1 hour 36 minutes ago FACTBOX-RUE: A mystery player in Russia-Ukraine gas rowReuters - Sunday, January 4 Pimco will pay delayed dividend after allAP - Sunday, January 4 WRAPUP 7-Russia gas row disruption spreads, no talks in sightReuters - Sunday, January 4 S.Korea says domestic power prices too lowReuters - Sunday, January 4 Most Popular – Business Viewed Rare Bugatti untouched for 50 years could fetch millions: report World's oldest person dies at the age of 115 US steel industry in collapse, eyes government aid: report Vogue editor biggest fashion flop of 08: Time Paulson blames global imbalances for credit crisis: report View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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