S.Korea further delays power price hikes
Reuters - Monday, November 10
SEOUL, Nov 10 - South Korea has indefinitely postponed annoucing electricity price hikes for a second time to further examine recent oil price and currency movements, Seoul's energy ministry said on Monday.
Last week, the ministry said it would hold a meeting through the weekend to discuss the plan to lift power costs and make an official announcement on Monday. [ID:nSEO32215]
This was the second time the plan was put on hold since October.
Government caps on fuel tariffs in place since January 2007 to curb inflation have been pressuring state-run energy firms Korea Electric Power Corp <015760.KS>, and Korea Gas Corp <036460.KS> as raw material costs soar and the won plunges.
But the talks on lifting tariffs were delayed in October due to inflation pressure and slowing economic growth. [ID:nSEO128283]
Earlier in the month, KEPCO said it needed a 15 percent rise in power costs this year and a further 15 percent hike next year to cover rising fuel costs, forecasting a loss for 2008 that would be the first in its 26-year history.
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