On Wednesday, South Korea’s electricity company announced a freeze on electricity prices during the third quarter, in a move to ease the burden on citizens.
South Korea’s Yonhap agency said the planned freeze came after electricity prices rose by 5.3% in the second quarter, or 8 won per kilowatt-hour, after a 13.1% increase in the first quarter due to rising global energy costs and rising losses from Electric Power Corp.
Last year, the government was unable to raise energy prices adequately, with high inflation and growing burdens on citizens due to the coronavirus pandemic and the economic slowdown.
Therefore, electricity prices were lower than production costs, and the electricity company suffered losses of 32.63 trillion won.
The company suffered losses of 6.18 trillion won during the first quarter of this year.
GOOGL 
AMZN 
MET 
T 
WPM 
DM 
SVM 
CMC 
HKDUSD=X 
BABA 