South Korea energy price hike sparks corporate concern

SEOUL -- A decision by South Korean authorities to raise electricity rates for large industrial producers is stoking concerns over companies' costs as they push to compete with overseas rivals.

Korea Electric Power Corporation (KEPCO), the country's state-owned energy provider, on Thursday lifted the price of electricity for large companies by 10.2%, following a 4.9% hike last November. As of last year, large companies accounted for 48.1% of the nation's electricity consumption, KEPCO said.