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Energy

South Korea industry faces biggest electricity price hike since 1980

Economy at turning point as energy rally and weak won drive up cost of power

Yoon Suk-yeol, now South Korea's president, announces a campaign pledge to resume nuclear power as he visits two reactors whose construction had been halted in the coastal county of Uljin, 330 kilometers southeast of Seoul, on Dec, 29, 2021. (Yonhap)

SEOUL -- An energy rally and a weak currency have driven South Korea's biggest electricity price hike in more than 40 years, putting pressure on manufacturers accustomed to a cost advantage over neighboring Japan.

Korea Electric Power raised its base electric rates again this month after suffering a huge first-half loss. Its price per kilowatt-hour jumped 17.3% by 16.6 won (1.2 cent) for industrial customers and 6.8% by 7.4 won for residential users.

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