South Korea's Record Power Price Hike

South Korea has raised its power prices by 9.5% for the first quarter, marking the largest quarterly increase since 1982. This decision was made to address the record annual loss faced by Korea Electric Power Corp, which had previously kept rates stable to shield consumers from inflation despite rising fuel costs. The government plans to consider further price hikes in the second quarter, evaluating the local economy, financial status of state-run companies, and global energy prices. Additionally, a gas price increase is under consideration after rates were frozen during the peak winter heating months.

What was the percentage increase in South Korea's power prices for the first quarter?

• 11.5%

• 5.5%

• 7.5%

• 9.5%

Why did Korea Electric Power Corporation keep rates unchanged previously?

• To protect consumers from inflation

• To increase profits

• To comply with international regulations

• To reduce energy consumption

What factors will the government consider before deciding on further price hikes?

• Local economy and global energy prices

• International trade agreements

• Weather conditions

• Public opinion

Which companies are mentioned in relation to the government's plan to normalize management?

• Samsung and LG

• Hyundai and Kia

• SK and Lotte

• TEPCO and COGAS

When were gas rates kept frozen by the government?

• During the summer months

• During the second quarter

• During the autumn months

• During the first quarter