A power meter installed in the dwellings of Sindang-dong, Dongdaemun-gu, Seoul. /Courtesy of News1

This year's electricity rates will remain frozen at the current level.

Korea Electric Power Corporation noted on the 23rd that it will maintain the fuel cost adjustment rate at 5 won per kilowatt-hour (kWh) for the third quarter.

Electricity rates consist of fuel cost adjustment charges, basic charges, power consumption charges, and climate and environmental charges.

The fuel cost adjustment rate, calculated based on the average prices of fuel costs such as bituminous coal, liquefied natural gas (LNG), and Brent crude oil over the three months preceding the quarter, serves as the basis for the calculation of the fuel cost adjustment charges.

KEPCO has been applying the maximum fuel cost adjustment rate of '+5' won since the third quarter of 2022.

Other charges such as basic charges, power consumption charges, and climate and environmental charges will not be increased separately, resulting in the electricity rates remaining frozen.

KEPCO explained, "Considering KEPCO's financial situation and the substantial amount of unadjusted fuel cost adjustment charges, we decided to continue applying the fuel cost adjustment rate at '5 won per kWh' just as in the second quarter," adding, "We will thoroughly implement self-rescue efforts for KEPCO's management normalization."