Korea’s state-run electrical power business Korea Electric Power Corporation launched procedures to conquer its ballooning deficit last Friday. KEPCO intends to have actually conserved more than W25 trillion by 2026. Part of the self-rescue steps consists of offering its southern Seoul head office in the monetary district of Yeouido in addition to other structures owned by its affiliates. Freezing the earnings of their workers was likewise raised. High-ranking authorities will return a few of their pay increases from this year so that this cash can be utilized to support low-income homes having a hard time to pay their energy expenses. The business prepares to take a seat with the labor union to discuss all 23,000 KEPCO employees signing up with the transfer to freeze salaries or return raises. It will likewise rearrange the business’s structure to lower expenditures while delaying a few of its building and construction prepare for electrical energy centers. The chief of KEPCO Cheong Seung-il provided to resign on the very same day taking duty for the installing losses of the business. Following these choices the federal government will be making the statement on the second-quarter energy expenses choice on Monday. According to projections made by the federal government and market experts, electrical energy rates are anticipated to be raised by W7 per kilowatt (US$ 1=W1,335). Copyright © Chosunilbo & Chosun.com
KEPCO Announces Self-Rescue Measures over Mounting Losses
