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S. Korea to Hike Q2 Electricity, Gas Rates by 5.3 pct on High Costs, Losses

S. Korea to Hike Q2 Electricity, Gas Rates by 5.3 pct on High Costs, Losses

SEOUL, May 15 (Korea Bizwire) — South Korea will raise second-quarter electricity rates and gas prices by 5.3 percent on-year on high global energy costs and mounting losses of state utility companies, the industry ministry said Monday. The government will jack up the electricity rates for consumer and industrial use by 8 won (US$0.01) per [...]

Ruling Party, Gov’t Agree to Tentatively Postpone Electricity, Gas Rate Hikes

Ruling Party, Gov’t Agree to Tentatively Postpone Electricity, Gas Rate Hikes

SEOUL, March 31 (Korea Bizwire) — The ruling People Power Party (PPP) and the government agreed to temporarily hold off raising electricity and gas bills but reaffirmed that rate hikes are “inevitable,” a ruling party lawmaker said Friday. The decision was made in a policy consultation meeting amid concerns that a hike in utility fees [...]

KOGAS Produces First LNG at Gas Field in Mozambique

KOGAS Produces First LNG at Gas Field in Mozambique

SEOUL, Nov. 15 (Korea Bizwire) — South Korea’s state-run gas company Korea Gas Corp. (KOGAS) announced on Monday that it had started producing liquefied natural gas (LNG) at the Coral gas field in Mozambique, and the first shipment had been completed. The project uses a floating liquefied natural gas (FLNG) facility to extract gas from [...]

Nasdaq Expands Global Commodities Initiative with Energy Derivatives

Nasdaq Expands Global Commodities Initiative with Energy Derivatives

BOCA RATON, Fla., Mar. 11 (Korea Bizwire) — Nasdaq announced the establishment of a new energy futures market with the support of leading commodities participants. Nasdaq Futures (NFX) will offer competitive pricing, an innovative clearing solution and high-performance technology for futures and options based on key energy benchmarks including oil, natural gas and US power, [...]