WASHINGTON, Sept. 18 (Korea Bizwire) — A U.S. district court on Monday dismissed a lawsuit that an American energy firm filed to stop two South Korean state-run companies from exporting nuclear power plants, determining it is not qualified to take the legal move. The District Court for the District of Columbia rejected the complaint that [...]
SEOUL, Aug. 12 (Korea Bizwire) — State-run Korea Electric Power Corp. (KEPCO) said Friday its earnings stayed in the red in the second quarter, amid higher production costs in the face of the Russia-Ukraine war. Net losses came to 1.9 trillion (US$1.43 billion) won in the April-June period, narrowing from a 4.83 trillion-won loss tallied [...]
SEOUL, May 12 (Korea Bizwire) — The chief of South Korea’s state-run utility Korea Electric Power Corp. (KEPCO) offered to step down Friday, taking responsibility for snowballing losses, as the company announced a set of self-rescue measures meant to address financial woes caused mainly by limited hikes in electricity rates. KEPCO President and CEO Cheong [...]
SEOUL, April 23 (Korea Bizwire) — A month after the postponement of a decision on the second-quarter electricity rates, South Korea is still struggling with when and how much to raise utility bills due to high inflation and political burdens amid high global energy prices and the snowballing losses of state utility firms, analysts said [...]
SEOUL, March 13 (Korea Bizwire) —Employees at the state-run utility Korea Electric Power Corp. (KEPCO) are waging a yearly “nesting war” in spring to prevent magpie nests from causing power outages. As urbanization continues and trees are replaced by buildings, magpies have taken to building their nests on utility poles. Magpies begin constructing their nests in [...]
SEOUL, Feb. 24 (Korea Bizwire) — The state-run utility Korea Electric Power Corp. (KEPCO) said Friday its operating loss more than quintupled on-year to hit a record high last year due to higher fuel costs and limited electricity rate hikes. Its operating loss came to 32.63 trillion won (US$25.02 billion) in 2022, compared with 5.85 [...]
SEOUL, Dec. 28 (Korea Bizwire) — The National Assembly on Wednesday approved a legal revision meant to raise the ceiling on bond issuance by money-losing state-run Korea Electric Power Corp. (KEPCO) in order to prevent a liquidity crisis at the firm and ensure stable power supply. The partial revision allows KEPCO to raise its bond [...]
SEOUL, Dec. 10 (Korea Bizwire) — The industry ministry said Friday it will again push for a law revision meant to raise the ceiling of bond issuance by the money-losing state-run Korea Electric Power Corp. (KEPCO) in a move to prevent its liquidity crisis and ensure stable power supplies. The ministry made the decision in [...]
SEOUL, Nov. 11 (Korea Bizwire) — The state-run Korea Electric Power Corp. said Friday its net losses deepened in the third quarter from a year earlier on higher fuel costs and limited electricity rate hikes. The consolidated net losses widened to 7.53 trillion won (US$5.66 billion) in the July-September period, compared with a loss of [...]
SEOUL, Nov. 1 (Korea Bizwire) — South Korea’s state power utility has reported snowballing deficits despite an increase in sales of electricity. The Korea Electric Power Corp. (KEPCO)’s sales of electricity for the January to August period of this year stood at 370,854 gigawatt hours (GWh), up 4 percent from a year ago. However, due [...]