South Korea to cut summer residential power bills by $245 million

The cut is expected to reduce power bills charged by state-run utility Korea Electric Power Corp by 19.5 per cent on average per household, Yonhap said citing a meeting between lawmakers of the ruling Democratic Party and government officialsREUTERS  |  August 07, 2018, 12:06 IST
South Korea to cut summer residential power bills by $245 million SEOUL: South Korea has decided to cut residential electricity bills during summer months by 276.1 billion won ($245 million) in response to growing public calls to alleviate financial pressure on households amid a heatwave, Yonhap News Agency said on Tuesday.

The cut is expected to reduce power bills charged by state-run utility Korea Electric Power Corp (KEPCO) by 19.5 per cent on average per household, Yonhap said citing a meeting between lawmakers of the ruling Democratic Party and government officials.

The move comes as the sweltering summer heat has sparked a public backlash over the existing progressive electricity billing system for household use.