South Korea's Ministry of Finance announced an increase in electricity tariffs starting in October, and the government will implement a power-saving plan.

(European News Agency)

[Financial Channel/Comprehensive Report] Due to the Russian-Ukrainian war, the possibility of Russia's cessation of natural gas supply is increasing, and the prices of raw materials such as natural gas and bituminous coal have soared around the world. South Korea has decided to raise electricity and natural gas prices in the fourth quarter.

According to the South Korean government's strategy, the price of natural gas for household and commercial use will increase by 2.7 won (TWD 0.06) per megajoule, with household and commercial use rising by 15.9% and 16.4%, respectively.

The Korea Electric Power Corporation (KEPCO) said rates will increase by a total of 7.4 won per kilowatt-hour from October 1.

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South Korea's Finance Minister Chu Kyung-ho said the energy crisis could continue for a considerable period of time, considering the increase in energy demand in winter and the possibility of Russia restricting its natural gas supply.

On average, a family in Seoul has to pay an extra 5,400 won (about NT$119) per month for gas usage due to rising prices.

Qiu Qinghao said that each government agency will implement a power-saving plan from October, aiming to reduce energy consumption by 10%, while limiting heating temperature and turning off outdoor lighting and other energy-saving measures.

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