Ahead of the decision to raise electricity prices today (15th), the power of the people and the government announced a policy to minimize the burden on the people with supplementary measures such as support for vulnerable groups.

In his remarks at the party-level consultation on electricity and gas tariffs held at the National Assembly this morning, Pak Yong-yong, chairman of the People's Power Policy Committee, said, "It seems that the time for consideration has passed and the time for a decision has come," and "Today, we will discuss the proposal to adjust electricity and gas prices based on the public opinion gathered so far."

Chairman Park continued, "We will discuss measures to support the energy-vulnerable who will be affected by the price adjustment, and measures to ease the burden of cooling bills in the summer," adding, "We look forward to finding a solution that catches the 'two rabbits' of stabilizing energy supply and demand and minimizing the burden on the people."

Rep. Han Moo-kyung, a member of the ruling party's Committee on Small and Medium-sized Venture Enterprises in the National Assembly, said, "The party has repeatedly emphasized that the people should be able to understand and sympathize with the rate increase," adding, "Above all, he pointed out that the government and SOEs are primarily responsible for the current large-scale deficit situation at KEPCO and Gas Corporation."

One lawmaker added, "After today's party meeting, we will do our best to tighten the belts of vast public enterprises and minimize the burden on people's livelihood."

Lee Chang-yang, Minister of Trade, Industry and Energy, said, "For just over a month since the party election at the end of March, the government has gathered public opinion from all sectors, including private experts, consumer groups, and industry related to the energy resource market, and has also looked at the energy market trends by putting heads together with relevant ministries."

He continued, "As a result, we reaffirmed the inevitability of adjusting electricity and gas rates, and felt the need to support vulnerable groups who feel the burden of rate adjustment, as well as to improve energy consumption efficiency and savings."

Minister Yi said, "KEPCO and the Gas Corporation also humbly accepted the criticism that their own cost-cutting efforts were insufficient, and prepared and announced plans for self-rescue efforts, such as returning wage increases for executive employees and fiscal consolidation measures such as the sale of key assets in Seoul, in line with the public's eyes."

"The government has reviewed the most recent tariff adjustment plan that comprehensively considers the international energy outlook and financial situation," he said, "and has also prepared supplementary measures to ease the burden of tariffs on vulnerable sectors as much as possible."

He added, "Although an increase in fares is inevitable, the government will also make every effort to reduce the burden of cooling costs on the people."

After the meeting, the party government plans to announce a proposal to increase electricity and gas tariffs and support measures for vulnerable groups.

(Photo=Yonhap News)