◀ again ▶
With international energy prices soaring, KEPCO is expected to lose 30 trillion won this year.
This year alone I raised my electricity bill three times, but I can’t afford it.
But even in the midst of this, the chaebol power generation companies that produce and sell electricity to KEPCO are enjoying the best boom.
In many foreign countries, energy companies that have made excessive profits from soaring energy prices are suffering a so-called “wind tax”.
Journalist Noh Kyung-jin reported this.
◀ Report ▶
International energy prices triggered by the Russian invasion of Ukraine.
Korea Electric Power Co. was hit hard.
The wholesale price at which KEPCO purchased electricity in the first half of this year was 170 won per kilowatt hour.
It more than doubled from last year. (78 win)
However, electricity rates only increased by 14% for a family of four.
You buy high and you sell cheap, and the more you sell, the more you lose.
KEPCO’s 1H deficit was 14 trillion won.
It is expected to reach 30 trillion won by the end of this year.
However, there are companies that are making a lot of money in the midst of this.
Seven private chaebol affiliates that produce and sell electricity to KEPCO.
SK has three, GS has two, and POSCO and Samchully have one.
The seven private power generation companies earned 1.9 trillion won in operating profit in the first half of this year.
In just six months I made a lot more than the money I made in a year last year (1.2 trillion winnings).
Most chaebol power companies generate electricity from natural gas.
However, as the price of natural gas has skyrocketed, the wholesale price provided by KEPCO has also skyrocketed.
In particular, SK and GS can be supplied at low prices because their subsidiaries import natural gas directly.
Therefore, even if KEPCO has a deficit, private companies earn a lot.
[구준모/사회공공연구원 연구위원]
“Most importantly, places that directly import natural gas are receiving huge excess profits by receiving the SMP pricing system (wholesale pricing system) even though the cost hasn’t skyrocketed.”
Among the power generation companies that sell electricity to KEPCO, there are public companies such as Korea Hydro & Nuclear Power and South-East Power.
However, unlike the chaebol companies, half of these public companies actually suffered losses.
This is because the wholesale price is appropriately reduced even as fuel costs rise.
The government is pushing for a system to reduce the wholesale price of electricity given to chaebol power companies, but it has not been implemented due to corporate opposition.
[나원준/경북대 경제학과 교수]
“There is something special about warfare. Considering the social and public nature of electricity, can you be a target of extortion by the private sector?”
Similar things have happened in other countries.
This is why some countries have introduced the so-called “unexpected tax”.
The British have decided to impose a 25% tax on energy companies that have made a lot of money from the war and to use the money to subsidize fuel costs for ordinary people.
Italy also has a 10% profit boon for energy companies with significantly increased profits.
This is Noh Kyung-jin from MBC News.
Video Editing: Nayeon Kwon
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