Lee vows to keep power rates, urges conservation

Mar 26, 2026, 11:07 am

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Lee Jae-myung spoke during an emergency economic inspection meeting at the presidential office in Seoul on March 26. / Yonhap News

Lee Jae-myung said Wednesday that the government will try to keep electricity rates unchanged for the time being, while urging the public to reduce power consumption.

Speaking at an emergency economic inspection meeting, Lee stressed that maintaining current electricity prices could lead to a significant increase in losses at Korea Electric Power Corporation, which already faces a deficit exceeding 200 trillion won.

“The electricity sector is monopolized by KEPCO, meaning the government bears full responsibility,” Lee said. “We intend to keep electricity rates unchanged as much as possible.”

However, he warned that freezing rates could encourage higher electricity usage, especially as consumers shift from more expensive fuels to electricity, potentially worsening the utility’s financial losses.

“If this continues, losses could grow exponentially,” Lee said, noting that both fiscal burdens and excessive energy consumption could become serious issues.

He called on the public to cooperate in reducing electricity use, emphasizing the importance of energy conservation.

“Given KEPCO’s massive deficit, this is not an easy situation,” Lee said. “I ask citizens to actively participate in saving energy, particularly by reducing electricity consumption.”

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