Korea Electric Power Corporation announced on the 13th that its operating profit for the first quarter of this year was 3.7536 trillion won, an increase of 188.9% compared to the same period last year. Revenue rose 4% to 23.2927 trillion won, and net income surged 29.6% to 2.3617 trillion won.
KEPCO reported that it recorded operating profit surpluses for seven consecutive quarters due to the stabilization of fuel prices and rate adjustments.
In terms of electricity sales revenue, while the sales volume decreased by 0.5% compared to the same period last year, the unit sale price increased by 5.3%, resulting in an overall increase of 1.0462 trillion won, totaling 23.2112 trillion won. KEPCO raised electricity prices by 8.5 won per kWh in October of last year.
Expenses for subsidiaries decreased by 1.1501 trillion won compared to the same period last year, and costs for purchasing electricity from private power producers decreased by 446.1 billion won. KEPCO explained that even though the amount purchased from private sources increased, the system marginal price (SMP) fell by 11.8 won, resulting in lower power purchase costs.
A KEPCO official noted, "Since 2021, operating losses have totaled 30.9 trillion won, making it necessary to continue efforts for performance improvement," and added, "We plan to diligently implement financial soundness plans while consulting with the government on various institutional improvement measures, including reducing electricity purchase costs."