Korea Electric Power Corporation (KEPCO) achieved a surplus for the eighth consecutive quarter, thanks to the effects of industrial electricity rate increases and stable fuel prices. However, the operating loss accumulated since 2021 has approached 29 trillion won, making it crucial to improve financial soundness.
On the 12th, KEPCO reported that its revenue for the second quarter of this year was 21.95 trillion won, and its operating profit was 2.1359 trillion won, according to preliminary calculations. These figures represent increases of 7.2% and 70.8%, respectively, compared to the same period last year. During the same period, net profit soared by 928.1% to 1.1764 trillion won.
The increase in electricity sales revenue due to the industrial electricity rate hike improved performance. KEPCO's electricity sales volume decreased by 0.05% in the first half of the year, but the selling price rose by 5.7% compared to the same period last year. Consequently, electricity sales revenue increased by 2.4519 trillion won.
Cost reductions also contributed to improved performance. KEPCO reported that it saved 1.1 trillion won through customer participation load shedding programs and tight budget management. KEPCO's power group company also pursued financial improvements for its investee companies, saving an additional 1.2 trillion won.
Although it achieved a surplus for the eighth consecutive quarter, additional financial restructuring is needed. Since 2021, KEPCO has recorded a cumulative operating loss of 28.8 trillion won. KEPCO's total liabilities have also exceeded 200 trillion won.
A KEPCO official noted, "We plan to continuously consult with the government on various measures such as rate adjustments and cost reductions for purchased electricity while faithfully implementing our financial stabilization plan."