Minister Kim Jeong-gwan of the Ministry of Trade, Industry and Energy said on the 17th that "adjusting electricity rates is a burdensome situation internationally because of issues with subsidies and countervailing duties."
The Minister said this during an interpellation session at the National Assembly on the day when asked whether there are plans to lower industrial electricity rates or for the government to subsidize them.
However, he said, "As electricity rates have risen by nearly 60% over the past two years, industrial electricity rates are actually becoming higher than in China," adding, "We understand that corporations have recently been feeling the burden of industrial electricity rates." He added, "Overall, there needs to be a way to further ease Korea's electricity rates."
To a question on whether, instead of a general cut in electricity rates, there was a willingness to pursue a limited cut for areas designated for preemptive response to industrial crises, he said, "We are seriously considering it."
He continued, "In particular, we are watching Yeosu and the petrochemical complexes that were recently designated as areas for preemptive response to industrial crises," adding, "We will do our utmost so that the burden on our corporations can be eased in any way possible through measures such as emergency management safety support and local investment subsidies."
In response to a question about whether the government has support measures for the steel industry, he said, "We plan to form a task force to strengthen the competitiveness of the steel industry with academia and the industry and announce it around Oct.," adding, "We will do our utmost to ease the burden on the steel industry and help it secure competitiveness."