Won Hee-ryong on Electricity Price Hike: "Common People's Economy Collapsing... Blame Moon Government's Nuclear Phase-Out Policy"

"Massive Energy Transition Costs Due to Nuclear Phase-Out Will Be Passed on to the People"

Former Jeju Governor Won Hee-ryong. [Image source=Yonhap News]

[Asia Economy Reporter Yoon Seul-gi] On the 23rd, Won Hee-ryong, a presidential pre-candidate from the People Power Party and former governor of Jeju, raised his voice against the government and Korea Electric Power Corporation's (KEPCO) plan to increase electricity rates in the fourth quarter (October to December), stating, "With COVID-19 continuing and the consumer price inflation rate recording over 2% year-on-year for five consecutive months, inflation concerns are growing, and the increase in electricity rates is causing the economy of ordinary citizens to collapse."

On the same day, Candidate Won posted on his Facebook under the title "The electricity rate hike is the bill for nuclear phase-out. President Moon Jae-in must take responsibility," expressing these views.

Candidate Won criticized, "The Moon Jae-in administration insisted on a 'rapid nuclear phase-out' policy that ignores affordable energy sources, significantly increasing expensive LNG power generation and renewable energy, creating a situation where electricity rates had no choice but to rise," adding, "This is the result of forcibly pursuing carbon neutrality without nuclear power, which is practically difficult."

He continued, "The current increase in electricity rates may seem small. However, as renewable energy facilities such as solar and wind power expand, the costs of fulfilling the Renewable Portfolio Standard (RPS) will continue to rise," and pointed out, "The enormous future energy transition costs will be entirely passed on to the people."

Candidate Won emphasized, "President Moon Jae-in's term is ending soon, but the costs of the nuclear phase-out that the people must bear will be received as bills throughout their lifetime," and stated, "President Moon, who ruined the national economy with a reckless nuclear phase-out, must be held accountable even after his term ends."

He also stressed, "I will achieve 'carbon neutrality with less burden on the people' by appropriately using nuclear power and renewable energy."

Meanwhile, the government and KEPCO announced on the same day that the final fuel cost adjustment rate for the fourth quarter was set at 0.0 KRW per kWh. Although this is 3.0 KRW higher than the previous quarter (-3 KRW), it has returned to the same level as last year. The government explained that the increase in electricity rates for the fourth quarter was due to the sharp rise in fuel costs for electricity production, including liquefied natural gas (LPG), bituminous coal, and oil. Accordingly, it is projected that for a household of four using an average of 350 kWh per month, the electricity bill will increase by 1,050 KRW.