Joo Ho-young: "We Will Definitely Pass the KEPCO Act During the Temporary National Assembly"

"Reintroduce Without Gaps"
Strong Opposition and Abstentions Criticize Democratic Party
Ruling Party: "Opposing KEPCO Act Is a Vote for Electricity Rate Hikes"

Joo Ho-young, floor leader of the People Power Party, is attending the party floor strategy meeting held at the National Assembly on the 9th and delivering opening remarks. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Kwon Hyun-ji] Joo Ho-young, floor leader of the People Power Party, stated on the 9th regarding the rejection in the plenary session of the partial amendment to the Korea Electric Power Corporation Act (KEPCO Act), which would raise the issuance limit of Korea Electric Power Corporation bonds (KEPCO bonds) from the current 2 times to 5 times, “We will definitely handle it in the new extraordinary session of the National Assembly.”

After the floor strategy meeting held at the National Assembly that day, Floor Leader Joo told reporters, “Fortunately, the Democratic Party of Korea has said they will process the bill again, so we will reintroduce it and ensure there is no gap as soon as possible.”

The partial amendment to the KEPCO Act is a bill aimed at resolving the management difficulties of KEPCO, which is currently facing an operating deficit. It was on the agenda in the plenary session the day before but was rejected due to massive opposition and abstentions from the opposition parties.

Regarding this, Floor Leader Joo directly criticized, “The Democratic Party administration irresponsibly passed the burden of electricity rate increases to this administration, and even yesterday, they treated the bill like that.” He continued, “Over the past five years, while pursuing nuclear phase-out, the Moon Jae-in government did not raise electricity rates despite KEPCO’s requests for increases, to manage their popularity, leaving the burden to the next administration. (The KEPCO Act) is actually a bill that the Democratic Party should take responsibility for.”

Han Moo-kyung, ruling party secretary of the National Assembly’s Industry, Trade, Energy, Small and Medium Enterprises Committee, also expressed concern at the floor strategy meeting that day, saying, “We condemn the Democratic Party’s behavior of rejecting even bills passed by bipartisan agreement,” and “Due to the Democratic Party’s opposition leading to the rejection of the KEPCO Act, KEPCO will be unable to make timely payments for various construction costs and electricity purchases, risking a major chaos that could paralyze the entire electricity market.”

Park Jung-ha, chief spokesperson, also criticized in a statement, “If KEPCO’s funding becomes difficult, the only option left will likely be to raise electricity rates,” and “Ultimately, the votes against the amendment to the KEPCO Act are votes for raising electricity rates.”