South Korea hikes power prices, Kepco shares surge

Korea Electric Power (KEP +7.1%) gaps higher at the open after South Korea said it will hike electricity tariffs in a bid to avert power blackouts and cut billions of dollars in losses.

In the second tariff hike this year, the government will raise electricity prices by an average 5.4% beginning Thursday, with industrial users facing the biggest hike.

The government hopes higher electricity prices will curb power use, and policymakers want tariffs that more closely reflect generation costs.

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