KEP - Kepco plans higher tariffs next year after rates held down in 2021

Korea Electric Power (KEP +3.8%) moves higher after saying it will raise electricity tariffs next year on hopes of better earnings, lifting shares more than 7% on the domestic stock market. Kepco said yesterday that utility bills would rise an average 5.6% in 2022 to reflect higher costs of purchasing fuel and using renewable energy. NH Investment & Securities analyst Lee Min-jae expects the planned tariff increases to boost Kepco's 2022 operating profit by more than 3T won ($2.53B), according to Dow Jones. The utility says electricity tariffs will rise gradually from March, after increases have been tamped down by the South Korean government for most of this year.

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Kepco plans higher tariffs next year after rates held down in 2021