Shares of Korea Electric Power (KRX:015760) surged nearly 16% in Tuesday morning trade after Yonhap News reported that the state-run electric utility firm froze electricity rates for the third quarter, maintaining the adjusted unit fuel cost at 5 won per kWh.
According to the Yonhap News report, the government directed KEPCO to keep rates steady to help improve its financial health despite recent drops in global fuel prices, the report said.
Korea Electric Power said that the rate should have fallen to -6.4 won per kWh based on fuel costs, but it was necessary to recover past unadjusted charges and normalize management, according to the report.
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