KEPCO, Korea Gas report combined liabilities of nearly 250 tln won last year: data

Korea Electric Power Corp. (KEPCO) and Korea Gas Corp., two major state-run companies, have reported combined liabilities of nearly 250 trillion won (US$187.1 billion) as of end-2023 due to hikes in global energy prices, data showed Sunday. KEPCO has said in a regulatory filing its total debt reached 202.4 trillion won last year, up 9.6 trillion won from a year earlier. Korea Gas' total debt came to 47.4 trillion won, down from 52 trillion won in 2022, according to the company's regulatory filing. KEPCO and Korea Gas paid 4.42 trillion won and 1.56 trillion won of debt interest last year, up 57 percent and 75 percent on-year, respectively, according to industry sources. The combined interest payments by the two companies last year hit a record high of 6 trillion won, up 62 percent from a year earlier. Market watchers said the two companies had high interest payments last year due to liabilities accumulated from 2021 and 2022, when global energy prices soared due to supply shortages sparked by the COVID- 19 pandemic and Russia's invasion of Ukraine. KEPCO and Korea Gas raised electricity and gas rates last year to address the soaring global energy prices, but their profitability failed to improve due to high interest rates, they added. Source: Yonhap News Agency