Operating Loss Amounts to KRW33.6tn
Korea Electric Power Corp. (KEPCO) suffered an operating loss of a whopping 33.6 trillion won in 2022.
KEPCO announced on Feb. 24 that its cumulative operating loss stood at 32,603.4 billion won on a consolidated basis in 2022. This was 5.6 times higher than the state-run company’s previous highest operating loss of 5,846.5 billion won in 2021. In the fourth quarter of 2022, it posted 10,767 billion won in operating loss, the largest-ever quarterly loss in its history.
In 2022, KEPCO’s sales inflated by 17.5 percent to 71,271.9 billion won due to an increase in electric power sales and an adjustment in the rates. In addition, its operating expenses surged by 56.2 percent to 103,775.3 billion won in the aftermath of soaring fuel prices, further increasing the loss.
Meanwhile, KEPCO is concentrating its capabilities on improving its finances by 20 trillion won over the next five years through non-core asset sales and cost-cutting.