Gov’t to Revise 6-Tier Power Rate System to 3-Tier System

The government will revise the controversial six-tier progressive power rate system for households to a three-tier system.

Trade, Industry and Energy Minister Joo Hyung-hwan said Monday the top rate under the current cumulative billing system is eleven-point-seven times higher than the lowest rate, however, the comparable figure under the three-tier system will be three times more.

The minister said by changing the rate of each bracket, the government will make sure that no household pays more under the revised billing system.

The ministry also plans to slash the electricity billing rate for educational facilities by 20 percent on average, while making a slight adjustment on the rate for industrial use.

The minister said the revised system is likely be implemented by mid-December with plans to retroactively apply the system starting December first.

Source: KBS World Radio