(Photo= Yonhap news)

 

[Alpha Biz= Reporter Kim Minyoung] Korea Electric Power Corporation (KEPCO) and Korea Gas Corporation (KOGAS) incurred a significant interest expense of nearly 15.6 trillion won in the first quarter alone this year due to their staggering debt, which is approaching 250 trillion won.

According to the financial statements released by both companies on the 26th, KEPCO bore 11.5 trillion won, while KOGAS bore 410 billion won in interest expenses during the first quarter.

This resulted from supplying electricity and gas at prices below cost due to the international energy crisis stemming from the Russia-Ukraine war since 2022.

As of the end of March this year, the total debt of KEPCO and KOGAS, based on the consolidated standard, amounted to 200.9 trillion won and 46.9 trillion won, respectively, slightly down from the end of last year but still indicative of a financial crisis.

The interest expenses incurred by both companies in the first quarter averaged 167 billion won per day.

At this rate, KEPCO and KOGAS could potentially pay 4 to 5 trillion won in interest alone this year.

Last year, KEPCO and KOGAS spent a total of 6.13 trillion won on interest expenses, including 4.45 trillion won and 1.68 trillion won, respectively.

 

 

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