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[Alpha Biz=(Chicago) Reporter Paul Lee] KEPCO posted an operating loss of KRW 4.5691 trillion last year. The figure represents a 28 trillion won drop in losses compared to 2022 when the energy crisis peaked.
KEPCO announced on the 23rd that its operating loss was 4.5691 trillion won with sales of 88.2051 trillion won and operating expenses of 92.7742 trillion won as a result of last year's earnings settlement.
It posted a deficit of about 8 trillion won in the first and second quarters as the energy crisis continued until the first half of last year, but posted a surplus of 1.9966 trillion won and 1.8843 trillion won in the third and fourth quarters, respectively, due to falling raw material prices and higher electricity bills.
Sales rose 16.9472 trillion won last year due to higher rates and other effects, while operating costs fell 11.1388 trillion won due to reduced fuel costs and power purchase costs.
In detail, sales of electricity sales revenue fell 0.4%, but sales unit prices rose 26.8% due to rate hikes. As a result, electricity sales revenue increased by KRW 16.7558 trillion.
In the case of fuel and power purchase costs, fuel costs of subsidiaries fell by 7.69 trillion won, while those of private power generation companies also fell by 3.68 trillion won.
Power generation of subsidiaries decreased due to increased preventive maintenance, but power purchases increased due to the entry of new private coal generators.
Other operating expenses increased by 232.5 billion won due to an increase in depreciation costs due to an increase in new assets for power generation and power transmission and distribution facilities.
Since early last year, three increases in electricity bills and falling fuel prices have resulted in operating profit for the second consecutive quarter based on consolidated financial statements. Analysts say that the business environment is improving in line with the trend of stabilizing fuel prices such as international oil prices.
According to KEPCO's recent performance, it recorded a deficit every year except in 2017 (4.9532 trillion won) and 2020 (4.863 trillion won).
The cumulative deficit is still close to 40 trillion won, with 208 billion won in 2018, 1.2765 trillion won in 2019, 5.8465 trillion won in 2021, 32.6552 trillion won in 2022 and 4.5691 trillion won in 2023.
AlphaBIZ 폴 리(hoondork1977@alphabiz.co.kr)
