President Lee Calls for Nationwide Energy Conservation Amid Middle East Crisis, Maintains Electricity Prices
Synopsis
In light of the ongoing Middle East conflict affecting global energy markets, President Lee Jae Myung emphasizes the need for national cooperation in energy-saving measures while assuring that electricity prices will remain stable for now.
Key Takeaways
Cooperation on energy-saving is essential amid global disruptions.
Electricity prices will remain unchanged for the time being.
KEPCO faces significant financial challenges due to debt.
Public transportation and vehicle rotation initiatives are encouraged.
The government plans to address broader economic impacts through a supplementary budget.
Seoul, March 26 (NationPress) President Lee Jae Myung called for nationwide collaboration on energy conservation initiatives due to ongoing disruptions in global energy markets caused by the extended conflict in the Middle East. He assured that there would be no alterations to electricity tariffs at this time.
These statements were made during an urgent economic response meeting, where the government plans to implement another round of fuel price controls to mitigate the economic repercussions stemming from the US-Israel conflict with Iran, as reported by Yonhap news agency.
"I urge gas stations to proactively align their pricing with the objectives of the oil price cap system," Lee stated.
He emphasized that exploiting the national crisis for unfair profits through collusion or hoarding will not be tolerated, and the government will maintain a strict zero-tolerance approach.
While the government will keep electricity prices unchanged for now, Lee highlighted the importance of conserving electricity, which is provided by the state-owned Korea Electric Power Corp. (KEPCO).
"Although we do not plan to modify electricity rates at this moment, maintaining them at current levels could lead to significant financial losses for KEPCO," Lee cautioned.
He pointed out that an increased dependence on electricity instead of petroleum products could further exacerbate KEPCO's financial challenges and ultimately strain government finances.
KEPCO has incurred approximately 206 trillion won (US$136.9 billion) in debt after supplying electricity at rates below production costs, coinciding with a surge in global energy prices from 2021 to 2023 following the Russia-Ukraine conflict.
As part of the energy-saving initiative, Lee encouraged the public sector to adopt a five-day vehicle license plate rotation system and urged the public to utilize public transportation.
He also instructed officials to prepare a detailed supplementary budget to address the broader economic implications of a prolonged conflict, with the ruling Democratic Party planning to present the extra budget bill to the National Assembly next Tuesday.
Point of View
The government's proactive stance on energy conservation during global crises demonstrates a commitment to economic stability and public welfare. The emphasis on preventing exploitation during tough times reflects a responsible approach to governance.
NationPress
10 May 2026
Frequently Asked Questions
What measures is the government taking to control energy prices?
The government is imposing a fuel price cap to protect the economy from the impacts of the ongoing conflict in the Middle East.
Will electricity prices be raised?
No, President Lee Jae Myung has pledged that there will be no changes to electricity prices at this time.
How much debt has KEPCO accumulated?
KEPCO has accumulated approximately 206 trillion won (US$136.9 billion) in debt due to supplying electricity below production costs.
What energy-saving measures are being encouraged?
The government is promoting a five-day vehicle license plate rotation system and encouraging the use of public transportation.
When will the extra budget bill be submitted?
The ruling Democratic Party plans to submit the supplementary budget bill to the National Assembly next Tuesday.
