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Korea Electric Power Corp.'s (Kepco) first-quarter operating profit soared 32.8 percent on-year to 571.6 billion won as revenue dropped 0.1 percent to 15 trillion won.
The state-owned, electricity-focused utility saved 192.1 billion won in fuel costs as global fuel prices stayed low due to lack of demand amid the pandemic.
Kepco’s profit rose despite having to cut the electricity prices by 3 won per kilowatt-hour as fuel prices remained low from September to November last year.
The price reduction was based on a new system adopted by Kepco of adjusting the electricity fee by plus or minus 3 won per kilowatt-hour depending on fuel price fluctuations in previous months.
Kepco bought electricity worth 4.9 trillion won in the first quarter, which is 179.4 billion won more than the previous year.
The power company compensated for the additional costs by cutting expenses worth 146.1 billion won from other areas.
