The state power company said it will freeze electricity prices for the third quarter.

The Korea Electric Power Corporation(KEPCO) said on Friday that it will maintain the adjusted unit fuel cost at five won per kilowatt hour for the July-September period, unchanged from three months earlier. 

Electricity rates are decided by adding the basic fuel cost, the climate environment fee and the fuel cost adjustment rate.

Despite continued calls for electricity rate hikes with KEPCO’s total debt estimated at 200-point-nine trillion won as of the end of March, the government decided to freeze rates in consideration of soaring prices and an expected rise in electricity consumption during summer.

Meanwhile, the government is in consultation with related ministries on possible gas price hikes in July, which is being supplied at 80 percent of production costs.