Amid a spike in heating prices, concerns are rising over an expected increase in electricity costs for households this month.

The government announced late last year that electricity fares would increase by 13-point-one won per kilowatt-hour in January 2023, or a nine-point-five percent hike, the highest in 42 years.

This was in a bid to normalize the debt-ridden Korea Electric Power Corporation and the Korea Gas Corporation.

The government had already raised electricity costs by 19-point-three won per kilowatt-hour over three phases last year.

While there is usually a greater heating demand in January, compared to December, many people are thought to have resorted to using electric heaters and fan heaters this year, amid soaring gas prices.