KEPCO chief pledges one-time utility rate hike of `within 10 pct.` . JANUARY 07, 2013 01:28. . The president of Korea Electric Power Corp., or KEPCO, says he will seek a one-time hike in electricity utility rates of within 10 percent.

In an interview with The Dong-A Ilbo near his company`s headquarters in Seoul’s Samseong-dong neighborhood Thursday, Cho Hwan-ik said, “There should not be a home run when it comes to raising electricity utility fees. I will never seek a double-digit raise."

On what he meant by "one time," he said, “(Raises of utility fees) have been mentioned since two to three years ago, and I mean to conclude the discussion now.”

Despite three hikes since 2011, he hinted at causes that would mean further raises, but that he would be satisfied with a small one-time raise, saying, "`One time` doesn`t mean I`ll seek a utility rate hike just once over my term,” adding, “If there is a variable such as a doubling of crude oil price, we have to raise electricity utility rates again."

Asked if the state-run power company might be excessively burdened if rates are raised just once within 10 percent, Cho said, “KEPCO should bear a certain level of debts on its own.”

Because the company`s accumulated deficit cannot be resolved solely through higher rates, he added, KEPCO will also share a certain portion of the burden.

“I think that there`s a public consensus that the electric utility fee is low in Korea. I also think it`s better to dispel the uncertainty faced by companies that when utility rates will rise is unpredictable," he said, adding, "I`ll try and persuade the people on the need to raise utility fees by emphasizing the words ‘just once.’”