Anchor: The government has decided to end its monopoly of the retail energy sector, allowing private companies to sell electricity and gas to consumers. Over 120 heads of the nation’s public corporations held a workshop with the president on Tuesday and discussed ways to overhaul the public-business sector.
Our Kim In-kyung has more.

Report: The retail electricity market, currently monopolized by state-run Korea Electric Power Corporation(KEPCO), will gradually open to private energy companies.

Presided over by President Park Geun-hye, heads of the nation’s 126 public corporations and other agencies held a workshop Tuesday.

In the latest measure under the government’s campaign to reform the nation’s public, labor, finance and education sectors, Deputy Prime Minister and Finance Minister Yoo Il-ho at the meeting revealed plans to end the monopoly held by public corporations in the energy industry.

While opening the traditional retail electricity market, the government also said solar power generators will be able to directly sell electricity to consumers.

In phases from 2025, the government will allow private companies to take part in the wholesale gas business, which is currently exclusively controlled by Korea Gas Corporation(KOGAS).

Shares of eight state-run energy companies, including Korea Hydro and Nuclear Power, will also be listed.

Korea Coal Corporation will gradually reduce production and manpower beginning next year, which is expected to push up the prices of coal and coal briquettes.

Amid criticism over their unsuccessful investment projects, Korea National Oil and Korea Gas corporations will liquidate assets including overseas mining sites. Korea Resources Corporation will pull out of the overseas resource development business.

Some three-thousand-500 employees of public corporations are expected to be relocated or downsized during the process.

To ease concerns about privatization, however, the government has decided to maintain its more than 51 percent stake in public corporations.
Kim In-kyung, KBS World Radio News.