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LNG price or supply changes can raise costs for gas-fired power plants and city-gas suppliers in South Korea, but they do not translate automatically or immediately into an equal change in household bills. The effect depends on how fuel is procured, which tariff applies, when rates are adjusted, and whether the government changes the amount ultimately charged.
How LNG costs enter South Korea’s energy system
Korea Gas Corporation (KOGAS) imports and regasifies LNG, then supplies it to power plants and local city-gas companies. As KOGAS puts it, “KOGAS regasifies this LNG, and supplies it directly to power plants and to local city gas companies.” (KOGAS supply system.)
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A change in LNG prices or availability can therefore affect two distinct routes: fuel costs for electricity generation and the cost of gas supplied to homes and businesses. Each route has its own pricing mechanisms and timing; neither is a direct, one-for-one pass-through from an international LNG price into every customer’s bill.
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How LNG price changes can affect electricity bills
Generators’ fuel costs vary with procurement arrangements
When LNG becomes more expensive, a gas-fired generator may pay more for fuel. The size and timing of that exposure depend partly on whether the generator receives gas under KOGAS’s average tariff, an individual tariff linked to a specific import contract, or its own direct-import arrangement. Contracted supply and spot-market purchases can expose generators differently when spot prices shift or supply is tight. The Korea Energy Economics Institute (KEEI) describes these distinctions in its analysis of Korean power-generation gas procurement (KEEI report).
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This means a market-price increase does not affect every generator in the same way or on the same timetable. Availability matters too: if contracted volumes are insufficient, a generator may need replacement supply in a tight or expensive spot market. KEEI’s report describes these structural risks, rather than forecasting current LNG prices or a present-day disruption.
KEPCO’s fuel-cost adjustment is not an LNG-only index
For electricity customers, one relevant mechanism is KEPCO’s fuel-cost adjustment. Its calculation uses recent price data for bituminous coal, LNG, and heavy fuel oil, applies conversion weights, and compares the resulting cost with a reference fuel cost. The calculation produces a won-per-kilowatt-hour adjustment, but it does not by itself set the amount customers ultimately pay.
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For July–September 2026, KEPCO calculated a fuel-cost adjustment of -3.4 won/kWh. Following government direction, it continued to apply +5.0 won/kWh instead, citing KEPCO’s financial condition and unrecovered fuel-cost adjustment amounts (KEPCO Q3 2026 notice). These are figures for that quarter only; they do not establish the charge for Q4 2026.
How LNG costs can affect city-gas bills
Retail city-gas prices include more than the LNG cost
KOGAS describes the wholesale natural-gas tariff as raw-material cost plus KOGAS supply cost. The retail rate adds the local city-gas company’s supply cost. In practical terms, the fuel cost is one component; wholesale and local distribution or supply costs also contribute to the final rate. KOGAS says raw-material costs move with oil prices and exchange rates, and that differences between costs recovered through tariffs and actual costs are reconciled in a later year’s cost calculation (KOGAS tariff method).
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Adjustment timing depends on customer category
The adjustment schedule differs by use. KOGAS says household-use raw-material costs are adjusted every two months, in odd-numbered months. Commercial, city-gas power-generation, and power-generation categories are adjusted monthly, subject to ministry approval. Wholesale supply costs excluding raw materials are adjusted annually; local city-gas companies’ retail supply costs are calculated by each company and approved by the relevant provincial or metropolitan authority (KOGAS tariff method).
Those intervals help explain why a change in LNG prices may reach different users at different times. They also do not guarantee that every calculated cost change will be passed through in full at the next adjustment.
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- Upgraded LCD display: With large screen size 2.36 inch x 1.85 inch, clearer monitor backlit, our electrical usage monitor can display the data clearer and more visible no matter day or night. 180°full wide viewing angles is great for reading and recording the data in any angles. No need to stand on the front of the display and bend over to read the numbers
- Adjustable Backlight Time: Our upgraded watt meter has 5 options of backlight time. The default backlight time duration is 10 minutes(bL-0). If you want to change the backlight time, you can press and hold "UP" and "DOWN" button at the same time to enter backlight time setting, then press "UP" and "DOWN" to select the backlight time (bL-0 =10 minutes, bL-1=1 hour, bL-2=4 hours, bL-3=8 hours, bL-4=always on), finally press the "COST" to save the backlight time settings
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- Data Memory Function: The wattage meter will record your power consumption data when you remove it from socket, or remove appliances from the electricity monitor. You can directly see the last data when you use it next time. This function can also automatically save the data when there is a sudden power failure
Government decisions can moderate or delay pass-through
A historical example shows how policy can affect timing. In May 2021, the Ministry of Trade, Industry and Energy reported that household and general-use city-gas rates were frozen even though a 5.5% wholesale-price increase factor would otherwise have applied; some other categories continued to adjust under the raw-material cost linkage (MOTIE 2021 notice). That episode illustrates administrative discretion, not a current freeze or today’s household price.
What determines the size and timing of the impact?
- Procurement structure: A generator’s exposure depends on whether it uses KOGAS’s average tariff, an individual contract-linked tariff, or direct imports.
- Contract and spot-market mix: The balance of term-contract and spot purchases affects how quickly market-price movements or supply tightness affect fuel costs.
- Cost component: LNG raw-material costs are distinct from KOGAS’s wholesale supply costs and local city-gas companies’ retail supply costs.
- Customer category: Household gas adjustments follow a different stated schedule from commercial and generation categories.
- Policy decisions: A calculated adjustment or cost change may not be the same as the amount finally applied to customers.
Can an LNG price change be converted into a household bill estimate?
Not from a single LNG price movement alone. The available tariff information and KEPCO’s quarter-specific adjustment illustrate how costs are handled, but they do not provide a universal percentage-to-bill conversion or a representative household forecast. A meaningful estimate would need the customer’s region, tariff category, consumption, applicable tariff schedule, and the relevant electricity adjustment for the period.
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KOGAS’s 2026 budget figures—440,615억원 in total budgeted costs and 403,892억원 in budgeted material costs—are company-wide amounts, not unit LNG prices or household bill estimates (KOGAS 2026 cost budget).
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