Assembly passes law to privatize KEPCO

The National Assembly Committee on Commerce, Industry, and Energy, on Monday passed three laws related to privatizing the Korea Electric Power Corporation (KEPCO), including one to speed up restructuring of the power industry.

The legislation added to the original draft drawn up by the government a supplementary provision proposed by its subcommittee charged with preliminary study of the laws. The new laws call for a grace period of one year after the draft law goes into force to allow those affected to get ready for efficient implementation of the KEPCO privatization scheme.

At the same time, a meeting of deputy floor leaders of the two major parties in the National Assembly agreed to normalize the stalled Budget and Accounts Committee to allow it to resume deliberations on the budget plan for next year. The budget amount is 101 trillion won.

Grand National Party floor leader Chung Chang-Wha said that when the legislature opens an extraordinary sitting following the termination of the regular session on Dec. 9, a motion to impeach two top prosecutors would be brought forward again.