Power monopoly KEPCO plans to raise electricity charges by 4.9 percent next month.
KEPCO had proposed fee hikes of around 13 and 10 percent in April and in July, but the Ministry of Knowledge Economy rejected them as too high.
The ministry instead recommended an increase of less than 5 percent in line with government efforts to stabilize prices.
KEPCO is pushing for a price hike as it suffered a net loss of some W3.5 trillion (US$1=W1,132) last year. While the 4.9 percent increase is not sufficient to resolve the deficit, officials expect it to lead to a drop in electricity demand.