The Korea Electric Power Corporation(KEPCO) is awaiting government approval of its proposal to further raise electricity rates.

KEPCO said on Thursday that it has submitted a report to the energy and finance ministries suggesting an increase in the fuel cost adjustment price, which is included in electricity bills.

The fuel adjustment unit price can be raised every quarter by up to three won per kilowatt-hour from the previous quarter, and KEPCO has asked for the maximum increase. It also recommended raising the maximum threshold of the rate hike from the current three won to five won per kilowatt-hour.

The government will issue a response by next Tuesday. If approved, the rate hike will be applied from next month.

The government had raised parts of the electricity rates twice this year, in April and October, amid soaring energy prices.