Seoul: Korea Electric Power Corp. (KEPCO) announced on Wednesday that its net profit for the third quarter more than doubled compared to the same period last year, primarily due to an electricity rate hike and stabilizing global energy prices. The net profit reached 1.87 trillion won (US$1.3 billion) between July and September, marking a 125.6 percent increase from the previous year, as indicated in the company's regulatory filing. According to Yonhap News Agency, KEPCO's operating profit for the third quarter saw a 70.1 percent year-on-year rise, totaling 3.39 trillion won. Revenue also increased by 6.7 percent, reaching 26.1 trillion won. This marks the fifth consecutive quarter that KEPCO has reported an operating profit, surpassing market expectations. Analysts had predicted an average net profit of 938.5 billion won, based on a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency. The company anticipates a further rebound in fourth-quarter earnings, bolstered by the recent r ate hike, despite ongoing global energy price volatility due to the Middle East crisis and Russia's invasion of Ukraine. In October, KEPCO increased electricity rates for industrial use but maintained rates for households, attributing the decision to fluctuations in global energy prices and the company's financial challenges. During a recent parliamentary audit, Industry Minister Ahn Duk-geun confirmed no additional hikes for this year but mentioned KEPCO's ongoing efforts to "gradually normalize overall electricity rates," suggesting possible adjustments in the coming year. KEPCO has reported a cumulative loss of 43 trillion won from 2021 to 2023, as it struggled to raise electricity prices sufficiently to cover rising fuel costs during the COVID-19 pandemic and high inflation period. The company stated, "KEPCO will continue to implement self-rescue measures and coordinate with the government to gradually normalize electricity bills and address accumulated losses." As of 2:24 p.m., KEPCO's shares were trad ing at 22,150 won, up 3.02 percent from the previous session, following the announcement made during market hours.