Main opposition presidential candidate Yoon Suk-yeol pledged Thursday to scrap the government's planned electricity rate hike if elected in March.

Electricity prices are set to increase in April and October under a government scheme announced last month, leading to a 5.6 percent annual average increase in households' electricity bills.

Yoon said the decision to raise the rate after the March 9 election was "political" and vowed to reverse the plan if elected.

"It's an irresponsible decision that avoids responsibility for KEPCO's losses and debts caused by the (government's) hasty nuclear phase-out policy and shifts the burden of price hikes to after the election," the People Power Party nominee said during a press conference at the party's headquarters, referring to the state utility.

"Higher electricity prices are a big burden on small businesses and self-employed people who are suffering a serious business crisis due to the COVID-19 situation," he said.

Yoon also noted the importance of keeping electricity rates low in order to further develop the country's digital industries.

If elected, Yoon said his administration will investigate alleged irregularities in the Moon Jae-in government's nuclear phase-out policy and its pursuit of solar power projects. (Yonhap)