Korea used to have private operators for railways and electricity, just like Japan

In Japan, privatized JR (formerly Japanese National Railways) and private railways known as "shatetsu" are currently in operation, and private companies such as TEPCO are responsible for power supply and generation in each region.
Korea also had a similar structure during the Japanese colonial period.
A representative example is the Gyeongchun Line, which was constructed and operated by a private company funded by the local leaders of Chuncheon, who joined forces to promote the development of Chuncheon as it was being overshadowed by Wonju and Cheorwon within the province.
After liberation, both North and South Korean railways were nationalized by the US military government and the Provisional People's Committee of North Korea, respectively.
Electricity was also managed by regional companies such as Keijo Electric Co., Ltd., but in 1962 during the Park Chung-hee administration, they were all integrated into a single entity, leading to the birth of the current Korea Electric Power Corporation.