Keppel to Increase Industrial Electricity Price, Sell Assets as Debt Hits $15.4 Billion
Feb 20,2024 | DAXTROMNSOLAR
Korea Electric Power Corp (KEPCO) plans to raise industrial electricity prices and sell assets in an effort to alleviate its mounting debt. As of now, KEPCO has accumulated a debt of $15.4 billion, leading the state-run utility company to explore various measures to improve its financial situation.
The decision to hike industrial electricity prices comes as part of KEPCO's strategy to increase its revenue stream. The price hike will affect businesses in various industries, including manufacturers, petrochemical companies, and steel mills. KEPCO aims to generate an additional $110 million annually through this increase, which will ultimately help in reducing its overall debt burden.
Furthermore, KEPCO plans to sell non-core assets to further address its financial challenges. This move is expected to help the company raise funds and reduce its debt. The assets identified for potential sale include real estate properties and shares in subsidiaries.
KEPCO's high debt level has been a cause for concern, as it has been struggling with a decline in electricity sales due to the COVID-19 pandemic. The company is under pressure to improve its financial standing to uphold its credit rating and restore investor confidence.
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