Korea Electric Power Corp (KEPCO) said on Wednesday it plans to raise the industrial electricity price for larger companies and sell off more assets after its debt level hit 201 trillion won ($154 billion) at the end of June.

However, the debt-ridden South Korean state utility said that it will keep electricity prices at the same level for the public and smaller companies.

State-backed KEPCO, which has issued about 80 trillion won in bonds to help plug snowballing losses, said it plans an average hike of 10.6 won per kilowatt hour (kWh) for the industrial electricity price for larger companies starting Thursday.

Industrial electricity accounted for about 49% of total electricity usage in 2022.

KEPCO also said it plans to sell a 20% stake in unit KEPCO KDN, its 38% stake in a solar power plant in the Philippines and real estate in Seoul, on top of existing plans to cut costs and sell assets to save more than 25 trillion won by 2026. ($1 = 1,304.4500 won) (Reporting by Joyce Lee Editing by Ed Davies)