Korea Electric Power Corp. (KEPCO), South Korea's state-run energy company under pressure to improve its financial health, said Sunday it will reduce its debts by 14.7 trillion won (US$13.8 billion) over the next three years .
KEPCO's debt-cutting plan comes as the government is trying to normalize heavily-indebted public organizations. Eighteen state entities, including KEPCO, were put under scrutiny for their mounting debts and ordered to submit detailed blueprints on how they would reduce their liabilities.
The finance ministry said it rejected the plans from five organizations who were told to take more intensive steps. KEPCO's plan was given a go-ahead.