Recent data shows that the debt of Korea Electric Power Corporation(KEPCO) has snowballed due in part to the current global energy crisis, and now outweighs the debts of large conglomerates such as Samsung Electronics and Hyundai Motor.

According to financial information provider FnGuide on Wednesday, the state-run electric utility company reported 165-point-eight trillion won in debt as of end-June, up by 28-point-five trillion won from a year earlier.

The figure is the eighth largest debt owed by a listed firm in the nation as of June, but those reporting heavier debts are all financial companies whose deposits and insurance premiums are also classified as debts.

No other non-financial local firms, including even the nation’s largest conglomerates, match KEPCO’s debt level, with Hyundai Motor reporting 162-point-five trillion won debt and Samsung Electronics claiming 120-point-one trillion won. Late last year, KEPCO trailed Hyundai Motor in debt by around five-point-five trillion won at 145-point-eight trillion won.

An increase in international energy prices following Russia’s war on Ukraine is expected to further worsen KEPCO ‘s debt status.

It remains uncertain, however, whether the government will quickly authorize an increase in electricity rates to shore up the company’s fiscal conditions amid concerns over such a move's impact on the public’s livelihoods.