The debt-ridden Korea Electric Power Corporation(KEPCO) announced an additional set of self-recovery measures which include selling off some of its lands and shares in subsidiaries.

At a press briefing on Wednesday, KEPCO CEO Kim Dong-cheol said the public corporation will sell a plot in Seoul's Nowon District, spanning 640-thousand square meters, where its education and training facility is located.

The company will first push for a change of land usage, over 99 percent of which is currently designated as “green area,” before the sale to increase its value. KEPCO expects to raise the value from 250 to 780 billion won, or from 191 to 595 million U.S. dollars.

The electricity supplier will seek to sell 20 percent of its 100-percent stake in subsidiary KEPCO KDN in charge of ICT services, with an estimated value of 130 billion won. It will also sell an entire share of 38 percent in the Philippines' Calatagan solar energy project, worth 50 billion won.

While these cash-generating steps to reduce debt worth over 200 trillion won are expected to require time, KEPCO plans to reduce the size of its headquarters by 20 percent, merge regional offices, and downsize its workforce by 700 employees through 2026. 

The KEPCO chief said the company will continue to implement bone-crushing self-rescue measures, adding it plans to also faithfully implement the 25-point-seven-trillion-won fiscal improvement plan it had announced in May.

The company, meanwhile, will raise the average cost of electricity for "large-scale" industrial use by ten-point-six won per kilowatt-hour starting Thursday, while freezing rates for households and small- to medium-sized enterprises.