South Korea’s biggest electricity producer Korea Electric Power is planning to increase oversees projects and adjust power prices in a bid to boost sales.

The company hopes the move will almost triple sales to $73bn (85tn won) (₩) by 2020.

In a report submitted to the government, the state-run power utility revealed its plans to achieve 32% of total revenue (₩27tn) from overseas projects.

Korea Electric, which reported sales of ₩ 31.5tn last year, is bidding to supply nuclear power plants to the United Arab Emirates (UAE), Jordan, Turkey and China, reports Bloomberg.

Korea Electric will be allowed to adjust power prices regularly to reflect raw-material costs, starting in 2011, according to the government.

The power company reported sales of ₩31.5tn last year and posted its worst loss in the same year following higher fuel costs.