A plan to split the State Grid Corperation of China, China's biggest power transmission company, is underway the Shandong-based Jinan Daily reported on Tuesday, citing sources close to policymakers.

The company may be split into five independent regional grid companies. Together with China Southern Power Grid, the country will have six regional grid companies, with the main aim being to break the monopoly on power and lower operation costs, it said.

Revenue of the State Grid in 2012 was 1.88 trillion yuan, ranking it No. 7 among Fortune Global 500 companies.

Profits of the State Grid have been improved since the National Development and Reform Commission, China's pricing administrative agency, increased electricity prices twice, but the price increases have worked little to improve operation efficiency, experts said.