Korea South-East Power Co. (KOEN) is embarking on the development of a raw material price prediction system using AI technologies.
KOEN struck an MOU for mutual cooperation on the development of a raw material price prediction system with KEPCO KDN at KOEN’s headquarters in Jinju, Gyeongsangnam-do, on Sept. 24.
It was in 2021 that KOEN developed a bituminous coal price prediction system and obtained its patent.
That system has been utilized effectively to purchase bituminous coal at economical prices.
KOEN has confirmed the effectiveness of the bituminous coal price prediction system, and the latest deal is designed to expand the service scope of raw material price predictions systems from bituminous coal to other raw materials, KOEN said.
The price prediction is designed to not only analyze diverse types of quantified data, but also explore and study useful information, such as raw material forecasts, weather/climate, several incidents and accidents.
KOEN, which has already secured fuel information analysis capabilities through the bituminous coal price prediction system, plans to work on the development of a raw material price prediction system using AI technologies by combining it with KEPCO KDN’s ICT capabilities.
KOEN said the development of the raw material price prediction system will be finished by 2025, and it is expected to have an effect of saving fuel costs by using it as a reference for purchase decision-making through prediction and stepping up energy security.
Cho Suk-jin, head of the Procurement and Contract Division at KOEN, said, “Both companies will devote themselves to expanding raw material procurement scopes by combining their prominent capabilities through the MOU and fulfilling social responsibility as public entities by buying raw materials in cheaper prices.”
Korea South-East Power Co. inks an MOU for mutual cooperation on the development of a raw material price prediction system with KEPCO KDN at KOEN’s headquarters in Jinju, Gyeongsangnam-do, on Sept. 24.
KOEN Dispatches Cooperative SMEs to Vietnam, Negotiating Exports Worth $7.17 Million
KOEN dispatched its cooperative SMEs to Electric Energy Show, which took place in Binh Duong, Vietnam, from Sept. 23 to Sept. 26 and held sessions to negotiate exports worth $7.17 million with 29 local buyers, KOEN said on Sept. 29.
The export negotiation sessions were held at the Phu My Thermal Power Plant and on the sidelines of Electric Energy Show 2024.
Working-level officials from Phu My Thermal Power Plant showed their attention to outstanding power generation equipment and components, produced by Korea SMEs and began to explore how to employ them locally.
Korea Engineering, a maker of furnace burners for power generation, signed a $200,000 contract to export ignition devices with Lotus TSE of Vietnam. PowerNix, a maker of electric protection devices, inked a $10,000 deal to export grid forming inverters with ETRC.
A KOEN official said, “We plan to continue follow-up support and marketing support so that export contracts targeting buyers securing during the export negotiation sessions can be wrapped up smoothly through G-TOPPS, an export support investment company.”
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