President Kim Dong-cheol of Korea Electric Power Corp. (KEPCO) revealed the direction of five major tasks the power company will implement for its survival and growth.
The announcement was made on the occasion of the dawning of the year 2025.
President Kim said, “KEPCO aims to be a global energy leader contributing to national future growth by displaying achievements through change and innovation.”
First, he said, KEPCO will ramp up the competitiveness of its intrinsic businesses and focus on expanding people’s benefits.
KEPCO plans to pull out all the stops to enact the “special act on expanding national key power grid networks.”
KEPCO itself will endeavor to improve construction and operation processes while raising efficiency through development of new engineering methods and new components and equipment.
KEPCO plans to raise residents’ acceptance by offering scientific information on the safety of electromagnetic waves while ramping up customer reliability through transparent management based on integrity.
President Kim said, “KEPCO, learning a lesson that last year saw integrity and customer satisfaction survey rankings decline, will realize a full-fledged 100 percent service company by raising integrity and customer satisfaction ratings.”
Second, he said, KEPCO will make a dramatic turning point for normalizing its financial soundness as early as possible.
KEPCO will continue to take self-rescue steps and normalize electricity charges and focus on establishing price systems based on unit prices and pursue rational restructuring of power market systems.
The corporation will also max out management efficiency in all areas, such as business, transmission / distribution and ICT and ramp up financial soundness by aggressively exploring new income resources.
President Kim Dong-cheol of Korea Electric Power Corp. (KEPCO) speaks at a ceremony to declare the “2025 New Vision” at KEPCO headquarters in Naju on Feb. 10.
Third, he said, KEPCO has strategies to make the power industry Korea’s new future growth engine. The corporation aims to nurture the energy industry into an advanced industry creating added values in compliance with climate change and AI eras.
KEPCO seeks to land additional nuclear power plant orders based on the successful implementation of the UAE nuclear power project and play a part of “pump-priming” to spearhead the private sector’s investments in areas requiring massive capital, such as offshore wind power and new energy projects.
President Kim said, “KEPCO will enter overseas markets along with the private sector based on experiences and technologies the power company has secured in Korea and raise the Korean energy industry’s competitiveness.”
Fourth, he said, KEPCO will realize a sustainable energy ecosystem through safety and shared growth management.
“KEPCO plans to remove field danger factors and take efficient safety steps by attaching top priority on safety,” President Kim said.
The power company will upgrade voluntary safety management regimes with its cooperative companies while providing support to verification and commercialization of new technologies, developed by venture companies in the energy sectors, and KEPCO strives to promote development of unicorn companies of the energy sector and shared growth of the power industry through them, he added.
Lastly, he said, KEPCO plans to raise joint response capabilities by ramping up cooperative regimes with power group companies.
KEPCO plans to lead landing of nuclear power plant orders in cooperation with power group companies and innovative growth of the power ecosystem.
In particular, KEPCO will ramp up joint response capabilities with power group companies to cope with global environment change, such as mandatory public climate notice, to be introduced next year, and the opening of the global carbon market, he said.
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