President Lee Young-jo of Korea Midland Power Co. said, “We’re shifting gradually toward an eco-friendly power generation regime to cope with rapidly changing outside environmental conditions, and comply with national energy shift policies. KOMIPO looks to be an integrated energy company that maintains a balance between an eco-friendly energy shift and stable power supply, and contribute to the overall public good.”
He made the remarks at a meeting with reporters near Sejong Government Complex on Feb. 10.
KOMIPO is cutting the portion of coal-fired power generation and expanding green energy business areas, such as photovoltaic power and wind power, to shift into no-carbon energies.
The power company is also preparing for a shift into pumped-storage hydroelectricity and it is implementing multi-faceted renewal energy projects.
In particular, strategic projects on wind power KOMIPO has been implementing, in the renewable energy area in Korea, have been highlighted.
The power company is operating the Hallim Offshore Wind Power Farm with a capacity of 100MW.
KOMIPO has revealed its willingness to expand the offshore power business by elevating the conventional Wind Power Department to the Offshore Wind Power Business Office in an reorganization, made late last year.
The power company is seeking to take the initiative to implement the planned Boryeong Nokdo Offshore Wind Farm, with a capacity of 320MW, the planned Boryeong Offshore Wind Farm, with a capacity of 1,000MW, with the planned Incheon–Ørsted 2 Offshore Wind Power Farm with 800MW.
KOMIPO is striving to develop new power generation sources, such as planned pumped-storage power generation in Gurye and Bonghwa areas on top of implementing of clean energy power projects.
The power company is striving to implement a project to repower Gangwon Wind Farm, Korea’s first-generation wind farm, in the nation’s first such scheme while making investments related to renewal energy.
KOMIPO is posting remarkable achievements in both Korea and abroad. Concho Valley, a photovoltaic power farm in the United States, logged 10 billion won in net profit, followed by Elara PV project in the United States with 8 billion won in net profit, Tanggamus hydroelectric power project in Indonesia with 6.7 billion won in net profit and the Indonesian Wampu project with 2.8 billion won in net profit. KOMIPO chalked up 264.7 billion won in cumulative net profit, as of the end of last year.
The power company is also embarking on the Siborpa Hydropower Project in Indonesia and another U.S. photovoltaic power project.
KOMIPO, which developed new solar power models in the United Arab Emirates and Oman, is trying to explore overseas renewal energy markets by diversifying its renewal energy business portfolio.
KOMIPO Invites Global Buyers from Six Countries to Help SMEs Explore Export Markets
Korea Midland Power Co. held an export consultation session with invited foreign buyers at COEX in Seoul on Feb. 12.
The event was attended by 15 member companies of the “Oversea Joint Market Entry Consultation Committee,” a body of KOMIPO’s cooperative companies.
The session was designed to help each member company of the committee invite its own foreign buyers to ramp up their networking and create export opportunities.
Among participants of the session were 18 companies invited from six countries, including Vietnam, Indonesia, Chile, Pakistan, Malaysia and China, and 27 foreign buyers.
The invited foreign buyers held one-on-one meetings with Korean SMEs to discuss exports. Negotiations on combined $80.39 million were under way and contract worth $17.59 were to be struck.
In his opening speech, KOMIPO President Lee Young-jo said, “The session is designed to help KOMIPO and its cooperative companies look around the 2025 Global Electric Energy Conference & Show in Korea (ELECS Korea 2025) along with foreign core buyers, introduce their technologies and ramp up communication and cooperation.”
Amid tough external and internal conditions, such as growing trade protectionist moves and geopolitical risks, he said that KOMIPO will provide full support so Korean SMEs can achieve sustainable growth. ELECS Korea 2025 took place at COEX in Seoul from Feb. 12 and Feb. 14.
In his commemorative speech, Chmn. Cho Sun-young of the Oversea Joint Market Entry Consultation Committee, said, “Close cooperation between KOMIPO and its cooperative companies is a must, since each company is lacking in its capabilities to enter foreign markets, and the event is expected to serve as a strong bridgehead for SMEs to explore foreign markets.”
KOMIPO Holds ‘K-Grid Export Alliance’ and ‘KOMIPO-Factory’ Events
Korea Midland Power Co. is accelerating efforts to jointly explore the Indonesian power market with Korean SMEs.
To this end, the power company held a ceremony to inaugurate the “K-grid Export Alliance” and an event to open the KOMIPO-Factory in Cilegon, Indonesia, on March 10.
The events were designed to give a leg-up to Korean SMEs’ global market entry.
Among the participants of the events were KOMIPO President Lee Young-jo, Lee Jang-hee, head of KOTRA Jakarta Trade Office, Chmn. Cho Sun-young of the Oversea Joint Market Entry Consultation Committee, and presidents of member companies of the committee. Diverse power raw materials and equipment will be exported through the alliance.
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