Korea Western Power (KOWEPO) held a seminar to comply with the government’s energy transition policies and trends of expanding the renewable market and share mid- and long-term business strategies.
KOWEPO held the seminar on implementing renewable energy projects with some 30 people, including KOWEPO President Lee Jeong-bok and key executives in attendance at KOWEPO headquarters in Taean, Chungcheongnam-do, on Jan. 14.
The seminar was designed to proactively comply with the government’s energy transition policies and renewable energy market expansion, share this year’s priority renewable energy implementation projects and mid- and long-term strategies and take stock of KOWEPO’s current status of implementing renewable energy projects.
Specifically, the seminar prioritized KOWEPO’s strategies to expand renewable energy business projects, the direction of implementing renewable energies in 2026 and renewable energy project development and management plans.
As for short-term tasks, KOWEPO covered strategies to expand renewable energies with a focus on land-based, off-shore wind power and photovoltaic power and ways to ramp up operation management for prioritizing safety.
KOWEPO set a challenging mid- and long-term goals of raising renewable energy facility capacity to 3.9GW in 2030 and 13.5GW in 2040 to lay a foundation for creating sustainable revenues through expanding renewable energy projects and lead energy transition.
To this end, the power company plans to upgrade its business portfolio in connection with government policies.
The power company plans to expand the use of Korean-made equipment and raw materials.
It also plans to expand the supply chain for public sector-initiated off-shore power projects to protect the Korean industry ecosystem.
The firm also plans to contribute energy security and adopt a business model of sharing profit from eco-friendly power generation in the course of expanding renewable energy business projects.
In particular, KOWEPO is redoubling efforts to build a regional growth share energy transition model, including constructing renewable energy complexes centering around the Taean sphere area.
The power company is considering lowering the levelized cost of energy (LCOE) by saving investment costs through the use of closed coal power plant sites.
The power company plans to strengthen safety management levels by conducting precision safety diagnoses into renewable energy sites and building a 24-hour integrated surveillance system.
KOWEPO President Lee said, “Renewable energy is KOWEPO’s future competitiveness and core axis for achieving national carbon neutrality, and we will foster renewable energy into profit creation center based on challenging goals and thorough execution.”
KOWEPO will establish itself as a public power company beloved by the people by prioritizing shared growth with regions, he said.
Meanwhile, KOWEPO is implementing a variety of renewable energy projects, such as wind power, photovoltaic power, micro hydropower and energy storage system.
The power company has been implementing a large energy transition project with a combined capacity of 2.2GW, including Taean Off-Shore Power Farm, Seohae Off-Shore Power and Iwon Reclaimed Site Photovoltaic Power.
KOWEPO Wins Duqm Combined Cycle Power Plant in Oman
Korea Western Power (KOWEPO) landed a project to build and operate a large combined cycle power plant in Oman.
KOWEPO participated in a contract signing ceremony for the Oman Duqm Combined Cycle Power Plant, hosed by Nama Power and Water Procurement Company on Jan. 22.
The event served as an official occasion for Nama Power and Water Procurement Company to announce the power plant by KOWEPO, Nebras Power of Qatar, EtihadWE (Etihad Water and Electricity) of the UAE and Bahwan Infrastructure Services of Oman.
The “build, own and operate” project calls for a new 877MW natural gas plant by March 2029 at accost of 1.3 trillion won.
The Korean power equipment and raw material industry is expected to export $400 million worth of homemade power generation equipment and steam turbines to the project.
With Korea Eximbank’s participating in the project as one of the lenders, the project will take a format of “K-content export” in where Korea’s technology and capital make a joint market entry.
KOWEPO plans to hold a groundbreaking ceremony after establishing a special purpose company and completing funding by April.
The combined cycle power plant is to be operated for 20 years after it is put into a commercial operation in April 2029.
CEO Ahmed bin Salim Al Abri of Nama Power and Water Procurement Company said, “I congratulate on the striking of the Duqm combined cycle power plant project, which will play an important role in the Omani power supply plan and extend thanks to KOWEPO and consortium companies’ participation, and I ask for more attention to the Omani government’s following projects.”
KOWEPO President Lee said, “I’m pleased to contributing to expanding Oman’s energy infrastructure once again following the 500MW Mana solar power plant project, and we will proactively participate in a clean hydrogen development project, being implemented by Oman through close cooperation with consortium companies for the seamless implementation of the project.”
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