Korea South-East Power Co. (KOSEP) President Huh Yeop, in his New Year’s message, said KOSEP will step on the gas to implement its high-powered self-rescue measures in order to secure management efficiency and financial soundness at the earliest date in accordance with the government’s call for reforming public entities and dramatically reducing their rising debts.
Huh enumerated the top five management tasks for 2014: the stable operation of power facilities and timely pushing for construction projects; enhancing management efficiency by securing financial soundness; internalizing innovation and securing future growth engines; ethics management; and creating KOSEP’s own corporate culture.
Looking back, the KOSEP president said, last year was a year when the power company established itself as a full-fledged leader of the power generation industry with its outstanding business performance racking up 260 billion won in net income, and 270 billion won in operating income, ranking first for the fifth consecutive year in terms of purchasing bituminous coal economically and first in capacity ratio. These performances led to winning diverse awards, including the Korea National Quality Award Grand Prize at the 39th National Quality Management Convention.
KOSEP President Huh urged his executives and staff members to renew themselves to realize KOSEP’s vision. “I expect you at KOSEP to demonstrate a more dynamic attitude with conviction for success rather than fear of failure in the Year of the Horse, and to do your utmost to successfully implement the top tasks I put forward,” he said.
First, he said, KOSEP will push for the stable operation of power facilities and the timely implementation of construction projects. A stable supply of electricity is a mission and an imperative with which KOSEP has been entrusted by the state and the people. KOSEP will make sure there are no facility breakdowns during the winter and summer peak periods through thorough maintenance. Planned preventive maintenance should be carried out with a focus on reliability rather than a profit-oriented paradigm, and the planned preventive maintenance system needs to be upgraded. KOSEP will make sure that Yeongheung Thermal Power Units 5&6 and Yeosu Thermal Power Unit 1, set to go into commercial service soon, will be dedicated in timely manner through seamless process management.
Second, he said, KOSEP should attain management efficiency through the creation of values and financial soundness. An emergency management alert has been issued to dispel public misgivings over lax management of public entities and renovate their operations. KOSEP should secure management efficiency and financial soundness at the earliest date by improving its finances, revamping its business portfolios and renovating management systems under an emergency management regime. Economic values need to be created through organic collaboration and coordination among departments and staff members on top of the implementation of high-powered self-rescue steps to stem rising debts and improve the debt ratio.
Third, KOSEP will have to internalize innovation and secure future growth engines. Management conditions of the times, coupled with economic and financial globalization, unlimited corporate competition, and the strengthening of environmental restrictions, are unpredictable. In order to tide over the difficulties, KOSEP needs to continue to pursue innovation with a creative mindset that can break the mold and a challenging spirit that does not fear failure. All staff members are asked to rejoice in innovation and internalize it. The company will strive to revamp its core capabilities, including the technologies on the construction and operation of power facilities it has accumulated in order to secure future growth engines and foster core manpower by revamping a human resources development roadmap.
Fourth, KOSEP will have to restore public trust by maintaining ethics and social responsibility.
Fifth, the KOSEP president called for creating its own corporate culture based on smooth communication and trust.
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