Prof. Yoo Sang-hee of Dong-eui University’s Economics Department has been elected as the 7th chairman of Korea Power Exchange (KPX). He took office at the KPX headquarters in Naju, Jeollanam-do, on Nov. 14. His three-year term ends in November 2017.
The new KPX chairman is an environmental economics and power economics expert. A graduate of Yonsei Economics Department, Yoo obtained a master’s degree in economics from Yonsei University Graduate School in 1984 and a doctorate in economics from Northern Illinois University Graduate School in 1990.
He has been recognized for his organizational capability and expertise by holding such positions as chief of Korea Institute for Industrial Economics & Trade (KIET) Environmental Materials Industry Research Office and head of POSCO Management Research Institute Future Growth Research Center. He is also a 10-year civilian veteran of the power industry. Yoo has sat on the Demand Prediction Committee and the Power Policy Deliberation Committee. He served as a professor at Dong-eui University Economic Department from 1998 to 2014.
While delivering his inaugural speech, Chairman Yoo conveyed his thanks to KPX officers and staff members for overcoming the precarious power supply situation the nation has faced in recent years. He called for them to join forces in stabilizing supply during the coming winter season, which is a time of high power demand. Yoo also urged KPX to play a pivotal role in leading new energy industries and advancing the domestic power market to the level of advanced countries, in keeping with the recent power industry paradigm shift to demand.
Korea Power Exchange (KPX) said it will be on the lookout for any signs of a power shortage during the upcoming winter season.
In its recent report to a parliamentary interpellation session, KPX said, “Weather forecasts indicate that temperatures for the upcoming winter are predicted to hover near average levels, but a more frigid spell cannot be ruled out, as in previous years, so we won’t ease up our alert this winter.”
The nation saw its power demand soar to the highest load level of 776.05 million kW on July 25, far below the power generation capacity of 84.13 million kW at the time. During the season, power units that will soon be online produced 1 to 2.6 million kW on trial operations, partly contributing to securing reserve power.
In an effort to cope with power demand during the upcoming winter, KPX plans to secure additional power facilities, including Ansan Combined Power Plant and Yeongheung Thermal Power Unit 6, which are to go on-line this year to produce a combined 4.54 million kW.
KPX said it plans to release a more precise forecast on power supply and demand in November.
As part of efforts to solidify a stable power foundation, KPX said it plans to improve the reliability of power units across the nation by sharing information on the breakdown of power units.