Korean Energy Management Corp (KEMCO) will change its name to Korea Energy Corp. on July 29 to open a new chapter in its development by dropping the word “management” as it looks too bureaucratic and authoritative, the company said recently.
The name change came at a time when the company’s main operation is changing from only the supply of energy to boosting energy effectiveness, the expansion of newly recycled energy and coping with climate change, related to exploration of new markets and fostering new growth industries.
In order for KEMCO to take a step forward as an integrated energy management company, the company will expand operations into new energy businesses, and newly recycled energy fuel mandatory use (RFS).
KEMCO’s major plans for this year include the issuances of energy vouchers for low income households, the construction of Automobile Fuel Efficiency Center and the construction of a model for an effective resources market.
The company also plans to provide support to a government plan announced in July last year. That plan, called the Plan for Creating New Energy Exploration, included six major items such as the management of electricity demand, integrated energy management service, independent micro grid, the rental of solar energy, the service for electric cars and paid recharge service and the use of warm water from thermal power plants.
KEMCO will also expand its operation to the supply of new systems from the fusion of energy management and ICT, building infrastructure made with the fusion of ICT and energy management.
The company, the only professional energy transportation management organization in Korea, will also build a center for fuel energy research dedicated to solving the difference between registered energy efficiency rates and the actual fuel efficiency rates, and work towards boosting energy efficiency rates.
The issuance of energy vouchers to low income families and an energy welfare plan are new responsibilities the company is taking on in addition to its existing operations to regulate and spur the growth of energy businesses, pushing the company to the next level for the people in Korea.
The energy voucher project involves the provision of energy vouchers to families with handicapped, senior or economically challenged people who are having a hard time paying their energy bills. The company plans to build an electronics system and a channel to cooperate with local autonomous entities to draw up the list of families that need coupons to pay for energy bills.
KEMCO will always try to maintain strong cooperative relations with public servants working for the local autonomous entities, as its head office will be relocated to Ulsan Metropolitan City to strengthen the power of local units.
The company has strived to overcome national challenges, such as recent power-shortage problems, challenging oil prices and climate change issues while delivering on commitments to transform the nation into a low-carbon, energy-efficient society.
KEMCO plans to strengthen its on-going function, including the establishment of a sustainable efficiency and demand-side management system, the active deployment of renewable energy, and response to climate change.
“To take the next step, we will work in collaboration with various sectors to accelerate the integration and convergence between the energy sector and information and communication technologies (ICT),” the company said. “This way, we hope to contribute to a better quality of life for the people and lay the industrial foundation for our energy future.”
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