Korea East-West Power Co. (EWP) President Chang Joo-ok

In his New Year’s message, Korea East-West Power Co. (EWP) President Chang Joo-ok said, “We stand at a crossroad of changes. The Korean and global energy business has been rapidly changing with expanded risks to crude oil price fluctuations, caused by the slumping global economy, and the mounding demand on eco-friendly energy supply in the wake of the post 2020 climate change deal.”

In Korea, he said, a competition for survival among coal-fired power plants, coupled with the slowing of the electricity consumption growth rate, a global decline in fossil fuels is forecast to exacerbate the situation.

“A crisis or an opportunity depends on how we can cope. When energy companies around the world are bracing for the energy business’s paradigm shift, we need to endeavor for changes that will lead the growth of the national economy beyond our survival, and innovative management is the first thing we have to do,” President Chang said. 

Looking back in 2015, he said that EWP hit a milestone of the best-ever financial results, and topped a survey of public entities in terms of integrity by the Anti-Corruption & Human Rights Commission of Korea (ACRC). On top of those achievements, he said that EWP is gaining outside recognition by winning such prizes as the Presidential Award in an evaluation of information security management, and the Presidential Award in the organization category of Korea National Quality Awards at the 41st National Quality Management Convention.

The world now expects the emergence of new-dimension energy industries through multidisciplinary convergence and creativity beyond barriers, said President Chang, adding, “We’re still caught up with a fixed mindset and systems focusing on the construction and operation of large capacity coal-fired power plants.” 

“The thought that ‘we are thermal power operators’ is outdated,” he added. “Now is the time to change our way of thinking to create new values stemming from the selling of electricity and continue to develop eco-friendly energy sources. If we are armed with a mission of creating new energy values, and we turn our eyes to exploring global markets, our turnabout will be successful.” 

President Chang continued: “Principles of sustainable growth are transparency and principle management,” adding that trees with deep roots will not be threatened by high winds, and they can live longer without being influenced by outside factors. He said the roots of management are transparency and ethics. 

Looking at disgraced companies, he unethical behavior by their members is what failed them, not necessarily structural problems. Chang said they should be reminded that requiring staff to follow a stern ethical code is not enough. He said they should share and recognize “awareness through practice” that “if and when we translate into place ethical standards on a voluntary basis, it is the most valuable and beneficial.” When all executives and staff members take the initiative and translate it into action, they could make ethical management second nature. 

President Chang added that communication, trust and human resources development would lead to solid growth.

WEP headquarters building in the innovative city of Ulsan.(Photos:EWP)