In his New Year’s message, Korea Western Power Co. (KOWEPO) President Cho In-kook urged his executives and staff to flesh out details of mid- and long-term plans to explore new growth engines for the future. His call for new sources of revenue comes amid the possible stagnation of KOWEPO’s facility capacity.
KOWEPO President Cho said, “Massive facility expansion projects will be completed with the dedication of Taean Integrated Gasification Combined Cycle Units 9 & 10, scheduled for this year, and KOWEPO will likely see the capacity factor drop from 58 percent in 2016 to less than 50 percent in 2022 due to decrepit facilities.”
Cho stressed the need for the establishment of strategies to stabilize profits from domestic businesses by taking into account the power mix, longevity of power generation facilities, site conditions and mid- and long-term financial forecasts, as well as additional strategies to implement new and renewable energy projects and overseas projects to maximize its growth potential.
He also called for the company to nurture technology and human resources capability to overcome a crisis and ensure sustainable growth by establishing a new corporate culture for innovation. In particular, he stressed a shift from the paradigm of compensation regardless of performance to performance-based compensation.
KOWEPO management and labor leaders paid homage to those who devoted and sacrificed themselves to Korea’s national development at the Seoul National Cemetery on Jan. 8. KOWEPO President Cho and union leader Yoo Seung-jae offered flowers, committing their social responsibility as a public entity.
Management and labor leaders have paid homage at Seoul National Cemetery at the beginning of each year since 2003.
The power company provides support to Seoul Veterans Hospital, established with the goal of offering medical services and rehabilitation services to those who sacrificed themselves to Korea’s national development.
KOWEPO was designed as a public entity in 2014. Management and labor spearheaded the introducing of a “peak wage” system, thus contributing to easing youth unemployment and fulfilling its social responsibility as a public entity.
KOWEPO Ushers in ‘Era of Taean’s Happiness’
Korea Western Power Co. (KOWEPO) officially moved into its new head office in Taean, Chungcheongnam-do, with a ceremony on Sept. 25. The occasion ushered in an era of “Taean’s Happiness,” the company said.
Among some 200 people on hand at the ceremony were Deputy Minister for Energy and Resources Chung Yang-ho of the Ministry of Trade, Industry and Energy (MOTIE); KOWEPO President Cho In-kook; KEPCO President Cho Hwan-eik; Daean County Chief Han Sang-ki; and Vice Governor Song Suk-doo of the Chungcheongnam-do provincial government.
KOWEPO President Cho explained the specifications of the KOWEPO head office building, including the characteristics of the design and major facilities on its second floor. He invited guests to learn about the structure, which is outfitted with solar and photovoltaic power generation facilities.
A ribbon-cutting ceremony was held and a commemorative tree was transplanted after the dignitaries toured the head office building.
The KOWEPO headquarters building, located in a lot covering 58,684 square meters at 1st District, Dongpyeong, Daean-eup, Chungcheongnam-do, is considered “eco-friendly” by industry standards. It consists of the six-floor main building with a basement floor and an annex structure.
KOWEPO was relocated from Samseong-dong, Seoul, to the new head office in Taean.
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