In his New Year’s message, Acting President Lee Jeong-nung of Korea Midland Power Co. (KOMIPO) said, “We have to be nimble to cope with rapid changes in the business environment. Changes are said to accompany a crisis as well as an opportunity. The sole way of surviving against changes is to get accustomed to them in an anticipatory and flexible manner.”
He called for his executives and staff members to get rid of duplicate functions and business areas in competition with the private sector. He wants to strengthen KOMIPO’s core capabilities to cope with outside pressure for innovation. Acting President Lee made the remarks at a ceremony to kick off the 2016 business year at the KOMIPO headquarters in Boryeong, Chungcheongnam-do, on Jan. 4.
The global economy is expected to post a paltry 2 percent growth for the fourth consecutive year. Experts have released reports indicating a long-term depression in the conventional energy industry, he said. To make matters worse, Lee said that power companies are in a between a rock and a hard place when it comes to “competing” with their very own customers, as the future energy market appears to be moving towards “smart cities” in which the development of energy storage systems will allow electricity consumers to produce and consume their own power.
The days will soon be gone when power companies have monopolies over the energy industry. The companies are bracing for declining demand and rising costs in which quality services are offered at ever lower prices, he warned.
In this regard, the KOMIPO president called for his executives and staff members to aggressively challenge, behave according to principles, and ignite a “flame of innovation” this year.
First, he urged them to attach top priority to ramping up fundamentals.
Second, he said that KOMIPO is being asked to cope with rapid changes in the business environment to turn crises into opportunities.
Third, Lee stressed the need to establish itself as a global leader in the energy technology development sector.
Fourth, he called for making KOMIPO a global energy platform in the energy industry through globalization.
Fifth, he said collaboration is essential for KOMIPO to become a major player leading the low-carbon clime change regime and a market creating new energy industries.
Lastly, Lee called for cooperation and shared growth in all areas, including the construction of eco-friendly plants designed to reduce greenhouse gas emissions, the reusing of byproducts, and the expansion of new and renewable energy business projects.
KOMIPO Signs MOU on Coal Quality Management with Indonesian Firms
KOMIPO signed an MOU on quality management and a reduction in importation costs with Carsurin and ITL at the Gran Melia Hotel in Jakarta on Jan. 20.
Under the deal, Carsurin, a coal quality certification institute, agreed to ensure transparency in the course of analyzing the quality of bituminous coal supplied to KOMIPO and prevent undue demand from local suppliers. ITL also agreed to cope with a delay in coal shipment, thus helping reducing demurrage.
KOMIPO imported 4.1 million tons of bituminous coal from Indonesia last year. The amount accounted for 29.3 percent of a combined 14 million tons of coal the power company imported for the operating of eight coal-fired power units during last year.
KOMIPO’s annual importation of coal will likely rise to 25 million tons in 2019 when the power company is set to dedicate the 2,000-megawatt Shinboryeong Thermal Power Plant and 1,000-megawatt Shinseocheon Thermal Power plant. The deal is expected to improve the economics of KOMIPO’s coal imports, a KOMIPO official said.
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