Korea South-East Power Co. (KOEN) President Heo Yup speaks at a ceremony to declare the new vision at KOEN’s headquarters in Jinju on Jan. 4. The new vision calls for KOEN to become an energy leader by innovating its business structure with a focus on clean eco-friendly energies and securing smart new energy industry technologies. (Photos:KOEN)

Korea South-East Power Co. (KOEN) declared the 2025 Vision to be a “clean & smart energy leader” and mid- and long-term strategies.

KOEN President Heo Yup and his staff members held a ceremony to declare the new vision at KOEN’s headquarters in Jinju on Jan. 4. The new vision calls for KOEN to become an energy leader by innovating its business structure with a focus on clean eco-friendly energies and securing smart new energy industry technologies. It is also designed to proactively conform to the government’s strategies to spread new energy industries by 2030 and cope with the global energy paradigm shift in the wake of the effectuation of the post-2020 climate change pact and changes in the Korean power market, including sagging electricity consumption. 

KOEN set mid- and long-term strategies to achieve the so-called 2025 Vision — securing a competitive edge in new energy industries by expanding new and renewable generation projects and enhancing environmental levels of power generation facilities; implementing business strategies to substantiate the existing power generation businesses; enhancing the power company’s public interests through social contributions and shared growth; upgrading human resources capacity; and innovating such infrastructure as the establishment of optimum safety and security regimes. The strategies are designed to enhance the power company’s public interests and diversify its business portfolios to eco-friendly “new energy” industries. 

Since the power company cannot survive a crisis under the current business structure that focuses on bituminous coal, KOEN called for a drastic restructuring, in keeping with a shift in the energy industry paradigm. The company set the 2025 goal of raising the portion of new and renewable energies to 35 percent, the ratio of operating income to business capital to 7 percent and growing into a world-class energy company by securing global technologies and surviving changing business conditions. 

In his New Year’s message, KOEN President Heo stressed endless innovation for sustainable growth in the rapidly-changing energy industry, citing “haehyungyeongjang,” a Chinese saying that indicating the tightening of the loose geomungo (zither-like traditional Korean stringed musical instrument) strings.  

“All KOEN executives and staff members have to join forces in going for the realization the vision of being a Clean & Smart Energy Leader, and to this end, KOEN should establish a companywide management regime focusing on brand values to rise to a global energy leader beyond Korea’s representative company,” he said.