Korea South-East Power Co. (KOEN) has been classified into the list of top grade earners in the shared growth index among public entities last year for the fourth consecutive year in recognition of the company’s teaming up with SMEs in the localization of power generation facilities.
An evaluation of shared growth of public entities, made by the Ministry of Trade, Industry and Energy (MOTIE) and Korea Commission for Corporate Partnership (KCCP) showed that KOEN has been awarded with the highest grade for the fourth year in a row. KOEN was put on the list of public entities whose shared growth efforts were evaluated in 2007.
The evaluation recognized KOEN’s efforts to spearhead the reinvigoration of the local economy by securing technological power through the building of an R&D platform for sharing outcomes and nurturing SMEs based on the KOEN president’s determination of execution. Besides, KOEN has been credited with building a global management system for an ecosystem of the power generation industry and striving to expand the purchasing of items produced by SMEs.
Upon taking office in October 2013, KOEN President Heo Yup stressed shared growth with SMEs. At that time, he said KOEN needed to localize power generation facilities by demonstrating partnerships with cooperative SMEs, reduce unit prices and improve facility reliability through the development of new products. This move could lead to a win-win strategy for SMEs that could secure technological power, he added. President Heo’s philosophy means shared growth that is compatible in terms of the public interest and profitability, not unilaterally giving away benefits to SMEs.
In an effort to translate this strategy into action, KOEN has set shared growth as one of the top six targets while establishing the Vision 2025 Strategic Regime. In this regard, the power company has turned to field management in which it has toured 25 SMEs and explored some 20 grievances and complaints they experience. KOEN has a system in place for supporting SMEs. The power company classified its cooperative SMEs into three categories novice SMEs, promising SMEs and leading SMEs to provide support tailored to meet their needs.
KOEN’s policy is focused on the so-called KOSEP Technology Commercialization Platform, which is designed to raise the provability of successful R&D outcomes by offering support tailored to meet SMEs’ needs according to all stages, ranging from planning to completion. KOEN has also played a part in publicizing, selling and exporting excellent products developed via the platform.
KOEN Declares 2025 Vision to be ‘Clean & Smart Energy Leader’
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 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.
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