Korea Western Power Co. (KOWEPO) has been hitting the accelerator to transform Taean, Chungcheongnam-do into a new energy concentration center since its moving there last September.
Starting with the dedication of a waterside photovoltaic power plant in May, KOWEPO will have new renewable energy plants, including win and small hydro power units. Its new head office in Taean, opened with an official ceremony on Sept. 25, is evaluated to be a nearly “zero energy building,” outfitted with the latest technologies.
KOWEPO is to have a 1.836MW-class waterside photovoltaic power unit on line by May. The photovoltaic power facility will be built over an intake channel of the Taean Thermal Power Complex at a cost of 5.8 bi8lliion won. In Taean, a 2.2MW-class small hydro power unit and a 0.12ME-class photovoltaic power unit have already been operated. With the addition of the waterside photovoltaic power unit, Taean is emerging as a new and renewable energy concentration center.
The power company plans to inaugurate a second small hydro power unit and a wind power facility within this year. The new small hydro power facility with a 5MW-class capacity twice as much as that of the conventional ones will cost 35.5 billion won. A feasibility study is being made on a project to build a 20MW-class wind power unit at a cost of 52.2 billion won.
KOWEPO’s expanding of new and renewable energy units is designed not only to ensure a stable supply of electricity, but also to comply with the government’s policy of reducing greenhouse gas emissions
KOWEPO has poured 93.5 billion won with the goal of transforming the conventional Taean Thermal Power Complex into a new and renewable multi-purpose power concentration complex. The power company plans to inaugurate an integrated gasification combined cycle (IGCC) power unit, outfitted with technologies capable of reducing sulfur oxides by more than 90 percent and CO2 by 25 percent compared to the conventional thermal power units.
A small hydro power unit built and operated by Korea Western Power Co. (Photo:KOWEPO)
KOWEPO President Asks for New Growth Engines
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.
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