Korea Electric Power Corp. (KEPCO) hosted a rally to encourage joint efforts towards the power industry’s goal of becoming an exporting industry. The meeting took place at the COEX in Samseong-dong, Seoul, on July 8. Participating in the event were about 200 officials from the power industry and related organizations, including KEPCO, Korea Electrical Manufacturers Association (KOEMA), and KOTRA.
The rally took place in keeping with the government’s policy to make efforts to promote exports, and it was designed to follow up a meeting in which participants pledged to promote exports in the power industry.
Representatives from KEPCO, KOEMA and KOTRA presented plans to support exports; the current status of the power export industry; action strategies; and regimes of supporting exports, respectively.
KOEMA forecasts that the value of the global power equipment market will soon stand at an estimated 22 trillion won. It said that the power industry needs to seize on rising demand of electricity in emerging economies and the spread of eco-friendly equipment to boost exports of the power industry, KOEMA said.
Power Industry Likely to Achieve Goal of Exporting $15 Billion
“The mechanisms of the global power industry undergo many changes, bringing about new opportunities,” said KEPCO President & CEO Cho Hwan-eik, adding that the power industry will likely achieve its goal of exporting $15 billion by utilizing the power of KEPCO’s top global company brand. “All of us should join forces in having a head start in the global new energy market with an unlimited potential,” he added.
In a related development, KEPCO, KOTRA and Korea Trade Insurance Corp. (K-sure) operated a joint booth to provide support to power exporters.
KEPCO inaugurated the Export Cooperation Department specializing in the support of exports ranging from the strengthening of export capacities of SMEs to joining forces in exploring overseas projects.
KEPCO President to Take Up ‘Super Grid’ Topic with SoftBank Chairman
KEPCO President Cho said he will hold talks with Japanese SoftBank Chairman Masayoshi Son in early July to discuss a super grid connecting Korea and Japan.
“Now that a power grid has been laid between Jindo and Jeju Island, it will cost about 4 trillion won to extend it to Japan,” he said in an interview on June 21.
Countries need to agree on the establishment of super grids. In March, KEPCO signed a quadripartite MOU with SoftBank’s chairman as well as Chinese and Russian power companies.
KEPCO’s $400 million bid to acquire a U.S. wind power plant failed as it did not pass a government feasibility study, Cho said. Another renewal project is to be materialized in the United States, he added.
KEPCO’s project to use drones in checking 89 million electricity poles and other electricity facilities is on the horizon, he said.
KEPCO posted 13 trillion won in net income last year to turn around its chronic deficit. The power company ranked 97th among the global top 100 companies in the U.S.-based Forbes magazine in June. KEPCO become the sole power company to be put on the list, compared to DDF of France who fell to 249th and Tokyo Electric Power placed 288th.
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KEPCO headquarters in Naju, Jeollanam-do. (Photos: KEPCO)
