KOEN Declares ‘2nd Founding’ to Become Global Energy Company
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KOEN Declares ‘2nd Founding’ to Become Global Energy Company
Power company establishes nine tasks in three areas, focusing on implementation over the next three years

26(Sun), Feb, 2017

President Chang Jae-won of Korea South-East Power.

Korea South-East Power Co. (KOEN) President Chang Jae-won, executives and staff members participated in a ceremony to declare the “2nd founding of KOEN” at the KOEN headquarters in Jinju, Gyeongsangnam-do, on Jan. 23. 

The participants shared views on uncertainties within the energy industry, which are expected to rise after environmental restrictions are implemented such as greenhouse gas emission reductions. KOEN decided to establishes nine tasks in three areas – new energy business, power generation business, and management infrastructure – making preemptive steps to focus on implementation over the next three years.

The start-up tasks include the development of GW-class, large-scale new and renewable energy complexes; the securing of new and renewable core technologies in advance and the development of optimal business models for distributed generation in the new energy business category; the supplementing of eco-friendly equipment to coal-fired power units and the conversion to high-efficiency power plants; the improving of power portfolios with the expanding of combined cycle generation and the diversifying of overseas businesses and technologyh businesses in the power generation sector; the securing of core manpower for future growth engines and the creation of alternatives to the decommissioning of old thermal power units and ways of utilizing new sites; and the innovating of corporate culture to live up with core values in the management infrastructure category. 

In this regard, KOEN plans to develop 1GW-class tidal wind plants, 640MW-class large-scale new and renewable complexes in Korea and 1.8Gw-class power plants abroad. In an effort to ramp up the competitiveness of thermal power generation, a mainstay business, KOEN plans to pour a total of 700 billion won into installing equipment to reduce fine dust emissions while expanding new and renewable energies as well as gas combined cycle plants in the power generation portfolio, which is currently concentrated on thermal power. 

“The announced nine start-up tasks are designed to change KOEN’s fundamentals and enhance its capabilities to cope with future uncertainties,” KOEN President Chang said. He also called for his staff to make concerted efforts to help the company become a global premier company. 

KOEN President Chang Jae-won, other executives and officers participate a ceremony to declare its ‘2nd founding” at KOEN headquarters in Jinju on Jan. 23. (Photos: KOEN)

KOEN Signs Deal on Technology Support Service with TNBR QATS of Malaysia

KOEN signed a contract for technology support in the power generation arena with TNBR Quality Assurance and Testing Services (TNBR QATS), a research institute of the Malaysian power corporation.

Under the agreement, KOEN will provide technology advice, capacity improvement and technology transfer to Malaysian power units if TNBR QATS requests. 

The deal, which will last two years, involves a project to provide technology support to fix problems plaguing the Malaysian power industry.

The agreement, recognizing the technology power KOEN has accumulated in the power generation sector, can be renewed if both choose to do so. 

The project has been realized at the request of TNBR QATS. KOEN expects the project to help the Korean power company ramp up networking with Malaysia, which will lay the groundwork for the Korean company to explore Malaysian private power generation businesses and enter the Southeast Asian power technology support market. 

The agreement will is somewhat of a trial run, in which a public entity fully performs its duties by demonstrating Korea’s excellent power generation technology, thus contributing to raising Korea’s national standing, a KOEN official said.

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