New President Lyu Hyang-reol Korea South-East Power Co. (KOEN), his executives and staff members raise their fist to show solidarity as he took the helm at the power company as the 7th president & CEO of the power company at its headquarters in Jinju, Gyeongsangnam-do, on Feb. 13.

New KOEN President Lyu Hyang-reol delivers his inaugural speech. (Photos: KOEN)

Korea South-East Power Co. (KOEN) President Lyu Hyang-reol took the helm at the power company as the 7th president & CEO in a ceremony at its headquarters in Jinju, Gyeongsangnam-do, on Feb. 13.

KOEC President Lyu, a native of Gongju, Chungcheongnam-do, graduated from Kongju National University High School and University of Seoul’s Department of Public Administration. He obtained an MBA from Helsinki School of Economics.

President Lyu is reputed to be a seasoned expert in the overseas power business sector as he held such positions as head of the Dangjin branch of the Chungnam headquarters, chief of the Overseas Business Operation Division, head of the Philippines operation and senior executive vice president in charge of overseas business at Korea Electric Power Corp. (KEPCO). 

In his inaugural speech, President Lyu said, “(I’ll) devote myself to making KOEN a company trusted by people by more proactively responding to the government’s energy paradigm shift and making business process a transparent and faire one.” 

He urged his executives and staff members to make KOEN a workplace in which they can lend an ear to voices of other people in a humble fashion and create a corporate culture filled with understanding, care and love.

The following is an excerpt from the message Lyu posted on the website of KOEN. 

KOEN Co. was established in 2001 after being separated from KEPCO. We are supplying economical power stably to consumers, which is the driving force of national industrial development and essential energy for the cultural life of the people from the six power generation complexes, including Samcheonpo TP, and we are equipped with the facilities capacity of 10 percent of the overall in the nation.

To reform the organization as a global energy company, KOEN established the management principles of 'value creation' for national development, 'innovation and growth' for the realization of sustainable growth by internalization of innovation and 'communication and trust' for the open management and building trust both internal and external. We put the utmost effort into achieving the principles.

In addition, creative thinking and ceaseless management innovation to improve the management system became a driving force to improve the company’s value and the growth. Phasing in the intrapreneur for the first time among the public enterprises, KOEN eliminates waste factors by expanding ‘responsibility management’ and ‘autonomous management.’ Also, we achieve the creating profits, the power generation cost reduction and the stable operation of the facilities by developing its unique 3 major innovation acts such as cost innovation, process innovation and field innovation.

To solve problems associated with the inefficient electric power supply of the metropolitan area, KOEN is planning to construct Yeongheung power plant unit 7, 8 which will have a capacity of 1,740MW, and it is going to be 4,000MW class coal fired electric power plant around Sacheon and Gangneung City together with the private companies, which is reflected in the 6th mid- to long-term power demand supply program that would reach 80% of the current power generation capacity.

KOEN has actively developed the activities to secure the global standard technology by selecting 10 core technologies, including the New & Renewable energy field. And the aggressive propulsion of businesses such as solar photovoltaic power plant in Bulgaria, Novus wind-farm development in US and the coal-fired power plant construction in Indonesia etc. bring the profitable results.

On the other hand, KOEN has remained vigilant social responsibility. It has taken the lead in building up an ethical business. Also, we what we can to make a society filled with warmth and happiness as a sincere companion of the regional society by sharing the value of life with isolated neighbors. KOEN’s website will be an open space to communicate with the people about the transparent information related to the company. And the outcome shall be valuable nourishment for the company to grow continuously.