President Ryu Hyang-yeol of Korea South-East Power Co. (KOEN).

“If last year was the first year of letting changes take root, I declare making the year 2020 a year of a quantum jump,” KOEN President Ryu Hyang-yeol said in his New Year’s message on Jan. 2.

The following are excerpts of the message he delivered: Lots of achievements have been made during the past year.

I take pride in remembering 2019 as a year in which ,despite difficult management conditions, all staff members fulfilled their own duties. And as management and labor had joined forces, a great large number of achievements were made.

KOEN has been nimble to undergo changes as a sustainable company by leading the government’s energy paradigm shift.

Yeongdong Thermal Power Unit 1 & 2 have been successfully transformed into biomass power plants, and the power company is constructing alternative power plants in place of the Samcheonpo Thermal Power Units 3, 4, 5 and 6, which are scheduled to be halted permanently.

KOEN has carried out remarkable feats in developing new/renewable energy business projects as future growth engines.

KOEN achieved various feats by winning a bid on the 100MW Saemangeum Phase I Overland Photovoltaic Power Project, acquired a 150MW photovoltaic power project, and won other numerous photovoltaic power farm projects, including the launch of the one in Goheung Bay.

“(We) made unmatched, numerous achievements in land or off-shore wind power sectors,” according to the company.
As for land wind power farms, KOEN has taken over or launched Jeju Oeoeum Wind Power Farm, Hwasan Wind Farm and Jaeun Residents’ Wind Project.

As for offshore wind power projects, KOEN obtained a power generation license with a combined 1,300MW capacity, including Shinan Ui and Wando Geumil Off-shore Wind Power projects, on top of the stable and efficient operation of the Tamna Off-shore Wind Power Farm.

KOEN has yielded big outcomes in overseas projects. A financial deal on Upper Trishuli-1 Hydropower Project in Nepal has been signed.

KOEN won the Palu-3 2x50 MW Coal-fired Steam Power Plant (CFSPP) O&M Project in Indonesia while the power company acquired the right to own the Astiti-Kedam hydropower project in Pakistan.

The Gulpur hydropower project in Pakistan and a photovoltaic power project in Chile, in its final stage, are to be dedicated successfully early this year.

It is more noteworthy that no serious safety accidents have occurred in all power plant sites, and Yeongheung and Yeosu Power Plant Complexes have achieved a long-term, trouble-free operation record. These prove how much all staff members have devoted themselves to ensure the safe and reliable operation of power facilities.

“Our management outlooks for this year are not rosy,” according to the company. Public calls for greenhouse gas restrictions and fine dust reductions are getting louder.

“For our company with the highest portion of coal-fired power plants, these come as a great challenge and a crisis. As I have told you repeatedly, I urge you to muster all your capacities to translate a crisis into a good opportunity to make a leap forward.

English writer Luis Carroll said, “Here we must run as fast as we can, just to stay in place. And if you wish to go anywhere you must run twice as fast as that.”

“If last year was the first year of letting changes take root, I declare making the year 2020 a year of a quantum jump, and I want to propose a few recommendations.

“I urge you to go nimbler to cope with outside environment changes. Second, I call for KOEN to be reborn into an entity making safety and environment a top priority. Third, (KOEN) has to settle down a corporate culture of integrity and transparency.”

A view of KOEN headquarters in Jinju, Gyeongsangnam-do. (Photos: KOEN)