President Park Hyung-deok of Korea Western Power Co. (KOWEPO)

President Park Hyung-deok of Korea Western Power Co. (KOWEPO) delivers his inaugural speech as he took office at KOWEPO headquarters in Taean, Chungcheongnam-do, on April 26. (Photos: KOWEPO)

New President Park Hyung-deok of Korea Western Power Co. (KOWEPO) took office and began his term at KOWEPO headquarters in Taean, Chungcheongnam-do, on April 26.

His inauguration took place in a simplified fashion in consideration of social distancing guidelines due to the COVID-19 pandemic. His inaugural message was shared via an in-house broadcasting system.

In his inaugural speech, President Park said he pledged to make KOWEPO a globally recognized energy company by putting into practice five management keywords: sustainability, safety, efficiency, challenging and ESG management.

Park proposed specifics, such as a business portfolio shift into an LNG and renewal energy-oriented one for a sustainable future, in keeping with trends of the times such as climate change and the energy paradigm shift.

He also cited the establishment of safety management, enhanced efficiency of the operation and construction of power plants, and challenging new growth engine businesses.

He said a work- and capability-oriented system will be built through an organizational overhaul, and top-rated manpower will be hired at the way the right man and the right place is put.

President Park said he will devote himself to revive the glory KOWEPO had enjoyed at the early stage of its founding, as it was rated as a top management evaluation company by aggressively promoting collaboration and communications inside and outside.

Park, born in Pyeongchang, Gangwon-do, graduated from Yukminkwan High School and Kangwon National University Business Administration Department.

He held positions such as chief of the Public Relations Office, the head of Gyeonggi Headquarters and Senior Executive Vice President in charge of planning after entering Korea Electric Power Corp. in 1985.

Here is the gist of his inaugural speech.

As you know, I’ve come here after I’ve been with KEPCO for 36 years. It is the first time I worked at KOWEPO, but I’m feeling not unfamiliar here, since I’ve been working together with power family so far.

KOWEPO has operated facilities with superb technology in a stable fashion in Korea and abroad and has maintained growth in the power industry through the exploration of new projects.

Global trends such as carbon reductions to cope with climate change and the energy paradigm shift have demanded for our company’s great change in the higher portion of fossil fuel plants.

Jeremy Lifkin, a global authority, was quoted in vernacular newspaper interviews as saying Korea is a country with the most stranded assets in the energy sector.

We have to look at the current status in a cool-headed manner, and draw the future anew to help our company achieve sustainable growth in this daunting situation.

I want to make KOWEPO a workplace in which all staffers can work without anxiety toward the future. I will offer a few words on working with you to make our company a globally recognized energy company in Korea and around the world.

First, I call for building a new business portfolio to create a sustainable future. Our mainstay business, coal-fired power, is required to be phased out dramatically.

Starting with a cap on coal-fired power generation, a trading system designed to ensure carbon reductions is expected to undergo changes.

Securing alternatives to replace old, coal-fired power plant businesses is a more urgent task in accordance with a business portfolio shift into an LNG and renewable energy-oriented one.

All-out efforts need to be made to create a new business structure by nurturing experts and building systems.

Secondly, safety is more important than anything. Safety is designed to safeguard the life and health of our company and cooperative company officials. Nothing can be done properly without establishing safety management.

Thirdly, I ask for enhancing the efficiency of power plant operation and construction.

Fourth, I call for bravely challenging new growth engine business areas.

Fifth, I demand we should fulfil our social responsibilities as a public entity and put into practice ESG management.