President Park Hyung-duck of Korea Western Power Co. (KOWEPO) said, “We will focus on technology and the development of new businesses to spearhead carbon neutrality.”
“KOWEPO will successfully complete projects to verify the hydrogen gas turbine Pyeongtaek Combined Cycle Power Unit 1 and the Korean-style Gimpo gas turbine project, while continuing to develop low-carbon new technologies such as carbon capture utilization and storage (CCUS) to reduce greenhouse gas emissions,” President Park said.
The following are excerpts of a New Year’s message he delivered on Jan. 3.
A new heart for a New Year, always, a new resolution from Charles Dikens on the morning of the New Year. Last Year we prioritized building a foundation to restore the honor at that early stage of founding and concentrated on solving urgent and important issues and improving them.
KOWEPO solidified a foothold to achieve carbon neutrality by 2050 and ESG management and conducted a D-100 Day drive to prevent serious disasters by attaching top priority to safety.
We strived to solve pending issues, such as the operational loss of an integrated gasification combined cycle technology, improving the welfare of the rank and file and discontinue unnecessary protocols and inefficient work and improve them, so we yielded some fruits. I extend thanks to KOWEPO executives and staffers for joining forces despite hardships.
This year, management conditions before us were not easy. International energy prices keep on rising, and expanded renewable energies and energy transition will be accelerated in the wake of the confirmation of the national carbon neutrality goals.
ESG management designed to pursue non-financial outcomes, such as safety, eco-friendliness, social values and better governance beyond financial achievements, has emerged as a management buzzword for securing corporate sustainability.
Last year, we focused on solving our company’s problems and overhauling work. This year, each business will have to achieve tangible fruits and make preparations for a leap forward for the future.
As I promised upon taking office, KOWEPO will prioritize in implementing core task to grow into a top-tier global energy company. I propose pending core issues and a few core tasks I will implement with you.
First, we have to settle down top priority management on safety. Entering this year, A new government is to be inaugurated and the Act on the Punishment of Serious Disasters is to be take effect.
We should conduct prior checks and make preparations seamlessly in all areas, such as safety structures, manpower, budgets, regulations and technology to prevent any serious disaster.
Second, KOWEPO will endeavor to improve sustainable financial soundness and conduct a business transition. We have to concentrate on continued procurement innovation to improve financial soundness.
Institutional reform will be carried out through aggressive consultation with outside stakeholders. We should focus on exploring additional new businesses for successful business paradigm shift and develop large-sized wind power complexes and expand other renewable energy projects.
We have to ponder how to raise management efficiency and profitability since unit price factors mount in the wake of international fuel price hikes and high price rises.
Third, KOWEPO will focus on technology and the development of new businesses to spearhead carbon neutrality.
It is imperative to explore new business areas such as the hydrogen economy through innovative technologies to realize carbon neutrality and achieve energy transition.
KOWEPO will successfully complete projects to verify the hydrogen gas turbine Pyeongtaek Combined Cycle Power Unit 1 and the Korean-style Gimpo gas turbine project while continue to develop low-carbon new technologies such as carbon capture utilization and storage (CCUS) to reduce greenhouse gas emissions.
KOWEPO will have to commercialize the technologies we’ve already secure into our future growth engines in advance.
Fourth, KOWEPO should build a corporate culture of integrity based on trust and cooperation.
Fifth, we ought to build a learning environment to ramp up future competitiveness.
