EWP Celebrates 21st Anniversary, Aims to be Energy Transition Leader
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EWP Celebrates 21st Anniversary, Aims to be Energy Transition Leader
Executives and staffers join online event and vowed to ramp up future competitiveness by exploring eco-friendly new businesses

24(Tue), May, 2022

President Kim Young-moon of Korea East-West Power (EWP) and EWP officials participate in a performance in which they pledged EWP’s respecting culture “RESPECT 7.” (Photo: EWP)

Korea East-West Power (EWP) celebrated its 21st anniversary at EWP headquarters in Ulsan on April 1. 

The anniversary event was streamed over the YouTube channel with a limited number of staffers’ participation to prevent the spread of the COVID-19 pandemic.

EWP has been devoting itself to stabilizing the supply of electricity needs. 

EWP, marking the 21st anniversary, plans to renovate its corporate culture to cope with rapidly changing business environment by making 2022 the first year of an energy transition, and ramp up future competitiveness by exploring eco-friendly new businesses.

EWP President Kim Young-moon said, “If we focus on retaining the current businesses by relying on the conventional success method, we cannot survive the market.” 

EWP, a public power entity, should do its responsibilities and roles by overcoming tremendous changes bravely and opening possibilities and opportunities in the energy industry, President Kim said. 

To this end, President Kim called for EWP to break down organizational stiffness by making it a flexible company with integrity. 

They will also aggressively explore renewable energy and eco-friendly energy markets that will grow at a brisk pace based on shared growth and collaboration with diverse economic and social entities such as SMEs.

EWP executives and staffers watched a video on how MZ generation staffers adapted to office life, a move to form consensus on reinventing its corporate culture. 

They joined a performance in which they vowed to EWP’s respecting culture “RESPECT 7”: Renovation, Ethics, Social values, Pride, Equality, Care and Trust. 

The anniversary event ended following a ceremony where an “Upscaling Tree” was unveiling, which is made with waste resources such as plastic bottles and bottle caps.

EWP made an eye-opening achievement last year as the power company ranked 1st in terms of power facility operation reliability for the third straight year, had no accidents involving deaths for five years in row, topped in an evaluation of shared growth for the 10th occasion, and topped an evaluation of public data operation among 549 organizations.

EWP plans to increase investments into renewable energy and new businesses to achieve carbon neutrality and energy transition and ramp up eco-friendliness and safety to people’s expectation levels.

EWP’s Kalsel-1 Coal-Fired Plant Project Dedicated Financially 

The Kalsel-1 coal-fired power plant South Kalimantan, the southernmost province on the island of Borneo, Indonesia, being operated by Korea East-West Power, has been dedicated financially, EWP said on April 13. 

Financial dedication means a contractual commitment to a project, recognized by lenders that preconditions of self-sufficiency of the project have been met, and profitability could be guaranteed and there is no problems with repayment of debts. 

It will involve the construction of a two-by-100-megawatt coal-fired power station in South Kalimantan, the southernmost province on the island of Borneo. 

TPI is a joint venture between Indonesia’s PT Adaro Power and PT EWP Indonesia, a subsidiary of Korea East-West Power Co. Ltd. the Kalsel-1 coal-fired power plant in Indonesia, on schedule to meet the timetable to start commercial operation in March next year, the company said Tuesday.

The Kalsel-1 plant located in Kalimantan, Indonesia, is part of an independent power producer project to construct a coal-fired power plant with a total capacity of 200 megawatts in Tabalong, South Kalimantan, Indonesia and supply electricity to local electric power companies. 

The Kalsel-1 plant, a 2 x 100-megawatt circulating fluidized bed combustion (CFB) coal-fired power plant was dedicated in December 2019 before it was put into commercial operation. 

The plant is responsible for supplying 20 percent of the power need of the Kalimantan area, contributing to stabilizing power supply.

The power plant is an example of overseas independent power in which Korean companies teamed up to land it. 

EWP was responsible for project development and operation while Hyundai Engineering was charged with constriction. K-sure and Korea Development Bank participated in financing. 

EWP achieved financial dedication two years after the Kalsel-1 station was dedicated by proving the stable operation of facilities and financial soundness. 

EWP owns a 35 percent stake by investing 57 billion won. With the financial dedication, the power company is expected to reap a combined 27.1 billion won in dividends for the next five years, including 5.6 billion won, to be paid out in a first dividend in July. 

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