Korea Southern Power (KOSPO) has launched effort to have all staff members aware of safety to make worksites free of serious industrial disasters and attach top priority to safety.
KOSPO held a companywide workshop to renew safety management to go back to the basics, at KOSPO headquarters on March 16, with executives and officials of KOSPO headquarters and worksites in attendance.
The workshop, which was launched in 2019, is an annual event designed to make worksites free of serious industrial disasters and prevent accidents.
Safety experts were invited to refresh attendees’ knowledge of safety. A hands-on CPR drill was conducted with the help of the Busan Fire-fighting Office.
It served as an opportunity to share the latest government policies related to safety and industrial disaster incidents and steps to prevent repetition of industrial disasters, as well as to discuss each worksite’s pending safety issues and ways of improving them. Outcomes of the discussions will be reflected in strategies to cope with serious industrial disasters and prevent safety accidents.
Meanwhile, KOSPO became the nation’s first power company to operate a safety innovation school in 2019. Safety Innovation School Season 3, string in March 2023, will also educate workers from its cooperative companies in which a majority of industrial disasters take place to make all workers armed with safety awareness.
KOSPO President Lee Seung-woo said, “The education session was an opportunity to reconfirm matters that have been prepared in accordance with the enforcement of the act on the punishment of those who are involved in serious industrial disasters and faithfully fulfill them, and KOSPO will be fully prepared lest a single industrial disaster should take place.”
Trumbull Gas-Fired Power Plant Project in U.S.
The Trumbull gas-fired, combined-cycle power plant project in Ohio, the United States, being implemented by Korea Southern Power (KOSPO), was recognized for its feasibility abroad, as it was selected as the “Power Deal of the Year.”
KOSPO won the Power Deal of the Year Award at the IJ Awards 2022 in New York in recognition of the excellence of the project financing from the IJ Global, the power company said on March 17.
The IJ Global, a globally recognized financial journal, screens outstanding project financing cases based on a continent and a business category basis and presents the Deal of the Year award to project owners, consultants and creditor groups.
KOSPO had already a track record of winning the Deal of the Year award in recognition of implementing the Kelar gas-fired, combined-cycle power plant project in Chile in 2015.
The Trumbull gas-fired, combined cycle power project calls for building a 953MW unit in Lordstown, Trumbull County, Ohio.
In November 2022, Korean financial institutions, including Woori, Shinhan, Busan banks and Hana Securities joined forces in raising funds to enter the U.S. market.
A contract on the project stipulated an EPC term on the use of Korean-made equipment, materials and parts worth more than $33 million, allowing Korean equipment, materials and parts suppliers to enter the U.S. market with stiff entry barriers.
Meanwhile, KOSPO has been awarded the Trumbull combined-cycle power plant project in succession following the Niles gas-fired, combined-cycle power plant in the United States, which was put on commercial operation in June 2022.
The power company is expected to win $470 million in annual average sales form the latest project for the next 30 years.
KOSPO President Lee Seung-woo said, “KOSPO’s winning the award takes on significance since the Trumbull gas-fired, combined-cycle power project is recognized for the outstanding project financing contract and achieving joint market entry with Korean companies through high-profit project development based on choice and concentration, and we will continue to make efforts to expand Korea’s energy business opportunities.”
KOSPO Wins Prime Minister’s Prize for Regulatory Reform
Korea Southern Power (KOSPO) was honored with the prime minister’s award for regulatory reform for the year 2022 in recognition of easing grievances and complaints its cooperative companies experience and pursing regulatory reform in cooperation with the latter, the power company said on March 23.
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