Korea Southern Power (KOSPO) held a groundbreaking ceremony to build the Trumbul Energy Center, a gas combined cycle power plant (CCPP) in Lordstown, Ohio, the United States, on April 26.
Among the dignitaries on hand at the event were KOSPO President & CEO Lee Seung-woo, Ohio State Representative Alessandro Cutrona, Ohio State Rep. Lauren McNally, and Lordstown Mayor Arno Hill.
Korean Consul-General Kim Jung-han and representatives from Korean creditors, such as Woori, Shinhan and Busan banks, were also in attendance.
The Trumbull Energy Center project calls for the construction and operation of a 953MW gas combined cycle power plant.
Power produced from the power plant will be distributed to about 700,000 households, in addition to a nearby industrial complex in Ohio, through the PJM.
PJM is one of the United States’ largest power markets, which supplies 65 million people in 13 North American states with a combined capacity of 180GW.
The latest project comes following KOSPO’s Niles Combined Cycle Power Plant, which went into commercial operation last June.
KOSPO is expected to reap $470 million in annual average sales from the 30-year operation of CCPPs in Ohio and Michigan.
KOSPO President Lee said, “Despite several difficulties, such as the 2022 global financial crisis, successful singing of a financial deal and holding a ground-breaking ceremony for the Trumbull Energy Center is owed to the creditors and regional community’s support and dedication, and we will contribute to supplying clean electricity and creating regional jobs by successfully dedicating the project.”
Meanwhile, KOSPO is the sole Korean public power company to have entered the U.S. gas combined-cycle power plant market.
The power company was honored with the “Deal of the Year” prize at the IJ Global 2022 Awards ceremony last March in recognition of the prominence of the Trumbull Energy Center project.
KOSPO plans to cope with rapid change of the Korean power market structure ahead and further expand Korea’s overseas energy presence by accumulating expertise on development and power trade in the advanced power market.
KOSPO Participates in Korean-U.S. Advanced Industry Forum & Clean Energy Partnership
Korea Southern Power (KOSPO) participated in the Korean-U.S. Advanced Industry Forum & Clean Energy Partnership, which took place in Washington, DC on April 25.
The events were designed to ramp up future-forward cooperation in the advanced industries and clean energy sector between Korea and the United States and explore business opportunities through networking of companies and institutions between the two countries.
A Korea economic delegation, which accompanied President Yoon Suk-yeol on a recent state visit to the U.S., was the largest delegation since the new government was inaugurated. KOSPO was one of the four public entities which was part of the economic delegation.
KOSPO was one of attendees from Korean side, which participated in the Korean-U.S. Advanced Industry Forum held in the U.S. Chamber of Commerce and Industry on April 25.
The power company also attended the Korean-US, Clean Energy Partnership held at Waldorf Astoria Hotel In the afternoon of the same day.
That day, KOSPO struck an MOU with Siemens Energy on cooperation in the U.S. power generation industry sector.
Under the deal, both companies agreed in cooperation to share and develop business information on the implementation of U.S. projects, such as wind power, hydrogen-mixed power, and carbon capture and sequestration (CCS) sectors in the future, based on the experiences of jointly investing in the Trumbul Energy Center project.
KOSPO President Lee said, “KOSPO will expand to not only the U.S. gas-fired combined-cycle power plant but also renewable energy business in the future, based on the MOU with Siemens, and we will explore diversified portfolio to continue to contribute to achieving carbon neutrality.”
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