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KEPCO CEO Cho Hwan-eik |
I would like to warmly welcome all participants to the 22nd WEC in Daegu, Korea. As host of the Congress, I take this opportunity to briefly introduce Korea Electric Power Corp.
State-run KEPCO, Korea’s iconic power company, has driven the nation’s economic growth over its 115-year history. We do our very best at all times to provide a high quality power supply. Currently, we are accomplishing great feats abroad by winning a variety of energy projects, including a nuclear power plant construction project in the UAE.
KEPCO is moving forward under its renewed corporate vision to become the “global top green and smart energy pioneer.”
With strict power-outage prevention activities, KEPCO provides high-quality power with a per-household power outage rate of only 12.07 minutes. The company has achieved a world-class transmission loss rate of 3.57 percent, using high-efficiency equipment and an intelligent power grid. KEPCO’s power quality is world-class, with a voltage maintenance ratio of 99.93 percent.
With excellence in customer service, KEPCO has achieved top-class ratings in the Public Institution Customer Satisfaction Survey for 14 consecutive years.
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A 373 megawatt power plant in Al Qatrana, Jordan, completed by KEPCO in February 2012 |
KEPCO also runs 23 nuclear reactors nationwide. At present, the company is expanding its overseas business activities to Africa, and South America beyond the Middle East. It is actively executing 40 projects in 23 countries projects in the following sectors nuclear energy, hydro & thermal energy, renewable energy, transmission & distribution, and resources development.
With a proactive overseas strategy, KEPCO has achieved 2.8 trillion won in overseas revenue. KEPCO is constructing and operating overseas power generation facilities with a combined installed capacity of 6,871 megawatts.
However, many operational conditions around KEPCO are worsening ― external circumstances such as the inflation of energy costs, and lack of stability in power supplies due to climate change. In the midst of these challenges, we at KEPCO once again move forward on the path to becoming a global enterprise.
For action plans to achieve this goal, firstly, KEPCO will equip itself with an open mind and a bold attitude, and secure new catalysts for future growth. We will lead the global market as we equip ourselves with technical competitiveness that is highly adaptive to the environmental changes by constantly researching and developing green and smart technology such as smart grids and offshore wind energy.
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The headquarters of Korea Electric Power Corp. in southern Seoul (Bloomberg) |
Secondly, we will not remain complacent in the domestic market, but decisively tackle overseas projects. We will increase profit by pursuing overseas projects in various sectors, including nuclear power, hydro & thermal energy, renewable energy, transmission and distribution, and resource development.
Thirdly, we will enforce practical win-win growth policies to cooperate, and grow together, with small companies, share our benefits with the marginalized, and fulfill our duty as a corporate citizen through transparent management.
It is important to become a socially responsible company as a public institution through open communication with our clients, and put win-win policies to practice in order to grow together with small companies and the marginalized.
We look forward to your continued trust and interest as we seek not only to become a company beloved by Korean people, but also to grow into a global energy giant.
By Cho Hwan-eik, KEPCO CEO
