KOMIPO to Diversify Business Portfolio

KOMIPO President Nam In-suk took the helm at the utility company on Jan. 25.

In his inaugural speech, KOMIPO President Nam said, "We have to have a determination and a new mindset to shape up as an innovative company by diversifying our power business portfolio and nurturing new growth energy industries. It is because only organizations showing flexibility and reacting nimbly to changes survive."
Nam warned that the current global issue of climate change may create a huge barrier for power companies focusing on thermal power plants due to additional costs for reducing greenhouse gas emissions, weakening their competitive edge. A surge in prices of such raw materials as anthracite and bituminous coal, foreign exchange fluctuations and inelastic electricity charges could exacerbate its profit structure. Additionally, 30 percent of KOMIPO'S equipment is outdated and the company is facing an unfavorable situation with lower power generation efficiency. These are the reasons the company will have to restructure its business operations and strengthen its competitiveness, he added.
To this end, he urged his executives and staff members to advance the power business and maximize management efficiency. KOMIPO will explore ways of raising work efficiency through organizational analysis and evaluation and push diverse steps to reduce costs, he said.
Second, Nam said, KOMIPO will concentrate its capabilities toward building a sustainable business environment by securing new growth engines. He noted that KOMIPO is at a dire business situation not only with almost no new power plants available, but with a rush of calls for relocating the existing power plants, and the company is also facing a worsening business situation with an expected saturation of domestic electricity demand. It means that KOMIPO badly needs to upgrade its power generation capacity and explore new businesses and new markets and do so in accordance with a global trend of low-carbon, green growth and Korean government policies. It's ongoing projects to tap the renewable energy field have good potential, and KOMIPO will strive to accelerate its bid to strengthen its presence in the overseas power generation field in which it is doing better than other rivals, the president said.
Third, he said, his company will redouble efforts to raise the efficiency of its power equipment.
Fourth, Nam said, KOMIPO will strive to promote futuristic manpower development and advance labor-management relations to global standards.
Lastly, he called for all staff to conduct the companywide "3P-2010" drive in order to implement the aforementioned management goals. The KOMIPO president said, "3P-2010 means that KOMIPO families need to work with a passion, a mission and a pride in generating electricity, an essential key industry, and do their best in carrying out duties as an organization or individuals like professionals. This is a win-win strategy for bringing a maximum of profits to the organization as well as individuals, and from now (2010), they will strive to translate each one into action and change by inches."
A graduate of Hanyang University's Precision Machinery Department, the new KOMIPO president passed the 13th higher engineering examination and held major posts at the Office of Monopoly, the Ministry of Commerce, Industry and Energy, the Korean Intellectual Property Office and the Ministry of Science and Technology during his 33-year career in public service. He also served as the administrator of the Korean Agency for Technology and Standards before taking the office as the KOMIPO president. nw

KOMIPO President Nam In-suk