KOSPO Aims to Be Global Top 10 Power Co.

Declares its new vision at a recent ceremony

Korea Southern Power Co. President & CEO Nam Ho-ki attends a ceremony to unveil its new vision of becoming
a global top-10 power company in PyeongChang, Gangwon-do, on April 4.

Korea Southern Power Co. (KOSPO) has unveiled its new vision, aiming to become a global top-10 power company by posting 14 trillion won in sales by 2020.
A ceremony to declare the new vision was held at the Alpensia Resort in Pyeongchang, Gangwon-do, on April 4 with KOSPO President & CEO Nam Ho-ki in attendance.
KOSPO, which did not rest on its past achievements to become one of the nation’s best power companies only 10 years since its establishment, has now declared its determination to be a word-class energy company in Korea and abroad by revealing its new vision: “2020 Global Top 10 Power Company.” The new vision signals KOSPO’s ambitious bid to become a “global superpower power/energy provider” by competing with foreign utilities on the basis of the achievements KOSPO has so far made.
To this end, KOSPO aims at chalking up 14 trillion won in annual sales by 2020 － 7 trillion won from the domestic power sector; 3 trillion won from the green growth sector; 3 trillion won from the overseas business sector; and 1 trillion won from the power-related business sector. KOSPO set a challenging target of posting 1 trillion won in operating profit. In this regard, the company plans to diversify its business portfolio, now centering around thermal power, by concentrating on the implementation of green growth and overseas business projects by funneling 12 trillion won into new investments, including 4 trillion won in the green growth sector.
In the green growth business sector, KOSPO strives to cope with the renewable portfolios standard (RPS), obliging the company to replace 15.8 percent of its power generation with new and renewable energies. The company plans to devote itself to establishing a tremendous leadership role in the domestic offshore wind power field by developing Korean-made large-capacity wind power generators and becoming the first company to tap the domestic offshore wind power market. KOSPO also plans to translate such challenges as climate change pacts into opportunities and be reborn as a low-carbon, green growth leader by developing and commercializing 300MW-class carbon capture and recycling (CCR) technology for the first time in the world.
KOSPO plans to secure price competitiveness in the domestic power generation field by constructing the 4 million KW-class Samcheok Green Power Plant, employing an environmentally-friendly low-quality coal combustion technology for the first time in Korea and revamping the LNG combined cycle thermal power business structure into a base-load bituminous coal-oriented one.
In the overseas business sector, KOSPO plans to expand its business environs to such emerging markets as the Middle East, South America and Southeast Asia by capitalizing on its standing as a leader in the thermal power and new and renewable energy sectors. To this end, the company plans to ramp up its global brand position by expanding the overseas power service business by making the most of the experiences and technology it has acquired in the domestic power field and exporting or indirectly investing in Korean-made large-capacity wind power, the Samcheok Green Power ATP-1000 model and CCR equipment.
In the meantime, KOSPO plans to innovate its corporate culture in order to step up its action strategies to realize the new vision. To this end, the company has announced the top five core values of the so-called KOSPO Way － global top position, future growth, social responsibility, creative innovation and pursuit of a merit system. The company plans to proliferate the KOSPO Way, the direction of the company’s course, companywide so that it can be used as guidelines for its executives and staff members for decision-making, handling duties and behavior patterns. nw

Photo on courtesy of KOSPO