KOMIPO to Diversify Business Portfolios

CEO Nam stresses expanding new power facilities and securing new future growth engines

Korea Midland Power Co. (KOMIPO) President and CEO Nam In-suk calls for expanding new power facilities and securing new future growth engines.
In his New Year message, KOMIPO President Nam said, "All should make a concerted effort to realize the goal of becoming one of the world's best thermal power companies.
"Now, on the occasion of the year 2012, all of us have to march forward with a renewed mindset for their honor and future," he said.
Regarding the direction of KOMIPO toward this goal, first, KOMIPO will strive to accelerate its efforts to advance management systems. "Last year saw not only Greece and other southern European countries have their sovereign credit rating downgraded, but also the United States and Japan. And Korea, with an export-oriented economic structure, has been indirectly influenced by the impact of the external shocks."
Nam said KOMIPO will have a system in place to proactively cope with external and internal business environment changes by building a structure for a virtuous cycle to translate into action the Vision 2020 and mid-term plan, which have already been established.
Second, he said, KOMIPO will focus on the optimal operation of power facilities to ensure a stable power supply and green growth. "Our company has more outdated power facilities than others. We'll devote ourselves to ensuring the optimal operation of power facilities, periodic check-ups, and consistent improving of power capabilities," he said. KOMIPO will have to address issues such as securing certified emissions reduction for making inroads into the global carbon credit market and the improving of facilities through the mixed firing of biomass. KOMIPO also needs to pursue a shared green growth with SMEs while accelerating efforts to explore new and renewable energy resources to meet renewable portfolio standard (RPS) requirements.
Third, he said, KOMIPO will have to build new power facilities and secure future growth engines by implementing new businesses in Korea and abroad.
"This year, we launch projects to construct Seoul Combined Cycle Power Units 1 & 2 ― Seoul's sole power complex essential for ensuring a stable supply of power to the capital, and we also have to build Shin Boryung Thermal Power Units 1 & 2, Happiness Combined Cycle Power Plant in Sejong City, and Incheon Combined Cycle Power Unit 3 without failure and on time."
"Our company has a higher rate of overseas market presence compared to others. Now some companies or countries are seeking to weigh in on new proposals to explore the new markets," he said.
Rather than resting on its laurels, KOMIPO will strive to diversify its entry into global markets and expand its business environs to several fields, Nam said. nw

Korea Midland Power Co. (KOMIPO) President and CEO Nam In-suk

A view of the Boryung Thermal Power Unit No. 3 that set a 4,000-day accident-free performance record.