Korea East-West Power Unveils Ambitious Overseas Expansion and New Energy Strategies
Key Ideas
  • Korea East-West Power is focusing on expanding overseas business, implementing new energy projects, and driving technological innovation to adapt to the evolving energy industry.
  • The company plans to increase its carbon-free and low-carbon power generation, increase the share of renewable energy, and boost overseas sales by 2040.
  • Projects include renewable and combined cycle power generation in several countries, with a focus on new energy technologies like hydrogen and ammonia fuels.
  • Efforts in technological innovation involve AI-based power generation prediction systems, digital twin technology, and initiatives towards carbon dioxide capture for added value creation.
President Kwon Myung-ho of Korea East-West Power unveiled the company's mid- to long-term strategies during a meeting with reporters in Sejong. The focus is on expanding overseas business, new energy projects, and technological innovation to adapt to the changing energy industry landscape. They aim to align with the 10th and 11th Basic Plan for Electricity Supply by transitioning from coal power generation to cleaner alternatives like LNG, hydrogen, and ammonia fuels. The company is actively promoting new energy projects such as long-term energy storage systems and demand management technologies to accommodate the growing renewable energy sector. By 2040, Korea East-West Power plans to significantly increase its carbon-free and low-carbon power generation and raise the share of renewable energy to 44%. Overseas business sales are also expected to rise. Notable projects include renewable and combined cycle power generation ventures in various countries. Technological innovation efforts involve AI-based prediction systems, digital twin technology, and the establishment of carbon dioxide capture plants for LNG power generation. President Kwon emphasized the company's commitment to practical changes through technology, aiming to create a sustainable energy model in line with the Ministry of Industry's policy.
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