The government of South Korea has announced a major restructuring of state-run energy companies as part of a broader overhaul of public institutions aimed at cutting costs and improving competitiveness.
Five state-owned power generation companies, namely Korea South-East Power, Korea Midland Power, Korea Western Power, Korea Southern Power, and Korea East-West Power, will be merged into Korea Power, a 100% subsidiary of KEPCO; they currently operate 53 GW of power generation capacity, which, combined, would make Korea Power one the largest power generation companies worldwide.
In addition, the government plans to merge Korea National Oil Corp. (KNOC) and Korea Gas Corp. (Kogas) into a tentatively named Energy Resources Corporation. Both companies are in poor financial conditions, with KNOC's capital impairment losses due to overseas resource development and mergers and acquisitions and additional difficulties occurring during the COVID-19 crisis. KNOC's oil stockpiling and oil exploration and development functions would be transferred to the newly-established Energy Resources Corporation, which would integrate their oil and gas operations.
Finally, Korea Coal Corp. will be liquidated, and four regional port authorities will be amalgamated.
Searching for proven generation costs?
Then CAPEX & LCOE is the database you need. The module provides exclusive insights on both Capital Expenditure and Levelised Cost of Electricity.
Make informed decisions in terms of which technologies to invest in and where. In just a few clicks, access unique, premium data on both thermal and renewable power generation costs by technology and by country. Put our detailed, reliable information to use and benchmark your project.