Park Jin-hai primarily focuses on K-dramas, entertainment shows and actor interviews. Beyond that, she also pens articles covering the broader arts scene, with a particular emphasis on classical music, dance and various aspects of lifestyle. Since joining The Korea Times in 2013, she has made significant contributions in the realms of hallyu (Korean wave), industry news and international affairs.
KEPCO energy cluster business picks up steam
KEPCO CEO Cho Hwan-eik, second from left, poses after signing an agreement to invest in the Bitgaram Energy Valley with other company chiefs at KEPCO headquarters in Naju, South Jeolla Province, Tuesday. From left are: KEPCO KDN CEO Lim Soo-kyung, Cho, LSIS CEO Koo Ja-Kyun, lawmaker Jang Byung-wan and KEPCO KPS President Choi Yeu-geun. / Courtesy of KEPCO
By Park Jin-hai
By Park Jin-hai
The Korea Electric Power Corp. (KEPCO) is pushing a project to build an energy cluster in South Jeolla Province.
The company signed agreements with 25 companies including LSIS, the nation’s top industrial component supplier, Tuesday, to invest in the Bitgaram Energy Valley, which the state-run power company plans to build in Naju, South Jeolla Province.
It aims to build the energy cluster where the company’s headquarters is located to promote mutual growth with smaller companies and the local economy.
KEPCO aims to attract investment from 100 companies by next year, and from 500 companies by 2020.
Fifty-seven 57 companies have agreed to invest 247.6 billion won in the energy valley this year.
LSIS will invest 60 billion won to build test facilities for energy storage and power conditioner systems in the first stage, and later expand it to high voltage direct current equipment.
Among the foreign invested companies, global power company ABB Korea is participating in the project for the first time.
KEPCO and ABB will cooperate in the newly developing sectors of battery energy storage and flexible AC transmission systems. They agreed to build a tentatively named “front-end office” as well.
“As ABB Korea agreed to seek cooperation with small and medium-sized companies within the valley, we expect the company will play a pivotal role in finding hidden champions and nurturing them there,” said a KEPCO spokesman. “The technological convergence between those companies will multiply the synergy effects of the energy cluster.”
Starting with Bosung Power Tec in March, 32 companies pledged to invest in the first half.
“What is noteworthy is that among those companies, 16 have already either moved into the area or closed land contracts to move in.
“By drawing 57 companies’ investment, the Bitgaram Energy Valley project has over-achieved its target by 10 percent. It seems to have picked up steam,” said KEPCO Chairman Cho Hwan-ik.