KEPCO launches Guam power plant, expands overseas energy portfolio
Korea Electric Power Corp. (KEPCO) CEO Kim Dong-cheol, sixth from right, and Guam Gov. Lou Leon Guerrero, center, pose during an inauguration ceremony for the Ukudu combined cycle power plant in Guam, Thursday. Courtesy of KEPCO
Korea Electric Power Corp. (KEPCO) commissioned the Ukudu combined cycle power plant in Guam on Thursday (local time), marking a major step in strengthening its overseas energy portfolio.
The state-run utility said it held an inauguration ceremony for the new plant, joined by Guam government officials including Gov. Lou Leon Guerrero and representatives from Korean organizations such as Korea East-West Power (EWP) and Doosan Enerbility.
Ahead of the ceremenomy, KEPCO CEO Kim Dong-cheol met with the governor and officials from the Guam Power Authority (GPA) to outline Korea’s advanced energy technologies and discuss cooperation.
The parties have agreed to share the vision for supporting Guam’s carbon neutrality goals and to expand long-term cooperation across future energy businesses.
The Ukudu plant, with a capacity of 198 megawatts, is jointly owned by KEPCO, which holds a 60 percent stake, and EWP, which owns the remaining 40 percent.
The facility is capable of supplying around 75 percent of Guam’s peak electricity demand, positioning it as a critical baseload asset in a region with relatively limited power infrastructure.
A view of Ukudu combined cycle power plant in Guam / Courtesy of Korea Electric Power Corp.
The company said the new plant is expected to enhance grid stability and energy security on the island by providing a more reliable electricity supply.
Under a long-term power purchase agreement with GPA, the plant is projected to generate about 3.2 trillion won ($2.12 billion) in revenue over the next 25 years.
“We are pleased to contribute to Guam’s stable electricity supply and economic development with the successful completion of the Ukudu combined cycle power plant,” the KEPCO CEO said.
“Leveraging KEPCO’s world-class technological capabilities, we will continue developing new models of cooperation in grid stabilization and energy efficiency.”
On the sidelines of the ceremony, KEPCO also signed a memorandum of understanding with the Export-Import Bank of Korea to cooperate on energy projects in Guam.
The agreement aims to deepen collaboration around the companies’ existing power generation assets in Guam while establishing financing frameworks for future investments in renewable energy and power infrastructure.
In Guam, KEPCO currently operates a 60-megawatt solar power project in Mangilao and is constructing a 132-megawatt solar project in Yona after securing the contract.
The company is also planning to participate in a 90-megawatt energy storage system project later this year, building a diversified energy portfolio spanning both thermal and renewable power generation.