The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    INTERVIEWAhn Hyo-seop wanted to share dedicated love with 'A Time Called You'

  • 3

    PHOTOSTeam Korea' s decisive moments at Asian Games

  • 5

    Seoul's financial assistance for egg freezing draws attention from single women

  • 7

    Korea wins gold, silver in men's golf

  • 9

    Korea's Coast Guard apprehends 22 Chinese after illegal entry attempt

  • 11

    Over 30,000 protesters march for climate actions

  • 13

    Police launch belated probe into another teacher's suicide after parental harassment

  • 15

    Expressway congestion partially eases up as Koreans return home following Chuseok

  • 17

    Korea's drop in exports eases in Sept. on chip sales recovery

  • 19

    Germany's government and Elon Musk spar on X over migrant rescue ships

  • 2

    Korea blank China to reach men's football semifinals

  • 4

    Will blue crabs from Italy arrive on Korean dining tables?

  • 6

    Korea wins 1st gold in women's team badminton in nearly 30 yrs

  • 8

    Distraught roller skater apologizes for costly premature celebration

  • 10

    SHINee launches first Japan tour in 5 years

  • 12

    Korea makes last-ditch bid to host World Expo 2030 in Busan

  • 14

    KOICA pushes for $1.8 mil. project to support Nigeria's ICT education

  • 16

    S. Korea wins 1st table tennis gold in 21 yrs

  • 18

    Heavy traffic jams mostly eased on 5th day of holiday

  • 20

    M+ deputy director discusses Seoul's potential to challenge Hong Kong as Asia's art hub

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
Tue, October 3, 2023 | 23:04
Companies
KEPCO to join coal power plant project in Vietnam
Posted : 2020-10-05 17:13
Updated : 2020-10-05 17:16
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
KEPCO headquarters in Naju, South Jeolla Province / Captured from KEPCO blog
KEPCO headquarters in Naju, South Jeolla Province / Captured from KEPCO blog

By Baek Byung-yeul

Korea Electric Power Corporation (KEPCO) has decided to take part in a coal-fired power plant construction project in Vietnam despite growing criticism from global investors and overseas environmental groups, the state-run corporation said Monday.

The state-run power company said its board members agreed to participate in the $2.2 billion Vung Ang 2 project to build two 600-megawatt coal-fired power plants in Ha Tinh Province, Vietnam.

"During a board meeting held Monday, board members approved the company's plan to join a coal-fired power plant construction project in Vietnam," a KEPCO official said. With the approval from the board, the project is expected to start in the first half of 2021.

The $2.2 billion power plant project was originally conducted by Mitsubishi Corporation and Hong Kong's China Light & Power (CLP), each holding a 40 percent stake in the project with Japan's Chugoku Electric Power Co. holding the remaining 20 percent stake. But after CLP announced it would withdraw from the project due to its newly adopted coal exit policy, Mitsubishi proposed KEPCO acquire CLP's stake.

After obtaining approval from its board members, KEPCO will acquire the 40 percent stake from CLP. If KEPCO's participation is finalized, Korean companies such as Samsung C&T and Doosan Heavy Industries are expected to join the project as engineering, procurement and construction (EPC) contractors.

KEPCO is facing growing opposition from investors who are concerned that the project will cause the power company to fail to meet its environmental, social and corporate governance (ESG) standards and changing global energy standards, which put more importance on renewable energy.

The KEPCO board members were anticipated to discuss the Vietnamese coal power plant project at the board meeting held on Sept. 28, but the subject was not on the agenda.

The company has also faced significant opposition from environmental activists who are calling for the company to withdraw its plan because coal-fired power plants release a tremendous volume of greenhouse gases and air pollutants.

KEPCO's global investors have also opposed the power company's move to invest in overseas coal-fired power plant projects, raising ESG concerns and profitability questions. Global asset manager Blackrock demanded KEPCO reveal its strategic reasons for pushing to go ahead with the overseas investment projects.

According to the Korea Development Institute's pre-feasibility study, revealed by Rep. Kim Sung-whan of the Democratic Party of Korea (DPK) in June, the net present value of the Vung Ang 2 project, was estimated at minus $158 million. This means outgoing cash is expected be greater than incoming cash during the project period of 2020 to 2048.

Despite such criticism, KEPCO said joining the construction project will help the company and other participating Korean firms create a stable profit structure as KEPCO will operate the plant for 25 years.


Emailbaekby@koreatimes.co.kr Article ListMore articles by this reporter
 
miguel
wooribank
LG
Top 10 Stories
1Korea makes last-ditch bid to host World Expo 2030 in Busan Korea makes last-ditch bid to host World Expo 2030 in Busan
2Consumers to face higher prices for daily necessities after ChuseokConsumers to face higher prices for daily necessities after Chuseok
3LA-based photographer captures Koreatown unfazed by pandemic LA-based photographer captures Koreatown unfazed by pandemic
4[INTERVIEW] It is premature to revise ROK-US mutual defense treaty: veterans' group head INTERVIEWIt is premature to revise ROK-US mutual defense treaty: veterans' group head
5Samsung chief visits Middle East to explore new businessesSamsung chief visits Middle East to explore new businesses
6Internet-only banks outperform legacy lenders in labor productivityInternet-only banks outperform legacy lenders in labor productivity
7Public transit fares to increase in Seoul and Busan this week Public transit fares to increase in Seoul and Busan this week
8Ruling party vows to investigate China's alleged influence operationsRuling party vows to investigate China's alleged influence operations
9Ruling party vows to investigate China's alleged influence operationsRuling party vows to investigate China's alleged influence operations
10Genesis GV80 Coupe looks to compete with Mercedes-Benz, BMW Genesis GV80 Coupe looks to compete with Mercedes-Benz, BMW
Top 5 Entertainment News
1[INTERVIEW] Ahn Hyo-seop wanted to share dedicated love with 'A Time Called You' INTERVIEWAhn Hyo-seop wanted to share dedicated love with 'A Time Called You'
2'Dr. Cheon and Lost Talisman' tops Chuseok holiday box office 'Dr. Cheon and Lost Talisman' tops Chuseok holiday box office
3TREASURE takes flak for excluding Dokdo from its Japan tour map TREASURE takes flak for excluding Dokdo from its Japan tour map
4Two artists' windows to light and serenity Two artists' windows to light and serenity
5M+ deputy director discusses Seoul's potential to challenge Hong Kong as Asia's art hub M+ deputy director discusses Seoul's potential to challenge Hong Kong as Asia's art hub
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group