Designing safe and sustainable nuclear power plants is considered extremely difficult. Since its establishment in 1975, Korea Power Engineering Co. (KOPEC) has attained remarkable achievements in power plant design. These achievements include the successful design of numerous power plants, both fossil and nuclear, both within Korea and abroad. Based on the generated output, nearly 60% of all Korea's power plants have been designed by KOPEC.
The technology and engineering expertise of KOPEC has been internationally recognized in recent years. KOPEC is now exporting its engineering and design skills, contributing further to helping the current nuclear renaissance. Client countries include advanced nations such as the USA. KOPEC is actively pursuing to realize its vision of becoming a global leader in the engineering field.
As soon as the Korean consortium won the mega deal to build power plants in the UAE around the end of 2009, KOPEC launched a business department specializing in the UAE project. KOPEC is now equipped and fully prepared to design power plants in the UAE as well as nuclear steam supply systems (NSSSs) on a full scale. KOPEC is strongly committed to carrying out design process, the first step in the construction of a nuclear power plant. Therefore, the company will lay the foundation for the successful completion of the UAE project, from design and construction, to operation, maintenance and repair. Through the UAE project, KOPEC is planning on making Korea a leading nuclear exporting nation, while simultaneously gaining trust from countries around the world.
Meanwhile, KOPEC continues to expand its global business. On February 3, KOPEC signed a memorandum of understanding (MOU) with Senegal for the mutual exchange of information and technology as well as cooperation in the field of energy. During the signing ceremony held in Seoul, KOPEC President, An Seung-kyoo and Minister Karim Wade of Senegal signed the MOU as representatives of the two nations.
The MOU includes matters regarding the mutual exchange of information, cooperation on the development of hydroelectric plants, thermoelectric power plants, new and renewable energy sources, geothermal energy and power transmission and distribution, technological exchanges based on mutual visits by professionals, and other programs involving cooperation in areas of mutual interest between the two nations.
Declaring that he had first recognized KOPEC's global status in the design and construction of power plants upon learning of its receipt of an order for nuclear power plants commissioned by the UAE, Minister Karim Wade requested KOPEC participate in the energy projects in Senegal, where demand for electricity is increasing rapidly. In particular, Wade proposed maximizing economic benefits by utilizing the professional technologies and experience of Senegal and KOPEC in the construction of the country's first 250MW thermoelectric power plant.
In his speech, KOPEC President An said, “From now on, KOPEC and the Senegalese government will exchange information, experience and know-how concerning the development of power generation technologies, the transmission and distribution of electricity, and other areas of mutual interest .I believe that the conclusion of this MOU will be a stepping stone in forging an even closer and more consistent relationship between the two nations.”
Meanwhile, KOPEC held a BOD meeting in early February to review settlement of its 2009 accounts and announce its business performance for the year .Last year, KOPEC posted its best performance figures, recording 442.3 billion won in sales, 96.7 billion won in operating income, and 82.6 billion won in current net income, achieving an increase of 27% in sales and 381% in operating income compared to 2008. Most notably, its current net income increased 201% from the previous year. After conducting a successful initial public offering on December 14, 2008, KOPEC resolved to distribute 1,081 won per share (50% of the payout ratio) in order to fulfill the company's social responsibilities and maximize value for shareholders.