Korea Western Power Co., Ltd. ushered in an era of revitalization with new president Kim Mun-duk taking the helm at the 9th anniversary ceremony of the company’s founding on April 5, 2010. With all executives and staff in attendance, president Kim Moon-duk emphasized the fourfold goals of ‘strengthening the company’s constitution, development of a new growth engine, management innovation, and the advent of a creative corporate culture.’
“These are times of rapid metamorphosis in the electric power industry. Because of strengthened environmental regulations due to the implementation of the climate change treaty plus unpredictable fluctuations in fuel price, the uncertainty of future profits looms ever near,” said Kim Moon-duk upon assuming the presidency of Western Power. “There was never a better time to demand unfaltering change and innovation. The need for creative thinking and action in order to continuously create new profit is great in times of such uncertainty.”
Toward productivity and innovation
The corporation’s goals came to light during the ceremony. One of Western Power’s stated main objectives is the development of an evaluative tool to connect productivity with incentives and promotion in order to raise profits by ensuring the smooth operation of power plants and enhancing the efficiencies of facilities. It is the power company’s plan to reinforce overall risk management related to administrative matters, of which the most important factor is the fluctuations within the fuel market.
Western Power also intends to create a new growth engine to maximize the future value of the firm by the successful completion of core projects such as the induction of the integrated gasification combined cycle technology, or IGCC. The careful selection and concentration upon choice overseas projects was stressed to garner the maximum of returns from foreign projects. The company has designated the Six Sigma system to manage product quality and facilitate the upgrade of business practices. The company has restated its dedication to a trusting, harmonious corporate culture that fosters creativity and maintains a desirable relationship between labor and management through clear and ethical modes of operation.
Targeting foreign markets
Western Power Co. has also entered the fray of foreign electric power markets with gusto. At the moment, Western Power is pursuing electric power plant construction projects in various sites such as Saudi Arabia, the Philippines, Laos and Indonesia. In addition, the power company has vigorously participated in the administration’s push to export power plants and public institutions by joining forces with local construction and building equipment companies to target overseas markets, thereby maximizing the effects of synergy. A particular example is the hydroelectric plant project on Senamnoi River, Laos - pursued by Western Power in partnership with SK Construction.
Moreover, working in tandem with the Korea Electric Power Corporation (KEPCO), Western Power participates in technical support as well as operation and maintenance efforts to successfully garner overseas contracts. Case in point, Western Power has taken over the operation and maintenance of the 1.204MW fossil-fuelled power plant KEPCO consortium is building in Rabigh, Saudi Arabia.
The company has specially targeted Southeast Asia due to its geographical accessibility for development and seeks to offer a diverse mixture of power sources, such as coal, hydroelectricity and wind. Last but not least, in recognition of the recent effort by the current administration to cut public debt, Western Power is exerting its ability in such various ventures as encouragement of private investment, reducing the cost of finances through project financing (PF), and other techniques to minimize risk.
Korea Western Power Co., Ltd. is a leading supplier of the Korean power industry, founded in April 2001. Western Power takes up 13 percent of Korea’s national generating capacity - mostly comprised of thermal, combined cycle and pumped storage power plants. It was Initiated upon separation from the Korea Electric Power Corporation under the Korea Power Industry Restructuring Act.