A bill to consolidate five state-owned power generation companies into a single "Korea Power Corporation" with its headquarters in Dangjin, South Chungcheong Province, has been introduced in the National Assembly and is under discussion.
Rep. Eo Gi-gu, a member of the National Assembly's Climate, Energy, Environment and Labor Committee, introduced the "Korea Power Corporation Act" as the lead sponsor on September 21 with this content.
The core of the bill is to establish a legal basis for consolidating five Gencos, namely KOEN (Korea South-East Power), KOMIPO (Korea Midland Power), KOWEPO (Korea Western Power), KOSPO (Korea Southern Power), and EWP (Korea East-West Power), into a single "Korea Power Corporation." In particular, the bill designates Dangjin in South Chungcheong Province as the headquarters of Korea Power Corporation. The rationale includes that 29 of the nation's 59 coal-fired power plants are located in South Chungcheong Province, and Dangjin is home to 6,040 megawatts of generating capacity operated by EWP's Dangjin Power Division.
The bill also reflects the intent to mitigate the regional economic impact from coal-fired power plant closures alongside the Genco consolidation and to support industrial transition in regions where power plants are located during the energy transition process. The bill stipulates support for employment stability and job transition for workers affected by plant closure and conversion, and support for industrial transition in power plant closure areas.
The bill also expands the scope of Korea Power Corporation's business beyond existing power generation operations to include renewable energy generation expansion and distribution, conversion of existing power sources, research and technology development, and overseas energy projects.
Additionally, the bill provides that when Korea Power Corporation is launched, the five existing Gencos will be dissolved, and Korea Power Corporation will comprehensively assume their assets, rights, obligations, employees, and operations.
Original Korean article: Today Energy
English brief by Korea Wind Intelligence, koreawindintel.com
