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KEPCO, GE Join Hands for Next-Generation Electric Energy Biz

KEPCO, GE Join Hands for Next-Generation Electric Energy Biz

SEOUL, May 26 (Korea Bizwire) – State-run Korea Electric Power Corp. (KEPCO) said Thursday it has joined forces with General Electric for co-investment in the development of next-generation electric power facilities.  The South Korean utility firm and the U.S. aviation and energy conglomerate held an opening ceremony of its joint office in Naju, some 399 [...]

Anti-Fine Dust Environment Policy Draws Attention to Solar

Anti-Fine Dust Environment Policy Draws Attention to Solar

SEOUL, May 23 (Korea Bizwire) – As concerns over fine dust problems are seeing the newly formed Moon administration act swiftly to improve air quality, including closing down aging coal-fired power plants, eco-friendly solar energy businesses are attracting attention as a new private business model. According to renewable energy industry experts, private citizens with no [...]

Environmental Policies Threaten POSCO’s 1-Trillion-Won Power Plant

Environmental Policies Threaten POSCO’s 1-Trillion-Won Power Plant

POHANG, South Korea, May 18 (Korea Bizwire) – POSCO’s 1-trillion-won ($887 million) thermal power plant in Pohang is likely to be scrapped amid growing concerns over fine dust and stringent environmental policies on the part of the current administration.  The world’s fourth-largest steelmaker has 13 generators of 20MW to 146MW-capacity at its Pohang steelworks, mainly [...]

President Orders Temporary Shutdown of Aged Power Plants to Reduce Fine Dust

President Orders Temporary Shutdown of Aged Power Plants to Reduce Fine Dust

SEOUL, May 16 (Korea Bizwire) – President Moon Jae-in ordered a temporary shutdown of aged coal power plants Monday in an unprecedented move to fight air pollution. Under the order, eight coal fired thermal power plants that are aged 30 years or older will be closed for 30 days starting June 1, according to the [...]

Major Refiners Bask in Decent Q1 Profit, Set to See Another Opbeat Result

Major Refiners Bask in Decent Q1 Profit, Set to See Another Opbeat Result

SEOUL, May 15 (Korea Bizwire) — South Korean oil refiners, led by top player SK Innovation Co., logged decent earnings in the first quarter of the year on the back of robust petrochemical business, and expect their bottom line to remain firm under the current quarter thanks to the recovery of their refining margin, industry [...]

Transformer Order from Britain Worth 50 Bln Won Secured

Transformer Order from Britain Worth 50 Bln Won Secured

SEOUL, May 4 (Korea Bizwire) – An affiliate of shipbuilder Hyundai Heavy Industries Co. and trading company POSCO DAEWOO secured a 50 billion-won (US$44 million) transformer order from Britain’s National Grid plc, the companies said Wednesday.  Hyundai Electric & Energy System and POSCO DAEWOO said they signed the deal to supply 23 high-pressure transformers to [...]

South Korea’s Green Energy Production Still in its Infancy

South Korea’s Green Energy Production Still in its Infancy

SEOUL, May 2 (Korea Bizwire) – The latest data from the Korea Energy Agency has revealed that new and renewable energy sources accounted for 6.61 percent of total electricity generation in South Korea in 2015, up from 4.92 percent in 2014 and surpassing 5 percent for the first time.  The improvement was largely attributed to [...]

Government Starts Work to Build LNG Storage, Distribution Facilities in Jeju

Government Starts Work to Build LNG Storage, Distribution Facilities in Jeju

JEJU, South Korea, April 28 (Korea Bizwire) – A ceremony was held here Thursday for the construction of liquefied natural gas (LNG) storage facilities and distribution pipelines that aim to provide the southern resort island with a cleaner source of power by mid-2019. The work involves building two storage tanks and pipelines capable of distributing 120 tons of LNG per hour on 74,786 square meters of reclaimed [...]