SEJONG, Oct. 16 (Korea Bizwire) — South Korea’s state-run power monopoly said Friday that it has reached an agreement with Maryland to work together on the development of the new energy sector. The memorandum of understanding (MOU) signed in Annapolis on Thursday calls for the forging of close ties in such areas as smart grids, [...]
SEJONG/GWANGJU, Oct. 15 (Korea Bizwire) — The first international power technology exposition in South Korea is expected to fuel exports and expand cooperative tieups between energy sector operators, the state power monopoly said Thursday. The Bitgaram International Exposition of Electric Technology (BIXPO), which ran from Monday through Wednesday in the city of Gwangju, 330 kilometers [...]
DAEGU, Sept. 8 (Korea Bizwire) – In 2020, Ulleung Island will become the world largest eco-friendly, carbon-free energy island. According to an announcement from North Gyeongsang Province on September 8, a special purpose corporation will be established to turn the 72.5-square-kilometer island in the East Sea into an energy independent island with renewable energy sources. The [...]
SEOUL, June 3 (Korea Bizwire) – Hyundai Motor, a bellwether for Korea’s economy along with Samsung Electronics, saw its stock price collapse more than 10 percent to its lowest level in 57 months on June 2. Shares of the company, the fifth largest automaker in the world, tumbled 10.36 percent to 138,500 won (US$125.3), their [...]
SEOUL, May 28 (Korea Bizwire) – Affected by the low yen, Hyundai Motor, the largest automaker in Korea, lost its No. 2 position in the KOSPI market in terms of market capitalization to SK Hynix. On May 27, shares of the top automaker fell 1.88 percent to 157,000 won from a day earlier, shrinking its market [...]
SEJONG, Apr. 30 (Korea Bizwire) — South Korea’s state-run power company said Thursday it has completed construction of the world’s largest diesel power plant in Amman, which is expected to generate some US$3.2 billion in sales over the next 25 years. The new power plant in the capital of Jordan has a maximum generation capacity [...]
SEOUL, April 3 (Korea Bizwire) – Among the top 30 Korean companies in terms of revenue, the average length of service of SK Energy employees was longest at 20.3 years. SK Energy was the only company whose workers serve more than 20 years on average. According to Saramin, a job recruiting portal in Korea, among [...]
SEOUL, March 13 (Korea Bizwire) – In the near future, it will be possible to resell electricity stored in an electric vehicle’s battery to the grid. As EV users can charge their vehicles at a lower cost at night, they can make money by reselling the stored electricity at a higher cost during the day. [...]
SEOUL, Feb. 11 (Korea Bizwire) — Korea Electric Power Corp. (KEPCO), South Korea’s state-run power company, said Wednesday its net profit soared 1,505.8 percent in 2014 from a year earlier due to higher electricity rates and cheaper fuel costs. Net income reached 2.78 trillion won (US$2.55 billion) last year, compared with 174 billion won a [...]
SEOUL, Jan. 19 (Korea Bizwire) – The South Korean government announced a plan to create a business friendly environment by revising laws limiting investment this year. According to the plan, two new integrated resorts with casinos, an additional 5,000 hotel rooms and four duty-free shops (three in Seoul and one in Jeju) will be constructed [...]