Korea Electric Power Corporation, better known as KEPCO, has reportedly inked an electrical selling agreement with the Malaysian Electric Power Corporation (TNB) for a gas complex power generation project. Sources cite that the project will develop and run a gas combined cycle power plant with an overall capacity of 1200MW on Pulauinda Island, Selangor Province, and situated 60km southwest of Kuala Lumpur. In September 2017, KEPCO signed a joint agreement with TADMAX, and in this years January, obtained the Local Governments approval for the final project. Subsequently, it signed a 25 percent deal to buy the companys stake in April and acquired combined revenue of USD 2.9 billion (about 3.5 trillion won). This plant is expected to start construction in January of this coming year and will begin a commercial business in January 2024. Design, procurement, and development by POSCO E&C will be completed in intervals. Furthermore, the economic effect of approximately 90 billion won, including supplying equipment and materials to 40 small and medium enterprises in Korea, is expected. KEPCO supports a new southern power policy, including the demand for the IPP market from Malaysia, which is a plan for the growth of the international sector by creating follow-up ventures including emerging renewable and new businesses. The total capacity of Malaysias power station in 2018 was 34.214 MW and is expected to increase 17.732 MW by 2030. It also aims to increase the renewable energy production rate from 8% to 23%. Lee Hyun-chan, Head of KEPCOs Overseas Business Development Department explained that the plant has the large-capacity gas turbine, the latest model of General Electric. It will allow Malaysia to gain consistency in its energy supplies by reducing high efficiency-based fuel costs. Currently, KEPCO carries out 46 projects in 25 countries – including thermal power, nuclear power, new renewable energy, transmission and distribution, and new undertakings – and has produced a total sales market amount of 36 trillion won and an overall net profit of 4 trillion in the foreign business. Source Credit - http://www.mediapen.com/news/view/547747
KEPCO signs long term electricity sales agreement in Malaysia
August 12, 2020
Energy & Power