[New Year's Message] Park Hyung-gu, President of Jungbu Power, "'Coal Phase-out' Is Irreversible... Leading Implementation"

[Asia Economy Reporter Moon Chaeseok] Park Hyung-gu, President of Korea Midland Power Co., emphasized that 'decarbonization' is an irreversible global trend and that Midland Power must take the lead in carrying it out.

In his New Year's address on the 2nd, President Park stated, "Although coal-fired power generation still serves as a cash generator, we must proactively lead decarbonization and secure a competitive edge in the increasingly fierce market for renewable energy and liquefied natural gas (LNG) combined projects."

He reflected on receiving the highest grade of A in the government management evaluation last year and achieving the highest-ever score in the public institution integrity assessment, earning a first-grade rating.

He also evaluated the stable power supply accomplishments, including the commencement of commercial operation of Seoul Combined Cycle Units 1 and 2, the first natural gas power plant in Jeju region, Jeju Combined Cycle Unit 1 grid connection, and the completion of performance improvement work on Boryeong Thermal Power Unit 3.

President Park emphasized that the heightened expectations from the public and government regarding the realization of social value by public enterprises is also a significant challenge.

He said, "Beyond meeting established standards in safety, environment, integrity, and job creation, there is a demand for a more proactive form of public interest. We must constantly consider how to maintain a harmonious balance between the public's expectations and the company's profitability and efficiency, aiming higher than the public's standards."

President Park cited safety, innovation, trust, and coexistence as the fundamental principles to pursue.

He added, "This year marks the third year since the announcement of the Renewable Energy 3020 Implementation Plan, and pressure for tangible energy transition results will intensify. We must not only achieve renewable energy targets through public participation and shared projects and large-scale projects based on new technologies but also strengthen the foundation for future growth through innovative new power development and business model creation."

This content was produced with the assistance of AI translation services.