[2022 National Audit] Jeong Seung-il, KEPCO President: "Oil Shock-Level Crisis... Pursuing High-Intensity Financial Improvement"

Jeong Seung-il, CEO of Korea Electric Power Corporation, Attends People Power Party Policy Meeting
(Seoul=Yonhap News) Jeong Seung-il, CEO of Korea Electric Power Corporation, is seated at the People Power Party policy meeting held at the National Assembly in Yeouido, Seoul, on the afternoon of June 27. The meeting was organized to discuss nuclear phase-out and electricity rate hikes. June 27, 2022. Photo by National Assembly Press Photographers
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[Asia Economy Sejong=Reporter Lee Junhyung] Jeong Seung-il, CEO of Korea Electric Power Corporation (KEPCO), recently stated that the energy supply chain instability is a crisis comparable to the oil shock.

On the 11th, at the National Assembly’s Industry, Trade, Energy, Small and Medium Enterprises Committee’s audit held at KEPCO headquarters in Naju, Jeonnam, CEO Jeong said, "The recent global energy industry is facing a major crisis comparable to the oil shock." He added, "Since the Russia-Ukraine war, the global supply chain has collapsed, leading to a prolonged energy supply crisis due to soaring international fuel prices. We are fully aware of the seriousness of the current crisis."

CEO Jeong emphasized KEPCO’s commitment to improving its financial structure. He said, "KEPCO is not only continuously fulfilling its core mission of stable power supply but also establishing a company-wide crisis response system, promoting intensive financial improvement, and driving comprehensive innovation across management."

He also mentioned KEPCO’s efforts toward carbon neutrality. CEO Jeong stated, "To strengthen climate change response capabilities, we will proactively build power grids while innovating research and development (R&D) to timely secure core technologies. We will implement cost-effective carbon neutrality through improved energy efficiency."

CEO Jeong added, "Based on solidarity and cooperation with stakeholders in the power industry, including partner companies and local communities, we will pursue mutual growth. We will secure new future growth engines to enhance the overall competitiveness of the energy industry."

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