Jung Mong-kyu, HDC Chairman, Inspects Tongyeong Eco Power Site... "Stabilizing National Power Supply"

Jung Mong-kyu, Chairman of HDC Group, inspected the construction site of Tongyeong Eco Power on the 22nd, ahead of the scheduled trial operation at the end of this year, and checked the progress of the project.

Jung Mong-kyu, Chairman of HDC Group, visited the Tongyeong Eco Power site, where construction is in full swing ahead of the trial operation at the end of this year, along with key executives of HDC Group and Kim Hee-cheol, CEO of Hanwha Energy, a strategic investor in the Tongyeong natural gas power generation project. He held a meeting with on-site staff and inspected the construction site to confirm the progress of the work. In addition, he toured the nearby Korea Gas Corporation Tongyeong base site, guided by Kim Jong-sung, Head of the Base Headquarters at Korea Gas Corporation, to observe key facilities.

Lee Heung-bok, CEO of Tongyeong Eco Power; Chung Mong-gyu, Chairman of HDC Group; Park Jin-ho, Construction Management Team Leader of Tongyeong Eco Power

Chairman Jung said, "Tongyeong Eco Power is a future eco-friendly energy project that will play a central role for HDC Group, contributing significantly not only to the stabilization of the national power supply but also to the revitalization of Tongyeong's economy." He urged, "Please maintain vigilance until the very end and prioritize safety above all in carrying out the construction." He also stated, "I hope this project, carried out through the combined efforts of strategic partners such as Hanwha Energy, Hanwha Construction Division, Korea Gas Corporation, and the Ministry of Trade, Industry and Energy, will be recorded as a successful public-private partnership."

HDC Group’s Tongyeong Eco Power is a private investment project advancing the Tongyeong natural gas power generation project, which HDC Group is promoting to stabilize South Korea’s power supply and revitalize the local economy. HDC (60.5%), Hanwha Energy (26.5%), and Hanwha (13%) are shareholders. It was included in the government’s 6th Basic Plan for Electricity Supply and Demand in 2013 and reflected in the 9th Basic Plan in December 2020. Located in the Anjeong National Industrial Complex in Tongyeong, Gyeongnam Province, the LNG power plant construction involves an investment of approximately 1.3 trillion KRW and will feature one 1012MW LNG power plant and one 200,000 kL LNG tank. As of May, about 70% of the construction was completed, with trial operation scheduled for December this year. The comprehensive completion is planned for June 2024, with commercial operation starting in July.

Tongyeong Eco Power is also committed to contributing to local economic revitalization. During the construction period, an average of about 900 workers per day and a total of 700,000 workers annually are involved, injecting vitality into the local economy, with priority given to local personnel and equipment procurement. Furthermore, Tongyeong City and Goseong County in Gyeongnam have fostered a win-win effect with the local community through population inflow and government special support funds for areas surrounding the power plant.

HDC Group focused on creating a business structure that enhances national competitiveness by entering South Korea’s energy sector, which has a high energy dependency. Tongyeong Eco Power was carefully selected from the site selection stage. The site adjacent to Korea Gas Corporation’s Tongyeong Liquefied Natural Gas (LNG) production base was purchased, and for the first time in Korea, an agreement was made with Korea Gas Corporation to use manufacturing facilities, enabling joint use of LNG storage tanks between Tongyeong Eco Power and Korea Gas Corporation. Additionally, Tongyeong Eco Power actively utilized geographical advantages by importing LNG directly through Korea Gas Corporation’s unloading facilities. As a result, Tongyeong Eco Power secures cost competitiveness by using Korea Gas Corporation’s unloading, transmission facilities, and pipelines, while Korea Gas Corporation gains revenue from manufacturing facility usage fees and LNG terminal consignment operations, creating a win-win business model between a public institution and a private company.

A representative of HDC Group’s Tongyeong Eco Power emphasized, “As the first project for HDC Group’s entry into the energy development sector, the Tongyeong natural gas power generation project has been pursued with great care in terms of feasibility, economic viability, profitability, and scalability. We are carrying out the construction of the Tongyeong natural gas power plant, which uses only LNG, a clean and zero-emission fuel, aiming to achieve both economic and environmental benefits and contribute to the region’s future growth.”

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