Ministry of Industry Recommends Former Lawmaker Kim Dong-cheol as KEPCO President...First Politician to Hold the Position

by Ju Sangdon

Published 31 Aug.2023 18:06(KST)

KEPCO to Hold Extraordinary Board Meeting on the 1st of Next Month... Shareholders' Meeting About Two Weeks Later

The next president of Korea Electric Power Corporation (KEPCO) will be decided around mid-next month. This resolves the leadership vacancy that lasted about four months since former president Jeong Seung-il's early retirement.

On the 31st, the Ministry of Trade, Industry and Energy recommended former lawmaker Kim Dong-cheol as the sole candidate for the new KEPCO president. KEPCO plans to hold an extraordinary board meeting on the 1st of next month to approve the agenda for the shareholders' meeting to appoint former lawmaker Kim as the new president.

After the KEPCO board's resolution and a two-week public notice period, the next president will be appointed at the shareholders' meeting. The appointment will be finalized when the president is appointed by the President of the Republic of Korea upon the recommendation of the Minister of Trade, Industry and Energy.

If former lawmaker Kim is appointed as KEPCO's next president, he will become the first president from a political background in 62 years since KEPCO was established as a corporation in 1961. Kim graduated from Seoul National University Law School, worked at the Korea Development Bank, and then entered politics, serving four terms (17th to 20th National Assembly) as a lawmaker representing Gwangju.

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Meanwhile, according to KEPCO's semi-annual report, as of the end of June this year, the total consolidated debt stands at 201.4 trillion won. This is the first time it has exceeded 200 trillion won. KEPCO's debt was about 132.5 trillion won at the end of 2020, surged to 145.8 trillion won at the end of 2021, and 192.8 trillion won at the end of 2022. It increased by about 8 trillion won this year, surpassing 200 trillion won. KEPCO recorded an operating loss in the second quarter of this year as well, marking nine consecutive quarters of deficits. The accumulated operating loss since 2021 exceeds 47 trillion won.