12 Energy Public Enterprises Achieved 11.87 Trillion KRW Cost Savings Last Year

Energy Public Enterprises Management Innovation Review Meeting
Government "Visible Self-Help Efforts"
Exceeded Target by 144%

Last year, 12 energy public enterprises, including Korea Electric Power Corporation and Korea Gas Corporation, reduced costs by approximately 11.87 trillion KRW. The government evaluated that efforts for management normalization are becoming visible.

The Ministry of Trade, Industry and Energy held the 'Energy Public Enterprises Management Innovation Review Meeting' on the 13th, chaired by Second Vice Minister Choi Nam-ho, to discuss the implementation performance of financial soundness restoration by energy public enterprises, future plans, and cooperation for major tasks in 2024.

According to the Ministry of Trade, Industry and Energy, the 12 energy public enterprises, which had been designated as financially at-risk institutions, exceeded their initial cost reduction target (8.2458 trillion KRW) by achieving 144% of the goal, reducing costs by 11.8658 trillion KRW. The ministry analyzed that this was due to ▲asset sales ▲business adjustments ▲cost reductions ▲revenue expansion ▲capital reinforcement.

The energy public enterprises attending the meeting stated that they will do their best to carry out financial soundness restoration without any setbacks this year as well, in order to achieve management innovation results that meet public expectations.

Vice Minister Choi said, "The results of self-help efforts for the management normalization of energy public enterprises are becoming visible," and requested, "Do not be complacent with the efforts made so far, but accelerate the implementation of existing plans and continuously identify additional areas where management efficiency can be improved."

At the meeting, cooperation matters for promoting major tasks of energy public enterprises in 2024 were also discussed. Each energy public enterprise presented business promotion plans and technology development plans to contribute to carbon neutrality by utilizing various carbon-free energies and to enhance the stability of energy supply. In addition, the energy public enterprises stated that they will actively promote projects and investments to continuously pursue management innovation for financial soundness and to carry out major tasks without any setbacks.

Vice Minister Choi said, "Energy public enterprises should take the lead in the transition to carbon energy and securing the stability of energy supply," and added, "Especially, prepare thoroughly to manage power supply and demand stably in preparation for the spring power peak period, when power demand volatility increases."

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