Kang Gi-yoon, President of Korea East-West Power, Steps Up as a Savior for Power Generation Public Enterprises in Crisis

Kang Gi-yoon, who became President of Korea South-East Power Company (KOEN) in November last year, is a rare CEO with extensive experience in corporate management, politics, and public administration.

The drive and execution he accumulated as a private sector CEO, the policy expertise gained as a provincial assemblyman and two-term National Assembly member, and his academic insight as a Ph.D. in public administration have all been fully reflected in his management of the public enterprise over the past year.

Kang Gi-yoon, President of Korea South-East Power Company.

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Amid the sweeping trend of the energy transition, power generation public enterprises are standing at a crossroads for survival. In this time of crisis, President Kang chose to confront the challenges head-on rather than avoid them.

Immediately after taking office, he presented major projects such as "KOEN Energy New Highway 2040" and "KOEN New Silk Road 2040," personally designing the company's mid- to long-term strategic direction.

He also established a performance-oriented management system and built an organizational culture based on creativity and challenge.

As a result, in June, KOEN received the highest score among 87 institutions in the government's public institution management evaluation, earning an A grade and ranking first. This officially confirmed that President Kang's management direction was on the right track.

He stated, "These days, our employees have a strong sense of pride in being the top public enterprise," adding, "We will continue to uphold that reputation."

President Kang emphasized that KOEN is "the leading energy public enterprise in Korea." In fact, KOEN is responsible for about 10% of domestic electricity production and operates seven power plants nationwide, centered on its headquarters in Jinju and including Samcheonpo, Goseong, Bundang, Yeongheung, Yeongdong, Gangneung, and Yeosu.

Internationally, KOEN is recognized for its technological competitiveness, conducting power generation projects in numerous countries such as Nepal, Pakistan, Chile, Bulgaria, Indonesia, and Poland.

When asked about his transition to a public enterprise CEO, he said, "I feel a great sense of fulfillment from achieving results through work and from being able to provide real support to employees."

Since taking office, he has continued a management style of dining with employees in the cafeteria every day, studying current issues, and contemplating the company’s future direction together.

In particular, he focused on changing the unique "passive work culture" of public enterprises. He remarked, "It was disappointing to see talented employees become complacent," and reorganized the company with creativity and a spirit of challenge as his management principles. By balancing both discipline and encouragement, employees’ attitudes changed, which soon led to KOEN achieving the top rank in the management evaluation.

The domestic power generation market is becoming increasingly competitive, with private power companies now accounting for about 43% of the market.

Additionally, the government's carbon neutrality policy is accelerating the closure of aging coal-fired power plants, directly affecting the Samcheonpo Power Division in particular.

This reality has presented President Kang with new strategic challenges.

His solution is the "KOEN New Highway 2040" project. The plan is to build a U-shaped renewable energy belt connecting the southwest and east coasts, create 500,000 jobs for young people, and secure 24,000 MW of eco-friendly power generation facilities.

This project is expected to generate approximately 100 trillion won in economic ripple effects by 2040 and create an annual "solar and wind pension" worth 380 billion won. This is enough to provide 450,000 won per month to about 140,000 two-adult households.

President Kang is also clear on the issue of closing the Samcheonpo Power Plant. Units 1 and 2 were already shut down in 2021, while Units 3 and 4 are scheduled to close in 2027, and Units 5 and 6 in 2028. He described the decision to build replacement facilities for Units 5 and 6 in Gyeonggi and Chungnam, rather than in Gyeongnam, as "the most regrettable issue."

He said, "We cannot ignore the impact on the local economy and jobs," and is pursuing the construction of a 3GW hydrogen-powered generation complex, an offshore wind power equipment production and transport center, and a 2GW offshore wind farm, all utilizing the Samcheonpo site and port.

Through these initiatives, it is expected that by 2037, there will be a total of 14.3 trillion won in direct and indirect investment, about 23 trillion won in economic ripple effects, and the creation of 54,000 jobs.

Expanding overseas markets is also a key task for President Kang. In July, he announced the "KOEN New Silk Road 2040" project, aiming to establish an energy silk road stretching approximately 60,000 km from Chile in South America to the Democratic Republic of the Congo in Africa.

Efforts to promote regional coexistence are also a central part of his management philosophy. He has emphasized that the essence of relocating public institutions to local areas is revitalizing the local economy and has highlighted the importance of cooperation with local financial institutions.

KOEN has significantly expanded transactions with regional banks, including cash deposits, fixed deposit investments, and foreign exchange transactions for fuel purchases.

Additionally, the company is actively supporting small and medium-sized enterprises through joint technology development, priority purchasing, and overseas market support.

President Kang stated, "I hope a culture where employees work proactively with creativity and a spirit of challenge will take root," adding, "I will do my best to ensure KOEN remains the leading public enterprise, achieving innovations that other public enterprises have not accomplished."

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