Korea Southern Power Completes $930 Million Coal-Fired Plants

Korea Southern Power Co., which supplies 12 percent of the nation’s electricity, completed two coal-fired plants at a cost of 1.18 trillion won ($930 million) as the country seeks to rely less on imported crude oil.

The plants have a capacity of 500 megawatts each and will supply electricity to areas in the country’s south, the Ministry of Knowledge Economy said in a statement today.

South Korea, which imports almost all its oil, is trying to cut reliance on crude and diversify energy sources, after oil prices in New York climbed to a record $147.27 a barrel last year. By the end of 2022, the power-generating capacity of Asia’s fourth-largest economy will rise to 100.9 gigawatts from the current 65.9 gigawatts, the ministry estimated last year.

The government has said it plans to build seven more coal- fired plants by 2022. South Korea currently has more than 40 coal-fired power stations.

To contact the reporter on this story: Shinhye Kang in Seoul at skang24@bloomberg.net.

To contact the editor responsible for this story: Amit Prakash at aprakash1@bloomberg.net.

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