Since its inception in 2001, Korea Midland Power Co., Ltd. (KOMIPO) has striven to fulfill its mission of promoting national development with stable supply of power based on "technological innovation and eco-friendly management."
As a result, KOMIPO's operating revenues soared about 2.5-fold, or from 1,038.2 billion won in 2002 to 5,658.6 billion won in 2014, recording sustained growth despite the challenging business environment. This breathtaking achievement has been made possible by the company's constant adoption of change and innovation.
The world's longest trouble-free operational record:
As of March 21, 2015, Boryeong Thermal Power Plant Unit 3 recorded the world's Long-Term Trouble Free (LTTF) Operation of 5,500 days, exhibiting the power plant's exceptional management capability. (As of April 2, 2015, the power plant recorded 5,875 days of trouble-free operations.)
The trouble-free operational record, which was realized in a span of 16 years and four months, remains unrivaled in power plant operations at Korea and abroad. Korea Midland Power has implemented a set of measures in order to achieve the LTTF operational record of 5,500 days, which included introduction of professional training programs focused on safe management systems and installment of various safety-oriented equipment.
This feat was rectified by US World Record Academy(WRA) in December 2014. Boryeong Thermal Power Plant was also selected by the U.S. "Power" magazine, as the world's outstanding power generating plant twice in 1996 and 2008. The Boryeong Plant also was awarded the Golden Award in 2008 and the Best Power Plant Award in 2013, both at the Asian Power Awards.
"Paragon of Creative Destruction"
The Seoul Combined Cycle Thermal Power Plant is a "paragon of creative destruction" which defies common knowledge. A new space of energy, in which traditions and culture thrive, is being created at the old power plant (previously, Danginri Power Plant). The thermal power plant, now under construction, will be the world's first underground power plant to be built in an urban area.
The Seoul Combined Cycle Thermal Power Plant will maintain a power generating capacity of 800MW (two units, each 400MW) and installed heat capacity of 530Gcal/h. It is slated to be completed after 52 months of construction, with a total investment of 1.02 trillion won
The existing Units. 4 and 5 of the power plant will be transformed into a “park and workspace” for artists from across the country. Being newly dubbed the Danginri Creative Art Plant, the old power plant will now produce arts and culture, instead of electricity. "It will be modeled after Britain's Tate Modern, a modern art gallery located in London. It is based in the former Bankside Power Station.
The new power station will save 101.4 billion won of energy a year with improved power generating efficiency and up-to-date eco-friendly equipment, along with 27,400 tons of carbon dioxide. It will account for 10% of electricity consumed in Seoul
Building a “Global Energy City”
With its headquarters relocated to Boryeong, Chungcheongnam-do, Korea Midland Power is planning to create a "Global Energy City" there. KOMIPO operates thermal power plants of 8.76 million kW, in the Boryeong-Seocheon area.
In March 2015, KOMIPO signed agreements with three institutions, including Korea Industrial Complex Corp., and Boryeong and Seocheon Cities, which call for investing roughly 900 billion won in the next 10 years to create the global-local energy city.
Great Strides Achieved in Power Plants Overseas
Korea Midland Power Co., Ltd. has made great strides in its energy projects abroad. Indeed, KOMIPO is the first Korean power generating firm to go abroad. It has been long lauded for its exceptional power generating capacity and skilled manpower which have enabled the company to reap successes abroad.
Korea Midland Power built and operates Indonesia's 660-MW Cirebon Coal-Fired Power Plant, while being engaged in O&M (operation and maintenance) of 1,320-MW Tanjung Jati Coal-Fired Power Plant of also Indonesia. KOMIPO also operates the Thailand's Navanakorn Combined Cycle Power Plant.
The Cirebon Coal-Fired Power Plant is often cited as an example of Korea's successful power generating projects abroad. The power plant, which began commercial operation in October 2012, has made a long-journey of 30 years. KOMIPO was the first Korean power company to win the thermal power plant project in opening bidding.
KOMIPO, which already operates two 660-MW-class thermal power plants in Tanjung Jati, has enhanced its international reputation with the Cirebon Project. KOMIPO also is engaged in the operation of two hydroelectric power plants in Indonesia.
In 2015, the Cirebon Power Plant took first place in terms of operating results among power plants under the umbrella of Indonesia's State Electricity Company Perusahaan Listrik Negara or PLN. It recorded 16.5 billion won in net income, with accumulated net income standing at 50.7 billion won. The power station is expected to reap a total of 400 billion won of profit for 30 years since it started commercial operation in 2012. KOMIPO will invest a total of US$70.1 million in the Cirebon Power Plant. Korea Midland Power recently signed contracts with Indonesia's PT. PLN to participate in the construction and operation of another Cirebon power plant with an investment of US$40 million.
Korea Midland Power also participates in the construction and operation of a 275-MW photovoltaic (PV) power plant in Boulder, Nevada, USA, with investment of US$11.2 million. The plant is slated to go into commercial operation in October this year. KOMIPO is the first Korean power plant to participate in the construction of a large-scale solar power plant overseas.