[New Year's Address] Shin Jeong-sik, President of Korea South-East Power, "Paradigm Shift in Business... Discovering New Business Models"

Shinjeong-sik, President of Korea Southern Power Company

[Asia Economy Reporter Kim Bo-kyung] Shin Jeong-sik, President of Korea South-East Power Co., Ltd., emphasized on the 2nd, "In an era of uncertainty and great transformation, traditional power generation companies like ours need a paradigm shift in business to survive."

In his New Year's address, President Shin said, "The global energy market is seeing a decline in thermal power generation due to increased greenhouse gas reduction burdens, and the transition to eco-friendly energy driven by technological innovation will accelerate."

He announced that this year's management goals are set as four key areas: ▲ Business Transformation ▲ Digital Innovation ▲ Process and Economic Revitalization ▲ Improvement of Management Infrastructure.

He stated, "To lead changes in the management environment and overcome crises, we will seek new development models in renewable energy and overseas businesses," adding, "We will promote transformation across all business sectors, including eco-friendly operational innovation of existing thermal power plants and discovering new business models utilizing digital and 4th Industrial Revolution technologies."

Furthermore, he said, "We will focus on three major digital innovations: power generation facilities, human capabilities, and operation systems, and by applying digital technology to all employees' work, we will create new value not only in equipment reliability but also in core areas such as safety and environment."

President Shin urged, "We must reorganize our business portfolio centered on eco-friendliness and build digital infrastructure suitable for the future environment," emphasizing, "We must play a leading role in establishing a fair society and inclusive growth."

He added, "We need to establish the brand value of an excellent public enterprise in inclusive growth," and requested, "All executives and employees should recognize fairness and integrity as our top priorities and do their best to internalize them into all work processes including strategies, systems, and procedures."

In conclusion, he told the executives and employees, "The only constant that never changes is change itself," and encouraged, "Do not be discouraged by crises, but unite with one heart to strive for a new leap forward."