iWin, Ewhel Acquisition Results Become Visible... Profitability Increases Due to Soaring Oil Prices

[Asia Economy Reporter Park So-yeon] Auto parts specialist company iWIN announced on the 23rd that the results of its new power generation business will begin to emerge in earnest.

According to the company, the electricity wholesale price (SMP), which determines the profitability of power generation companies, has been soaring recently. This is due to the sharp rise in energy raw material prices, including international oil prices, caused by the Ukraine crisis. According to the Korea Power Exchange, the monthly SMP in February reached 197 KRW per kWh, the highest since 185 KRW recorded in July 2012.

At the time of iWIN's acquisition of Ewell, the SMP was in the 80 KRW per kWh range. In November last year, iWIN officially entered the power generation business by acquiring Ewell and Ewell Energy, companies specializing in heat supply and power generation.

Located in Jeju Island, Ewell is an eco-friendly combined heat and power plant that combusts bio SRF fuel to regenerate electricity and thermal energy. Ewell Energy is a comprehensive waste management company in Jeju Island that processes waste wood to produce bio SRF fuel.

An iWIN official stated, "As we intensify the bio SRF power generation business, the electricity wholesale price (SMP) has risen about threefold, which is expected to maximize sales and profits," adding, "Renewable energy can also generate income through RECs (Renewable Energy Certificates), and we plan to continue expanding investments in environmentally friendly and sustainable power generation businesses."