Electric Power Public Enterprises Achieve 5.3 Trillion KRW Fiscal Soundness Last Year

[Asia Economy Sejong=Reporter Dongwoo Lee] Seven electric power public enterprises, including Korea Electric Power Corporation (KEPCO) and Korea Hydro & Nuclear Power (KHNP), announced that they achieved a total of 5.3 trillion KRW in fiscal soundness last year. These electric power public institutions plan to continue efforts to improve fiscal soundness by more than 3.2 trillion KRW this year as well.

The Ministry of Trade, Industry and Energy announced on the 15th that 11 electric power public institutions held the "Electric Power Public Institutions Financial Soundness and Innovation Plan Implementation Review Meeting" at the Power Infrastructure Center in Yeouido, Seoul. This meeting was held to review the financial soundness achievements and future plans of the seven electric power public enterprises designated as financially at-risk institutions in June last year, and to check the implementation status.

After reviewing the financial soundness implementation performance of the seven electric power public enterprises last year, the Ministry found that they achieved 5.3 trillion KRW, which is 166% of the original target of 3.2 trillion KRW. KEPCO improved its finances by 3.8 trillion KRW through real estate sales and other means, while KHNP improved by 128.6 billion KRW through discovering and selling non-core assets such as unused land.

These public institutions aim to achieve a total of 3.2 trillion KRW in fiscal soundness this year as well. To overcome the financial crisis early, they plan to minimize waste factors outside essential areas such as safety, adjust projects within the scope that does not hinder stable power supply, and continue to discover assets for sale.

Lee Ho-hyun, Director of Electric Power Policy at the Ministry of Trade, Industry and Energy, said, "As many citizens are sharing the burden through energy price normalization, we hope that electric power public institutions will thoroughly implement strong self-help efforts and become electric power groups that meet the expectations of the public."

Due to the continued cold wave, on the 22nd, real-time information and today's forecast figures are displayed on the power supply status board at the Korea Electric Power Corporation Seoul Headquarters in Jung-gu, Seoul. Photo by Hyunmin Kim kimhyun81@