Korea Midland Power to Build 800 Billion KRW Combined Power Plant in Seongsan, Goryeong-gun

Gyeongbuk Province and Goryeong County Sign Memorandum of Understanding

"Over 200 Operational Staff to Influx"

Gyeongbuk Province and Goryeong County signed a Memorandum of Understanding (MOU) on the 5th at the Gyeongbuk Provincial Office with Korea Midland Power Co., Ltd. to invest in the establishment of an ‘Eco-friendly Clean Energy Power Plant’ to be promoted in the Goryeong County area.

At the signing ceremony, 15 people including Lee Cheol-woo, Governor of Gyeongbuk Province; Lee Nam-cheol, Mayor of Goryeong County; Kim Myung-guk, Chairman of Goryeong County Council; Kim Ho-bin, President of Korea Midland Power Co., Ltd.; members of the Gyeongbuk Provincial Assembly; related public officials; and project stakeholders attended and agreed to cooperate on investment in power generation facilities such as clean energy power plants and administrative support.

Goryeong County Office

The power plant to be built through this agreement will be a 500MW LNG combined cycle power plant capable of supplying electricity to more than 250,000 households, located on approximately 40,000 pyeong of land in Seongsan-myeon, Goryeong County, with a total investment of 800 billion KRW.

Since a substation is located right next to the planned site, there is no need to construct separate transmission towers and transmission lines, minimizing environmental damage. It is also evaluated as an optimal location with easy water supply secured due to its proximity to the Nakdong River.

Goryeong County expects an increase of 88.7 billion KRW in local finances during the construction and operation period of the power plant under the Act on Support for Areas Surrounding Power Plants due to the attraction of this power plant.

It also anticipates revitalization of the local economy and population growth through expanded participation opportunities for local companies related to construction work and the influx of 200 operational personnel including partner companies.

Korea Midland Power Co., Ltd., which is responsible for about 8% of domestic power supply, is promoting the establishment of a new eco-friendly clean energy power plant through feasibility studies to be reflected in the government’s Basic Plan for Electricity Supply and Demand. Gyeongbuk Province and Goryeong County will do their best to provide administrative support to ensure the smooth progress of this project.

In the future, Gyeongbuk Province plans to solidify the existing eco-friendly energy industrial complex and continuously promote the distribution of eco-friendly energy and various supports to stabilize power supply and demand and proactively respond to new trade barriers, starting with the signing of this MOU with Korea Midland Power Co., Ltd. to realize Gyeongbuk-type carbon neutrality.

Lee Cheol-woo, Governor of Gyeongbuk Province, said, “With this investment, Gyeongbuk, which accounts for 50% of domestic nuclear power plants, must play a leading role in the government’s eco-friendly energy transition policy,” and added, “We will work together with Goryeong County to ensure that the power plant becomes a beacon of hope for the region, which is struggling with population decline, as well as creating local jobs, so that the construction of the power plant can be fully activated.”