Record-Breaking Investment Planned for This Year
2.2 Trillion Won Increase from Last Year
57% of Budget to Be Executed in First Half
Six-Month Electricity Bill Reduction for Wildfire Victims
Korea Electric Power Corporation (KEPCO) has decided to invest 12 trillion won this year. This is to support the recovery of the livelihood economy through the largest investment execution in history.
KEPCO announced on the 1st that it plans to execute an investment budget of 12 trillion won this year, the largest ever. This amount is 2.2 trillion won more than last year's 9.7 trillion won.
Korea Electric Power Corporation Naju Headquarters Exterior (Photo by Korea Electric Power Corporation)
A KEPCO official explained, "KEPCO is promoting various livelihood economy recovery support policies to swiftly execute investment costs and support small business owners and SMEs amid persistent high inflation and delayed consumer sentiment recovery," adding, "To accelerate economic recovery, we plan to invest 6.7 trillion won, which accounts for 57% of the total, in the first half of the year." KEPCO executed 3.8 trillion won in the first quarter, exceeding the target of 2.9 trillion won by 900 billion won.
In addition, starting from the 2nd of this month, KEPCO plans to close its headquarters cafeteria, which employs 2,000 people, twice a week (Wednesday and Friday evenings) to encourage employees to use external restaurants. This is intended to boost sales for small business owners and self-employed individuals.
KEPCO prioritizes purchasing products from companies located in special support areas such as Energy Valley and is expanding the use of Onnuri gift certificates for employee salaries and social contribution activities. Furthermore, special support for electricity bills for small business owners will be increased from 200,000 won to 250,000 won annually starting November 2024, and various support measures are in place, such as covering 40% of the cost when purchasing high-efficiency devices rated as energy efficiency grade 1.
Support for SMEs will also be strengthened. Interest reductions on production loans are provided to companies contracted with KEPCO, and the number of energy innovation startups eligible for research and development (R&D) and commercialization funding has increased from 128 companies last year to 157 companies this year.
Since relocating its headquarters in 2014, KEPCO has continuously formed sisterhood ties with villages in Naju City, promoting volunteer activities, helping with farm work during busy seasons, and purchasing local specialties. Additionally, KEPCO actively engages in social contribution by supporting vulnerable groups at over 250 workplaces nationwide through the 'Love Fund'?an internal sponsorship fund voluntarily established by all employees (1.3 billion won in 2024)?and a matching grant (3 billion won) jointly funded by the company and employees on a 1:1 basis.
A KEPCO official stated, "KEPCO will swiftly execute the largest investment budget in history and expand support for small business owners and SMEs," adding, "Through this, we will actively contribute to the recovery of the livelihood economy and do our best to fulfill our social responsibilities as a public enterprise."
Meanwhile, KEPCO is providing support such as electricity bill reductions to residents of special disaster areas affected by recent wildfires. It has deployed a total of 5,800 employees from headquarters and partner companies to ensure stable power supply and prevent damage to power facilities. Specifically, support measures for residents in special disaster areas include ▲a one-month electricity bill reduction for buildings damaged by wildfires (1.4 billion won), ▲exemption from electricity bills for up to six months for temporary evacuation facilities in temporary buildings (5.5 billion won), and ▲exemption from electricity supply facility charges for new construction of temporary buildings and buildings that were destroyed or damaged (700 million won).
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