Posted July. 08, 2017 07:10,
Updated July. 08, 2017 07:25
GS EPS, a private sector power company of GS Group, held an inaugural ceremony for eco-friendly, LNG-fired combined circle thermal power plant 4 at Bugok Industrial Complex in Dangjin, South Chungcheong Province on Friday.
The plant, which GS invested 700 billion won (606 million U.S. dollars) to build, boasts of power generation efficiency of about 60 percent, the highest level in the world. The plant has power output of 900MW. The inaugural ceremony was attended by GS Group Chairman Huh Chang-soo, and Oman Oil Company CEO Isam Al Zadjali.
LG EPS has now a combined output of 2,500MW including its other plants already in operation. If the output from plants run by its affiliates including GS Donghae Power is included, the firm’s total power output has increased from 4,200 MW to 5,100MW. GS has distanced itself in combined power output from SK E&S (3,700MW), the No. 2 player in the industry, as the former has solidified its stature as Korea’s largest private sector power producer.
GS Group expects its LNG-fired power plant business will gather further momentum, because the government’s power supply policy is shifting by considering economic efficiency and environment such as fine dust emission. GS EPS also plans to increase the price competitiveness of its power supply by directly importing shale gas from the U.S. through Boryeong LNG Terminal.
“The completion of Plant 4 will be a watershed event for implementation of the Paris Climate Change Accord aimed at reducing greenhouse gas emission,” GS EPS President Huh Yong-soo said in his speech on the day.