GS Electric and Power celebrates LNG plant

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GS Electric and Power celebrates LNG plant

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GS Group Chairman Huh Chang-soo, third from right, as well as GS EPS President Lee Wan-kyoung, far left, and other guests mark the opening of GS’s power plant in Dangjin, South Chungcheong, yesterday. Provided by the company

GS Electric and Power Service, an energy affiliate under GS Group, yesterday finished the construction of its third liquefied natural gas (LNG) fired combined cycle power plant after investing 460 billion won ($428 million) over two years.

At the Bugok Industrial Complex in Dangjin, South Chungcheong, more than 300 guests including GS Group Chairman Huh Chang-soo and Dangjin Mayor Lee Cheol-hwan attended a ceremony to celebrate the completion.

“GS EPS’s third power plant will reinforce the nation’s power supply, which has been struggling recently, and help development of the local community,” Huh said.

GS EPS said the new plant was completed two months ahead of its original schedule in response to Huh’s request that the company quickly contribute to the nation’s power supply.

The third plant has a capacity of 415 megawatts, which can produce enough power for 450,000 people for one hour. It is expected to reduce the chance of winter power shortages.

Following completion of its third plant, GS EPS, the nation’s first private power producer founded in 1996, will have a total capacity of 1,503 megawatts.

Using LNG as fuel, the company said its latest plant has an H-Class gas turbine that is 60 percent more efficient. GS EPS said it is the first company in Asia to use such the turbine.

Considering that the power efficiency of existing plants is 48 percent to 57 percent, GS EPS said that its third plant is environmentally friendly because it consumes less fuel and produces less carbon.

“We are planning to diversify our business to coal and reusable energy,” the company said in a release. “We also want to expand to overseas markets that have growth potential, and we want to be the energy company that can represent Korea.”

The company has been operating a 30-megawatt biomass power plant in Dezhou, Shandong, China, since 2011. GS EPS is currently constructing a 105.5-megawatt biomass power plant in Dangjin, South Chuncheong, that will be the largest in Asia when it is completed in 2015.


BY JOO KYUNG-DON [kjoo@joongang.co.kr]

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