KEPCO - Korea Electric Power Corporation

South Korea’s Electric Power Corporation (KEPCO) is one of the largest electric utilities in the world. It owns and operates over 36 GW of coal-fired power plants, including the 6,100 MW Taean coal power plant, South Korea’s largest source of greenhouse gas emissions. In order to comply with a 1.5°C aligned path, KEPCO would have to retire its gigantic coal fleet by 2030. However, the company only plans to phase out coal in 2050 – twenty years too late. To make matters worse, its coal plants will largely be replaced with new fossil gas-fired capacity.

Protest KEPCO_Java 9 10_Jakarta_Indonesia

Credit
Trend Asia

Protest against KEPCO's coal power projects Java 9 and 10, Jakarta, Indonesia

But KEPCO is not only failing to phase out its domestic coal capacity in time; it is also developing 3 new coal-fired power stations in Southeast Asia with a total capacity of 3,200 MW. One of these is the controversial Vung Ang 2 coal power plant in Vietnam, which has been staunchly opposed by investors, NGOs and local communities. 

KEPCO is also building 2 new units of the Banten Suralaya coal power station in Indonesia, Jawa 9 and 10. The two 1000 MW units are slated to go online in 2026, ensuring a devastating carbon lock-in for decades to come. The Banten Suralaya power complex is located 150 km west of Jakarta, and is a major contributor to the emissions, which make Jakarta one of the most polluted capitals worldwide. A recent study found that the existing plant is already responsible for up to 1640 premature deaths annually. The two new units will increase this number even further.

Civic group protesters hold a press conference to call for Kepco to scrap the Vung Ang 2 coal power plant project at Kepco‘s office in Seocho-gu, southern Seoul, on Oct. 5. (Yonhap)

Credit
Yonhap

Protest calling for KEPCO to scrap Vung Ann 2 coal power plant, Seoul, South Korea

KEPCO's Banks and Investors

Urgewald's publications Still Banking on Coal an Investing in Climate Chaos reveal the banks and investors that are supporting KEPCO.