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.
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.