Korea Electric Power Corp. (KEPCO) signed a contract with Guam Power Authority (GPA) on Nov. 5 to sell electricity for the Ukudu Gas Complex Power (200MW) project in Guam.
Suh Keun-bae, head of KEPCO's overseas business development division, Kim Yong-hyun, head of Korea East-West Power's foreign business division, Joseph T. Duenas, chairman of Guam's power water resource regulatory commission, and John M. Benavente, head of GPA, attended the event.
KEPCO was selected as the preferred bidder in June this year and held negotiations with the GPA for the next three months on a power sales contract and obtained final approval from Guam Public Fares Regulatory Commission on Oct. 31.
The project will be carried out through BOT, which will sell all of the electricity produced to the GPA for the next 25 years, and through this contract, KEPCO has secured a total of 2.3 trillion won in sales during the business period, a KEPCO spokesman said.
The Guam-based Ukudu Power Plant will start construction in August 2020 and begin commercial operation in October 2022. In particular, domestic EPC builders and a number of small and medium-sized Korean companies will supply power plant construction-related auxiliary equipment, which is expected to generate an economic inducement effect of 628.6 billion won in the future, he said.
Meanwhile, KEPCO has carried out 42 projects in 26 countries, including the Americas, the Middle East, and Asia, in earnest, starting with the performance recovery project of the Malaya power plant in the Philippines in 1995.