Kepco sets new investments in RP

Kepco Philippines Corp. (Kephilco), a subsidiary of Korea Electric Power Corp. (Kepco), has committed to increase its existing $1-billion investment in the Philippine power industry in the next few years.

"We are currently completing various feasibility studies. This will determine how much more we can pour in the Philippine power sector in the coming years," Kephilco president and chief executive officer Gil Gu Lee said, in a press briefing.

Without specifying how much more they are willing to invest in the country’s power sector, Lee said Kepco "remains firm in its commitment to support the power development program of the Department of Energy (DOE)". Kepco is one of the world’s leading power generation firms, with more than 50,000-MW capacity.

"We remain confident that the Philippines’ economic growth forecast of 4.5 percent this year can be achieved and sustained in the years to come," he said.

Lee added that Kepco will help in the DOE’s effort to resolve any power crisis. "We view the recent talks about the looming power shortage as a challenge to the private sector. It is also an opportunity for Kepco to expand its business in the Philippines," he said. "We believe that the success of electricity reforms lies on a concerted effort of the public and private sectors. As a member of Philippine energy community, we are prepared to take the challenge."

In line with the company’s firm commitment to support the power development program of the DOE, Lee said Kephilco is currently looking at possibilities of putting up more power facilities in the Visayas.

Lee said they are planning to put up a merchant plant, preferably coal-fired power plant in Cebu.

The company is also awaiting the approval of the contract to construct a power plant on Panay Island.

The Kephilco official said they have signified their interest to participate in the privatization of the National Power Corp. (Napocor).

"We are particularly eyeing coal-fired power plants. But we have not pinpointed yet what specific plant we will purchase," he said.