Korea Electric Power: KEPCO secures HVDC-VSC underwater transport system …

KEPCO news

KEPCO secures the HVDC-VSC submarine transport system project in the United Arab Emirates and launches its first overseas transport system construction and operation project

december 2021

  • KEPCO (President and CEO Seung-il Cheong) has been selected as the successful bidder for the United Arab Emirates HVDC-VSC submarine transmission system construction and operation project acquired by Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi National Electricity Company. PJSC (TAQA) and landed the deal on December 22, 2021 (2:00 p.m.) in an international tender with many competitors.1)
  • This project will provide sustainable energy to ADNOC’s offshore production operations by building an underwater transmission system for 2 roads with a total length of 259 km and operating for 35 years.
  • This mega project valued at $ 3.6 billion is expected to generate a stable profit thanks to a long-term transport contract with the Buyer for 35 years.
  • KEPCO participated in the call for tenders by forming a consortium comprising the Japanese company Kyushu Electric Power Co. and Électricité de France (EDF) and managed the entire call for tenders process, relying on The vast experience gained in building Jeju HVDC submarine transmission system and operating it for 30 years.
  • The design and construction of the submarine transmission system will be carried out by Samsung C&T, which has extensive experience building factories in the Middle East and North Africa.

1) Vision Invest (Saudi Arabia) – Consortium Elia (Belgium), CSG (China), Kansai Power (Japan)

(MENA) and Jan De Nul, a Belgian company which possesses cutting-edge technology in the field of submarine cable construction.

  • Following its official announcement as the successful bidder, the KEPCO consortium will have an advantage over tenders for power grid projects that are expected to expand to Central and South America and Central Asia to the to come up.
  • This project is extremely strategic insofar as it defined a “Win-win model which maximized the competitiveness of tenders through collaboration and cooperation of public and private”, KEPCO having managed the entire tendering process and is expected to oversee the operation and the maintenance of the submarine transmission system in the future, with Samsung C&T handling the design and construction, and K-EXIM participating as a lender to provide competitive financing.
  • The project is in line with the UAE’s Net Zero by 2050 strategic initiative and is implemented to reduce carbon emissions by more than 30% by providing ADNOC’s offshore production facilities with cleaner energy and more efficient, delivered via TAQA’s terrestrial network.
  • This project has been selected as a potential project for the Green New Deal sector in the “K-New Deal Globalization Strategy” announced by the Korean government last January.
  • KEPCO dramatically expands its portfolio of renewable energy and grid projects overseas to swim with the wave of energy paradigm shift and carbon neutrality.

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KEPCO – Korea Electric Power Corporation published this content on December 27, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on December 27, 2021 11:16:08 AM UTC.

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Analyst Recommendations on KOREA ELECTRIC POWER CORPORATION
Sales 2021 59 919 B
50.5 B
50.5 B
Net income 2021 -3 746B
-3.16B
-3.16B
Net debt 2021 71 685 B
60.4B
60.4B
PER 2021 ratio -3.75x
Yield 2021 0.43%
Capitalization 13 802 B
11 633 million
11 635 million
VE / Sales 2021 1.43x
VE / Sales 2022 1.42x
Number of employees
Free float 48.3%

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