Korea Electric Power Corp. (KEPCO) has decided to participate in the Vung Ang 2 power plant construction project in Vietnam. The 1,200-megawatt coal-fired power plant will be built in the Ha Tinh province in a national project of Vietnam. The total project cost is 2.5 trillion won and KEPCO participated with a stake of 220 billion won.
Once its participation is officially approved by the Vietnamese government, Samsung C&T and Doosan Heavy Industries & Construction will join as engineering, procurement and construction (EPC) companies and the Export-Import Bank of Korea will provide loans and guarantees.
South Korean coal-fired power generation exporters employ ultra-supercritical pressure technology, which is characterized by carbon emissions significantly reduced to a level comparable to LNG. The OECD is currently not restricting projects based on that technology while implementing strict regulations on overseas coal-fired power generation.
“It is practically difficult for developing countries to cut back on coal-fired power generation right away,” the government explained.
