As of last year, the cumulative overseas sales of the Korea Electric Power Corporation (KEPCO) reached a total of 41.8 trillion won (US$30.29 billion). More than half of the overseas sales came from nuclear power projects.

According to KEPCO on April 18, the cumulative overseas sales of the company as of last year totaled 41.8 trillion won. The revenue from overseas nuclear power projects amounted to 21.5 trillion won, accounting for 51.4 percent of the total.

Last year, KEPCO’s overseas business revenue stood at 2.6 trillion won, including 400 billion won from nuclear power projects, accounting for around 3 percent of the company’s total revenue.

KEPCO stated that it is diversifying its business portfolio by leveraging its accumulated overseas business experience and collaborating with overseas developers. This strategy is in response to the changing energy paradigm characterized by the global acceleration of decarbonization and the growing demand for environmentally friendly energy.

To this end, KEPCO is diversifying its overseas business by broadening its geographical focus beyond its existing key countries such as the Philippines, Mexico, and Jordan. This year, the company’s selected focus countries include Saudi Arabia, the United Arab Emirates (UAE), and Australia.

KEPCO plans to expand its renewable energy and new energy businesses by participating in Saudi Arabia’s “Green Initiative Policy” promoted by the Saudi government. One of the prominent projects expected for KEPCO’s participation in Saudi Arabia is the Jafurah Combined Heat and Power Plant Phase 2 project. This project is intended as a follow-up to the Jafurah Combined Heat and Power Plant Phase 1 project, which KEPCO secured in June 2022. The goal is to receive a proposal from the Saudi government in the second quarter of this year.

In addition to the Jafurah Combined Heat and Power Plant, KEPCO is also planning to participate in the bid for the Rumah and Nairyah projects, gas-combined cycle power plant projects with a capacity of 3.6 gigawatts (GW), ordered by the Saudi Power Procurement Company (SPPC) in June. If successful, the company expects to generate stable income through a power sales contract with the SPPC for the next 25 years.

In the UAE, another key focus country, KEPCO plans to participate in a total of three new gas combined cycle power plant projects, including the Taweelah C project with a capacity of 2.4 to 3.2 GW. Additionally, the company aims to secure exclusive negotiation rights for the DAS No. 2 project, a subsea transmission project in the UAE. In 2021, KEPCO secured an undersea transmission project from the UAE state-owned oil company.

In Australia, the final key focus country, KEPCO is planning to pursue an “environmentally friendly-centered package project” that encompasses renewable energy, hydrogen, and grid technologies. In the renewable energy sector, the company is initiating internal review to participate in a solar energy development project located in New South Wales. Furthermore, KEPCO plans to participate in the construction of a green ammonia production facility with an annual capacity of approximately 600,000 tons underway at the Port of Newcastle in Australia.