KEPCO KPS, led by CEO Kim Hong-yeon, has secured power plant maintenance contracts in South Africa worth approximately KRW 850 billion.
KEPCO KPS signed an agreement to maintain 16 thermal and nuclear power plants owned by South African power utility ESKOM for a total of KRW 848 billion. Starting in October 2023, the maintenance work will last for more than three years.
In the South African market, KEPCO KPS previously signed maintenance contracts for approximately KRW 170 billion in 2021 and KRW 230 billion in 2022. With this latest deal, KEPCO KPS celebrates the third consecutive year of securing major contracts in South Africa.
Notably, over the past two years, KEPCO KPS has built on its track record by winning not only comprehensive maintenance contracts, but also responsibility for routine maintenance and component machining at four additional power plants. This extended responsibility has resulted in further revenues of approximately KRW 120 billion.
In 2022, Korea Electric Power KPS also successfully completed the maintenance of Unit 2 of South Africa’s only nuclear power plant, the Koeberg Nuclear Power Plant. With this year’s long-term contract, KEPCO KPS is poised to lay the groundwork for expanding its overseas nuclear power business in line with the government’s nuclear export policy.
In the future, KEPCO KPS plans to utilize its technological capabilities to improve the performance of South African power plants through maintenance services and technical support. This will contribute to a stable power supply in South Africa and enhance not only the position of KEPCO KPS but also its competitive position in the entire African region.
Kim Hong-yun, CEO of Korea Electric Power KPS, expressed his aspirations, stating, “Over the next three years, we aim to successfully complete maintenance tasks, ensure impeccable quality, and build trust with our customers through our localization strategy. On this basis, we plan to further expand our business in South Africa and across Africa.”
