State-run power supplier Korea Electric Power Corp said Monday that it has signed a deal to sell electricity to the Guam Power Authority Pacific for 25 years.
Kepco will start providing electricity in October 2022 after building a power plant. Korean builder Hyundai Engineering is set to construct a 200-megawatt combined cycle power plant in the US island territory in August 2020. The commercial operation of the plant will start two years later.
(fourth from left, front row) John Benavente, general manager at Guam Power Authority, Seo Kun-bae, chief of Kepco's overseas business development division, Joseph Duenas, chairman ofConsolidated Commission of Utilities (Kepco)
A special purpose company in which Kepco holds a 60 percent stake, with the rest held by its wholly owned subsidiary Korea East West Power Co., will take charge of the project.
With the 25-year project, the two companies will secure $2.06 billion income by operating the plant and transferring electricity to the Guam Power Authority, the company said.
By Cho Chung-un (firstname.lastname@example.org)