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Korea Electric Power history
Korea Electric Power company history timeline
The 120-year old KEPCO founded in 1898 as Hansung Electric Company is gearing up for another 100 years with ‘New Area, New Contents’.
Hansung Electric completed its first power plant in 1899 at Tongdaemun.
The occupation of Korea by Japan following 1905 brought new competition to Hansung Electric.
The announcement of the Chosun Electricity Control Decree by the Colonial Korean government in March 1943 saw the integration of several electric companies into the Korea Electric Power Company.
Yet the outbreak of the Korean War in 1950 caused the power grid between the two halves to be cut overnight--leaving South Korea, with its undeveloped power generation capacity, in economic chaos.
The Korea Electric Company (KECO), established through the integration of the Korea Electric Power Company and two distribution companies, Gyeongsung Electric Company and South Korea Electric Company, opened on July 1, 1961.
The military-backed coup of 1961 and the installation of a military government introduced a new period not only to Korea's economy but to its electrical power sector as well.
1962: South Korea launches an investment program in nuclear power generation facilities.
Korea brought its first nuclear-based power generation facility online in 1978.
1978: The first nuclear-powered generator in South Korea comes online.
The company remained profitable, however, posting earnings of $557 million on 1993 revenues of $9.3 billion.
Kepco's first step onto the international front came in 1993, when it was awarded a contract to upgrade and operate a power generating facility in Minala, in the Philippines.
1999: Government announces deregulation of the domestic electricity market and the restructuring of Kepco.
Massive strikes across the country forced the government to place Kepco's restructuring and the deregulation of the Korean market on hold until 2001.
As part of that strategy, the company created a new subsidiary, Kepco International, in November 2002, which took over the operations of its former overseas division.
Kepco continued to seek new international projects in 2003, with bids on ten different projects in markets including Saudi Arabia, the United Arab Emirates, and Myanmar.
In October 2012, Korea Deposit Insurance Corporation sold its 3.6% of its stake in KEPCO for a fee of around $550 million.”
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Korea Electric Power may also be known as or be related to Korea Electric Power, Korea Electric Power Corporation and Korea Electric Power Corporation (kepco).