Korea Western Power

What Korea Western Power does

Korea Western Power (한국서부발전, KOWEPO) is a South Korean state-owned power generation company and one of five generation subsidiaries split from Korea Electric Power Corporation (KEPCO) in 2001. It operates five thermal power generation headquarters — Taean (6,004.5 MW, 11 units), Seoincheon (1,861.8 MW, 8 units), Pyeongtaek (871.4 MW, 7 units), Gunsan (719.4 MW, 1 unit), and Gimpo (495 MW, 2 units) — totaling approximately 9,952 MW of installed domestic capacity. All domestic electricity output is sold to KEPCO under regulated long-term power purchase agreements; no retail or direct-consumer channels exist.

The business model layers regulated domestic generation revenue with international independent power producer (IPP) consortium activity, primarily across the Middle East and Central Asia. Active international projects include the $2.6 billion Duqm (877 MW) and Misfah (1,700 MW) hydrogen-ready combined-cycle gas turbine projects in Oman under 20-year PPAs with Nama Power and Water Procurement; the 1.5 GW Al Ajban Solar PV project in Abu Dhabi with Masdar and EDF East under a PPA with Emirates Water and Electricity Company; the 400 MW Wando Jangbogo Offshore Wind project in Korea with Kolon Global and Jeonnam Development Corporation; and consortium bids for Taweelah C and Al Nouf IPPs in the UAE. Generation technology spans combined-cycle gas turbines, steam/gas turbines, and offshore wind; digital technology includes the in-house ETA-Pro AI-powered ship scheduling system (with embedded WeepyBot assistant) and an AI-based power plant inspection pilot with NeuralD.

Korea Western Power serves government-owned electricity off-takers exclusively: KEPCO domestically, Nama in Oman, and EWEC in the UAE. The company is led by CEO Lee Jeong-bok (이정복). Pricing is governed by regulated tariff frameworks rather than disclosed pricing schedules. The South Korean government has been studying a re-merger of all five KEPCO generation subsidiaries — a decision not yet finalized — which represents a material structural uncertainty for the company's operating model.

Name

Korea Western Power

Legal name

한국서부발전(주)

Website

https://westernpower.co.kr

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

1–10 employees

Short description

Korea Western Power (KOWEPO) is a South Korean state-owned power generation subsidiary of KEPCO that operates approximately 9,952 MW of thermal capacity domestically and invests in international independent power producer (IPP) projects across the Middle East, including the 1.5 GW Al Ajban solar project in Abu Dhabi and hydrogen-ready gas turbine plants in Oman.

Ownership category

akta.pro rank

Product category

Power Generation Services

NAICS

Electric Power Generation, Transmission and Distribution (2211), Electric Power Generation (22111), Solar Electric Power Generation (221114), Wind Electric Power Generation (221115), Electric Power Transmission, Control, and Distribution (22112)

SIC

Electric Services (4911), Cogeneration Services & Small Power Producers (4991), Electric, Gas & Sanitary Services (4900), Engines & Turbines (3510)

akta.pro primary industry

Solar Project Development & IPP (Utility-Scale & Rooftop) (EUAMABAA)

akta.pro secondary industries

Commercial Structuring & Offtake (PPAs, CfDs, Corporate PPAs, Merchant Strategy) (EUAMAAAE), Project Finance & Capital Structuring (Debt/Tax Equity/Project Bonds) (EUAMAAAD), Wind Farm Ownership & Operations (IPP/Utility-Owned Asset Operations) (EUACAFAF), Development Management & Owner’s Engineering (Design Basis, Yield, Technical Due Diligence) (EUAMAAAG)

Keywords

• Thermal power generation
• Electricity generation services
• Independent power producer
• Renewable energy projects
• Energy transition utilities

Headquarters

HQ city

Taean

HQ country

South Korea

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Technology or R&D

Revenue model

1. Electricity Generation and Sales to KEPCO: As one of Korea's five state-run power generation subsidiaries spun off from KEPCO in 2001, Korea Western Power generates electricity from its thermal and renewable assets and sells power under regulated long-term power purchase agreements (PPAs) to KEPCO, the national grid operator.
2. International IPP Project Equity: Korea Western Power holds equity stakes in international independent power producer (IPP) projects (e.g., Duqm 877 MW CCGT in Oman, Al Ajban 1.5 GW Solar PV in UAE) as part of consortiums, earning returns through long-term power purchase agreements with host-country off-takers such as Nama Power and Water Procurement in Oman and EWEC in the UAE.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels8 records

Core offering

Korea Western Power is a state-owned power generation utility that operates approximately 9,952 MW of thermal generation capacity across five domestic power headquarters (Taean, Seoincheon, Pyeongtaek, Gunsan, Gimpo) and sells electricity to KEPCO under regulated long-term power purchase agreements. Internationally, the company participates as an equity developer in consortium-led independent power producer (IPP) projects — including 877 MW Duqm and 1,700 MW Misfah CCGT plants in Oman and 1.5 GW Al Ajban Solar PV in the UAE — and is developing renewable projects such as the 400 MW Wando Jangbogo offshore wind farm in Korea.

Product overview

Korea Western Power (한국서부발전, KOWEPO) is a South Korean state-owned power generation company and one of five subsidiary generating companies of Korea Electric Power Corporation (KEPCO). The company operates five major thermal power generation headquarters across South Korea: Taean (6,004.5 MW), Seoincheon (1,861.8 MW), Pyeongtaek (871.4 MW), Gunsan (719.4 MW), and Gimpo (495 MW), totaling approximately 9,952 MW of generation capacity. Beyond domestic operations, KOWEPO is actively expanding into international power projects including the 890-910 MW Duqm gas-fired power plant in Oman and the 1.5 GW Al Ajban solar PV project in UAE. The company is also developing renewable energy including the 400 MW Wando Jangbogo offshore wind project. On the digital innovation front, KOWEPO has launched ETA-Pro, an AI-powered ship operation schedule automation prediction system that uses generative AI for arrival time predictions and typhoon analysis, featuring the proprietary WeepyBot AI assistant for natural language queries.

Differentiator

Problem solved

Functional benefit

Products and services

• Taean Power Headquarters (태안발전본부) Largest thermal power generation facility operated by Korea Western Power, with 11 generating units totaling 6,004.5 MW of installed capacity, supplying electricity to KEPCO under long-term PPAs.
• Seoincheon Power Headquarters (서인천발전본부)
• Pyeongtaek Power Headquarters (평택발전본부) Thermal power generation facility in Pyeongtaek, Gyeonggi-do with 7 generating units totaling 871.4 MW of installed capacity, supplying electricity to KEPCO.
• Gunsan Power Headquarters (군산발전본부) Thermal power generation facility in Gunsan, Jeollabuk-do with 1 generating unit totaling 719.4 MW of installed capacity, supplying electricity to KEPCO.
• Gimpo Power Headquarters (김포발전본부) Gas turbine and steam turbine power generation facility in Gimpo, Gyeonggi-do with 2 units (1 GT, 1 ST) totaling 495 MW of installed capacity, supplying electricity to KEPCO.
• Wando Jangbogo Offshore Wind Power Project (완도 장보고 해상풍력 발전 프로젝트) 400 MW offshore wind project jointly developed with Kolon Global and Jeonnam Development Corporation in Jeollanam-do, South Korea, representing one of the largest domestic offshore wind initiatives.
• ETA-Pro (선박 운항 일정 자동화 예측 시스템) AI-powered ship operation schedule automation prediction system that integrates AIS ship tracking and real-time meteorological data with generative AI to predict vessel arrival times and analyze typhoon impacts, including the proprietary WeepyBot assistant for natural language queries; targets a ~10% reduction in fuel demurrage fees.
• Duqm Gas Combined Cycle Power Project (두큼 가스 복합 발전 프로젝트) 877 MW hydrogen-ready combined cycle gas turbine IPP project in the Duqm Special Economic Zone, Oman, developed with Nebras Power, Etihad Water and Electricity, and Bahwan Infrastructure Services under a 20-year PPA with Nama PWP.
• Al Ajban 1.5 GW Solar PV Project (알 아즈반 1.5GW 태양광 발전 프로젝트) 1.5 GW utility-scale solar PV Independent Power Plant in Abu Dhabi, developed with Masdar and EDF East; uses approximately 3 million photovoltaic panels and is expected to start commercial operations in Q3 2026.

Quantifiable outcome

• ~10% reduction in demurrage fees from improved vessel arrival predictions via ETA-Pro AI system
• +3 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability5 records

Feature2 records

Partnerships

13 partnerships are on record, tiered core and supporting.

• Etihad Water and Electricity / EUDC (UAE)coreStrategic or Co-development Partner · 1 June 2026Etihad Water and Electricity (EUDC) is a consortium partner in the 870-877 MW Duqm CCGT project in Oman, holding equity alongside Korea Western Power and Nebras Power. EUDC is also a bidder partner in the Taweelah C 2.5GW IPP project in Abu Dhabi and part of the Al Nouf 1 IPP bidding consortium.
• Doosan Enerbility (South Korea)coreStrategic or Co-development Partner · 1 June 2026Doosan Enerbility won a 530 billion-won ($350 million) EPC contract to build the 870-877 MW combined cycle power plant in Duqm, Oman, as consortium leader. The consortium also includes SEPCO-3 (China) for design and construction. Completion is scheduled for 2029.
• NeuralD (South Korea)supportingTechnology or Integration · 1 May 2026NeuralD is an AI-based infrastructure asset management platform conducting power plant inspections with Korea Western Power using its AI ADS autonomous inspection system, which captures and diagnoses defects in under one second at vehicle speed. NeuralD co-developed the core technology with KEPCO and is expanding globally into Saudi Arabia and Vietnam.
• Nama Power and Water Procurement Company (Oman)coreStrategic or Co-development Partner · 1 January 2026Oman's Nama Power and Water Procurement signed $2.6 billion worth of agreements with a consortium led by Korea Western Power to develop the 877 MW Duqm CCGT power plant. The project is under a 20-year power purchase agreement and is hydrogen-ready — the first such project in Oman's power sector. The deal is one of the largest energy infrastructure investments in Oman.
• Nebras Power (Qatar)coreStrategic or Co-development Partner · 1 January 2026Nebras Power (Qatar) is a key consortium partner in both the Duqm (30% stake, 877 MW) and Misfah (49% stake, 1,700 MW) power projects in Oman. Nebras reported a gross capacity of 28.7 GW across 11 countries and is expanding globally. Total investment in the two Oman projects is estimated at around RO 1 billion.
• Bahwan Infrastructure Services (Oman)coreStrategic or Co-development Partner · 1 January 2026Oman's Bahwan Infrastructure Services holds a stake in the Duqm Power Project as part of the consortium led by Korea Western Power. The company is part of the broader Oman business group contributing local operational expertise and infrastructure capabilities to the project.
• Kolon Global Corporation (South Korea)coreStrategic or Co-development Partner · 1 August 2025Kolon Global Corporation is partnered with Korea Western Power Corporation and Jeonnam Development Corporation for the 400 MW Wando Jangbogo Offshore Wind Power Project in Jeollanam-do, South Korea. DNV has been contracted to provide owner's engineering services. This is one of the largest offshore wind initiatives in South Korea to date.
• Jeonnam Development Corporation (South Korea)coreStrategic or Co-development Partner · 1 August 2025Jeonnam Development Corporation is a public sector co-developer with Korea Western Power on the 400 MW Wando Jangbogo Offshore Wind project, representing regional government participation in renewable energy development.
• Kyuden International (Japan)supportingStrategic or Co-development Partner · 1 August 2025Kyuden International participated in a consortium bid with Korea Western Power Company and Etihad Water & Electricity for the 2.5GW Taweelah C IPP project in Abu Dhabi, UAE. The project was expected to be awarded and the PPA signed in Q4 2025.
• Oman Ministry of Energy and Minerals / Nama GroupcoreStrategic or Co-development Partner · 1 June 2025Korea Western Power has been active in Oman's renewable energy sector alongside major international developers including Jinko Power Technology, Sembcorp, Masdar, ACWA Power, and Total Energies. Major solar projects include Ibri II (500 MW), Manah I and II (1 GW combined), and new wind farms (850 MW). Nama Group's restructuring merged regional distributors, and the Rabt programme connected northern and southern power grids at a cost of OR372m ($967m).
• Korea International Cooperation Agency (KOICA)coreStrategic or Co-development Partner · 1 May 2025KOICA (Korea International Cooperation Agency) co-organizes the Uzbekistan-Korea International Energy Forum with Korea Western Power. The second forum (June 30–July 1, 2026 in Tashkent) brings together government officials, industry leaders, international experts, and investors from both countries to discuss energy cooperation, renewable energy development, and investment opportunities. Supported by Uzbekistan's Ministry of Energy.
• Masdar (UAE)coreStrategic or Co-development Partner · 1 April 2024Masdar (Abu Dhabi Future Energy Company) leads the consortium for the 1.5 GW Al Ajban Solar PV IPP project in Abu Dhabi, partnered with EDF East and Korea Western Power (KOWEPO). Masdar CEO reaffirmed commitment to the project as a landmark clean energy initiative. The project is expected to start commercial operations in Q3 2026, generating enough clean electricity for ~160,000 homes.
• EDF EastcoreStrategic or Co-development Partner · 1 April 2024EDF East (Électricité de France) is a consortium partner alongside Masdar and KOWEPO for the 1.5 GW Al Ajban Solar PV IPP project awarded by EWEC in Abu Dhabi. EDF is one of the world's largest electricity utilities, bringing international solar PV development and operational expertise.

Scale indicators7 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Korea South-East Power (KOEN): Sister KEPCO generation subsidiary with a similar thermal and renewable generation portfolio and identical regulatory/revenue model, making it the closest direct peer to KOWEPO. Also subject to the same proposed government reconsolidation.
• Korea Midland Power (KOMIPO): Fellow KEPCO generation subsidiary with a comparable fleet of thermal power plants selling to KEPCO under regulated PPAs, and similar international IPP ambitions.
• Korea Southern Power (KOSPO): Another sister KEPCO generation subsidiary operating thermal and renewable capacity with the same off-take structure to KEPCO and is part of the same proposed merger initiative.
• Korea East-West Power (EWP): Fifth KEPCO generation subsidiary with parallel thermal generation assets and identical regulatory model. Included in the Samil PwC-backed consolidation study.
• Masdar: Abu Dhabi Future Energy Company and KOWEPO's consortium partner on the 1.5 GW Al Ajban Solar PV IPP. Masdar is a leading global renewable IPP with overlapping solar/wind project development activities and a comparable international project development model.
• ACWA Power: Saudi-listed international IPP and renewable energy developer with a comparable portfolio of large-scale thermal, solar, and wind IPPs across the Middle East and North Africa. Competes for the same project pipeline in the Gulf as KOWEPO.
• Nebras Power: Qatar-based international IPP with ~28.7 GW of gross capacity across 11 countries and KOWEPO's consortium partner in both the Duqm and Misfah projects in Oman. Competes for the same Middle East IPP opportunities.

Broad incumbents

• Korea Electric Power Corporation (KEPCO): Parent of KOWEPO and the sole off-taker of its domestic generation. While not a direct competitor (KEPCO is transmission/distribution), it is the single most important counterparty and a broad incumbent in the same national power value chain.
• EDF (Électricité de France): Global integrated utility and KOWEPO's consortium partner on Al Ajban Solar PV. Operates a large international renewables and nuclear generation portfolio, providing a comparable utility-scale IPP and energy transition model.

Regional players

• Sembcorp Industries: Singapore-based energy and urban solutions group with a sizable IPP and renewables portfolio across Asia, including projects in Oman (e.g., Manah solar). Comparable business model combining thermal generation with renewable IPP development in the same target geographies.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/c/kowepo
• Facebookfacebook.com/kowepo
• Instagraminstagram.com/iam_kowepo
• LinkedInlinkedin.com/company/korea-western-power-co-ltd-

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Korea Western Power