The Department of Energy (DOE) said South Korean firm Korea Electric Power Co. (Kepco) expressed its willingness to continue investing in the Philippines, particularly on renewable energy (RE).
DOE said in a statement on Thursday Kepco president Kim Dong-Cheol made this commitment in a courtesy call to DOE Secretary Raphael Lotilla on Tuesday.
Kepco announced in 2023 the sale of its coal assets in the country as part of its transition to RE, in line with its carbon neutrality goals and the planned phaseout of coal by 2050.
DOE said that Kepco operates the 200 megawatts (MW) coal-fired power plant in Naga City, Cebu, through a joint venture of Kepco Philippines Holdings Inc. and Cebu-based company, SPC Power.
Kepco also has a 38-percent share in Solar Philippines subsidiary Solar Philippines Calatagan Corp., which runs a 63.3 MW solar farm in Calatagan, Batangas.
DOE added that Kepco also highlighted the shared commitment of the Philippines and South Korea to sustainable energy solutions, particularly on RE, nuclear energy and a smart grid platform.
The agency cited Kepco president Kim’s insights into their country’s highly stable power grid, highlighting low transmission and distribution losses, as well as the significant reduction in power outages.
DOE said that Kim also explained that such reliability is largely attributed to the IntelligenT Digital Power management system, which leverages artificial intelligence to enhance efficiency, optimize grid operations as well as quickly detect and respond to potential issues.
“We welcome Kepco’s continued commitment to the Philippine energy sector, particularly in advancing RE, smart grid technology and nuclear energy cooperation. As the Philippines pursues a just and inclusive energy transition, partnerships with experienced and forward-looking companies like Kepco will be instrumental in strengthening our energy security and sustainability,” Lotilla said.
