GS Electric and Power Services, a power subsidiary under GS Group to build ‘green’ LNG plan

May 16, 2011

GS Electric and Power Services, a power subsidiary under GS Group, said that it will build a “green” high-efficiency liquefied natural gas combined cycle power plant in Dangjin, South Chungcheong Province.

The firm spent 460 billion won ($420 million) for the plant which will be completed by August 2013. GS EPS currently operates two other power facilities there. The new 400 megawatt-facility boasts eco-friendliness and high-efficiency as it consumes less fuel than existing LNG combined cycle power plants and thus emits less carbon, GS EPS officials said.

“Through the construction of the plant, GS EPS aims to become a leading power provider in Korea. The facility will be an eco-friendly one which minimizes emission amid global climate change,” GS EPS CEO Lee Wan-kyoung said at the event. In addition to its domestic operation, GS EPS has been stepping up efforts to expand its offshore business. GS EPS has launched the construction of a biomass power plant in Shandong, China earlier this month and is planning to begin a clean development mechanism business, a kind of carbon trading, there. (Source: The Korea Herald, 20 Apr 2011)

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