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Home › Dodgy Deals ›
Dodgy Deal
Korea Electric Power Corporation (KEPCO)South Korea

Company – On record

This profile is no longer actively maintained, with the information now possibly out of date
Last update: 2023-11-30 00:00:00
KEPCO offices in Hadong, South Korea. Photo: hyolee2 via Wikimedia Commons (CC BY-SA 3.0)

Company – On record

This profile is no longer actively maintained, with the information now possibly out of date
Last update: 2023-11-30 00:00:00
Why this profile?

Why this profile?

KEPCO operates coal power plants and is expanding its coal power generation capacity by 3.2 gigawatts (GW) with the Vung Ang 2 and Java 9 & 10 coal-fired power projects. KEPCO’s plans run counter to the coal phase-out mandated by the Paris Agreement climate goal of limiting global temperature rise to 1.5ºC. KEPCO is a major global coal power developer and has bought equity in and lended to fossil fuel projects across the Middle East, Asia and Africa.

What must happen

Banks must cease finance of KEPCO, on the basis that the company is a major coal developer and expander. Crucially, banks must rule out financing KEPCO's recent spate of bond issuances, which it has issued to bolster its finances made shaky by its loss-making fossil fuel investments.

About
Sectors Coal Electric Power Generation, Coal Mining, Nuclear Electric Power Generation
Headquarters
Ownership
listed on Korea Exchange & NYSE

As of December 2022, the Korean government holds 18.2% of KEPCO shares and the Korea Development Bank holds 32.9%. KEPCO's shareholder structure can be viewed here.

Subsidiaries
Website https://home.kepco.co.kr/kepco/EN/main.do

KEPCO (Korea Electric Power Corporation), founded in 1898, is the largest electric utility in South Korea, responsible for 93% of South Korea's electricity generation. Together with its affiliates and subsidiaries, KEPCO has an installed capacity of 82.5GW, of which 39.5% is coal and 21% is LNG. KEPCO owns or co-owns several power generating operations overseas, including in Mexico, the Philippines, Saudi Arabia and Jordan.

Impacts

Impact on human rights and communities

A Greenpeace report on health issues attributed to coal use in the Philippines, one of the many countries in which KEPCO is active, describes devastating health impacts of the coal-fired Cebu power complex (also called the Naga power station). KEPCO has a 60% stake in the complex. The report concluded that Cebu was one of three power stations collectively responsible for an estimated 960 premature deaths each year due to stroke, ischemic heart disease and other cardiovascular and respiratory diseases. This number would rise to 2,410 deaths each year if eight more plants in the pipeline at the time of the report were to operate as planned. The report estimated that the total annual emissions of the Cebu power complex include 5,040 tonnes of sulphur dioxide per year, 3,635 tonnes of nitrous oxide, and 401 tonnes of particulate matter.

These figures relate to just one of KEPCO’s major coal projects. Other major KEPCO coal projects are Java 9 & 10 in Indonesia (ten times larger than Cebu by capacity) and Nghi Son and Vung Ang II in Vietnam (10 and 25 times larger, respectively). Java 9 & 10 is expected to cause 4,700 deaths over its lifetime. Further details on the health impacts of these projects is available on their respective BankTrack profiles.


Impact on climate

According to the 2022 Coal Exit List, KEPCO has 36.5GW of installed coal power capacity, accounting for 43% of its total power production. It is thus a major part of the last vestiges of the global coal industry, which must be replaced if humanity is to preserve the climate goals of the Paris Agreement.

Like all coal-fired power stations, KEPCO's coal projects emit sulphur dioxide (SO2), which contributes to acid rain and respiratory illnesses; nitrogen oxides (NOx), which contribute to smog and respiratory illnesses; particulates, which contribute to smog, haze, and respiratory illnesses and lung diseases; carbon dioxide (CO2), which is the primary greenhouse gas produced from fossil fuels (coal, oil, and natural gas); mercury and other heavy metals, which have been linked to both neurological and developmental damage in humans and other animals; and fly ash and bottom ash, which are residues created when coal is burned at power plants.

Furthermore, KEPCO’s Cebu Naga coal plant in the Philippines uses outdated subcritical technology (which is not able to convert water into its supercritical fluid state, which requires significantly less energy to power turbines). Compared to supercritical plants, subcritical coal-fired power stations emit 75% more CO2 and use 67% more water. This means that KEPCO is actively involved in the operation of plants that are not only harmful to people's health, but are also extremely inefficient, increasing their climate impact. 

Financiers

KEPCO's major shareholder is the Korea Development Bank, which holds 32.9% of KEPCO's shares. Between 2014 and 2017, 38 financial institutions provided a total of US $11.34 billion in loans and a total of US $11.63 billion in underwriting services. See KEPCO's financiers below.

Institution type
Finance type
Year
Projects
There are no active project profiles for Korea Electric Power Corporation (KEPCO) now.

Thabametsi coal power plant

South Africa
Project
On record
Coal Electric Power Generation

Thabametsi coal power plant

South Africa

Vung Ang II coal power plant

Vietnam
Project
On record
Coal Electric Power Generation

Vung Ang II coal power plant

Vietnam

Java 9 & 10

Indonesia
Project
On record
Coal Electric Power Generation | ...

Java 9 & 10

Indonesia
Governance
Norms & standards

Applicable norms and standards

Carbon Disclosure Project
Global Reporting Initiative
United Nations Global Compact
News
BankTrack
Partners
Blog
External
Blog
BankTrack news BankTrack blog Partner news Partner blog

The 2024 Global Coal Exit List: Too much coal and too little exit

2024-10-30 | Berlin | urgewald
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banks financed fossil fuels by $6.9 trillion dollars since the Paris Agreement; $705 billion provided in 2023 alone; JPMorgan Chase, Mizuho, and Bank of America are worst 3 funders

Annual Banking on Climate Chaos report with an updated methodology offers comprehensive look at who’s bankrolling the climate crisis
2024-05-13 | BankTrack, urgewald, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Reclaim Finance, Sierra Club
Blog
BankTrack news BankTrack blog Partner news Partner blog

Coal Havens - Asia’s biggest banks still open for coal business after COP28

The largest banks in India and Indonesia – global hotspots of the coal industry's growth – have no coal exclusion policy
2024-01-23 | Will O'Sullivan – BankTrack
BankTrack news BankTrack blog Partner news Partner blog

KEPCO, POSCO most liable Korean companies for global warming

2023-12-13 | The Korea Times
Blog
BankTrack news BankTrack blog Partner news Partner blog

The 2023 Global Coal Exit List: Failing the Phase-Out

40% of companies on the GCEL are developing new coal assets. 95% of the industry still lacks a phase-out commitment 
2023-10-19 | Berlin, Germany | urgewald
BankTrack news BankTrack blog Partner news Partner blog

Kepco CEO to Resign as Utility Pledges Financial Overhaul

2023-05-12 | Bloomberg
BankTrack news BankTrack blog Partner news Partner blog

Kepco debt crisis exposes South Korean vulnerabilities

Reliance on power company for national strategic objectives risks impeding transition to greener energy
2023-05-04 | Financial Times
Blog
BankTrack news BankTrack blog Partner news Partner blog

New report: Canadian bank RBC the #1 financier of fossil fuels, world’s biggest banks continued to pour billions into fossil fuel expansion

Annual Banking on Climate Chaos report follows the money and details massive bank support for the world’s worst climate-destroying corporations
2023-04-13 | San Francisco | BankTrack, urgewald, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Reclaim Finance, Sierra Club
BankTrack news BankTrack blog Partner news Partner blog

Credit Risks Loom for Korean Utility Hooked on Coal, Study Says

2022-10-13 | Bloomberg
BankTrack news BankTrack blog Partner news Partner blog

KEPCO will sell all its coal-fired power plants outside of South Korea

2022-05-19 | EnerData
Blog
BankTrack news BankTrack blog Partner news Partner blog

Lack of coal exit plans poses challenge to finance’s engagement strategy

New analysis from Reclaim Finance shows that the vast majority of coal companies are failing to plan for an exit from the sector, despite looming deadlines set by several of their financial backers.
2021-12-21 | Paris | Reclaim Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

HSBC doesn’t just fund coal companies – it owns them

2021-04-26 | Market Forces
Blog
BankTrack news BankTrack blog Partner news Partner blog

New research: HSBCs coal stake equivalent to nearly 40 years of UK emissions

2020-04-22 | Market Forces
Blog
BankTrack news BankTrack blog Partner news Partner blog

It's time for impact divesting: the Global Coal Exit List for the finance industry is launched

2017-11-09 | Heffa Schücking - urgewald
Blog
BankTrack news BankTrack blog Partner news Partner blog

New database reveals world’s biggest coal plant developers

120 companies paving the road towards climate chaos
2017-06-29 | Berlin | urgewald
BankTrack news BankTrack blog Partner news Partner blog

Company in focus: Kepco struggles to go green

2017-06-01 | Nikkei
Blog
BankTrack news BankTrack blog Partner news Partner blog

Japanese and Singaporean banks step in to finance Indonesian coal plant in face of opposition from communities and environmentalists

After French banks ditch project, BankTrack, Friends of the Earth Japan and 350.org Japan strongly criticise all banks involved
2017-02-28 | Tokyo, Japan and Nijmegen, Netherlands | BankTrack, Friends of the Earth Japan
Blog
BankTrack news BankTrack blog Partner news Partner blog

Deutsche Bank puts first restrictions on coal finance, but still has long way to go

2017-01-31 | Frankfurt | BankTrack, urgewald
Resources
Documents
2024-01-23 00:00:00

Coal Havens

The banks and loopholes keeping coal finance alive in Asia
BankTrack publication
2024-01-23 00:00:00 | BankTrack
2023-10-31 00:00:00

Current Issues in KPX’s Governance and Policy Proposal for Sustainable Change

Partner publication
2023-10-31 00:00:00 | Solutions for Our Climate
2023-05-04 00:00:00

2022 Sustainability Report

Bank policy
2023-05-04 00:00:00 | KEPCO
2023-04-13 00:00:00

Banking on Climate Chaos 2023

Annual Banking on Climate Chaos report follows the money and details massive bank support for the world’s worst climate-destroying corporations
BankTrack publication
2023-04-13 00:00:00 | Rainforest Action Network, BankTrack, Indigenous Environmental Network, Oil Change International, Reclaim Finance, Sierra Club, Urgewald
2022-06-30 00:00:00

Exposed: The Coal Insurers of Last Resort

Partner publication
2022-06-30 00:00:00 | Insure Our Future, Solutions for Our Climate
2017-09-30 00:00:00

Sustainability report 2017

Annual report
2017-09-30 00:00:00 | KEPCO
2018-03-31 00:00:00

Consolidated financial statements FY 2017

Annual report
2018-03-31 00:00:00 | KEPCO
2018-03-31 00:00:00

Annual report 2017

Annual report
2018-03-31 00:00:00 | KEPCO
2017-05-23 00:00:00

BNP Paribas Fossil Bank Briefing 2017

French version
BankTrack publication
2017-05-23 00:00:00 | BankTrack, Les Amis de la Terre
2017-04-28 00:00:00

Credit Suisse Fossil Bank Briefing 2017

BankTrack publication
2017-04-28 00:00:00 | BankTrack and Greenpeace
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