Bukpyung power station
|This article is part of the CoalSwarm coverage of South Korea and coal|
Bukpyung (Buk-Pyeong) power station (북평화력), also known as the GS Donghae power station, is a 1,190-megawatt (MW) coal-fired power station in Donghae City, Gangwon Province, South Korea.
The power station is not to be confused with the Donghae power station.
The aerial photograph shows the Bukpyung National Industrial Complex in Donghae City, Gangwon Province, where the plant is under construction.
Background on Plant
The project is a joint venture between STX Electric Power, a subsidiary of STX Energy (which is a subsidiary of STX Group), and Korea East-West Power. STX Energy, which owns 51 percent of the project, is in charge of building and managing the plant while Korea East·West Power will be in charge of operations and maintenance. The project is slated for completion in 2016.
Construction was stalled in 2016 due to financial difficulties facing construction contractor STX Heavy Industries, with commissioning postponed to 2017. At the time unit 1 was under test operation.
In 2021, GS Donghae Electric Power was accused of failing to complete the construction of the Bukpyeong 2nd General Industrial Complex to go with the coal plant and as promised to the local community. In addition, civic groups criticized the private company's requests to preserve investment costs for the environmentally damaging coal plant. The power plant’s establishment worsened dust pollution and other issues already present at the Donghae Port.
In 2013, a financing agreement for the plant was closed.
The power station received a total of at least KRW 1.6 trillion in debt financing (approximately US$1.4 billion), including:
- South Korea's National Pension Service (NPS) provided KRW 82 billion (US$74 million)
- Nonghyup Life, a subsidiary of Nonghyup Financial Holdings, provided KRW 131 billion (US$118 million)
- Industrial Bank of Korea provided KRW 82 billion (US$74 million)
- the Korean Development Bank (KDB) provided KRW 85 billion (US$219 million)
- Woori Bank provided KRW 77 billion (US$70 million)
- Hana Bank provided KRW 79 billion (US$71 million)
- Busan Bank provided KRW 30 billion (US$27 million)
- Samsung Life Insurance provided KRW 210 billion (US$189 million)
- Samsung Fire & Marine Insurance provided 140 billion (US$126 million)
- Kyobo Life Insurance provided KRW 80 billion (US$72 million)
- Hanwha Life Insurance provided KRW 70 billion (US$63 million)
- Shinhan Life provided KRW 10 billion (US$9 million)
- Heungkuk Life Insurance provided KRW 99.7 billion (US$89.7 million)
- Korean Development Bank Life Insurance provided KRW 158 billion (US$142 million)
- Lotte Insurance provided KRW 79.1 billion (US$71 million)
- DB Insurance provided KRW 97.8 billion (US$88 million)
- Heungkuk Fire & Marine Insurance provided KRW 28.9 billion (US$26 million)
- The Korean Federation of Community Credit Cooperatives provided KRW 82 billion (US$74 million)
- Sponsor: GS E&R, Korea East-West Power Co, Samtan
- Parent: GS Holdings Corp (51%), KEPCO (34%), Samtan (15%)
- Location: Bukpyung National Industrial Complex, Donghae City, Gangwon Province
- Coordinates: 37.4805456, 129.143343 (exact)
- Status: Operating
- Gross Capacity: 1,190 MW (Units 1-2: 595 MW)
- Type: Supercritical
- Start Year: 2017
- Coal Type: anthracite
- Coal Source:
- Source of financing: At least US$1.4 billion in project financing from a consortium of 18 financial institutions
- Planned Unit Retirements: Units 1 and 2 are scheduled to close by 2047.
Articles and resources
- "STX Electric Power Holding Groundbreaking Ceremony for Bukpyung Thermal Plant," STK press release, December 26, 2012
- "Hosts of Foreigners Enters New Merchant Power Plant Projects," Korea IT Times, June 25, 2013
- "GS Reshapes Energy Business through Acquisition of STX Energy," Business Korea, February 17, 2014
- "삐걱이는 민자발전, 화력건설 곳곳서 파열음," EKN, September 22, 2016
- "GS동해전력 '북평화력발전소' 건설 재개 오리무중," EKN, November 10, 2016
- "북평화력발전소 1호기 상업운전 시작," Kado, March 29, 2017
- "GS, GS칼텍스와 발전자회사 호조로 3분기 실적 증가," Business Post, August 14, 2017
- “GS동해전력, 사회적책임 외면한 채 보상만 요구…집단소송 등 소비자 반발 부딪혀,” NToday, June 8, 2020
- "GS Donghae Electric Power," GS Homepage, accessed November 2021
- Financing Dirty Energy, Solutions for Our Climate, January 2018
- Tracing 12 Years of Korea’s Coal Finance Addiction, Korea Sustainability Investing Forum, January 2021
- Assessing the Health Benefits of a Paris-Aligned Coal Phase Out for South Korea, Annex II (Unit-level phase out schedules), Climate Analytics, May 2021