October 15, 2008

Boryeong Thermal Power Complex, Boryeong-Si, Chungcheongnam-do Province, South Korea

Angela Neville, JD

Owner/Operator: Korea Midland Power Co., Ltd.

Top Plant: From tall skyscrapers and flashing neon signs to Buddhist temples and pagodas, South Korea is a mixture of the new and old Asia. Doing its part to help modernize this country, the Boryeong Thermal Power Complex operates six coal-fired 500-MW units that provide electricity to power South Korea’s economic growth. One of the important reasons for this facility’s overall success is its operational reliability. An example of this is Boryeong Unit 3’s outstanding achievement of 3,000 days of trouble-free operation.

Although this Asian country continues to honor its traditions, it is definitely focused on moving forward into the information age. A poor agrarian country for much of the 20th century, South Korea has undergone a remarkable economic transformation in the past four decades that has earned it the nickname of the “Miracle on the Hangang River.”

The official web site of the Republic of Korea points out that from 1962 to 2007, South Korean’s gross domestic product increased from US$2.3 billion to US$969.9 billion. South Korea now relies on a number of world-class industries to produce major exports, which include raw materials such as crude oil and natural minerals, general consumer products, foodstuffs, and goods such as machinery and electronic and transportation equipment.

According to information compiled by the British Chamber of Commerce, the South Korean government has focused on the importance of foreign direct investment (FDI) to its economy and its future. The nation is doing all it can to promote an optimum environment for foreign investors. For example, this year the South Korean government expects an $11 billion foreign investment, similar to that of last year.