KOEN
About
Korea South-East Power (KOEN) is one of six generation companies separated from the Korean utility KEPCO (Korea Electric Power Corporation), and sells all its power to KEPCO through the power exchange. Its fleet is thermal: of 9,364 MW operating at the end of June 2026, 7,869 MW was steam plant and 922 MW combined cycle, against 573 MW new and renewable plant, and coal dominates its fuel purchases. Offshore wind is domestic and small: its subsidiary Tamra Offshore Wind runs a farm off Jeju, and a Wando Geumil project is in its investment plan, both framed as meeting Korea's Renewable Portfolio Standard (RPS), an obligation to supply renewable power. In September 2025 it signed a memorandum of understanding with Ørsted to explore joining Ørsted's Incheon project.
Outlook
as of 2026-10Offshore wind is a small part of a coal-led business. At 30 June 2026 KOEN operated 9,364 MW, of which 7,869 MW was steam plant and 573 MW renewables. It runs offshore wind through its main subsidiary, Tamra Offshore Wind, which operates a farm in public waters off Hangyeong-myeon, Jeju, framed as a response to the government's Renewable Portfolio Standard. The only offshore wind line in its domestic investment plan is Wando Geumil offshore wind, planned to add renewable capacity and meet its RPS obligation: KRW 278.3 billion over 2026 and 2027 in the FY2025 report, cut to KRW 217.7 billion in the half-year report of August 2026, with no reason given. Earlier-stage work continues: in March 2026 it contracted an environmental impact assessment for offshore wind sites off Incheon, running to March 2028. The company calls its coal-centred portfolio something it must overcome, and the same filing plans to convert six coal units to gas combined cycle by 2034.
What they've said
4 statements 2026-03 – 2026-08
- H1 2026 half-year report (DART)
The half-year report cuts the planned Wando Geumil offshore wind investment to KRW 217.7 billion, KRW 139.2 billion in 2026 and KRW 78.6 billion in 2027, from KRW 278.3 billion five months earlier. The stated purpose is unchanged: more renewable capacity and meeting the RPS obligation.
Hafrok summary source → - H1 2026 half-year report (DART)
Among its major contracts, KOEN signed on 2026-03-30 a KRW 6.9 billion environmental impact assessment service for offshore wind off Incheon (the Yongyu-Muui-Jawol and Deokjeok areas), running from April 2026 to March 2028.
Hafrok summary source → - H1 2026 half-year report (DART)
KOEN describes its coal-centred generation portfolio as a weakness it must overcome for sustained future growth, and says it is building an active response strategy. The same filing plans to convert Samcheonpo units 3 to 6 and Yeongheung units 1 and 2 from coal to gas combined cycle by 2034.
Hafrok summary source → - FY2025 business report (DART)
KOEN's domestic investment plan lists Wando Geumil offshore wind as an investment asset of KRW 278.3 billion, KRW 189.2 billion in 2026 and KRW 89.2 billion in 2027, to add renewable capacity and meet its Renewable Portfolio Standard obligation. It is the only offshore wind line in the plan.
Hafrok summary source →
Portfolio
2 held · live stages first, exits lastCapacity is net of ownership stake: a 50% JV counts half. Gross exposure (full nameplate of every project held): 0.63 GW.
| Project | Country | Stage | MW | Stake | Net MW |
|---|---|---|---|---|---|
| Tamra Offshore Wind Farm | South Korea | Operational | 30 | 100% | 30 |
| Wando Geumil Offshore Wind Farm | South Korea | Advanced Development | 600 | 100% | 600 |