Siemens receives order for power plant in South Korea Order volume approximately USD180 million
The Siemens Power Generation Group (PG) has secured an order from South Korea to supply key components for a combined cycle power plant in Incheon in the vicinity of the capital Seoul. Purchaser is the state-owned utility Korea Midland Power Co. Ltd. (KOMIPO). The plant is scheduled to start commercial operation in the summer of 2009. The order volume is approximately USD180 million.
Siemens PG will build the Incheon II power plant in the immediate vicinity of Incheon I, currently South Korea’s most efficient power plant. The company had completed construction of this combined cycle power plant for the same customer in 2005. For Incheon II Siemens PG will supply the Power Island comprising two gas turbines, one steam turbine and three generators as well as the entire electrical and instrumentation and control equipment.
South Korea currently has an installed power plant capacity of approximately 63 gigawatts. With a capacity of 550 megawatts the new natural-gas-fired combined cycle plant will make an important contribution toward meeting the rapidly increasing power demand in the Seoul conurbation in an eco-friendly and economical manner. Power demand in South Korea is forecasted to increase by five percent per annum over the next few years. The development plan drawn up by the government in Seoul makes provision for additional power plant capacity amounting to 3.6 gigawatts by the year 2020.
For more than 40 years Siemens Power Generation has been contributing to the country’s industrial development. “Following the orders for the Bugok I and II, Yulchon and Incheon I plants this is the fifth power plant order posted by Siemens in South Korea in recent years,” said Dietmar Siersdorfer, head of the Fossil Power Generation Division at Siemens PG.
The Power Generation Group (PG) of Siemens AG is one of the premier companies in the international power generation sector. In fiscal 2006 (which ended September 30), Siemens PG posted sales amounting to more than EUR10 billion and received new orders totaling EUR12.5 billion, according to U.S. GAAP. Group profit amounted to EUR782 million. On September 30, 2006, PG had a work force of approximately 36,400 worldwide. Further information at: www.siemens.com/powergeneration.
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