Ulsan formally asks Korea East-West Power to back 'Korea Power' headquarters bid

Ulsan city and Korea East-West Power have agreed to work together to strengthen the regional energy industry and attract "Korea Power" (tentative name) — the planned integrated entity formed by merging five state-owned power companies — to the city.

Ulsan Deputy Mayor for Economic Affairs Shin Min-sik visited Korea East-West Power on Tuesday for an energy industry cooperation meeting with the company's Vice President Nam Seok-yeol and union chairman Lee Gap-hee. The talks covered the future role and competitiveness of state power companies amid a changing energy landscape, including the merger of the five firms targeted for completion in October next year, as well as ways to deepen cooperation with local industries.

At the meeting, Shin made the case for locating Korea Power in Ulsan, citing the city's status as one of the country's largest consumers of industrial electricity and its extensive power generation infrastructure, along with its proven capacity for next-generation energy projects such as hydrogen and offshore wind.

Shin also highlighted the industrial ecosystem already in place in Ulsan — spanning energy technology development, demonstration and commercialization — built around a cluster of public energy institutions, leading companies and research bodies including Ulsan National Institute of Science and Technology (UNIST).

"Ulsan is South Korea's premier energy city, where power production, consumption and energy transition all happen in one place, making it the ideal environment for the government to demonstrate the renewable energy transformation that Korea Power is meant to drive," Shin said. "If Korea Power is established in Ulsan, it will not only boost the competitiveness of the integrated utility but also make a significant contribution to the nation's energy transition."

Korea East-West Power representatives said the company, having grown alongside Ulsan, would maintain close communication with the city to jointly explore ways to advance the regional energy industry.