Korea Electric Power Corp. (KEP:US), the nation's biggest generator, said it may build a $250 million coal-fired power plant in Cebu, in the Philippines.
Korea Electric will start a feasibility study on the 200-megawatt plant this month and announce the results in September or October, company spokesman Cheong Eun Ho said in a telephone interview.
``We will make a final decision on whether to build the power plant early next year,'' Cheong said. He said it will take about three years and $250 million to build. Korea Electric is studying the Cebu project after a plan to build a 100-megawatt plant on Panay island stalled because of protests by environmental groups, he said.
South Korea's energy minister Lee Hee Beom and Philippines energy secretary Vincent Perez signed a non- binding agreement yesterday in Macati, Manila's financial district, and agreed to ``support the Cebu power project on a government-level,'' South Korea's energy ministry said in a statement.
Korea Electric has two plants in the Philippines. It owns and operates a 1,200-megawatt gas-fired power plant in Ilijan, south of Manila, and a 650-megawatt oil-fired power plant in Rizal, east of Manila.
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