Nov. 16 (Bloomberg) -- South Korea began construction of a less-polluting power plant that may cost 1.56 trillion won ($1.4 billion) by its targeted completion in 2016.
The plant, with a capacity of 300 megawatts, will be the first electricity generator in South Korea to use integrated gasification combined cycle technology, the Knowledge Economy Ministry said in an e-mailed statement today. The government will provide 163.5 billion won and private companies will finance the rest, the statement said.
Korea Western Power Co., a unit of Korea Electric Power Corp., will lead the project, working with five power-generation company affiliates and Doosan Heavy Industries & Construction Co., the nation’s biggest power-equipment maker, the statement said. The government aims to complete construction of the plant in Taean, Chungcheongnam-do, by 2015 and trial operations by July 2016, the ministry said.
South Korea in 2009 pledged a 30 percent reduction in carbon emissions from expected levels by 2020. Electricity generation accounts for about 40 percent of emissions, according to data from the ministry.
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