December 17, 2014 4:17 PM ET

Independent Power and Renewable Electricity Producers

Company Overview of POSCO ENERGY Co., Ltd.

Company Overview

POSCO ENERGY Co., Ltd., an independent power producer, generates, and supplies electricity. It operates off-gas combined cycle power plants with a capacity of 300MW in Gwangyang and Pohang; LNG cycle power plant with a capacity of 3,000MW in Seoul metropolitan area; waste gas energy generation in Korea and Indonesia; and coal-fired power plant in Vietnam and Mongolia. The company also has solar power plant and onshore wind farm facilities in Jeonnam Shinan. In addition, it operates 26 fuel cell power plants in Korea and internationally. The company was formerly known as POSCO Power Corp. and changed its name to POSCO ENERGY Co., Ltd. in February 2012. POSCO ENERGY Co., Ltd. was founded in 19...

POSCO Center East Wing

8th Floor

892 Daechi 4-dong

Gangnam-gu

Seoul,  

South Korea

Founded in 1969

Phone:

82 2 3457 2114

Fax:

82 2 3457 2115

Key Executives for POSCO ENERGY Co., Ltd.

Chief Executive Officer
Age: 62
Chief of Technology Strategy Office and Senior Managing Director
Age: 55
Senior Managing Director
Age: 57
Chief of Management Planning Office and Managing Director
Age: 53
Chief of Fuel Cell Business Office and Senior Managing Director
Age: 58
Compensation as of Fiscal Year 2014.

POSCO ENERGY Co., Ltd. Key Developments

POSCO To Reportedly Postpone IPO Of POSCO ENERGY

POSCO (KOSE:A005490) will postpone an initial public offering (IPO) of POSCO ENERGY Co., Ltd. for at least two more years because it has become difficult to set an appropriate price, reported Korea Times citing industry sources. The sources said that POSCO Energy's worsening performance this year has made it almost impossible to get the amount it seeks. Hwang Eun-yeon, Chief Executive Officer of POSCO ENERGY, said that the company would go public in 2015 in line with its parent company's restructuring scheme for its affiliates. POSCO declined to comment on the issue to the Korea Times, saying that POSCO ENERGY had been handling its own IPO issue. A POSCO Energy spokeswoman said nothing had been decided yet as to whether the company would sell its stakes or list on the stock market. The spokeswoman said, "It is true that POSCO has been trying to dispose of stakes in its energy business unit to secure cash, but it hasn't decided how to do it." The spokeswoman refused to confirm whether or not the IPO has been delayed.

FuelCell Energy Inc. Announces Strengthening of Strategic Relationship with POSCO Energy Supporting Global Market Development and Product Cost Reductions

FuelCell Energy Inc. announced further steps to accommodate the increasing global demand for megawatt-class stationary fuel cell power plants, ensuring preeminent customer support around the world as well as enhanced execution of product cost reductions. FuelCell Energy and POSCO Energy are collaborating to support multi-national customers expressing interest in fuel cell projects in the other partner's territory, are further synchronizing the integrated global supply chain, and executing the sale of four fuel cell modules, totaling 5.6 megawatts to meet rising demand in Asia. Increasing interest in stationary fuel cell applications in different geographic regions from companies with global operations has led to the broadening of activities between FuelCell Energy and POSCO Energy. Enhanced collaboration accommodates North American, European or other non-Asian customers of FuelCell Energy that are interested in a fuel cell installation in Asia as well as Asian customers of POSCO Energy that desire a fuel cell installation outside of Asia. With growing global adoption of Direct FuelCell power plants, trends to larger-sized fuel cell parks, and cross-territorial interest from multi-national customers, FuelCell Energy and POSCO Energy can support global customers in each other's local market to ensure consistency of communication, quality and execution. The construction of the POSCO Energy cell manufacturing facility is on schedule with production expected in mid-2015. Once operational, this facility will double the global manufacturing capacity of FuelCell Energy's proprietary power plants. The integrated global supply chain agreement reaffirms the global supply chain alignment, which is critical for expected product cost reductions. Decreasing product costs supports further market adoption as well as margin expansion. The combined purchasing volume of both organizations results in both partners benefitting from purchases by each other through lower product costs. By leveraging the existing supply advantages of both companies, including POSCO's steel manufacturing capabilities and mining operations, FuelCell Energy will realize enhanced security of supply and increasing production volumes in any one region benefits both partners with lower product costs globally.

POSCO ENERGY Co., Ltd. Reports Earnings Results for the Year Ended December 31, 2013

POSCO ENERGY Co., Ltd. reported earnings results for the year ended December 31, 2013. For the period, the company reported sales of KRW 2,901,117 million and net income of KRW 143,976 million compared to sales of KRW 2,805,208 million and net income of KRW 177,796 million a year ago. Profit for the period of KRW 146,419 million compared to KRW 174,539 million. Cash flows from operating activities was KRW 32,174 million compared to KRW 50,179 million a year ago.

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