[THE INVESTOR] Korea Electric Power Corp. decided to invest 8.3 trillion won (US$7.51 billion) in new energy businesses such as energy storage system by 2020, at a meeting with its subsidiaries in Seoul on Sept. 23.

The state-owned utility firm will also increase the budget for research and development in the field to 700 billion won by 2025 from the current 100 billion won. 

KEPCO also confirmed that it will invest over 10 trillion won to implement government plans for closing down power plants as well as reinforcing or improving environmental equipment by 2030. 

It pledged to be “global leaders for clean energy,” to drastically reduce carbon footprint and provide electricity in a clean and safe way.

By Hwang You-mee (glamazon@heraldcorp.com)