Doosan Enerbility’s gas turbine orders top $720 mn with KOMIPO deal

Doosan Enerbility Co., a leading South Korean power plant engineering company, said on Monday it has clinched a 580 billion won ($418 million) deal to build a gas turbine and related facilities for a domestic power plant.

With the latest deal, the Doosan Group affiliate has won gas turbine orders worth a combined 1 trillion won ($720 million) over the past year as the company aims to expand its presence overseas with its proprietary gas turbine construction technology.

Under the $418 million deal with Korea Midland Power Co. (KOMIPO), Doosan will design the Haman Combined Cycle Power Plant’s power block, where key equipment such as turbines, generators and cooling systems are located.

KOMIPO is an affiliate of Korea’s state-run Korea Electric Power Corp.

Doosan will also be responsible for the engineering, procurement and construction (EPC) of the project, including manufacturing of the main turbine.

The power plant, scheduled for completion in 2027, will be equipped with a Doosan-developed 380-megawatt (MW) gas turbine.

PROPRIETARY GAS TURBINE TECH

Doosan Enerbility, formerly Doosan Heavy Industries & Construction Co., developed a 270 MW gas turbine with its proprietary technology in 2019. It advanced its technology to unveil a much larger 380 MW gas turbine a few years later.

In June 2023, the company first signed a contract to supply a 380 MW gas turbine to a combined power plant in Boryeong, South Chungcheong Province.

Earlier this month, Doosan won a deal to build a gas turbine for Korea South-East Power Co.'s plant in Bundang, Gyeonggi Province.

On July 10, the company clinched a deal with Korea Southern Power Co. to provide a long-term equipment maintenance and repair service for the power generator’s combined cycle plant in Andong, North Gyeongsang Province.

A gas turbine is a combustion engine at the heart of a power plant that converts natural gas into electricity. It is often composed of a compressor, a combustor and a turbine.

GLOBAL PUSH

Doosan Enerbility is also actively pursuing overseas business expansion.

The company is keen to enhance its presence in the liquefied natural gas (LNG) power plant market.

LNG power generation serves as a stepping stone in an industry transition from thermal power to more eco-friendly power generation.

According to market research firm HIS Markit, the global LNG power generation capacity is forecast to grow from an estimated 2,043 gigawatts (GW) this year to 2,434 GW by 2034.

Doosan plans to build over 100 gas turbines for power plants by 2038 and achieve 1 trillion won in annual sales revenue from the power plant maintenance and repair service segment by then.

“Our latest deal with KOMIPO proves the excellence of our advanced gas turbine technology. We aim to become a global leader in this segment a few years from now,” said Lee Hyun-ho, head of Doosan’s plant EPC business group.

Doosan Enerbility is already a leading company in the small modular reactor (SMR) design and manufacturing industry.

Write to Hyeon-woo Oh at ohw@hankyung.com


In-Soo Nam edited this article.