Two hydropower projects: KOEN sending another team to garner support

ISLAMABAD: A South Korean state-owned company, Korea South-East Power Co. Ltd. (KOEN), is dispatching another delegation to Islamabad to seek support for the inclusion of its two hydropower projects in the upcoming iteration of the Integrated Generation Capacity Expansion Plan (IGCEP) 2025–35, well-informed sources told Business Recorder.

KOEN, a prominent subsidiary of Korea Electric Power Corporation (KEPCO), boasts a global generation capacity of 83,000MW and holds assets exceeding USD 175 billion.

In a letter addressed to Special Assistant to the Prime Minister Tariq Fatemi, KOEN’s Branch Manager, Park Changhark, highlighted that the company initiated investments worth USD 1 billion in Pakistan during 2017–18.

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Since then, KOEN has spent approximately USD 20 million on bankable feasibility studies, secured 100 percent funding, and obtained all necessary NOCs and generation licenses.

However, the tariff petitions for both projects— filed in June 2022— remain pending, despite a public hearing held in July 2023. “Additionally, we understand that the least-cost option under IGCEP can only be realised if NEPRA-approved costs are used for the IGCEP iteration,” Park stated.

He further noted that Yoon Ansang, Head of the Overseas Department at KOEN headquarters, will be visiting Pakistan from September 23 to 26, 2025.

The company has requested meetings with senior authorities during the visit and has sought official support and guidance to ensure the successful development of these much-needed hydropower resources.

Copyright Business Recorder, 2025