5 June 2002 – Korea Electric Power Corporation (Kepco) expects the Ilijan natural gas-fired Combined Cycle Power Plant in Manila to earn $2.5bn in revenue as the Philippine’s government will provide free fuel and donated the site for the plant.

The company said it would be paid sales revenue from all the power generated by the plant based on a take-or-pay contract over the next 20 years.

As the Philippines’ largest power project with a capacity to generate 1200 MW of electricity, the plant improves the position of Korea’s dominant provider of electricity within the global electricity market.

With the completion of the Ilijan plant, Kepco will now operate power facilities with a combined capacity of 1850 GW in the Philippines, taking up a seventh of the Philippines’ total capacity.