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MarketScreener Homepage  >  Equities  >  Korea Stock Exchange  >  Korea Electric Power Corporation    A015760   KR7015760002

KOREA ELECTRIC POWER CORPORATION

(A015760)
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South Korea first-quarter thermal coal imports set for 10-year low on anti-pollution measures

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03/25/2020 | 10:12pm EDT

South Korea's first-quarter thermal coal imports are set to fall to a decade-low due to stricter air pollution measures, while the coronavirus outbreak has reduced the country's demand for electricity.

South Korea, the world's No.4 coal importer, is expected to import around 19.85 million tonnes of thermal coal for the first three months, down 19.2% year-on-year, according to Reuters calculations based on customs data and ship tracking data from Refinitiv Eikon.

That would be the country's lowest first-quarter imports since 2010 when it imported 19.55 million tonnes. Demand is normally high during the quarter, which covers the winter months, running at 24-26 million tonnes over the past three years.

The drop in imports comes after South Korea imposed tougher restrictions on coal-fired power from December through March, halting nearly half of the country's 60 coal power plants by March as part of efforts to improve air quality.

Meanwhile, analysts said the coronavirus outbreak had reduced demand for electricity as business and factory activity slows. South Korea has faced the region's biggest COVID-19 epidemic outside of China, with over 9,000 cases.

"We expect South Korea's overall power consumption to fall in light of growth pressures stemming from the COVID-19 outbreak," said Daine Loh, an analyst at Fitch Solutions.

South Korea's daily peak power demand has averaged 70,633 megawatts (MW) so far in the first quarter of 2020, down 3.5% from 73,224 MW a year earlier, according to data from Korea Electric Power Corp (KEPCO).

Coal power typically produces about 40% of South Korea's total electricity, followed by nuclear and gas power.

With reduced power consumption and demand in the midst of the coronavirus outbreak, coal power's share of total power generation is expected at nearly 39% in 2020, down from 40% in 2019, Loh said.

Coal could also face increased competition from gas-fired power on the back of lower oil prices, said Shirley Zhang, an analyst from Wood Mackenzie.

In the first three months of the year, South Korea's liquefied natural gas (LNG) imports are expected to grow 25.2% year-on-year to 12.9 million tonnes, Refinitiv data showed.

"Lower oil prices will keep the LNG price lower, which will support anti-coal policy moves and increase the economic incentives for it to potentially outcompete some coal generation if sustained low and long enough," Zhang said.

By Jane Chung


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LINE CORPORATION 0.00% 5360 End-of-day quote.0.19%
LONDON BRENT OIL 1.48% 41.14 Delayed Quote.-37.71%
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Financials
Sales 2020 58 326 B 51,7 B 51,7 B
Net income 2020 1 613 B 1,43 B 1,43 B
Net Debt 2020 68 072 B 60,3 B 60,3 B
P/E ratio 2020 8,46x
Yield 2020 3,07%
Capitalization 13 224 B 11 719 M 11 717 M
EV / Sales 2020 228x
EV / Sales 2021 226x
Nbr of Employees -
Free-Float 81,5%
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Mean consensus BUY
Number of Analysts 23
Average target price 26 869,57 KRW
Last Close Price 20 600,00 KRW
Spread / Highest target 69,9%
Spread / Average Target 30,4%
Spread / Lowest Target -2,91%
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Managers
NameTitle
Jong-Kap Kim President, Chief Executive Officer & Director
Jeong-soo Kim Head of Finance & IR Team
Jong-Hwan Lee Head-Technological Innovation
Bong-Su Mun Director & Head-Power Grid
Jwa-Kwan Kim Independent Director
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