Press Release

Doosan Enerbility has hit the KRW 1 trillion mark for order intake of gas turbines within a single year. Buoyed by its accomplishments in July, wherein Doosan has managed to win contracts for the manufacturing and services of K-gas turbines and power plant construction, the company has recorded a cumulative order intake that surpasses KRW 1 trillion for the area of ultra-large gas turbine components manufacturing and services.

Doosan Enerbility announced on July 22nd that it had signed a contract valued to be KRW 580 billion with Korea Midland Power (KOMIPO) for the Haman Combined Cycle Power Plant. With the signing of this contract, Doosan Enerbility will be handling the entire EPC process, from design to component manufacturing/ supply and construction of the power block*, with the target date being set as 2027. Doosan will be supplying an ultra-large 380MW gas turbine that was created using homegrown technology, as well as steam turbines and other auxiliary equipment for the power plant.
* The power block of a power plant refers to the area holding key equipment needed for electric power generation, such as the turbine, generator and cooling system.

Following on the heels of the contract signed with Korea South-East Power (KOEN) on July 1st to supply the main components for the Bundang Combined Cycle Power Plant and the long-term service agreement signed on July 10th with Korea Southern Power (KOSPO) for the Andong Combined Cycle Power Plant Unit 2, Doosan Enerbility made a triple win by winning this recent contract, recording project wins in the areas of manufacturing, services and construction of K-gas turbines in the month of July. Furthermore, starting with the contract signed in June of last year with Korea Midland Power (KOMIPO) to supply the main components for the Boryeong New Combined Cycle Power Plant, Doosan has recorded a cumulative order intake surpassing KRW 1 trillion in the area of ultra-large gas turbine components manufacturing and services over the past one year.

”The fact that Korea Midland Power, which had implemented a 380MW K-gas turbine last year, has once again selected a K-gas turbine this time and commissioned our company to handle the related construction work is truly significant,” said Hyeonho Lee, CEO of Doosan Enerbility’s Plant EPC Business Group. “As this contract shows that we are recognized for both our power plant construction capabilities and equipment manufacturing expertise, we plan to build up our competitiveness even further in the global power market going forward.”

The global gas turbine market is continuously growing. According to the market research firm HIS Markit, the LNG power generation capacity is forecast to grow from 2,043GW in 2024 to 2,434GW by 2032. LNG plants are also forecast to be increasingly installed, such as 15.4GW of alternatives to coal-fired thermal power plants and combined cycle repowering plants and 3GW of semiconductor clusters, all of which are set to be installed in the Korean market.

The demand for gas turbines, a key component of power plants, and the long-term services business are also expected to grow. In the case of long-term services, this is an area regarded as holding particularly good business potential, as this can become a continuous and stable source of revenue for 10-14 years after the supply of gas turbines. With the target being to record a cumulative gas turbine order intake of 100+ units by 2038, Doosan Enerbility expects to record a revenue of KRW 1 trillion for gas turbine services by 2038.

▲Aerial view of Haman Combined Cycle Power Plant (Provided by KOMIPO)