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| Title | [Korea Herald] Global market vital for alternative energy success: Daesung CEO | 2008.08.02 |
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FROM: Korea Herald An increasing number of Korean conglomerates are jumping into the renewable energy business as soaring oil prices are raising demand for alternative energy. Although the renewable energy sector in Korea is in its fledgling stage, local companies should look beyond the local market and target markets around the world, says Kim Young-hoon, CEO of Daesung Group, a major energy group in the country. "The portion of renewable energy such as solar and wind energy in Korea accounts for about 2.8 percent of the country`s energy market. The market is too small to make a profit in the future even with the government`s support," Kim said in an interview with reporters at an annual forum hosted by the Federation of Korean Industries. The FKI is currently hosting an annual forum on the resort island of Jeju with 500 business players and their families participating in the four-day event. Pointing out the risk of making a huge investment on the local alternative energy business now, Kim said skyrocketing oil prices will probably drop as supply and demand regains equilibrium. "If you look into data provided by the U.S. Department of Energy, supply and demand of oil is keeping its balance with only about one percent fluctuation. If the price of oil drops under the level of $60, alternative energy businesses will die out," he said. Alternative energy business can make a profit when the oil price is above $60 a barrel, he added. Led by the 56-year-old executive, Daesung has been aggressively making investments into renewable energy development project. "Countries around the world, especially China and Japan, rapidly increased the consumption of fossil fuel. We have to seriously think how to survive after exhaustion of fossil fuels in the next 50, 60 years," he said. "Energy security concerns pose big risks to us. But renewable energy sources will definitely be solution for the future." The group is developing a green city covering about 3.3 million square meters near the Mongolian capital of Ulan Bator, which will be run by solar and wind energy in September. The multi-alternative energy plant aims to stop the desertification of the region through vast underground water resources and electricity from wind and solar power. "We have tested how can an alternative energy can make a profit and also be productive. Many countries, including North Korea, are interested in our technology and know-how on renewable energy development," he said. By Cho Chung-un (christory@heraldm.com) < Copyrights ⓒ Korea Herald, Naver(NHN Corp.)> |
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| NO | Title | Date |
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| 192 | [Korea Herald] Global market vital ... | 2008.08.02 |
| 191 | Highlight of the 45th Daejongsang F... | 2008.06.28 |
| 190 | Chairman, Younghoon David Kim, talk... | 2008.06.13 |
| 189 | Daesung Group chairman, Younghoon D... | 2008.06.10 |
| 188 | Interview with Professor Joseph Ren... | 2008.05.28 |
