• GE Vernova has been chosen to supply an advanced HVDC system for the 500 kV Donghaean #2 to Dong-Seoul HVDC converter station project (EP2), a key element of South Korea’s largest power grid initiative. This project is a significant part of the nation’s ambitious 4 GW HVDC transmission link.
• The order was secured through KAPES, the joint venture formed between GE Vernova and Korea Electric Power Corporation (KEPCO). The advanced HVDC system, utilizing Line Commutated Converter (LCC) technology, will support reliable power transmission and facilitate South Korea’s energy transition by integrating renewable sources into the grid.

Seoul, South Korea (December 23, 2024) — GE Vernova Inc. (NYSE: GEV) announced today that its joint venture, KAPES, has been selected by Korea Electric Power Corporation (KEPCO) to supply a cutting-edge High Voltage Direct Current (HVDC) system based on LCC technology for the Donghaean #2 to Dong-Seoul HVDC converter station (EP2) project. This part of a larger 4 GW HVDC transmission link is designed to connect South Korea’s east coast power generation complex to the Seoul metropolitan area, representing the country’s largest power grid project to date.

In addition to the EP2 project, GE Vernova is also executing the EP1 project through KAPES. Together, these two projects will ensure a stable and reliable power supply for the Seoul area, which consumes approximately 40% of South Korea’s total energy. Both projects will benefit from GE Vernova’s innovative HVDC technology, which enables efficient long-distance power transmission and enhances the grid’s resilience to meet the growing energy demands.

For the EP2 project, GE Vernova’s responsibilities include the engineering and delivery of HVDC Valves and Control Systems based on LCC technology, which are critical for stable power transmission over long distances. The project highlights the increasing demand for GE Vernova’s solutions within the Electrification segment, a rapidly expanding part of the company.

KEPCO’s Vision for a Sustainable Energy Future

KEPCO has recognized the crucial role of advanced HVDC technology in South Korea’s energy transition. The EP2 project is designed to provide efficient and reliable power transmission to key industrial regions, laying the foundation for a sustainable and resilient energy network.

Yu-won Kang, CEO of KAPES, said, “The EP2 project strengthens KAPES’ position as a leader in HVDC technology in Korea, thanks to our collaboration with GE Vernova. This project highlights our technological expertise and project management capabilities. KAPES is committed to supporting KEPCO in South Korea’s energy transition and ensuring the stability of the national power grid.”

Johan Bindele, Business Leader at GE Vernova’s Electrification Systems, remarked, “Our Electrification segment is experiencing rapid growth, with much more to come. We are dedicated to providing innovative solutions that help electrify and decarbonize the world, particularly in Asia, where electrification is crucial for a sustainable energy future. Our long-standing partnership with KEPCO—spanning 26 years—demonstrates our shared commitment to advancing power infrastructure.”

Shailesh Mishra, Regional Leader for Grid Systems Integration in Asia Pacific at GE Vernova, commented, “The EP2 project plays a pivotal role in South Korea’s energy transition. By deploying advanced HVDC technology, we are not only improving the efficiency and reliability of the national grid but also enabling a greater integration of renewable energy sources. Our collaboration with KEPCO through KAPES enables us to deliver transformative solutions that align with South Korea’s sustainable energy goals.”

KAPES: Strengthening South Korea’s Power Grid

Established in 2012, KAPES is a joint venture between KEPCO and GE Vernova that has been instrumental in addressing South Korea’s unique energy challenges. Beyond the EP1 and EP2 projects, KAPES has played a key role in the Buk-Dangjin-Godeok HVDC connection—a 3 GW transmission line that delivers power from the Dangjin power plant to Seoul and surrounding areas—and the Shin-Bupyeong HVDC Link, a 500 MW Back-to-Back Voltage Sourced Converter (VSC) system in Incheon designed to ease grid congestion. Together, these initiatives reinforce KAPES’ crucial role in enhancing South Korea’s power grid and advancing its energy infrastructure.

HVDC’s Role in Korea’s Energy Transition

High Voltage Direct Current (HVDC) technology is a key element in the global transition towards sustainable energy systems. It allows for the efficient and reliable transmission of power over vast distances. The HVDC system based on Line Commutated Converter (LCC) technology utilizes thyristor-based power semiconductors to transfer substantial amounts of power, up to 8 GW, with minimal energy loss. Its capacity for high-power transmission, coupled with built-in fault protection, makes it an excellent choice for bolstering South Korea’s power grid and facilitating the integration of renewable energy sources.

In South Korea, HVDC is focused on improving the efficiency and stability of power transmission over long distances, enabling bi-directional energy flow, and supporting renewable energy integration. EP2 is designed to serve as a dependable link between the East Coast’s power generation plants and the high-demand metropolitan areas, which include major semiconductor production hubs such as Yongin, Incheon, and Pyeongtaek.

GE Vernova’s Presence in South Korea

GE Vernova has been a significant player in South Korea’s energy sector since 1976, working in close collaboration with local companies to foster the country’s growth in the energy industry.

Forward-Looking Statements

This document contains forward-looking statements, referring to predictions about future events that inherently involve some degree of uncertainty. These statements pertain to GE Vernova’s anticipated business and financial performance, the expected performance of its products, the effects of its services, and the potential results they may generate. Such statements often include terms like “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “preliminary,” or “range.” By their nature, forward-looking statements involve uncertainty, including those regarding planned or potential transactions, investments, or projects, and their expected outcomes, as well as the influence of macroeconomic and market conditions on business operations, financial results, and the global supply chain.

About GE Vernova

GE Vernova Inc. (NYSE: GEV) is a purpose-driven global energy company, comprising the Power, Wind, and Electrification segments, supported by its accelerator businesses. With over 130 years of experience addressing global challenges, GE Vernova is uniquely positioned to lead the energy transition by continuing to electrify the world while simultaneously working to decarbonize it. The company plays a pivotal role in helping customers power economies and deliver essential electricity that contributes to health, safety, security, and an enhanced quality of life. Headquartered in Cambridge, Massachusetts, GE Vernova operates in over 100 countries, with approximately 75,000 employees worldwide. Its purpose, The Energy to Change the World, drives the company’s efforts to deliver a more affordable, reliable, sustainable, and secure energy future.

Through its Grid Solutions business, GE Vernova is advancing global electrification by providing state-of-the-art grid technologies and systems. These innovations facilitate the transmission and distribution of power from generation points to consumers, supporting the decarbonization and security of the energy transition.

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