Magok ENS project enters EPC bidding phase for 700 billion won power plant

Seoul Energy Corporation and Korea South-East Power have officially entered the execution phase of the Magok ENS project, a 700 billion won combined heat and power (CHP) development. On September 14, the entities issued an EPC (Engineering, Procurement, and Construction) tender to select a contractor for the second phase of the Southwest District Energy Facility construction.

The project involves building a 285MW LNG-fired CHP plant, a 68Gcal/h heat-only boiler, and thermal storage facilities in the Gangseo-gu Magok area. Once completed, the facility is expected to provide stable district heating to approximately 74,612 households and 428 commercial or public facilities, addressing the rising energy demand in southwestern Seoul.

To mitigate global supply chain risks, the partners previously secured gas turbine production slots through a reservation agreement with GE in April. The project will be managed via a Special Purpose Company (SPC) to balance public interest with shared investment risks. Financial feasibility studies have confirmed the project meets required economic benchmarks, including a benefit-cost ratio of 1.003.