21-05-08 Germany-based Siemens Energy announced a contract with South Korean POSCO.
The German firm said it was awarded an order to supply key components for two units of the Pohang Iron and Steel Company Power combined-cycle power plant in South Korea.

POSCO Power is the largest Korean independent power producer. The two newest plant units are scheduled to begin commercial operation in December 2010 and summer 2011, respectively.
The order includes gas turbine services defined in a long-term program agreement and is worth about $ 500 mm.

The plant has a current total capacity of 1,800 MW and is located in Incheon near Seoul. The two new units will add an additional capacity of 1,000 MW and will be built on the site of the existing units. Siemens Energy will supply four gas turbines, two steam turbines and six generators and, under contract, Siemens will service the turbines for 12 years.
The new units are expected to help South Korea, which currently has an installed power plant capacity of about 73 GW, to meet its demand, which is expected to grow by nearly 5 % a year during the next several years.