South Korea

Consumers Willing to Buy Power from Non-Traditional Sources

According to new research by Accenture, a majority of consumers would consider buying electricity from companies other than traditional energy utilities. Revealing the Values of the New Energy Consumer polled 10,199 people in 18 countries and found that 73 percent would consider buying electricity, energy efficiency products, and related services from companies other than traditional energy providers such as product retailers, cable or phone companies, and online sites or brands.

South Korea investing in smart grid technology to support renewable power generation

Korea Electric Power Corporation is to invest in developing smart grid technology. State-owned Korea Electric Power Corporation has announced plans to invest $1.8bn in smart grid technology as part of its efforts to reduce carbon emissions. In addition, the corporation has recently joined IBM’s Global Intelligent Utility Network Coalition, signaling an intention to be among the world leaders in the development and deployment of smart grid technology.


South Korea Commits to Smart Grid

Korea Electric Power Corp., South Korea’s biggest electricity producer, plans to invest $1.8 billion in a smart grid over the next five years as part of the government’s efforts to reduce carbon emissions. The government suggests that by 2030, private and state spending together on smart grid infrastructure could reach nearly $21 billion.

Smart Meters to Surpass 300 Million by 2016

A new report from Berg Insight concludes that the worldwide deployment of smart electricity meters will reach 302.5 million at the end of 2015, based on a compound annual growth rate of 31.1 percent between 2009 and 2015. During the next five years, penetration rates for smart metering technology are projected to more than double to nearly 50 percent in Europe and North America, while Asia-Pacific is projected to reach 25 percent by 2015, from less than one percent today. The report anticipates that growth will continue into the second half of this decade, with many markets approaching 100 percent penetration by 2020.

US Planning International Smart Grid Network

According to government sources, the United States plans to announce the formation of the International Smart Grid Action Network, or ISGAN, to expand the U.S. energy market through smart grid standardization and take the lead in the new energy business. The Obama administration is expected to make the announcement at the first ministerial meeting on clean energy to take place in Washington, D.C. on July 19-20.