Korea Electric Power Corporation (KEPCO), the leading energy company in South Korea, will invest $1.8billion until 2015 to develop a smart grid.
KEPCO head of technology strategy Hong Sung Eui told Bloomberg that a smart grid, which helps cut energy consumption and accommodate more wind and solar power, is essential for reducing harmful gases as the power sector is the biggest emitter in any country.
According to Eui, two-way communications and other enhancements to the grid may reduce South Korea’s annual power consumption by 10% by 2030.
KEPCO plans to invest $4.3billion by 2030 in transmission and distribution upgrades, and another $1.2billion on expanding the use of renewable energy. An upgraded power grid will also help the country reduce its energy imports.