“Energy” Big Data to be Shared with Large Corporations | Be Korea-savvy

“Energy” Big Data to be Shared with Large Corporations

(image: Korea Bizwire)

(image: Korea Bizwire)

SEOUL, May 31 (Korea Bizwire)A new way has been paved for corporations to incorporate the massive trove energy-related big data held by the Korea Electric Power Corporation (KEPCO) into new energy business models.

The Ministry of Trade, Industry and Energy announced today that KEPCO had signed MOUs with four corporations (KT, SKT, LG Uplus and Encored) that would allow the companies access to KEPCO’s big data.

The companies will develop new applications that would allow for easier application of data from consumers.

Consumer information and big data are essential in the development of new energy products and services seeking to utilize IoT technology.

Until now, access to such information was difficult as companies had to submit proof of consumer consent to KEPCO. The newly inked MOU would make it possible for partnered companies to access the data quickly.

The moment consumers consent to KEPCO’s privacy policy, data is automatically transmitted to the companies.

The ministry says that consumers will benefit from the initiation of the new data sharing partnership as more effective business models will be developed and the analysis of energy consumption patterns will help customize energy services that consumers need most.

Kevin Lee (kevinlee@koreabizwire.com)

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