SEOUL, Sep. 25 (Korea Bizwire) – Visiting Canada from September 21 to 24, president and CEO Cho Hwan-ik of Korea Electric Power Corporation (KEPCO) signed a Memorandum of Understanding (MOU) with PowerStream to collaboratively advance into the microgrid market in North America.
A microgrid is a small-scale power grid that can operate independently or in conjunction with the area’s main electrical grid within a boundary, by controlling new renewable energy resources and an energy storage system with an energy management system.
As an energy company providing power and related services in north of Toronto and in Central Ontario, PowerStream is a leading company when it comes to microgrids and smart grids in North America.
By deciding a joint investment worth 5 million won (CAD5.33 million) for two years, two utility CEOs made an agreement in constructing microgrid systems to provide active electricity supply and research and develop microgrid technologies in world-wide electricity distribution systems in order to dominate the global market in advance,
“The agreement of this MOU is like establishing a bridgehead to step into the overseas market of KEPCO and its collaborating companies. It will accelerate our advancement into the North American market and thus the export of our related technologies overseas,” predicted President and CEO Cho Hwan-ik of KEPCO.
KEPCO intends to help about 120 islands in South Korea to become an eco-friendly energy independent island with microgrid technology, saving 16 million own in supplying electricity. On the basis of the technological prowess and management know-hows accumulated over the process, the sole electric utility in South Korea will set a foot in the global mirogrid market more proactively.
By Eugene Yu (firstname.lastname@example.org)