The energy consulting project can help customers save electricity by providing comparable data on energy usage for similar business types based on AMI data..(image: Kobizmedia/Korea Bizwire)
SEOUL, July 12 (Korea Bizwire) – Korea Electric Power Corp. said on July 11 that it would set out pilot “big data” projects from this month. The two pilot projects involve setting up an energy consulting business based on advanced metering infrastructure (AMI) data and establishing a risk forecasting system based on analysis of social networking service data. Full-fledge services will be available by the end of this year.
The energy consulting project can help customers save electricity by providing comparable data on energy usage for similar business types based on AMI data. That way, the customers can save money with electricity bills while the state-run electricity utility can reduce the load and thus avoid instances of brownout.
What is a Smart Meter?
A smart meter is usually an electronic device that records consumption of electric energy in intervals of an hour or less and communicates that information at least daily back to the utility for monitoring and billing purposes. Smart meters enable two-way communication between the meter and the central system. Unlike home energy monitors, smart meters can gather data for remote reporting. Such an advanced metering infrastructure (AMI) differs from traditional automatic meter reading (AMR) in that it enables two-way communications with the meter. (Wikipedia)
The risk forecasting system can analyze a variety of business risks (blackouts, customer complaints, and climate change) using gobs of data on the company including social network service data, Internet data, and other customer complaints. With this system, KEPCO expects that it would be able to reduce blackouts and minimize damages by responding quickly to problems.
Lee Hoi-chang, Korea Electric Power Corp.’s head of ICT planning, said, “I hope our big data projects could make meaningful contributions to creating new business models.
Once the projects are up and running, we will join with other government-owned enterprises and private sector participants to create wider service models.” To that end, the company will establish a comprehensive talent nurturing plan and train 300 big data professionals by 2016.
Written by Sean Chung (schung10@koreabizwire.com)
Technology (Follow us @Technews_Korea)
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Risk forecasting can be used in many different ways. Historical data that is integrated from disparate systems and sources can offer insight into what to expect in terms of outages, necessary infrastructure growth, user growth, etc. It can also forecast and predict issues with pricing and products and services so that the business can stay ahead of demand and make the necessary course corrections.
At ElegantJ BI, we find that vertical industry growth includes nearly every type of enterprise, including utility companies, government agencies, retail, technology, consulting and every other type of business.
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