February 18, 2011 – State-run Korea Electric Power Corp said announced it would invest $7.18 billion in its smart grid business by 2030 to cut carbon emissions and boost the efficiency of electricity facilities.
Of the total investment will be spent in the next five years, to upgrade power transmission and distribution systems and switch meters, the company said in a statement.
South Korea said in early 2010 that it aimed for spending of 27.5 trillion won over the next two decades on smart grids to make electricity distribution more efficient, reduce greenhouse gas emissions and save $26 billion in energy imports.
The OECD’s fastest-growing carbon polluter and the world’s No.5 oil importer wants to create a nationwide smart grid by 2030 for an electricity market worth 68 trillion won.
In a smart grid, computers and sensors installed at power plants, substations and along power lines signal control centres that better manage the flow of electricity.