Isramart : South Korea to make large investments in smart grids

Isramart news:
South Korea is aiming for spending of USD24 billion (27.5 trillion won) over the next two decades on smart grids to make electricity distribution more efficient, cut greenhouse gas emissions and save USD26 billion in energy imports, writes Reuters.

South Korea, the OECD's fastest-growing carbon polluter and the world's fifth-largest oil importer, is betting on smart grids to manage electricity use more efficiently, and aims to create a nationwide smart grid by 2030 for an electricity market worth 68 trillion won (USD59 billion), the energy ministry said in a statement on Monday.

It has already picked eight consortiums for a test-bed of the project, which will save consumers money on their utility bills, reduce blackouts and carry solar and wind energy power supplies.

The government is set to spend 2.7 trillion won on the project while the private sector is seen investing an estimated 24.8 trillion won by 2030, the energy ministry said.

The project is seen enabling the country to cut greenhouse gas emissions by 150 million metric tons by 2030 and reduce oil imports by 344 million barrels worth 30 trillion won, the statement said.

In a smart grid, computers and sensors installed at power plants, substations and along power lines signal control centers that would better manage the flow of electricity.