In a press release today, South Korea’s largest power provider KEPCO said it plans to develop future micro-grids (MG) that use blockchain technology alongside other open energy community solutions.
Kim Jong-gap, president and CEO of KEPCO, said in the announcement that they are pursuing the KEPCO Open MG Project to develop future microgrids. The aim is to improve the already established energy infrastructures, especially those of the green energy systems by bridging the gaps between independent MG providers.
The current energy infrastructure being developed is seen as a solution to energy supply problems: “If electricity can be traded between MGs, it will be helpful to stabilize the power system of new and renewable energy by eliminating the system connection bottleneck.”
Previously existing MGs were based on the systems of photovoltaics, wind turbines, and energy storage devices which made it difficult for the electric power producer to supply stable power. However, with the newly introduced Open MG system, which is equipped with a fuel cell as a power source, there should be an increase in the energy dependence rate and efficiency, which will also promote eco-friendly energy practices as it does not emit greenhouse gases.
KEPCO is leveraging on blockchain’s decentralized aspects, one of the three major trends Kim believes are in the future of the energy industry: decarbonization, decentralization, and digitalization.
KEPCO is responsible for the generation, transmission, and distribution of electricity for most of South Korea. About 50% of the equity shares in the company is owned by the government and a government-owned bank, despite it being a public company. However, it continues to explore new technologies and innovations to improve energy distribution models.
In April this year, Power Ledger announced its partnership with KEPCO to begin exploring peer-to-peer energy trading. With the promise of increased funding from the South Korean government and the recent partnerships between KEPCO, Mitsubishi UFJ Bank, IT service management company Nihon Unisys, and the University of Tokyo, the country may well be on its way to transforming the energy distribution sector domestically.
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