In Asia, South Korean wireless telecommunications operator SK Telecom will partner with KEPCO to leverage Internet of Things (IoT) and big data technologies for new growth opportunities including the creation of smart energy systems.
The agreement will see Korea’s state-run utility work with SK Telecom to establish next-generation electricity infrastructure and develop smart grid systems based on IoT and ICT technologies.
According to the Korea Times, the two companies will also work together to “upgrade the advanced metering infrastructure, enhance energy consumption efficiency through telecom technologies and build a nationwide smart grid with the introduction of smart technologies on electricity grids.”
Says Jang Dong-hyun, SK Telecom CEO: "The world-class electrical grids established by KEPCO and SK Telecom's information and communication technologies will combine to enhance efficiency of national energy supply and consumption.
"The collaboration will also lead to the creation of a win-win business model with local small and medium enterprises."
KEPCO Chairman Cho Hwan-ik added: "The two companies [KEPCO and SK Telecom] have leading technological capabilities in electricity and telecom, respectively. The collaboration is expected to create new growth engines and synergy effects for the overseas markets."
The Korean utility and telecoms provider will also collaborate on the ‘Bitgaram Energy Valley’ district, a glocal (global+local) energy cluster that the Korea Electric Power Corporation, is driving forward.
The district is located in Naju, South Jeolla Province where the two companies will promote mutual growth with smaller companies and the local economy as well as jointly engage in R&D activities.
KEPCO and LGU+ sign MoU
In other KEPCO news, the utility has signed a MoU with South Korean telecommunications and mobile phone operator LGU+ to develop next-generation smart grid business models by creating synergies between electricity and Internet of Things technologies.
According to Business Korea, the two companies will work together to “improve the energy efficiency of buildings based on Internet of Things technology, provide power consumption information through IPTV in real time and develop a real-time electric power facility safety monitoring solution based on LTE technology.”
KEPCO and LGU+ will also work together to secure the security system of AMI communications networks and Internet of Things-based electric power facilities, as well as develop smart grid business models for industrial complexes.