PowerStream strengthens ties with Korean electric utility
The MOA, signed by Mr. Brian Bentz, PowerStream President and CEO and Dr. Cho, Hwan-Eik, KEPCO President and CEO, was developed nearly a year after the two organizations had established an initial Memorandum of Understanding MOU to work collaboratively in the areas of micro grid and smart grid technologies with an objective of developing a large-scale application that would serve as a model for further advancement of these technologies in world-wide electricity distribution systems.
The new agreement specifies the following projects that PowerStream and KEPCO will pursue over the next few years:
- Building and operating a distribution level micro grid network in Penetanguishene, Ontario
- Designing and building an electricity market and service model for the distribution management system DMS and micro grid service sector
- Implementing and demonstrating a full-scale smart DMS as a replacement technology for conventional supervisory control and data acquisition SCADA system technology
- Developing the strategy and plan for the marketing and sales of smart DMS and distribution level micro grid operation systems in the North American market
Both PowerStream and KEPCO are proven leaders in the implementation and use of smart grid and micro grid technologies within their respective jurisdictions. In 2013, PowerStream built a Micro Grid Demonstration Project at its head office, while KEPCO has committed to invest over $7 billion US in its smart grid business by 2030 to make electricity distribution more efficient and decrease South Korea's greenhouse gas emissions.
"The signing of this Memorandum of Agreement is an important achievement for both our companies and further solidifies our partnership," said Brian Bentz, PowerStream President and CEO. "It sets out the framework for collaboration between our two leading energy companies that is truly remarkable."
"Through the discussions over the past year with PowerStream personnel, we are further convinced that we have the perfect partner to work with in the North American marketplace," explained Dr. Cho, Hwan-Eik, KEPCO President and CEO. "PowerStream's commitment to furthering the use of innovative technology to provide additional benefits to customers is consistent with what we believe is important at KEPCO."
Related News
EU outlines $300 billion plan to dump Russian energy
BERLIN - The European Union’s executive arm moved Wednesday to jump-start plans for the 27-nation bloc to abandon Russian energy amid the Kremlin’s war in Ukraine, proposing a nearly 300 billion-euro ($315 billion) package that includes more efficient use of fuels and faster rollout of renewable power.
The European Commission’s investment initiative is meant to help the 27 EU countries start weaning themselves off Russian fossil fuels this year. The goal is to deprive Russia, the EU’s main supplier of oil, natural gas and coal, of tens of billions in revenue and strengthen EU climate policies.
“We are taking our ambition to…
