MOU Calls for Collaboration in Using Smart Grid and Micro Grid Technologies
VAUGHAN, ON--(Marketwired - September 23, 2014) - A Memorandum of Understanding (MOU) signed today between PowerStream and the Korea Electric Power Corporation (KEPCO), South Korea's only electric utility, has set the framework for the two companies to work together on a project which will be of mutual benefit.
The MOU, signed by Mr. Brian Bentz, PowerStream President and CEO and Dr. Cho, Hwan-Eik, KEPCO President and CEO, in an official ceremony at PowerStream's head office, specifically references the use 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.
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 Korea's greenhouse gas emissions.
Joining the two utility CEOs at today's signing ceremony were a delegation of officials from KEPCO as well as members of PowerStream's Board of Directors, Executive and Senior Leadership Teams.
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BACKGROUND
ABOUT POWERSTREAM
PowerStream is a community-owned energy company that provides power and related services to more than 370,000 customers residing or owning a business in communities located immediately north of Toronto and in Central Ontario. It is jointly owned by the Cities of Barrie, Markham and Vaughan.
ABOUT KOREA ELECTRIC POWER CORPORATION
The Korea Electric Power Corporation (KEPCO) is the largest electric utility in South Korea and responsible for the generation, transmission and distribution of electricity as well as the development of electric power projects. The utility is responsible for 93% of Korea's electricity generation.
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