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S. Korea to host 'smart grid week' during G-20 summit
SEOUL, March 26 (Yonhap) -- South Korea will host a series of events during the upcoming Group of 20 summit to highlight its progress in developing a technology that makes better use of renewable energy, the government said Friday.
Korea Smart Grid Week aims to show to the world the nation's efforts to develop a nationwide "smart grid," which policymakers and scientists hope will cut back on energy costs and help stop global warming, according to the Ministry of Knowledge Economy.
Smart grids allow real-time monitoring of electricity output and demand. The system is designed to help incorporate renewable energy into the main power grid by allowing households with their own solar panels or wind turbines to store energy and sell it back to the power company.
The testing ground for the smart grid is South Korea's Jeju Island, a popular resort destination off the southern coast. By holding Smart Grid Week there during the G-20 this November, the government hopes to lure world leaders attending the summit to make the short trip to Jeju to see the technology first-hand.
"There will be working group meetings, briefings on how the pilot program is progressing, a gathering to arrange future business deals and visits to homes and buildings that actually get their power from the smart grid system," a ministry official said, describing the planned events.
The government has set its target for establishing a nationwide smart grid system at 2030, and will spend over 27 trillion won (US$23.6 billion) on the creation of the necessary infrastructure. It believes the system could also fuel the development of an entirely new line of consumer and industrial products, benefiting the economy.
South Korean companies taking part in the Jeju smart grid project -- including KEPCO, LG, SK and GS -- will construct livable on-grid buildings by October to allow visitors to see how smart grids can change everyday life, the ministry official said.
yonngong@yna.co.kr
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