KEPCO is a $15.9 billion market cap enterprise in which the South Korean government and state-controlled bank hold a lion’s share. It holds a “virtual monopoly” over power generation and distribution within the nation, per Asia-focused news outlet Nikkei.
It is detailed that KEPCO’s new “Open MG” will utilize blockchain and other innovations to advance energy foundation, particularly for the domestic hydrogen industry. In this regard, it’ll concentrate on decentralization, decarbonization and digitization, which the press publication depicts as the three key patterns that drive the long-term trend of the energy sector.
As the press release explains, prior MGs confronted obstacles in giving steady power as they comprised generally little PVs (PhotoVoltaics, utilized to produce sun based vitality), wind turbines (WTs), and energy storage systems (ESS).
KEPCO’s Open MG will leverage on an “additional fuel cell” as a power source in an attempt to extend energy self-reliance and effectiveness, and without the emanation of greenhouse gases, a company official has clarified.
Utilizing worldwide standard technology, the MG is anticipated to be more interoperable, subsequently avoiding “system bottleneck” and fracture within the industry.
In agreement with the news publication, KEPCO intends to completely create the Open MG and make the “first” megawattage (MW) micro grid in Korea. As detailed October, KEPCO has joined forces with Japan’s Mitsubishi UFJ Bank, IT service management firm Nihon Unisys and the University of Tokyo on a joint investigate venture on the conceivable use of blockchain for distributed power.
At the start of November, the South Korean government vowed to triple its budget (to $ 35 million) to create the domestic blockchain and DLT industry in 2019.