Smart grids in South Korea

rdf:langString Smart grids in South Korea

rdf:langString The smart grids in South Korea constitute a platform that is re-imagining electricity grids, equipping it with technology that allows more capability, particularly in addressing the demands of the 21st century and the future. This process follows a modular approach to grid construction and focuses on the development of the IT-enabling of its electric power generation system. The country views the smart grids, along with the so-called "new energy industries", as an emergent pillar of the Korean economy. According to Korea Electric Power Corporation (KEPCO), one of the leaders of the initiative, "smart grids would help the country use more renewable energy sources and cut overall energy consumption." The "smart" in a grid is achieved through an installed software rather than hardware, banking more on the element of intelligence for more consistent upgrades, patterns learning, and timely response to new technologies. The South Korean smart grids include the following components: 1. * Smart power: the intelligent monitoring of demand, high level of fault tolerance and fast restoration in case of failures; 2. * Smart service: The provision of domestic, commercial, and industrial customers with electricity tariffs and services customized according to their needs; 3. * Smart place: the use of intelligence at home (e.g. smart appliances), real-time pricing, and demand management; 4. * Smart transport: installation of sophisticated systems to effectively manage the connections of electric vehicles to the smart grid; and, 5. * Smart renewables: the connection and use of large and diverse sources of power to the grid to ensure stability.