KEPCO & Powerstream sign MOU
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.
“We are thrilled and honoured to be working with KEPCO, a recognized global leader in the electricity industry,” said Maurizio Bevilacqua, PowerStream Board Chair and Mayor of the City of Vaughan. “There are tremendous synergies we are able to achieve by working with partners who have the same vision and commitment that we do in furthering the use of innovative technologies to provide additional benefits to customers.”
“We reached out to PowerStream at an industry conference held earlier this year,” explained Dr. Cho, Hwan-Eik, KEPCO President and CEO. “We were intrigued by their Micro Grid demonstration project and believed that we could further our own efforts in this area by working with what we see as being a forward-thinking company.”
PowerStream and KEPCO held meetings in June 2014 to compare their respective positions on Smart Grid and Micro Grid technologies. It was a precursor to the signing of a non-disclosure agreement and the development of the MOU.
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.