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Wednesday, January 12, 2011

Smart Grid in South Korea

The modernization of the country's electric grid is a vital component of the Lee Myung-bak administration's comprehensive energy plan, which aims to reduce South Korea's dependence on oil, create jobs and help the nation's key industries compete successfully in the global market for clean energy technology.

South Korea plans to invest 960 billion won ($820 million) into smart grids this year.

Other countries are making similar decision: China ($7,300 million), U.S. ($7,000 million),  and Japan ($850 million).

LG Electronics has joined the South Korean government's massive project for a smart grid infrastructure.

U.S.-based IT majors such as Google, Intel and IBM are leading key smart grid technology pioneers, while Japanese and South Korean companies are playing catch-up, analysts say.