Korea Investing Billions in Greener Power Grid

Korea Upgrading its Power Grid

Korea’s national power company, the Korea Electric Power Corporation, announced that it will be investing the equivalent of just over U.S. $7.1 billion to upgrade its existing power grid and add clean energy to its sources of power. The money will be invested over the next twenty years.

Korea currently ranks as the fastest growing carbon polluter by the Organisation for Economic Co-operation and Development. The global agency, whose charter is the promotion of policies that will improve the economic and social well-being of people around the world, is pleased with the announcement.

Upgrading the current grid system includes adding computer controls throughout the grid to improve efficiencies. Additionally, the company said that it plans to make renewable energy sources like solar and wind about 11 percent of its total production.

In addition to the reduction in carbon emissions, which will benefit the environment, the company believes that they will be able to reduce their external energy dependence by $26 billion. Korea is currently the 5^th largest importer of oil in the world.