PowerStream strengthens ties with Korean electric utility
PowerStream Corporate Communications News Release / 2015/07/13
Signs agreement with KEPCO to work on four project initiatives over next 3-5 years
SEOUL, KOREA, July 13, 2015 – PowerStream and the Korea Electric Power Corporation (KEPCO) signed a Memorandum of Agreement (MOA) Monday that outlines four project initiatives the two energy companies will undertake over the next three to five years to further the development of smart distribution and micro grid networks in the North American electricity marketplace.
PowerStream President and CEO, Brian Bentz, speaks at news conference held in conjunction with the Memorandum of Agreement (MOA) signing between PowerStream and Korea Electric Power Corporation (KEPCO) at the KEPCO office in Seoul, Korea.
PowerStream President & CEO, Brian Bentz, signs Memorandum of Agreement (MOA) with KEPCO President and CEO, Dr. Cho, Hwan-Eik, at the KEPCO office in Seoul, Korea.
The MOA, signed by Mr. Brian Bentz, PowerStream President and CEO and Dr. Cho, Hwan-Eik, KEPCO President and CEO, was developed nearly a year after the two organizations had established an initial Memorandum of Understanding (MOU) to work collaboratively in the areas 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.
The new agreement specifies the following projects that PowerStream and KEPCO will pursue over the next few years:
- Building and operating a distribution level micro grid network in Penetanguishene, Ontario.
- Designing and building an electricity market and service model for the distribution management system (DMS) and micro grid service sector.
- Implementing and demonstrating a full-scale smart DMS as a replacement technology for conventional supervisory control and data acquisition (SCADA) system technology.
- Developing the strategy and plan for the marketing and sales of smart DMS and distribution level micro grid operation systems in the North American market.
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 South Korea’s greenhouse gas emissions.
- “The signing of this Memorandum of Agreement is an important achievement for both our companies and further solidifies our partnership,” said Brian Bentz, PowerStream President and CEO. “It sets out the framework for collaboration between our two leading energy companies that is truly remarkable.”
- “Through the discussions over the past year with PowerStream personnel, we are further convinced that we have the perfect partner to work with in the North American marketplace,” explained Dr. Cho, Hwan-Eik, KEPCO President and CEO. “PowerStream’s commitment to furthering the use of innovative technology to provide additional benefits to customers is consistent with what we believe is important at KEPCO.”
- 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 an MOU in September 2014.
PowerStream is a municipally-owned energy company that provides power and related services to more than 375,000 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.
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