January 25, 2010 / 6:11 AM / 10 years ago

S.Korea targets $24 bln smart grid spending by 2030

SEOUL, Jan 25 (Reuters) - South Korea is aiming for spending of 27.5 trillion won ($24 billion) over the next two decades on smart grids to make electricity distribution more efficient, cut greenhouse gas emissions and save $26 billion in energy imports.

South Korea, the OECD’s fastest-growing carbon polluter and the world’s fifth-largest oil importer, is betting on smart grids to manage electricity use more efficiently, and aims to create a nationwide smart grid by 2030 for an electricity market worth 68 trillion won, the energy ministry said in a statement on Monday.

It has already picked eight consortiums for a test-bed of the project, which will save consumers money on their utility bills, reduce blackouts and carry solar and wind energy power supplies.

For a factbox on the test-bed of the project, please click on [ID:nSEO308407]

The government is set to spend 2.7 trillion won on the project while the private sector is seen investing an estimated 24.8 trillion won by 2030, the energy ministry said.

The project is seen enabling the country to cut greenhouse gas emissions by 150 million tonnes by 2030 and reduce oil imports by 344 million barrels worth 30 trillion won, the statement said.

In a smart grid, computers and sensors installed at power plants, substations and along power lines signal control centres that would better manage the flow of electricity. [ID:nN08543771]

Reporting by Miyoung Kim; Editing by Jonathan Hopfner

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