The Korea Electric Power Corporation has signed a Memorandum of Understanding with the South Korean telecommunications and mobile phone operator LG U+ to develop next-generation smart grid business models by creating synergies between electricity and Internet of Things technologies.
According to a report in Metering.com, the announcement was made at the launch of the Power-IoT Convergence Center, part of ‘Bitgaram energy valley’, a Glocal (Global+Local) Energy Cluster that Korea Electric Power Corporation is driving forward.
The Seoul-based electric utility and the Korean telecommunications and mobile phone operator, controlled by the LG Group, had also established a working group after the signing of the MoU. The two companies will work together to “improve the energy efficiency of buildings based on IoT tech provide power consumption information through IPTV in real time and develop a real-time electric power facility safety monitoring solution based on LTE technology.”
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