LSIS chief urges gov't support for 'smart grid'
LSIS Chairman Koo Ja-kyun, who is also Korea Smart Grid Association (KSGA) chairman, welcomes participants at the Seoul forum on Friday. / Courtesy of LSIS
By Kim Yoo-chul
LSIS Chairman Koo Ja-kyun has called for more government assistance to boost the local “smart grid” industry.
“If Korea wants to promote the smart grid market, close cooperation is crucial between the government and private companies,” Koo, who is also KSGA chairman, told a seminar in Seoul on Friday.
“The Korea Smart Grid Association (KSGA) will push government agencies and offices to deal with pending issues that need to be addressed as early as possible.”
Koo did not directly say what type of collaboration between interested parties should be sought. But Korean companies lag international rivals in establishing open standards and enhancing interoperability.
Koo said a new order was prevailing in the global electricity industry as demand surged for transmission upgrades.
“This trend will offer growth opportunities for Korean companies like LSIS, a local provider in industrial components, he said.
“If Korean companies fail to keep up with the trend, their long-term growth will remain constrained due to growing technological complexity,” Koo said.
Koo’s remarks are in context with his criticism of the government’s reluctance to invest more in eco-friendly business projects.
The government earlier said the country was sharpening its focus on environmental concerns, spurring more investments in clean and renewable power generation.
A smart grid is the modernized version of the conventional power grid, ensuring a more secure and reliable electrical service. The smart grid enables more-intelligent energy management by converging technologies with existing systems and through active peak load management.
In coming years, the global smart grid market is expected to dominate transmission upgrades.
The distribution automation segment is expected to account for the lion’s share, reaching $118.1 billion in 2019 from $37.7 billion in 2012, research companies predict.
“Investment has continued to increase by governments for eco and greener business projects including those for energy storage solution (ESS)-integrated services and for energy-independent islands,” Koo said.