KT to up investment in energy business

Hong Won-ki, head of KT’s technology center

By Kim Yoo-chul

KT said in a press conference Wednesday that it will increase its investment in the energy business as part of efforts to secure new growth engines and ensure business sustainability.

The company also hinted that it will invest more in energy management services as its proven experience in fixed-line and mobile communications segments makes it ideally-positioned to effectively handle energy-saving systems.

"The local telecommunications market is already saturated. KT identified the energy-saving business as one of our next growth engines,’’ said Hong Won-ki, the head of the firm’s technology center in the conference at its cutting-edge energy management center, downtown Seoul.

Hong said the center can control and monitor the current status of energy consumption such as electricity and gas in buildings and households.

With financial support from the Korean government, KT is controlling energy consumption in government buildings in Sejong City, the digital complex in Guro and E-Mart stores, the nation’s top retailer.

"We saved 14 percent in energy consumption last year thanks to wider adoptions of our in-house energy management solutions,’’ the executive told reporters, adding the firm is in talks with several unnamed private and public companies overseas to sell its systems.

Since May last year, KT’s energy solutions have been used in a technical research center in Finland, helping it cut energy consumption by 5 percent. "We are positive about winning more deals in the United States and for buildings at big local industrial sites,’’ Hong said.

The global demand for energy-saving solutions will be worth 702 trillion won by 2016, up from 400 trillion won in 2010, he told reporters citing data from market research firms.