Korea launches nationwide smart grid system

South Korea on Wednesday announced the official start of a program to install a nationwide smart grid system that will help the country’s businesses and households save billions of dollars in coming years. 

A ceremony hosted by the Ministry of Knowledge Economy marked the official launch of the five-year project that will make the country one of the first in the world to have a nationwide smart grid system. 

A smart grid system largely consists of what is known as advanced metering infrastructure (AMI) that affords consumers a real-time review of how much energy they are consuming and what it will cost, thus encouraging them to cut down their consumption when the price of electricity, which varies hourly, is at its highest. It also includes an energy storage system (ESS) that allows consumers to store energy when its cost is at its lowest for later use.

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