The energy consumption and storage has been a constant and popular use case behind blockchain adoption. KEPCO (Korea Electric Power Corp.) recently introduce their plans to use digital technology and blockchain in the development of microgrid project.
The company KEPCO highlights that they are preparing to replace their existing microgrid. The current microgrid comprises small photovoltaics, wind turbines, with energy storage devices. This makes it tough to provide stable power. The new microgrid will be known as Open MG.
The new “eco-friendly open” microgrid will be a local energy source linking the main grid. The main grid has the capability to work individually on its own. They will utilize the power-to-gas (P2G) technology which transforms electricity into gas fuel.
Moreover, the new open microgrid will generate a fuel cell. Its power source with KEPCO expects it to stabilize a power system using blockchain solutions. This will be a new and renewable energy which will remove a system connection bottleneck.
According to Nikkei Asian Review, the South Korean government with bank storage more than 50 percent of the power firms, KEPCO holds a virtual monopoly to generate and distribute the power in South Korea.
Kim Jong-gap, the president and CEO at KEPCO also states that the energy industry future is decentralization, decarbonization, and digitalization. Moreover, using this new open microgrid project, KEPCO will demonstrate the speed of renewable energy with energy efficiency projects.