GWANGJU < invest Korea

According to Yonhap News,

The city of Gwangju announced on Dec. 12 that the local authority was selected as a candidate for the national project, named ‘Blockchain- Managed Energy Transaction Applicable to EV & Renewables inside the Public Domains’.

The total cost for the project is reported to be KRW 9.8 billion, 7 billion from national budget allocation, 1 billion from private fund and the rest 1.8 billion from non-institutional source. Ministry of trade, industry and energy will be responsible for the project till the end of 2023.

Accordingly, Chosun University will act as a giant lab & testing ground for the photovoltaic solar panels, energy storage systems, charging batteries and energy transaction technologies.

The mechanism for the project is to store excess electricity such as solar resources or generated at night when the demand for energy is low, which pushes down the bill for recycling. Electricity stored for later use is redistributed during peak demand. Or, it’s resellable to the residents nearby through the middlemen who control energy supply & demand at the real time P2P platform, being developed under the project. Chosun University will be responsible for the project, teaming up with KT, Korea Electrotechnology Research Institute, Mokpo Univ, Hanyang Univ. and several other institutes involved.

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Source: Yonhap News (Dec. 11, 2019)