November 19, 2018 8:04 PM
The South Korean power company says its open microgrid will replace the current microgrid, store hydrogen, and stabilize the country’s power system.
As energy usage and storage continues to be a popular use case for blooming blockchain technology, Korea Electric Power Corp. (KEPCO) announced[1] on November 18 that it plans to utilize blockchain and "digital technology" in the development of its newest microgrid project.
The press release highlights KEPCO's plan to replace the company's current microgrid. That microgrid consists of "small photovoltaics, wind turbines, and energy storage devices, which made it difficult to supply stable power." The new "open" microgrid, which is a localized energy source[2] connected to the main grid that can operate separately on its own, will use power-to-gas (P2G) technology that converts electricity into gas fuel. The release explains:
"By using P2G technology, the remaining electricity can be converted into hydrogen and saved, and it can be converted to electric energy through the fuel cell when necessary. It can increase the energy independence rate and efficiency more than the existing microgrid, and it is eco-friendly because it does not emit greenhouse gas."
The open microgrid will leverage a fuel cell as its power source and KEPCO hopes that this, along with "blockchain solutions," will "stabilize the power system of new and renewable energy by eliminating the system connection bottleneck."
With the South Korean government and a government-controlled bank holding more than 50 percent of the power company, KEPCO itself has a "virtual monopoly in power generation and distribution in South Korea," says[3] Nikkei Asian Review. KEPCO president and CEO Kim Jong-gap stated that the future of the energy industry is "decarbonization, decentralization, and digitalization," and that through the open microgrid project,
