S. Korea launches real-time electricity pricing system in Jeju

By Lee Joon-seung
SEOUL, Aug. 2 (Yonhap) -- South Korea said Sunday it has launched a real-time
pricing (RTP) system for electricity on Jeju Island as part of its ongoing effort
to build a national "smart grid."
The experimental system will involve 200 households on the resort island, which
has been selected as a testbed to develop new ways of saving energy and using
eco-friendly power generation, the Ministry of Knowledge Economy said.
The grid combines ordinary power lines with information technology and satellite
communication systems, and permits real-time monitoring of electricity demand and
output. This makes it easier to use electricity produced by solar panels and wind
generators.
Conventional monitoring systems are unable to track sudden changes in weather
conditions that affect reusable energy generation. The development of smart grids
is also aimed at helping the country introduce hybrid and plug-in electric
vehicles that require detailed monitoring of power quality.
"Actual service began Friday and the system will be maintained for 18 months," an
official said. The project cost 1.5 billion won (US$1.2 million).
RTP makes use of so-called "smart meters" that allow users to determine when
electricity prices are lowest, helping them use appliances when power is cheap.
Seoul announced in early June that it will strive to become the world's first
nationwide user of smart grids by 2030, and said it will establish an operational
system for 3,000 households on Jeju Island by 2011.
yonngong@yna.co.kr
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