28.05.2019 Company

KEPCO Energy Solutions promotes Artificial Intelligence (AI)-based energy efficiency

The CEO of Crocus Energy Korea Co. Ltd. Mr Ji-hoon Hwang, together with Konrad Osswald, the Sales Director of MR Germany, joined executives from affiliated companies at a signing ceremony held at the Hilton Hotel (Busan) for the conclusion of an Energy Conservation Memorandum of Understanding (MOU) to promote a new, energy efficient business model.

Crocus Energy, a company which was founded by smart-grid and machine-learning experts in Silicon Valley, specializes in AI-based Industrial Object Internet (IoT) solutions using energy data.

MR is a leading global company in the field of transformer regulation and supplies the world's leading OLTC (on-load tap-changer) products, which are a core technology of power transformer regulation. For the new energy efficiency service, MR plans to supply OLTC and open digital transformer systems for real-time active voltage regulation as well as regular maintenance.

The goal of the MOU is to accurately forecast power demand for small and medium-sized business sites (22kV ~ 154kV) using cloud-based AI power analysis technology. Within the scope of the MOU, the participating companies agree to utilize their expertise and actively cooperate to achieve maximize energy efficiency.

KEPCO Energy Solutions plans to make investments for the transformers, OLTCs and control systems necessary to initially establish an energy-efficient system and then to share the profits resulting from the reduced costs with customers at a later date. In addition, customers will receive measurement and verification (M&V) reports which objectively analyze the savings achieved and help them to enhance their business reliability.

As part of the MOU, KEPCO Energy Solutions will work intensively to contribute to the development and deployment of new solutions that will make electricity more efficient and economical to use.