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LG Uplus partners with Korea Electric Power to provide combined power and home IoT services
Published2016.09.21 17:05Creating synergies through the first concrete business cooperation between a telecommunications company and power company in Korea
LG Uplus and Korea Electric Power announced on the 21st that they will jointly promote a business to provide home IoT services to apartments participating in AMI-based power services among smart grid (SG) diffusion projects, which are intelligent power grid businesses that optimize power supply and demand by exchanging bidirectional information between power suppliers and consumers through power networks and IT.
LG Uplus and Korea Electric Power signed a memorandum of understanding in May of last year for developing a smart grid business model that combines power and IoT, and as a result of pursuing specific business cooperation models, they have now developed services that combine AMI (Advanced Metering Infrastructure) and home IoT.
As the first case in Korea to materialize a business cooperation model between a telecommunications company and power company, it is expected to contribute to enhanced energy efficiency and expanded customer convenience by providing differentiated power services in the new energy business sector to customers through IoT-based services.
The two companies agreed to mutually cooperate on the following through smart grid diffusion and home IoT business agreements: ▲Launch of 'AMI+Home IoT' combined products targeting smart grid diffusion project subscribers (apartment customers) ▲Joint marketing and sales activities for smart grid diffusion projects ▲Joint development and market entry in overseas markets based on the smart grid diffusion project business model.
Starting this month, the companies plan to launch 'AMI+Home IoT' combined products for smart grid diffusion project subscribers and provide benefits such as home IoT service discounts. The combined products consist of an 'Energy Saving Type' that allows customers to reduce energy consumption and save on electricity bills, and a 'Security Enhanced Type' that can prevent theft and fire when customers are away.
Jung Geum-young, Head of New Business Promotion at Korea Electric Power, stated at the agreement ceremony, "By Korea Electric Power, Korea's representative energy company, and LG Uplus, Korea's leading ICT company, jointly promoting a smart grid business that combines power and home IoT, we will lead the global smart grid and new energy industry market, thereby contributing to national economic development and enhancement of public welfare."
An Sung-jun, Senior Executive Vice President of IoT Business Division at LG Uplus, said, "If synergies are created through the combination of Korea Electric Power's AMI-based services and home IoT services, it will lead to successful implementation of the smart grid diffusion project and become a representative example of business cooperation between power companies and telecommunications companies."
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