Korea Electric Power Corp. (KEPCO) announced that it has signed a memorandum of understanding (MOU) with the U.S. State of Virginia on new energy business comprehensive cooperation at the Grand Hyatt Seoul on November 16.
KEPCO president Cho Hwan-ik and Virginia Governor Terry McAuliffe signed the agreement at the ceremony. Under the deal, the two sides will jointly develop projects in 10 new energy business sectors by establishing the cooperation systems with the state government and firms in Virginia.
As Virginia has various energy resources and a good geopolitical location, more than 400 energy companies, such as AREVA, Dominion Power, Grid Point, Opower and PEMCO, are actively conducting business in all energy sectors from the latest technologies, including new renewable energy and smart grid, to power generation systems based on conventional fuels, like coal and petroleum, at the state.
The latest MOU is the second agreement KEPCO signed with the U.S. state government after Maryland. The two sides have agreed to form a working group by the end of November. They are also planning to select pilot projects by the end of December and jointly conduct pilot projects next year after the on-the-spot examination.