The Korea Power Exchange (KPX) hosted a seminar on the 4th Industrial Revolution and electricity demand in COEX on June 5. Experts in energy forecast were invited from home and abroad.
Participants in the seminar, which was jointly held with Bloomberg, included scholars from the Seoul National University of Science and Technology, Korea University, Kepco International Nuclear Graduate School, Korea Energy Agency, Korea Electrotechnology Research Institute, Korea East-West Power Co., and E1.
They discussed the effects that the 4th Industrial Revolution would have on the demand for electricity.
Ali, head of Office in Bloomberg Japan, made a presentation on the new industry the technology trends and energy trends in the 4th Industrial Revolution would create, forecasting a switch to an electrical-energy centered society. In addition, he explained that smart-data created from IoT, Block-Chain and AI will be the core of the energy industry and a larger variety of electricity plans and real-time data must be provided accordingly.
Meanwhile, Bloomberg analyst Kang Dong-gwan talked about renewable energy. He explained that the price of producing solar power and wind power is continuously decreasing. He pointed to the drop in solar PV module prices and increase in usage rate of wind power from technological advance as the causes of the price drop.
“Regarding the 4th Industrial Revolution, it is important to obtain credibility on future energy forecasts through continuous cooperation with Bloomberg and other institutions with energy expertise,” an KPX official explained. “KPX will continue to expand its stance in the electricity market to increase renewable energy and stabilize new resource management,” he added.