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KEPCO to Invest $7.5 bn in EV and Renewable Energy by 2020
  South Korea

Friday, September 23, 2016

State utility firm Korea Electric Power Corp. (KEPCO) pledged 8.3 trillion won ($7.5 billion) in smart grid, electric vehicle storage and other renewable energy sector until 2020.

The power company will invest 753 billion won in renewable energy, 3.9 trillion won in smart grid and 3.6 trillion won in areas to bolster energy efficiency under the plan endorsed by KEPCO’s chief executive Cho Hwan-eik and other state utility unit presidents Friday.

The state utility firm has a crucial role to create new growth momentum, he said.

He predicted proliferation of electric vehicles will bring about sweeping changes in the energy market.

The company also will invest heavily in research and development (R&D) to curb carbon emission by raising the investment from current 100 billion won to 700 billion won by 2025. It will allocate 400 billion won on clean coal technology and 200 billion won on carbon capture utilization and storage (CCUS).

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