. Energy News .

China investing in South Korean power grid
by Staff Writers
Seoul (UPI) Jul 25, 2011

disclaimer: image is for illustration purposes only

LS Group, South Korea's third largest conglomerate, will benefit from Chinese investment in the nation's power infrastructure.

A just-released financial report states that China's omnivorous search for foreign power sources will benefit South Korean companies, including the LS Group conglomerate.

China has announced that during 2011-15 it intends to invest $310 billion in electricity production and transmission facilities, primarily in high-voltage lines, to counter the country's chronic power shortages resulting both from rising consumer demand and the increasing needs of the country's massive industrial production sector.

Beijing intends to invest $62 billion a year in the country's energy sector devoted to acquiring electricity generated abroad, a 45 percent increase from the 2009-14 average of $44.3 billion, Seoul's Yonhap news agency reported Monday.

Foreign investment in the country's power grid is certainly needed, as South Korea's electricity infrastructure is under extreme pressure. The South Korean government on Friday urged people to reduce electricity consumption as a recent surge in demand threatens its power supply and raises blackout fears.

Power consumption in South Korea has rising dramatically amid a heat wave and ongoing economic activity, with the country's maximum power demand reached 70.96 million kilowatts Monday, breaching last year's level of 69.89 million kilowatts.

South Korean Minister of Knowledge Economy Choi Joong-kyung said a surge in electricity is inevitable due to the economic recovery but said the problem is households' increasing use of electricity.

"One of the major causes of the recent spike in power use is the rise in use of electricity by households and buildings for air conditioning," Choi said. "A 20 percent cut in the use of air conditioners and fans (in all households and buildings) will save 3 million kilowatts of electricity."

Choi's statement advised people to turn off unnecessary lights and to increase use of public transportation in a national effort to diminish energy usage.

"Energy conditions are not so favorable to us this summer but we are confident we will overcome any problems if all our citizens combine their efforts," he said.

On the country's overall energy issues Choi added: "Small and medium-sized exporters are having difficulties. We're doing a survey through the Korea Federation of Small and Medium Business. Some say the government should let the won appreciate to fight inflation but it is just a naive idea."

In turn, LS Group, South Korea's 19th largest business group by assets, is investing in China, seeking to turn it into its global production base, following last week's inauguration of an LS industrial complex in Wuxi, a city close to Shanghai.

Related Links

Get Our Free Newsletters Via Email
Buy Advertising Editorial Enquiries

. Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Historic Polish shipyard set to 'go green'
Gdansk Shipyard, Poland (AFP) July 24, 2011
The Gdansk Shipyard, where the Solidarity movement that ended the communist era in Poland was born, is now trying to lead another Polish revolution ... in offshore wind power. The European Union has laid out clean energy targets to be reached by its 27-members by 2020. To hit those marks Poland must break its coal addiction, which currently provides some 90 percent of the country's electric ... read more

China investing in South Korean power grid

Historic Polish shipyard set to 'go green'

An advance toward ultra-portable electronic devices

US shale gas weakening Russian, Iranian petro-power

NASA and Chevron Partner to Benefit the Energy Industry

Chemical Make-up of Gulf of Mexico Plume Determined

BP rebounds into profit on high oil prices

Analysis of pipeline draws praise, ire

Estonian wind farm taps GE for turbines

Wind-turbine placement produces tenfold power increase

Bold new approach to wind 'farm' design may provide efficiency gains

2010 Wind Technologies Market Report

ReneSola Rolls Out Shipments of Its New Multicrystalline Virtus Wafer and Module Lines

Providing Power to More Than 2,000 Homes

New Labels For US And Canadian Solar Installers

Rooftop FIT Project Installed in Ontario

Atomic power to grow despite Fukushima: IAEA head

HK firm invests in China nuclear plant

Oregon critical of nuclear cleanup plan

70% in Japan support PM's nuclear-free future: poll

Regulatory hurdles hinder biofuels market

Corn yields with perennial cover crop are equal to traditional farming

Researchers find potential key for unlocking biomass energy

Study: Biofuel regulations should change

China launches new data relay satellite

Time Enough for Tiangong

China launches experimental satellite

China to launch an experimental satellite in coming days

UN urges 'massive' action on Horn of Africa drought

Somali rebels maintain aid ban, reject famine

Has warming put 'Dirty Dozen' pollutants back in the saddle?

Somali relief in rebel-held areas raises challenges

Memory Foam Mattress Review
Newsletters :: SpaceDaily Express :: SpaceWar Express :: TerraDaily Express :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

The content herein, unless otherwise known to be public domain, are Copyright 1995-2011 - Space Media Network. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement