General Electric
KEPCO - GE sign an MOU to cooperate to lead digital solutions for HVDC

March 14, 2017

Korea Electric Power Corporation (KEPCO) and GE (NYSE: GE)  announced that they have signed an MOU to establish infrastructure for High Voltage Direct Current (HVDC) in Bitgaram Energy Valley[1] in Naju city.  Representatives from KEPCO, Hwan Eik Cho, CEO, Bong Soo Moon EVP & Chief Power Grid Officer, joined the signing ceremony together with Jeff Immelt Chairman & CEO, GE and Chris Khang CEO, GE Korea.

The global market for HVDC, now valued at around US$6B, is set to reach approximately US$15B by 2026. Today (3/13), both companies have agreed to cooperate on localizing the newer HVDC technology. Bitgaram Energy Valley will be leveraged further as the HVDC test bed with investments in digital grid applications and big data analysis. To support this initiative GE will open an office in Naju by the end of this month.

Hwan Eik Cho, CEO of KEPCO, said "We are pleased to establish this HVDC infrastructure at Bitgaram Energy Valley through joint investment with GE," adding, "This investment will contribute to the development of Korea's HVDC technology, while the Energy Valley leaps to become a global hub for new energy businesses. GE's continued investment in Korea will support the growth of local companies in the future."

Chris Khang, President & CEO of GE Korea, said "The digitalization of electrical power industry will provide new business models for the introduction of HVDC, renewable energy, and Energy Storage System (ESS) to the market," adding, "GE will continue to seek opportunities to grow with our Korean partners through technological cooperation in the energy and power space."

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About GE

GE (NYSE: GE) is the world's Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com

About GE Energy Connections

GE Energy Connections designs and deploys industry-leading technologies that turn the world on.  We transport, convert, automate and optimize energy to ensure we provide safe, efficient and reliable electrical power. Uniting all the resources and scale of the world's first digital industrial company, we connect brilliant machines, grids, and systems to power utility, oil & gas, marine, mining and renewables customers, that keep our world running. Grid Solutions, a GE and Alstom joint venture, is part of GE Energy Connections.

www.GEEnergyConnections.com, www.GEGridSolutions.com 

[1] Bitgaram Energy Valley is the Global + Local Energy Cluster of KEPCO located in Naju, 170 miles south of Seoul

For more information:

General Electric (GE)

Julie Khoo, Media Relations
GE's Grid Solutions
Tel: +33-6-98-86-83-04
E-mail: Grid.MediaRelations@ge.com

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