SEOUL, South Korea, Nov. 13, 2013 /PRNewswire/ -- En+ Group, Russia's leading mining, metals and energy group, Korea Electric Power Corporation (KEPCO), the largest electricity producer in the Republic of Korea and Skolkovo Institute of Science and Technology (Skoltech), a new Moscow-based international university of science and technology created in partnership with the Massachusetts Institute of Technology, signed a Memorandum of Understanding (MoU) to do a joint research into the integration of power systems of the Russian Federation and the Republic of Korea.
The research will be conducted at Skoltech, it will focus on possible routes and volumes of electricity to supply from Russia to South Korea as well as the options to exchange power flows for day/night and seasonal phases. It is expected that the preparation of this research will take two years.
This research is a part of the NEAREST project (North East Asian Region Electrical System Ties) -- an APEC initiative to integrate power systems of North East Asia countries including China, Japan, Mongolia, Russia, South Korea and some other economies with the aim to secure a more reliable power supply, lower electricity costs and reduce environmental impact of the energy sector. This initiative was announced at APEC Energy working group in November 2012 and supported by the governments of China, Russia, South Korea, Singapore and USA. Energy resource rich, but isolated regions of the APEC economies can share excess power capacity (especially hydro or natural gas) with neighboring economies experiencing a deficit of energy and power supply volatility. Ultra-high voltage power bridges can mitigate the risks of periodic deficit of electric power in locations dependent on new renewable power sources or cover peak electricity consumption. The latter in turn may lead to a reduction in infrastructure investment.
About the companies:
En+ Group (http://www.enplus.ru) is a leading Russian diversified mining, metals and energy group. En+ holds a controlling stake in the world's largest aluminium producer UC RUSAL, owns Russia's largest independent power producer EuroSibEnergo and one of the leading suppliers of ferromolybdenum to the global market SMR, significant coal assets and logistics business. En+ Group 's companies project pipeline includes R&D on small-scale nuclear power, projects in hydropower, coal, iron ore, gold and aluminium downstream. The core base of En+'s businesses is located in Eastern Siberia - close to fast growing Asian markets. En+ consolidated revenue in 2012 exceeded $13.6bln.
Korea Electric Power Corporation (KEPCO) (http://www.kepco.co.kr) was founded with the objective to facilitate the development of electric power supply in Korea, meet the country's power supply and demands needs, and contribute to the national economy in accordance with the Korea Electric Power Corporation Act. KEPCO is classified as a market-oriented public corporation under the Act on the Management of Public Institutions. KEPCO's areas of business are based on the aforementioned objectives and include the development of electric power resources, electric power generation, transmission, transformation, and distribution, as well as related marketing, research, technological development, overseas business, investment, corporate social responsibility and use of its property.
The Skolkovo Institute of Science and Technology (Skoltech) (http://www.skoltech.ru) is a private graduate research university, situated in Skolkovo, a suburb of Moscow, Russia. Established in 2011 in collaboration with the Massachusetts Institute of Technology (MIT), Skoltech will educate global leaders in innovation, advance scientific knowledge, and foster new technologies to address critical issues facing Russia and the world. Applying international research and educational models, the university integrates the best Russian scientific traditions with twenty-first century entrepreneurship and innovation.
For media enquiries:
En+ Group Public Relations Department
+7-495-642-7937
Press-center@enplus.ru
PR representative of En+ in Asia
Adelaide Siu
FTI Consulting
+852-3768-4543
adelaide.siu@fticonsulting.com
