Hmmm, I wonder what the story behind the story is on this: Governor Terry McAuliffe announced yesterday the signing of a Memorandum of Understanding between the Korea Electric Power Corporation (KEPCO) and the Virginia Economic Development Partnership (VEDP) for “comprehensive cooperation” on the Smart Grid and new energy projects. States the press release:
This MOU allows KEPCO, the largest electric utility company in South Korea, and Virginia to collaborate and promote information sharing, develop strategies, facilitate understanding, identify challenges and stakeholders. The agreement will encourage non-governmental organizations, research institutions, businesses and government institutions at all levels to participate in cooperative activities to support the energy sector. Recognizing their common interests in the industry, both parties will promote mutually-beneficial cooperation on the Smart Grid, technologies and approaches, and other areas of mutual interest.
By way of explanation, McAuliffe said: “Working with an international company like KEPCO to share and promote best energy practices will help us develop a strong partnership and will open the door to future investments in Virginia.”
Bacon’s bottom line: It is good for McAuliffe and Virginia to think about the future of the electric grid. The so-called “smart grid” — using information technology to promote energy conservation and renewables — is advancing by leaps and bounds. KEPCO has spent nearly $250 billion developing and testing its own smart grid technology, so Virginia undoubtedly has much to learn — and possibly technology to adopt.
I can’t help but wonder, though, if this is the economic development equivalent of vaporware. Will McAuliffe, who has only one year remaining in office, have time to build institutional relationships that can accomplish anything meaningful? Or does he think that KEPCO actually might invest in Virginia?
