Korea, Mexico Ink to cooperate on smart grid

State-run Korea Electric Power Corp., the nation’s top utility company, signed a memorandum of understanding with Mexico’s state-owned electric utility company Comision Federal de Electricidad on Monday for comprehensive cooperation on smart grid and new energy projects, KEPCO officials said.

The MOU was concluded during President Park Geun-hye’s visit to Mexico. KEPCO CEO Cho Hwan-eik is a member of the business delegation accompanying the president.

“We hope the MOU will help increase KEPCO’s presence in the Mexican energy market. We also expect our entry into Mexico will promote other local companies to join us,” KEPCO senior vice president Lyu Hyang-reol said.

Additionally, KEPCO signed another MOU with Samsung C&T, Samsung Engineering, and local firm Techint E&C, to develop electric power generating projects in the Monterrey area.

KEPCO said it hopes the cooperation with local firms would boost its exports, which may ultimately contribute to other Korean firms’ growth and an increase in the nation’s overall exports.