South Korea will spend about 27.5 trillion won ($24bn, £15bn) by 2030 building smart electricity grids, according to a statement from the government.
The private sector is expected to invest 24.8 trillion won, with the government meeting the 2.7 trillion won shortfall, South Korea's Ministry of Knowledge Economy said today in an emailed statement.
"After having tried to establish national plans on the smart grid throughout last year, we will come up with tangible results this year," vice minister of knowledge economy Kim Young-hak said in a statement, according to the Korea Times.
"To support the smart grid in a full-fledged manner, we will strive to pass a special bill in the National Assembly this year."
The country has already picked eight consortiums for project testing, which will save consumers money on their utility bills, reduce blackouts and carry solar and wind energy power supplies, the statement said.
South Korea is the Organisation for Economic Co-operation and Development's fastest-growing carbon polluter and the world's fifth-largest oil importer.
The project aims to cut greenhouse gas emissions by 150 million tonnes by 2030 and reduce oil imports by 344 million barrels worth 30 trillion won, the statement added. The investment will also create 50,000 jobs a year.
A smart grid is an intelligent electricity grid that can measure demand much more accurately and balance and redistribute load accordingly.
The statement added that the government aims to open 27,000 battery charging stations by 2030 for electric vehicles.
The ministry has already begun a pilot smart-grid network on Jeju Island which will be completed by 2013.
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