Hyundai Electric and Korea Electric Power Corporation signed a Memorandum of Understanding (MOU) for technical cooperation in the field of preventive diagnosis of gas-insulated transformers. (From the third person on the right: Kim Young-gi, Head of Power Business Division at Hyundai Electric, and Kim Tae-yong, Head of Transmission and Substation Operations at Korea Electric Power Corporation)
[Asia Economy Reporter Ki-min Lee] Hyundai Electric, a power equipment and energy solutions affiliate of Hyundai Heavy Industries Group, is targeting the next-generation power market through technological advancement in the field of preventive diagnostics in collaboration with Korea Electric Power Corporation (KEPCO).
Hyundai Electric announced on the 24th that it recently signed a Memorandum of Understanding (MOU) with KEPCO for technological cooperation in the field of preventive diagnostics for gas-insulated transformers.
The signing ceremony held at Hyundai Electric's Naju office was attended by Kim Young-gi, Head of the Power Business Division at Hyundai Electric, and Kim Tae-yong, Director of Transmission and Distribution Operations at KEPCO, among others.
Hyundai Electric explained that this technological cooperation aims to strengthen capabilities by combining Hyundai Electric’s preventive diagnostic technology for power equipment with KEPCO’s big data analysis of power operations and maintenance know-how. Based on extensive experience in manufacturing power equipment, Hyundai Electric is also pursuing entry into the asset management solution business by securing predictive maintenance technology based on ICT and artificial intelligence (AI).
Preventive diagnostic technology for power equipment is a solution that monitors the condition of power equipment in real-time, analyzes various data on abnormal signs such as faults, and provides optimal maintenance through early diagnosis. This technology helps prevent accidents in advance and predicts the remaining lifespan of products, making it a next-generation core technology in the field of substation equipment asset management.
KEPCO began introducing an online preventive diagnostic system for gas-insulated switchgear in 1997 and expanded the comprehensive preventive diagnostic system to substations in 2018. Since last year, KEPCO has been promoting the development of preventive diagnostic technology incorporating AI, raising expectations for significant synergy effects from this agreement.
Earlier, the global market research firm HTF Market Intelligence projected that the global market size for transformer preventive diagnostics would continue to grow at an annual average rate of about 37%, reaching approximately 5 billion USD this year.
Cho Seok, President of Hyundai Electric, stated, “We expect this technological cooperation to greatly contribute to the advancement of preventive diagnostic technology, which is recognized as a core technology in substation equipment asset management. We plan to focus on leading the next-generation global power market through asset management solutions based on information and communication technology and artificial intelligence.”
Kim Seong-am, Vice President of Power Grid at KEPCO, said, “Through the cooperation between KEPCO, a power supply company, and Hyundai Electric, an equipment manufacturer, we expect great synergy effects in the development of power industry technology and customer-centered benefit enhancement. We will work closely to ensure that this MOU signing becomes an excellent example of cooperation between power companies.”
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