Hyosung signs agreement with France’s Energy Pool

Hyosung, a major Korean chemical company, said on Monday that it has signed a business start-up agreement with France’s Energy Pool to enter the local electricity power management business.
The company said the combination of its technology for electric and IT infrastructure and Energy Pool’s consulting knowledge will create synergy on the demand-side management (DSM) of electricity.
The Korea Power Exchange (KPX) opened a market for DSM in November and allowed business to join as “power brokers.” Traditionally, power generators have called upon power plants to increase power generation to meet rising demand, but in this system, it pays energy users to reduce consumption. Hyosung and Energy Pool will work as a power broker to help companies voluntarily lower their use of electricity, while selling reduced amounts of electricity to KPX.