Emerson Process Management has signed a deal with Korea South East Power Company (KOSEP) that will boost its presence in the power markets of emerging nations around the world.
The two companies have signed a memorandum of understanding (MOU) to collaborate on the modernization of existing power plants and the construction of new ones in the Middle East, Africa, Southeast Asia, Latin America as well as Korea.
“We look forward to helping KOSEP meet the growing need for electricity in these rapidly developing areas,” said Steve Sonnenberg, president of Emerson Process Management. “This agreement will enable both companies to offer our mutual customers even greater capabilities for efficient, reliable power generation.”
Emerson Process Management, a business unit of Emerson, and KOSEP say that the alliance will leverage their respective skills and technologies to take advantage of a projected 25 per cent rise in electricity demand over the next ten years. According to the US Energy Information Administration (EIA), the regions targeted in this MOU will see a 40 per cent rise in demand.
Under the agreement, KOSEP will standardize Emerson's automation, control and instrumentation technologies, and the two companies will also exchange technology that enables power plants to improve boiler and turbine efficiency.
KOSEP currently provides more than ten per cent of Korea's electric generating capacity and also has experience as a developer of thermal and hydropower plants. Its vision is to expand its geographical reach and become a leader in the global power industry by 2015.
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