Nov. 5 (Bloomberg) -- The U.K. and Taiwan agreed to work together to develop clean power technology including smart grids as part of a visit by British officials to the island in Asia.
Cornwall, the U.K.’s most south-westerly region will work with authorities in Penghu, an archipelago off the western coast of Taiwan, to develop the technology, according to a statement today from the British Trade and Cultural Office in Taiwan.
Cornwall and Penghu plan to use smart grids to improve efficiency and cope with added demands from inflows of tourists. The technology works by gathering information from meters on how power is used to improve efficiency and manage peaks in demand.
Today’s accord includes development of power distribution networks, renewable energy technologies and energy storage, according to the statement. Britain is seeking to install smart meters in 53 million homes by the end of 2020. Ernst & Young estimates goods and services resulting from smart grids may add 13 billion pounds ($21 billion) to the U.K. economy by 2050.
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