Gyeonggi Province Breaks Through Economic Slump with Renewable Energy and LED

Gyeonggi Province is expanding public sector investment to overcome the economic downturn.

On the 10th, the province announced it will invest a total of 33.3 billion won in expanding renewable energy and LED traffic signal distribution. The province secured 21 billion won in national treasury supplementary budget, including 13.9 billion won for renewable energy and 7.1 billion won for LED traffic signals.

A provincial official said, "We have allocated a total of 23.2 billion won, including the 13.9 billion won in national funding for renewable energy and 9.3 billion won in local funding," adding, "We will concentrate investment on rural agricultural and fishing areas and social welfare facilities that are facing difficulties amid the national economic crisis."

The official also stated, "In particular, we plan to foster the renewable energy industry as a next-generation growth engine industry alongside advanced industries and following the semiconductor industry."

The province will carry out 34 projects across 13 cities and counties. Three generators with a capacity of 750KW each will be installed in the West Sea wind farm connecting Ansan's Tando Port to Nue Island.

Additionally, solar panels, solar heating systems, and geothermal heating units will be installed in agricultural and fishing areas as well as social welfare facilities for electric heating and cooling.

Gyeonggi Province secured 7.1 billion won, 28% of the government's 25 billion won supplementary budget for LED traffic signal replacement. The province plans to secure an additional 6.2 billion won in national funding next year while aiming for 100% replacement by 2010.

Currently, Gyeonggi Province's LED traffic signal replacement rate stands at 76.4% (national average 49.7%), but the province decided to accelerate the replacement in consideration of energy savings and industrial ripple effects.

A provincial official said, "This national funding acquisition is a result obtained following the announcement of 11 projects across three sectors of the Green Gyeonggi Project announced on October 12, which has added momentum to the province's renewable energy project initiatives."