The United Kingdom and Taiwan are partnering on smart grid and renewable energy initiatives.

This week, a U.K. Smart Grid mission is visiting Taiwan to set up an industrial and academic partnership with Taiwan.

In addition, Cornwall Council has reached an agreement with Penghu County to promote smart grids and renewable energy. Cornwall is a county located in the southwest of England. Penghu is located off of the western coast of Taiwan.

A lot of money is at stake. “Research suggests that implementation of smart grids in the UK will generate more than £13 billion [about $20,767,500,000] in economic benefits and UK smart grid exports could be worth more than £5 billion [about $7,990,000,000],” David Campbell, director of the British Trade and Cultural Office, said in a statement. “As Taiwan is a global technological leader, we are keen to work with Taiwan to develop further links and realize these business opportunities.” 

“Penghu and Cornwall are pioneering the roll out of smart grids in Taiwan and the UK,” Robert McNamara, executive director of SmartGrid GB, added in the statement. “This Protocol paves the way for the two counties to share their experiences, research and expertise, helping to ease the roll out process in both counties and beyond.”

SmartGrid GB was founded by British Gas, BT (News - Alert), Cable & Wireless, UK Power Networks and Vodafone.

Also, Jonathan Adey, convergence team leader in Cornwall Council, said the efforts will lead to savings of energy, cutting of costs and increased decarbonizing.

“This collaboration will include the development of smart grid technologies, smart grid technology standards research, power distribution networks, energy storage R&D research, renewable energy and low carbon technology research, bilateral industry alliance collaboration, … with the aim of stimulating collaboration and development between universities, research institutes and companies engaged in the Penghu Low Carbon Island and Smart Cornwall projects,” he added.

Meanwhile, Britain wants to install smart meters in 53 million households by 2020.

In a related matter, TMCnet’s Tracey E. Schelmetic recently reported that the global market for smart grid technology will see “healthy growth in the near future.”

She cited a recent study from Pike Research (News - Alert), which predicts that the market will expand steadily over the next six years.

Revenue from smart grid renewables integration will grow from $3.8 billion in 2012 to just under $13 billion in 2018, the study said.