Korea and the United States will work together to develop "smart grids," modern electricity networks, as part of mutual efforts to save energy and create a new growth engine.

Officials at the Ministry of Knowledge Economy said Minister Lee Youn-ho and U.S. Secretary of Energy Samuel Bodman will sign in Washington today a statement of intent for cooperation in smart grid development. The minister is accompanying President Lee Myung-bak on his visit to the United States.

Prior to the signing ceremony, business associations from the two countries - Korea Smart Grids Association and Gridwise Alliance - signed a memorandum of understanding on Monday to support member companies to cooperate in technology development.

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