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Proposed Method for Determining Price Cap in the Korean Electricity Market Applicable to TWBP

Kang Dong-Joo    (Electricity Market Research Group, KERI   ); Moon Young-Hwan    (Electricity Market Research Group, KERI   ); Kim Balho H.    (Dept. of Electrical and Electronic Engineering, Hong-ik University  );
  • 초록

    This paper proposes the level of price cap in the TWBP(Two- Way Bidding Pool) market in Korea for which the draft of market design has been prepared by KPX. Max - GMCP(Maximum Generation Market Clearing Price) and APC(Administered Price Cap) would be separately applied as individual price caps for a normal period and a Price Capping period in TWBP. The level of price cap is determined for inducing optimal investment in the Korean Electricity Market considering the 'electricity resource baseline plan' published by the Korean government in 2002 for maintaining government-leading resource planning in Korea. In this regard, Max - GMCP is calculated from the equilibrium condition of investment based on reliability standard and fixed cost of the peaking plant. For verifying the propriety of the proposed price cap, this paper compares the proposed value with the estimated VoLL(Value of Lost Load) based on Korea's GDP(Gross Domestic Product).


  • 주제어

    APC .   Max GMCP .   price cap .   VoLL.  

  • 참고문헌 (8)

    1. Steven Stoft, 'Power System Economics', IEEE Press, 2002 
    2. 'Actual result of market operation in 2002', KEC, January 2003 
    3. 'Review of VoLL in the National Electricity Market - Issue Paper', NECA, September 2003 
    4. Review of VoLL in the National Electricity Market - Final Report', NECA, July 1999 
    5. 'Proposed Market Rules for Two-Way Bidding Pool in Korea', KPX, March 2003 
    6. 'National Electricity Code', NEMMCO, 2003 
    7. 'International Experience with Wholesale Electricity Price Cap Regulation', CRA, July 2003 
    8. 'Market Price Caps in TWBP?Guidelines for Determination', IBM, April 2003 

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