The Transactions of The Korean Institute of Electrical Engineers (전기학회논문지)

The Korean Institute of Electrical Engineers (대한전기학회)
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A Study on the Causality between Electric Reserve Margin, Electricity Tariff, Renewable Energy, Economic Growth, and Concurrent Peak in Winter and Summer: OECD Panel Analysis

전력예비율과 전기요금, 신재생, 경제성장, 동·하계 동시피크 간 인과관계 연구 : OECD 패널 분석

  • Lee, Jung-Ho (Department of Energy Policy, Seoul National University of Science & Technology) ;
  • Park, Kyung-Min (School of Business, Yonsei University) ;
  • Park, Jung-Gu (Department of Energy Policy, Seoul National University of Science & Technology)
  • Received : 2018.06.27
  • Accepted : 2018.10.30
  • Published : 2018.11.01
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Abstract

In Korea, prior to 2011, the electric reserve margin followed the probabilistic reliability view and the planning reserve margin had been operated at about 15% based on the assumption that power outage was permitted within 0.5 days a year. However, after experiencing the shortage of the electric generation capacity in Sept. 15, 2011, the planning reserve margin was selected as 22% to improve the reliability of the electric supply. In this paper, using panel data of 28 OECD countries over the period 2000-2014 we attempted to empirically examine the linkage between reserve margin, electricity tariffs, renewable energy share, GDP per capita, and summer / winter peak-to-peak ratios. As a result, all four independent variables have been significant for the electric reserve margin, and in particular, we found that countries with similar peaks in winter and summer have operated 4.3% higher reserve margin than countries experiencing only summer peak.

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