• 전기학회논문지
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• 제58권8호
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• pp.1496-1503
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• 2009

The United Nations Framework Convention on Climate Change (UNFCCC) is an international environmental treaty to stabilize greenhouse gas concentrations in the atmosphere. In order to fulfil the commitments of the countries in an economically efficient way, the UNFCCC adapted the emission trading scheme in the Kyoto Protocol. If the UNFCCC's scheme is enforced in the country, considerable changes in electric power industry are expected due to the imposed greenhouse gas emission reduction. This paper proposes a game theoretic model of the case when generation companies participate in both competitive electricity market and emission market simultaneously. The model is designed such that generation companies select strategically between power quantity and greenhouse gas reduction to maximize their profits in both markets. Demand function and Environmental Welfare of emission trading market is proposed in this model. From the simulation results using the proposed model the impact of the emission trading on generation companies seems very severe in case that the emission prices are significantly high.

• 대한전기학회논문지:전력기술부문A
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• 제55권10호
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• pp.440-445
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• 2006

As an electricity industry transforms into a competitive system, an electricity market revolves into a combined market consisting of generation and operating reserve. This paper presents a market model combined by an energy market and an operating reserve market. In a competitive structure, Gencos strive to choose strategic bidding parameters that maximize total profit resulting from an energy market and a reserve market. The primary goal of the paper is to analyze power transactions of generation and operation reserve based on marginal profits and capacity limits at NE(Nash Equilibrium). In case studies, the reserve market and the energy market are compared at the n from the viewpoints of marginal profits, prices and transaction quantities. It is shown that the marginal profit in an energy market is equal to that in a reserve market, and Gencos strategic bidding is greatly influenced by capacity limit.

• 대한전기학회논문지:전력기술부문A
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• 제53권3호
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• pp.187-197
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• 2004

This paper presents a window-based load management system (LMS) developed as a decision-making tool in the competitive electricity market The developed LMS can help the users to monitor system load patterns, analyze their past energy consumption and schedule for the future energy consumption. The LMS can also provide the effective information on real-time energy/cost monitoring, consumed energy/cost analysis, demand schedule and cost-savings. Therefore. this LMS can be used to plan the optimal demand schedule and consumption strategy.

• 한국시스템다이내믹스연구
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• 제6권1호
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• pp.99-123
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• 2005

Although the generation market is competitive, the power market is easily exercised the market power by one generator due to its special futures such as a limited supplier, large investment cost, transmission constraints and loss. Specially, as Korea Electric industry restructuring is similar US competitive wholesale electricity market structure which discovered the several evidences of market power abuse, when restructuring is completed the possibility that market power will be exercised is big. Market power interferes with market competitions and efficiency of system. The goal of this study is to investigate the market price effects of the potential market power and the proposed market power mitigation strategy in Korean market using the forecasting wholesale electricity market model. This modeling is developed based on the system dynamics approach. it can analyze the dynamic behaviors of wholesale prices in Korean market. And then it is expanded to include the effect of market condition changed by 'strategic behavior' and 'real time pricing.' This model can generate the overall insights regarding the dynamic impact of output withholding by old gas fire power plant bon as a marginal plant in Korean market at the macro level. Also it will give the energy planner the opportunity to create different scenarios for the future for deregulated wholesales market in Korea.

• 대한전기학회논문지:전력기술부문A
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• 제51권12호
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• pp.638-646
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• 2002

This paper presents an efficient algorithm for evaluating the Profit and revenue of generating units in a competitive electricity market based on the probabilistic production costing technique. The accurate evaluation of the profit and revenue of generating units for long-term perspectives is one of the most important issues in a competitive electricity market environment. For efficient calculation of the profit and revenue of generating units under the equivalent load duration curve(ELDC), a new approach to figure out the marginal plants and the corresponding market clearing prices during a time period in a probabilistic manner is developed. The mathematical formulation and illustrative application of the suggested method is presented.

• 전기학회논문지
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• 제63권7호
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• pp.889-895
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• 2014

Korea electric power industry had been under vertical monopoly but is typically getting restructured for free competition. An ideal pricing system under the competitive market system is 'unbundled pricing system' and 'marginal pricing system', but the current pricing system still adheres to the traditional bundled system and the average cost pricing system. Especially, progressive electricity rates for residential use reflect governmental policy-making which is focused on income redistribution & welfare, industrial supports and energy saving. This study proposes new and reasonable residential electricity pricing systems which are Time-Of-Use (TOU) and Real-Time Pricing (RTP) to reflect variations in the wholesale price of electricity. It also presents examples of various tariffs for residential electricity pricing systems.

• 대한전기학회:학술대회논문집
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• 대한전기학회 2003년도 하계학술대회 논문집 A
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• pp.624-626
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• 2003

Transmission pricing is one of important issues related to competitive electricity markets since rational pricing scheme ensures a fair competition between this market participants. Transmission pricing scheme is classified briefly into marginal cost pricing and embedded cost pricing. In economic efficiency, marginal cost pricing is more adequate for competitive electricity market. However, this pricing scheme requires revenue reconciliation since it cannot ensure full recovery of Transco's revenue requirements. This paper presents a new revenue reconciliation to maximize social welfare. For this analysis, this paper provides the results applied by various revenue reconciliation methodologies.

• 대한전기학회논문지:전력기술부문A
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• 제51권8호
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• pp.403-408
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• 2002

As the electricity industry undergoes a process of fundamental restructuring, horizontal market power appears as a potential obstacle to a fully competitive wholesale electricity market. Market power is the ability profitably to maintain prices above competitive levels by restricting output below competitive levels. In models for imperfect competition under the consideration of the transmission constraints, the Nash equilibrium has the form of a mixed strategy. In this paper, the models for analyzing imperfect competition are compared using the solution of pure and mixed equilibria. The relation between market power and the capacity of a transmission line is investigated by imperfect competition analysis methods: Cournot, Bertrand, and Supply Curve model.

• 전기학회논문지
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• 제58권2호
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• pp.264-269
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• 2009

Marginal Loss Factor(MLF) is represented as the sensitivity of transmission loss, which is computed from the change of the generation at slack bus by the change of the load at the arbitrary bus. The MLF dependent on the selection of slack bus is one of the key factors affecting nodal pricing, Genco's profits, social welfare(SW) and Nash Equilibrium in a competitive electricity market. This paper addresses the methodology of slack bus selection by using Cournot model of Cost Based Pool market. Numerical results from sample cases show that the slack bus of MLF of the highest average is beneficial from the view points of SW.

• Journal of Electrical Engineering and Technology
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• 제10권4호
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• pp.1460-1470
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• 2015

This paper presents an approach to solve the long-term generation expansion planning problem of the restructured electricity industry using an agent-based environment. The proposed model simulates the generation investment decisions taken by a particular agent (i.e. a generating company) in a market environment taking into account its competitors’ strategic investment. The investment decision of a particular company is modeled taking into account that such company has imperfect foresight on the future system development hence electricity prices. The delay in the construction of new plants is also explicitly modeled, in order to compute accurately the yearly revenues of each agent. On top of a conventional energy market, several capacity incentive mechanisms including capacity payment and capacity market are simulated, so as to assess their impact on the investment promotion for generation expansion. Results provide insight on the investment cycles as well as dynamic system behavior of long-term generation expansion planning in a competitive electricity industry.