Price Distortions in Korea's Electricity Market: Barriers to Renewable Integration and Reform Pathways
韓国の電力市場における価格歪み：再生可能エネルギー統合の障壁と改革経路 (AI 翻訳)
Ryungyeong Lee, Minhan Yoon, Hunyoung Shin
🤖 gxceed AI 要約
日本語
韓国の電力市場は、コストベースプールと均一価格メカニズムにより、送電制約やリアルタイムの需給動向を反映できず、再生可能エネルギー投資を阻害している。本研究はこの歪みの要因を特定し、ロケーションマージナルプライシング導入など4つの改革を提案する。これらの改革は市場効率を向上させ、エネルギー政策目標との整合を図るために一体的に実施する必要がある。
English
Structural price distortions in Korea's electricity market, driven by a cost-based pool and uniform pricing, hinder renewable energy integration and grid flexibility investment. This paper identifies key distortion drivers and proposes a four-part reform package including locational marginal pricing, real-time market, integrated operations, and price-based bidding. The reforms must be implemented jointly to align price signals with Korea's energy transition goals.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
韓国事例だが、日本の電力市場改革や再生可能エネルギー導入の課題と共通点が多い。日本の市場設計の改善に示唆を与える。
In the global GX context
This paper offers a detailed case study of Korea's electricity market distortions, relevant for global energy transition discussions. It highlights the need for coherent market design to support renewable integration, providing comparative insights for countries with similar cost-based pool systems.
👥 読者別の含意
🔬研究者:Researchers studying electricity market design and renewable integration will find the proposed reform package a valuable framework for analysis and cross-country comparison.
🏛政策担当者:Policymakers in countries with cost-based pool markets should consider the joint implementation of locational pricing and real-time markets to enable renewable energy integration.
📄 Abstract（原文）
Structural distortions in price signals within the Korean electricity market, governed by a cost-based pool (CBP) and a uniform pricing mechanism, fundamentally undermine the nation's energy transition goals. The current market design fails to reflect transmission constraints, real-time supply and demand dynamics, and generator-specific costs, leading to inefficient resource allocation and hindering long-term investments in renewable energy and grid flexibility. This paper identifies the key drivers of these distortions and proposes a holistic reform package to enhance market efficiency. The package includes four key reforms: \stepcounter{excep}(\roman{excep}) introducing a locational marginal pricing system to manage transmission constraints; \stepcounter{excep}(\roman{excep}) establishing a real-time market to reflect temporal value; \stepcounter{excep}(\roman{excep}) integrating market and system operations to resolve inconsistencies; and \stepcounter{excep}(\roman{excep}) transitioning from CBP to a price-based bidding system. Each reform targets a distinct source of inefficiency. The broader contribution of this study, however, lies in showing that, under the current Korean market design, the market cannot readily provide effective price signals. These reforms therefore need to be implemented jointly to establish a coherent market design in which price signals are aligned with Korea's energy policy objectives.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.48550/arxiv.2605.09318first seen 2026-06-02 04:35:21 · last seen 2026-06-03 04:44:42
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