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http://dx.doi.org/10.15266/KEREA.2021.30.1.107

A Study on the Effects of the System Marginal Price Setting Mechanism of the Cost Function in Operating Modes of the Combined Cycle Power Plants in Korea Electricity Market  

Yoon, Hyeok Jun (Energy and Environmental Policy, KU-KIST Graduate School of Energy and Environmental, Korea University)
Publication Information
Environmental and Resource Economics Review / v.30, no.1, 2021 , pp. 107-128 More about this Journal
Abstract
It has been recognized that implementing the marginal price mechanism to CBP is not acceptable due to the lack of revenue of the marginal generators. This study shows that it is not the problem of marginal price mechanism but the structural problems originated by the suspension of restructuring, the technical limits of RSC program and inaccuracy of the generation cost estimation method. This study explains the method to calculate the cost function in operating modes of the CC generators and proposes the modeling for the CC generators in RSC program. To implementing the cost function in operating modes could give an opportunity to change the price setting mechanism from average to marginal cost. The price setting mechanism based on the marginal cost will be one of the main points to provide the right price signals and to introduce a real-time and A/S markets to prepare the energy transition era.
Keywords
Cost function in operating modes; Marginal cost; Price setting mechanism; System marginal price; Combined cycle power plants;
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