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http://dx.doi.org/10.15266/KEREA.2022.31.2.205

Analysis of the 2nd Pilot Test of Time of Use (TOU) Pricing for Korean Households  

Kim, Jihyo (Korea Energy Economics Institute)
Lee, Soomin (Korea Energy Economics Institute)
Jang, Heesun (Department of Economics, Jeonbuk National University)
Publication Information
Environmental and Resource Economics Review / v.31, no.2, 2022 , pp. 205-232 More about this Journal
Abstract
This study analyzes the effect of the 2nd pilot test of Tiime of Use (TOU) pricing for Korean households using a two-level electricity demand model. The test, implemented from May to September 2021, was conducted to compare the effects of two TOU pricing rates and the standard rates for households living in apartment and detached house in 7 provinces of Korea. Based on the data on electricity consumption during the test period and during the same period last year of the 1,292 participants and their socio-economic characteristics, this study analyzes (1) whether the relative demand across periods has changed in response to hourly price changes and (2) whether the price responsiveness of daily consumption has changed after the introduction of TOU pricing. The results show that both types of TOU pricing affect neither the relative demand across periods nor the price responsiveness of daily consumption. The reason behind the results could be related to the level of TOU pricing rates and the periodical classification, which were not sufficient to induce changes in the participants' electricity demand patterns.
Keywords
Time of Use Pricing; Electricity rates; Electricity Demand Analysis;
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