• Asia-Pacific Journal of Business
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• v.13 no.1
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• pp.263-275
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• 2022

Purpose - This study estimated the non-market value of pumped storage power generation using the contingent valuation method(CVM). Design/methodology/approach - CVM, a non-market value estimation method, was used. The perception of pumped storage power generation and the willingness to pay(WTP) for pumped storage power generation were investigated among 612 randomly selected households. Findings - It was analyzed that the average value per household was 7309.99 won/month, and the sources of these benefits were 1819.37 won due to the improvement of power generation efficiency, 1320.48 won due to the improvement of power system reliability, 2359.24 won due to the stabilization of electricity rates, 2110.89 won due to water resource management It was assumed that a circle occurred. If the average monthly benefit per household is expanded to cover countries across the country, it is estimated that the annual value to our society from pumped storage power generation will be KRW 1.796.6 trillion. Research implications or Originality - It is necessary to consider the operation of pumped-water power generation by reflecting the value of pumped-up power generation that is not evaluated in the market. Since Korea's electricity market is isolated in a state where it is impossible to connect with other countries, it may be vulnerable to a stable electricity operation system. Therefore, there is a need for a facility that can stably secure reserve power and produce power quickly when necessary. If pumped-water power generation is actively used for power operation, a more stable power system can be secured.

• The Transactions of the Korean Institute of Electrical Engineers A
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• v.55 no.10
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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.

• Proceedings of the KIEE Conference
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• 2003.11a
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• pp.494-496
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• 2003

Transmission congestion is one of the key factors to local market power in competitive electricity markets. This paper presents an alternative methodology in estimating market power under transmission congestion. The proposed methodology was demonstrated with the Optimal Power Flow(OPF).

• Journal of Electrical Engineering and Technology
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• v.9 no.3
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• pp.1089-1095
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• 2014

Innumerable microgrids would be operated independently by individual operators in a future smart grid. This kind of decentralized power system requires entirely different operation scheme in the actual power system and electricity market operation. Especially, frequency regulation is very important for successive energy trade in this multi-microgrid circumstance. This paper presents an optimal energy and reserve market participation strategy and operation strategy of energy storage system (ESS) by a microgrid operator (MGO). For definite evaluation of the proposed strategy, we postulate that the MGO should participate in the Power Exchange for Frequency Control (PXFC) market, which was devised by Maria Ilic and her coworkers and is suitable to the decentralized operation circumstances. In particular, optimal reserve capacity of the frequency control market and optimal market participation ratio of ESS between frequency control market and energy market are derived theoretically and evaluated by simulations utilizing Nordic Pool Elspot price data.

• Journal of Electrical Engineering and Technology
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• v.13 no.1
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• pp.51-59
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• 2018

Despite the advantages of energy arbitrage using energy storage systems (ESSs), the high cost of ESSs has not attracted storage owners for the arbitrage. However, as the costs of ESS have decreased and the price volatility of the electricity market has increased, many studies have been conducted on energy arbitrage using ESSs. In this study, the existing two-period model is modified in consideration of the ESS cost and risk-free contracts. Optimal investment strategies that maximize the sum of external effects caused by price changes and arbitrage profits are formulated by market participants. The optimal amounts of ESS investment for three types of investors in three different market structures are determined with game theory, and strategies in the form of the mixed-complementarity problem are solved by using the PATH solver of GAMS. Results show that when all market participants can participate in investment simultaneously, only customers invest in ESSs, which means that customers can obtain market power by operating their ESSs. Attracting other types of ESS investors, such as merchant storage owners and producers, to mitigate market power can be achieved by increasing risk-free contracts.

• Journal of Electrical Engineering and Technology
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• v.1 no.1
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• pp.1-7
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• 2006

In an electricity market, the spot market is normally integrated with a forward or future market. The advantage of the forward market is to allow the market participants to deal in a part or the whole trading portfolio at a fix price in advance and to avoid risk associated to the uncertain price of the spot market. Japan has introduced a continuous auction base forward market from April 2005. This paper analyzes the Japanese forward market rules and operations, and introduces a new algorithm that may improve the efficiency of the market itself. The proposed algorithm enables us to give consideration to the specific characteristics of the power system and to integrate them in the auction mechanism. The benefits of the proposed algorithm are verified on an electronic simulation platform and the results described in this paper.

• The Transactions of The Korean Institute of Electrical Engineers
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• v.60 no.9
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• pp.1668-1673
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• 2011

Recent power industries are to be progressed as moving into horizontal markets and expanding of competitive systems through promoting SmartGrid. In these environments, the information on power consumers leads to establish a part of power markets through active and real-time participations instead of participating it as a passive manner presented by a vertical integration. Also, such information should be established as a way that effectively reflects changes and market behaviors occurred in power market participants. Therefore, in this study, a method that develops consumer information models, performs integrated managements, implements registration and distribution, and forms integrated management centers is presented to commonly use the consumer information according to the change in the environment of power industries.

• Proceedings of the KIEE Conference
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• 2007.07a
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• pp.1163-1164
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• 2007

At present, one of the big characteristics in electric power market in korea is unique seller but in the near future competitions are expected in the market. so additional service for the electric power are expected. Also with development of IT technology, remote inspection for power usage are possible so as consumption pattern analysis. KORAIL is one of the biggest consumer in electric power market so it is necessary to investigate power consumption pattern. This paper presents electric power rate definition program based on billing system database and also basic power rate optimization method. Base on the substation annual power usage DB data, the characteristic of the substation power consumption are investigated and effective electrical billing system are compared each other. Through this program it is verified that we can save more then several hundred million won for a year.

• The Journal of Korean Institute of Communications and Information Sciences
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• v.42 no.4
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• pp.915-922
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• 2017

Demand Response Market (DR Market) has risen as one of the key solutions to address the growth and fluctuation of electricity consumptions. In Korea, DR market has been in operation since 2014, where the focus has been mainly on large-scale loads. Small-scale DR market, however, is becoming increasingly important because small power consumers' contribution to the national power consumption has been increasing and because small loads tend to show large fluctuations. Furthermore, small-scale DR can improve social awareness on energy issues which can bring additional impacts. In this paper, we provide the findings from a small-scale consumer DR pilot. The pilot was conducted in the summer of 2016 on over 5,000 small-scale users in Korea, and smartphone applications were used in the pilot. The effectiveness of small-scale DR Market is analyzed and addressed, and the results indicate a promising future of small-scale DR Market.

• Plant Journal
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• v.5 no.3
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• pp.66-73
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• 2009

This study aims to develop a strategy for South Korean companies to penetrate into the global NPP(nuclear power plant) market with their strength as the sixth biggest nuclear power generator in the world. With 20 nuclear plants in commercial operation and 6 more in construction, South Korea has the best technology in construction and operation of NPP. Despite these capabilities as demonstrated on its domestic market, Korean companies' constraint to enter and play a key role in global NPP market would be the lack of experience in overseas NPP projects, original technologies, and diplomatic effectiveness. This study analyzes the competitiveness of Korean standardized nuclear power plant, construction management skills, construction technologies, manufacturing equipment and materials and operation skills. In this research the current status of existing NPP and the forecast of building NPP according to countries was analyzed in order to work out strategies with technology, cost-effectiveness, and diplomatic consideration.