| Title |
Analysis of Gas Turbine Competitiveness and Adequacy of Electricity Market Signal in Korea |
| Authors |
김은환(Kim, Eun Hwan) ; 박용기(Park, Yong-Gi) ; 박종배(Park, Jong-Bae) ; 노재형(Roh, Jae Hyung) |
| DOI |
https://doi.org/10.5370/KIEE.2017.66.8.1172 |
| Keywords |
Gas turbine ; Combined cycle gas turbine ; Generation mix ; Screening analysis ; WASP-IV ; Market signal ; Electricity market equilibrium |
| Abstract |
This study analyzed competition in peak load plants between CCGT and GT instead of competition between base and peak load plants like in previous studies. In common overseas power markets, CCGT and GT claim certain market shares as peak load plants with the latter boasting a high utilization rate as reserve plants. In South Korea, however, there has been no introduction of GT in the market that opened in 2001 with no analysis cases of GT's economy as a peak load plant. The current power market of South Korea is run on the cost-based pool, which allows for no price spikes. Since the capacity payment criteria for compensations for missing money are set based on GT generators, the power market uses GT generators as marginal plants. The purposes of this study were to analyze the competitive edge of GT generators as peak load plants in the domestic power market of South Korea and identify the causes of GT's failure in market entry, thus assessing the adequacy of market signals in the domestic power market. |