Reforming Korea's wholesale electricity market amid renewable expansion

Yeochang Yoon

No 144, KDI Focus from Korea Development Institute (KDI)

Abstract: As the share of variable renewable energy such as solar and wind rises rapidly, ensuring adequate investment in facilities that prevent outages and maintain reliable supply has become more important. Yet, Korea's wholesale electricity market relies on rigid pricing rules that fail to provide appropriate investment incentives, delaying the expansion of required resources. It is therefore desirable to reform the pricing framework so that market prices reflect demand and supply conditions effectively as signals for investment and system operation.

Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:kdifoc:343514

DOI: 10.22740/kdi.focus.e.2025.144

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