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Power Market Restructuring and Government Regulation : Implication of the United States Cases

  • Journal of Regulation Studies
  • 2007, 16(2), pp.137-174
  • Publisher : 한국규제학회
  • Research Area : Social Science > Public Administration

Hyunsook Kim 1

1숭실대학교

Accredited

ABSTRACT

Power market of the United States consists of two different regimes, i.e., the integrated system of the north-eastern area including PJM, NYISO, New England ISO, and the unbundled system of California before 2001 and ERCOT. After the power crisis of California, there has been a preference toward integrated system in the United States, but it has had several weakness, too. The success of power market restructuring does not depend on only market structure, but also market design itself. We need to bring nodal pricing for appropriate price incentive for generators and set up the institutional framework for resource adequacy as well as demand response. For transmission pricing, system redispatch cost is better in terms of appropriate transfer between producer and consumer. Compared to vertical integration, the independent transmission operator is helpful for lowering entry barrier and prices. For retail competition, cost effective entrants are crucial and the current CES system can not initiate effective competition in the Korean power market. Finally, regulators need to design ex-ante monitoring and ex-post intervention system in order to prevent the exercise of market power before regulation begins.

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