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How is the market price determined?
'Price setting schedule' determines the generators to be dispatched and its output based on its merit order. Whth the hourly energy demand forecasted by KPX as a reference, generating units rewuiring the lowest generation cost are dispatched first to minimize the total energy supply cost; the market price is then set based on the generation cost of the marginal generating unit.
I wonder what's KPX
Korea Power Exchange (KPX), a nonprofit organization, plays a key role in South Korea’s power industry. KPX ensures the reliability of power supply by coordinating the flow of electricity in all regions of South Korea. As a neutral and independent organization, KPX also ensures the fair and transparent management of the power market. To secure future power reliability, KPX runs a sophisticated national planning process for generation and transmission expansion by active cooperation and coordination with the government.
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