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Market Operation
Market Operation
The principle by which the electricity price is set in the power market is identical to the principle behind determining the prices of general commodities － balance of supply and demand.
Market Price
In Korea's power market, the market price is determined on an hourly basis one day before the actual power transactions take place. The market price for each hour is set at the intersection of the forecasted electricity demand curve and the supply curve, which is formed by the generators participating in the supply bidding while satisfying system constraints.
Marginal Price Determination Method
The "Price Setting Scheduling program" used to determine market prices operates based on the principle of minimizing the costs of generators participating in the supply bidding. It decides which generators will operate and at what output levels. Among these, the generator with the highest generation cost is designated as the marginal plant, and its marginal price (SMP: System Marginal Price) is set as the market price for that specific time period.
Market Price Determination Process
The process of determining the optimal combination of generator operations and output levels to meet electricity demand while satisfying system constraints at the lowest generation cost is called Price Setting Schedule. KPX set up the Price Setting Schedule and determines the market price based on forecasted electricity demand for the trading day, bidding data from market participants, and system constraints.
