A Study on the compensation system for hydro power in response to climate change
Korea''s electric Power wholesale market, introduced in 2001, is a CBP market that reflects the variable costs of each power plant. The purpose of this market is to increase the efficiency of electric power generation and reduce the cost burden of customers by inducing the reduction of electric power production costs. But Korea''s power market is a de facto monopoly dominated by excessive interference from the Ministry of Trade, Industry and Energy and KEPCO.
The main sources of power plants of KEPCO''s subsidiaries are nuclear or coal, which are at high risk of accidents and are pointed out as the main reason of air pollution and greenhouse gases. However, under the CBP system, the operation rate of these plants is high but the operation rate of LNG complex power plants, which has relatively low greenhouse gas emissions, is low. This is only because current CBP market focuses on economic factors such as fuel costs. In addition, very small compensation for hydro power plants, which is clean energy, is hindering the development of new hydro power plants.
Therefore, this study focused on promoting the introduction of hydro power plants in response to climate change. The system improvement was proposed to promote new introduction of hydro power plants by analyzing problems of the current system, adding new elements of settlement, and improving the existing settlement formula.
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