Assessing welfare impact of entry into power market
- Authors
- Cho, In Koo; Kim, Hyunsook
- Issue Date
- Jul-2013
- Publisher
- ELSEVIER SCI LTD
- Keywords
- Entry; Network constraint; Social welfare
- Citation
- ENERGY POLICY, v.61, pp.1046 - 1054
- Indexed
- SCIE
SSCI
SCOPUS
- Journal Title
- ENERGY POLICY
- Volume
- 61
- Start Page
- 1046
- End Page
- 1054
- URI
- https://scholarworks.bwise.kr/hanyang/handle/2021.sw.hanyang/162323
- DOI
- 10.1016/j.enpol.2013.05.124
- ISSN
- 0301-4215
- Abstract
- This paper calculates the welfare impact of a new entrant based on the location of entry in the Korean electricity market. We use two different models. One is the optimal fuel mix model to estimate the effect of a new entry in the long run. The other is the variable cost minimization model to assess the contribution of an existing installed private generator in the short run. A specific private generator, which has a cost advantage, saves a substantial amount of system-wide variable costs. We show that the right location for a new entrant can save power generation costs significantly, even if a new entrant does not have a cost advantage.
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