Valuing flexible resources in the Korean electricity market based on stated preference methods

IF 3.8 3区经济学 Q3 ENERGY & FUELS

Utilities Policy Pub Date : 2024-03-20 DOI:10.1016/j.jup.2024.101733

Taeyoung Jin , Tae Eui Lee , Dowon Kim

引用次数: 0

Abstract

This study quantifies the value of lost load (VoLL) for the manufacturing sector in South Korea using stated preference methods. VoLL represents the cost of a stable electricity supply, which serves as a public good without a market price to compensate for flexible resources in the electricity market. The contingent valuation and choice experiment showed VoLL ranges from 0.35 to 0.80 USD per kWh unserved, below the industrial VoLL estimates in the existing literature. This finding suggests that outages may have lower costs for electricity consumers than investing in flexible resources. Using the correct estimate of outage costs is required to ensure capacity adequacy.

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基于陈述偏好法评估韩国电力市场中的灵活资源

本研究采用陈述偏好法量化了韩国制造业的负荷损失价值（VoLL）。VoLL 代表稳定供电的成本，作为一种公共产品，它没有市场价格来补偿电力市场中的灵活资源。或然估价和选择实验表明，每千瓦时未服务的 VoLL 在 0.35 至 0.80 美元之间，低于现有文献中对工业 VoLL 的估算。这一发现表明，对电力消费者而言，停电成本可能低于投资灵活资源的成本。要确保容量充足，就必须正确估算停电成本。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Utilities Policy ENERGY & FUELS-ENVIRONMENTAL SCIENCES

CiteScore

6.80

自引率

10.00%

发文量

审稿时长

66 days

期刊介绍： Utilities Policy is deliberately international, interdisciplinary, and intersectoral. Articles address utility trends and issues in both developed and developing economies. Authors and reviewers come from various disciplines, including economics, political science, sociology, law, finance, accounting, management, and engineering. Areas of focus include the utility and network industries providing essential electricity, natural gas, water and wastewater, solid waste, communications, broadband, postal, and public transportation services. Utilities Policy invites submissions that apply various quantitative and qualitative methods. Contributions are welcome from both established and emerging scholars as well as accomplished practitioners. Interdisciplinary, comparative, and applied works are encouraged. Submissions to the journal should have a clear focus on governance, performance, and/or analysis of public utilities with an aim toward informing the policymaking process and providing recommendations as appropriate. Relevant topics and issues include but are not limited to industry structures and ownership, market design and dynamics, economic development, resource planning, system modeling, accounting and finance, infrastructure investment, supply and demand efficiency, strategic management and productivity, network operations and integration, supply chains, adaptation and flexibility, service-quality standards, benchmarking and metrics, benefit-cost analysis, behavior and incentives, pricing and demand response, economic and environmental regulation, regulatory performance and impact, restructuring and deregulation, and policy institutions.