Design of multi-attribute procurement auction for the Korean clean hydrogen power generation auction market

IF 14.2 2区经济学 Q1 ECONOMICS

Energy Economics Pub Date : 2025-09-08 DOI:10.1016/j.eneco.2025.108871

Jisu Sim , Jihyeok Jung , Deok-Joo Lee , Kiho Yoon

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引用次数: 0

Abstract

This paper presents a procurement auction mechanism for the Korean clean hydrogen power generation auction market, addressing the limitations of the existing auction design. We design a multi-attribute auction framework with a Vickrey-score sealed-bid auction rule consisting of scoring, allocation, and payment rules, allowing sellers to bid on both price and non-price attributes. We adopt the hydrogen co-firing rate and capacity factor as non-price attributes to comprehensively evaluate the contributions to greenhouse gas reduction and fuel supply reliability. Through equilibrium analysis, we demonstrate that the proposed mechanism induces a weakly dominant bidding strategy for sellers. This strategy leads to optimal price bids based on their levelized cost of energy (LCOE) and independently determined non-price attributes. Numerical analysis using real-world parameters from the Korean hydrogen industry highlights the importance of carefully structuring the score function. Moreover, the results confirm that the proposed auction mechanism achieves higher market efficiency and a greater share of clean hydrogen in fuel usage compared to single-attribute price-only auctions.

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韩国清洁氢发电拍卖市场的多属性采购拍卖设计

本文针对韩国清洁氢能发电拍卖市场现有拍卖设计的局限性，提出了一种采购拍卖机制。我们设计了一个多属性拍卖框架，该框架采用由评分、分配和支付规则组成的Vickrey-score密封竞价规则，允许卖家对价格和非价格属性进行竞价。我们采用氢共烧速率和容量因子作为非价格属性，综合评价其对温室气体减排和燃料供应可靠性的贡献。通过均衡分析，我们证明了该机制诱导了卖方的弱优势竞价策略。这一策略基于它们的平准化能源成本（LCOE）和独立确定的非价格属性导致最优出价。利用韩国氢产业的真实世界参数进行的数值分析强调了仔细构建得分函数的重要性。此外，结果证实，与单一属性价格拍卖相比，拟议的拍卖机制实现了更高的市场效率和更大的清洁氢在燃料使用中的份额。

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来源期刊

Energy Economics ECONOMICS-

CiteScore

18.60

自引率

12.50%

发文量

524

期刊介绍： Energy Economics is a field journal that focuses on energy economics and energy finance. It covers various themes including the exploitation, conversion, and use of energy, markets for energy commodities and derivatives, regulation and taxation, forecasting, environment and climate, international trade, development, and monetary policy. The journal welcomes contributions that utilize diverse methods such as experiments, surveys, econometrics, decomposition, simulation models, equilibrium models, optimization models, and analytical models. It publishes a combination of papers employing different methods to explore a wide range of topics. The journal's replication policy encourages the submission of replication studies, wherein researchers reproduce and extend the key results of original studies while explaining any differences. Energy Economics is indexed and abstracted in several databases including Environmental Abstracts, Fuel and Energy Abstracts, Social Sciences Citation Index, GEOBASE, Social & Behavioral Sciences, Journal of Economic Literature, INSPEC, and more.