우리나라 전력산업의 시장지배력 연구 = An Empirical Study of Market Power in the Korean Electricity Market

다국어 초록 (Multilingual Abstract)

In the process of electricity industry restructuring, the Korean electricity market has been in operation at a generation competition stage. There are one nuclear company, 5 generating companies, and IPPs in the market. They are competing each other by the cost-based pool rules and selling all electricity to the Korea Power Exchange (KPX). From 2003 to 2011, the average real economic growth rate was 3.8% but the average growth rae of the maximum electric power demand was 5.3% in the same period. The power sales of 2003 and 2011 was 293,599GWh and 455,070GWh respectively, and the average growth rate of power sales was 5.6% from 2003 to 2011. And the average unit sale price of power was 74.7won/kWh in 2003 and 89.3won/kWh in 2011, and the average unit sale price was increasing by 2.1% only from 2003 to 2011. This paper tackles an empirical analysis about market performance and market structure using the Korean generation market data from January 2003 to September 2011. Market concentration rate(C3) is about 61.94%, and Herfindahl index shows around 0.2072 in the generation market. The nuclear company alone represents on average 36.75%. The Gini coefficient, which is the recognised measure of inequality, was 37.30% and was declining over time. The average gross margin on sale of power was 18.89won and was declining over time. The average gross margin ratio on sale of power was 34.69% and was also declining over time. It is estimated that there is a strong positive relationship between market concentration rate and profitability. The coefficient of concentration ratio is 2.2302 and is positive and statistically significant at the level of 1 percent. It implies that as market concentration rate increases, the profitability of generation companies improves. In order to make electricity market more competitive and mature, decreasing the nuclear company`s concentration rate, maintaining the size of 5 generating companies, and lowering market entry barrier are needed. Besides, the functions and duties of KOREC(regulator) for the wholesale power market should be readdressed in the context of deregulation and fair competition.

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