Korea is now undergoing a restructuring process of the country's electricity supply industry. The Korean electricity restructuring has the requirements to implement a competitive market structure and unbundle the existing vertically integrated utility, Korea Electric Power Corporation (KEPCO). KEPCO has selected a cost-based pool (CBP) as the starting point for the phased introduction of competition. In this paper, the introduction of the restructuring process of the power industry in Korea and design specifications of the power market operation system for the CBP phase in restructuring of KEPCO are described.
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