Successful liberalization of electricity markets in Europe in the early 1990s formed the basis of a wider trend towards the deregulation of power markets around the world. The electricity market reforms in the Nordic countries were more far-reaching than in the EU, often championed as a shining example to the rest of Europe, being efficient, transparent and well-functioning. The integration of the national markets led to a dilution of market power among incumbents. In 2006, the Philippines followed Singapore after it launched a competitive market in 2001, with the commencement of the Wholesale Electricity Spot Market (WESM). Korea introduced competition on the generation side in 2001, as five generation companies were spun off from the state-owned Korea Electric Power Corporation and the Korea Power Exchange was established. Concerns over price spikes and unstable supply in a planned wholesale market observed in the California electricity crisis did not see reforms in the competitive market in Korea develop much further.
展开▼
