Korea Power Exchange Explained
| Korea Power Exchange |
| Hangul: | 한국전력거래소 |
| Hanja: | 韓國電力去來所 |
| Rr: | Hanguk Jeollyeok Georaeso |
| Mr: | Hanguk Chŏllyŏk Kŏraeso |
Korea Power Exchange (Korean: 한국전력거래소), also known as KPX, is the quasi-governmental agency under the Ministry of Trade, Industry and Energy responsible for operating the electricity market and the electric power system in South Korea. In order to ensure fair and transparent operation of the market, as well as stable and efficient operation of the grid, it was established in April 2001 by being spun off from the Korea Electric Power Corporation (KEPCO) as a part of the industry restructuring efforts.[1] Because the legal name (Korean: '''한국전력'''거래소) may give a false impression that it is a subsidiary of KEPCO (Korean: '''한국전력'''공사), the general name of Korean: '''전력거래소''' is used for most purposes.[2]
Establishment
Article 35 of the Electric Utility Act (EUA)[3] amended on December 23, 2000, laid out the legal basis of the organization. Following the founders' meeting on March 17, 2001, it was officially founded on April 2, 2001.[4] The original offices were located within the KEPCO headquarters building complex in Samseong-dong, Seoul[5] until the relocation to Naju Innovation City took place in 2014.[6]
Timeline
- March 2001 – Founders' Meeting
- 2 April 2001 – Establishment of Korea Power Exchange
- March 2004 – New Jeju Branch Office Building Completed[7]
- June 2007 – New Cheonan Branch Office Building Completed
- 6 October 2014 – Relocation of Headquarters to Naju (Official Opening on 2 December 2014)[8]
Operations
Objectives
- Mission: Fair Electricity Market Operation and Reliable Power System Operation
- Vision: Integrated Power Business Platform for Leading Environmentally Friendly Future
Key Functions
Article 36 of the EUA lists the following:
- Opening and operating the electricity market and small-scale electricity brokerage market
- Electricity trading
- Screening membership qualifications
- Charging, adjusting, and paying the value of electricity trading and the cost arising from the electricity trading
- Calculating the volume of electricity traded
- Establishing and amending all the related rules and regulations, including the rules on operating the electricity market established under EUA Article 43 and the rules on operating the brokerage market established under EUA Article 43-2
- Operating the electric power system
- Measuring the quality of electricity and recording and preserving the results thereof under EUA Article 18 (2)
External links
Notes and References
- News: Power industry laid a solid foundation for growth . . 2010-08-16.
- News: 전력-배출권 거래업무 통합은 필수 . The Korea Electric Power News . ko . 2014-12-18.
- Web site: Electric Utility Act . Korea Legislation Research Institute . 2018-06-12 . Article 35 (Establishment) (1) The Korea Power Exchange shall be established to operate the electricity market and the electric power system..
- News: 전력거래소 4월2일 발족 . . ko . 2001-03-16.
- News: 이총리, 여름철 전력수급 점검 . 2021-05-04 . . 2004-07-31 . ko . 이해찬 국무총리는 31일 서울 삼성동 한국전력거래소 중앙 급전소를 방문해 여름철 전력 수급 상황을 점검했습니다..
- News: Jung Sung-ki . Move to Naju is part of governmental decentralization scheme . . 2011-11-03 .
- Web site: 한국전력거래소 일반 현황 - ALIO : 공공기관 경영정보 공개시스템 . All Public Information In-One (ALIO) . 2021-04-27 . ko . 2021-05-04 . 2021-05-04 . https://web.archive.org/web/20210504153951/http://www.alio.go.kr/popReportTerm.do?apbaId=C0246&reportFormRootNo=10101 . dead .
- News: 한국전력거래소 광주·전남 혁신도시서 개청식 . 2014-12-02. Yonhap News Agency. ko.
