Chapter 22

The Korean Electricity Market

Stuck in Transition

Suduk Kima, Yungsan Kimb and Jeong Shik Shinc,    aDepartment of Energy Studies, Ajou University, bDepartment of Economics and Finance, Hanyang University, cSchool of Economics, Chung-Ang University

1 Introduction

The restructuring of electricity industry in Korea officially started in 2001 with the enactment of the Electricity Industry Restructuring Act. But it came after years of preparatory works of planning and lawmaking dating back to early 1990s. Before the restructuring, Korea’s electricity industry used to consist of the state-owned vertically integrated monopoly of Korea Electric Power Corporation (KEPCO). The restructuring was initiated by the government as part of a general ...

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