IEEE Power & Energy Magazine - November/December 2014 - 71

BPE

200,000

15
10.1

(Thousand toe)

160,000

8

140,000

5.4

120,000

6.3

6.5

4.9

4.9

100,000

2.2

80,000

2.9
1.2

5.7

4.5
2.4

4.5
1.6

60,000

6.5

10
4.8
3.2

0.6

5
(%)

180,000

0

-0.3
-5

40,000
20,000
0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Electricity (TTOE)

Final Energy (%)

Others (TTOE)

Elec. (%)

-10

figure 19. Final energy and electricity consumption in South Korea, 2002-2011.

80,000
75,000

Summer Peak

70,000

Winter Peak

65,000
(MW)

real-time pricing system but rather
employs a sector-cumulative price
system. Because agricultural and
industrial electricity prices have
been below the historical average since 1987, these sectors have
preferred using electrical (second
energy) heating systems over gas or
coal (first energy) systems. Applying the currency exchange rate
of KRW1,100/US$ in 2012 from
Figure 4, the agriculture sector and
average calorie unit electricity prices
can be approximated as follows:
1) Agriculture sector price:
KRW40/kWh x kWh/860
kcal ≈ KRW46.5/Mcal =
US¢4.23/Mcal
2) Average price: KRW80/kWh
x kWh/860 kcal ≈ KRW93/
Mcal = US¢8.46/Mcal.
The average calorie unit electricity price (KRW93/Mcal =
US¢8.46/Mcal) is similar to the
average calorie unit gas price
(KRW91.5/Mcal = US¢8.32/Mcal),
but the agriculture sector calorie
unit electric price is only about
half of the calorie unit gas price.
As a result of this pricing system,
agricultural consumers prefer electrical energy for heating during
the winter.

60,000
55,000
50,000
45,000
40,000

73,137 73,833
68,963

62,285 62,794
58,994
63,212
62,645
54,631
60,947
51,264
55,508
47,385
54,451
45,773
49,990
46,387
45,062

72,194
69,886

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

figure 20. Yearly summer and winter peak demand in South Korea, 2002-2011.

1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2008
2010
2011
2012

(%)

In South Korea, the National
Basic Plan for Electrical Energy
18
Supply and Demand (BPE) is
16.4
17.1
16
reviewed biannually. A source
14.9
with a detailed summary of the
14
13.9
reference plan for the Sixth BPE
12
10.4
12.4 12.9 12.2
10.5
(the most recent one) is provided
10
9.1
11.3
8.3
below in the For Further Reading
7.9
7
8
section. Some of the points of note
5.5
7.3
7.2
6
6.4
6.2
6.2
in the Sixth BPE are as follows:
5.4
5.2
4
1) The Sixth BPE's reference
2
2.8
plan was created using an
0
optimization model called
WASP (Wien Automatic System Package), a generation
expansion planning model figure 21. South Korean SPR, 1990-2012.
that uses dynamic programming. The plan considers a target capacity reserve margin
but is used to guide and evaluate construction plans of
of 22%, social costs, and standard construction times of
generation companies. By 2027, the reference plan outcandidate power plants. This plan is not implementable
lines an additional 10,500 MW of coal-fired generation,
november/december 2014

ieee power & energy magazine

71



Table of Contents for the Digital Edition of IEEE Power & Energy Magazine - November/December 2014

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IEEE Power & Energy Magazine - November/December 2014 - Cover3
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