Korea Electricity Security Review
This report, commissioned by the Korean Ministry of Trade Industry and Energy and
written jointly by the International Energy Agency and the Korea Energy Economics
Institute, examines current conditions and future opportunities to ensure electricity
security and system flexibility with higher shares of variable renewable energy in
Korea. The report examines the objectives from the 9th Basic Plan for Long-term Electricity
(BPLE) in terms of energy demand and variable renewable energy deployment, and provides
options to maintain the country’s current high level of electricity security, while
integrating increasing shares of solar PV and wind. Taking into consideration the
existing institutional and market structure, the analysis first looks into how flexibility
needs may evolve in Korea’s power system and suggests technical options to satisfy
these requirements making use of flexible generation, storage, demand-side flexibility
and grids. The report then looks at key aspects of operational security and long-term
planning, both recognising current progress in terms of grid and market code updates
as well as suggesting improvements to the long-term planning process, through for
example integrated resource planning. The report suggests market design improvements
that can be implemented within the current framework, considering price formation
mechanisms and integration with the existing emissions trading scheme. Finally, the
report examines key aspects of climate and cyber resilience, suggesting improvements
that can be integrated into long-term planning to ensure resilience across the whole
value chain.
Published on February 11, 2021