Status and perspective of electric power industry in Korea

In recent years, the electric power industry in which monopoly had been taken for granted, has experienced drastic shifts. These changes have triggered active movements toward competition through industrial restructuring and liberalization. In step with this trend, Korea has gradually carried out privatization in the state-monopolized industry. Our objective is not only to overcome management inefficiency but also to restructure it in a way to more effectively befit the market competition. To begin, the generation sector has been divided into six separate segments according to the similarity of fuel composition and generation capacity. Also, the Korea Electricity Commission (KOREC) was established as a regulatory body and the Korea Power Exchange (KPX) was opened in 2001.