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ID:
137664
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| Summary/Abstract |
South Korea is experiencing a serious imbalance in electricity supply and demand, which caused a blackout in 2011. The Korean government has planned to perform a rolling blackout to prevent large-scale blackouts when the electricity supply reserve margin reaches less than 1 million kW. This study attempts to estimate the inconvenience cost of household customers from a rolling blackout by using survey data. To this end, we apply a contingent valuation method (CVM) to measure their willingness-to-pay (WTP) in order to avoid a rolling blackout, i.e. the suspension of electricity supply. In this study, we estimate the inconvenience costs stemming from both an unannounced and an announced rolling blackout. As a result, we find that the inconvenience cost of a sudden rolling blackout is estimated at 3900.67 KRW (3.56 USD) per month per household, while that of an announced rolling blackout stands at 3102.95 KRW (2.83 USD). This difference in costs shows that people place value in receiving prior notice of a blackout, and that inconvenience costs of between 166.0 billion KRW (151.6 million USD) and 174.3 billion KRW (159.2 million USD) per year can be reduced nationwide by giving households advance notice of a planned rolling blackout.
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| 2 |
ID:
169834
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| Summary/Abstract |
The peer-to-peer (P2P) electricity trading platform (ETP) is an electricity-sharing system by which individuals can sell surplus electricity or purchase electricity to meet a deficit in a regional power network. South Korea has allowed energy prosumers to engage in electricity trading from 2016 and is seeking ways to vitalize the electricity trading market. This study aims to estimate the willingness to pay (WTP) of respondents for the monthly usage of P2P ETP by using the contingent valuation method. Of the 1000 Korean respondents, 639 were willing to pay a fee for using the platform. The estimated WTP is KRW 5958.86 (USD 5.50) per month. Moreover, the estimated WTP is higher in respondents who have more background knowledge of the P2P ETP and who pay higher electricity fees. The estimated WTP is lower than the usage fees of existing ETPs in other countries, which is primarily due to Korea's low electricity prices. Furthermore, the estimation results show that enhancing consumer awareness of P2P trading and introducing market strategies based on electricity usage should be considered by electricity trading companies and regulators to enhance P2P ETP usage.
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