Korean electricity market-present and future

For the past forty years, Korea Electric Power Corporation (KEPCO) had been a vertically integrated operating monopoly over power generation, transmission and distribution. KEPCO now faces a new milestone in its history. The basic plan for the restructuring of electric power industry was announced on January 21, 1999. The Generation Competition Market based on Cost Based Pool (CBP) began operation on April 2, 2001. The Two Way Bidding Pool (TWBP) is scheduled to begin in 2004. In this paper, we introduce the current electricity market and the next stage market.