Economic Fundamentals of Power Plant

Stability of the electricity industry is crucial for the economic growth of all nations. Sustainable economic growth cannot be accomplished without a secure energy supply. Therefore management of the electricity industry should be conducted with careful planning and most by efficient form of electricity market structure.The book undertakes the performance study of the electricity market and creates a unique database ranging from the lowest level (generator) to the highest level (company) of aggregation by utilizing detailed information on generation and finances. It analyzes the efficiency differences among generators, plants and business units by using different performance measurement methods and a comprehensive sensitivity analysis. The book is useful to energy economists and policy makers as it identifies and examines different production factors' effectiveness and relationships in generation. It provides explanations to the differences in performance of the studied units. It discusses the implications of the findings for the future resource allocation and further efficiency enhancement of the industry.

List of figures	p. xvii
List of tables	p. xxiii
Preface	p. xxvii
List of abbreviations	p. xxix
Introduction	p. 1
Background to the Korean electricity industry	p. 1
Background to the world electricity industry	p. 4
Background to previous research on the electricity industry	p. 5
Objective of this study	p. 5
Generator-level database	p. 7
Methodology	p. 7
Application and expected results	p. 8
Organization and structure of the book	p. 9
The Korean electricity industry	p. 11
Introduction	p. 11
Energy sources, self-sufficiency, security, and vulnerability	p. 12
Supply side and its development	p. 17
Demand side and its development p29
Management, competition, finances, and performance	p. 35
Summary	p. 39
Market structure of the electricity industry	p. 41
Introduction	p. 41
Different power plants in the Korean electricity industry	p. 43
Other residual power plants and features of the electricity market	p. 54
Structural organization of the electricity industry	p. 62
R&D investment, public intervention, concentration, and performance	p. 69
Summary	p. 75
Global trends in the electricity industry and energy consumption	p. 78
Introduction	p. 78
The literature on the electricity market	p. 79
Global trends in energy production and energy use	p. 83
Global trends in development of the electricity industry	p. 85
Determinants of supply and demand for electricity	p. 95
Literature on measurement and analysis of performance	p. 98
Structural reorganization and changes in ownership	p. 99
Literature on reorganization of the market	p. 103
Evidence on reorganization of the electricity market	p. 106
Summary and conclusions	p. 108
Overview of performance methodologies	p. 111
Introduction	p. 111
Factor productivity	p. 112
Parametric approaches to performance analysis	p. 124
Comparison of the different measurement methods	p. 128
Summary of methods of performance analysis	p. 132
Previous efficiency analysis of electricity generation	p. 134
Introduction	p. 134
Earlier studies analyzing effects of restructuring	p. 135
Management performance studies	p. 135
Comparison of the performance of Korea and other countries	p. 137
Recent performance analysis of Korean electricity market	p. 141
Efficiency measurement and determinants of efficiency	p. 144
Summary of the previous research and lessons learned	p. 146
Generator-level data	p. 148
Introduction	p. 148
Factor inputs	p. 154
Generation output	p. 168
Characteristics of output	p. 172
Characteristics of producers	p. 174
Characteristics of intervention: public support	p. 177
Summary of strengths and weaknesses of the data and suggestions	p. 178
Analysis of performance at generator level and policy implications	p. 180
Introduction	p. 180
Stochastic frontier production and cost analysis (SFA)	p. 181
Data envelopment analysis (DEA)	p. 228
Malmquist productivity index analysis (MPI)	p. 250
Summary of results from different performance methodologies	p. 273
Summary and conclusions	p. 278
The background to this study	p. 278
Summary of the results	p. 283
Performance index analysis	p. 293
Performance index trend analysis	p. 294
Policy implications of the results	p. 294
Some concluding remarks about future studies of performance	p. 296
Notes	p. 301
Bibliography	p. 303
Index	p. 309
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Economic Fundamentals of Power Plant Performance

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