Open AccessElectricity Market Design for the Incorporation of Various Demand-Side Resources in the Jeju Smart Grid Test-bed
Author(s) -
Man-Guen Park,
Seong-Bin Cho,
Koo-Hyung Chung,
Kyeong-Seob Moon,
Jae Hyung Roh
Publication year - 2014
Publication title -
journal of electrical engineering and technology/journal of electrical engineering and technology
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.226
H-Index - 27
eISSN - 2093-7423
pISSN - 1975-0102
DOI - 10.5370/jeet.2014.9.6.1851
Subject(s) - smart grid , electricity market , renewable energy , environmental economics , electricity , business , grid , demand response , government (linguistics) , industrial organization , engineering , economics , electrical engineering , linguistics , philosophy , geometry , mathematics
Many countries are increasing their investments in smart grid technology to enhance energy efficiency, address climate change, and trigger a green energy revolution. In addition to these goals, Korea also seeks to promote national competitiveness, prepare for the growth of the renewable energy industry, and export industrialization through its strategic promotion of the smart grid. Given its inherent representativeness for Korean implementation of the smart grid and its growth potential, Jeju Island was selected by the Korean government as the site for smart grid testing in June 2009. This paper presents a new design for the electricity market and an operational scheme for testing Smart Electricity Services in the Jeju smart grid demonstration project. The Jeju smart grid test-bed electricity market is constructed on the basis of day-ahead and real-time markets to provide two-way electricity transaction environments. The experience of the test-bed market operation shows that the competitive electricity market can facilitate the smart grid deployment in Korea by allowing various demand side resources to be active market players.