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impact of outages - across consumer groups, that market participants share data; enhancing
regions and times of the year - will be an price formation mechanisms so they reflect not
important step to guide investment in the only technical constraints, but also the value
system once a set of reliability targets is of scarcity; and improving the link between
defined. For policy makers this can provide the existing emissions trading scheme (ETS)
an indication of the options that might be mechanism and price formation in the wholesale
worthwhile, ranging from new programmes for market.
demand-side flexibility to investments in flexible
system resources. Cyber and climate resilience
Integrated resource planning will become an On power system resilience, Korea has taken
increasingly important tool for co-ordinating good first steps both in respect of climate
the development of the power system. While resilience and cybersecurity. For example, on
there is currently a degree of integration, better climate resilience the power system’s long-
outcomes can be achieved by combining term energy plans have strong proposals for
traditional generation and transmission planning infrastructure to mitigate future impacts, but
with more sophisticated models that account it is important to embed climate adaptation
for different scenarios of distributed energy measures in power system planning.
resource deployment, distribution network Accounting for the greater incidence of harsher
development and electrification of new end extreme weather events, such as heatwaves,
uses. Such plans can be carried out in an extreme rainfall and more frequent typhoons,
indicative way, such that they allow for market will be essential to safeguard the continuity of
dynamics while improving system efficiency electricity supply in Korea.
in the long term and providing certainty to On cybersecurity, it is important to build on
investors. existing mechanisms to protect national

security and critical infrastructure, and reinforce
Market improvements mechanisms that apply specifically to the
Improving market design will be an important power sector and secure the whole value
element of maintaining and enhancing Korea’s chain. While significant steps have been taken
high level of electricity security. This requires at the bulk power system level, it is important
effective regulatory oversight to ensure to introduce practicable security guidelines at
competitive markets that are transparent, fair the grid edge and for connected IoT devices.
and flexible enough to adapt to a changing Finally, policy makers need to strike the right
energy landscape. Such developments should balance between prescriptive and more flexible
account for both technological progress and regulatory requirements, recognising both the
changes in consumer preferences. rapid evolution of technological development
High-level improvements to market design and potential threats, as well as the international
include: strengthening mechanisms to ensure nature of cybersecurity threats.

※ This report was jointly prepared by the International Energy Agency and the Korea Energy Economics Institute at the request of
Korea’s Ministry of Trade, Industry and Energy.