Korea Power Exchange (), also known as KPX, is the

quasi-governmental agency A state-owned enterprise (SOE) is a government entity which is established or nationalised by the ''national government'' or ''provincial government'' by an executive order or an act of legislation in order to earn profit for the government ...

under the

Ministry of Trade, Industry and Energy The Ministry of Trade, Industry and Energy (MOTIE) is a ministry under the Government of South Korea. It is concerned with regulating some economic policy, especially with regard to the industrial and energy sectors. The ministry also works to e ...

responsible for operating the

electricity market In a broad sense, an electricity market is a system that facilitates the exchange of electricity-related goods and services. During more than a century of evolution of the electric power industry, the economics of the electricity markets had u ...

and the

electric power system An electric power system is a network of electrical components deployed to supply, transfer, and use electric power. An example of a power system is the electrical grid that provides power to homes and industries within an extended area. The e ...

South Korea South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korea, Korean Peninsula and sharing a Korean Demilitarized Zone, land border with North Korea. Its western border is formed ...

. In order to ensure fair and transparent operation of the market, as well as stable and efficient operation of the grid, it was established in

April 2001 The September 11 attacks against the United States by Al-Qaeda, which killed 2,977 people and instigated the global war on terror, were a defining event of 2001. The United States led a multi-national coalition in an invasion of Afghanistan ...

by being spun off from the

Korea Electric Power Corporation Korea Electric Power Corporation, better known as KEPCO (Hangul: 켑코) or Hanjeon (Hangul: 한전), is the largest electric utility in South Korea, responsible for the generation, transmission and distribution of electricity and the developme ...

(KEPCO) as a part of the industry restructuring efforts. Because the legal name () may give a false impression that it is a subsidiary of KEPCO (), the general name of is used for most purposes.

Establishment

Article 35 of the Electric Utility Act (EUA) amended on December 23, 2000, laid out the legal basis of the organization. Following the founders' meeting on March 17, 2001, it was officially founded on April 2, 2001. The original offices were located within the KEPCO headquarters building complex in

Samseong-dong Samseong-Dong is an affluent neighborhood or ward of Gangnam-gu in Seoul, South Korea. The area has a large concentration of upscale shopping malls, popular restaurants and hotels such as the Ramada Seoul Hotel and the Hyatt Park Hotel. Samseon ...

, Seoul until the relocation to Naju Innovation City took place in 2014.

Timeline

* March 2001 - Founders' Meeting * 2 April 2001 - Establishment of Korea Power Exchange * March 2004 - New Jeju Branch Office Building Completed * June 2007 - New Cheonan Branch Office Building Completed * 6 October 2014 - Relocation of Headquarters to Naju (Official Opening on 2 December 2014)

Operations

Objectives

* Mission: Fair Electricity Market Operation and Reliable Power System Operation * Vision: Integrated Power Business Platform for Leading Environmentally Friendly Future

Key Functions

Article 36 of the EUA lists the following: * Opening and operating the electricity market and small-scale electricity brokerage market * Electricity trading * Screening membership qualifications * Charging, adjusting, and paying the value of electricity trading and the cost arising from the electricity trading * Calculating the volume of electricity traded * Establishing and amending all the related rules and regulations, including the rules on operating the electricity market established under EUA Article 43 and the rules on operating the brokerage market established under EUA Article 43-2 * Operating the electric power system * Measuring the quality of electricity and recording and preserving the results thereof under EUA Article 18 (2)

References

External links

*
Official website in English

Official blog
{{Authority control Electric power companies of South Korea Energy companies established in 2001 Naju South Korean companies established in 2001 Government-owned companies of South Korea