KIEE - The Transactions of the Korean Institute of Electrical Engineers

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The Transactions of the Korean Institute of Electrical Engineers

The Transactions of the Korean Institute of Electrical Engineers

ISO Journal TitleTrans. Korean. Inst. Elect. Eng.

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Title	Correlation analysis between Carbon-free energy and system marginal price in CBP/PBP market
Authors	조재경(Jae-gyeong Jo) ; 백건(Keon Baek)
DOI	https://doi.org/10.5370/KIEE.2026.75.3.481
Page	pp.481-488
ISSN	1975-8359
Keywords	Renewable energy; correlation analysis; market price; CBP; PBP
Abstract	This paper conducted a correlation analysis to determine the impact of renewable energy generation on system marginal prices in the CBP and PBP markets, and compared the results. Data on renewable energy generation, system marginal prices, and electricity demand at hourly intervals were used for Korea and California. The analysis revealed a strong negative correlation in the PBP market, but a minimal correlation in the CBP market. This correlation stems from differences in market structure and the proportion of renewable energy generation facilities deployed. Furthermore, the impact is expected to intensify in Korea as renewable energy deployment expands. By quantitatively comparing the relationship between renewable energy and system marginal prices, this study suggests directions for future research.

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