POSTECH Professor Urges Korea to Integrate Power Market Data for Analysis
Choi Dong-gu, an Associate Professor at POSTECH, argues that Korea's power market data, despite being abundant, is fragmented by inconsistent standards and formats. He proposes integrating existing market and grid information with common time bases, clear definitions, and machine-readable APIs to enable more effective analysis of price formation.
Our take
Will Korea's power market data become easier for investors and traders to use?
Korean power market data is likely to stay hard to combine for now, because the common time base and machine-readable access set out here are one academic's proposal, not an announced plan.
The data already exists at KPX, but differing time bases, definitions and formats make it slow to compare. The open question is whether KPX or the ministry takes up the idea.
What the source says
- Professor Choi Dong-gu states that while Korea Power Exchange provides diverse market and grid data, it is offered in different standards and formats, hindering comprehensive analysis.
- Professor Choi Dong-gu highlights that major overseas power markets like US PJM, ENTSO-E, and Japan JEPX provide integrated data platforms that facilitate analysis of market prices, demand, and grid constraints.
- Professor Choi Dong-gu emphasizes that connecting market and grid information with common time standards, clear data definitions, and machine-readable formats (e.g., APIs) is fundamental for data integration.
- Professor Choi Dong-gu suggests that improved data connectivity would enable market participants to enhance operational efficiency and risk management, and allow policymakers to verify and improve regulations.
- Professor Choi Dong-gu notes that AI-based prediction and optimization for Virtual Power Plants, Energy Storage Systems, and renewable energy in real-time markets require consistent data on prices, supply/demand, dispatch, and grid conditions.
- The Korea Power Exchange currently discloses basic market information such as System Marginal Price (SMP) and power transaction volumes, along with 5-minute dispatch values and state-estimated generation for individual generators.
For investors — Merchant storage investors and optimisers should budget for their own data cleaning when modelling Korean revenues.
VPP operators and aggregators should keep forecasting models on their own reconciled data until a common standard exists.
Watch: Further discussions or official proposals from the Korea Power Exchange or the government regarding data integration standards and API development for the power market.
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