摘要：We investigate four incentives in CBP(Cost Based Pool) market
in the Korean electricity wholesale market: 1) incentive to over-
report the variable cost, 2) incentive to withhold the generating
capacity, 3) incentive to reduce the cost, 4) the possibility of op-
timal fuel mix. It is shown that an incentive to over-report the
variable cost exists, market power can be exercised through ca-
pacity withholding, an incentive to reduce the cost is not fully
provided, and ¯nally in case of two kinds of fuels, optimal fuel
mix can be attained in the long-run equilibrium. But with more
than two kinds of fuels, optimal fuel mix cannot be guaranteed in
the long-run equilibrium.
关键词：CBP Market; Capacity Withholding; Incentive to Re-
duce Cost; The Optimal Fuel Mix
