Foreword      ii

Executive Summary      iii

2. The Korean Energy Picture   1
   1. Energys Role in Koreas Economy   1
   2. Energy Sources and Technologies for Power Generation   3

3. Current Dynamics   6
   1. From Dynasty to Competition   6
   2. Rapid Development   7
   3. Government Ownership and Barriers to Entry   9
   4. Supply Technology Policy   10
   5. Pricing   12
   6. Environmental Policy   12

4. Comparing Alternatives   15
   1. KEPCOs Baseline   19
   2. Assumptions   20
   3. Scenario Analysis   22

5. Conclusions and Recommendations   33

Appendix A: Bibliography   35

Appendix B: Selected Economic and Performance Assumptions Used in the Modeling   37

Appendix C: The Linear Programming Model   39

Endnotes     40