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For decades, the electric power industry
of Korea had been monopolized by the state-run
Korea Electric Power Corporation (KEPCO). However,
restructuring of the industry became necessary
in order to establish an electricity market in
which electricity can be traded as a commodity.
Since the restructuring began, a market in which
electricity can be bought and sold has formed
and competition among generation companies has
commenced. In a few years, a fully competitive
market will be in operation and consumers will
be able to choose their own electricity suppliers.
The Korea Electricity Commission was established
on April 27, 2001 to ensure a smooth transition
to a competitive electricity market and a continuously
well functioning market. It consists of experts
and representatives from various fields and
provides the necessary administrative services.
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