전력산업과 규제회계: 변동비반영 전력시장을 중심으로

This study reviews critically the current regulatory accounting in the Korean electric power industry and recommends its future directions. For this, we explain the cost-based pool system of the industry and its emerging issues about the marginal costing methodology. We also describe maintenance related cost accounts in each of four electric power companies to find out their current practices, which reflect the current regulatory accounting. For comparison purpose and the benchmarks for improvement, the cases of US FERC accounts and the Korean 1974 accounting rule are provided. The results of our study are summarized as follows. First, there are found cost items to be excluded and those to be included in the marginal cost measurement. The current marginal cost methodology has ignored the basic cost behavior and cost driver concepts. Second, we find the 2002 accounting rule replacing that of 1974 removed the fineness of cost accounting information and delegated its rules significantly to GAAP, which accordingly means the regulators in the industry did not know or ignored the necessity of detailed cost accounting information even under the transition to competition. Third, the improved methodology which reflects the cost behavior can not be implemented using the current cost accounts information from four companies, which implies the current regulatory accounting should be also critically reviewed and revised. Fourth, we suggest two recommendations to current accounting rule: the restoration of fineness in cost accounting information and, the audit procedure for compliance to the regulatory accounting. US FERC accounts provision and 1974 accounting rule should be considered as benchmarks during the future revision process. Finally we provide the simulation results showing that with the proper accounting rule, the short-term efficiency in wholesale electricity markets would be improved.