This study quantifies the value of lost load (VoLL) for the manufacturing sector in South Korea using stated preference methods. VoLL represents the cost of a stable electricity supply, which serves as a public good without a market price to compensate for flexible resources in the electricity market. The contingent valuation and choice experiment showed VoLL ranges from 0.35 to 0.80 USD per kWh unserved, below the industrial VoLL estimates in the existing literature. This finding suggests that outages may have lower costs for electricity consumers than investing in flexible resources. Using the correct estimate of outage costs is required to ensure capacity adequacy.

中文翻译：

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基于规定的偏好方法评估韩国电力市场的灵活资源


本研究使用规定的偏好方法量化了韩国制造业的损失负载 (VoLL) 价值。 VoLL代表稳定电力供应的成本，它作为一种没有市场价格的公共物品来补偿电力市场上的灵活资源。条件评估和选择实验显示，每千瓦时未供电的 VoLL 范围为 0.35 至 0.80 美元，低于现有文献中的工业 VoLL 估计值。这一发现表明，与投资灵活资源相比，停电对电力消费者的成本可能更低。需要使用正确的停电成本估计来确保容量充足。