Acknowledgement
This research was supported by Changwon National University in 2021~2022.
References
- Abdel-Basset, M., Gamal, A., Chakrabortty, K.R., and Ryan M., A new hybrid multi-criteria decision-making approach for location selection of sustainable offshore wind energy stations: A case study, Journal of Cleaner Production, 2021, Vol. 280, pp. 123362.
- Angelakoglou, K., Botsari, N.P., and Gaidajis, G., Issues regarding wind turbines positioning: A benchmark study with the application of the life cycle assessment approach, Sustainable Energy Technologies and Assessment, 2014, Vol. 5, pp. 7-18. https://doi.org/10.1016/j.seta.2013.10.006
- Aquila, G., de Queiroz, A.R., Balestrassi, P.P., Rotella Junior, P., Rocha, L.C.S., Pamplona, O., and Nakamura, W.T., Wind energy investments facing uncertainties in the Brazilian electricity spot market: A real options approach, Sustainable Energy Technologies and Assessments, 2020. Vol. 42, pp. 100876.
- Assereto, M. and Byrne, J., No real option for solar in Ireland: A real option valuation of utility scale solar investment in Ireland, Renewable and sustainable Energy Review, 2021, Vol. 143, pp. 1-9.
- Black, F. and Scholes, M., The pricing of options and corporate liabilities, The Journal of Political Economy, 1973, Vol. 81, pp. 637-654. https://doi.org/10.1086/260062
- Cali, U., Erdogan, N., Kucuksari, S., and Argin, M., Techno-economic analysis of high potential offshore wind farm locations in Turkey, Energy Strategy Reviews, 2018, Vol. 22, pp. 325-336. https://doi.org/10.1016/j.esr.2018.10.007
- Chiang, C.A., Keoleian, A.G., Moore, R.M., and Kelly C.J., 2016. Investment cost and view damaged cost of siting on offshore wind farm: A spatial analysis of Lake Michigan, Renewable Energy, Vol. 96, pp. 966-976. https://doi.org/10.1016/j.renene.2016.04.075
- Chaouachi, A., Covrig C.F., and Ardelean, M., Multi-criteria selection of offshore wind farms: Case study for the Baltic States, Energy Policy, 2017, Vol. 103, pp. 179-192. https://doi.org/10.1016/j.enpol.2017.01.018
- Cranmer, A., Baker, E., Liesio, J., and Salo, A., A portfolio model for siting offshore wind farms with economic and environmental objectives, European Journal of Operational Research, 2018, Vol. 267, pp. 304-314. https://doi.org/10.1016/j.ejor.2017.11.026
- Cuervo, F.I., Arredondo-Orozco, C.A., and Marenco-Maldonado, G.C., Photovoltaic power purchase agreement valuation under real options approach, Renewable Energy Focus, 2021, Vol. 36, pp. 96-107. https://doi.org/10.1016/j.ref.2020.12.006
- Deveci, M., Cali, U., Kucuksari, S., and Erdogan, N., Interval type-2 fuzzy sets based multi-criteria decision-making model for offshore wind farm development in Ireland, Energy, 2020, Vol. 198, pp. 117317. https://doi.org/10.1016/j.energy.2020.117322
- Dicorato, M., Forte, G., Pisani, M., and Trovato, M., Guidelines for assessment of investment cost for offshore wind generation, Renewable Energy, 2011, Vol. 36, pp. 2043-2051. https://doi.org/10.1016/j.renene.2011.01.003
- Fuss, S. and Szolgayova, J., Fuel price and technological uncertainty in a real options model for electricity planning, Applied Energy, 2010. Vol. 87, pp. 2938-2944. https://doi.org/10.1016/j.apenergy.2009.05.020
- Gao, J., Guo, F., Ma, Z., Huang, X., and Li, X., Multi-criteria ground decision making framework for offshore wind farm site selection based on the intuitionistic linguistic aggregation operators, Energy, 2020., Vol. 204, pp. 117899.
- Jeon, C., Lee, J., and Shin, J., Optimal subsidy estimation method using system dynamics and the real option model: Photovoltaic technology case, Applied Energy, 2015, Vol. 142, pp. 33-43. https://doi.org/10.1016/j.apenergy.2014.12.067
- Kim, J., A study on the improvement plans of the IMO's regulation for the greenhouse gas emissions from international shipping, Regional Industry Review, 2018, Vol. 41, No. 1, pp. 237-260. https://doi.org/10.33932/rir.41.1.12
- Kim, K., Kim, B., and Kim, H., A decision-making model for the analysis of offshore wind farm projects under climate uncertainties: A case study of South Korea, Renewable and Sustainable Energy Reviews, 2018, Vol. 94, pp. 853-860. https://doi.org/10.1016/j.rser.2018.06.061
- Kim, K., Lee, D., and Park, S., Evaluation of R&D investments in wind power in Korea using real option, Renewable Sustainable Energy Review, 2014. Vol. 40, pp. 335-347. https://doi.org/10.1016/j.rser.2014.07.165
- Kim, T., Park, J., and Maeng, J., Offshore wind farm site selection study around Jeju Island, South Korea, Renewable Energy, 2016, Vol. 94, pp. 619-628. https://doi.org/10.1016/j.renene.2016.03.083
- Kim, J., Oh, K., Kang, K., and Lee, J., Site selection of offshore wind farms around the Korean Peninsula through economic evaluation, Renewable Energy, 2013, Vol. 54, pp. 189-185.
- Korea Nuclear Society (KNS), The report of energy mix analysis, Special Committee on Energy Mix, 2021.
- Kozlova, M., Real option valuation in renewable energy literature: Research focus, trends and design, Renewable and sustainable Energy Review, 2017, Vol. 80, pp. 180-196. https://doi.org/10.1016/j.rser.2017.05.166
- Kwon, T., Market or regulation for renewable energy policies in Korea, Journal of Koren Economic Development, 2018, Vol. 67, pp. 1-26.
- Lee, D., Yun, S., Kim, S., and Jeong, K., Economic evaluation of offshore wind power demonstration project by the real option method, Korean Economic Review, 2012, Vol. 11, No. 2, pp. 1-26.
- Martinez-Cesena, E.A. and Mutale, J., Wind power projects planning considering real options for the wind resource assessment, IEEE Transactions on Sustainable Energy, 2012. Vol. 3, pp. 158-166. https://doi.org/10.1109/TSTE.2011.2164102
- Mytilinou, V. and Kolios, J.A., Techno-economic optimisation of offshore wind farms based on life cycle cost analysis on the UK, Renewable Energy, 2019, Vol. 132, pp. 439-454. https://doi.org/10.1016/j.renene.2018.07.146
- Oh, K., Kim, J., Lee, J., and Ryu, K., Wind resource assessment around Korean peninsula for feasibility study on 100 MW class offshore wind farm, Renewable Energy, 2012, Vol. 42, pp. 217-226. https://doi.org/10.1016/j.renene.2011.08.012
- Rodrigues, M., Silva, V., Barcelos, E., Silva, C., and Dentinho, T., Goegraphical information systems and cost benefit analysis-based approach for wind power feasibility: a case study of Teceira Island, Journal of Renewable and Sustainable Energy, 2015, Vol. 7, pp. 053115.
- Wu, Y., Zhang, J., Yuan, J., Geng, S., and Zhang, H., Study of decision framework of offshore wind power station site selection based on ELECTRE-III under intuitionistic fuzzy environment: A cash of China, Energy Conversion and Management, 2016, Vol. 113, pp. 66-81. https://doi.org/10.1016/j.enconman.2016.01.020
- Xu, Y., Li, Y., Zheng, L., Cui, L., Li, S., Li, W., and Cai, Y., Site selection of wind farms using GIS and multi-criteria decision-making method in Wafangdian, China, Energy, 2020, Vol. 207, pp. 118222.
- Yeh, T. and Huang, Y., Factors in determining wind farm location: Integrating GQM, fuzzy DEMATEL, and ANP, Renewable Energy, 2014., Vol. 66, pp. 159-169. https://doi.org/10.1016/j.renene.2013.12.003