Asia-Pacific Journal of Business (아태비즈니스연구)

KNU The Institute of Management & Economy Research (강원대학교 경영경제연구소)
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Estimation of the Economic Value of Pumped Storage Power Generation in Korea

양수발전의 비시장 가치 추정

  • Won, DooHwan (Department of Economics, Pusan National University)
  • Received : 2022.02.28
  • Accepted : 2022.03.25
  • Published : 2022.03.30
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Abstract

Purpose - This study estimated the non-market value of pumped storage power generation using the contingent valuation method(CVM). Design/methodology/approach - CVM, a non-market value estimation method, was used. The perception of pumped storage power generation and the willingness to pay(WTP) for pumped storage power generation were investigated among 612 randomly selected households. Findings - It was analyzed that the average value per household was 7309.99 won/month, and the sources of these benefits were 1819.37 won due to the improvement of power generation efficiency, 1320.48 won due to the improvement of power system reliability, 2359.24 won due to the stabilization of electricity rates, 2110.89 won due to water resource management It was assumed that a circle occurred. If the average monthly benefit per household is expanded to cover countries across the country, it is estimated that the annual value to our society from pumped storage power generation will be KRW 1.796.6 trillion. Research implications or Originality - It is necessary to consider the operation of pumped-water power generation by reflecting the value of pumped-up power generation that is not evaluated in the market. Since Korea's electricity market is isolated in a state where it is impossible to connect with other countries, it may be vulnerable to a stable electricity operation system. Therefore, there is a need for a facility that can stably secure reserve power and produce power quickly when necessary. If pumped-water power generation is actively used for power operation, a more stable power system can be secured.

Keywords

Acknowledgement

이 논문은 2020년도 부산대학교 인문사회연구기금의 지원을 받아 연구되었음.

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