• Journal of Hydrogen and New Energy
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• v.33 no.6
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• pp.643-659
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• 2022

For the economic analysis of fuel cells, levelized cost of electricity was calculated according to the type, capacity, and annual production of the fuel cells. The cost of every component was calculated through the system component breakdown. The direct cost of the system included stack cost, component cost, assembly, test, and conditioning cost, and profit markup cost were added. The effect of capacity and annual production was analyzed by fuel cell type. Sensitivity analysis was performed according to stack life, capital cost, project period, and fuel cost. As a result, it was derived how much the economic efficiency of the fuel cell improves as the capacity increases and the annual production increases.

• Proceedings of the Korean Institute of IIIuminating and Electrical Installation Engineers Conference
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• 2003.11a
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• pp.289-290
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• 2003

This paper gives a method for the minimization of the fuel cost by optimal generation. Derivation of the sensitivity of system loss by optimization technique is introduced and the loss sensitivities are substituted into the optimality conditions to obtain the minimized fuel cost.

• The Transactions of The Korean Institute of Electrical Engineers
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• v.62 no.5
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• pp.591-595
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• 2013

This paper presents a method of generation rescheduling using Newton's Approach which searches the solution of the Lagrangian function. The generation fuel cost and $CO_2$ emission cost functions are used as objective function to reallocate power generation while satisfying several equality and inequality constraints. The Pareto optimum in the fuel cost and emission objectives has a number of non-dominated solutions. The economic effects are analyzed under several different conditions, and $CO_2$ emission reductions offered by the use of storage are considered. The proposed approach can explore more efficient and noninferior solutions of a Multiobjective optimization problem. The method proposed is applied to a 4-machine 6-buses system to demonstrate its effectiveness.

• Journal of Hydrogen and New Energy
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• v.33 no.6
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• pp.707-714
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• 2022

Hydrogen production using solid oxide electrolysis cells (SOEC) is a promising technology because of its efficiency, cleanness, and scalability. Especially, high-power SOEC system has received a lot of attention from researchers. This study compared and analyzed the low-power and high-power SOEC system in term of economic. By using revenue requirement method, levelized cost of hydrogen (LCOH) was calculated for comparison. In addition, the sensitivity analysis was performed to determine the dependence of hydrogen cost on input variables. The results indicated that high-power SOEC system is superior to a low-power SOEC system. In the capital cost, the stack cost is dominant in both systems, but the electricity cost is the most contributed factor to the hydrogen cost. If the high-power SOEC system combines with a nuclear power plant, the hydrogen cost can reach 3.65 $/kg when the electricity cost is 3.28 ¢/kWh and the stack cost is assumed to be 574 $/kW.

• Journal of the Korean Institute of Illuminating and Electrical Installation Engineers
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• v.25 no.10
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• pp.28-37
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• 2011

Though Korea has introduced CBP(Cost Based pool) power trading system since 2001, long-term Generation system planning has been executed by government for Cost minimization every 2 years. Until currently the model which is used for Generation system planning and best-mix only considers cost minimization and total yearly or quarterly electricity demand every year. In a view point of one day power supply operation, technical characteristics, like the ramp up/down rate of total generation system, minimum up/down time and GFRQ(Governor Free Response Quantity), are very important. this paper analyzes Optimal Fuel-Mix for 2022 Korea generation system satisfying these constraints of each fuel type and considering pump storage plants, construction cost and $CO_2$ emission charge Using MILP(Mixed Integer Linear Programming) method. Also the sensitivity analysis which follows in future power industry environmental change accomplished.

• 한국신재생에너지학회:학술대회논문집
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• 2011.05a
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• pp.140-140
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• 2011

Korea's RPS, which requires that power generation companies obtain a minimum percentage of their generation by using renewable energy, will take effect in 2012. Based on the first-year law enforcement, generation companies have to satisfy 2% of RPS compliance ratio in 2012. Then, the required RPS compliance ratio will increase up to 10% in 2022. Thus generation companies need to construct power plants that utilize various types of renewable energy sources such as PV and wind power. This work is aimed to analyze the cost of such a renewable power source in terms of capital cost, capacity factor, and fuel cost. We provide the analytical expectation on the renewable power generation cost of 2012 focusing on PV, onshore/offshore wind, fuel cell, and IGCC, which are focused by government policy.

• 한국신재생에너지학회:학술대회논문집
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• 2011.05a
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• pp.109.1-109.1
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• 2011

KEPCO was operating power plants with diesel generators in 49 islands including Baekryeong-Do, and the generation capacity was about 66 MW in 2008. The cost of fuel is increasing by the international oil price inflation and continuous rise of oil price is predicted. For the stabilizing of electric power supply to the separate islands, renewable energy and fuel cell systems were considered. Hydrogen is made using renewable energy such as wind power and solar energy, and then a fuel cell system generates electricity with the stored hydrogen. Though the system efficiency is low, it is treated as the only way to secure the stable electric supply using renewable energy at this present. The analytic hierarchy process was used to select suitable candidate island for the system installation and 5 islands including Ulleung-Do were selected. Economic evaluation for the system composed of a kerosene generator, a wind power, an electrolysis, and a fuel cell system was conducted with levelized generation cost based on present value methode. As the result, the necessity of renewable energy combined generation system and micro grid composition in the candidated islands was confirmed. Henceforth, the development of an integration technology which connects micro grid to the total power grid will be needed.

• Environmental and Resource Economics Review
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• v.20 no.3
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• pp.567-593
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• 2011

In 2005, five Korean generation companies suggested to include non-fuel ancillary costs incurring in the process of managing fuels and ashes as variable costs in Korean Cost-Based Pool. OLS analysis seeking statistical relation with the amount of generation did not provide sufficient ground for such argument. However, some cost items in this category showed meaningful statistical relation for certain generation facilities hinting some possibilities for the candidate of variable costs in the future. Time lag related to cost evaluation, problems related to inventory control and accounting method related to this may block the statistical relationship with the amount of generation. Unified criteria and standardization of the data are necessary before we proceed further to consider them as variable costs.

• Journal of the Korean Institute of Illuminating and Electrical Installation Engineers
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• v.19 no.1
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• pp.40-43
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• 2005

This paper presents the minimization of the fuel cost by optimal allocation of P-Q generation in a three-bus sample system. Derivation of the system loss sensitivities by optimization technique is introduced. The loss sensitivities are substituted into the optimality conditions and the optimal P-Q allocation is computed to obtain the minimal fuel cost.

• Proceedings of the KIEE Conference
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• 1996.07b
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• pp.878-882
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• 1996

This paper discusses the definition and concepts, approach methodologies, capable application areas in electricity business, and tentative calculation of avoided generation costs based on the Korea's official long-term generation expansion plan. The objective to evaluate avoided costs of a resource is to supply decision makers with the breakeven cost of a targeting avoided resource. For the evaluation of avoided costs of the Korea's generation system, we consider the pseudo-DSM option which has 1,000MW peak savings, load factor with 70 percent, and life-time With 25 years as the avoided resource. The DSM resource can save the fuel and capacity additions of a electric utility during its life time. The capacity and fuel savings are evaluated from the two different cashflows with and Without the DSM option, which are generated on the basis of the generation system optimization model(WASP-II), independently. The breakeven kWh costs of the DSM option over this 25-year period is projected to be 34.1[won/kWh], which is composed of generation-capacity and fuel avoided costs with 101.139[won/kW] and 17.6[won/kWh], respectively.