• New & Renewable Energy
• /
• v.8 no.4
• /
• pp.21-29
• /
• 2012

The extensible supply of New & Renewable energy resources desperately needs to counter the high dependence on imported energy, recent high oil prices and the Climate Change Conference, and the government has operated the 'Renewable Portfolio Standard' (RPS) as one of the renewable energy policy from 2012. By analyzing the operation case of combined heat and power plant using the woodchip biomass, we drew the price of wood chip fuel, plant capacity factor, electricity selling price, heat selling price and LCOE value. After analyzing the economic feasibility of 3MWe combined heat and power plant based on the operating performance, the minimum of economic feasibility has appeared to be secured according to the internal rate of return (IRR) is 6.34% and the net present value (NPV) is 3.6 billion won as of 20 years life time after installation, and after analyzing the cases of the economic feasibility of the price of wood chip, plant capacity factor, electricity and heat selling price are changed, the economic feasibility is valuable when the price of wood chip is over 64,000 won/ton, NPV is minus, and the capacity factor is above 46.9%, the electricity selling price is 116 won/kWh and the heat selling price is above 75,600 won/Gcal. When going over the new installation hereafter, we need the detailed review of the woodchip storage and woodchip feeding system rather than the steam-turbine and boiler which have been inspected many times, the reason why is it's hard to secure the suitable quality (constant size) of woodchip by the lack of understanding about it as a fuel because of the domestic poor condition and the calorific value of woodchip is seriously volatile compared with other fuels.

• Korean Chemical Engineering Research
• /
• v.50 no.2
• /
• pp.365-370
• /
• 2012

In this study, Economic analysis of supercritical coal-fired power plant with $CO_2$ capture process was performed. For this purpose, chemical absorption method using amine solvent, which is commercially available and most suitable for existing thermal power plant, was studied. For the evaluation of the economic analysis of coal-fired power plant with post-combustion $CO_2$ capture process in Korea, energy penalty after $CO_2$ capture was calculated using the power equivalent factor suggested by Bolland et al. And the overnight cost of power plant (or cost of plant construction) and the operation cost reported by the IEA (International Energy Agency) were used. Based on chemical absorption method using a amine solvent and 3.31 GJ/$tonCO_2$ as a regeneration energy in the stripper, the net power efficiency was reduced from 41.0% (without $CO_2$ capture) to 31.6% (with $CO_2$ capture) and the levelized cost of electricity was increased from 45.5 USD/MWh (Reference case, without $CO_2$ capture) to 73.9 USD/MWh (With $CO_2$ capture) and the cost of $CO_2$ avoided was estimated as 41.3 USD/$tonCO_2$.

• Korean Chemical Engineering Research
• /
• v.58 no.3
• /
• pp.381-389
• /
• 2020

This study analyzed the optimal electricity cost of a 100% renewable energy source (RES) based system. Especially energy storage system (EES) and supplementary biopower system as well as photovoltaic (PV) and wind power component were included in the proposed RES-based system to overcome the intermittence of RESs and to efficiently balance energy supply and demand. To comparatively analyze the levelized cost of electricity (LCOE) of different RES-based systems, six scenarios were developed according to the involved RESs: PV, wind, PV/wind, PV/biopower, wind/biopower, and PV/wind/biopower systems. We then applied the proposed systems to build a 100% RES-based system in Jeju Island, Korea. As a result, the single component based system, PV and wind power system of 0.18 and 0.28 $/kWh, respectively, cannot compete with the economics of existing electricity grid. However, the optimal LCOE of the hybrid system where PV and wind power are used as main supply options and biopower as supplementary option was identified to be 0.08 $/kWh, which can compete with the economics of an existing electricity grid.

• Journal of the Korean Society of Industry Convergence
• /
• v.23 no.6_1
• /
• pp.907-915
• /
• 2020

Specification selection, Layout, specifications and combinations of Power Drives, and Ship motions were studied for FGPP(Floating Gas-fired Power Plants), which are still needed in areas such as the Caribbean, Latin America, and Southeast Asia where electricity is not sufficiently supplied. From this study, the optimal equipment layout in ships was derived. In addition, the difference between engine and turbine was verified through LCOE(Levelized Cost of Energy) comparison according to the type and combination of Power Drives. Analysis of Hs(Significant Height of wave) and Tp(spectrum Peak Period of wave) for places where this FGPP will be tested or applied enables design according to wave characteristics in Brazil and Indonesia. Normalized Sloshing Pressures of FGPP and LNG Carrier are verified using a sloshing analysis program, which is CFD(Computational Fluid Dynamics) software developed by ABS(American Bureau of Shipping). Power Transmission System is studied with Double bus with one Circuit Breaker Topology. A nd the CFD analysis allowed us to calculate linear roll damping coefficients for more accurate full load conditions and ballast conditions. Through RAO(Response Amplitude Operator) analysis, we secured data that could minimize the movement of ships according to the direction of waves and ship placement by identifying the characteristics of large movements in the beam sea conditions. The FGPP has been granted an AIP(Approval in Principle) from a classification society, the ABS.

• Nuclear Engineering and Technology
• /
• v.23 no.1
• /
• pp.20-29
• /
• 1991

The system analysis for Korean nuclear power reactor option is made on the basis of reliability, cost minimization, finite uranium resource availability and nuclear engineering manpower supply constraints. The reference reactor scenarios are developed considering the future electricity demand, nuclear share, current nuclear power plant standardization program and manufacturing capacity. The levelized power generation cost, uranium requirement and nuclear engineering professionals demand are estimated for each reference reactor scenarios and nuclear fuel cycle options from the year 1990 up to the year 2030. Based on the outcomes of the analysis, uranium resource utilization, reliability and nuclear engineering manpower requirements are sensitive to the nuclear reactor strategy and associated fuel cycle whereas the system cost is not. APWR, CANDU longrightarrow FBR strategy is to be the best option for Korea. However, APWR, CANDU longrightarrow Passive Safe Reactor(PSR）longrightarrowFBR strategy should be also considered as a contingency for growing national concerns on nuclear safety and public acceptance deterioration in the future. FBR development and establishment of related fuel cycle should be started as soon as possible considering the uranium shortage anticipated between 2007 and 2032. It should be noted that the increasing use of nuclear energy to minimize the greenhouse effects in the early 21st century would accelerate the uranium resource depletion. The study also concludes that the current level of nuclear engineering professionals employment is not sufficient until 2010 for the establishment of nuclear infrastructure.

• Nuclear Engineering and Technology
• /
• v.8 no.2
• /
• pp.101-116
• /
• 1976

An attempt is made to analyze the unit nuclear power cost of the Go-ri units 1 and 2 in terms of a set of model data. For the calculational purpose, the power cost is first decomposed into the cost components related to the plant capital, operation and maintenance, working capital requirements, and fuel cycle operation. Then, POWERCO-50 computer code is applied to enumerate the first three components and MITCOST-II is used to evaluate the fuel cycle cost component. The specific numerical results are the fuel cycle cost of Go-ri unit 2 for three alternative fuel cycles presumed, levelized unit power cost of units 1 and 2, and the sensitivity of the power cost to the fluctuation of the model data. Upon comparision of the results with the power cost of the fossil power plants in Korea, it is found that the nuclear power is economically preferred to the fossil power. Nevertheless, the turnkey contract value of Go-ri unit 2 appears to be rather expensive compared with the available data on the construction cost of the PWR plants. Therefore, it is suggested that, in order to make the nuclear power plants more attractive in Korea, the unfavorable contract of such kind must be avoided in the future introduction of the nuclear power plant. Capacity factor is of prime importance to achieving the economic generation of the nuclear electricity from the Go-ri plant. Therefore, it is concluded that more efforts should be directed to make the maximum use of the Go-ri plant.

• Environmental and Resource Economics Review
• /
• v.27 no.2
• /
• pp.261-286
• /
• 2018

This paper evaluated the economic feasibility of the life extension of Kori unit 1 and Wolsong unit 1 according to the types of the nuclear power plants (NPPs) and the life extension period comparing to the levelized costs of energy (LCOE) of the new NPPs, coal-fired plants (CFPs), and combined cycle gas turbine (CCGTs) which proposed in the $7^{th}$ Basic Plan for Electricity Supply and Demand. The economic feasibility of the life extension of NPPs using LCOE method is affected by the types of NPPs, lifetime extension periods, discount rate, and capacity factor. According to the analysis results, the pressurized light water reactor (PWR) is more economical than the pressurized heavy water reactor (PHWR). Comparing the economical efficiency between the life extension of NPPs and other alternatives, the operation of the PWR for 20 years is more economical than the one of new NPPs and CFPs. However, 20 years of life extension of PHWR is more economical than the CCGTs, but less economical than new NPPs and CFPs. In summary, the 20 years of life extension of the NPPs seems to be more, especially for the PWR, which is more cost effective than other generation alternatives. Therefore, the government policy of the life extension of NPPs need to be a selective approach that simultaneously considers both safety and economics rather than closing all NPPs.

• Korean Chemical Engineering Research
• /
• v.55 no.3
• /
• pp.332-340
• /
• 2017

This study aims to propose a new optimization-based approach for design and analysis of the stand-alone hybrid energy supply system using renewable energy sources (RES). In the energy supply system, we include multiple energy production technologies such as Photovoltaics (PV), Wind turbine, and fossil-fuel-based AC generator along with different types of energy storage and conversion technologies such as battery and inverter. We then select six different regions of Korea to represent various characteristics of different RES potentials and demand profiles. We finally designed and analyzed the optimal RES stand-alone energy supply system in the selected regions using multiobjective optimization (MOOP) technique, which includes two objective functions: the minimum cost and the minimum $CO_2$ emission. In addition, we discussed the feasibility and expecting benefits of the systems by comparing to conventional systems of Korea. As a result, the region of the highest RES potential showed the possibility to remarkably reduce $CO_2$ emissions compared to the conventional system. Besides, the levelized cost of electricity (LCOE) of the RES-based energy system is identified to be slightly higher than conventional energy system: 0.35 and 0.46 $/kWh, respectively. However, the total life-cycle emission of $CO_2$ ($LCE_{CO2}$) can be reduced up to 470 g$CO_2$/kWh from 490 g$CO_2$/kWh of the conventional systems.