• KSCE Journal of Civil and Environmental Engineering Research
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• v.30 no.5D
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• pp.513-522
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• 2010

Underground construction for traffic networks, complexes, and storage facilities has risen as an effective land use plan for dealing with emerging problems such as overcrowded urban cities and traffic jams. This paper performed an economic feasibility analysis of the development of the integrated field management system which provides field workers and managers with 3D-based location tracking and clear communication during underground construction works. To conduct the analysis, processes and problems of field management for underground construction were analyzed and deduction in accidents and field management costs and productivity improvement were estimated as expected benefits. Based on computed benefits and costs, an economic analysis was conducted using Benefit/Cost ratio(B/C), Net Present Value(NPV), and Internal Rate of Return(IRR) and then sensitivity analysis was performed to cope with the uncertainty of assumed variables.

• Korean Chemical Engineering Research
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• v.52 no.3
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• pp.347-354
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• 2014

Economic evaluation of the manufacturing technology of high-value chemicals through the carbonation reaction of carbon dioxide contained in the flue gas was performed, and analysis of the IRR (Internal Rate of Return) and whole profit along the production plan of the final product was conducted. Through a carbonation reaction with sodium hydroxide that is generated from electrolysis and by using carbon dioxide in the combustion gas that is generated in the power plant, it is possible to get a high value products such as sodium bicarbonate compound and also to reduce the carbon dioxide emission simultaneously. The IRR (Internal Rate of Return) and NPV (Net Present Value) methods were used for the economic evaluation of the process which could handle carbon dioxide of 100 tons per day in the period of the 20 years of plant operation. The results of economic evaluation showed that the IRR of baseline case of technology was 67.2% and the profit that obtained during the whole operation period (20 years) was 346,922 million won based on NPV value. When considering ETS due to the emissions trading enforcement that will be activated in 2015, the NPV was improved to a 6,000 million won. Based on this results, it could be concluded that this $CO_2$ carbonation technology is an cost-effective technology option for the reduction of greenhouse gas.

• Korean Journal of Construction Engineering and Management
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• v.24 no.6
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• pp.45-52
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• 2023

Recently, as climate change caused by greenhouse gases is intensifying, the international community has committed to reduce greenhouse gas emissions. The purpose of this study is to present the methodology and major considerations for investment judgment. Two actual cases of overseas projects were selected as study subjects. As an analysis method, the major risk factors were defined as a probability distribution, and the NPV was stochastically estimated using the Monte Carlo simulation method. In addition, assuming a policy change, the range of NPV change was analyzed. As a result, the average NPV of project A was lowered by 19%, and the probability of showing a negative NPV was 12.2%. The average value of project B was lowered by 12.5%. Considering the policy change, project A can obtain economic benefits only when it obtains 72.9% or more of the total amount of carbon credits generated, and project B is economically feasible when it acquires 49.5% or more. As a result, the average value of project A is lower than the net present value under basic assumptions, so caution is needed in investment decisions depending on changes in major risk factors. Additionally, considering policy changes, the carbon credit distribution ratio should be differentially applied depending on the project size, and this was presented as a specific figure.

• 한국신재생에너지학회:학술대회논문집
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• 2010.06a
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• pp.109.1-109.1
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• 2010

Hybrid형 석탄액화 공정은 직접액화 (Direct Coal Liquefaction, DCL)공정과 간접액화 (Indirect Coal Liquefaction, ICL)공정으로 구성 되며, 공정의 경제성을 분석하기위하여 주요 제품 (디젤, 납사) 생산량이 50,000barrel per day (BPD)의 Hybrid형 석탄액화공정을 선정하고 공정에 적합한 검토기준을 세워 건설비용 및 매출액등을 산정하였다. 또한 석탄액화공정에 대한 중요 변수들의 가격 변동에 따른 민감도 분석을 실시하였다. 생산량을 기준으로 선정된 원료탄(Illinois #6 유연탄)의 사용하였을 때, 총 투자액은 $4,114,730,000 로 나타났으며, 고정비는 $93,610,000, 변동비는 $407,225,000으로 분석되었다. 경제성 분석결과 내부수익률 (internal rate of return, IRR)은 기본조건에서 11.48%로 나타났으며, 순현가(net present value, NPV)는 $526,478,000으로 나타났다. 원금상환 기간은 6.9년으로 나타났으며, 민감도 분석 결과 제품가격, 원료석탄가격, 건설비의 변동률 순서로 수익률에 변화를 주는 것으로 나타났다. 민감도가 가장 높은 제품 가격 25% 상승 시, IRR과 NPV는 각각 17.24%, $2,804,919,000로 나타났다.

• The Transactions of The Korean Institute of Electrical Engineers
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• v.67 no.3
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• pp.343-351
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• 2018

Renewable energy sources has drawn considerable attention as clean energy sources because of changing public attitudes regarding greenhouse gas and fine dust. Recently, in this respect, the government provides the drivers of electric vehicles with various benefits such as tax reduction, financial incentives and free parking from the public to the private sector. Plug-in electric vehicles are the most common in the private sector. Otherwise, different types of battery-based buses in the public sector are being developed, and there are three main types of charging: plug-in, battery swapping and wireless. Therefore, economic assessment of charging types in each bus route is required in order to facilitate the use of battery-based buses instead of the existing CNG buses. In this paper, net present value(NPV) and B/C ratio of charging types are evaluated in consideration of the bus schedule, the cost of charging station, and the life cycle of battery, etc. per each bus route. In case study, main bus routes in Daegu City are simulated with the proposed evaluation method to validate the eco-bus project.

• Journal of the Korean Institute of Electrical and Electronic Material Engineers
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• v.26 no.9
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• pp.690-700
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• 2013

This study reviewed how the changes of the government policy on solar power generation projects affected the annual mandatory quotas of the regulated power providers under the RPS (renewable portfolio standard) system and analysed economic feasibility of the investment for meeting their quotas as compared to the case of non-regulated power providers. The analysis results showed that under the discount rate of 7.5%, which was used for the annual national electricity plans for the recent years, both the regulated and non-regulated power providers achieved economic feasibility under both the NPV (net present value) method and the real option pricing method. It was also shown that higher profitability was attained by non-regulated power providers than by their regulated counterparts, which can be attributable to the fact that regulated providers are required to out-source 50% of the total quota. The results of this study are considered to be useful for establishing a meaningful mid term or long term strategy for the future of solar power generation linked to the current RPS system.

• BMB Reports
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• v.31 no.5
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• pp.453-458
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• 1998

Human thrombopoietin (hTPO) was expressed to high levels in insect cells using the baculovirus expression system. Full-length hTPO cDNA containing a native signal peptide sequence was amplified by PCR from a human fetal liver cDNA library and cloned into the Autographa californica nuclear polyhedrosis virus (AcNPV) expression vector. Immunoblot analysis with antiserum against hTPO indicated that an approximately 55 kDa protein was produced in recombinant AcNPV infected insect cells. Recombinant hTPO was produced 4-fold higher in Trichoplusia ni (Tn5) cells than in Spodoptera frugiperda (Sf9) cells. with most of the hTPO produced in Tn5 cells secreted into the culture medium. Addition of tunicamycin in the culture medium resulted in the reduction of the size of hTPO to 35-38 kDa, and most of the protein remained within the cell. These results suggest that N-glycosylation of hTPO is required for the secretion of the protein into the culture medium in insect cells. hTPO produced in insect cells induced proliferation and maturation of megakaryocyte progenitors, indicating that it is in a biologically active form.

• Journal of Microbiology
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• v.34 no.1
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• pp.7-14
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• 1996

Teh baculovirus gp64 glycoprotein is a major component of the envelope of budded virus (BV) and has been shown that it plays an essential role in the infection process, especially virus-cell membrane fusion. We have cloned Autographa californica Nuclear Polyhedrosis Virus (AcNPV) gp64 protein were examined for membrane fusion activity by using a synchtium formation assay under various conditions. The optimal conditions required for inducing membrane fusion are 1) form pH 4.0 to 4.8 2) 15 min exposure of cells to acidic pH 3) at least 1 .mu.g of gp64 cloned plasmid DNA per 3 * 10$^{6}$ cells 4) and an exposure of cells to acidic pH at 72 h post-transfection. In order to investigate the role of hydrophobicity of the gp64 glycoprotein for the membrane fusion, the two leucine residues (amino acid position at 229 and 230) within hydrophobic region I were substituted to alanine by PCR-derived site-directed mutagenisis and the membrane fusion activity of the mutant was anlaysed. The gp64 glycoprotein carrying double alamine substitution mutation showed no significant difference in fusion activity. This result suggested that minor changes in hydrophobicity at the amino acid position 229 and 230 does not affect the acid-induced membrane fusion activity of the gp64 glycoprotein.

• The Transactions of The Korean Institute of Electrical Engineers
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• v.61 no.9
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• pp.1260-1268
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• 2012

Recently, lack of power reserve margin was observed quite often. In this paper, we studied the method to secure power source for a short time, to cut the utility power peak load, and to reduce the users electricity bills. Emergency diesel generator of an office building is to be converted into a dual-fuel engine generator which is responsible for a portion of the peak load. Compared to the conventional diesel fuel generator, the proposed dual-fuel engine is able to reduce the generation power cost by dual-fuel combustion, and it also mitigates the building's utility power peak load by charging the building's peak load. If the dead resources (a group of emergency dual-fuel engine generators), as a Virtual Power Plant, are operating in peak time, we can significantly reduce future large power development costs. We investigated the current general purpose electricity bills as well as the records of the building electric power usage, and calculated diesel engine generator renovation costs, generation fuel costs, driving conditions, and savings in electricity bills. The proposed dual-fuel engine generation method reduces 18.1% of utility power peak load, and turned out to be highly attractive investment alternative which shows more than 27% of IRR, 76 million won of NPV, and 20~53 months of payback periods. The results of this study are expected to be useful to developing the policy & strategy of the energy department.

• International Journal of Highway Engineering
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• v.16 no.1
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• pp.75-89
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• 2014

PURPOSES : This study evaluates the economic value of national highway construction projects using Real Option Pricing Models. METHODS : We identified the option premium for uncertainties associated with flexibilities according to the future's change in national highway construction projects. In order to evaluate value of future's underlying asset, we calculated the volatility of the unit price per year for benefit estimation such as VOTS, VOCS, VICS, VOPCS and VONCS that the "Transportation Facility Investment Evaluation Guidelines" presented. RESULTS : We evaluated the option premium of underlying asset through a case study of the actual national highway construction projects using ROPM. And in order to predict the changes in the option value of the future's underlying asset, we evaluated the changes of option premium for future's uncertainties by the defer of the start of construction work, the contract of project scale, and the abandon of project during pre-land compensation stages that were occurred frequently in the highway construction projects. Finally we analyzed the sensitivity of the underlying asset using volatility, risk free rate and expiration date of option. CONCLUSIONS : We concluded that a highway construction project has economic value even though static NPV had a negative(-) value because of the sum of the existing static NPV and the option premium for the future's uncertainties associated with flexibilities.