• Environmental and Resource Economics Review
• /
• v.30 no.2
• /
• pp.325-345
• /
• 2021

In this paper, we empirically evaluate the potential performance of energy conversion policy and analyze its effects on power generation sector. We first examine the degree of substitutability between energy inputs by measuring the price elasticities of energy demands and then estimate the changes in CO₂ generation when the proportions of nuclear power plants and renewable power generation are increased. The shadow prices of nuclear power and renewable energy are calculated to compare the potential costs of power generation between the two energy sources. We analyze the impacts of the expansion of nuclear power plants and renewable power generation on power supply price. Nuclear and renewable energy were measured to be complementary to each other. The expansion of nuclear power plants has been more effective in reducing CO₂ emissions than increasing renewable power generation. In most years over 2002 to 2016, the impact of nuclear power expansion on the power supply price was generally higher than that of renewable power generation, with relatively large range of fluctuations.

• Environmental and Resource Economics Review
• /
• v.15 no.2
• /
• pp.269-296
• /
• 2006

With the concern of the potential problems which can be observed in terms of the power supply of renewable energies, we need to analyze the impact of additional power generation capacities of renewable energy sources on peak load. Each renewable energy sources are dependent upon wind speed, solar radiation, head differences caused by lunar calendar. Considering that these exogenous renewable energy sources follow their own stochastic distributions, we analyze the probability distribution of the impact of each renewable energy power supply on peak load. As a conclusion, we note that traditional tools used for the analysis of power supply such as capacity factors are no longer appropriate for the analysis of renewable energy sources in that perspective.

• 한국신재생에너지학회:학술대회논문집
• /
• 2011.05a
• /
• pp.137.1-137.1
• /
• 2011

2010년말 기준으로 약 3,200MW의 신재생에너지 발전소가 전력시장에 참여하여 전력거래를 실시하고 있다. 이 논문을 통해 2010년 1년간 운전한 신재생에너지 발전소들의 발전실적을 월별, 지역별 등으로 분석해 보고, 또한 과거 발전 실적과 비교 분석해 보고자 한다.

• Journal of Korea Multimedia Society
• /
• v.25 no.11
• /
• pp.1572-1581
• /
• 2022

Energy conversion to renewable energy is being promoted to solve the recently serious environmental pollution problem. Solar energy is one of the promising natural renewable energy sources. Compared to other energy sources, it is receiving great attention because it has less ecological impact and is sustainable. It is important to predict power generation at a future time in order to maximize the output of solar energy and ensure the stability and variability of power. In this paper, solar power generation data and sensor data were used. Using the PCC(Pearson Correlation Coefficient) analysis method, factors with a large correlation with power generation were derived and applied to the GAM(Generalized Additive Model). And the prediction accuracy of the power generation prediction model was judged. It aims to derive efficient solar power generation in the future and improve power generation performance.

• KDI Journal of Economic Policy
• /
• v.41 no.4
• /
• pp.67-99
• /
• 2019

This paper, focusing on the renewable portfolio standard (RPS), evaluates alternative renewable energy policies. We propose a tractable equilibrium model which provides a structural representation of Korea's electricity market, including its energy settlement system and renewable energy certificate (REC) transactions. Arbitrage conditions are used to define the core value of REC prices to identify relevant competitive equilibrium conditions. The model considers R&D investments and learning effects that may affect the development of renewable energy technologies. The model is parameterized to represent the baseline scenario under the currently scheduled RPS reinforcement for a 20% share of renewable generation, and then simulated for alternative scenarios. The result shows that the reinforcement of the RPS leads to higher welfare compared to weakening it as well as repealing it, though there remains room to enhance welfare. It turns out that subsidies are welfare-inferior to the RPS due to financial burdens and that reducing nuclear power generation from the baseline yields lower welfare by worsening environmental externalities.

• Nuclear Engineering and Technology
• /
• v.48 no.2
• /
• pp.559-571
• /
• 2016

This paper studies the feasibility of renewable energy as a substitute for nuclear and energy by considering Korean customers' willingness to pay (WTP). For this analysis, we use the contingent valuation method to estimate the WTP of renewable energy, and then estimate its value using ordered logistic regression. To replace nuclear power and fossil energy with renewable energy in Korea, an average household is willing to pay an additional 102,388 Korean Won (KRW) per month (approx. US $85). Therefore, the yearly economic value of renewable energy in Korea is about 19.3 trillion KRW (approx. US $16.1 billion). Considering that power generation with only renewable energy would cost an additional 35 trillion KRW per year, it is economically infeasible for renewable energy to be the sole method of low-carbon energy generation in Korea.

• The Transactions of The Korean Institute of Electrical Engineers
• /
• v.58 no.3
• /
• pp.467-477
• /
• 2009

Renewable Portfolio Standard (RPS) is a regulatory policy that requires the generation companies to increase the proportion of renewable energy sources such as wind, solar, LFG, fuel cell, and small hydro. Recently, Korean government decided to increase the portion of renewable energy to 3% to total electricity generation by 2012 from the current level of 0.13%. To achieve this goal, an innovative plan for market competitiveness would be required in addition to the present Feed-In-Tariff (FIT). That is Korean government has taken it into consideration to introduce a Renewable Portfolio Standard (RPS) as an alternative to FIT. This paper reviews the impact of RPS on the long-term fuel mix in 2020. The studies have been carried out with the GATE-PRO (Generation And Transmission Expansion PROgram) program, a mixed-integer non-linear program developed by Hongik university and Korea Energy Economics Institute. Detailed studies on long-term fuel mix in Korea have been carried out with four RPS scenarios of 3%, 5%, 10% and 20%. The important findings and comments on the results are given to provide an insight on future regulatory policies.

• The Transactions of The Korean Institute of Electrical Engineers
• /
• v.67 no.8
• /
• pp.1009-1018
• /
• 2018

As the generation of renewable energy increases rapidly, the stability of the grid due to its intermittency becomes a problem. The most appropriate way to solve this problem is to combine and operate the renewable generators with the ESS(Energy Storage System). However, since the revenues of operating the ESS are less than the investment cost, many countries are implementing various incentive policies for encouraging investment of the ESS. In this paper we estimated optimal capacity of the ESS to maximize profits of renewable energy generation businesses under the incentive policy of Korea and analyzed the impact of the incentive policy on the future electric power system of Jeju island. The simulation results show that the incentive policy has significantly improved the profitability of the renewable energy businesses generation business. But the volatility of the net demand has increased as the energy stored in the ESS is discharged intensively at the time of the incentive application.

• New & Renewable Energy
• /
• v.18 no.2
• /
• pp.50-59
• /
• 2022

The Korean government announced the "1st Basic Plan for the Transition to Hydrogen Economy" in 2021 and declared the establishment of a hydrogen industry ecosystem by 2040. To build a low-carbon power system, resources that can efficiently accommodate renewable energy are required, and green hydrogen is considered a potential solution. This study analyzed the economic feasibility of green hydrogen-based sector coupling to reduce curtailment of renewable generation in the Jeju power system by 2025 under the scenario of with or without HVDC#3. The result showed that HVDC#3 significantly reduced the frequency of curtailment from 16.1% to 3.0%. In addition, green hydrogen-based sector coupling was an economically feasible option as result showed an IRR of 4.86% when HVDC#3 was connected and 11.45% when it was not under the condition of achieving 50% curtailment reduction. This study shows that the higher the level of renewable energy deployment, the more delayed the HVDC connection between Jeju and the main land, and the lower the SMP, the more economically feasible the green hydrogen-based sector coupling is. Furthermore, this study suggests that the policy goal of completely reducing curtailment is not economically efficient.

• The Transactions of The Korean Institute of Electrical Engineers
• /
• v.61 no.4
• /
• pp.522-533
• /
• 2012

This paper presents an adaptive strategy of GENCOs for reducing the greenhouse gas by fuel mix change. Fuel mix stands for generation capacity portfolio composed of different fuel resources. Currently, the generation sector of power industry in Korea is heavily dependent on fossil fuels, therefore it is required to change the fuel mix gradually into more eco-friendly way based on renewable energies. The generation costs of renewable energies are still expensive compared to fossil fueled resources. This is why the adaptive change is more preferred at current stage and this paper proposes an optimal strategy for capacity planning based on multiple environmental scenarios on the time horizon. This study used the computer program tool named GATE-PRO (Generation And Transmission Expansion PROgram), which is a mixed-integer non-linear program developed by Hongik university and Korea Energy Economics Institute. The simulations have been carried out with the priority allocation method in the program to determine the optimal mix of NRE(New Renewable Energy). Through this process, the result proposes an economic fuel mix under emission constraints compatible with the greenhouse gas mitigation policy of the United Nations.