• Journal of Electrical Engineering and Technology
• /
• v.11 no.1
• /
• pp.38-46
• /
• 2016

This study analyzes the economic efficiency of the virtual power plant (VPP) model that aims to integrate a number of emergency generators installed at the consumer end and operate them as a single power plant. Several factors such as the demand response benefits from VPP operation and costs incurred for converting emergency generators into VPP are considered to assess the economic efficiency of the proposed VPP model. Scenarios for yearly VPP conversion are prepared based on the installed capacities of the emergency generators distributed in South Korea, while the costs and benefits are calculated from the viewpoints of participants and power companies in accordance with California Test Methods. Furthermore, a sensitivity analysis is conducted on the cost factors among those affecting the economic efficiency of VPP business because these two factors have a great impact on benefits.

• Journal of Electrical Engineering and Technology
• /
• v.10 no.4
• /
• pp.1415-1421
• /
• 2015

This paper presents a new algorithm called Quantum-behaved Electromagnetism-like Mechanism Algorithm which is used to solve economic load dispatch of power system. Electromagnetism-like mechanism algorithm simulates attraction and repulsion mechanism for particles in the electromagnetic field. Every solution is a charged particle, and it move to optimum solution according to certain criteria. Quantum-behaved electromagnetism-like mechanism algorithm merges quantum computing theory with electromagnetism-like mechanism algorithm. Superposition characteristic of quantum methodology can make a single particle present several states, and the characteristic potentially increases population diversity. Probability representation of quantum methodology is to make particle state be presented according to a certain probability. And the quantum rotation gates are used to realize update operation of particles. The algorithm is tested for 13-generator system and 40-generator system, which validates it can effectively solve economic load dispatch problem. Through performance comparison, it is obvious the solution is superior to other optimization algorithm.

• Journal of Electrical Engineering and Technology
• /
• v.4 no.1
• /
• pp.19-27
• /
• 2009

This paper presents a newly developed optimization algorithm, the Bee Optimization Algorithm (BeeOA), to solve the economic power dispatch (EPD) problem. The authors have developed a derivative free and global optimization technique based on the working of the honey bee. The economic power dispatch problem is a nonlinear constrained optimization problem. Classical optimization techniques fail to provide a global solution and evolutionary algorithms provide only a good enough solution. The proposed approach has been examined and tested on two test systems with different objectives. A simple power dispatch problem is tested first on 6 generators and then the algorithm is demonstrated on 13 thermal unit systems whose incremental fuel cost function takes into account the value point loading effect. The results are promising and show the effectiveness and robustness of the proposed approach over recently reported methods.

• Proceedings of the KIEE Conference
• /
• 2003.07a
• /
• pp.98-100
• /
• 2003

This paper presents the method for computing the power economic dispatch with an optimal power flow (OPF) computation algorithm, considering the power factor limits constraint. Efficient reactive power planning enhances economic operation as well as system security. Accordingly, an adequate level of power factor limits for the load buses should be evaluated for economic operation. The power factor limits are included and described into the OPF's objective function. The proposed method is applied to IEEE 26 buses system.

• Proceedings of the KIEE Conference
• /
• 2005.07a
• /
• pp.772-774
• /
• 2005

Interstate electric power system, as an alternative for energy cooperation under regional economic bloc, has been hotly debated before progressing the restructure in electric power industry and rapidly expanded in many regions after 1990s. Especially, since northeast asia has strong supplementation in resource, load shape, fuel mix etc., electric power system interconnection in this region may bring considerable economic benefits. Moreover, since Korean electric power system has a great difficulty in a geographical condition to interrupt electricity transaction with other countries, it has been expanded as an independent system to supply all demand domestically. As a result, Korean electric power system makes considerable payment for maintaining system security and reliability and expands costly facilities to supply a temporary summer peak demand. Under this inefficiency, if there are electricity transactions with Russia via the North Korea route then economic electric power system operation may be achieved using seasonal and hourly differences in electricity price and/or load pattern among these countries. In this paper, we estimate price cap of transacted electricity via interstate electric power system in northeast asia. For this study, we perform quantitative economic analysis on various system interconnection scenarios.

• Journal of the Korean Society of Systems Engineering
• /
• v.14 no.1
• /
• pp.1-12
• /
• 2018

In the energy-guzzling industries such as steel making and cement, power plants utilizing waste heat have been attracting attention to increase energy efficiency. However, the existing economic analysis system doesn't consider the special working fluids and the cost models of the main equipment used in the waste heat recovery power plant. So it is difficult to estimate the plant economics accurately. Therefore, It is required to develop a economic analysis module that can more accurately evaluate for the power plant. In this study, the systems engineering approach was used to design and develop the module that systematically reflects the characteristics of the power plant and various requirements. Specifically, first, the special working fluids and main equipment applied to the power plant were investigated. Next, the cost models for each equipment were developed. Finally, the economic analysis module based on this was developed.

• Transactions of the Korean hydrogen and new energy society
• /
• v.31 no.4
• /
• pp.380-386
• /
• 2020

This paper represents an analysis of the economic impact of firing natural gas/diesel and natural gas/by-product oil mixtures in diesel engine power plants. The objects of analysis is a power plant with electricity generation capacity (300 kW). Using performance data of original diesel engines, the fuel consumption characteristics of the duel fuel engines were simulated. Then, economic assessment was carried out using the performance data and the net present value method. A special focus was given to the evaluation of fuel cost saving when firing natural gas/diesel and natural gas/by-product oil mixtures instead of the pure diesel firing case. Analyses were performed by assuming fuel price changes in the market as well as by using current prices. The analysis results showed that co-firing of natural gas/diesel and natural gas/by-product oil would provide considerable fuel cost saving, leading to meaningful economic benefits.

• Korean Journal of Construction Engineering and Management
• /
• v.14 no.4
• /
• pp.152-163
• /
• 2013

In this research, we analyse the economic feasibility of a tidal power plant project which can efficiently generate mass, permanent, predictable, and homogeneous electric power. For the economic feasibility analysis, we used the RETScreen that is developed at the CANMET Energy Technology Center in Natural Resources Canada and widely utilized for analysing the economic feasibility and sensitivity of clean energy projects. Results from the feasibility and sensitivity analysis showd that the tidal power plant project in Korea has a enough economic feasibility, and its feasibility increases more as certified emission reductions price and electricity unit price increase. Based on the results from the feasibility study, we can solve the energy problems to be come in near future by constructing the tidal power plants in Korea more aggressively.

• The Transactions of The Korean Institute of Electrical Engineers
• /
• v.64 no.3
• /
• pp.384-392
• /
• 2015

This paper presents an economic assessment of large-scale Li-ion battery energy storage systems applied to Korean power system. There are many applications of the battery energy storage systems (BESSs) and they can provide various benefits to power systems. We consider BESSs to the energy time-shift application to Korean power system and evaluate the benefits from the application of BESS in the social perspective. The mixed integer programming (MIP) algorithm is used to resolve the optimal operation schedule of the BESS. The social benefits can include the savings of the fuel cost from generating units, deferral effects of the generation capacity, delay of transmission and distribution infra construction, and incremental CO2 emission cost impacts, etc. The economic evaluation of the BESS is separately applied into Korean power systems of the Main-land and Jeju island to reflect the differences of the load and generation patterns.

• Proceedings of the Korean Institute of IIIuminating and Electrical Installation Engineers Conference
• /
• 2009.05a
• /
• pp.92-96
• /
• 2009

In this paper, economic analysis of Energy Storage System for power system is performed. Economic analysis is performed to show the benefits of Energy Storage System. Results illustrate the advantages of Energy Storage System not only acting as an alternative generation resource but also giving a better reliability and stability in power system.