• 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.

• Environmental and Resource Economics Review
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• v.23 no.4
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• pp.747-784
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• 2014

Many countries have implemented a variety of climate and energy policies to reduce greenhouse gas emissions and expand renewable energy production. The ultimate goals of those policies are associated with transition to a low-carbon economy that aims to combat climate change and economic growth. This study aims to examine empirically if the countries which implement overlapping climate policies and renewable energy policies show additional reduction of the GHG emissions than the countries which implement single climate or renewable energy policy. The result shows that overlapping policies contribute to reduce additional GHG but not all cases. In particular, only overlapping policies mixing 'ETS and RPS(renewable portfolio standards)' and 'Carbon Tax and FIT(Feed-in Tariff)' can lead to additional reduction of GHG emissions.

• Plant Journal
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• v.12 no.3
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• pp.39-45
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• 2016

Each of fuel consumption per hour was measured at the 320 MW and 380 MW generator output while changing mixing ratio of bio fuel oil to 50%, 80% and 100%. Fuel consumption per hour was increased from 11.0% to 20.4% as mixing ratio of bio fuel oil was changed from 50% to 100% at the 320 MW generator output comparing with fuel consumption per hour in case of bunker-C oil single firing. Fuel consumption per hour was also increased from 12.0% to 21.1% as mixing ratio of bio fuel oil was changed from 50% to 100% at the generator output 380 MW. Furthermore, it was confirmed that plant efficiency was decreased as mixing ratio of bio fuel oil was increased from 50% to 100% as a result that plant efficiency was calculated using the measured fuel consumption per hour, the generator output and the gross heating value.

• Journal of Energy Engineering
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• v.23 no.4
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• pp.106-111
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• 2014

In order to manage the gradual increase of electricity demand, the United States, Japan, and Europe are seeking to achieve overall change of electric power system by introducing solutions such as smart grid. Among these solutions, there are various research projects regarding the Electricity Storage System (ESS), which aims to promote the efficient usage of electricity and grid system of new and renewable energy system. Korean government revised the law by including ESS in new and renewable energy facilities to accelerate ESS deployment. Following the same direction of the government policy, this study suggests methodologies of setting REC weighted value that guarantees investment financial feasibility when new and renewable power producers install ESS.

• Transactions of the Korean hydrogen and new energy society
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• v.28 no.6
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• pp.712-720
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• 2017

As Korean government has activated the renewable portfolio standard (RPS) since 2012, producers have been seeking and using the various renewable resources to meet the RPS quota. One of these efforts, Power Bio-Fuel oil demonstration project is being conducted to check the operability and compatibility with fossil fuel, Fuel oil (B-C) from 2014. The oil is a mixture of vegetable oil and animal fat or fatty acid ester of them and should satisfy some specification to use the power generation. The oil's quality and combustion characteristics are different from conventional oil, Fuel oil (B-C) in current power plant facility. In this study, it was investigated the storage stability and malodor intensity of Bio-Fuel oil.

• Environmental and Resource Economics Review
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• v.21 no.2
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• pp.301-319
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• 2012

The primary purpose of Renewable Portfolio Standard (RPS) is to facilitate investment in renewable energy technology. Since emission trading program has similar purpose, it is conceivable to attempt to link RPS and emission trading program through interlinked markets. RPS in Korea with single REC and emission allowance markets has particular advantages for constructing linkages between two markets. This paper provides a real option model to examine investment effects of linkage of RPS to the trading program. Emission permit price and REC price are assumed to follow stochastic processes and renewable investment is irreversible. The result shows that linked market provides further incentive for renewable investment by raising managerial flexibility for power companies.

• Korean Journal of Air-Conditioning and Refrigeration Engineering
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• v.26 no.5
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• pp.199-205
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• 2014

The integration of FC (Fuel Cell) and GSHP (Ground Source Heat Pump) hybrid system could produce a synergistic advantage in thermal and electric way. This study intends to analyse the economical aspect of a FC integrated GSHP hybrid system compared to the conventional system which is consisted with a boiler and a chiller. Based on the hourly simulation, the study indicated that GSHP system and FC+GSHP hybrid system could reduce the energy consumption on a building. The method of the economic assessment has been based on IEA ECBCS Annex 54 Subtask C SPB(Simple Payback) method. The SPB was calculated using the economic balanced year of the alternative system over the conventional (reference) system. The SPB of the alternative systems (GSHP and FC+GSHP) with 50% initial incentive was 4.06 and 26.73 year respectively while the SPB without initial incentive of systems was 10.71 and 57.76 year.

• Transactions of the Korean hydrogen and new energy society
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• v.26 no.5
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• pp.484-492
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• 2015

As our government is actively introducing the RPS (Renewable Portfolio Standards) as a national renewable energy obligation policy, power producers are using the various renewable energy to meet the RPS supply quota since 2012. Recently, it is appling to use power bio-fuel oil in bio-fuel oil demonstration project with power companies. In general, power bio-fuel oils are composed of mixture products of vegetable oil, animal fat, fatty acid ester and waste oil. It is already developing for a power plant as a renewable energy abroad. In Korea, it is studying a 100% combustion and blended combustion of heavy fuel oil and bio-fuel oil. In this study, we investigated fuel characteristics of mixed power bio-fuel oil and its emission performance. Especially, it was reduced emissions of bio-oil in industrial boilers due to bio-fuel properties as compare with fuel oil.

• Journal of the Korean Wood Science and Technology
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• v.42 no.4
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• pp.439-449
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• 2014

RPS (Renewable Portfolio Standard) has increased wood pellet demand dramatically in recent years in Korea where self-supply rate of wood pellet is not more than 10%. However global production capacity of wood pellet is prospected to be unable to meet the global demand after 2020. Therefore it is urgently needed to develop new sustainable biomass energy resources which can replace wood pellet at lower cost. As a result of this study EFB (empty fruit bunch) and MF (mesocarp fiber), the representative solid palm biomass, are estimated to be generated at the rate of 20 and 28 million tons per year (based on 10% moisture content) in Malaysia and Indonesia, respectively in 2012. Total annual generation rate of EFB and MF is estimated as 48 million tons per year only in Malaysia and Indonesia in 2012. With calorific value of over 90% of wood pellet EFB is expected to be a excellent biomass energy resource which can replace wood pellet. EFB can be utilized as fuel for power generation or industrial purpose. However EFB may not be a proper fuel for domestic and greenhouse heating because of its high ash content.

• Environmental and Resource Economics Review
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• v.31 no.4
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• pp.645-668
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• 2022

Hydrogen energy is emerging as an important means of carbon neutrality in the various sectors including power, transportation, storage, and industrial processes. Fuel cell power plants are the fastest spreading in the hydrogen ecosystem and are one of the key power sources among means of implementing carbon neutrality in 2050. However, high volatility in system marginal price (SMP) and renewable energy certificate (REC) prices, which affect the profits of fuel cell power plants, delay the investment timing and deployment. This study applied the real option methodology to analyze how the dual uncertainties in both SMP and REC prices affect the investment trigger price level in the irreversible investment decision of fuel cell power plants. The analysis is summarized into the following three. First, under the current Renewable Portfolio Standard (RPS), dual price uncertainties passed on to plant owners has significantly increased the investment trigger price relative to one under the deterministic price case. Second, reducing the volatility of REC price by half of the current level caused a significant drop in investment trigger prices and its investment trigger price is similar to one caused by offering one additional REC multiplier. Third, investment trigger price based on gray hydrogen and green hydrogen were analyzed along with the existing byproduct hydrogen-based fuel cells, and in the case of gray hydrogen, economic feasibility were narrowed significantly with green hydrogen when carbon costs were applied. The results of this study suggest that the current RPS system works as an obstacle to the deployment of fuel cell power plants, and policy that provides more stable revenue to plants is needed to build a more cost-effective and stable hydrogen ecosystem.