• Proceedings of KOSOMES biannual meeting
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• 2017.11a
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• pp.202-202
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• 2017

• KSCE Journal of Civil and Environmental Engineering Research
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• v.44 no.4
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• pp.519-529
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• 2024

Vehicle toll discounts on private roads are categorized into two types: non-sunset and sunset. Sunset types refer to provisions in which all or part of a law loses its effect upon a specific legislator-set deadline. Vehicles eligible for 'sunset' discounts include cargo vehicles operating late at night and eco-friendly vehicles powered by electricity or hydrogen. Korean government has subsidized all reduced toll fees for vehicles classified as non-sunset types on private roads to operators, but no subsidies have been provided for toll reductions on sunset vehicles. The rapid increase in electric hydrogen vehicles escalates the burden of reduced toll revenue on private road operators. This study analyzed traffic volume and toll reduction data from eight private road operators nationwide as of the end of 2023 to propose the necessity and method of supporting sunset-type toll reduction subsidies. In 2022, the subsidy for non-sunset types amounted to 87.5 billion won, or 18.6 % of total traffic revenue. The toll exemption and reduction ratio under the concession agreement ranged from 4.0 % to 5.65 % of total traffic volume for each operator. Although the proportion of vehicles exempted from sunset traffic increased from 0.85 % in 2017 to 2.79 % in 2022, the reduction amount ratio reached 4.2 % (KRW 25.5 billion) of total traffic revenue in 2022. The escalating number of registered eco-friendly vehicles is gradually causing operating profit losses on private roads. In alignment with the government's policy to expand eco-friendly vehicles, it is imperative to consider including vehicles eligible for toll reductions listed under the sunset category for subsidy payments. The study established a minimum ratio for toll reduction assistance at 4.0 %, agreed upon between the road authorities and private operators. Three policy alternatives were proposed to ensure preservation of amounts exceeding this threshold for sustaining adequate toll revenue for private road operators.

• Proceedings of the KSR Conference
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• 2010.06a
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• pp.80-97
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• 2010

With the hubbing strategy, construction of "Incheon Airport Railroad(AREX)" was proceeded to expand the accessibility at the level of airports in rivalry like Kansai and Chek Lap Kok. At the present 1st phase which routes from Incheon Airport to Kimpo Airport is opened March 2007. 2nd phase which is planned from Kimpo Airport to Seoul station will be opened at the end of October 2010. But the accessibilty to AREX is delinquent because it is connected only in Seoul station and the maximum operation speed is 110km/h which downgrade the time competitiveness with airport limousine. In addition, transfering of user is necessary to access to AREX from Kyungbu KTX. With these reasons, travel demand in 1st phase section is low(7%). According to reestimation of travel demand, demand analysis result compared with convention condition is insufficient, so required annual average government grant-in-aid amounts to 200 billions won, and it is right time to develop the method for revitalization of Incheon airport railroad. In this paper, facilities plan and operating plan to make new travel demand by speed-up which is able through substitution train now running with high speed train(EMU, 180km/h) and direct connection of KTX, will be suggested. This will contribute to offering high speed railroad service to customers and the reduction of government grant-in-aid by way of demand expansion.

• Proceedings of the KSR Conference
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• 2011.10a
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• pp.1681-1698
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• 2011

According to the demands of the times, Inchon international airport railroad opened up step by step but It is situation that much government subsidies are paid because It does not competitive power with road traffic by decline of schedule speed. Inchon international airport railroad users will convert by other transportation and minimize damage their time as travel time is prolonged. Therefore, need high speedization of airport railroad, this may act big role competitive power security as well as airport railroad activation with another public transportation. Thus, this paper suggests that a high speedization possibility section in the sections of airport railroad and train speed elevation effect analysis by roadbed, railroad, system improvement and the most efficient operation intervals analyzing each vehicles (AREX (120km/h), KTX (230km/h), EMU(Electric Multiple Unit, 180km/h) train running pattern.

• Environmental and Resource Economics Review
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• v.21 no.1
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• pp.175-210
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• 2012

As London and post-Koyto protocols presumably affect emission of organic waste in Korea in 2012, appropriate treatment of organic waste becomes very important. Organic wastes are regarded as non-point pollutants. It has been criticized that direct emission charges on the emission of non-point pollutants are not effective due to the high uncertainty in the relationship between pollution sources and pollution levels. This study suggests indirect emission charges on production of livestocks or consumption on foods. Furthermore, it is assumed that revenue from the emission charges will be recycled to support biogas production. Biogas can be fueled to produce energy. In order to evaluate potential economic and environmental impacts of recycling the indirect emission charges on organic wastes, a static CGE model was developed. Simulation results of emission charges on the production of livestock show that livestock, agriculture, and food industry will confront relatively high burden while emission charges on consumption of food will affect more broadly and consumers will suffer more. Production charge on livestock sector will lead to higher reduction in GDP and total expenditure relative to the consumption charge. GHGs reduction effect was higher for the consumption charge relative to the production charge. Synthetically, consumption charge on food sector is more desirable as an alternative charge for the emission of organic wastes.

• Journal of Korean Society of Transportation
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• v.35 no.4
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• pp.360-373
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• 2017

The BTO-a projects is the types, which has a demand risk among the type of PPP projects in Korea. When demand risk is realized, private investor encounters financial difficulties due to lower revenue than its expectation and the government may also have a problem in stable infrastructure operation. In this regards, the government has applied various risk sharing policies in response to demand risk. However, the amount of government's risk sharing is the government's contingent liabilities as a result of demand uncertainty, and it fails to be quantified by the conventional NPV method of expressing in the text of the concession agreement. The purpose of this study is to estimate the value of investment risk sharing by the government considering the demand risk in the profit sharing system (BTO-a) introduced in 2015 as one of the demand risk sharing policy. The investment risk sharing will take the form of options in finance. Private investors have the right to claim subsidies from the government when their revenue declines, while the government has the obligation to pay subsidies under certain conditions. In this study, we have established a methodology for estimating the value of investment risk sharing by using the Black - Scholes option pricing model and examined the appropriateness of the results through case studies. As a result of the analysis, the value of investment risk sharing is estimated to be 12 billion won, which is about 4% of the investment cost of the private investment. In other words, it can be seen that the government will invest 12 billion won in financial support by sharing the investment risk. The option value when assuming the traffic volume risk as a random variable from the case studies is derived as an average of 12.2 billion won and a standard deviation of 3.67 billion won. As a result of the cumulative distribution, the option value of the 90% probability interval will be determined within the range of 6.9 to 18.8 billion won. The method proposed in this study is expected to help government and private investors understand the better risk analysis and economic value of better for investment risk sharing under the uncertainty of future demand.

• Journal of Energy Engineering
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• v.29 no.2
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• pp.68-78
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• 2020

According to the new climate change agreement, technology development to reduce greenhouse gases is actively conducted worldwide, and research on energy efficiency improvement in the field of power generation and transmission and distribution is underway [1,2]. Economic analysis of the operation method of storing and supplying surplus electricity using energy storage devices, and using energy storage devices as a frequency adjustment reserve power in regional cogeneration plants has been reported as the most profitable operation method [3-7]. Therefore, this study conducted an economic analysis for the installation of energy storage devices in the combined heat and power plant in the Czech Republic. The most important factor in evaluating the economics of battery energy storage devices is the lifespan, and the warranty life is generally 10 to 15 years, based on charging and discharging once a day. For the simulation, the ratio of battery and PCS was designed as 1: 1 and 1: 2. In general, the primary frequency control is designed as 1: 4, but considering the characteristics of the cogeneration plant, it is set at a ratio of up to 1: 2, and the capacity is simulated at 1MW to 10MW and 2MWh to 20MWh according to each ratio. Therefore, life was evaluated based on the number of cycles per year. In the case of installing a battery energy storage system in a combined heat and power plant in the Czech Republic, the payback period of 3MW / 3MWh is more favorable than 5MW / 5MWh, considering the local infrastructure and power market. It is estimated to be about 3 years or 5 years from the simple payback period considering the estimated purchase price without subsidies. If you lower the purchase price by 50%, the purchase cost is an important part of the cost for the entire lifetime, so the payback period is about half as short. It can be, but it is impossible to secure profitability through the economy at the scale of 3MWh and 5MWh. If the price of the electricity market falls by 50%, the payback period will be three years longer in P1 mode and two years longer in P2 and P3 modes.

• The Korean Journal of Air & Space Law and Policy
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• v.28 no.2
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• pp.145-181
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• 2013

General aviation is an integral part of civil aviation and involves the widest range of aviation segments except commercial aviation. Featured with different operational procedures and practices to satisfy the economic needs and safety requirements of a sovereign state, general aviation tends to be regulated by an individual state. The last three decades have seen exponential growth of commercial air transport in China, but its general aviation sector has remained disproportionally underdeveloped. With the deepening of the reform of low-altitude airspace, the sector is poised for a radical change and rapid growth. However, legislation governing general aviation activities in China is distorted causing inconsistency and confusions in their application and implementation. This paper aims to analyse China's prevailing legislation regulating general aviation activities. It first discusses the various definitions adopted by ICAO and its member states and reviews the development of general aviation in the US, EU, Australia and China. It then examines the sources of China's general aviation laws, e.g. Chicago Convention and its annexes, and Chinese domestic legislature which covers legislation, laws, directives, rules and procedures. The paper continues to analyse and establish the deficiencies of its prevailing legal framework by pointing out the following: variation of definitions in different regulations, inconsistency of principles in existing laws and regulations, legal vacuum concerning government subsidy, environment protection, safety and security, and other operational areas such as aerial club, sightseeing, and search and rescue. In this process, the paper argues that a coherent, consistent and systematic legal framework is required in order to ensure fair competition and safety for a healthy, progressive and sustainable general aviation growth. Suggestions for rectification and improvement are proposed.