• Environmental and Resource Economics Review
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• v.29 no.1
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• pp.91-111
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• 2020

While the renewable energy portfolio standard (RPS) is in place to expand the scale of renewable energy generation, the power producer can obtain the renewable energy credit (REC) and use it as an incentive to operate the facility. RECs secured by solar power generation can be traded through spot market or fixed price contracts, and, in the spot market trading, power producers are exposed to the uncertainty of REC spot price. In this study, real option analysis is conducted to analyze the optimal threshold of REC spot price for the conversion of REC trading method by power producer considering the uncertainty of REC spot price. We calculated the optimal threshold of REC spot price that can convert the trading method of REC from spot market to fixed price contract. In conclusion, the spot market trading is a rational trading method when considering the uncertainty of REC price, but the fixed price bidding is a rational trading method when not considering the uncertainty of REC price.

• New & Renewable Energy
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• v.17 no.4
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• pp.9-27
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• 2021

Floating solar power markets are rapidly growing worldwide. The main policy instrument utilized to expand renewable energy use in foreign countries with many floating solar power installations is Feed-in-Tariffs (FITs). Foreign countries apply FIT to projects that have a secured grid connection, and lately, there has been a change in the direction of introducing or expanding auction systems. Vietnam and Taiwan give higher FIT to floating solar installations than land solar ones, and China, Vietnam, and Taiwan have higher FITs for certain regions. Compared to foreign countries where large-scale floating solar power installations have been installed, Korea has utilized Renewable Energy Certificate (REC) weights for residents' participation are provided additionally under the Renewable Portfolio Standard (RPS). In contrast to Korea, where residents' participation and benefit profit sharing are emphasized, the Netherlands provides opportunities for local residents to participate in floating solar power projects through cooperatives to improve the residents' acceptance.

• Journal of Energy Engineering
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• v.23 no.1
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• pp.7-20
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• 2014

The optimal woodchip production system was developed and the production cost of a forest woodchip fuel was calculated for utilizing the pitch pine, which covers around 480,000ha nationwide. the marginal price of the woodchip fuel considering the factor of supply price, electricity and heat selling price as well as capacity factor were suggested and the economic sensitivity analysis was conducted for various scenario. The most important variable which determine economic feasibility was a fuel cost for the power generation facility. If the electricity price is higher than the current SMP(System Marginal Price) or the capacity factor is higher than 80%, there fully is a benefit to consume the woodchip fuels produced in the suggested production system in this study. In addition, the additional benefit becomes more obvious when considering REC(Renewable Energy Certificate) and CDM(Clean Development Mechanism). Therefore, it is strongly suggested for domestic power generation sector to utilize the forest biomass fuel to achieve the obligatory target of RPS.

• Journal of the Korea Organic Resources Recycling Association
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• v.30 no.2
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• pp.29-42
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• 2022

The government promotes the 2050 carbon-neutral policy. Therefore, the concern to convert livestock manure into energy is increasing for the reduction of greenhouse gases generated in the livestock industry sector. In this study, the economic feasibility of the livestock manure solid fuel power generation facility, which is a major consumer of livestock manure solid fuel, was assessed to expand the demand for livestock manure solid fuel. The production cost of livestock manure solid fuel showed the lowest production cost of 97.4 thousand won/ton when dried using solid fuel at a 200 ton/day scale bio-drying facility. The livestock manure solid fuel power generation facility showed economic feasibility at a REC weight of 1.5 in the case of the bio-drying facility, so it was necessary to set a REC weight of 1.5 or more to expand the demand for livestock manure solid fuel. The conversion of livestock manure into solid fuel has various environmental benefits, such as the reduction of greenhouse gases and the effect of reducing non-point pollutants in the water system. Therefore, in order to expand livestock manure solid fuel production facility, it was required to review the feasibility including various environmental benefits.

• 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.

• Journal of the Korean Society of Marine Environment & Safety
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• v.24 no.7
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• pp.916-922
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• 2018

Recently, power plant effluent condensers received a Renewable Energy Certificate as components of hydrothermal energy (weighted 1.5 times) as one target item of the Renewable Portfolio Standard (RPS) policy. Accordingly, more attention is being paid to the value of thermal wastewater as a heat source. However, for utilization of thermal wastewater from power plants in high-turbidity areas like the West Sea of Korea, a turbidity reducing system is required to reduce system contamination. In this study, an experimental test was performed over a month on thermal wastewater from power plants located in the West Sea of Korea. It was found that water turbidity was reduced by more than 80 % and that the concentration of organic materials and nutrient salts was partially reduced due to the reduction of floating/drifting materials. To conduct a comparative analysis of the level of contamination of the heat exchanger when thermal wastewater flows in through a turbidity reducing system versus when the condenser effluent flows in directly without passing through the turbidity system, we disassembled and analyzed heat exchangers operated for 30 days. As a result, it was found that the heat exchanger without a turbidity reducing system had a higher level of contamination. Main contaminants (scale) that flowed in to the heat exchanger included minerals such as $SiO_2$, $Na(Si_3Al)O_8$, $CaCO_3$ and NaCl. It was estimated that marine sediment soil flowed in to the heat exchanger because of the high level of turbidity in the water-intake areas.

• Journal of the Korea Organic Resources Recycling Association
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• v.29 no.4
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• pp.67-76
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• 2021

Biogasification is a technology that produces environmentally friendly fuel using methane gas generated in the process of stably decomposing and processing organic waste. Biogasification is the most used method for energy conversion of organic waste with high moisture content, and is a useful method for organic waste treatment following the prohibition of direct landfill (2005) and marine dumping (2013). Due to African Swine Fever (ASF), which recently occurred in Korea, recycling of wet feed is prohibited, and consumers such as dry feed and compost are negatively recognized, making it difficult to treat food waste. Accordingly, biogasification is attracting more attention for the treatment and recycling of food waste. Korea's energy consumption amounted to 268.41 106toe, ranking 9th in the world. However, it is an energy-poor country that depends on foreign imports for about 95.8% of its energy supply. Therefore, in Korea, the Renewable Energy Portfolio Standard (RPS) is being introduced. The domestic RPS system sets the weight of the new and renewable energy certificate (REC, Renewable energy certificate) of waste energy lower than that of other renewable energy. Therefore, an additional incentive system is required for the activation of waste-to-energy. In this study, the operation of an anaerobic digester that treats food waste, food waste Leachate and various organic wastes was confirmed. It was intended to be used as basic data for preparing the waste-to-energy incentive system through precise monitoring for a certain period of time. Four sites that produce biogas from organic waste and use them for power generation and heavy gas were selected as target facilities, and field surveys and sampling were conducted. Basic properties analysis was performed on the influent sample of organic waste and the effluent sample according to the treatment process. As a result of the analysis of the properties, the total solids of the digester influent was an average of 12.11%, and the volatile solids of the total solids were confirmed to be 85.86%. BOD and CODcr removal rates were 60.8% and 64.8%. The volatile fatty acids in the influent averaged 55,716 mg/L. It can be confirmed that most of the volatile fatty acids were decomposed and removed with an average reduction rate of 92.3% after anaerobic digestion.

• Journal of IKEEE
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• v.19 no.3
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• pp.295-303
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• 2015

Considering to Energy Storage System (ESS) is a global trend In order to reduce global warming and carbon emissions. South Korea has announced various policies to vitalize the development and uptake of renewable energy. South Korea is planning the cumulative capacity of ESS of two million kW in 2020. According to the government support and development of technology companies, the battery of ESS prices are expected to fall gradually. In this paper, we develop a planning model that take into account the supply expansion of technology of ESS and prices. Based on planning model, we analyze the cost of ESS linked with wind power and the revenue for trading electricity and renewable energy certifications.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.19 no.12
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• pp.523-531
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• 2018

The purpose of this paper is to derive priorities and implications for the organic resource conservation policy in the livestock sector. We conducted a survey on the importance-performance of the organic waste resource reclamation of livestock sector using a 5-point Likert scale. The importance average for the resource recycling of livestock organic waste was 3.63 and the average of performance was 3.04. As a result of the IPA on livestock manure recycling measures, it is necessary to improve feed quality, establish a local recycling system, increase demand for compost and liquid, enhance customer linkages, and develop cost reduction technologies. It requires intensive support for promoting the spread of odor reduction technologies and integrated management of biomass. It is necessary to introduce mid- and long-term measures such as the revival of feed in tariff, promote by-product feeding, establish solid fuel process management standards, create hygiene safety standards, develop eco-beads and promotion of feed conversion. It is required to strengthen support for the development of odor reduction technologies and prepare consultative organizations among related departments, develop eco-friendly solid fuel technology, and support policies for renewable energy certification.