• Atmosphere
• /
• v.34 no.2
• /
• pp.107-121
• /
• 2024

In this study, we empirically analyzed the impact of physical risks due to climate change on the soundness and operational performance of the financial industry by combining economics and climatology. Particularly, unlike previous studies, we employed the Seasonal-Trend decomposition using LOESS (STL) method to extract trends of climate-related risk variables and economic-financial variables, conducting a two-stage empirical analysis. In the first stage estimation, we found that the delinquency rate and the Bank for International Settlement (BIS) ratio of commercial banks have significant negative effects on the damage caused by natural disasters, frequency of heavy rainfall, average temperature, and number of typhoons. On the other hand, for insurance companies, the damage from natural disasters, frequency of heavy rainfall, frequency of heavy snowfall, and annual average temperature have significant negative effects on return on assets (ROA) and the risk-based capital ratio (RBC). In the second stage estimation, based on the first stage results, we predicted the soundness and operational performance indicators of commercial banks and insurance companies until 2035. According to the forecast results, the delinquency rate of commercial banks is expected to increase steadily until 2035 under assumption that recent years' trend continues until 2035. It indicates that banks' managerial risk can be seriously worsened from climate change. Also the BIS ratio is expected to decrease which also indicates weakening safety buffer against climate risks over time. Additionally, the ROA of insurance companies is expected to decrease, followed by an increase in the RBC, and then a subsequent decrease.

• The Journal of Industrial Distribution & Business
• /
• v.8 no.3
• /
• pp.19-22
• /
• 2017

Purpose - To control exorbitant interest rates, implementation of an interest rate ceiling is a standard practice in microfinance. However, there are pros and cons of such market intervention. Hence, the aim of this short note is to highlight issues and challenges regarding the interest rate cap in microfinance, both from the perspective of clients and institutions. Research design, data, and methodology - While the nature of this short note is explanatory and descriptive, the research methodology used relevant data from the MixMarket and Microcredit Regulatory Authority (MRA) annual reports in Bangladesh. Results - We argue that an interest rate ceiling is detrimental both for the clients and microfinance institutions (MFIs). This market intervention substantially reduces the outreach of MFIs and clients are most likely to pay a higher price in the long-run. Additionally, an interest rate cap also puts severe pressure on new-born and high-cost MFIs to cope with the interest rate ceiling. Conclusions - Although market intervention may be necessary in the short-run, it should not be the ultimate solution to abate high interest in microfinance. Understanding the operational dynamics of MFIs, as well as promoting productivity, efficiency and competition could help to lower the interest rates.

• Smart Structures and Systems
• /
• v.12 no.2
• /
• pp.209-233
• /
• 2013

With an annual growth rate of about 30%, wind energy systems, such as wind turbines, represent one of the fastest growing renewable energy technologies. Continuous structural health monitoring of wind turbines can help improving structural reliability and facilitating optimal decisions with respect to maintenance and operation at minimum associated life-cycle costs. This paper presents an integrated monitoring system that is designed to support structural assessment and life-cycle management of wind turbines. The monitoring system systematically integrates a wide variety of hardware and software modules, including sensors and computer systems for automated data acquisition, data analysis and data archival, a multiagent-based system for self-diagnosis of sensor malfunctions, a model updating and damage detection framework for structural assessment, and a management module for monitoring the structural condition and the operational efficiency of the wind turbine. The monitoring system has been installed on a 500 kW wind turbine located in Germany. Since its initial deployment in 2009, the system automatically collects and processes structural, environmental, and operational wind turbine data. The results demonstrate the potential of the proposed approach not only to ensure continuous safety of the structures, but also to enable cost-efficient maintenance and operation of wind turbines.

• Journal of Korean Society of Water and Wastewater
• /
• v.38 no.1
• /
• pp.29-38
• /
• 2024

Wastewater management is increasingly emphasizing economic and environmental sustainability. Traditional methods in sewage treatment plants have significant implications for the environment and the economy due to power and chemical consumption, and sludge generation. To address these challenges, a study was conducted to develop the Intermittent Cycle Extended Aeration System (ICEAS). This approach was implemented as the primary technique in a full-scale wastewater treatment facility, utilizing key operational factors within the standard Sequencing Batch Reactor (SBR) process. The optimal operational approach, identified in this study, was put into practice at the research facility from January 2020 to December 2022. By implementing management strategies within the biological reactor, it was shown that maintaining and reducing chemical quantities, sludge generation, power consumption, and related costs could yield economic benefits. Moreover, adapting operations to influent characteristics and seasonal conditions allowed for efficient blower operation, reducing unnecessary electricity consumption and ensuring proper dissolved oxygen levels. Despite annual increases in influent flow rate and concentration, this study demonstrated the ability to maintain and reduce sludge production, electricity consumption, and chemical usage. Additionally, systematic responses to emergencies and abnormal situations significantly contributed to economic, technical, and environmental benefits.

• Proceedings of the KIEE Conference
• /
• 2007.07a
• /
• pp.578-579
• /
• 2007

The importance and necessity of conducting studies on area outage cost assessment have been increasingly important in recent years due to the competitive electricity market environment. The objective of operational issues would be to minimize the total area cost while satisfying all associated system constrains of each area[2]. This paper presents a methodology of the Area annual outage cost assessment by probabilistic reliability evaluation using TRELSS program for KEPCO system. The interrupted energy assessment rate (IEAR) is evaluated by macro approach that is using relations between GRDP and the electrical energy demand. The Expected Energy Not Supplied (EENS) of each area was evaluated using the Transmission Reliability Evaluation for Large-Scale Systems (TRELSS) Version 6_2, a program developed by EPRI are introduced in this paper.

• Current Industrial and Technological Trends in Aerospace
• /
• v.9 no.1
• /
• pp.3-14
• /
• 2011

The current space activities are soaring ever since the first human flight to outer space 50 years ago and the first satellite launch 54 years ago. 74 space launch vehicles were launched in 2010, up from average 66 yearly in 2000s, and 900 operational satellites are currently in orbit around Earth. Space has become a worthwhile investment for governments as space assets become vital to national social, economic, and technological development as well as contributing their national defense and security program. The world governments' investments on space programs have reached a historical peak of $71.5 billion in 2010. However, the growth of government funding for space has slowed down posting only a 2% growth rate since 2009 while 9 % compound annual growth rate experienced by world's space expenditures between 2004 and 2009. Korea invested $158 million in 2011, experienced strong decrease with a 16% compound annual growth rate since 2008. In this paper the current statuses of world governments' funding for space program and space market were presented and the current issues on the Korean space budget policy were reviewed.

• Journal of Biosystems Engineering
• /
• v.8 no.2
• /
• pp.39-48
• /
• 1983

This study was performed to obtain the basic data which could be used for the modification of the manual center-burner-type rice-husk furnace into a small scale automatic type for the multi-purpose use in the farm. For this purpose, first, the utilization feasibility of the rice-husk furnace in the farm was analyzed briefly in aspects of available amount of rice-husk for the fuel, annual operation time and replaceble amount of residential heating energy with rice-husk in the farm. For the experiment a prototype furnace geared with an automatic feeding device was fabricated, and feed rate, mold size and chimney height were changed to investigate the combustion efficiency of rice-husk and thermal efficiency of the furnace. Also, optimum and limiting operational factors were observed in each treatments. The results obtained are summarized as follows. 1. If the rice-husk is intensively used for residential heating in the farm for winter season, on an average 51 percent of the total heating energy can be replaced with the rice-husk. Therefore, development of a small scale automatic rice-husk furnace was recognized to be feasible. 2. The operational condition depending on husk-feed rates was very important factor for successive steady burning operation of the given furnace. When the feed-rate was 1.5 kg/hr, the top of the burning zone should be kept at the position about 55 cm from the bottom of the combustion chamber with the periodic removal of ash (termed as steady state position), which was 18 cm above the mold waist. When the feed rates were 2.4 kg/hr and 3.0 kg/hr, the steady state position was at about 4 cm above the mold waist. 3. The mold size affected inflow rate of air into the furnace and consequently CO content in the exhaust gas. The relatively bigger mold gave positive effect on the air-inflow rate. 4. When the husk-feed rates were 1.5 kg/hr, 2.4 kg/hr, 3.0 kg/hr, the combustion efficiencies of the rice-husk were 98.5%, 97.4% and 95.0%, the thermal efficiencies of the furnace were 93.4%, 93.2% and 87.6%, and CO content in the exhaust gas were 1.21%, 1.03%, and 2.43%, respectively. The air-inflow rates were decreased with the increase of feed rates. When the amount of excess air was 30-40%, the CO content in the exhaust gas was at the minimum level. 5. When the chimney height was lowered from 260 cm to 96 cm, the air-inflow rate was slightly decreased, but the average temperature in the combustion chamber, CO content in the exhaust gas and combustion and thermal efficiencies were not changed significantly. 6. The incidental problems associated with the protytype furnace were accumulation of the ash inside the mold, accumulation of the cinder between the outer-drum of the furnace and the combustion chamber wall, and accumulation of the cinder in the chimney.

• Journal of the Korean Solar Energy Society
• /
• v.21 no.1
• /
• pp.21-25
• /
• 2001

A methodology to predict the output performance of small hydro power using discharge of sewage treatment plant has been studied. Two sewage treatment plants existing in Chunrabuk-Do were selected and the output performance characteristics for these plants were analyzed, using developed model. As a result, it was found that the developed model in this study can be used to analyze the output characteristics for small hydro power using discharge of sewage treatment plant. Additionally, primary design specifications such as design flowrate, capacity, operational rate and annual electricity production were estimated and discussed for two plants.

• Journal of the Korea Society for Simulation
• /
• v.25 no.4
• /
• pp.93-108
• /
• 2016

Electric vehicle car sharing (EV-sharing) system is noted as an eco-friendly system of transportation in global warming crisis and has been practically implemented in some cities around the world. However, methodologies to find the efficient operation conditions of EV-sharing systems reflecting a typical characteristic 'charging' have not been fully investigated yet. In the paper a generalized model has been developed to identify optimal level of infrastructure for EV-sharing system which provides the optimum operation efficiency under service level constraints. From the simulation analysis based on the developed model the relationships between the operational variables to describe EV-sharing system have been identified and optimal capacity to maximize the operational efficiency have been found. From the analysis of simulation results it has been found that increases in the number of vehicles and chargers improve the service level until certain value beyond which increasing rate and the efficiency have been reduced. From the cost-revenue analysis the optimal numbers of vehicles and chargers have been identified which maximizes the annual operational profit.

• Journal of Korean Society on Water Environment
• /
• v.30 no.6
• /
• pp.673-682
• /
• 2014

A watershed model was constructed using Hydrological Simulation Program Fortran to predict the water temperature at major tributaries of Nakdong River basin, Korea. Water temperature is one of the most fundamental indices used to determine the nature of an aquatic environment. Most processes of an aquatic environment such as saturation level of dissolved oxygen, the decay rate of organic matter, the growth rate of phytoplankton and zooplankton are affected by temperature. The heat flux to major reservoirs and tributaries was analyzed to simulate water temperature accurately using HSPF model. The annual mean heat flux of solar radiation was estimated to $150{\sim}165W/m^2$, longwave radiation to $-48{\sim}-113W/m^2$, evaporative heat loss to $-39{\sim}-115W/m^2$, sensible heat flux to $-13{\sim}-22W/m^2$, precipitation heat flux to $2{\sim}4W/m^2$, bed heat flux to $-24{\sim}22W/m^2$ respectively. The model was calibrated at major reservoir and tributaries for a three-year period (2008 to 2010). The deviation values (Dv) of water temperature ranged from -6.0 to 3.7%, Nash-Sutcliffe efficiency(NSE) of 0.88 to 0.95, root mean square error(RMSE) of $1.7{\sim}2.8^{\circ}C$. The operational water temperature forecasting results presented in this study were in good agreement with measured data and had a similar accuracy with model calibration results.