• Journal of the Korea Academia-Industrial cooperation Society
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• v.14 no.4
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• pp.1540-1547
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• 2013

The energy economic analysis of the standard rural house model with PV system was performed based on annual energy demand calculation using the EnergyPlus to contribute in reducing building energy which occupies 25% of national energy consumption and in developing a low-energy & eco-friendly house model. Two types of PV system installation was considered to cover electricity demand for cooling, electric, and heating devices. For the selected house model, heating energy demand is 7 times higher than cooling energy demand. For the Case1, it is favorable to use electricity from PV system for cooling and electric devices and to sell surplus electricity. For the Case2, it is favorable to use electricity from PV system for cooling, electricity and heating devices and to sell surplus electricity. Considering the installation cost of PV system and heat pump air conditioning system, the break-even point of Case1 and Case2 are about 13 and 11 years respectively. Although the installation cost of Case2 is more expensive, Case2 provides three times more profit than Case1 after the break-even point. Because the expected average life time of the selected PV system is 25 years, Case2 is more favorable option for the given standard rural house model.

• Environmental and Resource Economics Review
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• v.28 no.1
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• pp.147-176
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• 2019

This paper uses research on the Levelized Cost of Electricity (LCOE) in South Korea to conduct a simulation analysis on the impact of nuclear power dependency and usage rates on the social costs of power generation. We compare the $7^{th}$ basic plan for long-term electricity supply and demand, which was designed to increase nuclear power generation, to the $8^{th}$ basic plan for long-term electricity supply and demand that decreased nuclear power generation and increased renewable energy generation in order to estimate changes in social costs and electricity rates according to the power generation mix. Our environmental generation mix simulation results indicate that social costs may increase by 22% within 10 years while direct generation cost and electricity rates based on generation and other production costs may increase by as much as 22% and 18%, respectively. Thus we confirm that the power generation mix from the $8^{th}$ basic plan for long-term electricity supply and demand compared to the $7^{th}$ plan increases social costs of generation, which include environmental external costs.

• Journal of Energy Engineering
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• v.24 no.2
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• pp.9-16
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• 2015

As electricity is an indispensable input to human's existence and industrial production, economic benefits arise from consumption. The economic benefits of the electricity consumption are useful information in various fields of electricity-related policy. Therefore, this study attempts to value the economic benefits from electricity use. The economic benefit of electricity consumed is the area under the demand curve which made of the sum of the actual consumer expenditure and the consumer surplus. Consumer expenditure can be easily observed but the information on price elasticity of demand is necessarily required to compute consumer surplus. This study derives the estimates for price elasticities through literature review. The price elasticities of the electricity demand for residence, industry, and commercial are estimated to be -0.332, -0.351, and -0.263, respectively. Because the consumer surplus of the electricity consumption for residence, industry, and commercial are computed to be 191.54, 143.44, and 231.91 won per kWh, respectively. Given that average prices of electricity use were 127.02, 100.70, and 121.98 won per kWh for the year 2013, the economic benefit are calculated to be 318.56, 244.14, and 353.89 won per kWh, respectively. We can convert the values to 321.96, 246.75, and 357.67 won per kWh in 2014 constant price, respectively, using consumer price index. They can be used in the economic feasibility analysis of a new electricity supply project.

• Proceedings of the KIEE Conference
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• 2002.11b
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• pp.372-374
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• 2002

The Optimal Power Flow(OPF) is the optimization model that has different constraints and the specified objective function, which is very useful tool for efficient system and market operation in the competitive electricity market. The existed OPF models focus on the minimization of generation fuel cost under informed demand values at each bus Recently, the studies of OPF model with demand function considering the response behavior of customers in the deregulated electricity market have been executed. This paper implements the OPF model using demand function with specified price elasticity, and provides the analysis of related results.

• Proceedings of the KIEE Conference
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• 2001.07a
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• pp.524-526
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• 2001

The variations of real time electric price in competitive electricity markets have influence on electric power demands of the consumers. Residential, commercial, and industrial consumers, with different characteristics cause the different price elasticity of the demand due to changing the pattern of consumption. Therefore, this paper calculate the elasticity of each loads and analysis the effects of electric power demands and spot pricing as a function of elasticity in competitive electricity market.

• Architectural research
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• v.17 no.3
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• pp.109-115
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• 2015

The dynamic pricing of electricity, where the electricity rate increases in a time zone with a high demand for electricity is typically applied to a building whose power reception capacity is greater than a certain size. This includes the time of use(TOU) electricity pricing in Korea which can induce the effect of reducing the power demand of a building. Meanwhile, a VRF (Variable Refrigerant Flow) system that uses electricity is regarded as one of the typical heating and cooling systems along with central air conditioning (central HVAC) for its easy operation and application to the building. Thus, to reduce power energy and operating costs of a building in which the TOU and VRF systems are applied simultaneously, we suggested a control for changing the indoor temperature setting within the thermal comfort range or limiting the rotational speed of an inverter compressor. In this study, to describe the features of the above-mentioned control and verify its effects, we evaluated the results obtained from the analysis of its operation data. Through the actual measurements in winter operations for 73 days since mid- December 2014, we confirmed a reduction of 10.9% in power energy consumption and 12.2% in operating costs by the new control. Also, a reduction of 13.3% in power energy consumption was identified through a regression analysis.

• IE interfaces
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• v.11 no.1
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• pp.207-214
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• 1998

Since the natural gas air-conditioning not only increases the base load of the gas company but also decreases the summer peak load of the electricity company, it is considerded as an efficient demand-side management program. This paper suggests the economic evaluation method of the gas air-conditioning program from the perspectives of the participants, the pipeline gas company, the local distribution company, the electricity company, and the total resources. The absorption type gas air-conditioning/space-heating is selected as a case study to illustrate the economic analysis of the natural gas air-conditioning.

• Journal of Electrical Engineering and Technology
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• v.13 no.3
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• pp.1069-1078
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• 2018

Demand response (DR) programs give opportunity to consumers to manage their electricity bills. Besides, distribution system operator (DSO) is interested in using DR programs to obtain technical and economic benefits for distribution network. Since small consumers have difficulties to individually take part in the electricity market, an entity named demand response provider (DRP) has been recently defined to aggregate the DR of small consumers. However, implementing DR programs face challenges to fairly allocate benefits and payments between DRP and DSO. This paper presents a procedure for modeling the interaction between DRP and DSO based on a bilevel programming model. Both DSO and DRP behave from their own viewpoint with different objective functions. On the one hand, DRP bids the potential of DR programs, which are load shifting and load curtailment, to maximize its expected profit and on the other hand, DSO purchases electric power from either the electricity market or DRP to supply its consumers by minimizing its overall cost. In the proposed bilevel programming approach, the upper level problem represents the DRP decisions, while the lower level problem represents the DSO behavior. The obtained bilevel programming problem (BPP) is converted into a single level optimizing problem using its Karush-Kuhn-Tucker (KKT) optimality conditions. Furthermore, point estimate method (PEM) is employed to model the uncertainties of the power demands and the electricity market prices. The efficiency of the presented model is verified through the case studies and analysis of the obtained results.

• Journal of the Korean Institute of Illuminating and Electrical Installation Engineers
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• v.30 no.3
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• pp.39-45
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• 2016

In these days global energy policy is changed from "supply" to "demand". In this regards, there are needs to analysis on effect of policy such as energy efficiency strategy, electricity rates. This study examines the relationship between energy consumption reduced by new energy policy and GDP growth for each industrial sector for Korea from 1970 to 2013. With respect to the direction of causality, energy use of 1th industry like agriculture and mining leads to GDP growth. On the other hand, GDP growth of 2nd industry, manufacturing, leads to energy use. And there is bidirectional causality in 3rd industry, service sector. These findings imply that the government policies aimed at reducing electricity consumptions and increasing energy efficiency should be progressed cautiously depend on status of each industry condition.

• Environmental and Resource Economics Review
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• v.31 no.2
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• pp.205-232
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• 2022

This study analyzes the effect of the 2^nd pilot test of Tiime of Use (TOU) pricing for Korean households using a two-level electricity demand model. The test, implemented from May to September 2021, was conducted to compare the effects of two TOU pricing rates and the standard rates for households living in apartment and detached house in 7 provinces of Korea. Based on the data on electricity consumption during the test period and during the same period last year of the 1,292 participants and their socio-economic characteristics, this study analyzes (1) whether the relative demand across periods has changed in response to hourly price changes and (2) whether the price responsiveness of daily consumption has changed after the introduction of TOU pricing. The results show that both types of TOU pricing affect neither the relative demand across periods nor the price responsiveness of daily consumption. The reason behind the results could be related to the level of TOU pricing rates and the periodical classification, which were not sufficient to induce changes in the participants' electricity demand patterns.