• Proceedings of the KIEE Conference
• /
• 2005.07a
• /
• pp.742-744
• /
• 2005

그동안 국내에서 소비되는 발전용과 민수용 LNG를 한국가스공사가 독점으로 공급하여 왔으나, 정부가 규제 완화와 경쟁 촉진을 위하여 민간부문에 LNG 직도입을 허용함에 따라 포스코, SK, LG 등 국내 굴지의 기업들이 LNG 직도입을 추진하고 있으며, 최근 포스코가 오만 칼하트로부터 광양 터미널에 6만톤의 LNG를 싣고 5월 27일 입항함으로써 첫 결실을 보게 되었다. 한국가스공사도 2008년이후 신규 LNG 물량에 대하여 기존 대비 30% 이상 낮은 가격으로 계약을 체결하는 등 국내 LNG 가격과 수급구조에 커다란 변동이 예상되고 있다. 우리나라의 CBP 전력시장은 이러한 LNG가격 변동이 발전가격에 그대로 반영되는 가격 메커니즘을 가지고 있어서 향후 전력시장에 미치게 될 영향을 2004년말 정부가 발표한 제2차 전력수급기본계획을 기준으로 검토하였다.

• Environmental and Resource Economics Review
• /
• v.24 no.4
• /
• pp.679-708
• /
• 2015

Almost all of natural gas demand in Korea is currently met by overseas LNG imports. More than 80% of LNG is imported through the mid to long-term contracts with oil-linked pricing. Despite LNG price estimation provides valuable information with various interested parties, an empirical study as well as an econometric model on LNG price hasn't yet been available in Korea. This paper therefore, aims at analyzing not only whether the long-run equilibrium relationship between oil prices and Korean LNG prices exists but also whether structural change occurred in such relationship. Further, it aims at building a conditional VECM taking account of a structural change. According to the final model, an oil price shock is passed through to the LNG prices in nonlinear and different manner from the past.

• Journal of Korea Port Economic Association
• /
• v.32 no.1
• /
• pp.123-133
• /
• 2016

LNG(Liquefied Natural Gas) bunkering has become an important issue with the enforcement of environment regulations in shipping industry required by the International Maritime Organization (IMO). With increased attention on LNG bunkering, many studies that focus on safety, regulation, demand forecasting, and the feasibility of LNG fueled ships have been carried out. However, most of the existing research has not included considerations of the price of LNG bunkering and its competitiveness. This paper, therefore, suggests ways to increase price competitiveness in the LNG bunkering market in the Busan Port. This paper analyzes the LNG bunkering supply mechanism by investigating various LNG bunkering terminal business in the LNG supply market. Factors that determine LNG bunkering price and its elasticity are also identified. Market players who want to operate LNG bunkering terminals in the Busan Port should introduce a merchandising trade method that is able to exclude the "Korea premium" in order to increase price competitiveness. This paper also suggests adoptable strategies such as the use of TPS (Terminal to Ship via Pipeline) type of bunkering service and the importance of location for minimizing initial investment cost.

• Journal of the Korean Institute of Gas
• /
• v.3 no.2 s.7
• /
• pp.11-16
• /
• 1999

Oil and LNG products are characterized by the facts that the raw materials are all imported and financing is dependent heavily upon foreign countries. This makes the oil and LNG products sensitive to changes in foreign exchange rates. However, the extent to which they respond to changes in foreign exchange rates, particularly the extent of price changes, vary considerably, due to the differences in the structures of price determination. The purposes of this paper are twofolds. The first one is to analyze the structures of price determination of diesel, heavy oil, and LNG. The second one is to analyze the effects of changes in foreign exchange rates on the prices of and price competitiveness of the fuels in question through the sensitivity analysis. The results of the sensitivity analysis indicate that diesel price is most sensitive and heavy oil price is least sensitive to changes in foreign exchange rates.

• Environmental and Resource Economics Review
• /
• v.17 no.2
• /
• pp.313-326
• /
• 2008

This paper is concerned with the effect of an increase in the import price of LNG on the Korean economy and industries. A computable general equilibrium analysis is applied to compute the comparative-statical effect of 10% rise of LNG price. The price increase places relatively heavy burden on the city gas, oil products and thermal power, decreasing their outputs and domestic sales by relatively larger percentages than other industries. The 10% increase in the LNG price reduces GDP by 0.4% and raises the general price level by 0.08%. The increase in oil price resulting in the same decreasing rate of GDP caused by the 10% LNG price rise turns out to raise the general price level and reduce the consumer's welfare in terms of equivalent variation by less percentage than the increase in LNG price.

• Proceedings of the KIEE Conference
• /
• 2008.11a
• /
• pp.409-411
• /
• 2008

전문기관들의 장기 유가전망치를 바탕으로 타 발전용 연료의 장기가격 예측 가능성을 엿보기 위해, 유가와 타 발전용 연료간 상관관계를 분석해 본 결과 유가와 LNG가격은 상당한 유의성을 가지고 있는 것으로 나타난 반면, 타 전원과는 유의성이 미약한 것으로 나타났다. 따라서 엑셀 회귀분석을 통해 도출된 유가와 LNG 가격간의 상관식을 이용하여 LNG장기가격을 전망하는 것은 가능하다고 판단되나 결과치를 활용하기 위해서는 보다 정밀한 검증이 요구된다.

• Environmental and Resource Economics Review
• /
• v.19 no.4
• /
• pp.753-769
• /
• 2010

This study empirically analyzes the comparative advantages between separate hedging and complex hedging in terms of hedging effectiveness when there exist multiple risks of LNG price and exchange rate. According to the empirical ex-ante analysis, the mean of procurement costs could be reduced through hedging regardless of hedging type. In addition, the standard deviation of procurement costs could also be reduced by way of hedging, implying that a hedging should contribute to the stabilization of revenue flows. More importantly, complex hedging could be more effective for some hedging periods than separate hedging in terms of revenue stabilization. Therefore, one could verify that the hedging effects improve by making use of the variance-covariance relationship existing between commodity price and exchange rate.

• Transactions of the Korean hydrogen and new energy society
• /
• v.30 no.5
• /
• pp.473-477
• /
• 2019

In this paper, cold heat price contained in the 1 ton/h of LNG has been evaluated using PRO/II with PROVISION release 10.2 from Aveva company when LNG is used to liquefy several refrigerants instead of using vapor recompression refrigeration cycle. Normal butane, R134a, NH3, R22, propane and propylene refrigerants were selected for the modeling of refrigeration cycle. It was concluded that LNG cold heat price was inversely proportional to the refrigerant supply temperature, even though LNG supply flow rate is not varied according to the refrigerant supply temperature.

• Korea Petroleum Association Journal
• /
• no.7 s.65
• /
• pp.52-57
• /
• 1986

• Journal of the Korean Institute of Illuminating and Electrical Installation Engineers
• /
• v.28 no.7
• /
• pp.97-105
• /
• 2014

This article examines the causality relationship among SMP, base-load share, LNG import price, and exchange rate in Korean power market during 2002~2012, using unit root test, cointegration test, and vector error correction model(VECM). The cointegration test shows that 4 variables without unit root have been in the long-run causality. As the results of ECM, SMP is analyzed to have been unilaterally caused from LNG import price and base-load share in the shot-run, while it has been unilaterally caused from LNG import price and exchange rate in the long-run. This article has the following policy implications: the adjustment of exchange rate to reduce he risk of LNG import price and the proper securement of base-load share for the long-run stability of SMP.