• Journal of the Society of Naval Architects of Korea
• /
• v.46 no.4
• /
• pp.444-451
• /
• 2009

The price increase of natural resources and the worldwide growth of LNG demand led to save the waste of Boil-Off Gas evaporating from cargo tanks of LNG carriers during navigation. As one of the efforts, a BOG reliquefaction system with BOG-to-BOG heat exchanging method was newly devised. This study was also discussed on the process details such as some features and advantages including comparisons with conventional BOG reliquefaction system, non BOG-BOG heat exchange type. The thermodynamic analysis for the system were also performed. Through the cycle simulation, the process efficiency of the BOG reliquefaction system BOG-BOG heat exchange was estimated to be increased up to 21%.

• Analyses & Alternatives
• /
• v.5 no.2
• /
• pp.77-105
• /
• 2021

Natural gas consumption in Asia is growing at fast tempo because of various factors such as economic growth in the region, urbanization, coal-to-gas switch at power and industry sector. Due to geographical characteristics and lack of international pipeline connections between countries in the continent, majority of natural gas exported to Asian consumers is transported by tankers on the sea in the form of liquefied natural gas. As Asian market is the most lucrative market with the fastest demand growth, the competitions between LNG sellers for market share in Asian market are strengthening. The competitions accelerated, especially after the introduction of large volume of incremental supply into the market by new exporters from the U.S., Australia, and Russia. Cheniere Energy, the first exporter of liquefied natural gas (LNG) in the lower 48 states of U.S. has not adopted the traditional price formation mechanism and business model. Traditionally, prices of long-term LNG contracts have been indexed to the price of competing fuels, such as crude oil. The company adopted a pricing mechanism and business model based on a cost-plus system. Cheniere Energy opted for the safer and the risk-free pricing system, that annually guarantees a fixed amount of revenue to the seller. The company earns the same amount of money, regardless of natural gas price dynamics in the domestic and international market, but possibly with less revenue. However, by introducing and successfully implementing the safer and risk- free business model, Cheniere Energy, a company of a relatively smaller size in comparison with major oil and gas companies, became an example to other smaller-sized companies in the U.S. The company's business model demonstrated how to enter and operate LNG business amid increasing competitions among sellers in the U.S. and international market.

• Journal of the Korean Institute of Gas
• /
• v.22 no.1
• /
• pp.37-44
• /
• 2018

As the international Maritime Organization is tightening up the emission regulation vessel, many countries and companies are pushing ahead the LNG fuel as one of long term solution for emission problems of ship. as a study on the way to conduct business for LNG bunkering around the world, this study was analyzed in view-point of business models focused on major countries such as Japan, China, Singapore, Europe and United States. The results of this study are as follows. China first established a nation-centered LNG bunkering policy. And then, the state and the energy company have been cooperating and carrying on LNG bunkering business for LNG fueled ships. Some countries in Europe and United States are in the process of LNG bunkering business mainly with private company. To obtain cheaper LNG fuel than bunker-C, the private company has a business model of LNG bunkering on their own LNG fueled ships, while securing LNG with high price competitiveness through partnership with middle class operators such us LNG terminal and natural gas liquefaction plant. Also, the LNG bunkering business around the world is focused on private companies rather than public corporations, but it was going to be focused on large energy companies because the initial cost required to build LNG bunkering infrastructure. Three models (TOTE model, Shell model, ENGIE model) of LNG bun kering business are currently being developed. It has been found that the way in which LNG bunkering business is implemented by different countries is applied differently according to the enterprise and national policy.

• Environmental and Resource Economics Review
• /
• v.23 no.4
• /
• pp.617-641
• /
• 2014

Korean electricity market is a Cost-Based Pool (CBP) designed to minimize electricity production cost through cost by providing cost reduction incentives to generators. Generation companies have shown diverse efforts to reduce costs in CBP market such as procuring low-price fuels, installing high efficiency gas turbine and constructing power plants near the heavy-load site. Recently, as a way to improve CBP market, a proposal to exclude no-load cost from System Marginal Price (SMP) and to compensate generators ex post was suggested to Korea Power Exchange. This study analyzes the impact of excluding no-load cost from SMP on the cost reduction incentive of generators. We found that excluding no-load cost from SMP enhances the likelihood of decreasing the cost reduction incentives of LNG combined-cycle generators lying on the price-setting range.

• Journal of the Korean Society for Nondestructive Testing
• /
• v.29 no.2
• /
• pp.162-170
• /
• 2009

As one of promising solutions to overcome high oil price and energy crisis, the construction market of high value-added LNG plants is spotlighted world widely. The purpose of this manuscript is to introduce domestic activities to develop risk assessment technology against overseas monopolization. After analyzing relevant specific features and their technical levels, risk assessment program, non-destructive reliability evaluation strategy and safety criteria unification class are derived as core technologies. These IT-based convergence technologies can be used for enhancement of LNG plant efficiency, in which the modular parts are related to a system with artificial optimized algorithms as well as diverse databases of facility inspection and diagnosis fields.

• Journal of Energy Engineering
• /
• v.17 no.3
• /
• pp.139-144
• /
• 2008

Recently due to march as the high oil price, It is necessary for Korea to grope a plan, which is to increase the energy efficiency of existing facilities as well as to develop overseas gas and oil resources. With this point, this work carried out to approach the high pressure LNG pipeline network of Inchon receiving terminal with Newton method as corrective flowrate. We found that the high pressure network mainly depends on FCVs(Flow Control Valves). The high pressure pump showed the maximum efficiency at the FCVs of 50% opening and could discharge LNG only above the LNG head of 1,500m from a system curve obtained. The operating cost of pumps was estimated from their operating points. We compared the operating cost under normal operation with the operating cost under maximum efficiency. Especially, we obtained the day savings of a year as wells as the hour savings of a day. From the results, the high pressure network win be able to reduce the operating cost of 138 million wons in a year. This means that a pump can reduce the operating cost of 9,823 thousands won. Consequently, this work could find the operating features of the pumps under the complicated high pressure LNG network and the savings effect of the pump operating cost. Also, the results will be able to macroscopically contribute the heightening of national energy competitiveness as well as to microscopically contribute the future effective operation of LNG receiving terminal.

• Environmental and Resource Economics Review
• /
• v.25 no.1
• /
• pp.113-140
• /
• 2016

Achieving the two goals of providing stable remuneration and promoting market based incentive for generation capacity with only one kind of capacity price is a difficult proposition. This paper suggests a market design in which two different kinds of capacity prices are used to achieve these goals. It maintains the current capacity price that is determined administratively based on the fixed cost of the gas-turbine generator. A second capacity price is added that covers generators with higher fixed costs and lower fuel costs such as combined-cycle gas turbine, coal-powered, and nuclear generators. This second capacity price is conditional on a lower energy price ceiling and determined by the interaction of the market supply and a demand schedule derived from the optimal fuel mixed principle.

• Journal of Electrochemical Science and Technology
• /
• v.1 no.2
• /
• pp.102-111
• /
• 2010

Molten carbonate fuel cell (MCFC) power plants are one of most attractive electricity generation systems for the use of biogas to generate high-efficiency ultra-clean power. However, MCFCs are considerably more expensive than comparable conventional electricity generation systems. The commercialization of MCFCs has been delayed more than expected. After being effective in the Kyoto protocol and considerably increasing the fossil price, the attention focused on $CO_2$ regression and renewable energy sources has increased dramatically. In particular, the commercialization and application of MCFC systems fed with biogas have been revived because of the characteristics of $CO_2$ collection and fuel variety of MCFCs. Better economic results of MCFC systems fed with biogas are expected because biogas is a relatively inexpensive fuel compared to liquefied natural gas (LNG). However, the pretreatment cost is added when using anaerobic digester gas (ADG), one of the biogases, as a fuel of MCFC systems because it contains high $H_2S$ and other contaminants, which are harmful sources to the MCFC stack in ADG. Thus, an accurate economic analysis and comparison between MCFCs fed with biogas and LNG are very necessary before the installation of an MCFC system fed with biogas in a plant. In this paper, the economic analysis of an MCFC fed with ADG was carried out for various conditions of electricity and fuel price and compared with the case of an MCFC fed with LNG.

• Journal of the Korean Wood Science and Technology
• /
• v.41 no.6
• /
• pp.594-605
• /
• 2013

This study was performed to analyze GHG (Greenhouse gas) reduction effectiveness and economic feasibility in the wood pellet fuel switching project using JCDM (Japan Clean Development Mechanism) and KVER (Korea Voluntary Emission Reduction)data. The major data for the analyses consist of investment costs, annual GHG reductions, fuel prices and GHG credit prices. The wood pellet fuel switching projects are the $CO_2$-zero projects. Therefore, these projects are essential to accomplish the GHG mitigation target, especially in Korea. In order to raise the economic feasibility of the wood pellet fuel switching project, the results of this study suggest that the Korean government should reduce the price of wood pellet through the supply on a large scale and raise the KCER price of wood pellet fuel switching project.

• Journal of Korean Institute of Industrial Engineers
• /
• v.39 no.1
• /
• pp.30-45
• /
• 2013

Predicting monthly electricity price has been a significant factor of decision-making for plant resource management, fuel purchase plan, plans to plant, operating plan budget, and so on. In this paper, we propose a sophisticated prediction model in terms of the technique of modeling and the variety of the collected variables. The proposed model hybridizes the semi-supervised learning and the artificial neural network algorithms. The former is the most recent and a spotlighted algorithm in data mining and machine learning fields, and the latter is known as one of the well-established algorithms in the fields. Diverse economic/financial indexes such as the crude oil prices, LNG prices, exchange rates, composite indexes of representative global stock markets, etc. are collected and used for the semi-supervised learning which predicts the up-down movement of the price. Whereas various climatic indexes such as temperature, rainfall, sunlight, air pressure, etc, are used for the artificial neural network which predicts the real-values of the price. The resulting values are hybridized in the proposed model. The excellency of the model was empirically verified with the monthly data of electricity price provided by the Korea Energy Economics Institute.