• Korean Chemical Engineering Research
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• v.50 no.2
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• pp.365-370
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• 2012

In this study, Economic analysis of supercritical coal-fired power plant with $CO_2$ capture process was performed. For this purpose, chemical absorption method using amine solvent, which is commercially available and most suitable for existing thermal power plant, was studied. For the evaluation of the economic analysis of coal-fired power plant with post-combustion $CO_2$ capture process in Korea, energy penalty after $CO_2$ capture was calculated using the power equivalent factor suggested by Bolland et al. And the overnight cost of power plant (or cost of plant construction) and the operation cost reported by the IEA (International Energy Agency) were used. Based on chemical absorption method using a amine solvent and 3.31 GJ/$tonCO_2$ as a regeneration energy in the stripper, the net power efficiency was reduced from 41.0% (without $CO_2$ capture) to 31.6% (with $CO_2$ capture) and the levelized cost of electricity was increased from 45.5 USD/MWh (Reference case, without $CO_2$ capture) to 73.9 USD/MWh (With $CO_2$ capture) and the cost of $CO_2$ avoided was estimated as 41.3 USD/$tonCO_2$.

• Journal of the Korean Society of Industry Convergence
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• v.23 no.6_1
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• pp.907-915
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• 2020

Specification selection, Layout, specifications and combinations of Power Drives, and Ship motions were studied for FGPP(Floating Gas-fired Power Plants), which are still needed in areas such as the Caribbean, Latin America, and Southeast Asia where electricity is not sufficiently supplied. From this study, the optimal equipment layout in ships was derived. In addition, the difference between engine and turbine was verified through LCOE(Levelized Cost of Energy) comparison according to the type and combination of Power Drives. Analysis of Hs(Significant Height of wave) and Tp(spectrum Peak Period of wave) for places where this FGPP will be tested or applied enables design according to wave characteristics in Brazil and Indonesia. Normalized Sloshing Pressures of FGPP and LNG Carrier are verified using a sloshing analysis program, which is CFD(Computational Fluid Dynamics) software developed by ABS(American Bureau of Shipping). Power Transmission System is studied with Double bus with one Circuit Breaker Topology. A nd the CFD analysis allowed us to calculate linear roll damping coefficients for more accurate full load conditions and ballast conditions. Through RAO(Response Amplitude Operator) analysis, we secured data that could minimize the movement of ships according to the direction of waves and ship placement by identifying the characteristics of large movements in the beam sea conditions. The FGPP has been granted an AIP(Approval in Principle) from a classification society, the ABS.

• Korean Chemical Engineering Research
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• v.54 no.4
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• pp.470-478
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• 2016

Greenhouse gas (GHG) emissions caused by fossil fuels consumption is one of the challenging issues worldwide. Renewable energy source (RES)-based energy supply system can be a promising alternative to the current fossil fuel-based system. In this study, we propose an optimization approach for designing a stand-alone hybrid energy supply system using RES and evaluating economic performances of the energy systems. The suggested approach is used to answer the questions; i) what technology is suitable to various demand sectors in different regions, and ii) how does it cost to meet the demand in term of the levelized costs of energy (LCOE). We illustrate the applicability of the proposed approach by applying to the design problem of energy supply systems for residential, agricultural and commercial sectors of Korea. As the results of LCOE analysis, for the residential sector has the LCOE ranging of $0.37~$0.44/kWh, the agricultural sector of $0.15~$0.61/kWh and the commercial sector of $0.12~$0.28/kWh.

• New & Renewable Energy
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• v.8 no.4
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• pp.21-29
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• 2012

The extensible supply of New & Renewable energy resources desperately needs to counter the high dependence on imported energy, recent high oil prices and the Climate Change Conference, and the government has operated the 'Renewable Portfolio Standard' (RPS) as one of the renewable energy policy from 2012. By analyzing the operation case of combined heat and power plant using the woodchip biomass, we drew the price of wood chip fuel, plant capacity factor, electricity selling price, heat selling price and LCOE value. After analyzing the economic feasibility of 3MWe combined heat and power plant based on the operating performance, the minimum of economic feasibility has appeared to be secured according to the internal rate of return (IRR) is 6.34% and the net present value (NPV) is 3.6 billion won as of 20 years life time after installation, and after analyzing the cases of the economic feasibility of the price of wood chip, plant capacity factor, electricity and heat selling price are changed, the economic feasibility is valuable when the price of wood chip is over 64,000 won/ton, NPV is minus, and the capacity factor is above 46.9%, the electricity selling price is 116 won/kWh and the heat selling price is above 75,600 won/Gcal. When going over the new installation hereafter, we need the detailed review of the woodchip storage and woodchip feeding system rather than the steam-turbine and boiler which have been inspected many times, the reason why is it's hard to secure the suitable quality (constant size) of woodchip by the lack of understanding about it as a fuel because of the domestic poor condition and the calorific value of woodchip is seriously volatile compared with other fuels.

• Environmental and Resource Economics Review
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• v.27 no.2
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• pp.261-286
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• 2018

This paper evaluated the economic feasibility of the life extension of Kori unit 1 and Wolsong unit 1 according to the types of the nuclear power plants (NPPs) and the life extension period comparing to the levelized costs of energy (LCOE) of the new NPPs, coal-fired plants (CFPs), and combined cycle gas turbine (CCGTs) which proposed in the $7^{th}$ Basic Plan for Electricity Supply and Demand. The economic feasibility of the life extension of NPPs using LCOE method is affected by the types of NPPs, lifetime extension periods, discount rate, and capacity factor. According to the analysis results, the pressurized light water reactor (PWR) is more economical than the pressurized heavy water reactor (PHWR). Comparing the economical efficiency between the life extension of NPPs and other alternatives, the operation of the PWR for 20 years is more economical than the one of new NPPs and CFPs. However, 20 years of life extension of PHWR is more economical than the CCGTs, but less economical than new NPPs and CFPs. In summary, the 20 years of life extension of the NPPs seems to be more, especially for the PWR, which is more cost effective than other generation alternatives. Therefore, the government policy of the life extension of NPPs need to be a selective approach that simultaneously considers both safety and economics rather than closing all NPPs.

• Environmental and Resource Economics Review
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• v.22 no.2
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• pp.367-391
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• 2013

After the Fukushima nuclear accident, the external costs of generating electricity from nuclear power plants such as additional safety compliance costs and possible accident risk action costs have gained increasing attention from the public, policy-makers and politicians. Consequently, estimates of the external costs of nuclear power are very deliberate issue that is at the center of the controversy in Korea. In this paper, we try to calculate the external costs associated with the safety of the nuclear power plants, particularly focusing on additional safety compliance costs and possible accident risk action costs. To estimate the possible accident risk action costs, we adopt the damages expectation approach that is very similar way from the external cost calculation of Japanese government after the Fukushima accident. In addition, to estimate additional safety compliance costs, we apply the levelized cost of generation method. Furthermore, we perform the sensitivity analysis to examine how much these social costs increase the electricity price rate. Estimation results of the additional security measure cost is 0.53Won/kWh ~ 0.80Won/kWh depending on the capacity factor, giving little change on the nuclear power generation cost. The estimates of possible accident risk action costs could be in the wide range depending on the different damages of the nuclear power accident, probability of the severe nuclear power accident and the capacity factor. The preliminary results show that it is 0.0025Won/kWh ~ 26.4188Won/kWh. After including those two external costs on the generation cost of a nuclear power plant, increasing rate of electricity price is 0.001%~10.0563% under the capacity factor from 70% to 90%. This paper tries to examine the external costs of nuclear power plants, so as to include it into the generation cost and the electricity price. This paper suggests one of the methodologies that we might internalize the nuclear power generations' external cost, including it into the internal generation cost.

• Korean Chemical Engineering Research
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• v.55 no.3
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• pp.332-340
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• 2017

This study aims to propose a new optimization-based approach for design and analysis of the stand-alone hybrid energy supply system using renewable energy sources (RES). In the energy supply system, we include multiple energy production technologies such as Photovoltaics (PV), Wind turbine, and fossil-fuel-based AC generator along with different types of energy storage and conversion technologies such as battery and inverter. We then select six different regions of Korea to represent various characteristics of different RES potentials and demand profiles. We finally designed and analyzed the optimal RES stand-alone energy supply system in the selected regions using multiobjective optimization (MOOP) technique, which includes two objective functions: the minimum cost and the minimum $CO_2$ emission. In addition, we discussed the feasibility and expecting benefits of the systems by comparing to conventional systems of Korea. As a result, the region of the highest RES potential showed the possibility to remarkably reduce $CO_2$ emissions compared to the conventional system. Besides, the levelized cost of electricity (LCOE) of the RES-based energy system is identified to be slightly higher than conventional energy system: 0.35 and 0.46 $/kWh, respectively. However, the total life-cycle emission of $CO_2$ ($LCE_{CO2}$) can be reduced up to 470 g$CO_2$/kWh from 490 g$CO_2$/kWh of the conventional systems.

• Nuclear Engineering and Technology
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• v.23 no.1
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• pp.20-29
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• 1991

The system analysis for Korean nuclear power reactor option is made on the basis of reliability, cost minimization, finite uranium resource availability and nuclear engineering manpower supply constraints. The reference reactor scenarios are developed considering the future electricity demand, nuclear share, current nuclear power plant standardization program and manufacturing capacity. The levelized power generation cost, uranium requirement and nuclear engineering professionals demand are estimated for each reference reactor scenarios and nuclear fuel cycle options from the year 1990 up to the year 2030. Based on the outcomes of the analysis, uranium resource utilization, reliability and nuclear engineering manpower requirements are sensitive to the nuclear reactor strategy and associated fuel cycle whereas the system cost is not. APWR, CANDU longrightarrow FBR strategy is to be the best option for Korea. However, APWR, CANDU longrightarrow Passive Safe Reactor(PSR）longrightarrowFBR strategy should be also considered as a contingency for growing national concerns on nuclear safety and public acceptance deterioration in the future. FBR development and establishment of related fuel cycle should be started as soon as possible considering the uranium shortage anticipated between 2007 and 2032. It should be noted that the increasing use of nuclear energy to minimize the greenhouse effects in the early 21st century would accelerate the uranium resource depletion. The study also concludes that the current level of nuclear engineering professionals employment is not sufficient until 2010 for the establishment of nuclear infrastructure.

• Transactions of the Korean hydrogen and new energy society
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• v.30 no.1
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• pp.21-28
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• 2019

Reversible solid oxide fuel cell (ReSOC) system was integrated with waste steam for electrical energy storage in distributed energy storage application. Waste steam was utilized as external heat in SOEC mode for higher hydrogen production efficiency. Three system configurations were analyzed to evaluate techno-economic performance. The first system is a simple configuration to minimize the cost of balance of plant. The second system is the more complicated configuration with heat recovery steam generator (HRSG). The third system is featured with HRSG and fuel recirculation by blower. Lumped models were used for system performance analyses. The ReSOC stack was characterized by applying area specific resistance value at fixed operating pressure and temperature. In economical assessment, the levelized costs of energy storage (LCOS) were calculated for three system configurations based on capital investment. The system lifetime was assumed 20 years with ReSOC stack replaced every 5 years, inflation rate of 2%, and capacity factor of 80%. The results showed that the exergy round-trip efficiency of system 1, 2, 3 were 47.9%, 48.8%, and 52.8% respectively. The high round-trip efficiency of third system compared to others is attributed to the remarkable reduction in steam requirement and hydrogen compression power owning to fuel recirculation. The result from economic calculation showed that the LCOS values of system 1, 2, 3 were 3.46 ¢/kWh, 3.43 ¢/kWh, and 3.14 ¢/kWh, respectively. Even though the systems 2 and 3 have expensive HRSG, they showed higher round-trip efficiencies and significant reduction in boiler and hydrogen compressor cost.

• Korean Chemical Engineering Research
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• v.58 no.3
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• pp.381-389
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• 2020

This study analyzed the optimal electricity cost of a 100% renewable energy source (RES) based system. Especially energy storage system (EES) and supplementary biopower system as well as photovoltaic (PV) and wind power component were included in the proposed RES-based system to overcome the intermittence of RESs and to efficiently balance energy supply and demand. To comparatively analyze the levelized cost of electricity (LCOE) of different RES-based systems, six scenarios were developed according to the involved RESs: PV, wind, PV/wind, PV/biopower, wind/biopower, and PV/wind/biopower systems. We then applied the proposed systems to build a 100% RES-based system in Jeju Island, Korea. As a result, the single component based system, PV and wind power system of 0.18 and 0.28 $/kWh, respectively, cannot compete with the economics of existing electricity grid. However, the optimal LCOE of the hybrid system where PV and wind power are used as main supply options and biopower as supplementary option was identified to be 0.08 $/kWh, which can compete with the economics of an existing electricity grid.