• Asia-Pacific Journal of Business
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• v.15 no.3
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• pp.351-365
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• 2024

Purpose - The purpose of this paper is to examine the value relevance of the relative sizes of the contractual service margin (hereafter CSM) and the risk adjustment for non-financial risk (hereafter RA). Additionally, the paper examines how the relative size of the CSM impacts the relative value relevance of net assets and net income. Design/methodology/approach - This study conducted an empirical analysis utilizing the quarterly financial data and stock price information of domestically listed insures (including life and non-life insurers) from 2023 onwards. Specifically, regression analysis and parallelism tests were employed in the research. Findings - Firstly, the empirical analysis of the value relevance of CSM and RA showed that CSM has a significant positive value relevance with firm value, while RA has a significant negative value relevance with firm value. Secondly, it was found that as the CSM increases, the value relevance of net income increases, whereas the value relevance of net assets decreases. Research implications or Originality - Despite both CSM and RA being components of insurance contract liabilities, their differing impacts on firm value suggest that the capital market has a relatively clear understanding of the characteristics of CSM and RA. The finding that the value relevance of reported current earnings increases with larger CSM indicates that CSM-focused management is desirable from the perspective of enhancing firm value.

• Proceedings of the KIPE Conference
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• 2013.11a
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• pp.239-240
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• 2013

The increased demand for conventional energy sources, and international oil price rises are driving societies toward research and development of renewable energy. A large number of their installations and penetrations will bring an instability distribution power system. Also, load concentration problem at specific time can cause the shortage of power reserve margin. To deal with these problems, the development of energy storage systems (ESS) is required. This paper proposes the 1MW grid-connected ESS with Li-ion battery and power conditioning system (PCS). The performances of the 1MW grid-connected ESS are evaluated and verified with the PSCAD/EMTDC based simulation test.

• Proceedings of the KIPE Conference
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• 1997.07a
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• pp.386-392
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• 1997

Recently, according to developing industry and life style, power consumption have been increased year after year. Currently these much power demand from power consumer is weakening the allowable power reserve margin in summer. As one of the remedies about this problem, the small scale utility interactive photovoltaic system(UIPVS) is considered for auxiliary power source. For this system one of problems to be solved technically, system operating power factor. Generally in case of small scale system, system is operated in unity power factor. But this unity power factor operating mode decrease power factor viewed from utility because UIPVS supply active power to utility. Therefore this paper propose UIPVS with power factor correcting function and this system is analyzed.

• The Transactions of The Korean Institute of Electrical Engineers
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• v.59 no.8
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• pp.1366-1373
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• 2010

Purpose of the electric power system planning and operation is to supply the electric energy to customers continuously and economically. With the mutual exclusive laws of nature between reliability and economic, finding the meeting point is very important but not easy. Commonly the probabilistic reliability indices of the electric power systems are represented with negatively. And the effectiveness of FACTS on the probabilistic reliability could not be reflected with common methods. In this paper, a method to evaluate the probabilistic arrival power at each load point is presented. With this new proposed method, probabilistic reserve margin at load points can be calculated and which can be used with positive reliability index also. Using the P-V analysis, the voltage stability is considered in reliability evaluation. It is expected that the proposed method will be useful expecially in reliability evaluation of electric power system which has voltage restriction.

• Proceedings of the KIEE Conference
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• 2009.07a
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• pp.589_590
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• 2009

This paper presents a unique approach to scheme a demand response (DR) program in the electricity market from a customer-oriented perspective, which is based on the analytic hierarchy process (AHP). The proposed program is designed as an incentive-based program (IBP) considering Korea power systems with the cost-based generation pool (CBP). And the proposed DR program has the objective to maximize social welfare corresponding customers‘ participation and the constraints including incentive payments, the specific load curtailment conditions and reserve-margin criterion. A test system for the case study is used to demonstrate the usefulness and applicability of the proposed approach, and the load profiles with the proposed DR program are obtained. The results show not only the revenue attributable to the avoided costs but also enhancement of system reliability.

• Proceedings of the KIEE Conference
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• 2005.07a
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• pp.149-151
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• 2005

A new approach considering CO2 air pollution constraints in the long-term generation mix is proposed under uncertain circumstances. A characteristic feature of the presented approach in this paper is what effects give the air pollution constraints in long term best generation mix. Best generation mix problem is formulated by linear programming with fuel and construction cost minimization with load growth, reliability (reserve margin rate) and air pollutionconstraints. The proposed method accommodates the operation of pumped-storage generator. It was assumed in this study that the construction planning of the hydro power plants is given separately from the other generation plans. The effectiveness of the proposed approach is demonstrated by applying to the best generation mix problem of KEPCO-system, which contains nuclear, coal, LNG, oil and pumped-storage hydro plant multi-years.

• Proceedings of the KIEE Conference
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• 2006.07a
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• pp.216-217
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• 2006

This paper presents development of program for generator maintenance scheduling. The maintenance scheduling of generating units is a dynamic discrete combinatorial optimization problem with constraints to determine the optimal maintenance periods of each generating units for a given planning periods. The developed program is designed so as to provide the maintenance schedule satisfying the operating reserve margin levelization and the procurement of proper reliability. In order to verify the effectiveness of the developed program, the numerical study has been performed with the practical data in 2005.

• The Transactions of the Korean Institute of Electrical Engineers A
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• v.51 no.7
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• pp.341-348
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• 2002

Recently, an SVC(Static Var Compensator) was installed at Seo-daegu substation in order to maintain the voltage level and reserve stability margin of the Korean Power System. This paper deals with the development of the simulation model for the Seo-daegu SVC. As a simulation platform, PSCAD/EMTDC is adopted and library components for the SVC are developed. The model includes detailed control system functions of Seo-daegu SVC. In order to verify the developed model, simulation results are compared with the TNA test performed by ABB. The results show a good agreement of the developed model with the real system.

• Proceedings of the KIEE Conference
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• summer
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• pp.76-78
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• 2004

본 논문에서는 전력시스템에서 상정 사고로 인해서 부하가 급변할 때 계통의 신뢰도를 유지하기 위해서 발전 모선의 전압을 조절하여 부하 모선의 전압을 정상상태의 범위에서 유지시키기 위한 알고리즘을 구조개편 후 비상시에 취할 수 있는 중요한 조치 중 하나로서 재조명한파. 이에 먼저 전력 계통의 상태를 발전기의 예비력을 기준으로 정상상태와 비상상태로 나누고, 계통에서 발생한 상정사고에 대하여 발전 모선의 전압변동을 통해서 부하 모선의 전압을 정상상태의 범위에서 유지하도록 한다. 하지만 심각한 상정사고가 발생하여 발전기의 출력이 정상상태의 예비력 기준을 초과하여 발전을 해야만 하는 상황이면, 이를 계통의 비상상태로 선언하고, 이를 다시 정상상태로 회복시킬 수 있도록 하는 새로운 알고리즘을 제안하였다.

• Bulletin of the Society of Naval Architects of Korea
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• v.27 no.2
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• pp.55-62
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• 1990

In this paper, another method for system reliability analysis, called the extended incremental load method, is introduced. The method is an extension of the conventional incremental load method and has been developed aiming at evaluating the probability of system failure(or system reliability) of continuous structures such as floating offshore structures under the multiple loading condition, more realistically considering the post-ultimate behaviour of failed components and directly using the strength formulae of principle components in a structure with employing the modified safety margin equation proposed herein in the system analysis. The method has been applied to the Hutton TLP operated in the Hutton field in the North Sea and a certain variant of the design using the TLP Rule Case Committee type improved strength models. System failure probability and corresponding system reliability indices are derived for a more economical and efficient design. The redundancy characteristics are also addressed. The TLP forms are shown to possess high reserve strength and system safety.