• Journal of Energy Engineering
• /
• v.26 no.4
• /
• pp.107-117
• /
• 2017

Since South Korea started to apply Renewable Portfolio Standard (RPS) in 2012, there have been huge investment for deploying renewable technologies. Recently, the government determined to incentivize battery energy storage system(BESS) with renewable generations in order to induce the improvement of dispatching capability. In this paper, the annual pattern of PV generation based on actual generation data in South Korea is analyzed and the duration curve of capacity factor is proposed in order to provide the simplified analyzing methodology of present support policy for additional BESS installation for decision maker who is responsible for supply and demand planning. With suggested methodology, the range of appropriate BESS size with respect to the variation of system marginal price(SMP) and renewable energy certificate(REC) price can be derived briefly, and decision makers easily evaluate the effect of support scheme. Current policy for BESS installation support present additional BESS-related installation policy may give incentives to developers partially, however, the dependence between BESS size and benefit components (SMP and REC) can limit the deployment of the various portfolios of the BESS. Therefore, when improving the current policy in future, addressing the dependence between the technical aspects of battery size and the benefit components separately by the technical and economical parts is needed to set the suitable compensation rules for the renewable generation and BESS.

• Journal of The Korean Society of Agricultural Engineers
• /
• v.48 no.6
• /
• pp.31-41
• /
• 2006

The analysis used in this work was cost-benefit analysis method. All future costs and returns of a given mushroom house were discounted to the time of initial investment (present) by means of 3.5% discount rate. Then the cost of ownership was compared to the return from the system. This analysis method has been developed and coded into a balance sheet for use on a EXCEL program. Using this programmed analysis,a large number of the case studies were examined using different combinations of economic conditions. These results will be very useful to individuals considering investment in a mushroom house, or any similar production system. By the way of the sensitivity analysis for each important parameter, the change of the marginal cost-benefit period could be finally determined. These parameters were typically construction cost of mushroom house, cost of cooling system, required cooling and heating energy amounts, unit price of mushroom media bottle, growing number of media bottles, production weight per unit bottle, sale price of mushroom, and annual number of growing period, etc.

• Environmental and Resource Economics Review
• /
• v.31 no.4
• /
• pp.645-668
• /
• 2022

Hydrogen energy is emerging as an important means of carbon neutrality in the various sectors including power, transportation, storage, and industrial processes. Fuel cell power plants are the fastest spreading in the hydrogen ecosystem and are one of the key power sources among means of implementing carbon neutrality in 2050. However, high volatility in system marginal price (SMP) and renewable energy certificate (REC) prices, which affect the profits of fuel cell power plants, delay the investment timing and deployment. This study applied the real option methodology to analyze how the dual uncertainties in both SMP and REC prices affect the investment trigger price level in the irreversible investment decision of fuel cell power plants. The analysis is summarized into the following three. First, under the current Renewable Portfolio Standard (RPS), dual price uncertainties passed on to plant owners has significantly increased the investment trigger price relative to one under the deterministic price case. Second, reducing the volatility of REC price by half of the current level caused a significant drop in investment trigger prices and its investment trigger price is similar to one caused by offering one additional REC multiplier. Third, investment trigger price based on gray hydrogen and green hydrogen were analyzed along with the existing byproduct hydrogen-based fuel cells, and in the case of gray hydrogen, economic feasibility were narrowed significantly with green hydrogen when carbon costs were applied. The results of this study suggest that the current RPS system works as an obstacle to the deployment of fuel cell power plants, and policy that provides more stable revenue to plants is needed to build a more cost-effective and stable hydrogen ecosystem.

• The Transactions of The Korean Institute of Electrical Engineers
• /
• v.58 no.8
• /
• pp.1504-1511
• /
• 2009

By development of renewable energies and high-efficient facilities and deregulated electricity market, the operation cost of distributed generation(DG) becomes more competitive. The amount of distributed resource is considerably increasing in the distribution network consequently. Also, international environmental regulations of the leaking carbon become effective to keep pace with the global efforts for low-carbon paradigm. It contributes to spread out the business of DG. Therefore, the operator of DG is able to supply electric power to customers who are connected directly to DG as well as loads that are connected to entire network. In this situation, community energy system(CES) having DGs is recently a new participant in the energy market. DG's purchase price from the market is different from the DG's sales price to the market due to the transmission service charges and etc. Therefore, CES who owns DGs has to control the produced electric power per hourly period in order to maximize the profit. If there is no regulation for carbon emission(CE), the generators which get higher production than generation cost will hold a prominent position in a competitive price. However, considering the international environment regulation, CE newly will be an important element to decide the marginal cost of generators as well as the classified fuel unit cost and unit's efficiency. This paper will introduce the optimal operation of CES's DG connected to the distribution network considering CE. The purpose of optimization is to maximize the profit of CES and Particle Swarm Optimization (PSO) will be used to solve this problem. The optimal operation of DG represented in this paper is to be resource to CES and system operator for determining the decision making criteria.

• Proceedings of the KIEE Conference
• /
• 1997.07c
• /
• pp.797-799
• /
• 1997

This paper presents an operation and planning model of integrated energy systems which consist of small scale cogeneration systems, thermal accumulator, ice storage and electrical energy storage systems. In the proposed planning model, an optimization of total cost which contains investment, operation, thermal shortage and salvage costs has carried out with the maximum principle based on the lifetime of each system component and unit price per capacity. From this model, optimal investment capacity per annum can be determined during the studied periods using the marginal costs according to the operation characteristics of each system component.

• The Transactions of The Korean Institute of Electrical Engineers
• /
• v.58 no.10
• /
• pp.1902-1910
• /
• 2009

This paper presents a graphical windows-based program for the education and training for novel network reduction. The object of developed simulator is to provide users with a simple and useable tool for gaining an intuitive feel for power system analysis. The developed simulator consists of the main module (MMI,GUI), the location marginal price module (LMP), the clustering module and network reduction module. Each module has a separate graphical and interactive interfacing window. The developed simulator needs with the PSS/E input data format, generator cost function, location information. Line admittances of reduced network was determined by using the power flow method(Newton-Raphson). So line flow of reduced network is almost same to original power system. Results of reduced network are compared on the window in the tabular format. Therefore, the developed simulator can be utilized as a useful tool for effective education and training for power system analysis.

• The Transactions of The Korean Institute of Electrical Engineers
• /
• v.60 no.12
• /
• pp.2215-2220
• /
• 2011

The accurate short-term load forecasting is essential for the efficient power system operation and the system marginal price decision of the electricity market. So far, errors of load forecasting for Chuseok Holiday are very big compared with forecasting errors for the other special days. In order to improve the accuracy of load forecasting for Chuseok Holiday, selection of input data, the daily normalized load patterns and load forecasting model are investigated. The efficient data selection and daily normalized load pattern based on fuzzy linear regression model is proposed. The proposed load forecasting method for Chuseok Holiday is tested in recent 5 years from 2006 to 2010, and improved the accuracy of the load forecasting compared with the former research.

• Proceedings of the KIEE Conference
• /
• 2007.11b
• /
• pp.255-257
• /
• 2007

Korea electricity market consists of two payment systems, capacity and energy. Capacity payments are given to the generators according to its hourly availability considering hourly and seasonal weighting factors. Energy payments are settled at the marginal generation cost based on generator variable cost. In 2007, base load energy market is closed and single capacity payment system is begun to apply in electricity market. In this revised market rule, energy price cap for base load generators is newly introduced. We analyze impact of market rule revision in 2007 on base load generators and suggest improvement scheme to enforce market system in this study.

• Proceedings of the KIEE Conference
• /
• 2000.07a
• /
• pp.369-372
• /
• 2000

An overview on applications of wavelet transform in power systems presented in this paper. Wavelet transform is capable of making trade-offs between time and frequency resolutions, which is a property that makes it appropriate for the analysis of non stationary signal. In recent years, wavelet transform is widely accepted as a technology offering an alternative way due to its flexibility in representation of non-stationary signal even in power systems. This paper presents various applications of wavelet transform in power systems. Wavelet transform has been used by the authors in the field of power system protection for the classification of transient signals, and forecasting of short term loads and system marginal price and so on. Various research works carried out by many researchers in power systems are summarized.

• Proceedings of the KIEE Conference
• /
• 1999.11b
• /
• pp.181-183
• /
• 1999

As one of ancillary services, voltage support and reactive power service should be compensed properly for its contribution. In this paper, a cost-based reactive power planning is presented. which minimizes the total cost of reactive power support of generators and VAR compensation facility installation. Reactive power support of generator is evaluated by the opportunity costs of reduced energy sale considering the varying SMP(system marginal price) in power market, Gradient projection method is applied to solve this reactive power planning using IEEE14 bus system.