• The Transactions of The Korean Institute of Electrical Engineers
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• v.60 no.1
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• pp.32-35
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• 2011

The economic value of a wind farm project is influenced by various risk factors such as wind power output and electricity market price. In particular, there is uncertainty in the economic evaluation of a wind farm project due to uncertain wind power outputs, which are fluctuated by weather factors such as wind speed, and volatile electricity market prices. This paper presents a systematic method to assess the economic value and payback period of a wind farm project using Least Square Monte-Carlo (LSMC) simulation. Numerical example is presented to validate the effectiveness of the proposed economic assessment method for a wind farm project.

• New & Renewable Energy
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• v.10 no.1
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• pp.41-49
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• 2014

For a proper valuation of wind power project, it is necessary to consider volatilities of key parameters such as annual energy production, electricity sales price, and long term interest rate. Real option methodology allows to calculate option values of these parameters. Volatilities to be considered in wind project valuation are 1) annual energy production (AEP) estimation due to meteorological variation and estimation errors in wind speed distribution, 2) changes in system marginal price (SMP), and 3) interest rate fluctuation of project financing which provides refinancing option to be exercised during a loan tenor for commercial scale projects. Real option valuation turns out to be more than half of the sales value based on a case study for a FIT scheme wind project that was sold to a financial investor.

• 한국신재생에너지학회:학술대회논문집
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• 2005.06a
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• pp.21-24
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• 2005

This study explains the procedure that should be taken to develop a successful wind park project. It Provide guideline for activities and studies to be done step by step solution. This study follow a chronological flow through the development process. They cover Technical consideration, Assessment of Wind Energy Resource, Wind park siting and Energy yield calculation. It's build on the experience gained by the Youngduk Wind Park project and give the playa role in the development of wind energy projects. It is important to understand all theses issues if a new project is to be successfully completed.

• International conference on construction engineering and project management
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• 2022.06a
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• pp.204-212
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• 2022

Recently, the Korean government has been actively promoting the smart city as their strategic agenda. However, to build smart cities that are greener, the authors believe it is essential to rapidly transit conventional energy sources such as fossil fuels to renewable energy. Although there is a big potential for Offshore wind in Korea, there has not been a full-scale commercial offshore wind farm until today. Since Korea is relatively a new market compared to the EU, it can be risky for developers. The authors will introduce risk management best practices in the offshore wind industry applicable to the Korean environment. This paper will mainly introduce an offshore wind project size of 99 MW. The project is expecting a Finance Close (FC) in Q3 2022, so the project team has prepared a risk register with over 150 risks and levers throughout the project lifecycle. Overall risks include risks with Development Expenditure (DEVEX) impact, a Capital Expenditure (CAPEX) impact, and an Operating Expenditure (OPEX) impact. Based on the identified risks, a more qualitative assessment of Cost and Schedule Impact was conducted. In conclusion, a Monte Carlo simulation was performed to propose a quantitative risk assessment to evaluate a benchmark contingency of the project cost.

• Journal of Wind Energy
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• v.4 no.1
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• pp.39-45
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• 2013

Massive offshore wind projects of have recently been driven in full gear on the Western Offshore of Korea including the 2.5 GW West-Southern Offshore Wind Project of the Ministry of Trade, Industry and Energy, and the 5 GW Offshore Wind Project of the Jeollanamdo Provincial Government. On this timely occasion, this study performed a general wind resource assessment on the Western Offshore by using the MERRA reanalysis data of temporal-spatial resolution and accuracy greatly improved comparing to conventional reanalysis data. It is hard to consider that wind resources on the Western Sea are excellent, since analysis results indicated the average wind speed of 6.29 ± 0.39 m/s at 50 m above sea level, and average wind power density of 307 ± 53 W/m². Therefore, it is considered that activities shall be performed for guarantee economic profits from factor other than wind resources when developing an offshore wind project on the Western Offshore.

• Korean Management Science Review
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• v.30 no.2
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• pp.1-10
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• 2013

Case studies are made to investigate the relationship between the accuracy of energy production estimation and project feasibility indicators such as rate of return on equity (ROE) and debt service coverage ratio (DSCR) for three wind farm projects. It is found out that 1% improvement in the accuracy of energy production estimation may enhance the ROE by more than 0.5% in the case of P95, thanks to improved financing terms. AHP survey shows that MCP correlation of measured in situ wind data with long term wind speed distribution and hands-on experiences of flow analysis are more important than other factors for more precise annual energy production estimation.

• Journal of the Korean Institute of Rural Architecture
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• v.20 no.1
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• pp.19-26
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• 2018

The roof improvement project is being carried out under the government's leadership for the sake of national welfare. The project is to replace the asbestos slate roof with a metallic one. In this study, the structural safety of the improved roof was examined and the project guidelines were reviewed. The causes of the roof damage were investigated and the structural analysis was performed for the roof frame subject to wind and snow loads. Metallic roof assemblies have higher strength and load resistance capability than usual slate ones, so the structural safety is governed by the frame. The stresses of the roof frame elements caused by the wind and snow loads were analyzed according to roof frame with various spacings between the rafters and the purlins. Wind load analysis was performed by 24, 28, and 38 m/sec of the basic wind speed. Snow load analysis was carried out by 0.5, 1.0 and $2.0kN/m^2$ of the ground snow load. As the analysis result, the current spacing and the size of the lumber did not satisfy the Korean building code specification. To secure the safety of the roof improvement project, the spacing of the roof frame elements and the size of the lumber should be determined based on the analysis results by structural engineers.

• New & Renewable Energy
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• v.1 no.2 s.2
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• pp.19-25
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• 2005

This study explains ther procedure that should be taken to develp a successful wind park project. It provides a guideline for the activities and studies to be done as a step by step solution. This study follows a chronological flow throughout the whole development Process. This Paper covers technical consideration, assessment of wind energy resource, wind Park siting and energy yield calculation This presented knowledge h3s been mostly gained by the experience from Youngduk wind park project. The further comparison study will be performed between the theoretical prediction and the actual yield of the Youngduk wind park.

• The Transactions of The Korean Institute of Electrical Engineers
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• v.62 no.3
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• pp.312-321
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• 2013

In this study, we review the status of Southwest sea 2.5GW offshore wind project and expected various problems. And we suggest government policies for offshore wind industrialization. Especially, we would like to mention the necessity of offshore wind development in order to diversify power sources and guarantee energy security in Korea. And we would like to mention necessity and direction to make offshore wind into growth engine industry thorough fusion between industries and energization for the existing industry such as civil, shipbuilding, steel, etc. that was headed into downturn.

• 한국신재생에너지학회:학술대회논문집
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• 2005.06a
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• pp.42-46
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• 2005

In spite of fast growing of prediction codes, there is still not negligible uncertainty in their results. This uncertainty affects on the turbine structural design and power production prediction. With the growing size of wind turbine, reducing this uncertainty is becoming one of critical issues for high performance and efficient wind turbine design. In this respect, there are international efforts to evaluate and tune prediction codes of wind turbine. As the reference data for this purpose, field test data is not appropriate because of its uncontrollable wind characteristics and its inherent uncertainty. Wind tunnel can provide controllable wind. For this reason, NREL has done the full scale test of the 10m turbine at NASA-Ames. With this reference data, a blind comparison has been done with participation of 18 organizations with 19 modeling tools. The results were not favorable. In Europe, a similar project is going on. Nine organizations from five countries are participating in the MEXICO project to do full scale wind tunnel tests and calculation with prediction codes. In this study. these two projects were reviewed in respect of wind tunnel test and its contribution. As a conclusion, it is suggested that scale model wind tunnel tests can be a complementary tool to calculation codes which were evaluated worse than expected.