• KIEE International Transactions on Power Engineering
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• v.5A no.4
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• pp.311-321
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• 2005

A competitive generating company (GENCO) could maximize its payoff by optimizing its generation assets. This paper considers the GENCO's arbitrage problem using price-based unit commitment (PBUC). The GENCO could consider arbitrage opportunities in purchases from qualifying facilities (QFs) as well as simultaneous trades with spots markets for energy, ancillary services, emission, and fuel. Given forecasted hourly market prices for each market, the GENCO's generating asset arbitrage problem is formulated as a mixed integer program (MIP) and solved by a branch-and-cut algorithm. A GENCO with 54 thermal and 12 combined-cycle units is considered for analyzing the proposed formulation. The proposed case studies illustrate the significance of simultaneous arbitrage by applying PBUC to multi-commodity markets.

• Environmental and Resource Economics Review
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• v.24 no.4
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• pp.607-627
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• 2015

As observed and experienced in EU ETS, allowance price volatility is one of major concerns in decision making process for $CO_2$ abatement investment. The problem of linearly non-separable profits functions could emerge when one power company holds several power plants with different technology specifications. Under this circumstance, conventional analytical solution for investment option is no longer available, thereby calling for the development of numerical analysis. This paper attempts to develop a Monte-Carlo least squares model to analyze investment options for power companies under emission trading scheme regulations. Stochastic allowance price is considered, and simulation is performed to verify model performance.

• Environmental and Resource Economics Review
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• v.14 no.3
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• pp.569-593
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• 2005

This study tests for the law of one price and Grander Causality between the EU ETS and Nord Pool $CO_2$ allowance prices. The Johansen cointegration test shows that there exists a long run equilibrium between EU ETS and Nord Pool prices and support the law of one price. The Granger casuality test suggests that the EU ETS leads Nord Pool for all vintages traded. The test results imply that the EU ETS can be regarded as the representative carbon market in the EU where many exchanges just started competing for the newly rising market for carbon.

• Journal of Environmental Policy
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• v.14 no.3
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• pp.41-73
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• 2015

The Korea Emissions Trading System that was launched in Jan. 2015 is expected to be a crucial policy measure to abate domestic $CO_2$ emission. For accomplishing its purpose, prior information on the price discovery process needs to be presented in order to facilitate the trading of spot allowances with different vintages. We develope a customized pricing method for Korean ETS using the concept of term structure and the cost of carry model.

• Journal of Climate Change Research
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• v.7 no.1
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• pp.41-48
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• 2016

Korea has introduced Korea Emissions Trading Scheme (Korea ETS) since 2015. However, not many companies voluntarily participate in the emissions trading. The goal of this paper is to provide the way to improve the Korea ETS. This study compares the Korea ETS with EU Emissions Trading System, which has been practiced for a decade, and suggests three strategies to activate the Korea Emissions Trading Scheme. The first thing is to encourage more companies to participate in the emissions trading since the number of companies in the emissions trading in Korea is quite limited compared with that of EU. The second thing is to activate the trading of Korean Credit Unit in order to stimulate various emission reduction mechanisms. Currently, the most of the trading in the emissions market is through the Korean Allowance Unit. The third thing is to establish concrete measures to continuously improve the Korea ETS. A comprehensive evaluation of the Korea ETS is needed along with the ongoing convergence with the associated comments. The improvement of Korea ETS would be one of the most efficient ways to compete the climate change, and would also play a role to raise the status of Korea.

• KEPCO Journal on Electric Power and Energy
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• v.6 no.4
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• pp.455-460
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• 2020

In order to identify the characteristics of fine particle emissions from thermal power plants, this study conducted measurement of the primary emission concentration of TPM, PM₁₀ and PM_2.5 according to Korea standard test method (ES 01301.1) and ISO 23210 method (KS I ISO 23210). Particulate matters were sampled in total 74 units of power plants such as 59 units of coal-fired power plants, 7 units of heavy oil power plants, 2 units of biomass power plant, and 6 units of liquid natural gas power plants. The average concentration of TPM, PM₁₀, PM_2.5 by fuel are 3.33 mg/m³, 3.01 mg/m³, 2.70 mg/m³ in coal-fired plant, 3.02 mg/m³, 2.99 mg/m³, 2.93 mg/m³ in heavy oil plant, 0.114 mg/m³, 0.046 mg/m³, 0.036 mg/m³ in LNG plant, respectively. These results of TPM, PM₁₀ and PM_2.5 were satisfied with the standards of fine dust emission allowance in all units of power plants, respectively. Also, this study evaluated the characteristics of fine particle emissions by conditions of power plants including generation sources, boiler types and operation years and calculated emission factors and then evaluated fine particle emissions by sources of electricity generation.

• Journal of The Korean Astronomical Society
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• v.37 no.5
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• pp.517-525
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• 2004

We present an update on our proposal that during the 'quasar era' (1.5 $\le$ z $\le$ 3), powerful radio galaxies could have played a major role in the enhanced global star-formation, and in the widespread magnetization and metal pollution of the universe. A key ingredient of this proposal is our estimate that the true cosmological evolution of the radio galaxy population is likely to be even steeper than what has been inferred from flux-limited samples of radio sources with redshift data, when an allowance is made for the inverse Compton losses on the cosmic microwave background which were much greater at higher redshifts. We thus estimate that a large fraction of the clumps of proto-galactic material within the cosmic web of filaments was probably impacted by the expanding lobes of radio galaxies during the quasar era. Some recently published observational evidence and simulations which provide support for this picture are pointed out. We also show that the inverse Compton x-ray emission from the population of radio galaxies during the quasar era, which we inferred to be largely missing from the derived radio luminosity function, is still only a small fraction of the observed soft x-ray background (XRB) and hence the limit imposed on this scenario by the XRB is not violated.

• Environmental and Resource Economics Review
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• v.30 no.1
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• pp.129-167
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• 2021

The emission trading system is an essential policy for reducing greenhouse gas emissions and converting low-carbon society. EU ETS is a good benchmark that is ahead of Korea's emission trading system in terms of operating period and design know-how. Therefore, this study focused on the key design elements of EU ETS phase 4 such as total emission allowances issued (Cap), free allocation method, carbon leakage list, market stability reserve, and innovation supporting system. In addition, we analyzed the impact of key design elements and their changes during EU ETS Phase 1 to 4 on the design and operation of Korea emission trading system in the future. First of all, the expected impact on the design of Korea emission trading system is to increase three demands: preparing benchmark renewal plans, establishing criteria for selecting free allocation industries that reflect domestic industrial structure and characteristics and introducing two-stage evaluations for free allocation industries, and preparing specific plan to support innovation and industries using allowance auction revenues. The next three impacts on the operation of Korea emission trading system are the increased needs for objective and in-depth impact assessment of plan and amendments, provision of system stability and response opportunities by quickly confirming plan and amendments prior to the implementation, and coordination of the emission trading system governance and stakeholder participation encouragement.

• Journal of ILASS-Korea
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• v.27 no.3
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• pp.155-160
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• 2022

Recently, major developed countries have strengthened automobile fuel efficiency regulations and carbon dioxide emission allowance standards to curb climate change caused by global warming worldwide. Accordingly, research and manufacturing on electric vehicles that do not emit pollutants during actual driving on the road are being conducted. Several automobile companies are producing and testing electric vehicles to commercialize them, but it takes a lot of manpower and time to test and evaluate mass-produced electric vehicles with driving mileage of more than 300km on a per-charge. Therefore, in order to reduce this, a simulation model was developed in this study. This study used vehicle information and MCT speed profile of small electric vehicle as basic data. It was developed by applying Simulink, which models the system in a block diagram method using MATLAB software. Based on the vehicle dynamics, the simulation model consisted of major components of electric vehicles such as motor, battery, wheel/tire, brake, and acceleration. Through the development model, the amount of change in battery SOC and the mileage during driving were calculated. For verification, battery SOC data and vehicle speed data were compared and analyzed using CAN communication during the chassis dynamometer test. In addition, the reliability of the simulation model was confirmed through an analysis of the correlation between the result data and the data acquired through CAN communication.

• Korea Trade Review
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• v.47 no.1
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• pp.115-130
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• 2022

In this study, I focus on analyzing how the effects of implementing ETS are different depending on whether Korean ETS linking with carbon markets in other countries. The global computable general equilibrium (CGE) model built in this study analyzes the chages in the production and trade of industrial sectors according to the international linkage of ETS compared to the reference scenario of emissions reduction targets and implementation of ETS. From the analysis of internatioanl linkage of carbon markets scenarios, Annex B countries-South Korea carbon market linkage with individual ETS in China worse the economic outcomes in South Korea the most. This means South Korea lose the international competitiveness compared to China in this scenario. On the other hand, Annex B-China carbon market linkage with Korean individual ETS implementation reduce the decreases in production and trading. The most effective way is to join a global emissions trading market with China. The results are consistent in most industries of South Korea. These results are caused by that the supply of emission allowance is increased and the price of emissions allowances is dropped by China's participation to the carbon market, which can be understood to reduce the carbon reduction cost for industrial sectors. In addition, it can be also concluded that the determinant of the negative impact of ETS on changes in production and trade is more sensitive to the price of emissions allowances than to the characteristics of production and trade structure.