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Economic evaluation of renewable energy systems under varying scenarios and its implications to Korea's renewable energy plan

Authors
Moo, JPark, KShin, DYoon, ES
Issue Date
Jun-2011
Publisher
ELSEVIER SCI LTD
Keywords
Economic evaluation; Energy policy; Learning effect; Renewable energy; South Korea
Citation
APPLIED ENERGY, v.88, no.6, pp 2254 - 2260
Pages
7
Journal Title
APPLIED ENERGY
Volume
88
Number
6
Start Page
2254
End Page
2260
URI
https://scholarworks.sookmyung.ac.kr/handle/2020.sw.sookmyung/147761
DOI
10.1016/j.apenergy.2010.12.063
ISSN
0306-2619
1872-9118
Abstract
This paper studies economics of renewable energy systems with consideration of future prospects on costs and uncertain external conditions that may affect competitiveness in the power plant market. The concept of learning curve is adopted to compute estimates on the costs of installing and operating renewable energy systems in the future; fuel costs and carbon price are modeled as scenario-dependent variables to analyze their impact on total costs under different scenarios. The proposed approach allows evaluation and comparison of total costs necessary in implementing renewable energy plans under varying technological, and/or economical conditions that face uncertainty at present. Moreover, analyzing the evaluation results further with techniques like sensitivity analysis can identify factors central to reducing the total costs. As an illustrative case-study, the Korean government's renewable energy plan has been evaluated accordingly, under three different scenarios defined by International Energy Agency (IEA). The evaluation results indicate minor changes in total costs of achieving the plan among three scenarios, mainly due to counterbalancing between the price of fossil fuels and carbon price. Further analyses revealed factors central to lowering the total costs necessary in implementing the plan hybridizati
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공과대학 (화공생명공학부)
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