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Received April 19, 2021
Accepted June 27, 2021
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Cost and robustness analysis of the Korean government’s renewable energy plan under varying scenarios
Hanwha Solutions, Daejeon 34128, Korea 1Department of Chemical Engineering, Hongik University, Seoul 04066, Korea
jaminkoo@hongik.ac.kr
Korean Journal of Chemical Engineering, December 2021, 38(12), 2397-2405(9), 10.1007/s11814-021-0883-4
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Abstract
In the ongoing global warming era, increasing the share of renewable energy systems (RES) in the energy portfolio has been a goal for many governments around the world. South Korea is not an exception and has employed numerous policy measures to promote adoption of RES. The latest renewable energy plan is one of those measures in which the target shares of RES are set for the coming decade. This study proposes a revised, more comprehensive mathematical model for assessing the total costs associated with installment, operation, and disintegration of RES. The proposed model is applied to examine the Korean government…s latest plan in terms of the four major RES: solar PV, wind power, biomass energy, and fuel cell power. Sensitivity analysis was conducted to evaluate robustness of the plan with respect to changes in the price of fuels and CO2 emission. The results illustrate the contribution of various types of costs for implementing the plan and provide insight on numerous issues, including key areas of research for minimizing the costs.
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Hourly power generation by the solar PV unit 1. South Korean Government Public Data (2020).
Hourly power generation by the wind power unit 1. South Korean Government Public Data (2020).
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Meng L, You J, Yang Y, Nat. Commun., 9, 5265 (2018)
Williams E, Hittinger E, Carvalho R, Williams R, Energy Policy, 106, 427 (2017)
Lee GD, et al., A study on the calculation of LCOEs for various energy technologies, (2018).
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Park JR, Statistics on the wood pellet, Korean Forest Service, Daejeon (2018).
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Huang Y, Dai X, Wang Q, Zhou D, Appl. Energy, 285, 116485 (2021)
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Pandey AK, Hossain MS, Tyagi VV, Rahim NA, Selvaraj JAL, Ahmet S, Renew. Sust. Energ. Rev., 82, 281 (2018)
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Duclos L, Lupsea M, Mandil G, Svecova L, Thivel PX, Laforest V, J. Clean Prod., 142, 2618 (2017)
