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A special issue of Energies (ISSN 1996-1073). This special issue belongs to the section "C: Energy Economics and Policy".

Deadline for manuscript submissions: closed (31 March 2019) | Viewed by 65342

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Special Issue Editor

Prof. Dr. Seung-Hoon Yoo

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Guest Editor

Department of Energy Policy, Graduate School of Energy & Environment, Seoul National University of Science & Technology, Seoul 01811, Republic of Korea
Interests: energy policy; energy economics; energy pricing; energy demand forecasting; energy taxation; cost-benefit analysis of energy projects; non-market energy goods valuation; input-output analysis of energy issues
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Special Issue Information

Dear Colleagues,

Korea is the world’s eighth largest energy-consuming country, but its dependence on energy imports is 94.7%, making it an important task to secure stable energy. Therefore, as a country with limited energy reserves, setting up and implementing the nation’s energy policy became a crucial task for its survival. Meanwhile, the rate of increase in greenhouse gas emissions is the second highest among OECD countries. As of 2017, coal power generation accounted for 43%, raising the issue of reducing greenhouse gases and ultrafine dust emissions. Moreover, as of 2017, the share of nuclear power generation is about 30%, while renewable energy is only 7%.

Thus, the Moon Jae-In government, newly launched in 2017, is pursuing the energy transition, which means a reduction in nuclear power and coal-fired generation, and an expansion in renewable energies. In particular, the government is strongly implementing the so-called 3020 plan to increase the share of renewable energy generation to 20% by 2030. Many people seem to be in favor of the energy transition even though the energy transition creates a certain amount of financial burden.

However, conflicts still arise, with some intellectuals and media seriously criticizing the problem of reducing nuclear power plants and expanding renewable energy. If you look at the industrial structure of the energy supply sector, there are some cases where public and private companies compete against each other, such as the power generation sector, and a public enterprise is exclusively engaged in the power sales sector. Therefore, the restructuring of the energy industry structure has also emerged as an important topic. I hope that these various issues will be discussed in this Special Issue.

I am writing to invite you to submit your original work in energy policy in South Korea to this Special Issue. As the Guest Editor of this Energies Special Issue on “Energy Policy in South Korea”, I am delighted to extend this invitation to you and I am looking forward to receiving your outstanding contributions.

Prof. Dr. Seung-Hoon Yoo
Guest Editor

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Keywords

Energy economics and policy
Energy planning
Energy transition
Energy pricing
Energy security
Energy conservation
Energy welfare and justice
Energy R&D management and policy
Energy project evaluation
Energy governance
Energy industry
Renewable energies
Electricity
Natural gas
Coal
Nuclear energy
Oil and petroleum products
Hydrogen energy
Bioenergy
Marine energy

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Published Papers (14 papers)

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9 pages, 253 KiB

Open AccessCommunication

Will South Korean Residential Consumers Accept the Renewable Heat Incentive Scheme? A Stated Preference Approach

by Seul-Ye Lim and Seung-Hoon Yoo

Energies 2019, 12(10), 1910; https://doi.org/10.3390/en12101910 - 18 May 2019

Cited by 6 | Viewed by 2576

Abstract

In South Korea, renewable energy policy is mainly focused on electricity and tends to neglect renewable heat (RH). However, for the purpose of reducing greenhouse gas emissions, the heating sector must sharply switch from its use of conventional fuels to renewable sources. The South Korean Government is considering an RH incentive (RHI) program with financial and policy support schemes and is thus demanding information about residential consumers’ acceptance of the RHI program to expand the use of RH. Therefore, this study looked into residential consumers’ acceptance of the introduction of the RHI program by applying contingent valuation (CV). For this purpose, a CV survey of 600 interviewees was conducted using a dichotomous choice question format that asked a respondent if she/he is willing to pay a given amount. Furthermore, among the various dichotomous choice question formats, the one-and-one-half-bounded format, which is considered desirable in terms of efficiency as well as consistency, was applied. One point to note in analyzing the CV responses was that not a few interviewees had zero willingness to pay (WTP). Thus, a spike model was employed to deal with the dichotomous choice CV data with a number of zero observations. The results revealed that the household mean WTP amounted to KRW 5753 (USD 5.35) per year. If we look at this value from a national perspective, it is worth KRW 113.63 billion (USD 105.61 million) per year. This value corresponds to the economic value or benefits that the introduction of an RHI program provides to the South Korean people each year and needs to be compared to the costs that the introduction of RHI will incur. Full article

(This article belongs to the Special Issue Energy Policy in South Korea)

17 pages, 246 KiB

Open AccessArticle

Political Viability of the Russia-North Korea-South Korea Gas Pipeline Project: An Analysis of the Role of the U.S.

by Yusin Lee

Energies 2019, 12(10), 1895; https://doi.org/10.3390/en12101895 - 18 May 2019

Cited by 1 | Viewed by 4200

Abstract

This study analyzes the political viability of the Russia-North Korea-South Korea (RNS) gas pipeline project. This analysis demonstrates that North Korea’s fourth nuclear test in January 2016 changed the dynamic of the project. Before the test, when inter-Korean relations were good, South Korea and Russia could make efforts to secure political support for the project. However, after the fourth nuclear test, this was no longer the case. As North Korea’s nuclear power status became more evident, this nuclear problem began to have profound implications for U.S. security. In response, Washington not only led the UN Security Council to impose very severe sanctions against North Korea, but also placed its own sanctions on the country. These sanctions began to contain provisions that could prevent the implementation of the pipeline project. In addition to these sanctions, the U.S. sanctions against Russia in 2017 over its intervention in the U.S. election and aggression against Ukraine also contained clauses that could hamper it. Therefore, unless the U.S. lifts or eases all of these sanctions, South Korea and Russia are unwilling to take any concrete actions to secure political support for the RNS pipeline project. Based on this analysis, this paper argues that the U.S. now holds the most important key to its political viability. Full article

(This article belongs to the Special Issue Energy Policy in South Korea)

12 pages, 780 KiB

Open AccessArticle

Quantitative Analysis of Consumer Preferences of Windows Set in South Korea: The Role of Energy Efficiency Levels

by Kwan Byum Maeng, Jiyeon Jung and Yoonmo Koo

Energies 2019, 12(9), 1816; https://doi.org/10.3390/en12091816 - 13 May 2019

Cited by 4 | Viewed by 3566

Abstract

The building sector is considered to be important for Korean energy issues as it accounts for approximately 20% of Korea’s final energy consumption. As one of Korea’s passive strategies in its emission reduction plan is reducing energy consumption through improvements in energy efficiency because the energy loss mostly occurs from window sets, this study aims to examine the preferences and role of the energy efficiency level of window sets in South Korea. Given that the lifespan of a building exceeds 20 years, a building’s energy efficiency significantly impacts accumulated energy savings. However, window sets affect not only energy efficiency, but also the interior appearance of the building; therefore, it is important to understand consumer preferences and to examine their effect on building energy reduction accordingly. Using a mixed logit model, this study analyzes window set preferences and energy savings. As a result, this study determines that consumers consider the energy efficiency level to be the second most important factor in determining window preference, following the cost of the window. In addition, this study found that the marginal willingness to pay for efficiency level 2 window sets compared to level 3 window sets is USD 1256. For level 1 window sets, this figure increases to USD 3140. Further, a scenario analysis is conducted to analyze the government incentive program’s effectiveness in encouraging consumers to purchasing higher energy efficiency more efficient products, and thus in promoting the eco-friendly consumption of in households. Taking into consideration of households’ willingness to pay and cost saving amount for using energy efficient window sets, the optimal value of government incentives of is found to be approximately USD 700 is found to be optimal. Full article

(This article belongs to the Special Issue Energy Policy in South Korea)

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17 pages, 1746 KiB

Open AccessArticle

Microalgal-Based Carbon Sequestration by Converting LNG-Fired Waste CO₂ into Red Gold Astaxanthin: The Potential Applicability

by Min Eui Hong, Won Seok Chang, Anil Kumar Patel, Mun Sei Oh, Jong Jun Lee and Sang Jun Sim

Energies 2019, 12(9), 1718; https://doi.org/10.3390/en12091718 - 7 May 2019

Cited by 46 | Viewed by 5028

Abstract

The combinatorial approach of anthropogenic activities and CO₂ sequestration is becoming a global research trend to alleviate the average global temperature. Although microalgae have been widely used to capture CO₂ from industrial flue gas, the application of bioproducts was limited to bioenergy due to the controversy over the quality and safety of the products in the food and feed industry. Herein, the waste CO₂ emitted from large point sources was directly captured using astaxanthin-hyperproducing microalgae Haematococcus pluvialis. Astaxanthin production was successfully carried out using the hypochlorous acid water-based axenic culture process under highly contamination-prone outdoor conditions. Consequently, after 36 days of autotrophic induction, the productivity of biomass and astaxanthin of H. pluvialis (the mutant) reached 0.127 g L⁻¹ day⁻¹ and 5.47 mg L⁻¹ day⁻¹ under high summer temperatures, respectively, which was 38% and 48% higher than that of wild type cell. After grinding the wet astaxanthin-enriched biomass, the extract was successfully approved by compliance validation testing from Korea Food and Drug Administration. The assorted feed improved an immune system of the poultry without causing any side effects. The flue gas-based bioproducts could certainly be used for health functional food for animals in the future. Full article

(This article belongs to the Special Issue Energy Policy in South Korea)

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22 pages, 3251 KiB

Open AccessArticle

Reducing the Superheating of Extraction Stream on Advanced-Ultra Super Critical Power Plants with Regenerative Turbines in South Korea: An Economic Analysis

by Dong-Jin Cho, Eul-Bum Lee, Jae-Min Cho and Douglas Alleman

Energies 2019, 12(9), 1681; https://doi.org/10.3390/en12091681 - 3 May 2019

Cited by 5 | Viewed by 3824

Abstract

In this study, an advanced-ultra super critical (A-USC) simulation model was developed using the Performance Evaluation of power system efficiencies (PEPSE) software and data collected from a 500 MW ultra-supercritical (USC) coal-fired power plant in South Korea. Using the operational USC and a typical A-USC power plant steam conditions, the model analyzed the impacts of adding an additional feedwater heater (FWH) and reheater to the baseline single reheater (SR) and 8 FWH case. Through the process of introducing reheat and/or regenerative cycles, the authors found: (1) A-USC steam conditions offers an approximate 4% power plant efficiency increase in comparison to the baseline USC steam conditions and; (2) power plant efficiencies increase approximately 1.5% when a 9th FWH and double reheater are added, however; (3) this also results in an approximate 64 °C increase in the superheating of extraction stream. This excessive rise in the superheating of extraction steam was found to cause overall energy loss, reducing the overall efficiency of the power plant. Therefore, it was surmised that if the increase in the superheat degree of extraction steam from the improved steam cycle, which can effectively reduce, the efficiency of the power plant could be further improved. To determine the efficiency variations based on the reduction of the superheat degree of extraction steam, the authors applied a regenerative turbine (RT) to the model. Introducing the RT to the A-USC DR and 9 FWH was found to decrease from the average extraction steam temperature from 221 °C to 108 °C and result in an increase in power plant efficiency of approximately 0.3% to 49.5%. An economic analysis was also performed to assess the fiscal feasibility of adding an RT. Assuming the initial investment to be USD 1409 million, implementing an RT equated to a net present value increase of approximately USD 33 million as compared to that of similar life (30 years of durability) expectancy of A-USC without using an RT. The findings of this study have the potential to improve South Korea’s energy policy, reducing the superheat degree of extraction steam that rises excessively during A-USC steam condition optimization. While this study is focused on South Korea, said findings are also generalizable to worldwide energy policies, serving as an effective method to not only increase system efficiencies, but enhance the economic feasibility as well. Full article

(This article belongs to the Special Issue Energy Policy in South Korea)

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14 pages, 260 KiB

Open AccessArticle

Is an Incentive Policy for Energy Efficient Products Effective for Air Purifiers? The Case of South Korea

by Woojae Kim, Sungmin Ko, Myoungjin Oh, Ie-jung Choi and Jungwoo Shin

Energies 2019, 12(9), 1664; https://doi.org/10.3390/en12091664 - 1 May 2019

Cited by 11 | Viewed by 4030

Abstract

Recent increases in fine and ultrafine dust in South Korea have led to sharp increases in the sale of air purifiers, and that trend is expected to continue. As the sale of air purifiers increases, the energy that is consumed by air purifiers also increases. Therefore, improving the energy efficiency of air purifiers is an important part of improving the overall energy efficiency of society. We studied how different incentive policies affect consumer behavior because encouraging people to buy energy efficient air purifiers is important. We first investigated consumer preferences regarding air purifiers. Stated preference data were gathered from a choice experiment and a mixed logit model was used for the analysis. The results show that the most preferred attribute was price, followed by an eco-label. Based on that result, we conducted a scenario analysis to examine the economic and environmental effects of an incentive policy and eco-labeling. The monetary incentive policy increased the market share for air purifiers with a first-grade energy efficiency rating to 2.2%. The annual electricity use reduction was 5.9 GWh, with a CO₂ emission reduction of 2520 tons and a policy monetary benefit of KRW 441,340,922 when we converted the effect of that market share change into economic and environmental terms. Eco-labeling also brought considerable change in the market share. These results provide a reference for implementing policies to encourage consumers to purchase energy efficient air purifiers. Full article

(This article belongs to the Special Issue Energy Policy in South Korea)

10 pages, 1743 KiB

Open AccessArticle

Economies of Scale in the South Korean Natural Gas Industry

by Jeong-Joon Yu, Seung-Hoon Yoo and Chulwoo Baek

Energies 2019, 12(8), 1557; https://doi.org/10.3390/en12081557 - 24 Apr 2019

Cited by 4 | Viewed by 4427

Abstract

The South Korean natural gas (NG) import volume in 2017 was 33.7 million tonnes per annum (13.1%), making it the second-largest NG-importing country in the world after Japan. Nevertheless, the NG wholesale market in South Korea has remained monopolistic since the Korea Gas Corporation (KOGAS) was established in 1983. Thus, the purpose of this study is to determine whether the NG wholesale market in South Korea has economies of scale by estimating the translog cost function and estimating the minimum efficient scale (MES) using robust linear regression. We used quarterly business reports of KOGAS from the first quarter of 2000 to the second quarter of 2018 to construct the data. The results showed that diseconomies of scale existed in all the years in the first and fourth quarters, and the second quarter showed the same result during 2010–2014. From 2011, the production quantity of all the quarters has exceeded the MES (5.81 million tons). The reason for these results is that the demand for NG power generation and city gas has surged since 2000, while the monopolistic structure of the past has been maintained. This study implies that it would be more efficient to allocate some of KOGAS’s additional import volume to the existing private NG companies and mitigate the regulation on resale. Full article

(This article belongs to the Special Issue Energy Policy in South Korea)

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13 pages, 1825 KiB

Open AccessArticle

Exergy Analysis for Utilizing Latent Energy of Thermal Energy Storage System in District Heating

by Joong Yong Yi, Kyung Min Kim, Jongjun Lee and Mun Sei Oh

Energies 2019, 12(7), 1391; https://doi.org/10.3390/en12071391 - 11 Apr 2019

Cited by 4 | Viewed by 3652

Abstract

The thermal energy storage (TES) system stores the district heating (DH) water when the heating load is low. Since a TES system stores heat at atmospheric pressure, the DH water temperature of 115 °C has to be lowered to less than 100 °C. Therefore, the temperature drop of the DH water results in thermal loss during storage. In addition, the DH water must have high pressure to supply heat to DH users a long distance from the CHP plant. If heat is to be stored in the TES system, a pressure drop in the throttling valve occurs. These exergy losses, which occur in the thermal storage process of the general TES system, can be analyzed by exergy analysis to identify the location, cause and the amount of loss. This study evaluated the efficiency improvement of a TES system through exergy calculation in the heat storage process. The method involves power generation technology using the organic Rankine cycle (ORC) and a hydraulic turbine. As a result, the 930 kW capacity ORC and the 270 kW capacity hydraulic turbine were considered suitable for a heat storage system that stores 3000 m³/h. In this case, each power generation facility was 50% of the thermal storage capacity, which was attributed to the variation of actual heat storage from the annual operating pattern analysis. Therefore, it was possible to produce 1200 kW of power by recovering the exergy losses. The payback period of the ORC and the hydraulic turbine will be 3.5 and 7.13 years, respectively. Full article

(This article belongs to the Special Issue Energy Policy in South Korea)

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17 pages, 550 KiB

Open AccessFeature PaperArticle

What Do Potential Residents Really Want When Hosting a Nuclear Power Plant? An Empirical Study of Economic Incentives in South Korea

by Sung-Yoon Huh, JongRoul Woo and Chul-Yong Lee

Energies 2019, 12(7), 1199; https://doi.org/10.3390/en12071199 - 28 Mar 2019

Cited by 6 | Viewed by 3495

Abstract

To increase acceptance of new nuclear power plants (NPPs) by local communities, some countries offer those communities economic incentives. This study analyzes potential residents’ preferences for economic incentives provided during the construction and operation of NPPs in South Korea. This study uses stated preference data through a discrete choice experiment and the mixed logit model to reflect the heterogeneity of respondents’ preferences. The analysis results confirm heterogeneity by various incentive types, and show that respondents consider the distance between the NPP and the residential area as well as reduced electricity bills as crucial attribute of new NPPs. In addition, the result for the marginal willingness to be near to an NPP shows that reduced electricity bills, construction of new public facilities, and increased residents’ participation are relatively more effective incentives than job creation or solar panel installation. In particular, increased residents’ participation could greatly improve acceptance although it is not a direct form of financial support. The simulation analysis results indicate that acceptance of NPPs rapidly reduces as distance to the plant becomes shorter, although acceptance can change within a 0–30% range depending on the level of incentives. Several policy implications are suggested for policymakers based on the results. Full article

(This article belongs to the Special Issue Energy Policy in South Korea)

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16 pages, 1641 KiB

Open AccessArticle

Reducing Voltage Volatility with Step Voltage Regulators: A Life-Cycle Cost Analysis of Korean Solar Photovoltaic Distributed Generation

by Yu-Cheol Jeong, Eul-Bum Lee and Douglas Alleman

Energies 2019, 12(4), 652; https://doi.org/10.3390/en12040652 - 18 Feb 2019

Cited by 12 | Viewed by 3983

Abstract

To meet the United Nation’s sustainable development energy goal, the Korean Ministry of Commerce announced they would increase renewable energy generation to 5.3% by 2029. These energy sources are often produced in small-scale power plants located close to the end users, known as distributed generation (DG). The use of DG is an excellent way to reduce greenhouse gases but has also been found to reduce power quality and safety reliability through an increase in voltage volatility. This paper performs a life-cycle cost analysis on the use of step voltage regulators (SVR) to reduce said volatility, simulating the impact they have on existing Korean solar photovoltaic (PV) DG. From the data collected on a Korean Electrical Power Corporation 30 km/8.2 megawatts (MW) feeder system, SVRs were found to increase earnings by one million USD. SVR volatile voltage mitigation increased expected earnings by increasing the estimated allowable PV power generation by 2.7 MW. While this study is based on Korean PV power generation, its findings are applicable to any DG sources worldwide. Full article

(This article belongs to the Special Issue Energy Policy in South Korea)

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12 pages, 570 KiB

Open AccessArticle

A Study on the Optimal Ratio of Research and Development Investment in the Energy Sector: An Empirical Analysis in South Korea

by Juyong Lee, Youngsang Cho and Jungwoo Shin

Energies 2019, 12(2), 288; https://doi.org/10.3390/en12020288 - 17 Jan 2019

Cited by 2 | Viewed by 3629

Abstract

The necessity for energy research and development (ER&D) is increasing as greenhouse gases and climate change are becoming global issues. To support sustainable economic growth through ER&D, it is necessary to examine the optimal ratio of ER&D investment to total R&D investment to maximize economic growth. However, there are no studies on the appropriate level of ER&D in total R&D investment for economic growth. This study attempts to empirically estimate the optimal ratio of ER&D investment to maximize gross domestic product (GDP) in South Korea. We utilized the Cobb-Douglas production function for our econometric model and corrected the autocorrelation problem using the Cochrane-Orcutt iterative procedure. Our results showed that both, ER&D and non-ER&D have positive correlations with GDP. The optimal ratio of ER&D is derived as 13.23%, which indicates that the current ratio of Korean ER&D should be revised upward. Further, ER&D investment in the private sector needs to be increased to achieve the optimal ratio because the current statistics in Korea describes that private companies in the energy industry invest much less in R&D than the government. Based on the results, we suggest government strategies to enhance ER&D investment in the private sector as well as the public sector. Full article

(This article belongs to the Special Issue Energy Policy in South Korea)

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18 pages, 1501 KiB

Open AccessFeature PaperEditor’s ChoiceArticle

Optimal Portfolio for LNG Importation in Korea Using a Two-Step Portfolio Model and a Fuzzy Analytic Hierarchy Process

by Juhan Kim and Jinsoo Kim

Energies 2018, 11(11), 3049; https://doi.org/10.3390/en11113049 - 6 Nov 2018

Cited by 14 | Viewed by 4509

Abstract

A new energy transition policy in Korea has increased the importance of liquefied natural gas (LNG) in the energy mix. The Asia-Pacific LNG market is inflexible because long-term contracts are dominant. This market characteristic means that the development of policies that ensure a stable supply of LNG is essential. We developed a new model for the optimal LNG import portfolio. The model consists of a two-step portfolio model combining the mean-variance (MV) portfolio and the linear programming (LP) model. In the first step, the MV model was applied to derive the optimal ratio between the long-term and spot contracts. Next, the LP model was used to determine the optimal LNG portfolio. We also applied a fuzzy analytic hierarchy process (AHP) to determine the weights of the cost factors. The application of the fuzzy AHP enabled this research to reflect the tangible and intangible costs more effectively. The optimal LNG portfolio showed that the optimal ratios for the long-term and spot contracts are 89.72% and 10.28% respectively, and the supply ratios in the Middle East and Southeast Asia decreased, while those in the Far East and Oceania significantly increased. The proposed model is able to build an effective LNG import strategy because it reflects the characteristics of LNG markets better than previous models. Full article

(This article belongs to the Special Issue Energy Policy in South Korea)

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15 pages, 2918 KiB

Open AccessArticle

Schedule Modeling to Estimate Typical Construction Durations and Areas of Risk for 1000 MW Ultra-Critical Coal-Fired Power Plants

by Hyun-Chul Lee, Eul-Bum Lee and Douglas Alleman

Energies 2018, 11(10), 2850; https://doi.org/10.3390/en11102850 - 22 Oct 2018

Cited by 14 | Viewed by 5335

Abstract

To date, Korea has built four 1000 MW gross-power ultra-critical coal-fired power plants. With the introduction of this new power plant type, there is a need for the development of best practices and lessons learned associated with its construction. One such need identified as a gap in literature is the early project planning estimation of project duration. To fill this research gap, this study utilized the Program Evaluation and Review Technique/Critical Path Method (PERT/CPM) and Monte Carlo simulations for estimating the appropriate construction duration at the planning stage of a new 1000 MW class coal-fired power plant project. Through the case study of the four Korean ultra-critical coal-fired power plants in operation, there was found an 85% likelihood of construction duration to be between 64 and 68 months. From interviews with subject matter experts, the most significant risk factors were found to be labor strikes and construction safety incidents. The findings within aid early planning decision makers by providing a replicable and accurate schedule estimation process. While the findings are based on Korean power plants, the results of this research can be used as a tool for coal-fired power plant construction schedule estimation worldwide. Full article

(This article belongs to the Special Issue Energy Policy in South Korea)

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Review

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15 pages, 6261 KiB

Open AccessReview

Current Policy and Technology for Tidal Current Energy in Korea

by Dong-Hui Ko, Jaekwan Chung, Kwang-Soo Lee, Jin-Soon Park and Jin-Hak Yi

Energies 2019, 12(9), 1807; https://doi.org/10.3390/en12091807 - 12 May 2019

Cited by 26 | Viewed by 7173

Abstract

As global energy consumption continues to increase, the negative impact of global warming also grows. Therefore, eco-friendly energy policy is being established all over the world. Korea’s energy consumption problems are further complicated by the country’s high dependence on energy sourced overseas. Korean energy policy is evolving rapidly to address these problems. Korea has begun to phase out nuclear power and is focusing on developing new sources of renewable energy. So there has been substantial interest in the development of ocean energy. Of all ocean energy technologies, tidal current energy is the closest to the commercialization. Especially, the southwestern coast of Korea is the most promising candidate site for the development of tidal current energy owing to the abundant tidal current energy resource. Meanwhile, ocean energy policy is an important factor in determining the development of ocean energy. Thus, this paper presents the overview of the current status of policy and technology for the tidal current energy system in Korea. These policies explained in this paper can provide significant interest and motivation for the use of tidal current energy resources. Full article

(This article belongs to the Special Issue Energy Policy in South Korea)

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