Overview of renewable energy development in South Korea and the economic analysis of grid interconnection for large scale offshore wind farm

J. W. Chang, T. K. Kim, S. H. Kim, J. G. Lee, Byong Jun Lee

Research output: Chapter in Book/Report/Conference proceedingConference contribution

Abstract

Korean government has a very strong interest in renewable energy development and has planned several deployment programs due to the lack of fossil energy resource and the necessity of CO2 reduction. Especially, Korean government has heightened interest in large offshore wind farm among the renewable energy sources and two development projects are performed. The pilot test of a 2MW offshore wind generator construction has been conducted successfully in JEJU and a 2.5GW offshore wind farm development project is in progress on Young-gwang offshore led by the government. This paper introduces the policy and statistics on the renewable energy development and status of the offshore wind farm development project in Korea. Also economic analysis results of grid connection options for this project are presented. For the grid connection options, LCC HVDC, VSC HVDC and HVAC have been considered and LCC HVDC has been evaluated as the most cost-effective option among the candidates. For the economic analysis, we used Discounted Cash Flow (DCF) method to compare the total investment cost and levelized cost of candidates.

Original languageEnglish
Title of host publication44th International Conference on Large High Voltage Electric Systems 2012
Publication statusPublished - 2012 Dec 1
Event44th International Conference on Large High Voltage Electric Systems 2012 - Paris, France
Duration: 2012 Aug 262012 Aug 31

Other

Other44th International Conference on Large High Voltage Electric Systems 2012
CountryFrance
CityParis
Period12/8/2612/8/31

Fingerprint

Offshore wind farms
Economic analysis
Costs
Energy resources
Statistics

Keywords

  • Economy analysis
  • Grid connection
  • HVAC
  • HVDC
  • Offshore wind farm
  • Offshore wind resources

ASJC Scopus subject areas

  • Energy Engineering and Power Technology
  • Fuel Technology

Cite this

Chang, J. W., Kim, T. K., Kim, S. H., Lee, J. G., & Lee, B. J. (2012). Overview of renewable energy development in South Korea and the economic analysis of grid interconnection for large scale offshore wind farm. In 44th International Conference on Large High Voltage Electric Systems 2012

Overview of renewable energy development in South Korea and the economic analysis of grid interconnection for large scale offshore wind farm. / Chang, J. W.; Kim, T. K.; Kim, S. H.; Lee, J. G.; Lee, Byong Jun.

44th International Conference on Large High Voltage Electric Systems 2012. 2012.

Research output: Chapter in Book/Report/Conference proceedingConference contribution

Chang, JW, Kim, TK, Kim, SH, Lee, JG & Lee, BJ 2012, Overview of renewable energy development in South Korea and the economic analysis of grid interconnection for large scale offshore wind farm. in 44th International Conference on Large High Voltage Electric Systems 2012. 44th International Conference on Large High Voltage Electric Systems 2012, Paris, France, 12/8/26.
Chang JW, Kim TK, Kim SH, Lee JG, Lee BJ. Overview of renewable energy development in South Korea and the economic analysis of grid interconnection for large scale offshore wind farm. In 44th International Conference on Large High Voltage Electric Systems 2012. 2012
Chang, J. W. ; Kim, T. K. ; Kim, S. H. ; Lee, J. G. ; Lee, Byong Jun. / Overview of renewable energy development in South Korea and the economic analysis of grid interconnection for large scale offshore wind farm. 44th International Conference on Large High Voltage Electric Systems 2012. 2012.
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