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Energies 2015, 8(9), 9731-9750; doi:10.3390/en8099731

The Economic Viability of Renewable Portfolio Standard Support for Offshore Wind Farm Projects in Korea

1
Department of Electrical and Computer Engineering, Seoul National University, 599 Gwanak-ro, Gwanak-gu, Seoul 151-744, Korea
2
Department of Electrical Engineering, Kwangwoon University, 20 Kwangwoon-ro 20, Nowon-gu, Seoul 139-701, Korea
3
Department of Energy System Engineering, Chung-Ang University, 84 Heukseok-ro, Dongjak-gu, Seoul 156-756, Korea
*
Author to whom correspondence should be addressed.
Academic Editor: Simon J. Watson
Received: 20 May 2015 / Revised: 9 July 2015 / Accepted: 1 September 2015 / Published: 9 September 2015
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Abstract

Offshore wind farm (WF) projects have been promoted by support schemes as part of the expansion of renewable energy resources in Korea. This paper examines in detail how the Renewable Portfolio Standard (RPS), which was adopted post the Feed-in-Tariff scheme in 2012, has had a profound impact on the economic benefits of offshore WFs in Korea. A framework for analyzing the economic viability of RPS is presented and applied to the sixth basic plan for long-term electricity supply and demand in Korea. The electricity market price is forecast using a reformulated probabilistic production cost (PPC) model, and the renewable energy certificate (REC) price is calculated using its determination rule. The results show that the existing RPS will be ineffective in increasing the penetration of offshore WFs in Korea; however, they also indicate that the economic viability of offshore WFs could be improved by adjusting the existing RPS. View Full-Text
Keywords: economic viability; offshore wind farm; renewable energy resources; renewable portfolio standard; support schemes economic viability; offshore wind farm; renewable energy resources; renewable portfolio standard; support schemes
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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MDPI and ACS Style

Min, C.-G.; Park, J.K.; Hur, D.; Kim, M.-K. The Economic Viability of Renewable Portfolio Standard Support for Offshore Wind Farm Projects in Korea. Energies 2015, 8, 9731-9750.

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