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Economic Feasibility of Renewable Electricity Generation Systems for Local Government Office: Evaluation of the Jeju Special Self-Governing Province in South Korea

Author

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  • Eunil Park

    (Korea Institute of Civil Engineering and Building Technology (KICT), Goyang, Gyeonggi-do 10223, Korea)

  • Ki Joon Kim

    (Department of Media and Communication, City University of Hong Kong, Kowloon, Hong Kong, China)

  • Sang Jib Kwon

    (Department of Business Administration, Dongguk University, Gyeongju, Gyeongsangbuk-do 38066, Korea)

  • Taeil Han

    (Korea Institute of Civil Engineering and Building Technology (KICT), Goyang, Gyeonggi-do 10223, Korea)

  • Wongi S. Na

    (Korea Institute of Civil Engineering and Building Technology (KICT), Goyang, Gyeonggi-do 10223, Korea)

  • Angel P. Del Pobil

    (University Jaume-I, Avenida de Vicent Sos Baynat, s/n, 12071 Castelló de la Plana, Spain
    Department of Interaction Science, Sungkyunkwan University, 25-2 Sungkyunkwan-ro, Jongno-gu, Seoul 04620, Korea)

Abstract

While environmental and energy concerns have become global issues, the government of South Korea has made notable efforts and formulated plans for the diffusion of renewable energy generation facilities for the nation’s public and governmental institutions. Accordingly, Jeju Island has become one of the most promising locations for utilizing renewable energy resources. This study aims to propose potential configurations for renewable energy generation facilities (mainly solar and wind energy facilities) in response to the electricity demand of the main local governmental offices of Jeju Special Self-Governing Province. The study utilizes the hybrid optimization of multiple energy resources software to simulate two optimized configurations for generation at a cost of energy of $0.306 per kWh (independent) and $0.204 per kWh (grid-connected) with 100% renewable fraction for the island. The implications of the simulation results and limitations of the study are discussed.

Suggested Citation

  • Eunil Park & Ki Joon Kim & Sang Jib Kwon & Taeil Han & Wongi S. Na & Angel P. Del Pobil, 2017. "Economic Feasibility of Renewable Electricity Generation Systems for Local Government Office: Evaluation of the Jeju Special Self-Governing Province in South Korea," Sustainability, MDPI, vol. 9(1), pages 1-13, January.
    • Handle: RePEc:gam:jsusta:v:9:y:2017:i:1:p:82-:d:87253
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    References listed on IDEAS

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    Cited by:

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    2. Park, Eunil, 2017. "Potentiality of renewable resources: Economic feasibility perspectives in South Korea," Renewable and Sustainable Energy Reviews, Elsevier, vol. 79(C), pages 61-70.
    3. Moonsung Bae & Hwanik Lee & Byongjun Lee, 2017. "An Approach to Improve the Penetration of Sustainable Energy Using Optimal Transformer Tap Control," Sustainability, MDPI, vol. 9(9), pages 1-15, August.
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    5. Erik Hille & Bernhard Lambernd, 2022. "Has Korean growth become greener? Spatial econometric evidence for energy use and renewable energy," Annals of Operations Research, Springer, vol. 313(1), pages 461-494, June.

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