Economic Analysis for the Existing PV Supplier to Decide Whether to Install ESS or Not in South Korea

Journal: International Conference on Innovative Smart Grid Technologies, ISGT Asia 2018

Citation: International Conference on Innovative Smart Grid Technologies, ISGT Asia 2018, pp.465-469

Keyword: Economic Analysis Energy Storage System (ESS)Photovoltaic (PV)Renewable Energy Certificate (REC)Renewable Portfolio Standard (RPS)

Mesh Keyword: Energy storage systems Expected revenue Investment costs Net present value Photovoltaic PV generation Renewable energy certificates Renewable portfolio standard

All Science Classification Codes (ASJC): Artificial Intelligence Computer Networks and Communications Energy Engineering and Power Technology Renewable Energy, Sustainability and the Environment Electrical and Electronic Engineering

Abstract: This paper presents the economic analysis when Photovoltaic (PV) generator combines with Energy Storage System (ESS) in South Korea. For this, the current government policy and compensation rule are investigated including Renewable Portfolio Standard (RPS) and Renewable Energy Certificate (REC). Under these policies, the economic analysis provides an effective guideline for existing PV generation supplier to decide whether to install ESS or not. It is determined based on Net Present Value (NPV) by considering the investment cost of ESS. The actual data is used to simulate the economic analysis by calculating the expected revenues of PV generator without and with ESS.

URI: https://aurora.ajou.ac.kr/handle/2018.oak/36298
https://www.scopus.com/inward/record.uri?partnerID=HzOxMe3b&scp=85055504554&origin=inward

Journal URL: http://ieeexplore.ieee.org/xpl/mostRecentIssue.jsp?punumber=8450265

Funding: This work was supported by the Korea Institute of Energy Technology Evaluation and Planning (KETEP) and the Ministry of Trade, Industry & Energy (MOTIE) of the Republic of Korea (No. 20172410100040).

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