A probabilistic model of the LCOE for Korean offshore windfarms
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Title
- A probabilistic model of the LCOE for Korean offshore windfarms
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Author(s)
- Lim, Deokoh; Kim, Kihwan; Yoon, Gil Lim
- KIOST Author(s)
- Yoon, Gil Lim(윤길림)
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Alternative Author(s)
- 윤길림
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Publication Year
- 2022-11
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Abstract
- A lack of data has been hindering studies of offshore wind generation in Korea. To overcome this deficiency, we use real data on seven countries and propose a probabilistic model for deriving representative estimates of input parameters and approximate the unit cost of offshore windfarms in Korea. By applying our model to two Korean offshore windfarms, we found that our approach can be used as a standard for estimating input parameters. Our results suggest that policymakers in Korea should implement energy policies to reduce the hard and soft costs of offshore wind turbine foundations. © 2021 Informa UK Limited, trading as Taylor & Francis Group.
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ISSN
- 1350-4851
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URI
- https://sciwatch.kiost.ac.kr/handle/2020.kiost/42244
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DOI
- 10.1080/13504851.2021.1967856
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Bibliographic Citation
- Applied Economics Letters, v.29, no.21, pp.1996 - 2001, 2022
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Publisher
- Routledge
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Keywords
- CAPEX (capital expenditures); Korean offshore windfarms; LCOE (levelized cost of electricity); OPEX (operating expenditure); probabilistic model
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Type
- Article
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Language
- English
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Document Type
- Article in Press
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