Can renewable energy replace nuclear power in Korea? An economic valuation analysis
- 1. Korea Institute for Advancement of Technology, Korea Technology Center, Seoul (Korea, Republic of)
- 2. Graduate School of Information, Yonsei University, Seoul (Korea, Republic of)
- 3. School of Business, Hanyang University, Seoul (Korea, Republic of)
Description
This paper studies the feasibility of renewable energy as a substitute for nuclear and energy by considering Korean customers' willingness to pay (WTP). For this analysis, we use the contingent valuation method to estimate the WTP of renewable energy, and then estimate its value using ordered logistic regression. To replace nuclear power and fossil energy with renewable energy in Korea, an average household is willing to pay an additional 102,388 Korean Won (KRW) per month (approx. US $85). Therefore, the yearly economic value of renewable energy in Korea is about 19.3 trillion KRW (approx. US $16.1 billion). Considering that power generation with only renewable energy would cost an additional 35 trillion KRW per year, it is economically infeasible for renewable energy to be the sole method of low-carbon energy generation in Korea
Additional details
Publishing Information
- Journal Title
- Nuclear Engineering and Technology
- Journal Volume
- 48
- Journal Issue
- 2
- Series
- 69 refs, 2 figs, 10 tabs
- Journal Page Range
- p. 559-571
- ISSN
- 1738-5733
INIS
- Country of Publication
- Korea, Republic of
- Country of Input or Organization
- Korea, Republic of
- INIS RN
- 47086634
- Subject category
- S29: ENERGY PLANNING, POLICY AND ECONOMY;
- Descriptors DEI
- COST; ECONOMY; FEASIBILITY STUDIES; NUCLEAR ENERGY; NUCLEAR POWER; POWER GENERATION; RENEWABLE ENERGY SOURCES; REPUBLIC OF KOREA
- Descriptors DEC
- ASIA; DEVELOPING COUNTRIES; ENERGY; ENERGY SOURCES; POWER