We evaluated the economic costs of the transition to a more sustainable energy system in South Korea to achieve carbon net zero emissions (NZE) by 2050. The analysis presented that to achieve this goal, it is necessary to reduce the use of fossil fuel-based power generation, increase the development of carbon-free power sources, and secure storage facilities. We calculated the total costs of energy storage for the Path-to-NDC, Path-to-NZE A, and Path-to-NZE B scenarios. We also investigated the effects of renewable energy output control, demand pattern adjustments, and hydrogen storage on the investment costs of energy storage. Using sensitivity analysis, we studied the consequences of a zero-curtailment policy, excluding long-term storage, and increasing nuclear power generation. Our findings provided invaluable insights into the potential of these solutions to facilitate the transition to a more sustainable power system in South Korea.
DOI: 10.22982/NEXTWP.2023.3.27
Abstract
We evaluated the economic costs of the transition to a more sustainable energy system in South Korea to achieve carbon net zero emissions (NZE) by 2050. The analysis presented that to achieve this goal, it is necessary to reduce the use of fossil fuel-based power generation, increase the development of carbon-free power sources, and secure storage facilities. We calculated the total costs of energy storage for the Path-to-NDC, Path-to-NZE A, and Path-to-NZE B scenarios. We also investigated the effects of renewable energy output control, demand pattern adjustments, and hydrogen storage on the investment costs of energy storage. Using sensitivity analysis, we studied the consequences of a zero-curtailment policy, excluding long-term storage, and increasing nuclear power generation. Our findings provided invaluable insights into the potential of these solutions to facilitate the transition to a more sustainable power system in South Korea.