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Economic and Environmental Benefits of Optimized Hybrid Renewable Energy Generation Systems at Jeju National University, South Korea

Author

Listed:
  • Eunil Park

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

  • Taeil Han

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

  • Taehyeong Kim

    (Project Management Division, Korea Construction Engineering Development Collaboratory Management Institute (KOCED CMI), Myongji-ro 116, Cheoin-gu, Yongin-si, Gyeonggi-do 17058, Korea)

  • Sang Jib Kwon

    (Department of Business Administration, Dongguk University, Gyeongju 04620, Korea)

  • Angel P. Del Pobil

    (Robotic Intelligence Laboratory, University Jaume-I, Castellón de la Plana 12071, Spain
    Department of Interaction Science, Sungkyunkwan University, Seoul 03063, Korea)

Abstract

In order to minimize the social and environmental concerns arising from the use of traditional energy resources such as fossil fuels and nuclear energy, the South Korean government has attempted to develop alternative energy resources. In particular, the large educational institutes and islands in South Korea—which have the motivation and potential to provide electrical services—are required to install renewable electricity generation facilities to reduce the burden on the local grid systems. With this trend, the current study investigates potential configurations of renewable electricity generation systems to supply the electrical demand of Jeju National University, located on the largest island in South Korea. The potential configurations suggested by the simulation results are evaluated by renewable fraction, cost of energy (COE), and total net present cost (NPC). The suggested configurations show a renewable fraction of 1.00 with COE of $0.356–$0.402 per kWh and NPC of $54,620,352–$51,795,040. Based on the results, both implications and limitations are examined.

Suggested Citation

  • Eunil Park & Taeil Han & Taehyeong Kim & Sang Jib Kwon & Angel P. Del Pobil, 2016. "Economic and Environmental Benefits of Optimized Hybrid Renewable Energy Generation Systems at Jeju National University, South Korea," Sustainability, MDPI, vol. 8(9), pages 1-12, September.
    • Handle: RePEc:gam:jsusta:v:8:y:2016:i:9:p:877-:d:77272
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    References listed on IDEAS

    as
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    3. Eunil Park & Sang Jib Kwon & Angel P. Del Pobil, 2016. "For a Green Stadium: Economic Feasibility of Sustainable Renewable Electricity Generation at the Jeju World Cup Venue," Sustainability, MDPI, vol. 8(10), pages 1-11, September.
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    5. Shu Wang & Ying-Kai Liao & Wann-Yih Wu & Khanh Bao Ho Le, 2021. "The Role of Corporate Social Responsibility Perceptions in Brand Equity, Brand Credibility, Brand Reputation, and Purchase Intentions," Sustainability, MDPI, vol. 13(21), pages 1-19, October.

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