Abstract
The government of South Korea proclaimed Energy Transition 3020 and the details thereupon with the generation mix. According to the Basic Plan for Long-term Electricity, additional Pump Storage Hydropower (PSH) were planned to be installed as measure for the variability from the Renewables. However, despite of the astronomical hard cost required for the PSHs, there has been a lack of assessments on the economic feasibility and effectiveness of the PSHs. According to the simulation, there were total three scenarios with high load variability due to the Renewables. The monitoring factors in each scenario were changes, in the generation cost, generation by fuel type, reserve capability by the PSHs, and emission of product gas. Furthermore, the economic feasibility was assessed from the perspectives of the PSHs. Based on the simulation, it was concluded that the additional PSHs decrease the daily generation cost and the ramping of the thermal generation, the greater reserve capabilities procured. On the other hand, emission of the product gas increases due to greater pumping load on the thermal generation. Moreover, it is economically infeasible for the PSHs to salvage their initial investment cost. Thus, this paper implicates the regulatory improvements for the formulation of the just market environment.
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