Implementation cost of net zero electricity system: Analysis based on Korean national target

Abstract

We evaluated the costs of implementation of a sustainable electricity system with carbon net zero emission by 2050. To achieve this goal, it is assumed to reduce the use of fossil fuel-based power generation, increase carbon-free clean energy generation, and secure storage facilities. We compared the total costs including the capital cost of new generators and storage technologies, fuel costs, and emission costs by 2050. We also investigated the effects of various levels of carbon price, curtailment rates of renewable energy output, demand pattern shift, increasing nuclear power generation, building pumped hydro storage, and utilization of hydrogen storage as long-duration storage. One of our findings indicates that although a higher curtailment rate necessitates increased renewable energy installation to achieve national emission target, it leads to a reduction in total costs due to the decreased requirement for storage capacity. Our findings provided invaluable insights into the potential of these solutions to facilitate the transition to a more sustainable electricity system in South Korea and other countries with similar policy goals.