The WASP model on the symbiotic strategy of renewable and nuclear power for the future of ‘Renewable Energy 3020’ policy in South Korea

Immanuel Vincent, Eun-Chong Lee, Kyung-Ho Cha and Hyung-Man Kim

Renewable Energy, 2021, vol. 172, issue C, 929-940

Abstract: The Korean government has recently implemented the energy transition ‘Renewable Energy 3020’ policy to expand dramatically renewable energy without adding nuclear and coal-fired power plants. This study provides an opportunity to use scientific analysis to investigate the ripple effects of the ‘Renewable Energy 3020’ policy, which expects renewable energy generation to reach 20% by 2030, and the policy enforcement of efficient energy transition. More specifically, the Wien Automatic System Planning (WASP) model has been used to verify the implementation of the long-term power development plan within specified constraints. In accordance with the methodology in the WASP-ΙV model, assuming that the ‘Renewable Energy 3020’ policy succeeds, additional charges of approximately 144 billion KRW by 2035 has been estimated. Therefore, a combination of continuous baseload power and variable renewable power plants can help to implement the ‘Renewable Energy 3020’ policy successfully. If technological and economic uncertainties related to renewable and nuclear powers are neglected, the second-best energy transition would need to be examined to promote an alternative energy policy, considering the technological innovation and the social consensus.

Keywords: Renewable energy 3020 policy; Wien Automatic System Planning model; Symbiotic strategy; Renewable power; Nuclear power (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:renene:v:172:y:2021:i:c:p:929-940

DOI: 10.1016/j.renene.2021.03.094

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