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Cited 23 time in webofscience Cited 25 time in scopus
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Can Renewable Energy Replace Nuclear Power in Korea? An Economic Valuation Analysisopen access

Authors
Park, Soo-HoJung, Woo-JinKim, Tae-HwanLee, Sang-Yong Tom
Issue Date
Apr-2016
Publisher
KOREAN NUCLEAR SOC
Keywords
Contingent Valuation Method; Nuclear Power; Ordered Logistic Regression; Renewable Energy; Willingness to Pay
Citation
NUCLEAR ENGINEERING AND TECHNOLOGY, v.48, no.2, pp.559 - 571
Indexed
SCIE
SCOPUS
KCI
Journal Title
NUCLEAR ENGINEERING AND TECHNOLOGY
Volume
48
Number
2
Start Page
559
End Page
571
URI
https://scholarworks.bwise.kr/hanyang/handle/2021.sw.hanyang/23221
DOI
10.1016/j.net.2015.12.012
ISSN
1738-5733
Abstract
This paper studies the feasibility of renewable energy as a substitute for nuclear and energy by considering Korean customers' willingness to pay (WTP). For this analysis, we use the contingent valuation method to estimate the WTP of renewable energy, and then estimate its value using ordered logistic regression. To replace nuclear power and fossil energy with renewable energy in Korea, an average household is willing to pay an additional 102,388 Korean Won (KRW) per month (approx. US $85). Therefore, the yearly economic value of renewable energy in Korea is about 19.3 trillion KRW (approx. US $16.1 billion). Considering that power generation with only renewable energy would cost an additional 35 trillion KRW per year, it is economically infeasible for renewable energy to be the sole method of low-carbon energy generation in Korea.
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