Overview of renewable energy development in South Korea and the economic analysis of grid interconnection for large scale offshore wind farm

摘要

Korean government has a very strong interest in renewable energy development and hasplanned several deployment programs due to the lack of fossil energy resource and thenecessity of CO_2 reduction. Especially, Korean government has heightened interest in largeoffshore wind farm among the renewable energy sources and two development projects areperformed. The pilot test of a 2MW offshore wind generator construction has been conductedsuccessfully in JEJU and a 2.5GW offshore wind farm development project is in progress onYoung-gwang offshore led by the government.This paper introduces the policy and statistics on the renewable energy development andstatus of the offshore wind farm development project in Korea. Also economic analysisresults of grid connection options for this project are presented. For the grid connectionoptions, LCC HVDC, VSC HVDC and HVAC have been considered and LCC HVDC hasbeen evaluated as the most cost-effective option among the candidates. For the economicanalysis, we used Discounted Cash Flow (DCF) method to compare the total investment costand levelized cost of candidates.