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2025 Vol.62, Issue 1

Research Paper

A Case Study on the Economic Feasibility for Offshore Wind Power in South Korea from the Perspective of Project Participants

사업참여자 관점에 따른 국내 해상풍력발전의 경제성평가 사례 연구

Dongseong Lee12
,
Changhyup Park123*
이 동성12
,
박 창협123*
1Convergence Program of Carbon Neutral Industry, Kangwon National University, Chuncheon, Korea
2Department of Integrative Engineering for Hydrogen Safety, Kangwon National University, Chuncheon, Korea
3Department of Energy and Resources Engineering, Kangwon National University, Chuncheon, Korea
1강원대학교 탄소중립융합학과
2강원대학교 일반대학원 수소안전융합학과
3강원대학교 에너지자원공학과
*Corresponding Author
28 February 2025. pp. 1-11
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Abstract

This paper presents an economic feasibility analysis of an offshore wind power project in South Korea, focusing on the perspectives of project participants, that is, wind power companies (firms), equity holders, and debt holders. The economic evaluation, based on the net present value, internal rate of return, and debt service coverage ratio, indicates that this project is economically feasible for all participants. However, this result is limited to the presence of government subsidies and policies, e.g., renewable energy certificates (RECs), REC multipliers, and long-term fixed price contracts. Notably, the levelized cost of electricity for this project is higher than that of other typical energy resources. The transition to renewable energy in Korea should be carried out gradually to maintain an energy mix that appropriately utilizes traditional and renewable energy, while reducing the burden on society and the economy as a whole.

Keywords
economic evaluation
net present value
internal rate of return
levelized cost of electricity
offshore wind power

이 연구는 국내에서 진행계획인 해상풍력발전 프로젝트 사례에 대하여 사업참여자들의 관점에서 경제성 분석을 수행하고, 각 사업참여자의 의사결정 체계를 서술하였다. 즉, 이 사례 연구에서는 회사의 관점뿐만 아니라 프로젝트에 투자하는 주주와 채권자 관점에서도 경제성 분석(순현가, 내부수익율, 부채상환비율)을 진행하였다. 분석 결과 해당 국내 해상풍력발전 사례는 회사, 주주, 채권자 관점 모두에서 경제성이 있는 것으로 분석되었다. 다만, 이 결과는 현재 수준의 REC(Renewable Energy Certificates), REC가중치, 그리고 장기고정가격입찰제도와 같은 제도적 지원이 뒷받침되었을 때를 전제로 한다. 또한, LCOE(Levelized Cost of Electricity) 분석결과, 이 프로젝트에서 추정한 LCOE는 타 발전원 대비 높은 값을 보였다. 이 연구결과에 근거하여 향후 국내 에너지전환 계획 시, 전통 에너지와 신재생에너지의 적절한 에너지 믹스 설정과 점진적 전환을 제안한다.

키워드
경제성 분석
순현가
내부수익율
균등화 발전단가
해상풍력
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Information
  • Publisher :The Korean Society of Mineral and Energy Resources Engineers
  • Publisher(Ko) :한국자원공학회
  • Journal Title :Journal of the Korean Society of Mineral and Energy Resources Engineers
  • Journal Title(Ko) :한국자원공학회지
  • Volume : 62
  • No :1
  • Pages :1-11
  • Received Date : 2025-01-17
  • Revised Date : 2025-02-17
  • Accepted Date : 2025-02-26
  • DOI :https://doi.org/10.32390/ksmer.2025.62.1.001
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