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Kim, Kyeongseok,Kim, Byungil,Kim, Hyoungkwan Elsevier 2018 RENEWABLE & SUSTAINABLE ENERGY REVIEWS Vol.94 No.-
<P><B>Abstract</B></P> <P>Wind power supplies clean energy, but it is vulnerable to climate change. As the impacts of climate change increase, economic assessment methods of wind power projects are required to capture climate uncertainties. The study proposes a decision-making model to analyze the economic feasibility of offshore wind farm projects considering the impacts of climate change using real options analysis (ROA). The model can consider project volatility using the wind speed projected from climate scenarios that affect wind power production. A case study of an offshore wind farm in South Korea was conducted to confirm the validity of the proposed model. The case study proved that the managerial flexibility provided by the proposed real options effectively reduces risks and increases the long-term profitability of offshore wind farm projects.</P> <P><B>Highlights</B></P> <P> <UL> <LI> A decision-making model for offshore wind power projects is proposed. </LI> <LI> The model relies on expansion options considering climate uncertainty. </LI> <LI> The model provides investment strategies for wind power projects. </LI> <LI> A case study of Saemangeum wind farm project was conducted. </LI> </UL> </P>
Kyeongseok Heo(허경석),Sukwoong Choi(최석웅),Namil Kim(김남일),Wonjoon Kim(김원준) 한국콘텐츠학회 2018 한국콘텐츠학회논문지 Vol.18 No.5
정보통신기술의 발달에 기반을 둔 디지털화의 급속한 기술 혁신은 디지털 콘텐츠 산업을 크게 변화시켰으며 스트리밍 서비스와 같은 새로운 형태의 서비스 출현으로 이어졌다. 그러나 스트리밍 서비스가 전통적인 다운로딩 서비스에 대한 위협인지 여부는 여전히 논란의 여지가 있으며, 어떻게 관련되어 있는지는 중요한 문제이다. 따라서, 본 연구에서는 음악 스트리밍 서비스가 음악 다운로드 서비스에 대해서 보완관계인지, 대체관계인지 여부를 분석하였다. 또한, LTE의 보급률이 이러한 대체 보완·관계에 어떻게 영향을 미쳤는지 살펴보았다. 한국의 온라인 음악 시장에서 선두적인 플랫폼 자료를 사용하여 분석한 결과, 음악 다운로드 서비스가 음악 스트리밍 서비스를 보완한다는 것을 보였고, 이러한 보완 관계는 LTE 기술 도입으로 강화되고 있다. Rapid technological innovation led by digitization has significantly changed the business of digital content goods, and has led to the emergence of new forms of services, such as music streaming. However, whether the streaming service is a threat to the traditional downloading service is still under debate. In this study, we examine whether music downloading is a substitute for or a complement to music streaming by investigating the moderating effects of LTE technology penetration. Using a unique dataset on the online music market from a dominant music platform in Korea, we found that music downloading services are complementary to music streaming services, but this complementary relationship is significantly and positively moderated by the introduction of LTE technology.
Kim, Kyeongseok,Jeong, Hoyoung,Ha, Sooji,Bang, Seongdeok,Bae, Deg-Hyo,Kim, Hyoungkwan Elsevier 2017 Journal of cleaner production Vol.142 No.4
<P><B>Abstract</B></P> <P>Climate change alters the energy production of existing hydropower plants. Old-established facilities of hydropower are insufficient to handle changes in runoff under climate change. These facilities should be retrofitted and adapted to climate change. Adaptation of hydropower to climate change has two purposes: first, to fully utilize future water resources for maximizing electricity generation; and second, to generate profits in return of investment costs. Investment in the adaptation depends on issues such as climate scenarios, investment costs, and timing of implementation. Since future climate scenarios are intrinsically time-dependent, investment timing is the biggest issue. We propose the Adaptive Investment Model (AIM) to determine the timing of investment, using real options valuation. AIM comprises four steps: identification of hydropower adaptation to climate change (step 1), calculation of key variables (step 2), real options valuation (ROV) (step 3), and decision-making (step 4). This model allows investors to assess the economic feasibility and suggests optimal investment timing for adaptation to climate change. A case study involving the Chuncheon hydropower plant in South Korea demonstrated that AIM could generate an effective adaptation strategy.</P> <P><B>Highlights</B></P> <P> <UL> <LI> The timing of adaptation investment in hydropower plant was explored. </LI> <LI> Wise strategy for hydropower adaptation correlates with investment timing. </LI> <LI> The Adaptive Investment Model determines investment timing using climate scenarios. </LI> <LI> The economic impacts of climate change on hydropower were analyzed. </LI> </UL> </P> <P><B>Graphical abstract</B></P> <P>[DISPLAY OMISSION]</P>
Real options analysis for renewable energy investment decisions in developing countries
Kim, Kyeongseok,Park, Hyoungbae,Kim, Hyoungkwan Elsevier 2017 RENEWABLE & SUSTAINABLE ENERGY REVIEWS Vol.75 No.-
<P><B>Abstract</B></P> <P>Renewable energy projects in developing countries should provide clean energy supply as well as support sustainable economic development. To this end, risks arising from uncertainties such as rapidly changing technologies and host government conditions should be carefully addressed. However, traditional methods for economic assessment are not adequate to support decision-making regarding investments in renewable energy. This paper proposes a real options analysis framework as a tool to assess renewable energy investment in developing countries. A case study involving a hydropower project in Indonesia was conducted to validate and verify the proposed framework. This framework is expected to help host countries and investors assess renewable energy projects with high volatility and risk.</P>
Real Options-Based Framework for Hydropower Plant Adaptation to Climate Change
Kim, Kyeongseok,Park, Taeil,Bang, Seongdeok,Kim, Hyoungkwan American Society of Civil Engineers, Engineering M 2017 Journal of management in engineering Vol.33 No.3
<P>The economic feasibility of hydropower depends on the level of energy production, which in turn depends on weather conditions. Changes in runoff volumes directly influence energy production. Therefore, decision makers should take into account different climate change scenarios when making investment decisions for existing hydropower plants. The authors propose a real options-based framework to assess economic benefit of adapting hydropower plants to climate change. The framework enables evaluation of climate change impacts to hydropower. A case study of South Korea shows that investment on adaptation projects creates additional benefit in the regions with increasing precipitation under future climate scenarios. The findings suggest that adaptation projects prevent energy spilling and improve the productivity of hydropower.</P>