The analysis of the market penetration for renewable energy in the Korea electricity market

Korea is implementing strong regulatory derivers such as Feed in Tariff to provide incentives for renewable energy developers. This study is focusing on the assessment of the competitiveness of renewable energy with the current Feed in Tariff incentives compared to the traditional energy source, specially coal and gas. We used a system dynamics model to simulate the market penetration of renewable energy in the Korean Electricity Market. In order to increase the contribution of wind power, we consider offshore wind as a major option Although its availability is higher than onshore wind, the levelized cost of onshore wind is higher than that of offshore wind power. This model will give the energy planner the opportunity to understand the dynamic wholesales electricity market.