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Economic Analysis of Technological Energy Systems
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Economic Analysis of Technological Energy Systems

A special issue of Energies (ISSN 1996-1073). This special issue belongs to the section "C: Energy Economics and Policy".

Deadline for manuscript submissions: closed (22 July 2021) | Viewed by 10567

Special Issue Editors

Prof. Dr. Deok-Joo Lee

E-Mail Website
Guest Editor
Department of Industrial Engineering Seoul National University, Seoul 08826, Korea
Interests: economic analysis of energy system; investment analysis of renewable energy; real option analysis on the investment of renewable energy; economic analysis of carbon trading market; optimal operation
Prof. Dr. Jungwoo Shin

E-Mail Website
Guest Editor
Department of Industrial & Management Systems Engineering, Kyung Hee University, Yoingin 17104, Korea
Interests: energy and environment policy; demand forecasting and market strategy of new products/services; consumer preference analysis; economic valuation and feasibility analysis; technology management and policy

Special Issue Information

Dear Colleagues,

Recently, to cope with not only global warming and environmental issues but also economic efficiency problems, various new energy technologies have been actively invested into and developed. Meanwhile, the newly developed energy technology creates a new understanding of the energy system, which is defined as “all components related to the production, conversion, delivery, and use of energy”. Technological energy system can be regarded as “the technical and economic system that satisfy consumer demand for energy in various forms such as heat, fuels, and electricity”. Thus the new technological energy system will incorporate new characteristics from an economic as well as a technical perspective. Furthermore, in the new technological energy system, various kinds of economic problems are expected to emerge. These problems include issues such as the economic viability of investments, the estimation of a new cost structure, the forecast of the diffusion and demand for new energy technology, the pricing strategy for new types of energy service, the challenge of understanding the market equilibrium under new technological energy system, etc. Therefore, more than anything else, it is essential to investigate and understand the economic features of the emerging technological energy system to ensure its successful implementation in the energy market. In this context, theoretical and empirical studies of economic problems related to the technological energy system are required, with the anticipation that these studies will provide new insights into the emerging technological energy system.

Topics of interest for this Special Issue include but are not limited to the following:

  • Economic feasibility analysis of investment in new energy technology
  • Cost analysis of new technological energy system
  • Forecasting the demand pattern and diffusion of technological energy system
  • Optimal production planning of new energy system
  • Optimal pricing of new energy technological service
  • Game theoretic applications of technological energy system

Prof. Dr. Deok-Joo Lee
Prof. Dr. Jungwoo Shin
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Energies is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2600 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • Technological energy system
  • Economic analysis
  • Economic feasibility analysis of investment
  • Cost analysis
  • Forecasting the demand pattern and diffusion
  • Optimal production planning
  • Game theoretic applications

Published Papers (4 papers)

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Research

19 pages, 3765 KiB  
Article
Real-Time Pricing Scheme in Smart Grid Considering Time Preference: Game Theoretic Approach
by Ri Piao, Deok-Joo Lee and Taegu Kim
Energies 2020, 13(22), 6138; https://doi.org/10.3390/en13226138 - 23 Nov 2020
Cited by 1 | Viewed by 2097
Abstract
Unbalanced power demand across time slots causes overload in a specific time zone. Various studies have proved that this can be mitigated through smart grid and price policy, but research on time preference is insufficient. This study proposed a real-time pricing model on [...] Read more.
Unbalanced power demand across time slots causes overload in a specific time zone. Various studies have proved that this can be mitigated through smart grid and price policy, but research on time preference is insufficient. This study proposed a real-time pricing model on a smart grid through a two-stage Stackelberg game model based on a utility function that reflects the user’s time preference. In the first step, the suppliers determine the profit-maximizing price, and then, the users decide the electricity usage schedule according to the given price. Nash equilibrium and comparative analysis of the proposed game explain the relationship between time preference, price, and usage. Additionally, a Monte Carlo simulation demonstrated the effect of the change in time preference distribution. The experimental results confirmed that the proposed real-time pricing method lowers peak-to-average ratio (PAR) and increases overall social welfare. This study is meaningful in that it presents a pricing method that considers both users’ and suppliers’ strategies with time preference. It is expected that the proposed method would contribute to a reduction in the need for additional power generation facilities through efficient operation of the smart grid. Full article
(This article belongs to the Special Issue Economic Analysis of Technological Energy Systems)
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16 pages, 245 KiB  
Article
Restructuring and Reliability in the Electricity Industry of OECD Countries: Investigating Causal Relations between Market Reform and Power Supply
by Hanee Ryu, Yeonbae Kim, Pilseong Jang and Sergio Aldana
Energies 2020, 13(18), 4746; https://doi.org/10.3390/en13184746 - 11 Sep 2020
Cited by 4 | Viewed by 2205
Abstract
Power supply security tops the agenda of policies, and it is related to restructuring with the intention of improving efficiency. To investigate relationships between restructuring and reliability in the electricity industry of 15 OECD countries from 1987 to 2013, reliability is measured by [...] Read more.
Power supply security tops the agenda of policies, and it is related to restructuring with the intention of improving efficiency. To investigate relationships between restructuring and reliability in the electricity industry of 15 OECD countries from 1987 to 2013, reliability is measured by the index of the sub-sectors (resources, generation, transmission and distribution, and electricity import), and the effects of the forms of liberalized restructuring—entry, privatization, and vertical divestiture—on sub-sectors are evaluated with the random-effect model. Results indicate that restructuring has a partially negative relationship with reliability, but the effect differs by the type of liberalization and supply sub-sectors. Full article
(This article belongs to the Special Issue Economic Analysis of Technological Energy Systems)
13 pages, 243 KiB  
Article
Preference Structure on the Design of Hydrogen Refueling Stations to Activate Energy Transition
by Soyeong Park, Solji Nam, Myoungjin Oh, Ie-jung Choi and Jungwoo Shin
Energies 2020, 13(15), 3959; https://doi.org/10.3390/en13153959 - 01 Aug 2020
Cited by 18 | Viewed by 2565
Abstract
As a countermeasure to the greenhouse gas problem, the world is focusing on alternative fuel vehicles (AFVs). The most prominent alternatives are battery electric vehicles (BEV) and fuel cell electric vehicles (FCEVs). This study examines FCEVs, especially considering hydrogen refueling stations to fill [...] Read more.
As a countermeasure to the greenhouse gas problem, the world is focusing on alternative fuel vehicles (AFVs). The most prominent alternatives are battery electric vehicles (BEV) and fuel cell electric vehicles (FCEVs). This study examines FCEVs, especially considering hydrogen refueling stations to fill the gap in the research. Many studies suggest the important impact that infrastructure has on the diffusion of AFVs, but they do not provide quantitative preferences for the design of hydrogen refueling stations. This study analyzes and presents a consumer preference structure for hydrogen refueling stations, considering the production method, distance, probability of failure to refuel, number of dispensers, and fuel costs as core attributes. For the analysis, stated preference data are applied to choice experiments, and mixed logit is used for the estimation. Results indicate that the supply stability of hydrogen refueling stations is the second most important attribute following fuel price. Consumers are willing to pay more for green hydrogen compared to gray hydrogen, which is hydrogen produced by fossil fuels. Driver fuel type and perception of hydrogen energy influence structure preference. Our results suggest a specific design for hydrogen refueling stations based on the characteristics of user groups. Full article
(This article belongs to the Special Issue Economic Analysis of Technological Energy Systems)
28 pages, 4685 KiB  
Article
Economic Assessment of Distributed Generation Technologies: A Feasibility Study and Comparison with the Literature
by Ameena Saad Al-Sumaiti, Abdollah Kavousi-Fard, Magdy Salama, Motahareh Pourbehzadi, Srikanth Reddy and Muhammad Babar Rasheed
Energies 2020, 13(11), 2764; https://doi.org/10.3390/en13112764 - 01 Jun 2020
Cited by 21 | Viewed by 3022
Abstract
With the negative climate impact of fossil fuel power generation and the requirement of global policy to shift towards a green mix of energy production, the investment in renewable energy is an opportunity in developing countries. However, poor economy associated with limited income, [...] Read more.
With the negative climate impact of fossil fuel power generation and the requirement of global policy to shift towards a green mix of energy production, the investment in renewable energy is an opportunity in developing countries. However, poor economy associated with limited income, funds availability, and regulations governing project funding and development are key factors that challenge investors in the energy sector. Given the various power generation resources, including renewables, it is necessary to evaluate the possible power generation investment options from an economic perspective. To realize this objective, solar PV, wind and diesel power generations are economically compared, considering the incremental rate of return and incremental benefit to cost ratio techniques. The alternative investment options of distributed generation technologies are evaluated for Maharashtra, India under different depreciation methods, and the effect of the latter on selecting the best investment candidate is investigated. The paper also conducts sensitivity analysis to examine the impact of capital cost, operation and maintenance cost, and fuel cost variations on the selection decision considering a comparison of the different general projects’ cash flow structures discussed in the literature. The economic aspects of selecting a project among possible alternatives for an investment in the power sector are analyzed, and the presented review provides comprehensive comparisons with respect to the literature approaches. The results reveal that, in the benchmark case study, the PV project is rejected and disregarded from further comparisons with other candidate projects since its equity internal rate of return (10.25%) is less than the minimum accepted rate of return, leaving the selection between wind and diesel energy projects. The study reveals that the incremental rates of return under such a comparison are 37.88%, 45.94% and 37.50% when MACRS, declining balance and straight line depreciations techniques are applied, respectively. Thus, the wind energy project is the favored option in this case. For the economic assessment of other case studies, the application of both sensitivity analysis on the capital cost and operation and maintenance cost and literature approaches to structure the projects reveal that wind energy for Maharashtra, India is a more attractive and feasible option compared to other distribution generation projects, while diesel is only considered to be a good option when its fuel cost is reduced by 5%. Finally, the paper highlights policy implications that can influence the decision to move towards investment in distributed generation technologies as a future research direction. Full article
(This article belongs to the Special Issue Economic Analysis of Technological Energy Systems)
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