This study presents the results of economic and environmental analysis for two types of zero-emission ships (ZESs) that are receiving more attention to meet strengthened environmental regulations. One of the two types of ZES is the ZES using only the energy storage system (All-ESS), and the other is the ZES with fuel cell and ESS hybrid system (FC–ESS). The target ship is a tug operating in South Korea, and the main parameters are based on the specific circumstances of South Korea. The optimal capacity of the ESS for each proposed system is determined using an optimization tool. The total cost for a ship’s lifetime is calculated using economic analysis. The greenhouse gas (GHG) emission for the fuel’s lifecycle (well-to-wake) is calculated using environmental analysis. The results reveal that the proposed ZESs are 1.7–3.4 times more expensive than the conventional marine gas oil (MGO)-fueled ship; however, it could be reduced by 1.3–2.4 times if the carbon price is considered. The proposed ZESs have 58.7–74.3% lower lifecycle GHG emissions than the one from the conventional ship. The results also highlight that the electricity- or hydrogen-based ZESs should reduce GHG emissions from the upstream phase (well-to-tank) to realize genuine ZESs.

Electricity markets are transitioning to zonal and nodal pricing to maximize social welfare, improve price signals, and enhance congestion management. South Korea, traditionally reliant on uniform pricing, is evaluating this transition but lacks a detailed impact analysis. This study assessed the impacts of various zonal and nodal pricing schemes on power systems and provided policy implications for this transition. We (1) modeled the power system at various levels of granularity, obtaining a detailed 4579-node representation; (2) constructed a set of zonal and nodal pricing schemes reflecting changes in market-clearing models and pricing mechanisms; and (3) performed quantitative analyses through simulations for each scheme. Under the current system marginal price (SMP)-based uniform pricing, the schemes with the least market impact are SMP-based zonal pricing with two bidding zones and extended locational marginal pricing. These results can guide the development of an appropriate pricing transition pathway, although a market price reduction of 4.8–7.0% appears inevitable. Within the Korean electricity market, wherein a Transco is a monopoly retailer, we identified potential conflicts of interest for the Transco in zonal and nodal pricing. By focusing on South Korea, this study offers valuable insights into any electricity market considering the transition to zonal and nodal pricing.

Under marginal-cost pricing, some generators cannot recover their production costs at the market price due to non-convexities in the electricity market. For this reason, most electricity markets pay side-payments to generators whose costs are not sufficiently recovered, but side-payments present the problem of deteriorating transparency in the market. Recently, convex hull pricing and extended locational marginal pricing have been reviewed or gradually introduced to reduce side-payments. Another method is to include non-convex costs in the market price, which is applied in the Korean electricity market. Although it is not generally considered in the electricity market, the Vickrey auction method is also one of the pricing mechanisms that can reduce side-payments. The main purpose of this study is to analyze the financial impact of these alternative pricing mechanisms on market participants through rigorous simulation. We applied the alternative pricing schemes to the Korean electricity market, and the impacts are analyzed by comparing the cost aspect of an electricity sales company and the profit aspect of generation companies. As a result of the simulation study, each pricing mechanism not only differed in the degree to which side-payments are reduced but also has different effects on the type of generators.

The complexity of modern power systems is increasing because of the development of various intermittent generators. In practical reliability evaluations, it is essential to include both the failure of conventional generators and the output characteristics of renewable energy; the use of the latter has increased rapidly. The weather-dependent nature of renewable energy output, which is inexplicable in the load duration curve method, highlights the need for further study of the methods of a reliability evaluation that can consider temporal characteristics. This paper proposes a deterministic reliability evaluation method based on the Booth–Baleriaux method, chronologically extended to address the preventative maintenance schedule of a generator and the characteristics of renewable energy. The proposed method was applied to an IEEE reliability test system for performance verification, and a reliability evaluation was performed considering various chronological patterns. The proposed method was also applied to determine the adequate capacity reserve that should be installed in a Korean power system. The proposed method is stable, and it produced robust results.