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The peer-to-peer (P2P) electricity trading platform (ETP) is an electricity-sharing system by which individuals can sell surplus electricity or purchase electricity to meet a deficit in a regional power network. South Korea has allowed energy prosumers to engage in electricity trading from 2016 and is seeking ways to vitalize the electricity trading market. This study aims to estimate the willingness to pay (WTP) of respondents for the monthly usage of P2P ETP by using the contingent valuation method. Of the 1000 Korean respondents, 639 were willing to pay a fee for using the platform. The estimated WTP is KRW 5958.86 (USD 5.50) per month. Moreover, the estimated WTP is higher in respondents who have more background knowledge of the P2P ETP and who pay higher electricity fees. The estimated WTP is lower than the usage fees of existing ETPs in other countries, which is primarily due to Korea's low electricity prices. Furthermore, the estimation results show that enhancing consumer awareness of P2P trading and introducing market strategies based on electricity usage should be considered by electricity trading companies and regulators to enhance P2P ETP usage.
Juyong Lee; Youngsang Cho. Estimation of the usage fee for peer-to-peer electricity trading platform: The case of South Korea. Energy Policy 2019, 136, 111050 .
AMA StyleJuyong Lee, Youngsang Cho. Estimation of the usage fee for peer-to-peer electricity trading platform: The case of South Korea. Energy Policy. 2019; 136 ():111050.
Chicago/Turabian StyleJuyong Lee; Youngsang Cho. 2019. "Estimation of the usage fee for peer-to-peer electricity trading platform: The case of South Korea." Energy Policy 136, no. : 111050.
The necessity for energy research and development (ER&D) is increasing as greenhouse gases and climate change are becoming global issues. To support sustainable economic growth through ER&D, it is necessary to examine the optimal ratio of ER&D investment to total R&D investment to maximize economic growth. However, there are no studies on the appropriate level of ER&D in total R&D investment for economic growth. This study attempts to empirically estimate the optimal ratio of ER&D investment to maximize gross domestic product (GDP) in South Korea. We utilized the Cobb-Douglas production function for our econometric model and corrected the autocorrelation problem using the Cochrane-Orcutt iterative procedure. Our results showed that both, ER&D and non-ER&D have positive correlations with GDP. The optimal ratio of ER&D is derived as 13.23%, which indicates that the current ratio of Korean ER&D should be revised upward. Further, ER&D investment in the private sector needs to be increased to achieve the optimal ratio because the current statistics in Korea describes that private companies in the energy industry invest much less in R&D than the government. Based on the results, we suggest government strategies to enhance ER&D investment in the private sector as well as the public sector.
Juyong Lee; Youngsang Cho; Jungwoo Shin. A Study on the Optimal Ratio of Research and Development Investment in the Energy Sector: An Empirical Analysis in South Korea. Energies 2019, 12, 288 .
AMA StyleJuyong Lee, Youngsang Cho, Jungwoo Shin. A Study on the Optimal Ratio of Research and Development Investment in the Energy Sector: An Empirical Analysis in South Korea. Energies. 2019; 12 (2):288.
Chicago/Turabian StyleJuyong Lee; Youngsang Cho; Jungwoo Shin. 2019. "A Study on the Optimal Ratio of Research and Development Investment in the Energy Sector: An Empirical Analysis in South Korea." Energies 12, no. 2: 288.
In this study, we analyzed the effects of electricity market reform on investment in generation facilities. We used the data of 27 OECD member countries and considered ownership structure, horizontal and vertical unbundling, change of transaction method, and government regulation as explanatory variables for market reform. We used four regression models, in which we examined the effects of market reform on the capacity of generation facilities, supply reserve ratio, total investment, and base-load share, respectively. For each panel regression model, we performed a Hausman test to identify the model between random effect and fixed effect. Based on the estimation results, we found that electricity market reform has a negative effect on generation facilities in most countries. Both privatization and regulation have negative impacts on the generation facility and base-load share. On the other hand, the level of liberalization of transactions have positive effects on the generation facility, supply reserve ratio, and base-load share. The empirical analysis also showed that horizontal unbundling does not have a meaningful effect on investment, but vertical unbundling contributes to increasing the supply reserve ratio.
Juyong Lee; Youngsang Cho; Yoonmo Koo; Chansoo Park. Effects of Market Reform on Facility Investment in Electric Power Industry: Panel Data Analysis of 27 Countries. Sustainability 2018, 10, 3235 .
AMA StyleJuyong Lee, Youngsang Cho, Yoonmo Koo, Chansoo Park. Effects of Market Reform on Facility Investment in Electric Power Industry: Panel Data Analysis of 27 Countries. Sustainability. 2018; 10 (9):3235.
Chicago/Turabian StyleJuyong Lee; Youngsang Cho; Yoonmo Koo; Chansoo Park. 2018. "Effects of Market Reform on Facility Investment in Electric Power Industry: Panel Data Analysis of 27 Countries." Sustainability 10, no. 9: 3235.
Juyong Lee; Youngsang Cho. Inconvenience cost of mobile communication failure: The case of South Korea. Telecommunications Policy 2018, 42, 241 -252.
AMA StyleJuyong Lee, Youngsang Cho. Inconvenience cost of mobile communication failure: The case of South Korea. Telecommunications Policy. 2018; 42 (3):241-252.
Chicago/Turabian StyleJuyong Lee; Youngsang Cho. 2018. "Inconvenience cost of mobile communication failure: The case of South Korea." Telecommunications Policy 42, no. 3: 241-252.