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Project Reports
Evaluation of greenhouse gas reduction potential in power sector : mixed integer programming approach
Ⅰ. Background and Aims of Research
o The study developed a Mixed Integer Linear Programming (MIP) model to evaluate CO2 mitigation potential in the power sector of Korea. Based on the current capacity plan of the government, we applied the MIP model to find the optimal dispatch (unit commitment) of power units for various carbon pricing scenarios.
ㅇ The Korean government set a mid-term GHG mitigation target of 37 percent reduction compared to BAU (Business-As-Usual) emissions in 2030. The power sector is responsible the lion’s share of the reduction burden but the exact amount of its reduction goal is yet to be finalized.

Ⅱ. Analysis of Results and Conclusion
o We found out that a carbon price of around 30,000~40,000 Won/tCO2 triggers a significant reduction of GHG emissions by way of substitution from coal to natural gas. A carbon price of 60,000 Won/tCO2 can reduce around 40 percent of CO2 emissions in the power sector.
ㅇ To attain solutions in a reasonable amount of time, we ran simulations for the first two months of 2030, aggregating two hours into a single unit of time. We verified, however, that the solution from the two-month time horizon is quite similar to a full-year simulation. We found out that a simulation with an even smaller time horizon of 20 days resembles the full-scale optimization quite well.

o The MIP model for the power sector unit commitment problem has the potential to be applied to evaluate environmental dispatch mechanisms that consider the short-term regional status of air pollution, such as PM concentration, in setting priorities of power un