Market value for thermal energy of cogeneration:: using shadow price estimation applied to cogeneration systems in Korea |
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| Affiliation: | 1. Department of Agricultural Economics and Rural Development, Seoul National University, San 56-1, Shillim-dong, Kwanak-gu, Seoul 151-742, South Korea;2. Department of Economics and Finance, Hanyang University, 17 Haengdang-dong, Seongdong-gu, Seoul 133-791, South Korea;1. Doosan Fuel Cell, Seongnam, 463-760, Republic of Korea;2. Fuel Cell Research Center, Korea Institute of Energy Research, Daejeon, 305-343, Republic of Korea;3. Advanced Energy Technology, Korea University of Science & Technology, Daejeon, 305-350, Republic of Korea;1. DAFNE, University of Tuscia, Via San Camillo de Lellis snc, 01100 Viterbo, Italy;2. CIRDER, University of Tuscia, Via San Camillo de Lellis snc, 01100 Viterbo, Italy;3. University Sapienza, Rome, Italy;4. University Guglielmo Marconi, Rome, Italy;5. Unité de physique des dispositifs à semi-conducteurs, Tunis EL MANAR University, 2092 Tunis, Tunisia |
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| Abstract: | This study empirically analyzes the appropriateness of the current tariffs for district heating in Korea. For this purpose, we adopt the duality concept applied to the output distance function, and estimate the shadow price of heat produced from cogeneration. In addition, the analytical model takes account for the inputs of labor and capital as well as fuel as input outlays of cogeneration. The empirical results show that the current heat tariff determined by the public energy policy might be undervalued by about 15–53%. This implies that the retail price of district heating in Korea might be distorted at least in the sense of economics. |
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