Historical overview of the relationship between renewable energy intensity and fuel prices: South Korea and the U.S.

Peter Y. Jang, Mario G. Beruvides

Research output: Chapter in Book/Report/Conference proceedingConference contributionpeer-review

Abstract

This paper examines the historical relationship between renewable energy intensity in South Korea (Korea) and major fuel prices with macroeconomic variables, and compares the results with the U.S. counterpart. Renewable energy initiatives have been more active in the world energy market since the Arab oil embargo in the early 1970s. South Korea, the 12th largest economy in 2018 and the 9th largest energy consumer in 2017 in the world, possesses little domestic natural resources and had to meet 98% of its energy needs from international sources. As renewable energy is a viable substitute for electricity generation, with biofuel for transportation energy use, renewable energy sources have well served South Korea and the U.S. The benefits have been two-fold: reduced dependence on foreign energy imports and the promotion of a cleaner environment. With renewable energy competing with fossil fuels for price advantages in energy markets, this paper analyzes annual data, from 1990 to 2017, to examine and identify the multifaceted relationship between fuel prices and renewable energy intensity, under the developing market dynamics in these countries. The implications will help engineering managers better understand sustainability issues under the dynamics of energy market systems.

Original languageEnglish
Title of host publicationASEM 41st International Annual Conference Proceedings "Leading Organizations through Uncertain Times"
EditorsH. Keathley, J. Enos, M. Parrish
PublisherAmerican Society for Engineering Management
ISBN (Electronic)9780997519594
StatePublished - 2020
Event41st International Annual Conference of the American Society for Engineering Management: Leading Organizations through Uncertain Times - Virtual, Online
Duration: Oct 28 2020Oct 30 2020

Publication series

NameASEM 41st International Annual Conference Proceedings "Leading Organizations through Uncertain Times"

Conference

Conference41st International Annual Conference of the American Society for Engineering Management: Leading Organizations through Uncertain Times
CityVirtual, Online
Period10/28/2010/30/20

Keywords

  • Energy markets
  • Fossil fuels
  • LNG fuel price
  • Population base
  • Renewable energy intensity
  • Systems thinking

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