To mitigate the environmental impacts of the energy sector, the government of South Korea has made a continuous effort to facilitate the development and commercialization of renewable energy. As a result, the efficiency of renewable energy plants is not a consideration in the potential site selection process. To contribute to the overall sustainability of this increasingly important sector, this study utilizes the Black-Scholes model to evaluate the economic value of potential sites for off-site wind farms, while analyzing the environmental mitigation of these potential sites in terms of carbon emission reduction. In order to incorporate the importance of flexibility and uncertainty factors in the evaluation process, this study has developed a site evaluation model focused on system dynamics and real option approaches that compares the expected revenue and expected cost during the life cycle of off-site wind farm sites. Using sensitivity analysis, this study further investigates two uncertainty factors (namely, investment cost and wind energy production) on the economic value and carbon emission reduction of potential wind farm locations.

1. 서 론
2. 문헌연구
3. 연구방법
    3.1 입지선정
    3.2 블랙-숄즈 모형
    3.3 시스템 다이나믹스
4. 연구결과
    4.1 잠재적 입지의 경제적 가치
    4.2 민감도 분석
5. 결 론
References

• Jaehun Sim(창원대학교 산업시스템공학과) | 심재훈 Corresponding Author