Economic analysis of biomass power generation schemes under renewable energy initiative with Renewable Portfolio Standards (RPS) in Korea

► We analyze economic feasibilities of two strategies of biomass use in Korea. ► Direct combustion-steam turbine and gasification-gas engine were investigated. ► Gasification system is more profitable than combustion system in smaller facilities. ► Biomass gasification CHP plants ranging from 0.5 to 5 MWe are suitable in Korea.