In this study, given the nature of the value chain in the LNG industry, we constructed and assessed an LNG supply portfolio model considering tangible and intangible costs in order to improve supply stability from the perspective of energy security. We developed a complex portfolio model that reflects the price level, correlation between long-term and spot contracts, and tangible and intangible costs based on the LNG value chain. The optimal LNG import portfolio calculated in this study has significant policy implications. However, because long-term contracts dominate the natural gas market in Korea, it is not possible to control the LNG import portfolio in the short run. Nevertheless, the findings of this study can be applied to formulate LNG supply policy in the long run, which would significantly improve security policies and reduce the tangible and intangible costs incurred.
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