History
In 1981, the Assessment Report on the Construction of Tidal Power Plant in Garorim Bay was issued. Environmental research conducted by Korean Ocean Research and Development Institute and supported by UNESCO was partly used in this assessment. The report assessed that the project was economically efficient. But in 1986, as oil prices went down and construction costs rose, the project was assessed as economically inefficient. The economic efficiency was assessed again from 2004 to 2005, and the basic design was completed as of March 2007.
A news reporter reported that the benefit/cost ratio was assessed to be only 0.87 in articles written in 2007.
Read more about this topic: Garorim Bay Tidal Power Station
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