Exploring the external benefits of power-to-gas: Evidence of a discrete choice experiment in South Korea

South Korea is rapidly expanding its renewable energy (RE) capacity, which has led to frequent curtailments and the consequent waste of surplus RE. Power-to-gas (P2G) technology is considered to be a promising solution for effectively utilizing and managing this excess energy. Using a discrete choice experiment (DCE), this research estimates the external advantages associated with the adoption of P2G technology in South Korea, concentrating on four key attributes: greenhouse gas emissions reduction, particulate matter emissions reduction, energy security improvement, and social conflicts mitigation. Utilizing a mixed logit model, the research reveals significant positive valuations for all attributes except cost, validating the importance of environmental and social benefits in shaping public preferences. Carbon reduction emerges as the most valued attribute, while mitigation of social conflicts carries substantial relative importance despite a lower monetary valuation. Policy scenario analyses demonstrate how combined attribute improvements translate into meaningful willingness-to-pay estimates, informing strategic decisions. The study contributes academically by pioneering the application of DCE to novel clean energy technologies and integrating multi-dimensional valuation. Policy implications highlight the necessity of balancing decarbonization goals with social cohesion and public awareness efforts.