Flood discharge capacity in a dam downstream reach has been decreased after dam construction because of the river cross section reduction impacted by farm lands, sand-bars and parking lots, etc. in river flood plains. Those obstacles being in the river inside areas have caused negative influences to the dam operation policy. Therefore, the dam downstream river improvement work associated with the dam operation improvement plan is under construction for removing reduction factors on the dam effective storage, assuring flood safety in the dam downstream river and incrementing dam operation benefits. But the project has issued some problems such as project feasibility, economic evaluation, cost allocation and benefit share, etc. Since a dam enterpriser has not committed such kind of project before, it is necessary to set up an objective analysis process and a quantitative financial valuation. This study examines the measurable economic benefits and the cost allocation of the project for the fairness between benefit owners (central government and water electricity enterprisers). As a result, the total economic benefit from 3 dams (Imha, Daechung and Youngdam Dam) accounts for 14.41 Billion Won/year. The financial valuation of K-water as a project enterpriser is approximately estimated at 40% of the total value and the government is 60%.
Allocated water storage of dam at the planning and design stage does not seem to be maintained well at the operation stage because of unexpected critical reasons. A dam is likely to be subject to negative effects caused by changes of dam operation conditions and it is hardly avoidable. Therefore, it must be timely improved to recover its original functions and looked for better alternatives to keep its original roles. Specifically the improper management of river condition degrades flood control capability in a dam and river ecosystem. The dam downstream river improvement work is needed for normalizing dam functions and its valuations. This study focuses on estimating water use benefits from recovering its own effective storage buffer restricted for flood control. As the results, the water supply and the hydropower benefits in Imha, Daechung and Youngdam Dam are recovered totally by 19.9 million m 3 /year and 20.8 GWh/year respectively. Also those results are used for the basic information of the economic analysis in the dam downstream river improvement work.
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