Economic effectiveness of investment in bioenergetic culture growing in the zones of forest of Ukraine
Journal Title: Економічний аналіз - Year 2018, Vol 28, Issue 2
Abstract
Introduction. One of the most promising areas of renewable energy development is the use of biomass energy. It contributes to the economy of traditional fuels and does not increase the global greenhouse effect. However, insufficient economic efficiency of obtaining energy from biomass under the current conditions necessitates the state's "paternalism" to the bioenergy industry. Purpose. The article aims to carry out an economic assessment of the effectiveness of investing in the cultivation of highly productive energy crops (giant miscanthus and energy willow) using modern technologies under the conditions of the Ukrainian forest-steppe. Method. The research was conducted during 2012-2016 on the basis of experimental energy plantations in Ternopil, Volyn and Kyiv oblasts. The assessment of the effectiveness of investment in bioenergy crops is based on a set of criteria: net discounted profit (NPV), investment profitability index (PI), internal rate of return (IRR), discounted payback period (DPP). Results. It has been established that on plantations of willow, the volume of dry biomass on average over the five-year period of research amounted to 27,3 t · ha-1, and to the miscanthus - 25,3 t · ha-1. Accordingly, the energy output per unit area was somewhat higher in energy willow (573.3 GJ · ha-1 versus 516.2 GJ · ha-1). Willow and miscanthus are characterized by high-energy coefficients compared with other bioenergy crops, which can reach values 54.3 and 55. It indicates the significant energy efficiency of investing in the cultivation of these crops. The analysis of the sensitivity of bioenergy projects has found out that the most significant NPV investment in the plantation of the miscanthus can be influenced by the volatility of the productivity of the crop, the price of biofuels and planting material, and for the willow plantation - fluctuations in the yield of biomass, its price and discount rate. The estimation of the investment efficiency in the bio-energy plantations of the miscanthus and willows has revealed the need to work out state programs of financial support for the creation of plantations of bioenergy crops and legislative mechanisms for their implementation.
Authors and Affiliations
Mykhaylo Humentyk, Yuriy Hayda, Yaroslav Fuchylo, Iryna Hnap
Keywords
Related Articles
- EP ID EP528773
- DOI -
- Views 82
- Downloads 0
Essence and necessity of ecological modernization of production in Ukraine
Introduction. The article reveals the essence of the concept of "environmental modernization of production" and describes its internal structure. The current state of the cement industry of Ukraine is considered. The eco...
Analytical reasoning of scientific and methodical approaches to development of agricultural resource potential
The article summarizes and clarifies the understanding of the resource potential of the enterprise. The priorities of its development in modern conditions are defined. The main results of the analysis of the volume of ag...
Mechanism of financing energy effective measures in conditions of sustainable development of society
The article offers a brief analysis of the mechanism of financial provision of energy saving measures. Particular attention is paid to the financing mechanism of projects, which relate to energy efficiency using credit r...
Classification of cultural historical values and their accounting and analysis in the antique market
Introduction. The organization of accounting and analysis at enterprises operating in the antique market is impossible without a precise classification of cultural and historical values. Unfortunately, nowadays the proce...
Ключові фактори успіху завдяки програмі трансформації енергетичної галузі
Вступ. Сучасні механізми функціонування української економіки та тенденції розвитку енергетичної галузі передбачають реконструкцію галузей промисловості для забезпечення вдосконалення ринку електроенергії. В умовах форму...