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
Макроекономічний підхід до забезпечення стійкого розвитку фінансового сектору
Вступ. Стійкий розвиток та функціонування фінансового сектору виступає визначальним чинником макроекономічної стабільності. У період глобальних криз та трансформаційних перетворень фінансовий сектор потребує суттєвих р...
Моделювання технологічних змін балансової схеми «витрати-випуск» в умовах дії Паризької угоди
Вступ. Перспективний аналіз розвитку сучасної як теоретичної, так і практичної економіки засвідчує посилення тенденції врахування соціального фактору і забезпечення життєдіяльності на Землі в глобальних масштабах. Можн...
New vectors of modern tax architecture
The purpose of the paper is to characterize the inherent metamorphoses of modern tax architecture and identify new vectors for its development. Method. The general scientific and special methods have been used in this re...
Analysis of development of educational and scientific activity of higher education establishments
Introduction. The national doctrine of education development in Ukraine states that education should become a strategic resource for improving people's well-being, ensure national interests, strengthen the authority and...
Corporate social responsibility – basis of innovative development of enterprises of agriculture of Ukraine
Introduction. The article deals with the main factors, conditions and mechanisms of implementation of innovative development of enterprises of agroindustrial complex of Ukraine. The goal of corporate social responsibilit...