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Asset utilization efficiency and energy asset turns: a new approach for evaluating and comparing renewable energy projects

机译:资产利用效率和能源资产转向:评估和比较可再生能源项目的新方法

摘要

As global demand for food, fuel, and energy resources rise and concerns about climate change and the depletion of fossil fuels become more pressing; demand for renewable energy projects has grown. Thanks to related scientific developments, a variety of innovative conversion technologies is now available. As a result, tools that facilitate business evaluation across the multiple types of production systems are increasingly important to adequate planning and decision-making for investors and regulators working with renewable energy.This thesis contends that although business evaluation of renewable energy projects is complicated by numerous elements (some inherent to the environmental-component they present, and others to the highly integrated production chain they often constitute), the fundamental attributes that affect their financial and economical business performance aggregate on the capital level, in a tangible and measurable manner. While the business literature backs this suggestion for numerous industries, there is a lack of researches and investigative methods available in the field of renewable energy Thus; this thesis presents the foundations of an analytical framework with roots on business analysis through the exploration of financial ratios. More precisely, for comparing the alternatives, a systems-model approach is proposed for allowing uniform assessments of the utilization levels presented by the physical-assets existing within a given energy system, extending the conventional financial analysis of physical assets turnover to the particular needs of the energy industry.Although the propositions herein formulated are designed to be functional across most (if not all) renewable energy system, the focus of this thesis is biomass-based energy for: 1) The prominent contextual relevance these systems currently hold, 2) The broad and comprehensive producing chain they present (which is adequate for mathematical modeling), and 3) The inevitable need for research-scope.Empirical validation is then presented through the mathematical construction and microeconomic interpretation of three case studies.First, the Brazilian biomass-based renewable industry is assessed in terms of the levels of physical-assets performance it presents across three-defined ethanol production clusters. Results show similar levels of asset performance presented by the in-operation ethanol enterprises, despite regional features influencing key-parameters of the proposed model, matching ex-ante expectations based on the regional policy-history of the industry.The second case study examines impacts in the performance of physical-assets that may result from technological advances in a given energy-production system. This case study uses cross-sectional data from surveys and interviews of agents working directly with grid-connected biomass-energy plants in Mato Grosso, Brazil. Additionally, the case study presents regressions of the regional asset-cost plant-size relation. The results offer evidence that, ceteris paribus, reduction in the specialization of physical assets of the systems contribute to increased project viability by allowing increased capital efficiency.Finally, a comparison of the performance of physical-assets across various types of renewable energy technologies is presented, offering evidence that measurement of physical asset utilization may be successfully used to support comparison of alternatives in renewable energy.
机译:随着全球对粮食,燃料和能源资源的需求增加,以及对气候变化和化石燃料枯竭的担忧日益迫切;对可再生能源项目的需求已经增长。由于相关的科学发展,现在可以使用多种创新的转换技术。因此,促进对多种生产系统进行业务评估的工具对于从事可再生能源投资的投资者和监管机构进行充分的规划和决策而言,越来越重要。要素(它们所呈现的环境要素固有的某些要素,以及它们通常构成的高度集成的生产链中的某些要素),影响其财务和经济业务绩效的基本属性,在资本层面上以有形和可衡量的方式聚集在一起。尽管商业文献为许多行业提供了这一建议,但在可再生能源领域仍缺乏研究和调查方法。本文通过探讨财务比率,提出了一个基于业务分析的分析框架的基础。更确切地说,为比较备选方案,提出了一种系统模型方法,可对给定能源系统内存在的实物资产所呈现的利用率进行统一评估,从而将实物资产周转的常规财务分析扩展到特定需求。尽管本文提出的主张旨在在大多数(如果不是全部)可再生能源系统中发挥作用,但本论文的重点是基于生物质的能源,用于:1)这些系统目前具有突出的背景相关性,2)他们提出了广泛而全面的生产链(足以进行数学建模),以及3)研究范围的必然需求,然后通过对三个案例研究的数学构建和微观经济学解释来进行经验验证。基于可再生能源行业的实物资产表现水平进行评估跨三个定义的乙醇生产集群。结果显示,尽管区域特征影响了所提议模型的关键参数,但运营中的乙醇企业所呈现的资产绩效水平相似,并且根据行业的区域政策历史与事前预期相匹配。第二个案例研究考察了影响特定资产生产系统中技术进步可能导致的物理资产性能下降。本案例研究使用对巴西马托格罗索州直接与并网的生物质能发电厂合作的代理商进行调查和采访的横截面数据。此外,案例研究还介绍了区域资产成本工厂规模关系的回归。结果提供了证据,在其他方面,通过增加资本效率来减少系统有形资产的专业化有助于提高项目的可行性。最后,比较了各种可再生能源技术中的有形资产的性能,提供证据表明实物资产利用率的测量可以成功地用于支持可再生能源替代方案的比较。

著录项

  • 作者

    Rasmussen Renato L.;

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  • 年度 2010
  • 总页数
  • 原文格式 PDF
  • 正文语种 {"code":"en","name":"English","id":9}
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