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Environmental Capacity Indicators as a Tool for Evaluation of Energy Projects Efficiency

Author

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  • А.P. Karaeva
  • E.R. Magaril

Abstract

Today, improving the efficiency of the use of natural resources and conducting eco-modernization of energy facilities in order to reduce the negative impact on the environment is among the top priorities for the development of the energy industry at the world level. Solving these strategic tasks is impossible without significant investment activity: the influx of investments in the industry contributes to the rapid and effective implementation of projects and the development of the industry as a whole. Most of the existing methodologies for assessing the effectiveness of investment projects do not include comprehensive analysis of environmental aspects, thus creating environmental risks for the implementation of projects and the operation of energy facilities in the future. In addition, existing methods do not allow one to assess the rationality of the use of the whole mix of natural resources by an energy facility, which can lead to significant damage to natural capital. Energy facilities are the largest consumers of fuel and water resources, and as a result, the energy industry is one of the largest suppliers of industrial waste to the environment. Modern projects for eco-modernization of energy facilities are aimed at reducing resource consumption and the emission of harmful substances and industrial waste into the environment. Therefore, the urgent task is to formulate an approach to assessing the effectiveness of projects in the energy sector, taking into account the natural resources and environmental aspects. The aim of the study is to develop a system of indicators to assess the effectiveness of the use of natural resources in the implementation of investment projects in the energy sector. A system of indicators of the energy use intensity of energy production developed by the authors is presented, including indicators of resource intensity and waste intensity of energy production. The resource intensity indicator is represented by a particular indicator of fuel capacity, which can be calculated for several types of fuel consumed by an energy facility, and indicator of water use capacity of energy production. The proposed indicators allow us to access the rationality of the use of natural resources during the operation of an energy facility using traditional hydrocarbon fuels, as well as to conduct a comparative analysis of alternative projects in order to choose the best one. The results of testing the developed indicators at the regional energy facility are presented

Suggested Citation

  • А.P. Karaeva & E.R. Magaril, 2020. "Environmental Capacity Indicators as a Tool for Evaluation of Energy Projects Efficiency," Journal of Applied Economic Research, Graduate School of Economics and Management, Ural Federal University, vol. 19(2), pages 166-179.
    • Handle: RePEc:aiy:jnjaer:v:19:y:2020:i:2:p:166-179
    DOI: http://dx.doi.org/10.15826/vestnik.2020.19.2.009
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    References listed on IDEAS

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    1. Lazar Gitelman & Elena Magaril & Mikhail Kozhevnikov & Elena Cristina Rada, 2019. "Rational Behavior of an Enterprise in the Energy Market in a Circular Economy," Resources, MDPI, vol. 8(2), pages 1-19, April.
    2. Mikhail Kozhevnikov & Lazar Gitelman & Elena Magaril & Romen Magaril & Alexandra Aristova, 2017. "Risk Reduction Methods for Managing the Development of Regional Electric Power Industry," Sustainability, MDPI, vol. 9(12), pages 1-14, November.
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    More about this item

    Keywords

    energy sector; investment projects; environmental and economic efficiency assessment; environmental and natural resource management;
    All these keywords.

    JEL classification:

    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects

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