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Review of the economic viability of investing and exploiting biogas electricity plant – Case study Vizelj, Serbia

Author

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  • Golusin, Mirjana
  • Ostojic, Aleksandar
  • Latinovic, Smilja
  • Jandric, Maja
  • Ivanovic, Olja Munitlak

Abstract

Construction and operation of plants that produce energy from renewable energy sources is the subject for discussion in all the countries that have accepted the sustainable development concept and Kyoto protocol as their own development direction. Enlargement of the renewable energy production is clearly an imperative, but only economically viable construction and operation can result in long-term sustainability, which is initially the goal when deciding upon such investments. In line with this goal, this paper presents the estimation of the economic viability of constructing and operating biogas electricity plant on the farm Vizelj in Serbia. The timeframe for this estimation is from 2011 until 2020. This paper also presents all parameters which are necessary for performing this estimation, respectively, analysis of revenues and expenditures, projection of economic and financial flow, ratio analysis, dynamic and static analysis, and analysis of sensitivity of the project, i.e. impact of the changes in prices and raw material on the overall performance of the project. The observed investment is predicted to be financed from the EBRD's credit line for renewable energy in Western Balkans, while the total investment is estimated at Euro 958,000.00. After the performed economic assessment, the conclusion is that the observed investment in biogas electricity plant is very acceptable and it can serve as a role model for similar investments in the region.

Suggested Citation

  • Golusin, Mirjana & Ostojic, Aleksandar & Latinovic, Smilja & Jandric, Maja & Ivanovic, Olja Munitlak, 2012. "Review of the economic viability of investing and exploiting biogas electricity plant – Case study Vizelj, Serbia," Renewable and Sustainable Energy Reviews, Elsevier, vol. 16(2), pages 1127-1134.
    • Handle: RePEc:eee:rensus:v:16:y:2012:i:2:p:1127-1134
    DOI: 10.1016/j.rser.2011.11.012
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    References listed on IDEAS

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    1. Golusin, Mirjana & Tesic, Zdravko & Ostojic, Aleksandar, 2010. "The analysis of the renewable energy production sector in Serbia," Renewable and Sustainable Energy Reviews, Elsevier, vol. 14(5), pages 1477-1483, June.
    2. Golusin, Mirjana & Ivanovic, Olja Munitlak & Bagaric, Ivan & Vranjes, Sanja, 2010. "Exploitation of geothermal energy as a priority of sustainable energetic development in Serbia," Renewable and Sustainable Energy Reviews, Elsevier, vol. 14(2), pages 868-871, February.
    3. Dodic, Sinisa N. & Popov, Stevan D. & Dodic, Jelena M. & Rankovic, Jovana A. & Zavargo, Zoltan Z. & Golusin, Mirjana T., 2010. "An overview of biomass energy utilization in Vojvodina," Renewable and Sustainable Energy Reviews, Elsevier, vol. 14(1), pages 550-553, January.
    4. Ivanovic, Olja D. Munitlak & Golusin, Mirjana T. & Dodic, Sinisa N. & Dodic, Jelena M., 2009. "Perspectives of sustainable development in countries of Southeastern Europe," Renewable and Sustainable Energy Reviews, Elsevier, vol. 13(8), pages 2079-2087, October.
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    1. Herbes, Carsten & Halbherr, Verena & Braun, Lorenz, 2018. "Factors influencing prices for heat from biogas plants," Applied Energy, Elsevier, vol. 221(C), pages 308-318.
    2. Schiochet Pinto, Luane & Pinheiro Neto, Daywes & de Leles Ferreira Filho, Anésio & Domingues, Elder Geraldo, 2020. "An alternative methodology for analyzing the risk and sensitivity of the economic viability for generating electrical energy with biogas from the anaerobic bio-digestion of vinasse," Renewable Energy, Elsevier, vol. 155(C), pages 1401-1410.
    3. Igliński, Bartłomiej & Buczkowski, Roman & Iglińska, Anna & Cichosz, Marcin & Piechota, Grzegorz & Kujawski, Wojciech, 2012. "Agricultural biogas plants in Poland: Investment process, economical and environmental aspects, biogas potential," Renewable and Sustainable Energy Reviews, Elsevier, vol. 16(7), pages 4890-4900.

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