IDEAS home Printed from https://ideas.repec.org/a/eee/rensus/v16y2012i2p1127-1134.html
   My bibliography  Save this article

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

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S136403211100548X
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.rser.2011.11.012?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    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.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. 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.
    2. Herbes, Carsten & Halbherr, Verena & Braun, Lorenz, 2018. "Factors influencing prices for heat from biogas plants," Applied Energy, Elsevier, vol. 221(C), pages 308-318.
    3. 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.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Komarov, Dragan & Stupar, Slobodan & Simonović, Aleksandar & Stanojević, Marija, 2012. "Prospects of wind energy sector development in Serbia with relevant regulatory framework overview," Renewable and Sustainable Energy Reviews, Elsevier, vol. 16(5), pages 2618-2630.
    2. Mirjana Golušin & Olja Munitlak Ivanovic & Simonida Vucenov, 2012. "Sustainable energy management - a prerequisite for the realization Kyoto Protocol," Journal of Economic Development, Environment and People, Alliance of Central-Eastern European Universities, vol. 1(2), pages 24-34, September.
    3. 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.
    4. Tesic, Milos & Kiss, Ferenc & Zavargo, Zoltan, 2011. "Renewable energy policy in the Republic of Serbia," Renewable and Sustainable Energy Reviews, Elsevier, vol. 15(1), pages 752-758, January.
    5. Mihic, Svetlana & Golusin, Mirjana & Mihajlovic, Milan, 2011. "Policy and promotion of sustainable inland waterway transport in Europe - Danube River," Renewable and Sustainable Energy Reviews, Elsevier, vol. 15(4), pages 1801-1809, May.
    6. Đerčan, Bojan & Lukić, Tamara & Bubalo-Živković, Milka & Đurđev, Branislav & Stojsavljević, Rastislav & Pantelić, Milana, 2012. "Possibility of efficient utilization of wood waste as a renewable energy resource in Serbia," Renewable and Sustainable Energy Reviews, Elsevier, vol. 16(3), pages 1516-1527.
    7. repec:sph:rjedep:v:1:y:2012:i:2:p:27-38 is not listed on IDEAS
    8. de Almeida, Claudinei & Bariccatti, Reinaldo Aparecido & Frare, Laercio Mantovani & Camargo Nogueira, Carlos Eduardo & Mondardo, Andrei Antônio & Contini, Leonardo & Gomes, Gláucio José & Rovaris, Sol, 2017. "Analysis of the socio-economic feasibility of the implementation of an agro-energy condominium in western Paraná – Brazil," Renewable and Sustainable Energy Reviews, Elsevier, vol. 75(C), pages 601-608.
    9. Marcin K. Widomski & Anna Musz-Pomorska, 2023. "Sustainable Development of Rural Areas in Poland since 2004 in the Light of Sustainability Indicators," Land, MDPI, vol. 12(2), pages 1-29, February.
    10. Antonijevic, Dragi & Komatina, Mirko, 2011. "Sustainable sub-geothermal heat pump heating in Serbia," Renewable and Sustainable Energy Reviews, Elsevier, vol. 15(8), pages 3534-3538.
    11. Golusin, Mirjana & Munitlak Ivanovic, Olja, 2011. "Kyoto Protocol implementation in Serbia as precognition of sustainable energetic and economic development," Energy Policy, Elsevier, vol. 39(5), pages 2800-2807, May.
    12. Milosavljević, Dragana D. & Pavlović, Tomislav M. & Piršl, Danica S., 2015. "Performance analysis of A grid-connected solar PV plant in Niš, republic of Serbia," Renewable and Sustainable Energy Reviews, Elsevier, vol. 44(C), pages 423-435.
    13. Muntasir Murshed & Mohamed Elheddad & Rizwan Ahmed & Mohga Bassim & Ei Thuzar Than, 2022. "Foreign Direct Investments, Renewable Electricity Output, and Ecological Footprints: Do Financial Globalization Facilitate Renewable Energy Transition and Environmental Welfare in Bangladesh?," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 29(1), pages 33-78, March.
    14. kos Hamburger & G bor Harangoz, 2018. "Factors Affecting the Evolution of Renewable Electricity Generating Capacities: A Panel Data Analysis of European Countries," International Journal of Energy Economics and Policy, Econjournals, vol. 8(5), pages 161-172.
    15. Dodić, Jelena M. & Vučurović, Damjan G. & Dodić, Siniša N. & Grahovac, Jovana A. & Popov, Stevan D. & Nedeljković, Nataša M., 2012. "Kinetic modelling of batch ethanol production from sugar beet raw juice," Applied Energy, Elsevier, vol. 99(C), pages 192-197.
    16. Gabriela Cecilia Stanciulescu & Daniel Bulin, 2012. "Indicators of Sustainable Development - A Comparative Analysis Between Bulgaria and Romania in European Context," International Journal of Economic Practices and Theories, Academy of Economic Studies - Bucharest, Romania, vol. 2(2), pages 91-98, April.
    17. Mekhilef, S. & Saidur, R. & Safari, A. & Mustaffa, W.E.S.B., 2011. "Biomass energy in Malaysia: Current state and prospects," Renewable and Sustainable Energy Reviews, Elsevier, vol. 15(7), pages 3360-3370, September.
    18. Dodić, Siniša N. & Vasiljević, Tamara Zelenović & Marić, Radenko M. & Kosanović, Aleksandar J. Radukin & Dodić, Jelena M. & Popov, Stevan D., 2012. "Possibilities of application of waste wood biomass as an energy source in Vojvodina," Renewable and Sustainable Energy Reviews, Elsevier, vol. 16(5), pages 2355-2360.
    19. Karovic Maricic, Vesna & Danilovic, Dusan & Lekovic, Branko, 2012. "Serbian oil sector: A new energy policy regulatory framework and development strategies," Energy Policy, Elsevier, vol. 51(C), pages 312-322.
    20. Dodic, Sinisa N. & Vucurovic, Damjan G. & Popov, Stevan D. & Dodic, Jelena M. & Rankovic, Jovana A., 2010. "Cleaner bioprocesses for promoting zero-emission biofuels production in Vojvodina," Renewable and Sustainable Energy Reviews, Elsevier, vol. 14(9), pages 3242-3246, December.
    21. Grahovac, Jovana A. & Dodić, Jelena M. & Dodić, Siniša N. & Popov, Stevan D. & Vučurović, Damjan G. & Jokić, Aleksandar I., 2012. "Future trends of bioethanol co-production in Serbian sugar plants," Renewable and Sustainable Energy Reviews, Elsevier, vol. 16(5), pages 3270-3274.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:rensus:v:16:y:2012:i:2:p:1127-1134. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/wps/find/journaldescription.cws_home/600126/description#description .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.