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The use of liquefied natural gas (LNG) in the transportation sector is increasing, and boil-off gas (BOG) management systems are considered viable options to increase economic efficiency and reduce greenhouse gas emissions at LNG refueling stations. The present study proposed an economically optimized method by investigating four refueling station scenarios, including different BOG management systems. Among the four scenarios, the scenario in which compressed natural gas was produced from BOG had the lowest minimum selling price (MSP) and was the most economical. Sensitivity and uncertainty analyses were conducted for the economically optimal scenario, which identified the factors with the most influential impact and their uncertainties on the MSP. Finally, to determine the feasibility of the business through profitability analysis, the net present value, discounted payback period, and present value ratio due to changes in the discount rate were presented, and the discounted cash flow rate of return was found to be 13.22%. As a result of this study, a BOG management system can contribute to improving the economic feasibility for LNG refueling stations by reliquefying BOG and re-selling it (the most efficient way is scenario 4) and will provide an economical guide for countries with much demand for LNG in the transport sector. [ABSTRACT FROM AUTHOR]

Vendor managed inventory (VMI) is a concept of supply chain in which a vendor (supplier or manufacturer) has the charge for optimizing the inventory held by a buyer (or retailer). In traditional VMI modelling, it is often assumed that the vendor offers cash on delivery payment terms to the buyer. But in real world the vendors usually offer different types of payment policies to promote their commodities and influence the buyers ordering policies. Some of the common payment policies are cash on delivery, cash before delivery (advance payment), delayed payment (trade credit) etc. In the present paper mathematical model is developed for VMI system by comparing two payment policies between vendor and buyer. In policy (I) buyer pays for an items as soon as he receives it from the vendor, i.e. CASH ON DELIVERY and in policy (II) buyer pays for an item at the time of placing an order, i.e. CASH BEFORE DELIVERY. Discounted cash flow (DCF) approach has been used for proper recognition of cash flows. Numerical illustrations and sensitivity analysis are performed between two payment policies and it is shown that VMI system is beneficial for both vendor and buyer under both payment policies and policy II is better than policy I for both VMI system and non VMI system. [ABSTRACT FROM AUTHOR]

Nanocellulose is a promising biopolymer compound which is produced from pulp. However, the traditional approaches do not produce it in an energy efficient and sustainable way. The production of nanocellulose through moderate refining and froth flotation has the potential to reduce the traditional nanocellulose production cost. This technoeconomic analysis explores the financial profitability of using moderate refining followed by enhanced froth flotation technology at pilot scale (best case scenario) to produce nanocellulose in an affordable and sustainable way. With a 100% nanocellulose yield, the yearly the operational cost was $7312 AUD/ton nanocellulose for the best-case scenario. The 25-year NPV coming from discounted cumulative cash flow rate for best case scenario is approximately 9.5 million AUD (profit). From the sensitivity analysis it was revealed that the key driver behind profitability of nanocellulose production is Capital Cost and Labour cost. Lastly four different case scenarios are explored to examine the economic viability for commercial scale nanocellulose production. For a similar level of nanocellulose pulp quality development, there is an energy savings of approximately 5000 kWh/t (aspect ratio), 2000 kWh/t (fines) and 15,000 kWh/t (volumetric specific surface) in moderate refining combined with enhanced flotation at bench scale, when compared with extensive refining stand alone. There is minimal or no energy savings when flotation is used at a laboratory scale. Technoeconomic assessment for nanocellulose production at pilot scale was evaluated and compared with that of bench scale and it was revealed that moderate refining followed with flotation at pilot scale is most economical. The high ROI of 175.3% and NPV of $9.5 million for moderate refining along with flotation at pilot scale demonstrates flotation technology is worth investing for nanocellulose production at pilot scale. [Display omitted] • Bench vs pilot scale comparison for nanocellulose production. • Harnessing the energy saving and financial profitability of flotation technology. • Capital expenditure and Labour Operating cost are major economic factors. • Enhanced bench scale flotation is energy efficient. [ABSTRACT FROM AUTHOR]

With increasing environmental concerns with respect to the petroleum-based adhesive production process, bio-based adhesive has been explored as a promising replacement. The purpose of this paper was to explore the economic feasibility of structural bio-adhesives made from glycerol, a byproduct of biodiesel production. SuperPro Designer software was employed to perform the techno-economic analysis. Several key parameters were analyzed, such as total capital investment, annual operating costs and revenues. It was found that the unit production cost of structural bio-adhesives ($2.45/kg) was compatible with that in the current market. Three different scenarios were built to investigate the worst-case scenario and the best-case scenario associated with this production process. Sensitivity analysis was also performed to evaluate the key parameters significantly influencing the economic result. In this study, material cost was determined to be the most significant factor throughout the production process. Discounted cash flow analysis was conducted to explore the influence of the time value of money. The minimum selling price obtained was $3.11/kg for this bioadhesive production process. Underlying issues and areas needed for improvement were also discussed in this study. Image 10624 • A techno-economic analysis was conducted on glycerol-based structural bioadhesive. • Material cost was determined as the most sensitive parameter in the process. • Minimum selling price of the structural bioadhesive was determined to be $3.11/kg. [ABSTRACT FROM AUTHOR]

Assuming full exhaustion of their estimated service life--also referred to as estimated technical working life--the low annual utilisation of agricultural machines in Switzerland leads to a long operational life. To determine the costs of an additional year's service, we calculate the life-cycle costs (LCCs), which encompass all costs for an 82 kW four-wheel-drive tractor over its entire operational life. Assuming full utilisation of the estimated service life of 10,000 h, five operating versions are compared, each with an operational life of between 10 and 30 years and matched annual utilisations between 1000 h and 333 h. A key finding is that an additional year in service increases LCCs by 4.5% of the tractor's purchase price. In addition, we carry out a sensitivity analysis by applying discount rates of between 0% and 4%, finding that a comparatively high discount rate of 3% leads to almost identical LCCs for all operating versions. We conclude that the annual utilisation and the resulting duration of operational life have a strong impact on LCCs. A short operational life associated with high annual utilisation is a promising strategy for substantially cutting machinery costs. [ABSTRACT FROM AUTHOR]

Among renewable sources giant reed has attracted a growing interest as energy crop especially in Southern Europe, thanks to its low agronomic input requirements. This paper aimed at evaluating the economic feasibility of introduction of giant reed plantation as energy crop in the Southern Italy. In particular, an economic and financial analysis was performed by comparing giant reed (both for woodchip and chopped forage production) with traditional crops (pluriannual and annual) that are currently cultivated in the same area, such as wine grape, melon and tomato. Results showed the highest profitability of giant reed respect to other crops with current market prices. In particular, giant reed destined to woodchip production denoted the highest annual gross margin with a value of 647.10 € ha −1 , followed by giant reed for silage production (617.04 € ha −1 ), wine grape (477.52 € ha −1 ), melon (310.00 € ha −1 ) and tomato (280.00 € ha −1 ). However, it should be considered that, as the cultivation of energy crops subtracts inevitably surface to the agricultural land, it would be desirable that the giant reed does not conflict with agri-food production, but valorizes marginal and/or unproductive areas. [ABSTRACT FROM AUTHOR]

Purpose -- The purpose of this paper is to propose a multi-methodological approach for assessing the sustainability of urban projects. The proposed framework has the objective of addressing the different dimensions involved in the analysis (economic, environmental, social, technological, cultural, etc.), following the subsequent phases for the definition of the projects (from a very general masterplan to more detailed preliminary projects). Design/methodology/approach -- The multi-methodological approach is organized according to subsequent steps, involving the application of different evaluation methods, namely SWOT analysis, multicriteria analysis, discounted cash flow analysis and sensitivity analysis. With the aim of better illustrating the proposed approach, the method is applied on a real case concerning the project of a new boulevard in the city of Skopje. Findings -- The proposed approach resulted to be successful in structuring the complex planning context and in increasing and improving the information for the project, thus acting as a learning process. Originality/value -- The paper is based on the experimentation of an hybrid approach for addressing planning process. The multi-methodological framework can be useful in supporting decision making process in the domain of urban projects. In this sense, the proposed framework is able to communicate the planners', designers' and decision maker's perspectives, to enhance transparency in the decision process and thus to increase acceptance. [ABSTRACT FROM AUTHOR]

The increase of renewable energy production worldwide, occurred in the last years, is also attributable to some agroforestry species cultivated according to the short rotation coppice technique. Although these species are able of enhancing abandoned or marginal land leading to numerous environmental benefits, an increasing number of farmers are introducing them in place of agricultural crops. Therefore, since for a farmer economic sustainability is one of the main factors to introduce a biomass crop, the study aimed at evaluating the profitability of Paulownia, a species that has been spreading in recent years. In particular, an economic analysis has been carried out in a Southern Italian farm in which Paulownia has recently replaced a vineyard, by adopting a discounted cash flow approach. The results show that the Paulownia for both timber and woodchip production, with an annual gross margin equal to 357.91 € ha−1, can represent a valid alternative compared to wine grape (237.41 € ha−1), while Paulownia for exclusively biomass production has almost zero profitability (4.22 € ha−1). However, the profitability depends not only on the product typology but also on the future market price fluctuations, on the subsidies or incentives, as well as on adequate choices by entrepreneurs for the creation of sustainable supply chains also from an environmental and social point of view. [Display omitted] • SRCs have denoted a rapid diffusion in the last years in UE also in Mediterranean area. • SRCs are grown not only in abandoned or marginal land but also in place of traditional crops. • Paper evaluates the economic profitability of SRC Paulownia in a southern Italian farm. • Results show the higher profitability for Paulownia compared to wine grape. • Market price variations and entrepreneurial choices affect profitability but also environmental and social sustainability. [ABSTRACT FROM AUTHOR]

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The article presents a study which developed an empirical model for computing direct real estate assets' interest-rate sensitivity in the multifamily housing market of Switzerland. The study made use of an aggregated total return index for estimating interest-rate sensitivity. Results showed that the long-run sensitivity is almost 4.5%. The study also found trends' potential reliance when developing expectations. The study concluded that dynamic discounted cash flow (DCF) model's use enables one to divide the asset price changes.

• The state of São Paulo offers ten potential scenarios for the establishment of biorefineries. • Eucalyptus residues are a promising feedstock that produces 71,000 tons of bio-oil/year. • The minimum selling price of bio-oil varies according to plant capacities between from $11.6 to 19.3/GJ. • The minimum selling price of bio-oil is particularly sensitive to plant capacity and yield. • Co-processing bio-oil with vacuum gasoil can contribute 3.4 % of total "green fuel" in Brazil. Forestry residue is potentially useful for obtaining bio-oil and its by-products (biochar, syngas, and acid-rich aqueous extract) via fast pyrolysis. As such, we carried out a techno-economic analysis of both the production of bio-oil from Eucalyptus grandis residues (ER) and their availability in the state of São Paulo, Brazil. Discounted cash flow was used to calculate the minimum selling price (MSP) of bio-oil. Georeferencing identified the location of 20 Eucalyptus plantations, ten of which were selected due to their better economic performance. These ten plantations were potentially able to produce 59 million L/year of bio-oil. The economic analysis of the future biorefineries showed that an MSP of 11.6–19.3 $ (US)/GJ could support the processing of 60,000–5,000 tons/year of ER. A simulation of a large biorefinery revealed a capital investment (CAPEX) of around 6 M$ (US), reaching an operating expenditure peak of approximately 3 M$/year. The sensitivity analysis identified that plant capacity had the most significant impact on MSP, while the by-products (acid extract and biochar) lowered this by 22 %. The large biorefinery simulated using the Monte Carlo method had an 80 % chance of reaching a net present value (NPV) > 0, and an 80 % probability of reaching an internal rate of return (IRR) > 10 %. This study demonstrated that the production of bio-oils by the ten simulated centralized biorefineries is economically viable based on the NPV and IRR indicators. [ABSTRACT FROM AUTHOR]

Discounted cash flow techniques are the generally accepted methods for valuing firms. Such methods do not provide explicit acknowledgment of the value determinants and overlook their interrelations. This paper proposes a different method of firm valuation based on fuzzy logic and expert systems. It does represent a conceptual transposition of discounted cash flow techniques but, unlike the latter, it takes explicit account of quantitative and qualitative variables and their mutual integration. Financial, strategic and business aspects are considered by focusing on 29 value drivers that are combined together via "if–then" rules. The output of the system is a real number in the interval [0, 1], which represents the value-creation power of the firm. To corroborate the model a sensitivity analysis is conducted. The system may be used for rating and ranking firms as well as for assessing the impact of managers' decisions on value creation and as a tool of corporate governance. [ABSTRACT FROM AUTHOR]

Residential solar photovoltaic (PV) installations have boomed in China over recent years. However, knowledge about the economic performance of residential PV investments is still limited. Therefore, this study attempts to make a complete economic assessment of residential PV systems at the county-level. After a brief description of China's incentive policies, a model is constructed with economic measures of internal rate of return and payback period based on discounted cash flow. Then, a reference PV system of 5 kW p is investigated in 2181 geographical areas using scenario analysis and sensitivity analysis. There is breakeven for residential PV investments all over China even without incentives. The areas with good performance of residential PV investments are located mostly in Northern China (Shandong and Hebei), Southern China (Guangdong and Hainan), northeast China (Liaoning, Jilin, and Heilongjiang), and southwest China (Sichuan and Tibet). The boom of residential PV installations is likely to recede in 2021 as the population with acceptable profitability declines since the central and local subsidies expire. But some excellent residential PV suppliers have the potential to compensate for the performance decrease in many ways such as increasing annual generation and reducing initial cost. This paper contributes by providing some insights into the economic performance and market of residential PV installations in China. [ABSTRACT FROM AUTHOR]

Photovoltaic (PV) systems transform solar irradiation into electricity, thereby substituting for traditional energy sources and reducing environmental pollution. The present work evaluates a developed market (Italy) in which subsidies have been re-introduced for PV plants with a nominal capacity above 20 kW through the FER1 (renewable energy sources) Decree. The discounted cash flow (DCF) methodology is applied to several cases of PV plants in public buildings, in order to determine the value of several critical variables (i.e. level of insolation, plant size, share of self-consumption, investment cost, electricity purchase price). In particular, differences in net present value (NPV) and discounted payback time (DPBT) between subsidy and no-subsidy scenarios are quantified. Break-even point (BEP) analysis is used to define the share of self-consumed energy for which NPV is positive. This share is found to range from 9 to 28% in 105 kW plants and from 10 to 35% in 25 kW plants. In addition, the results verify profitability in almost all of the baseline case studies and only half of the alternative scenarios (involving no subsidies). The estimated profits are consistent with investments aimed at increasing the share of self-consumed energy. • The proposed economic model supports public decision makers. • The economic model is based on both baseline and alternative scenarios. • PV systems realized on public buildings can be economically viable. • PV plant profitability is not verified in half of the cases without subsidies. • Share of self-consumed energy is the key variable in the economic assessment. [ABSTRACT FROM AUTHOR]

Over the last decades, in many rural areas in Southern Europe, farmers have abandoned agricultural activity, especially on small-sized farms, leading to an exodus from rural areas towards urbanized ones. In this context, in the early 1980s, some Sicilian farmers introduced mango on their small-sized farms, as certain areas of Sicily are well suited to tropical and subtropical crops, but also to meet increasing consumer interest for these fruits, as they are perceived as functional foods. This paper aimed to evaluate the economic sustainability of mango and to determine whether its introduction could be considered as an alternative to traditional crops. In particular, an economic-financial analysis of mango orchards on small-sized Sicilian farms was performed by adopting a discounted cash flow approach. In order to provide as comprehensive information as possible, mango was compared with two traditional crops that have always played an important socio-economic role in Southern Italy: wine grape and orange. Results showed a clear economic convenience for mango orchards, denoting an annual gross margin of 14,617.03 €/ha, on average 20 times higher than orange orchards and just less than 40 times higher in respect to vineyards. The higher profitability of mango was also confirmed without considering public grants for the planting phase, and by varying current sales prices and costs. However, it should be considered that the cultivation of mango could represent an opportunity for sustainable development only for certain Sicilian areas, as it is closely related to favorable pedo-climatic conditions. [ABSTRACT FROM AUTHOR]