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The use of renewable energy sources has become strategic in the production of electricity worldwide due to global efforts to increase energy efficiency and achieve a net zero carbon footprint. Hybrid systems can maximize stability and reduce costs by combining multiple energy sources. A conventional metric, such as the levelized cost of energy (LCOE), that is appropriate for assessing the cost-effectiveness of an option may not be appropriate when evaluating the economic feasibility of hybrid systems. This study proposes a stochastic discounted cash flow model (DCF) to assess the economic viability of a hybrid renewable energy system (HRES) in Brazil. The objective is to determine the combinations that will provide the highest 50th percentile internal rate of return (IRR) and the lowest coefficient of variation (CV). Model variables include capital expenditures (CAPEX), operation and maintenance (O&M) costs, sectoral charges, taxes, and long-term energy production metrics. The results demonstrate that the synergies modeled contributed to the higher economic outcomes for the HRES obtained by combining both energy sources rather than opting for a stand-alone configuration. A wind-dominant combination of 60% wind was able to increase the 50th percentile of the IRR, while a solar-dominant combination of 65% solar minimized the CV. [ABSTRACT FROM AUTHOR]

During the COVID-19 pandemic, more than 24 billion pieces of surgical mask waste (WM) were generated in the EU region, with an acute shortage of their management and recycling. Pyrolysis and gasification are among the most promising treatments that were proposed to dispose of WMs and convert them into pyrolysis oil and hydrogen-rich syngas. This work aimed to investigate the techno-economic analysis (TEA) of both treatments in order to assess the feasibility of scaling up. The TEA was carried out using a discounted cash flow model and its data were collected from practical experiments conducted using a fluidised bed pyrolysis reactor and bubbling fluidised bed gasifier system with a capacity of 0.2 kg/h and 1 kg/h, respectively, then upscaling to one tonne/h. The technological evaluation was made based on the optimal conditions that could produce the maximum amount of pyrolysis oil (42.3%) and hydrogen-rich syngas (89.7%). These treatments were also compared to the incineration of WMs as a commercial solution. The discounted payback, simple payback, net present value (NPV), production cost, and internal rate of return (IRR) were the main indicators used in the economic feasibility analysis. Sensitivity analysis was performed using SimLab software with the help of Monte Carlo simulations. The results showed that the production cost of the main variables was estimated at 45.4 EUR/t (gate fee), 71.7 EUR/MWh (electricity), 30.5 EUR/MWh (heat), 356 EUR/t (oil), 221 EUR/t (gaseous), 237 EUR/t (char), and 257 EUR/t (syngas). Meanwhile, the IRR results showed that gasification (12.51%) and incineration (7.56%) have better economic performance, while pyrolysis can produce less revenue (1.73%). Based on the TEA results, it is highly recommended to use the gasification process to treat WMs, yielding higher revenue. [ABSTRACT FROM AUTHOR]

The viability of converting wood chips and plastic to power via compact integrated catalytic fast/slow pyrolysis, combustor, and Stirling engine technologies was determined using modeling analysis. Aspen simulations followed by sizing analysis were performed to determine the size, weight, and net energy efficiency of upgrading wood chips and plastic to power using a compact energy system with a feedstock processing capacity of 1 kg h−1. The equipment and tooling to fabricate individual components of a compact energy system were identified. The total costs of fabricating all the individual components of compact energy systems were assessed. A discounted cash flow analysis with an internal rate of return of 20% was used to assess the minimum selling price of compact energy systems. The specific energy (Wh kg−1) of the compact catalytic fast pyrolysis system, compact slow pyrolysis system, and compact plastic conversion system were assessed at 20, 29, and 63, respectively. The assessed capital and annual costs of manufacturing 10 000 compact energy systems per year were $51 million and about $11 to $13 million, respectively. The calculated minimum selling price of a catalytic fast pyrolysis system, a compact slow pyrolysis system, and a compact plastic conversion system were $3055, $3021, and $2980, respectively. The sensitivity analysis results showed that the internal rate of return, capital investment, materials cost, annual operating costs, and capital cost have significant impacts on the minimum selling price of compact energy systems. © 2021 Society of Chemical Industry and John Wiley & Sons, Ltd [ABSTRACT FROM AUTHOR]

• Subjective real option valuation uses same data inputs as traditional DCF analysis. • The value of delay stems from the investor's subjective views about risk premia. • Cost and revenue uncertainties have complex effects on the option value. • Hedging systematic risk can reduce the value of delaying investment. • The option value may increase or decrease with idiosyncratic, un-hedgeable risk. [Display omitted] We model investor heterogeneity using different required returns on an investment and evaluate the impact on the valuation of an investment. By assuming no disagreement on the cash flows, we emphasize how risk preferences in particular, but also the costs of capital, influence a subjective evaluation of the decision to invest now or retain the option to invest in future. We propose a risk-adjusted valuation model to facilitate investors' subjective decision making, in response to the market valuation of an investment opportunity. The investor's subjective assessment arises from their perceived misvaluation of the investment by the market, so projected cash flows are discounted using two different rates representing the investor's and the market's view. This liberates our model from perfect or imperfect hedging assumptions and instead, we are able to illustrate the hedging effect on the real option value when perceptions of risk premia diverge. During crises periods, delaying an investment becomes more valuable as the idiosyncratic risk of future cash flows increases, but the decision-maker may rush to invest too quickly when the risk level is exceptionally high. Our model verifies features established by classical real-option valuation models and provides many new insights about the importance of modelling divergences in decision-makers risk premia, especially during crisis periods. It also has many practical advantages because it requires no more parameter inputs than basic discounted cash flow approaches, such as the marketed asset disclaimer method, but the outputs are much richer. They allow for complex interactions between cost and revenue uncertainties as well as an easy exploration of the effects of hedgeable and un-hedgeable risks on the real option value. Furthermore, we provide fully-adjustable Python code in which all parameter values can be chosen by the user. [ABSTRACT FROM AUTHOR]

Context: The large inter-annual and decadal rainfall variability that occurs in northern Australian rangelands poses major challenges for the profitable and sustainable management of grazing businesses. Aims: An integrated bio-economic modelling framework (GRASP integrated with Breedcow and Dynama (BCD)) was developed to assess the effect of alternative grazing-management options on the profitability and sustainability of a beef cattle enterprise in the central-western Mitchell grasslands of Queensland over a multi-decadal time period. Methods: Four grazing-management strategies were simulated over a 36-year period (1982–2017) in the GRASP pasture-growth model, using historic climate records for Longreach in central-western Queensland. Simulated annual stocking rates and steer liveweight-gain predictions from GRASP were integrated with published functions for mortality and conception rates in beef-breeding cattle in northern Australia, and then used to develop dynamic BCD cattle-herd models and discounted cash-flow budgets over the last 30 years of the period (1988–2017), following a 6-year model-equilibration period. The grazing-management strategies differed in the extent to which stocking rates were adjusted each year, from a common starting point in Year 1, in response to changes in the amount of forage available at the end of the summer growing season (May). They ranged from a low flexibility of 'Safe stocking rate' (SSR) and 'Retain core herd' (RCH) strategies, to a moderate flexibility of 'Drought responsive' (DR), to a 'Fully flexible' (FF) strategy. The RCH strategy included the following two herd-management scenarios: (1) 'Retain herd structure', where a mix of cattle were sold in response to low pasture availability, and (2) 'Retain core breeders', where steers were sold before reducing the breeder herd. Herd-management scenarios within the DR and FF strategies examined five and four options respectively, to rebuild cattle numbers and utilise available pasture following herd reductions made in response to drought. Key results: Property-level investment returns expressed as the internal rate of return (IRR) were poor for SSR (–0.09%) and the three other strategies when the herd was rebuilt following drought through natural increase alone (RCH, –0.27%; DR, –1.57%; and FF, –4.44%). However, positive IRR were achieved when the DR herd was rebuilt through purchasing a mix of cattle (1.70%), purchasing pregnant cows (1.45%), trading steers (0.50%) or accepting cattle on agistment (0.19%). A positive IRR of 0.70% was also achieved for the FF property when purchasing a mix of cattle to rebuild numbers. However, negative returns were obtained when either trading steers (–2.60%) or agistment (–0.11%) scenarios were applied to the FF property. Strategies that were either inflexible or highly flexible increased the risk of financial losses and business failure. Property-level pasture condition (expressed as the percentage of perennial grasses; %P) was initially 69%P and was maintained under the DR strategy (68%P; average of final 5 years). The SSR strategy increased pasture condition by 25% to 86%P, while the RCH and FF strategies decreased pasture condition by 29% (49%P) and 65% (24%P) respectively. Conclusions: In a highly variable and unpredictable climate, managing stocking rates with a moderate degree of flexibility in response to pasture availability (DR) was the most profitable approach and also maintained pasture condition. However, it was essential to economic viability that the property was re-stocked as soon as possible, in line with pasture availability, once good seasonal conditions returned. Implications: This bio-economic modelling analysis refines current grazing-management recommendations by providing insights into both the economic and sustainability consequences of stocking-rate flexibility in response to fluctuating pasture supply. Caution should be exercised in recommending either overly conservative safe stocking strategies that are inflexible, or overly flexible stocking strategies, due to the increased risk of very poor outcomes. The large inter-annual and decadal rainfall variability, which occurs in northern Australian rangelands, poses major challenges for the profitable and sustainable management of grazing businesses. A bio-economic evaluation found that when stocking rates were based on conservative carrying-capacity principles designed to maintain pasture condition, a moderate flexibility in response to pasture availability was likely to be the most profitable approach to grazing management, as well as maintaining pasture condition over time. [ABSTRACT FROM AUTHOR]

Hydrogen is a prominent clean fuel option for combatting global warming and producing low-emission, ecologically friendly electricity. Consequently, the proton exchange membrane water electrolysis (PEMWE) hydrogen refueling station has undergone thorough economic and environmental analysis. This work intends to fill the gap by presenting the influence of various operating circumstances and design parameters on the economic and environmental aspects of PEMWE based on various behaviors and features (I–V curve) under various scenarios. Profitability analysis (PA) is performed in terms of the net present value (NPV), discounted payback period (DPBP), benefit-cost ratio (BCR), and internal rate of return (IRR) from cumulative discounted cash flow diagrams (CFD). Also, sensitivity analysis (SA) is conducted to assess the impact of different economic factors, while simultaneously establishing CO 2 footprint guidelines for optimal operating and design conditions. The findings highlight that enhancing economic feasibility and reducing environmental concerns are simultaneously achievable by increasing cathode pressure, operating temperature, and decreasing membrane thickness. At membrane thicknesses over 100 μm, the project becomes unprofitable and inefficient at 1.85 V. PEMWE becomes more valuable and sustainable with a current density of 12,000 A/m2 or higher, but it releases more CO 2 emissions. Hence, utilizing excess renewable electricity in PEMWE addresses environmental concerns and enhances the overall ecological sustainability of hydrogen production. [ABSTRACT FROM AUTHOR]

Ethanol is a material that has a high demand from different industries such as fuel, beverages, and other industrial applications. Commonly, ethanol has been produced from yeast fermentation using sugar crops as a feedstock. However, food waste (FW) was found to be one of the promising resources to produce ethanol because it contained a higher amount of glucose. Generally, column distillation has been used to separate ethanol from the fermentation broth, but this operation is considered an energy-intensive process. On the contrary, membrane distillation is expected to be more practical and cost-effective because of its lower energy requirement. Therefore, this study aims to make a comparison of economic performance on FW fermentation with membrane distillation and a conventional distillation system using techno-economy analysis (TEA) method. A commercial-scale FW fermentation plant was modeled using SuperPro Designer V9.0 Modeling. Discounted cash flow analysis was employed to determine ethanol minimum selling price (MSP) for both distillation systems at 10% of the internal rate of return. Results from this analysis showed that membrane distillation has a higher MSP than a conventional process, $6.24 and $2.41 per gallon ($1.65 and $0.64 per liter) respectively. Hence, this study found that membrane distillation is not economical to be implemented in commercial-scale ethanol production. [ABSTRACT FROM AUTHOR]

• The general problem of developing profitability optima is considered at the conceptual level for chemical process designs. • Industrial estimates often employ IRR (Internal Rate of Return) to measure profitability, with a "traditional" hurdle rate to specify the required IRR (ROI). • The NPV % measure provides a more effective basis. Its parameters are adjustable to match the process, the financial environment, and profitability requirements. • Viewing long-term profitability (NPV project), short-term risk [(NPV %)−1] and total capital invested (TI), the first should be maximized ... the last two, minimized or at least subject to bounds. • A new graphical method, with NPV % plotted versus NPV project , couples the three objectives, thus avoiding a Pareto-style optimization with its arbitrary weightings. • The optimum design is at the point of diminishing returns for LT profitability. Any lower value of TI reduces max (NPV project); any larger value isn't fully recovered. Recent fundamental work with discounted cash flow methods shows that an alternative metric for evaluating profitability and risk, one different from Internal Rate of Return (IRR) —namely the annualized and non-dimensionalized Net Present Value (NPV %)— can make evaluating project profitability easier yet more informative. It provides a simple and transparent strategy to optimize a design's key financial dependent variables (capital investment, profitability, risk). 1 1 Model form was originally referred to as "inside-out," but is now called "exo-parametric," i.e., switching from the vernacular to a more scientific and widely-used terminology (Mellichamp, 2018). Both traditional and exo-parametric modeling methods developed by the author are linked to this metric, providing an efficient and precise mechanism to organize and carry out the financial/optimization search procedures in process design. Design engineers want to know what is the optimum size of investment (TI) that meets projected market conditions? What is the expected long-term (NPV) return? What metric can be used to maximize them, consistent with the need to recover capital as quickly as reasonably possible (i.e., to bound the "short-term risk")? The proposed approach answers all three questions simultaneously, with a precise min-max solution obtained transparently. [ABSTRACT FROM AUTHOR]

Because of the value of time, investors are interested in obtaining economic benefits rather early and at a highest return. But some investing opportunities, e.g. mineral projects, require from an investor to freeze their capital for several years. In exchange for this, they expect adequate remuneration for waiting, uncertainty and possible opportunities lost. This compensation is reflected in the level of interest rate they demand. Commonly used approach of project evaluation -- the discounted cash flow analysis -- uses this interest rate to determine present value of future cash flows. Mining investors should worry about project's cash flows with greater assiduousness -- especially about those arising in first years of the project lifetime. Having regard to the mining industry, this technique views a mineral deposit as complete production project where the base sources of uncertainty are future levels of economic-financial and technical parameters. Some of them are more risky than others -- this paper tries to split apart and weigh their importance by the example of Polish hard coal projects at the feasibility study. The work has been performed with the sensitivity analysis of the internal rate of return. Calculations were made using the 'bare bones' assumption (on all the equity basis, constant money, after tax, flat price and constant operating costs), which creates a good reference and starting point for comparing other investment alternatives and for future investigations. The first part introduces with the discounting issue; in the following sections the paper presents data and methods used for spinning off risk components from the feasibility-stage discount rate and, in the end, some recommendations are presented. [ABSTRACT FROM AUTHOR]

[Display omitted] • Design of an integrated catalytic deoxygenation and hydrothermal gasification was performed. • Using experimental data, a high-fidelity process model was created with Aspen Plus. • Exergy analysis results showed that the deoxygenation reactor's exergy efficiencies are superior. • Equipment and raw material costs have superior effect influences on economic viability. Several technologies have been developed to produce sustainable aviation fuel (SAF), the hydroprocessing of esters and fatty acids (HEFA) representing one of the most mature pathways. Although HEFA has been widely adopted by industry, this pathway is mainly reliant on the hydrodeoxygenation (HDO) reaction, which requires large amounts and high pressures of hydrogen gas that reduces the cost-effectiveness of the process. In this study, the economic, environmental, and exergy analyses of two alternative scenarios for the catalytic production of SAF were considered. In both scenarios, SAF is produced through the catalytic deoxygenation of tall oil fatty acid (TOFA) via decarboxylation/decarbonylation (deCO x) – an approach requiring smaller amounts and lower pressures of hydrogen, feedstocks of lower purity and cost, and simpler supported metal catalysts relative to HDO. The material and energy balance was calculated using Aspen Plus process simulation software. Scenario 1 comprises a plant in which the catalytic deoxygenation of TOFA via deCO x is performed using hydrogen gas obtained commercially, while scenario 2 integrates catalytic deoxygenation with a plant that produces hydrogen gas via hydrothermal gasification. The study revealed that both scenarios were economically feasible relative to other pathways for SAF production, with the minimum fuel selling price (MFSP) of scenario 2 (USD$ 0.39/L) being lower than that of scenario 1 (USD$ 0.62/L). In addition to being the most economically viable, scenario 2 was also found to be preferable from an environmental standpoint since it also shows a lower global warming potential (GWP). Discounted cash flow analysis (DCFA) was used to determine other economic indicators such as net present value (NPV), internal rate of return (IRR), net rate of return (NRR) and payback period (PBP), which was estimated to be approximately 3 years for both scenarios. Finally, sensitivity analysis confirms that the raw materials and equipment purchase costs have the greatest impact on the MFSP. [ABSTRACT FROM AUTHOR]

Research in multiple internal rate of return (MROR) has mainly focused on three areas: uniqueness, conditions where MROR occur, and solutions to MROR. In an attempt to solve for MROR, researchers have assumed that the occurrence of MROR is prevalent and thus a solution is direly needed. This article examines the probability that positive MROR would occur when variation is incorporated into the cash flow and the probability of getting positive MROR when multiple sign-change cash flow is generated. Results show that the probability of positive MROR occurring in multiple sign-change cash flows is relatively low and potentially a rare event. [ABSTRACT FROM PUBLISHER]

The production of lignocellulose biomass on dedicated plantations is an option that facilitates the implementation of sustainable development policy. The novelty of this type of research is that it involves the use of various types of methods—economic and legal analyses within a particular subject. This makes it possible to obtain a holistic view of the chosen case study. The purpose of this study was to determine whether setting up a Short Rotation Coppice (SRC) plantation of willow (Salix spp.) and poplar (Populus spp.) was economically profitable and if the legal regulations supported this type of production. The economic data are based on an experimental case study. The economic profitability of the plantations was assessed through an analysis of discounted cash flows, net present value (NPV), internal rate of return (IRR), and profitability index (PI). The legal analysis of the relevant EU and Polish legal solutions was based on a dogmatic approach. The study demonstrated that SRC cultivation was mostly hindered by economic factors, including the low selling price of biomass as an energy resource and the high costs of harvest. Meanwhile, in the analysed period, i.e., from 2015 to 2020, there were no additional legal or economic forms of support for this type of production that was addressed directly to lignocellulose biomass producers, with the exception of the standard support under the Common Agricultural Policy framework. The results of this study provide information for decisionmakers about the opportunities and challenges experienced during the development of SRC plantations. [ABSTRACT FROM AUTHOR]

• 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]

This study aims to assess the potential risks of setting up a hydrogen infrastructure in the Netherlands. An integrated risk assessment framework, capable of analyzing projects, identifying risks and comparing projects, is used to identify and analyze the main risks in the upcoming Dutch hydrogen infrastructure project. A time multiplier is added to the framework to develop parameters. The impact of the different risk categories provided by the integrated framework is calculated using the discounted cash flow (DCF) model. Despite resource risks having the highest impact, scope risks are shown to be the most prominent in the hydrogen infrastructure project. To present the DCF model results, a risk assessment matrix is constructed. Compared to the conventional Risk Assessment Matrix (RAM) used to present project risks, this matrix presents additional information in terms of the internal rate of return and risk specifics. [ABSTRACT FROM AUTHOR]

[Display omitted] • Hydrothermal carbonization can readily convert paunch waste to value-added products. • Process modelling indicates that pre-heater and dryer are the main energy consumer. • Hydrothermal carbonization technology development is challenged by reactor high cost. • Treating dewatered paunch waste is more commercially viable despite lower conversion. • Economic viability is highly sensitive to LHSV of reactor and economic assumptions. In this study, dewatered and raw paunch waste, with 15 and 3 wt% total solids respectively, generated at abattoirs was hydrothermally carbonised under subcritical water conditions. Higher solids content was found to produce higher hydrochar yield (i.e. 53% for 15 wt% compared to 33.5% for 3 wt%) at similar operating conditions of 10 bar and 240 °C for 5 min. The morphological differences were noted via Scanning Electron Microscopy (SEM) in the hydrochar samples, and the surface area for processing raw paunch waste was found to be 68.1 m2 g−1 compared to 10.8 m2 g−1 in case of dewatered paunch waste. The light bio-oil was mostly composed of phenolic compounds while the heavy bio-oil mainly contained long chain fatty acids and their esters. Following the experimental work, a full-scale ASPEN Plus process model was developed for a typical abattoir generating 27 tonne dry paunch waste per day. Pre-heater and hydrochar dryer contributed to 73% and 57% of the total energy for processing raw and dewatered paunch waste, respectively, because of the high moisture content of the feedstock and hydrochar. After the equipment sizing and estimation of capital and operating costs, the discounted cash flow analysis was performed using the Nth-Plant financing assumptions. It was concluded that treating dewatered paunch waste is preferable as it: needed a smaller reactor i.e. lower overall initial investment, was less sensitive to bio-oil price, and improved the net present value over a period of 30 years to $2.8 MM. Besides the liquid hourly speed velocity, its commercial viability is highly sensitive to internal rate of return and existence of hydrochar dryer. [ABSTRACT FROM AUTHOR]

Abstract: The main purpose of this paper is to propose a fuzzy approach for investment project valuation in uncertain environments from the aspect of real options. The traditional approaches to project valuation are based on discounted cash flows (DCF) analysis which provides measures like net present value (NPV) and internal rate of return (IRR). However, DCF-based approaches exhibit two major pitfalls. One is that DCF parameters such as cash flows cannot be estimated precisely in the uncertain decision making environments. The other one is that the values of managerial flexibilities in investment projects cannot be exactly revealed through DCF analysis. Both of them would entail improper results on strategic investment projects valuation. Therefore, this paper proposes a fuzzy binomial approach that can be used in project valuation under uncertainty. The proposed approach also reveals the value of flexibilities embedded in the project. Furthermore, this paper provides a method to compute the mean value of a project’s fuzzy expanded NPV that represents the entire value of project. Finally, we use the approach to practically evaluate a project. [Copyright &y& Elsevier]

'Hamlin' is a principal sweet orange grown in Florida for processing. It is productive but produces juice with low soluble solids content and poor color. A long-term trial was conducted in central Florida to determine rootstock effects on yield and juice quality and the effect of economic analysis on the interpretation of the horticultural results. The trees were a commonly used commercial selection of 'Hamlin' sweet orange [Citrus sinensis (L.) Osb.] propagated on 19 rootstocks planted in a randomized complete block design of three-tree plots with six replicates in a Spodosol soil at a density of 350 trees/ha. Routine horticultural data were collected from the original trial (H1) for 10 years. Trees on some rootstocks that grew and yielded poorly were removed within a few years and replaced with a second trial (H2) with 13 rootstocks from which data were collected for 5 years. The H1 data were financially analyzed to compare the relative usefulness of horticultural and economic data in interpreting results and making rootstock decisions. In H1 after 10 years, tree height ranged from greater than 5 m [Volkamer lemon (C. volkameriana Ten. & Pasq.)] and Cleopatra mandarin (C. reshni Hort. ex Tan.) to 2.4 m {Flying Dragon trifoliate orange [Poncirus trifoliata (L.) Raf.]}. In H2, the trees on somatic hybrid rootstocks were ≈2 m tall after 8 years and 4.4 m among those on mandarins and C-32 citrange (C. sinensis x P. trifoliata). Tree losses from citrus blight were generally low except for the trees on Carrizo and Troyer citranges (greater than 50%). Horticulturally, the highest performing trees in H1, measured by cumulative yield and soluble solids production over 10 years, were those on Carrizo, Troyer, and Benton citranges; poor performers were those on Smooth Flat Seville and Kinkoji (putative sour orange hybrids). Fruit yield and soluble solids production were directly related to tree height regardless of the difference among rootstocks in juice quality. The same relationship existed among the trees in H2 in which the best rootstocks were C-32 and Morton citranges. Trees on Swingle citrumelo (C. paradisi Macf. x P. trifoliata) ranked no. 12 of 19 rootstocks and 9 of 13 rootstocks in H1 and H2, respectively. Financial interpretation of the outcomes to include tree replacement resulting from blight losses did not substantially change the horticultural interpretations. Additional financial analyses demonstrated that the performance of trees on rootstocks with relatively low productivity/tree, like those on C-35 citrange and Kinkoji, would equal those on more vigorous rootstocks when tree vigor was properly matched with spacing. Yield determined the economic outcomes and financial analysis aided the interpretation of rootstock horticultural effects but did not greatly alter the relationship among rootstock results. Highly significant correlations between annual and cumulative data indicated that relative rootstock performance among 'Hamlin' orange trees in Florida could be reliably determined based on the first 4 cropping years. [ABSTRACT FROM AUTHOR]

Two field experiments with 'Valencia' sweet orange [Citrus sinensis (L.) Osb.] trees propagated on 12 rootstocks were conducted in commercial orchards. The objectives were to compare rootstock horticultural performance between two locations with soils representative of the Central Florida Ridge (AP) and coastal flatwoods (1), the major citrus-growing regions in Florida, and to see if financial analysis would provide an improved basis for interpreting rootstock performance. The randomized complete-block trials involved six-tree plots replicated eight or 10 times at planting densities of 358 trees (AP) or 252 trees (I)/ha, respectively. Tree growth and survival, yield, and juice quality were measured for 15 years. When losses occurred, trees were replaced annually with another one on the same rootstock. The data of seven rootstocks were subjected to a financial interpretation of three scenarios: tree loss and tree loss with or without tree replacement using the discounted cash flow and internal rate of return methods at a 15% rate. At the flatwoods location, when differences among replications became apparent on several rootstocks, soil data were collected to study its possible association to tree performance; also in this trial, 400-kg fruit samples were differentially harvested in 2 successive years from mature trees on each of five commercial rootstocks when the juice soluble solids/acid ratio was near 15. The juice was extracted, pasteurized, and evaluated for flavor by an experienced taste panel. The horticultural data obtained for trees on specific well-studied rootstocks [Volkamer (C. volkameriana Ten. & Pasq.)] and rough (C. jambhiri Lush.) lemons, Carrizo citrange [C. sinensis x Poncirus trifoliata (L.)], sour orange [C. aurantium (L.)], Cleopatra mandarin (C. reshni Hort, ex Tan.), trifoliate orange (P. trifoliata), a selection of sweet orange (C. sinensis), and Swingle citrumelo (C. paradisi Macf: x P. trifoliata) at both locations were typical of their well-documented performance in Florida and elsewhere. Tree losses were virtually only from citrus blight and ranged from none (sour orange) to greater than 50% (Volkamer and rough lemons) at both locations, although tree loss began later at the Central Florida location. 'Valencia' cuttings (only at the flatwoods site) were long-lived and cropped well for their smaller size compared with the budded trees. Taste panelists were not able to distinguish differences over two seasons among pasteurized 'Valencia' juices produced from trees on different rootstocks and normalized by soluble solids/acid ratio. Yield and planting density were the main factors affecting financial outcome; also, in the highly variable soils of the coastal flatwoods, trees growing in sites with greater depth to an argillic layer had 30% to 200% higher yields. Trees on Volkamer lemon had only ≈50% survival at both locations but had the highest ($7,338/ha I) or one of the highest cash flows ($13,464/ha AP) as compared with one of the commercial standards, Carrizo citrange ($6,928 I; $16,826 AP), which had only ≈25% tree loss. Inclusion of financial analysis, with certain limitations, was concluded to considerably improve rootstock selection decisions compared with selection based only on horticultural data. [ABSTRACT FROM AUTHOR]

In this article the concept of an integration model of financial analysis methods of investment projects is presented. The described approach concerns the discounted cash flow methods and is focused on the future value growth of an investment. The defined relationships between these methods make it possible to illustrate the main perspectives of efficiency analysis. The aim of this article is to bring many methods of analysis together in a common framework. [ABSTRACT FROM AUTHOR]

The article surveys contributions to the literature covering the field of probabilistic discounted cash flow (DCF) analysis of individual capital investments from the earliest contributions of the 1960s to today. Such analysis includes the methods of present worth (net present value), annual worth, future worth, internal rate of return, payback period, and benefit:cost ratio. The history and development of the probabilistic case is traced, listing the main assumptions made and any restrictions to applications. The survey will be found useful by those engaged in risk management and decisions associated with investments and budgeting having uncertain outcomes. [ABSTRACT FROM AUTHOR]

Lignocellulose biorefineries process biomass into 'green' chemicals and bioenergy and play a key role in sustainable bio-economies. Using sugarcane bagasse and trash feedstocks, biorefineries were simulated in Aspen Plus ® v 8.6 to generate mass and energy balances. Four scenarios with electricity and furfural as common products were generated. Scenario A in addition produced high volume, low value levulinic acid whilst scenarios B1 and B2 generated low volume, high value levulinic acid at varied feedstock capacities. Scenario C produced low volume, high value levulinic acid and bulk gamma valerolactone. The four biorefineries were also compared to a combined heat and power plant that only produced steam and electricity. Aspen Plus ® Economic Analyser and a discounted cash flow rate of return methodology were used to determine the economic feasibility of the bioenergy self-sufficient biorefineries annexed to a conventional South African sugar mill. Levulinic acid production via the Biofine process makes economic sense when produced for niche markets, due to the anticipated decrease in market prices when production volumes increase. Scenario (C) co-producing a low volume of levulinic acid (0.15 t h−1) together with 3.3 t h−1 furfural, electricity (14 MWh) and 6.8 t h−1 gamma valerolactone, was the most profitable. It attained an internal rate of return of 23% and 253 US$ million net present value at a 9.7% hurdle rate by matching chemicals' production volumes to market demands, to maintain high market prices for multiple revenue streams. • Techno-economics of lignocellulose biorefineries via chemical means were assessed. • Economies of scale effects and extra returns from multiple products raised profits. • Scenario with specialty levulinic acid and bulk gamma valerolactone was profitable. [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]