A fuzzy levelised energy cost method for renewable energy technology assessment

Wright, Daniel G.; Dey, Prasanta Kumar; Brammer, John

doi:10.1016/j.enpol.2013.07.077

Cited by 14 publications

(4 citation statements)

References 26 publications

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“…To calculate the minimum break-even LEC that incorporates the financial covenants of project finance, the paper utilises the algorithm given in Figure 1 and the supporting equation (Eq. 2) demonstrated in earlier research [32].…”

Section: Levelised Electricity Cost Calculationmentioning

confidence: 59%

“…Where DSCR is the debt service cover ratio and ROE is the return on equity remunerated from the free cash flow Figure 1 -Minimum LEC for project finance algorithm flow chart [32] Figure 1 assumes that the return on equity is remunerated to the equity investors from the free cash flow. The algorithm sets an initial electricity price and simply calculates a typical project cash flow (as shown later in Table 8).…”

Section: Levelised Electricity Cost Calculationmentioning

confidence: 99%

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A barrier and techno-economic analysis of small-scale bCHP (biomass combined heat and power) schemes in the UK

Wright

Dey

Brammer

2014

Energy

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Biomass combined heat and power (bCHP) systems are highly efficient at smaller-scales when a significant proportion of the heat produced can be effectively utilised for hot water, space heating or industrial heating purposes. However, there are many barriers to project development and this has greatly inhibited deployment in the UK. Project viability is highly subjective to changes in policy, regulation, the finance market and the low cost fossil fuel incumbent. The paper reviews the barriers to small-scale bCHP project development in the UK along with a case study of a failed 1.5 MWel bCHP scheme. The paper offers possible explanations for the project's failure and suggests adaptations to improve the project resilience. Analysis of the project's: capital structuring; contract length and bankability; feedstock type and price uncertainty, and; plant oversizing highlight the negative impact of the existing project barriers on project development. The research paper concludes with a discussion on the effects of these barriers on the case study project and this industry more generally. A greater understanding of the techno-economic effects of some barriers for small-scale bCHP schemes is demonstrated within this paper, along with some methods for improving the attractiveness and resilience of projects of this kind.

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Section: Levelised Electricity Cost Calculationmentioning

confidence: 59%

Section: Levelised Electricity Cost Calculationmentioning

confidence: 99%

A barrier and techno-economic analysis of small-scale bCHP (biomass combined heat and power) schemes in the UK

Wright

Dey

Brammer

2014

Energy

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“…Prior researches have introduced several methods using multiple criteria decision-making techniques that use data envelopment analysis (DEA), the analytic hierarchy process, the analytic network process, fuzzy theory, etc. (Wright et al , 2013; De et al , 2020; Dey and Cheffi, 2013; Malesios et al , 2018). Additionally, statistical approaches such as structural equation modelling are also popular for analysing causal relationship of constructs for performance measurement (Dey et al , 2019b, 2020).…”

Section: Performance Measurement and Management: Theory And Practice In The Energy Sectormentioning

confidence: 99%

Guest editorial

Cheffi

Malesios

Dey

2021

IJESM

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Decarbonisation is the major challenge of today's energy sector. Adopting renewable energy is one of the means for achieving lower carbon footprint. Renewables made up 17.1% of electricity generation in 2018, with hydro, wind and biomass making up the majority. That is expected to rise to 24% by 2030. Additionally, most appropriate balance among energy equity, energy security and environmental sustainability helps energy industry to achieve overall sustainability performance (Sun et al., 2020).Energy and resource efficiency, waste management using reduce, reuse and recycle principles following circular economy philosophy have been increasingly adopted in industries including energy sector for achieving "Net Zero" and business sustainability (Dey et al., 2019a). However, for the successful implementation of circular economy, there is a need of appropriate analytical framework to reveal current state of practices and performances to achieve the desired decarbonization targets (Malesios and Dey, 2021).Performance measurement and management has evolved as a philosophy to suggest improvement measures for any organization/system through thorough diagnostic studies. A performance measurement and management system is a balanced and dynamic system that enables support of decision-making processes by gathering, elaborating and analysing information (Bourne et al., 2002). The concept of "balance" refers to the need for using different measures and perspectives that tied together give a holistic view of the organization (Kaplan and Norton, 1996). Moreover, various methods have been evolved, which analyse the causal relationships of performance measures and facilitate to reveal objective means for improvement.Therefore, to address issues and challenges of energy sector for achieving appropriate balance among equity, security and sustainability in strategic, planning and operational levels, the most appropriate performance measurement frameworks need to be developed aligned with the specific organisation's strategic intents. Prior researches have introduced several methods using multiple criteria decision-making techniques that use data envelopment analysis (DEA), the analytic hierarchy process, the analytic network process, fuzzy theory, etc.

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“…LECs are frequently calculated over 20 to 40 year timespans, and are given in the units of currency per kilowatt-hour (kWh) or per megawatt-hour (MW h) [54]. Although a very useful measure, it is important to be aware of the many different assumptions used when arriving at LEC estimates.…”

Section: Applying Additional Costs To the Gpimentioning

confidence: 99%