Technical-Economic Evaluation of Corn Silage and Manure for Electricity and Heat Production in Slovak Republic

Abstract

This article is focused on technical-economic evaluation of the efficiency of corn silage in comparison with manure in case of combined production of electricity and heat. Mentioned energetical sources are used for production of biogas by fermentation in biogas plants, which include equipment for cogeneration. We analysed resources՚ efficiency of installations with installed capacity of 1MW. We found the the use of manure with deterministically defined value, NPV 2 508 303 EUR and IRR 26.35% is more effective. NPV for corn silage was 1 690 562 EUR and IRR 21.37%. Price of electricity, use of electricity and initial investment in both projects have the greatest impact on the change of criterion. Taking into account the risk from Monte Carlo simulation, we found, that with any risk aversion, the NPV of the monitored projects will never be negative. Functions of density and distribution confirmed the ranking of energy resources՚ efficiency obtained using NPV and IRR criteria. It can be stated that both investment plans are very perspective.