By Theodoros Zachariadis, Costas Hadjikyriakou
This booklet provides an monetary cost-benefit overview of the penetration of renewable energy iteration in Cyprus as much as 2030. in contrast to a only monetary appraisal, we hire a social cost-benefit research that's frequently correct for coverage makers, considering – except direct monetary bills – exterior expenditures and merits from the diffusion of renewable electrical energy. The ebook provides a entire but simple case research, most likely the 1st one carried out for Cyprus.
Electricity produced by way of renewable resources elevated around the globe at its quickest expense so far in 2014. pushed by means of guidelines to mitigate weather swap, improve power protection and decrease pollution, and through declining bills of significant applied sciences, renewables account for the majority internet new strength producing capability within the constructed international. during this context, Cyprus is more and more adopting renewable energy iteration to boot. as well as its power and environmental commitments as a member of the ecu Union, the rustic needs to diversify its strength offer to be able to force down electrical energy expenses and decrease power offer dangers. an important deployment of renewable electrical energy is foreseen within the coming a long time. Is it economically justified for a small kingdom with an remoted electrical process like Cyprus.
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Extra info for Social Costs and Benefits of Renewable Electricity Generation in Cyprus
2 27 Fuel Costs Avoided fossil fuel costs due to reduced use of thermal power plants constitute a beneﬁt in our CBA calculations. These costs in each year are the product of the avoided fossil fuel consumption (of fuel oil, diesel oil or natural gas) multiplied by the respective fuel price. Avoided fuel consumption is calculated with the aid of the following general formula: E ¼ mf Á Hu Á nf where E electricity produced in a given year by all renewable installations that entered the system after 2015, thereby reducing fossil fuel generated electricity (GWh) mf avoided fuel quantities (tn) Hu net caloriﬁc value of each fossil fuel (GWh/tn) nf efﬁciency factor of each fossil-fuelled power plant (%) Assuming that fossil-fuelled power generation from each thermal plant will be displaced by RES proportionally to the percentage of electricity produced by each plant in 2014, it is possible to assess the amount of fossil fuel consumption avoided per year.
Two CBA metrics are presented—the net present value and the beneﬁt–cost ratio. 3 present the results of this analysis for solar photovoltaics. Although calculations are conducted year by year, ﬁgures on the tables are presented every ﬁve years for brevity; the sums refer to the entire 20-year period. 3. Avoided fuel costs account for 55–60 % of total beneﬁts, whereas sulphur dioxide emissions dominate in the externalities of thermal power generation. e. ignoring the costs of pollution. 5 present the corresponding CBA results for periods 2016–2020 and 2026–2030.
The basic principles for conducting a cost–beneﬁt analysis and how these principles were implemented for the assessment of renewable energy deployment in Cyprus. We then described the data that were utilised and the main assumptions adopted in this study about the evolution of installed capacity and electricity generation for each renewable source, according to the national renewable energy roadmap developed in 2014 (IRENA 2015). Four RES types were considered—wind power, solar photovoltaics, concentrated solar power and biomass/biogas plants—as the potential of other renewable energy options is currently considered very low and they are not expected to have a sizeable contribution—if at all—to power generation of Cyprus by 2030.
Social Costs and Benefits of Renewable Electricity Generation in Cyprus by Theodoros Zachariadis, Costas Hadjikyriakou