Search Results (168)

The energy system of Ukraine needs to be decentralized, which aligns entirely with its intention to join the EU. The study focuses on regional peculiarities in establishing solar energy cooperatives and provides practical guidance on developing an energy cooperative in Ukraine. The article studies the different elements of electricity tariff composition for households, compares the existing support schemes (feed-in tariff and net metering), and defines which regions are the most suitable for establishing energy cooperatives (using solar installation). The primary methods employed are descriptive analysis, net present value analysis, and the integral assessment method, which collectively provide a comprehensive framework for evaluating both the economic viability and regional suitability of solar energy cooperatives. The findings indicate that the most suitable regions for solar energy cooperatives in Ukraine are located in the northeast and southwest of the country. The study highlights the importance of tailoring regional programs for energy cooperatives to enhance energy security and support the country’s low-carbon energy transition. The findings may be of interest and applicable in Ukraine and beyond. Full article

This study aims to analyze the determinants of bank profitability in Angola by employing panel data econometric models, specifically, the Generalized Method of Moments (GMM), to assess the impact of internal and external factors on the financial indicators ROE, ROA, and NIM for the period 2016 to 2023. The results reveal that credit risk, operational efficiency, and liquidity are critical determinants of banking performance. Effective credit risk management and cost optimization are essential for the sector’s stability. Banking concentration presents mixed effects, enhancing net interest income while potentially undermining efficiency. Economic growth supports profitability, whereas inflation exerts a negative influence. The COVID-19 pandemic worsened asset quality, increased credit risk, and led to a rise in non-performing loans and provisions. Reforms implemented by the National Bank of Angola have contributed to strengthening the banking system’s resilience through restructuring and regulatory improvements. The rise of digitalization and fintech presents opportunities to enhance financial inclusion and efficiency, although their success relies on advancing financial literacy. This study contributes to the literature by providing updated empirical evidence on the factors influencing bank profitability within an emerging economy’s distinctive institutional and economic context. Full article

The growing global demand for sustainable energy solutions has spurred interest in hybrid renewable energy systems, particularly those combining photovoltaic (PV) solar and wind power. This study records the technical and financial feasibility of establishing hybrid solar photovoltaic and wind power stations in Iraq, Al-Rutbah and Al-Nasiriya, with a total power of 60 MW for each, focusing on optimizing energy output and cost-efficiency. The analysis evaluates key technical factors, such as resource availability, system design, and integration challenges, alongside financial considerations, including capital costs, operational expenses, and return on investment (ROI). Using the RETScreen program, the research explores potential locations and configurations for maximizing energy production and minimizing costs, and the evaluation is performed through the calculation Internal Rate of Return (IRR) on equity (%), the Simple Payback (year), the Net Present Value (NPV), and the Annual Life Cycle Savings (ALCSs). The results show that both PV and wind technologies demonstrate significant energy export potential, with PV plants exporting slightly more electricity than their wind counterparts. Al Nasiriya Wind had the highest output, indicating favorable wind conditions or better system performance at that site. The results show that the analysis of the proposed hybrid system has a standardizing effect on emissions, reducing variability and environmental impact regardless of location. The results demonstrate that solar PV is significantly more financially favorable in terms of capital recovery time at both sites, and that financial incentives, especially grants, are essential to improve project attractiveness, particularly for wind power. The analysis underscores the superior financial viability of solar PV projects in both regions. It highlights the critical role of financial support, particularly capital grants, in turning renewable energy investments into economically attractive opportunities. Full article

This study evaluates the cost-effectiveness and environmental benefits of two residential photovoltaic (PV) on-grid systems in Poland: a 4.35 kWp system (V1) and a 5.70 kWp system (V2). With growing interest in prosumer energy and climate goals, assessing small-scale PV systems is critical for sustainable energy planning. Economic performance was analyzed using net present value (NPV), internal rate of return (IRR), and discounted payback period (DPP). Sensitivity analyses identified key factors affecting investment outcomes. V2 demonstrated superior performance, with an NPV five times higher than that of V1 and annual savings of EUR 1392 compared to EUR 270. V2 also achieved a 15.66% IRR and 7.7-year DPP, outperforming V1′s 5.85% IRR and 17.3-year DPP. CO₂ emission reductions were 2.6 and 3.6 Mg/year for V1 and V2, respectively. The findings emphasize the importance of tailored financial incentives and regulatory reforms to support prosumers and optimize grid integration in Poland. Full article

South Africa’s persistent energy shortages and high utility costs have led to increased interest in rooftop solar photovoltaic (PV) systems. However, understanding their economic and environmental viability in urban residential contexts remains limited. This study investigates the feasibility of integrating rooftop solar PV systems with local energy storage and grid electricity in residential housing complexes in Benoni, Gauteng Province. A hybrid energy system was proposed and modeled using detailed consumption data from a typical community in Benoni. The system includes rooftop PV installations, lithium-ion storage, and connection to the national grid. A techno-economic analysis was conducted over a 25-year project lifespan to evaluate energy cost, payback period, net present cost, and carbon dioxide emissions. The optimal system configuration—Solar PV + Storage + Grid—achieved average annual utility bill savings of USD 30,207, with a payback period of 1.0 year, a net present cost (NPC) of USD 40,782, and an internal rate of return (IRR) of 101.7%. Annual utility costs were reduced from USD 30,472 to USD 267, and the system resulted in a net reduction of 130 metric tons of CO₂ emissions per year. The levelized cost of energy (LCOE) was USD 0.0071/kWh. The integration of rooftop solar PV and energy storage with grid electricity presents a highly cost-effective and environmentally sustainable solution for residential communities in urban South Africa. The findings support policy initiatives aligned with Sustainable Development Goal (SDG) 7: “Affordable and Clean Energy”. Full article

As climate change destabilizes food crop production, there is a growing interest in controlled environment agriculture (CEA). Although light-emitting diodes (LED) have made CEA economically viable for some high-value crops when coupled to agrivoltaics (solar photovoltaics + agriculture), it has generally not been used for root vegetables. This is the first study to demonstrate that radishes and turnips could be grown in a reasonable period of eight weeks in an agrivoltaic agrotunnel using both lighting and grow walls optimized for lettuce growth. As reduction in LED energy use is important to minimize capital costs for solar energy, this study investigated three lighting treatments (red, white, and full-spectrum as control). The normalized yields (adjusted for total energy provided by each treatment) showed that both cultivars preferred red light, and harvested green leaves provided higher masses than the roots, although turnips appeared to be far more adaptable to vertical growth than radishes (>450% for roots and >50% for leaves per pot compared to radishes for the control treatment). The results show promise for providing true net-zero carbon emission root vegetables year-round with similar agrivoltaics-powered CEAs. Future work is needed with light intensity trials to optimize light recipes. Full article

The study of carbon stocks in organic compounds within terrestrial ecosystems allows us to create a pool of potential carbon farming projects. At present, it is essential to assess the economic viability of natural-based solutions in order to develop strategies to encourage small and medium enterprises (SME) and governments to address climate change through specific measures. This article is devoted to the study of the economic efficiency of afforestation projects. The purpose of this study is to evaluate the economic efficiency of the project and, based on NPV sensitivity analysis, to identify the factors affecting economic efficiency. This will make it possible to formulate directions for stimulating the development of afforestation projects using tools to improve their economic efficiency. Based on data on the number of carbon credits issued, their price, and the costs and other revenue associated with the implementation of the afforestation project, a sensitivity analysis of economic efficiency was conducted, highlighting the most significant factors. Given that different tree species are characterized by variable seedling values, planting costs, and sequestration potentials, an afforestation project with the most carbon efficient tree species was selected as a pilot project. Black alder exhibits the most optimal proportion between the volume of carbon units released and the cost of planting trees. A sensitivity analysis of the project’s net present value was conducted in order to ascertain the factors that have the most significant impact on the project’s economic efficiency. These include the discount rate based on the cost of capital and the cost of tree planting. As a result, this article makes recommendations for improving the economic efficiency of afforestation projects for SME. The government’s role in enhancing the economic efficiency of such initiatives entails reducing the cost of capital through a reduction in the key rate or the provision of subsidies for the interest rate on bank credits. An alternative approach involves the granting of subsidies for the cost of tree planting, since the effects can be seen as a series of public goods, such as the creation of recreational areas and increased biodiversity of the ecosystem. Full article

Nigeria is among the countries highly vulnerable to climate change impact. Thus, there has been growing emphasis on the pursuit of decarbonization and net-zero (net-zero transition) strategies. The aim of this work is to review major concepts in research publications associated with climate change mitigation in Nigeria. The literature search was conducted on the Scopus database using relevant keyword operators. Mixed methods were adopted to conduct bibliometric, text mining and content analysis. Bibliometric software (VOSviewer) was used. The research objectives were to identify how net-zero transition research has evolved in Nigeria; their important research themes and trends in Nigeria, and potential directions for future research on achieving them in Nigeria. The results show that the number of publications in the field has been increasing, with 87% of the articles included in the dataset published between 2016 and 2024. Through data clustering, eight clusters of articles were identified, namely (i) the renewable energy, economic growth and emission reduction nexus (ii) energy transition in the Nigerian power system, (iii) policy drivers (socio-technical and economic) for a cleaner energy system, (iv) energy transition governance, (v) hybrid renewable energy systems, (vi) low-carbon transition, (vii) energy efficiency and low-carbon growth and others. By checking through the keywords used by authors, it appears that the most popular keywords are carbon neutrality, hydrogen, biomass, circular economy, and electric vehicles. These keywords further highlight areas of research interests. Some of the potential future directions identified include the need for effective research communication and strong cooperation between academia and relevant CC policy-making bodies to translate scientific research into evidence-based policies and actionable frameworks; tiered subsidies or tax rebates to low-income households to promote CC mitigating technologies and align CC objectives with social equity; and others. Although this work focuses solely on Nigeria, the country shares similar characteristics with many sub-Saharan African countries, and some others in the global South. Accordingly, the findings will be relevant to those areas, with some unique adaptations. Full article

The synthesis and symbiotic mechanisms of truffle ectomycorrhizae have attracted considerable scientific interest in recent decades. Although previous research has successfully identified the symbiotic partners of truffles (Tuber spp.) and characterized their mature morphological features, the dynamic processes involved in truffle ectomycorrhizal formation remain insufficiently understood. In this study, we established an ectomycorrhizal synthesis system using Castanea mollissima seedlings inoculated with Tuber sinense spore suspensions under controlled greenhouse conditions, followed by an eight-month observation period. To systematically characterize and model the morphological changes during ectomycorrhizal development, we employed an innovative approach integrating resin sectioning with confocal microscopy. Ectomycorrhizal formation was initially observed two months post inoculation, with a colonization rate reaching 24.4 ± 5.3% by the third month. The ectomycorrhizae displayed a distinct color progression from light brown through ochre and finally dark brown, typically manifesting either monopodial or branched structures. Early developmental stages (2–3 months) were characterized by a thin mycelial membrane enveloping the root surface, accompanied by limited hyphal penetration into the root system. By the eighth month, the colonization rate stabilized at 45.2 ± 8.6%, with enhanced organization and density of the fungal mantle and extended Hartig nets reaching the periphery of outer cortical cells. The continuous growth and differentiation of mycorrhizal root tips generated repetitive root architectures, significantly enhancing symbiotic efficiency. These findings provide critical insights into the morphological development and symbiotic effectiveness of truffle ectomycorrhizae while establishing a methodological framework for investigating ectomycorrhizal associations in other economically significant plant–fungal systems. Full article

Forecast risk management is central to the financial management process. This study aims to apply Monte Carlo simulation to solve three classic probabilistic paradoxes and discuss their implementation in corporate financial management. The article presents Monte Carlo simulation as an advanced tool for risk management in financial management processes. This method allows for a comprehensive risk analysis of financial forecasts, making it possible to assess potential errors in cash flow forecasts and predict the value of corporate treasury growth under various future scenarios. In the investment decision-making process, Monte Carlo simulation supports the evaluation of the effectiveness of financial projects by calculating the expected net value and identifying the risks associated with investments, allowing more informed decisions to be made in project implementation. The method is used in reducing cash flow volatility, which contributes to lowering the cost of capital and increasing the value of a company. Simulation also enables more accurate liquidity planning, including forecasting cash availability and determining appropriate financial reserves based on probability distributions. Monte Carlo also supports the management of credit and interest rate risk, enabling the simulation of the impact of various economic scenarios on a company’s financial obligations. In the context of strategic planning, the method is an extension of decision tree analysis, where subsequent decisions are made based on the results of earlier ones. Creating probabilistic models based on Monte Carlo simulations makes it possible to take into account random variables and their impact on key financial management indicators, such as free cash flow (FCF). Compared to traditional methods, Monte Carlo simulation offers a more detailed and precise approach to risk analysis and decision-making, providing companies with vital information for financial management under uncertainty. This article emphasizes that the use of Monte Carlo simulation in financial management not only enhances the effectiveness of risk management, but also supports the long-term growth of corporate value. The entire process of financial management is able to move into the future based on predicting future free cash flows discounted at the cost of capital. We used both numerical and analytical methods to solve veridical paradoxes. Veridical paradoxes are a type of paradox in which the result of the analysis is counterintuitive, but turns out to be true after careful examination. This means that although the initial reasoning may lead to a wrong conclusion, a correct mathematical or logical analysis confirms the correctness of the results. An example is Monty Hall’s problem, where the intuitive answer suggests an equal probability of success, while probabilistic analysis shows that changing the decision increases the chances of winning. We used Monte Carlo simulation as the numerical method. The following analytical methods were used: conditional probability, Bayes’ rule and Bayes’ rule with multiple conditions. We solved truth-type paradoxes and discovered why the Monty Hall problem was so widely discussed in the 1990s. We differentiated Monty Hall problems using different numbers of doors and prizes. Full article

Water photoelectrolysis cells based on photoelectrochemical water splitting seem to be an interesting alternative to other traditional green hydrogen generation processes (e.g., water electrolysis). Unfortunately, the practical application of this technology is currently hindered by several difficulties: low solar-to-hydrogen (STH) efficiency, expensive electrode materials, etc. A novel concept, based on a tandem photoelectrolysis cell configuration with an anion-conducting membrane separating the photoanode from the photocathode, has already been proposed in the literature. This approach allows the use of low-cost metal oxide electrodes and nickel-based co-catalysts. In this paper, we conducted a study to evaluate the economic and environmental sustainability of this technology, using the environmental life cycle cost. Preliminary results have revealed two main interesting aspects: the negligible percentage of externalities in the total cost (<0.15%), which means a positive environmental impact, and as evidenced by the net present value (NPV), there are potentially financial conditions that favour future investment. In fact, an NPV higher than 150,000 EUR can be achieved after 15 years. Full article

The aim of this study was to assess the impact of the on-farm solar photovoltaic (PV) generation to offset grid electricity consumption on a commercial poultry farm in the US. Hourly electricity production by PV systems was estimated using the System Advisor Model (SAM) of the National Renewable Energy Lab (NREL) and compared with the estimated electric load demand of a broiler house. We analyzed the economic benefits of installing solar systems of three capacities under net energy metering and net energy billing pricing scenarios. Results suggested that a smaller PV installation of 35 kW_p, while substantially short of meeting energy needs, resulted in an 85% self-consumption ratio, whereas the larger 70 kW_p and 105 kW_p PV systems, led to 59% and 42% self-consumption ratios, respectively. This is important when analyzing pricing schemes as lesser amounts of PV energy created are sold to the grid with the smallest system, and, thereby, the least pricing effects on profitability occur across pricing scenarios. Although all scenarios lead to positive net present values (NPVs), under either type of the pricing scenarios, farm business owners realize more favorable energy sales with NEM, which would spur PV system adoption. Results of this study thus provide information to both poultry farmers, considering the size of system installations and policy makers interested in affordably increasing renewable energy supplies and/or rural development. Full article

The increasing requirement for distillates, accompanied by higher quantities of heavy crude oil in world production, has positioned gas oil hydrocracking as one of the most significant processes in refineries. In the petrochemical industry, hydrocracking is an essential process that converts heavy hydrocarbons into lighter and more valuable products such as LPG (liquefied petroleum gas), diesel, kerosene, light naphtha, and heavy naphtha. This method uses hydrogen and a catalyst to break down the gas oil feedstock through hydrogenation and hydrocracking reactions. However, the gas oil hydrocracking process faces significant technical, economic, and financial obstacles that must be overcome to reveal its full potential. In this study, a computer-assisted technical–economic evaluation and an evaluation of the technical–economic resilience of the gas oil hydrocracking process at an industrial scale was carried out. Twelve technical–economic and three financial indicators were evaluated to identify this type of process’s current commercial status and to analyze possible economic performance parameter optimizations. The economic indicators listed include gross profit (GP), profitability after taxes (PAT), economic potential (EP), cumulative cash flow (CCF), payback period (PBP), depreciable payback period (DPBP), return on investment (ROI), internal rate of return (IRR), net present value (NPV), annual cost/revenues (ACR), break-even point (BEP), and on-stream efficiency at the BEP. On the other hand, the financial indicators proposed by the methodology are earnings before taxes (EBT), earnings before interest and taxes (EBIT), and earnings before interest, taxes, depreciation, and amortization (EBITDA). The technical–economic resilience of the process was also evaluated, considering the costs of raw materials, the market prices of the products, and processing capacity. The gas oil hydrocracking plant described, with a useful life of 20 years and a processing capacity of 1,937,247.91 tonnes per year, achieved a gross profit (GP) of USD 58.97 million and a return after tax (PAT) of USD 39.77 million for the first year, operating at maximum capacity. The results indicated that the process is attractive under a commercial approach, presenting a net present value (NPV) of USD 68.87 million at the end of the last year of operation and a cumulative cash flow (CCF) of less than one year⁻¹ (0.34 years⁻¹) for the first year at full processing capacity, which shows that in this process, variable costs have more weight on the economic indicators than fixed costs. Full article

The paper examines the key determinants of European banks’ profitability by analyzing the return on assets (ROA), return on equity (ROE), net interest margin (NIM), and the risk-adjusted measures of profitability, RAROAA and RAROAE, across 34 European countries during the period from 2013 to 2018—a time characterized by economic recovery and significant regulatory reforms, including the implementation of Basel III standards. Using the Generalized Method of Moments (GMM) approach and data of 3076 European banks, the research addresses the complex interplay between internal (bank-specific) factors and external factors, including macroeconomic and industry-specific factors. The results show that profitability is positively associated with a higher capital adequacy, liquidity risk, and income diversification, but not for risk-adjusted profitability ratios. Credit risk, management efficiency, and excessive size have a negative effect on all studied profitability measures. Macroeconomic conditions, in particular, GDP growth and inflation, also have a significant impact on profitability. The findings offer valuable insights for policymakers, regulators, and financial institutions aiming to enhance profitability while maintaining the stability of the European banking sector. Full article

The article mostly addresses the application of sustainable technologies in residential construction through life cycle cost analysis (LCC) using the net present value (NPV) calculation method. The authors rely on data obtained through their own research and information received from the market environment. The article outputs are in the form of conclusions based on a case study on a specific building (apartment building), elaborated in several versions with respect to the technologies used. In total, there are seven alternative versions divided into two groups, where a so-called reference technology representing a traditional (standard) technical solution is present in each group so that a relevant comparison can be made. The first group includes technologies related to heating and hot water, while the second group focuses on the application of recycled water (so-called grey water). The outputs obtained provide an interesting and fact-based view of sustainable technologies within the life cycle of a building drawing from currently available information sources. At the same time, the presented analysis has incorporated price predictions for key commodities, i.e., electricity, water, gas. The article’s specific conclusions indicate that the technologies utilizing renewable energy sources (RES) are typically less economically advantageous (in the absence of subsidy sources) compared to conventional (traditional) solutions, despite the significant savings in operating costs. The LCC indicator revealed a cost value per square meter of gross floor area (GFA) for a residential building ranging from EUR 43 to 68, contingent on the specific option under consideration. This cost value was determined over a 20-year follow-up period and a real discount rate of 4%. Full article