Organisation and exploitation of renewable energy systems IDES-EDU. LECTURE 2 Calculations for cash flow models

Transcription

1 Organisation and exploitation of renewable energy systems LECTURE 2 Calculations for cash flow models 1 2 1

2 Exploitation Important parameters for the economical feasibility: Total costs of investment Maintenance and operational costs Revenues Energy Station Geothermal energy return on investment Distribution Network Houses Utility heating (40 ºC) heating (70 ºC) cooling (15 ºC) Cash flow model investment connection fee replacement Annual cashflow [ ] costs 3 revenues cash flow line period [years] 4 2

3 No benefits, no renewable energy... Energy Company Standing fee GJ price Energy supply Energy consumption IRR 5 Content 5 6 3

4 Stakeholders traditional Real Estate investor (owner) Energy Company Stakeholders renewable Real Estate investor (owner) Energy Station House User investment Energy company House 7 Distribution Network User heating (40 ºC) cooling (15 ºC) energy Geothermal energy 8 4

5 Stakeholders renewable Real Estate investor (owner) Geothermal energy Total costs of enegy before Energy Company energy investment House Energy Company compensation ESco new total costs of energy contract period operational period User heating (40 ºC) cooling (15 ºC) Organisation profits after contract period

6 Business as usual Standing fee 1.400, , , , , ,00 800,00 800,00 600,00 600,00 400,00 400,00 200,00 200,00 0,00 0,00 GAS 1.400, , ,00 800,00 600,00 Business as usual: USER OWNER DISTRICT HEATING Standing fee gas bill standing fee gas maintenance + CONNECTION FEE + STANDING FEE COOLING GJ bill extra costs for electric cooking standing fee 1.400, , ,00 800,00 600,00 gas bill standing fee gas maintenance finance and depreciation 11 NO CONNECTION FEE 400,00 400,00 USER 200,00 200,00 OWNER GJ bill extra costs for electric cooking 0,00 GAS 0,00 DISTRICT HEATING standing fee 12 6

7 Standing fee connection fee period [years] Standing fee no connection fee Annual cashflow [ ] Annual cashflow [ ] costs revenues cash flow line costs 13 revenues cash flow line period [years] 14 7

8 Business as usual GJ price P heat = CV gas Pgas *η heating Pheat = Price per GJ Pgas = Gas price per m3 CVgas = Calorific Value gas ηheating = Performance gas boiler Business as usual GJ price P = heat 0,5 / (0,9 *0,036) = 15,43 per GJ 15 Pheat = Price per GJ Pgas = Gas price per m3 CVgas = Calorific Value gas ηheating = Performance gas boiler 16 8

9 District heating and cooling Energy supply Pump energy Performance installations Residential building Energy Station Heat and cold storage Distribution Network Geothermal temperature Houses Energy supply Cooling and heating an office building Performance installations Utility heating (40 ºC) heating (70 ºC) cooling (15 ºC) 100 meter House Heat loses 17 Geothermal energy Distribution Network Pump energy Geothermal temperature heating (40 ºC) cooling (15 ºC) 18 9

10 Energy supply Energy demand office building 2500 Vermogen Required energiecentrale power (kw) [kw] warmtelevering door pieklastketels Gas boiler (25%) verwarmen Heating Jaar [uren] Energy curve optelling vermogens ruimteverwarming [watt] Vermogens m2 floor WP'sspace warmtelevering door mijnwater i.c.m. Geothermal warmtepompen heat pump (75%) Geothermal cooling koudelevering door mijnwater icm warmtepompen Energy supply Energy demand office building Year in hours Cooling Cooling GJ/ year House koelen Heating GJ/ year Heating: * 15,43 = ,- Cooling: * 7,95 = ,- = ,

11 Energy consumtion Performance of installation energy station Energy station COP boiler = 0,9 (25%) COP heat pump = 4,0 (75%) COP cooling = 20 (100%) Pump energie = 3% Heat loses 150 GJ/ year Energy consumption Heating GJ/ year Cooling GJ/ year gas boiler = 0,25*(10.150/0,9) =2917 GJ heat pump = 0,75*(10.150/4) =1969 GJ cooling = 3.000/20 = 150 GJ pump energie = 0,03* = 395 GJ Heat loses 150 GJ/ year Heating GJ/ year Cooling GJ/ year

12 Energy station Energy consumption Internal rate on return gas = m3 = ,- electricity = kwh = ,- total consumption = ,- total supply = ,- Heat loses 500 GJ/ year IRR Heating GJ/ year Cooling GJ/ year is a rate on return used in capital budgetting to measure and compare the profitability of investment can be calculated with the cash flow model NPV N = n= 0 C n (1+ r) n = 0 23 NPV = Net Present Value r = rate on return Cn = cashflow n = period 24 12

13 NPV = 0 connection fee period [years] 1 (1+ r) IRR (1+ r) 2 Future value C1 C 2 C3 NPV = investment etc. = 0 IRR 3 (1+ r) Annual cashflow [ ] r = 9,5% Annual cashflow [ ] costs revenues cash flow line costs 25 revenues cash flow line no connection fee period [years] C1 C 2 C3 NPV = investment etc. = 0 r = 7,4% 1 (1+ r) (1+ r) 2 3 (1+ r) 26 13

14 If the IRR is greater than the cost of capital, the project is economically feasible. If the IRR is less than the cost of capital, reject the project