ASSESSMENT OF THE SHORT, MEDIUM AND LONG TERM COST IMPLICATION OF RENEWABLE ENERGY
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ACRONYNS AND THEIR MEANINGS
Renewable Energy Projects (REP)
Classical Methodologies of Investment Analysis (CMIA)
Extended Multi-Index Methodology (EMIM)
Multi-Index Methodology (MIM)
Extended Multi-Index Methodology (EMIM)
Real Options Analysis (ROA)
photovoltaics (PV)
Investment Projects (IP)
Net Present Value (NPV)
NPV Annualized (NPVA)
Benefit-Cost Ratio (BCR)
Annualized Return on Investment (ROIA)
Return on Investment (ROI)
Internal Rate of Return (IRR)
Management Risk (MR),
Business Risk (BR),
Degree of Revenue Spent (DRS)
TABLE OF CONTENTS
COVER PAGE
TITLE PAGE
APPROVAL PAGE
DEDICATION
ACKNOWLEDGEMENT
ABSTRACT
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE PROJECT
- PROBLEM STATEMENT
- AIM AND OBJECTIVES OF THE STUDY
- RESEARCH QUESTION
- SIGNIFICANCE OF THE STUDY
- SCOPE / LIMITATION OF THE STUDY
CHAPTER TWO
LITERATURE REVIEW
- REVIEW OF RENEWABLE ENERGY IN NIGERIA
- ENERGY TRANSITIONS
- REVIEW OF RELATED STUDIES
- RENEWABLE ENERGY SOURCES
- COST OF RENEWABLE ENERGY
- CHALLENGES OF USING RENEWABLE ENERGY
CHAPTER THREE
3.0 METHODOLOGY
3.1 INTRODUCTION
3.2 ECONOMIC EVALUATION OF RENEWABLE ENERGY PROJECTS (REP)
3.3 ECONOMIC EVALUATION OF RENEWABLE ENERGY PROJECTS (REP)
3.4 CLASSICAL METHODOLOGIES OF INVESTMENT ANALYSIS (CMIA)
3.5 MULTI-INDEX METHODOLOGY (MIM) AND EXTENDED MULTI-INDEX METHODOLOGY (EMIM)
3.6 REAL OPTIONS ANALYSIS (ROA)
3.7 INDICATORS USED FOR EACH METHODOLOGY
CHAPTER FOUR
4.0 RESULTS AND DISCUSSION
- DISCUSSION OF THE FINDINGS
CHAPTER FIVE
- CONCLUSION
- REFERENCES
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
As energy demand increases over time in many places, countries around the world and local governments diversify investment in a variety of energy sources to meet the demand [Carli et al, 2017]. Fossil fuels such as oil and natural gas are reliable energy sources, but are not sustainable and cause significant and irreversible damage to the environment in the long term in addition to their immediate damage such as fine dust emissions due to burning oil and mercury emissions caused by coal combustion. Renewable energy alternatives such as solar and wind are widely available and may be explored to meet part of the demand. In addition, improving the energy efficiency of existing applications is a cost-effective way to help meet the demand without significant increase in energy production [Zhong et al, 2014].
Development of energy alternatives to fossil fuels faces a number of challenges [Zhong et al, 2014]. First, several alternatives such as nuclear, biomass, solar, wind, and hydroelectric are available. A municipality has limited resources and cannot invest in all alternatives simultaneously and equally [Carli et al, 2017]. It is difficult to predict which energy alternatives will be most beneficial in the long term and determine which alternatives should be invested and the amount of investment. Secondly, the development of energy alternatives depends on many factors such as geographic conditions, population, societal needs, and politics. An energy alternative that is well suited for one city may be the worst choice for another city. Thirdly, there are many criteria such as cost and security that dictate the selection of energy alternatives. Which criteria should be included in the decision process for comparing energy alternatives and how to weigh different criteria need to be analyzed.
Newly installed renewable power capacity increasingly costs less than the cheapest power generation options based on fossil fuels. The cost data presented in this comprehensive study from the International Renewable Energy Agency (IRENA) confirms how decisively the tables have turned.
More than half of the renewable capacity added in 2019 achieved lower electricity costs than new coal. New solar and wind projects are undercutting the cheapest of existing coal-fired plants, the report finds. Auction results show these favourable cost trends for renewables accelerating.
Solar and wind power costs have continued to fall, complementing the more mature bioenergy, geothermal and hydropower technologies. Solar photovoltaics (PV) shows the sharpest cost decline over 2010-2019 at 82%, followed by concentrating solar power (CSP) at 47%, onshore wind at 40% and offshore wind at 29%.
Electricity costs from utility-scale solar PV fell 13% year-on-year, reaching nearly seven cents (USD 0.068) per kilowatt-hour (kWh) in 2019. Onshore and offshore wind both fell about 9% year-on-year, reaching USD 0.053/kWh and USD 0.115/kWh, respectively, for newly commissioned projects. Costs for CSP, still the least-developed among solar and wind technologies, fell 1% to USD 0.182/kWh.
Among other implications:
- Replacing the costliest 500 gigawatts of coal capacity with solar and wind would cut annual system costs by up to USD 23 billion per year and yield a stimulus worth USD 940 billion, or around 1% of global GDP.
- Replacing the costliest coal capacity with renewables would also reduce annual carbon dioxide (CO2) emissions by around 1.8 gigatonnes, or 5% of last year’s global total.
- By 2021, up to 1 200 gigawatts of existing coal-fired capacity would cost more to operate than new utility-scale solar PV would cost to install.
- Continuing cost declines confirm the need for renewable power as a low-cost climate and decarbonisation solution, aligning short-term economic needs with medium- and long-term sustainable development goals.
- Renewable power installations could form a key component of economic stimulus packages in the wake of the COVID-19 pandemic.
Along with reviewing overall cost trends and their drivers, the report analyses cost components in detail. The analysis spans around 17 000 renewable power generation projects from around the world, along with data from 10 700 auctions and power purchase agreements for renewables.
1.2 PROBLEM STATEMENT
Cities around the world face a great challenge in establishing a short, medium and long-term strategy for the development of energy alternatives because of their cost implication. Is because of the cost of purchase and maintenance the people considers most when it comes to having a renewable energy sources. This study addresses the situation.
1.3 AIM AND OBJECTIVES OF THE STUDY
The main aim of this work is to determine the short, medium and long term cost implication of renewable energy. The objectives are:
- To determine the present and future cost of using renewable energy
- To discuss the challenges of renewable energy
- To provide solution to renewable energy challenges
1.4 RESEARCH QUESTION
- What are two long term benefits of renewable energy sources?
- What are the costs disadvantages of using renewable energy?
- What are the costs of renewable energy sources?
- Is renewable energy cheaper in the long run?
1.5 SIGNIFICANCE OF THE STUDY
This research will help to assess renewable energy and identify the energy alternatives for a city using the analytic hierarchy process. The methodology integrates experts’ input and data analytics and helps decision-makers form long-term strategies for renewable energy development.
1.6 SCOPE / LIMITATION OF THE STUDY
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CHAPTER THREE: The complete chapter three of "assessment of the short, medium and long term cost implication of renewable energy" is available. Order full work to download. Chapter three of "assessment of the short, medium and long term cost implication of renewable energy" consists of the methodology. In this chapter all the method used in carrying out this work was discussed.
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CHAPTER FIVE: The complete chapter five of "assessment of the short, medium and long term cost implication of renewable energy" is available. Order full work to download. Chapter five of "assessment of the short, medium and long term cost implication of renewable energy" consist of conclusion, recommendation and references.
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