An Economic Evaluation Towards Sustainability: The Case of a Hybrid Renewable Energy System in Greece

Anastasios Lemonis; Sofia Skroufouta; Evangelos Baltas

doi:doi:10.11648/j.ajere.20220701.15

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An Economic Evaluation Towards Sustainability: The Case of a Hybrid Renewable Energy System in Greece

Anastasios Lemonis, Sofia Skroufouta, Evangelos Baltas

Published in American Journal of Environmental and Resource Economics (Volume 7, Issue 1)

Received: 18 November 2021 Accepted: 17 December 2021 Published: 11 March 2022

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Abstract

There is a global effort to integrate renewable energy sources (RES) into the energy balance, setting out to develop a more sustainable future. The dependence of RES on natural phenomena and their low reliability can be mitigated by hybrid renewable energy systems (HRES). In this paper, an evaluation of an under-study HRES in Leros, Greece, is carried out in order to examine the economic viability of the project and its contribution to sustainability. Two scenarios are being examined, according to the eligible grant. In the first case, the project receives a 40% State subsidy in contrast to the second, which receives a 60% funding from the Innovation Fund 2020 (IF). The main difference, between these two scenarios, is the size of the loan taken, whereas in the IF scenario it is 20% less than the first one. Several results can be obtained by this study, as follows: i) in both cases, the project is considered profitable for water and energy selling prices, 91.7% and 67% lower than the current ones respectively. ii) in the case of IF scenario, the same internal rate of return (IRR) index is achieved, with 0.15 €/m³ less compared to the price in the case of State subsidy.

Published in	American Journal of Environmental and Resource Economics (Volume 7, Issue 1)
DOI	10.11648/j.ajere.20220701.15
Page(s)	37-47
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2022. Published by Science Publishing Group

Keywords

Sustainability, Cost-benefit Analysis, HRES, Innovation Fund, Island

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Anastasios Lemonis, Sofia Skroufouta, Evangelos Baltas. (2022). An Economic Evaluation Towards Sustainability: The Case of a Hybrid Renewable Energy System in Greece. American Journal of Environmental and Resource Economics, 7(1), 37-47. https://doi.org/10.11648/j.ajere.20220701.15

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ACS Style

Anastasios Lemonis; Sofia Skroufouta; Evangelos Baltas. An Economic Evaluation Towards Sustainability: The Case of a Hybrid Renewable Energy System in Greece. Am. J. Environ. Resour. Econ. 2022, 7(1), 37-47. doi: 10.11648/j.ajere.20220701.15

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AMA Style

Anastasios Lemonis, Sofia Skroufouta, Evangelos Baltas. An Economic Evaluation Towards Sustainability: The Case of a Hybrid Renewable Energy System in Greece. Am J Environ Resour Econ. 2022;7(1):37-47. doi: 10.11648/j.ajere.20220701.15

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@article{10.11648/j.ajere.20220701.15,
  author = {Anastasios Lemonis and Sofia Skroufouta and Evangelos Baltas},
  title = {An Economic Evaluation Towards Sustainability: The Case of a Hybrid Renewable Energy System in Greece},
  journal = {American Journal of Environmental and Resource Economics},
  volume = {7},
  number = {1},
  pages = {37-47},
  doi = {10.11648/j.ajere.20220701.15},
  url = {https://doi.org/10.11648/j.ajere.20220701.15},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ajere.20220701.15},
  abstract = {There is a global effort to integrate renewable energy sources (RES) into the energy balance, setting out to develop a more sustainable future. The dependence of RES on natural phenomena and their low reliability can be mitigated by hybrid renewable energy systems (HRES). In this paper, an evaluation of an under-study HRES in Leros, Greece, is carried out in order to examine the economic viability of the project and its contribution to sustainability. Two scenarios are being examined, according to the eligible grant. In the first case, the project receives a 40% State subsidy in contrast to the second, which receives a 60% funding from the Innovation Fund 2020 (IF). The main difference, between these two scenarios, is the size of the loan taken, whereas in the IF scenario it is 20% less than the first one. Several results can be obtained by this study, as follows: i) in both cases, the project is considered profitable for water and energy selling prices, 91.7% and 67% lower than the current ones respectively. ii) in the case of IF scenario, the same internal rate of return (IRR) index is achieved, with 0.15 €/m3 less compared to the price in the case of State subsidy.},
 year = {2022}
}

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TY  - JOUR
T1  - An Economic Evaluation Towards Sustainability: The Case of a Hybrid Renewable Energy System in Greece
AU  - Anastasios Lemonis
AU  - Sofia Skroufouta
AU  - Evangelos Baltas
Y1  - 2022/03/11
PY  - 2022
N1  - https://doi.org/10.11648/j.ajere.20220701.15
DO  - 10.11648/j.ajere.20220701.15
T2  - American Journal of Environmental and Resource Economics
JF  - American Journal of Environmental and Resource Economics
JO  - American Journal of Environmental and Resource Economics
SP  - 37
EP  - 47
PB  - Science Publishing Group
SN  - 2578-787X
UR  - https://doi.org/10.11648/j.ajere.20220701.15
AB  - There is a global effort to integrate renewable energy sources (RES) into the energy balance, setting out to develop a more sustainable future. The dependence of RES on natural phenomena and their low reliability can be mitigated by hybrid renewable energy systems (HRES). In this paper, an evaluation of an under-study HRES in Leros, Greece, is carried out in order to examine the economic viability of the project and its contribution to sustainability. Two scenarios are being examined, according to the eligible grant. In the first case, the project receives a 40% State subsidy in contrast to the second, which receives a 60% funding from the Innovation Fund 2020 (IF). The main difference, between these two scenarios, is the size of the loan taken, whereas in the IF scenario it is 20% less than the first one. Several results can be obtained by this study, as follows: i) in both cases, the project is considered profitable for water and energy selling prices, 91.7% and 67% lower than the current ones respectively. ii) in the case of IF scenario, the same internal rate of return (IRR) index is achieved, with 0.15 €/m3 less compared to the price in the case of State subsidy.
VL  - 7
IS  - 1
ER  -

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Author Information

Anastasios Lemonis

Department of Water Resources and Environmental Engineering, School of Civil Engineering, National Technical University of Athens, Athens, Greece
Sofia Skroufouta

Department of Water Resources and Environmental Engineering, School of Civil Engineering, National Technical University of Athens, Athens, Greece
Evangelos Baltas

Department of Water Resources and Environmental Engineering, School of Civil Engineering, National Technical University of Athens, Athens, Greece

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Anastasios Lemonis, Sofia Skroufouta, Evangelos Baltas. (2022). An Economic Evaluation Towards Sustainability: The Case of a Hybrid Renewable Energy System in Greece. American Journal of Environmental and Resource Economics, 7(1), 37-47. https://doi.org/10.11648/j.ajere.20220701.15

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ACS Style

Anastasios Lemonis; Sofia Skroufouta; Evangelos Baltas. An Economic Evaluation Towards Sustainability: The Case of a Hybrid Renewable Energy System in Greece. Am. J. Environ. Resour. Econ. 2022, 7(1), 37-47. doi: 10.11648/j.ajere.20220701.15

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AMA Style

Anastasios Lemonis, Sofia Skroufouta, Evangelos Baltas. An Economic Evaluation Towards Sustainability: The Case of a Hybrid Renewable Energy System in Greece. Am J Environ Resour Econ. 2022;7(1):37-47. doi: 10.11648/j.ajere.20220701.15

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@article{10.11648/j.ajere.20220701.15,
  author = {Anastasios Lemonis and Sofia Skroufouta and Evangelos Baltas},
  title = {An Economic Evaluation Towards Sustainability: The Case of a Hybrid Renewable Energy System in Greece},
  journal = {American Journal of Environmental and Resource Economics},
  volume = {7},
  number = {1},
  pages = {37-47},
  doi = {10.11648/j.ajere.20220701.15},
  url = {https://doi.org/10.11648/j.ajere.20220701.15},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ajere.20220701.15},
  abstract = {There is a global effort to integrate renewable energy sources (RES) into the energy balance, setting out to develop a more sustainable future. The dependence of RES on natural phenomena and their low reliability can be mitigated by hybrid renewable energy systems (HRES). In this paper, an evaluation of an under-study HRES in Leros, Greece, is carried out in order to examine the economic viability of the project and its contribution to sustainability. Two scenarios are being examined, according to the eligible grant. In the first case, the project receives a 40% State subsidy in contrast to the second, which receives a 60% funding from the Innovation Fund 2020 (IF). The main difference, between these two scenarios, is the size of the loan taken, whereas in the IF scenario it is 20% less than the first one. Several results can be obtained by this study, as follows: i) in both cases, the project is considered profitable for water and energy selling prices, 91.7% and 67% lower than the current ones respectively. ii) in the case of IF scenario, the same internal rate of return (IRR) index is achieved, with 0.15 €/m3 less compared to the price in the case of State subsidy.},
 year = {2022}
}

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TY  - JOUR
T1  - An Economic Evaluation Towards Sustainability: The Case of a Hybrid Renewable Energy System in Greece
AU  - Anastasios Lemonis
AU  - Sofia Skroufouta
AU  - Evangelos Baltas
Y1  - 2022/03/11
PY  - 2022
N1  - https://doi.org/10.11648/j.ajere.20220701.15
DO  - 10.11648/j.ajere.20220701.15
T2  - American Journal of Environmental and Resource Economics
JF  - American Journal of Environmental and Resource Economics
JO  - American Journal of Environmental and Resource Economics
SP  - 37
EP  - 47
PB  - Science Publishing Group
SN  - 2578-787X
UR  - https://doi.org/10.11648/j.ajere.20220701.15
AB  - There is a global effort to integrate renewable energy sources (RES) into the energy balance, setting out to develop a more sustainable future. The dependence of RES on natural phenomena and their low reliability can be mitigated by hybrid renewable energy systems (HRES). In this paper, an evaluation of an under-study HRES in Leros, Greece, is carried out in order to examine the economic viability of the project and its contribution to sustainability. Two scenarios are being examined, according to the eligible grant. In the first case, the project receives a 40% State subsidy in contrast to the second, which receives a 60% funding from the Innovation Fund 2020 (IF). The main difference, between these two scenarios, is the size of the loan taken, whereas in the IF scenario it is 20% less than the first one. Several results can be obtained by this study, as follows: i) in both cases, the project is considered profitable for water and energy selling prices, 91.7% and 67% lower than the current ones respectively. ii) in the case of IF scenario, the same internal rate of return (IRR) index is achieved, with 0.15 €/m3 less compared to the price in the case of State subsidy.
VL  - 7
IS  - 1
ER  -

Copy | Download