A financial approach to renewable energy production in Greece using goal programming

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A financial approach to renewable energy production in Greece using goal programming. / Zografidou, Eleni; Petridis, Konstantinos; Petridis, Nikolaos; Arabatzis, Garyfallos.

In: Renewable energy, Vol. 108, 08.2017, p. 37-51.

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Harvard

Zografidou, E, Petridis, K, Petridis, N & Arabatzis, G 2017, 'A financial approach to renewable energy production in Greece using goal programming' Renewable energy, vol 108, pp. 37-51. DOI: 10.1016/j.renene.2017.01.044

APA

Zografidou, E., Petridis, K., Petridis, N., & Arabatzis, G. (2017). A financial approach to renewable energy production in Greece using goal programming. Renewable energy, 108, 37-51. DOI: 10.1016/j.renene.2017.01.044

Vancouver

Zografidou E, Petridis K, Petridis N, Arabatzis G. A financial approach to renewable energy production in Greece using goal programming. Renewable energy. 2017 Aug;108:37-51. Available from, DOI: 10.1016/j.renene.2017.01.044

Author

Zografidou, Eleni; Petridis, Konstantinos; Petridis, Nikolaos; Arabatzis, Garyfallos / A financial approach to renewable energy production in Greece using goal programming.

In: Renewable energy, Vol. 108, 08.2017, p. 37-51.

Research output: Contribution to journalArticle

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@article{9cc873c4be5a4cd9b0745d692ba84fa1,
title = "A financial approach to renewable energy production in Greece using goal programming",
keywords = "renewable energy, goal programming, financial appraisal, taxation, net present value, internal rate of return",
author = "Eleni Zografidou and Konstantinos Petridis and Nikolaos Petridis and Garyfallos Arabatzis",
note = "© 2017, Elsevier. Licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International http://creativecommons.org/licenses/by-nc-nd/4.0/",
year = "2017",
month = "2",
doi = "10.1016/j.renene.2017.01.044",
volume = "108",
pages = "37--51",
journal = "Renewable energy",
issn = "0960-1481",
publisher = "Elsevier",

}

RIS (suitable for import to EndNote) - Download

TY - JOUR

T1 - A financial approach to renewable energy production in Greece using goal programming

AU - Zografidou,Eleni

AU - Petridis,Konstantinos

AU - Petridis,Nikolaos

AU - Arabatzis,Garyfallos

N1 - © 2017, Elsevier. Licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International http://creativecommons.org/licenses/by-nc-nd/4.0/

PY - 2017/2/4

Y1 - 2017/2/4

N2 - Investing in renewable energy production is a high interest venture considering global energy needs and the environmental impact of fossil fuel consumption. Motivated by the goals set by the European Union towards 2020, this study aims at designing a renewable energy map (installing solar power plants) in Greece. Three aspects are considered, namely, social, financial, and power production aspects. A goal programming model is developed under target and structural constraints, and all possible weight combinations are examined. The solutions derived from each iteration are subjected to a financial meta-analysis, considering different tax and return scenarios aligned to the Greek taxation and banking system. The analysis considers Greece and each region separately, taking net present value (NPV) as an objective measure to assess the solutions. From the results, it is concluded that the internal rate of return is approximately 22.5%−25%22.5%−25% for the overall network. In addition, higher NPV values are obtained when the financial and power production aspects are given greater emphasis. The proposed model provides multi-dimensional information for decision makers; investors can determine the optimal budgeting mix, and policy makers can determine the weight on each aspect that guarantees the success of the venture.

AB - Investing in renewable energy production is a high interest venture considering global energy needs and the environmental impact of fossil fuel consumption. Motivated by the goals set by the European Union towards 2020, this study aims at designing a renewable energy map (installing solar power plants) in Greece. Three aspects are considered, namely, social, financial, and power production aspects. A goal programming model is developed under target and structural constraints, and all possible weight combinations are examined. The solutions derived from each iteration are subjected to a financial meta-analysis, considering different tax and return scenarios aligned to the Greek taxation and banking system. The analysis considers Greece and each region separately, taking net present value (NPV) as an objective measure to assess the solutions. From the results, it is concluded that the internal rate of return is approximately 22.5%−25%22.5%−25% for the overall network. In addition, higher NPV values are obtained when the financial and power production aspects are given greater emphasis. The proposed model provides multi-dimensional information for decision makers; investors can determine the optimal budgeting mix, and policy makers can determine the weight on each aspect that guarantees the success of the venture.

KW - renewable energy

KW - goal programming

KW - financial appraisal

KW - taxation

KW - net present value

KW - internal rate of return

UR - http://www.scopus.com/inward/record.url?scp=85013839063&partnerID=8YFLogxK

U2 - 10.1016/j.renene.2017.01.044

DO - 10.1016/j.renene.2017.01.044

M3 - Article

VL - 108

SP - 37

EP - 51

JO - Renewable energy

T2 - Renewable energy

JF - Renewable energy

SN - 0960-1481

ER -

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