Guide to COST-BENEFIT ANALYSIS of investment projects - Ramiri

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European Commission, DG Tren, 2003, Inventory: Public aid granted to different energy sources, Luxembourg.European Commission, DG Tren, 2006, Implementing the internal energy market: Annual Report 2005,Luxembourg.Federal Ministry for the Environmental, Nature Conservation and Nuclear Safety of Germany, 2007, Renewableenergy sources in figures, national and international development – Status: June 2007, Berlin.Frankhauser, S., Tepic, S., 2005, Can poor consumers pay for energy and water? An affordability analysis fortransition countries, Energy Policy, 35(2): 1038-1049.Froilich, E.A., 1994, The manual for small industrial business: project design and appraisal, UNIDO, Vienna.Greenwood, C., Hohler, A., Sonntag-O'Brien, V., et al., 2007, Global Trends in Sustainable Energy Investment 2007,UNEP, Paris.Hewlett, James G., 1991, A Cost/Benefit Perspective of Extended Unit Service as a Decommissioning Alternative,Energy Journal, 12(0):Special Issue.Marton, K., 1995, Governments and industrialization: the role of policy intervention, UNIDO, Vienna.Mendonca, M., 2007, Feed-in Tariffs - Accelerating the Deplopment of Renewable Energy, World Future Council,Earthscan.Navrud, S., Ready, R., 2007, Environmental Value Transfer: Issues and Methods (The Economics of Non-MarketGoods and Resources).Newbery, D.M., 2000, Privatization, restructuring, and regulation of network utilities, The MIT Press, Boston.Ölz, S., Sims, R., Kirchner, N., 2007, Contribution of Renewables to Energy Security, International Energy Agency,(http://www.iea.org/textbase/papers/2007/so_contribution.pdf).Ragwitz, M., 2007, OPTRES. Assessment and optimisation of renewable energy support schemes in the Europeanelectricity market, Fraunhofer IRB Verlag.Simon, C.A., 2007, Alternative energy: political, economic, and social feasibility, SPRU University of Sussex / IFEUHeidelberg.UNIDO, 1980, Manual for evaluation of industrial projects, New York.UNIDO, 1995, Manual for the preparation of industrial feasibility studies, New York.Wenzel, B., 2007, What electricity from renewable costs, Federal Ministry for the Environmental, NatureConservation and Nuclear Safety of Germany, Berlin.Education & TrainingGreenberg, D., Appenzeller, U., 1998, Cost analysis step by step: a how to guide for planners and providers ofwelfare-to-work and employment and training programs, New York.Haveman, R., Wolfe, B., 1995, Succeeding Generations. On the Effects of investments in Children, Russel SageFoundation, New York.Heckman, J.J., 1998, What Should Be Our Human Capital Investment Policy?, Fiscal Studies, 19(2).OECD, 1995, Evaluation of the decision making process in higher education: French, German, and Spanishexperiences, Paris.OECD, 2000, The appraisal of investment in educational facilities, Paris.OECD, 2001, Budgeting, programme analysis and cost-effectiveness in educational planning, Paris.Psacharopoulos, G., 1995, The Profitability of Investment in Education: Concepts and Methods, World Bank,Washington D.C.Sakellariou C., 2003, Rates of return on investments in formal and technical/vocational education in Singapore,Education Economics, 11(1): 73-87.Vawda A., Mook P., Price Gittinger, J., Patrinos H., 2001, Economic Analysis of World Bank Education Projectsand Project Outcomes. Policy research working paper 2564, World Bank, Washington D.C.254
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ACRONYMS AND ABBREVIATIONSBAUB/CCBA
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TABLESTable 2.1 Financial analysis
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FIGURESFigure 1.1 Project cost spre
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Cohesion Fund, and through the leve
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or the plant will not reveal excess
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CHAPTER ONEPROJECT APPRAISAL IN THE
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Some specifications for financial t
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FOCUS: INFORMATION REQUIREDGeneral
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In particular, CBA results should p
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CHAPTER TWOAN AGENDA FOR THE PROJEC
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objectives, are, as far as possible
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considered the appropriate shadow p
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2.3.2 Feasibility analysisFeasibili
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This approach will be presented in
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Current assets include:- receivable
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The following items are usually not
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Mainly, the examiner uses the FRR(C
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The dynamics of the incoming flows
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eturn on their own capital (Kp). Th
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While the approach presented in thi
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2.5.1 Conversion of market to accou
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Table 2.9 Electricity price dispers
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2.5.1.2 Fiscal correctionsSome item
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previously estimated in projects wi
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FOCUS: ENPV VS. FNPVThe difference
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2.6 Risk assessmentProject appraisa
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Table 2.14 Impact analysis of criti
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Figure 2.6 Probability distribution
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eneficiary. The project proposer sh
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There are many ways to design an MC
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PROJECT APPRAISAL CHECK-LISTCONTEXT
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- reduction of congestion by elimin
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- the methods applied to estimate e
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- the marginal external costs: cong
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- the benefits for the existing tra
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The following tables show some refe
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3.1.1.6 Risk assessmentDue to their
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As shown in Figure 3.1, only under
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3.1.3.7 Other project evaluation ap
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- Waste Management Hierarchy rules
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The time horizon for a project anal
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every user support the total costs
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Territorial reference frameworkIf t
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Cycle and phases of the projectGrea
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One of the most important aims of t
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projects, as in other sectors in wh
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3.2.3.2 Project identificationBasic
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In order to evaluate the overall im
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for regassification plants, number
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Examples of objectives are:- change
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decontamination if any;- the techni
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3.3.3.6 Risk AnalysisCritical facto
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3.3.4.6 Risk assessmentCritical fac
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3.4.1.5 Economic analysisThe follow
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Financial inflows• Admission fees
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expectancy suitably adjusted by the
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The time horizon for project analys
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A Cost-Benefit Analysis should cons
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CHAPTER FOURCASE STUDIESOverviewThi
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- finally, there is the traffic tha
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c) Road users producer’s surplus:
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4.1.5 Scenario analysisTwo scenario
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The financial performance indicator
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Table 4.10 Economic analysis (Milli
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Table 4.12 Financial return on capi
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4.2 Case Study: investment in a rai
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4.2.4 Economic analysisThe benefits
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Financial investment costs have bee
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Figure 4.6 Results of the risk anal
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Table 4.22 Economic analysis (Milli
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4.3 Case Study: investment in an in
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ate of 0.6% per year is assumed for
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The shadow price of the CO 2 avoide
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As a result, the probability distri
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16 17 18 19 20 21 22 23 24 25 26 27
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4.4 Case Study: investment in a was
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4.4.2 Financial analysisAlthough in
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THE CALCULATION OF REVENUESReferrin
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0.15 m 3 /m 2 a depreciation of 20%
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As result, the probability distribu
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Figure 4.13 Probability distributio
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Table 4.48 Financial return on nati
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Table 4.50 Financial return on priv
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16 17 18 19 20 21 22 23 24 25 26 27
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4.5 Case Study: industrial investme
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4.5.4.1 Investment costsThe total i
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Finally, a residual value was estim
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This analysis shows the need to pay
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Table 4.62 Financial return on inve
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Table 4.64 Return on private equity
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Table 4.66 Economic analysis (thous
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ANNEX ADEMAND ANALYSISDemand foreca
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The method applied for the forecast
Page 204 and 205: Furthermore, travel demand depends
Page 206 and 207: This Guide supports a unique refere
Page 208 and 209: A higher discount rate for countrie
Page 210 and 211: Figure C.1 Project ranking by NPV v
Page 212 and 213: The main problems with this indicat
Page 214 and 215: EXAMPLE OF SHADOW WAGE IN DUAL MARK
Page 216 and 217: Another exhaustive way to include d
Page 218 and 219: Figure E.2 Percentage of low income
Page 220 and 221: ANNEX FEVALUATION OF HEALTH &ENVIRO
Page 222 and 223: Figure F.1 Main evaluation methodsS
Page 224 and 225: - expenditure on capital equipment
Page 226 and 227: due to air pollution or water conta
Page 228 and 229: BENEFIT TRANSFER - SELECTED REFEREN
Page 230 and 231: ANNEX GEVALUATION OF PPP PROJECTSIt
Page 232 and 233: adjustments for Competitive Neutral
Page 234 and 235: ANNEX HRISK ASSESSMENTIn ex-ante pr
Page 236 and 237: Reference ForecastingThe question o
Page 238 and 239: Figure H.5 Levels of risks in diffe
Page 240 and 241: ANNEX IDETERMINATION OF THE EU GRAN
Page 242 and 243: A.4. Technological Alternatives and
Page 244 and 245: GLOSSARYAccounting period: the inte
Page 246 and 247: Market price: the price at which a
Page 248 and 249: BIBLIOGRAPHY1. ReferencesBelli, P.,
Page 250 and 251: Ray, A. 1984, Cost-benefit analysis
Page 252 and 253: EnvironmentGeneralAtkinson, G., 200
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Guide to COST-BENEFIT ANALYSIS of investment projects - Ramiri

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