Abstract
The paper is based on the study of Lithuania facing the need for huge investments in both the replacement of the Ignalina nuclear power station and the replacement of district heating production units in many of the existing systems. Lithuania has a big technical potential for implementing small‐scale combined heat and power production (CHP) systems. Meanwhile, such implementation needs public regulation to become feasible not only from a socio‐economic, but also from a business economic point of view. The study focuses upon the analysis of methods for the incorporation of technical, economical and environmental considerations into large‐scale investment decision‐making in the energy sector. The research study could be a guideline for determination of national potential for high efficiency CHP not only from the technical, but both the economical and the environmental point of view. Based upon the results of the study investigation and analysis, areas for improvement in current energy sector investment decision-making processes are highlighted, and areas for further research are recommended.
Highlights
The term sustainable development was conceptualised and first came into documented use during the preparation of the World Conservation Strategy, in 1980 [1]
The European Union (EU) guidelines in the electricity generation stage are characterised by replacing the energy systems, which are based on large power plants with more decentralised systems
The analysis focuses on small scale combined heat and power production (CHP) and, the six largest district heating (DH) companies in Lithuania (Vilnius, Kaunas, Klaipëda, Panevëþys, Ðiauliai and Alytus) have been excluded
Summary
The term sustainable development was conceptualised and first came into documented use during the preparation of the World Conservation Strategy, in 1980 [1]. New or reconstructed NPP is expected to have long-term marginal costs (LTMC), which are almost by 6080 % higher than the current ones This places NP on a comparable level with large condensing combined cycle gas turbine (CCGT) production [6]. Rasburskis et al / JOURNAL OF CIVIL ENGINEERING AND MANAGEMENT 2006, Vol XII, No 1, 2936 the early 1990s, an energy crisis occurred, when Russia imposed an embargo on natural gas and oil supplies to Lithuania This experience showed that decreasing fuel consumption can give positive effect on national balance of payments, but it can improve the security of energy supply. Based on the Lithuanian case, this paper analyses the experience of integrating small scale CHP into the existing energy system as compared to conventional electricity generation using the technical and the economical, and environmental (life-cycle assessment) point of view in decision-making process
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