Capital Expenditure Research Articles

Literature review on sustainable development in bali province through the lens of financial aspects

This literature review discusses the relationship between regional financial performance, capital expenditure, and environmental expenditure and their role in sustainable development. Sustainable development is defined as development that is able to meet current needs without sacrificing the ability of future generations to meet their needs. Previous studies have shown that the allocation of regional spending, especially environmental spending, is still low despite having an important contribution to preserving ecosystems and reducing the impact of climate change. This review emphasizes that regional financial performance plays a significant role in determining capital expenditure and environmental allocation. Unbalanced spending policies can hinder the achievement of sustainable development. In addition, effective allocation of environmental spending is key to supporting various climate change mitigation programs and maintaining environmental quality in the future. The results of this study conclude that improving financial performance needs to be accompanied by appropriate budget policies, especially in capital expenditure and the environment. Efforts to ensure sustainable development require synergy between economic growth and environmental concern so that long-term development goals are achieved.

The Potential for the Use of Hydrogen Storage in Energy Cooperatives

According to the European Hydrogen Strategy, hydrogen will solve many of the problems with energy storage for balancing variable renewable energy sources (RES) supply and demand. At the same time, we can see increasing popularity of the so-called energy communities (e.g., cooperatives) which (i) enable groups of entities to invest in, manage, and benefit from shared RES energy infrastructure; (ii) are expected to increase the energy independence of local communities from large energy corporations and increase the share of RES. Analyses were conducted on 2000 randomly selected energy cooperatives and four energy cooperatives formed on the basis of actual data. The hypotheses assumed in the research and positively verified in this paper are as follows: (i) there is a relationship between hydrogen storage capacity and the power of RES, which allows an energy community to build energy independence; (ii) the type of RES generating source is meaningful when optimizing hydrogen storage capacity. The paper proves it is possible to build “island energy independence” at the local level using hydrogen storage and the efficiency of the power-to-power chain. The results presented are based on simulations carried out using a dedicated optimization model implemented by mixed integer programming. The authors’ next research projects will focus on optimizing capital expenditures and operating costs using the Levelized Cost of Electricity and Levelized Cost of Hydrogen methodologies.

An analytical approach for evaluation of conveyor exit strategies in open-pit mines

Transportation is the most expensive task in deep open-pit mining operations. An In-Pit Crushing and Conveying (IPCC) system, as an alternative to the conventional shovel-truck system, requires precise planning to avoid wasting high capital expenditures on trucks. The decision to fit a conveyor system into the pit design is challenging and needs to be addressed in the literature. Further optimisation of the IPCC system requires choosing an appropriate conveyor exit strategy. Conveyor exit schemes include a Dedicated Ramp Slot (DRS), an Existing Ramping System, an inclined tunnel and High-Angle Conveyors (HAC). This paper provides an analytical approach to compare the cost of different conveyor exit strategies in open-pit mines. The results indicate that for a depth up to 100 m, the Present Value of Cost (PVC) for the DRS is the least. For the cases deeper than 300 m, the HAC has the least PVC. Sensitivity analysis showed that for the depths between 100 and 300 m, a more accurate and detailed definition of parameters is needed. Besides, in most cases, the HAC provides the lowest payback period and the highest internal rate of return among the alternatives.

Techno-economic assessment of modified Fischer-Tropsch synthesis process for direct CO2 conversion into jet fuel

Direct use of CO2 through modified Fischer-Tropsch synthesis (FTS) process presents a viable approach for the production of carbon–neutral jet fuel. However, achieving high performance for the CO2-FTS process remains a significant challenge. Current technology can only achieve low CO2 conversion and low jet fuel yield using tailored catalysts, which hinders the commercial deployment of direct CO2-FTS process. This paper presents a techno-economic assessment (TEA) of jet fuel production via CO2-FTS process at commercial-scale. Two ex-situ water removal configurations: (a) multi-stage CO2-FTS process and (b) CO2-FTS with tail gas recycle process were conducted to assess their potential for performance improvement. Process performance was evaluated using a model developed in Aspen Plus® linking with Aspen Custom Modeller® (ACM), while economic evaluation was carried out in Aspen Process Economic Analyzer®. The CO2-FTS model was based on first principles and modified Anderson-Schulz-Flory (ASF) distribution. Results indicated that both ex-situ water removal configurations can significantly improve the process performance. CO2-FTS process with 90% tail gas recycle has the best performance for both technical and economic analysis. The process achieved 85.8% CO2 conversion and 35.6% jet fuel yield with the lowest energy demand of 4.57 MWh per tonne of produced jet fuel. Moreover, it boasts the lowest minimum selling price (MSP) of jet fuel at US$2.6/kg despite incurring the second-highest capital expenditure cost of M$ 451.3. A comparison of the two ex-situ water removal configurations at 61.9% and 76.5% CO2 conversion, suggests that both processes exhibit comparable technical performances, yet the recycling of tail gas holds the potential to reduce economic costs. Consequently, this study will inspire researchers on process improvement and cost reduction of the commercial-scale CO2-FTS jet fuel production.

Investment Feasibility Analysis Using Discounted Cash Flow Valuation Method (Case Study: Gold Mine in Pit A PT XYZ)

Investment in the mining sector carries a high risk, so a comprehensive financial evaluation is required to ensure project feasibility. This study assesses the financial feasibility of gold mining investment in Pit A, PT XYZ, for the period 2025 to 2036. The purpose of this study is to evaluate the feasibility of the project through the analysis of key financial indicators such as Net Present Value (NPV), Internal Rate of Return (IRR), and Payback Period (PBP) using the Discounted Cash Flow (DCF) method. The DCF method was chosen due to its ability to project future cash flows and incorporate them into a comprehensive assessment of the potential benefits and risks of the project. In addition, sensitivity analysis was conducted to see the effect of changes in important variables such as revenue, cost of goods sold (COGS), and capital expenditure (capex) on the financial results of the project. The results show that the project is financially viable, with a positive NPV of US$404.16 million, an IRR of 52.10%, and a PBP of 3.32 years, all of which indicate a strong return on investment. Further sensitivity analysis shows that the project remains robust under various scenarios of changes in key variables. This study contributes to the investment evaluation literature in the mining sector by offering a more integrated approach to addressing investment uncertainty and risk through the combined use of the DCF method and sensitivity analysis.

Life cycle cost analysis in investment projects – examination of case studies and risk mitigation with Monte Carlo simulation

This work focuses on life cycle cost (LCC) analysis in the German natural gas infrastructure and recommends strategies to mitigate the uncertainties and risks involved using Monte Carlo simulation (MCS). It deals with the impact of input data and predicting the future development of input data on the results of the LCC analysis and discusses MCS for risk mitigation. Seven case studies for investments in Germany’s natural gas infrastructure are analyzed. In addition to the executed case studies, a case study from a scientific journal is included. The case studies were conducted between 2005 and 2015. Evaluation with real historical input data shows that the results of an LCC analysis depend on the reliability of input data and predictions on their development. The retrospective view shows that the best options are not always identified. Therefore, the results need to be validated using risk-mitigation methods, such as MCS. The executed case studies reflect the opinions of experts. This work shows how risk is mitigated through MCS while focusing on LCC analysis in the German natural gas infrastructure; however, the proposed risk mitigation with MCS can be adopted for other investment projects comprising capital expenditure (CAPEX) and operational expenditure (OPEX), for example, in construction, machines and other fields.

A IMPORTÂNCIA DA GOVERNANÇA CORPORATIVA PARA A GESTÃO FINANCEIRA DAS ORGANIZAÇÕES EMPRESARIAIS: UMA IDEIA REVOLUCIONÁRIA PARA ALCANÇAR O SUCESSO

This study analyzed the relationship between Financial Management and Corporate Governance of Micro and Small Companies and their financial performance. To know the reasons that lead a micro and small company to close. By not carrying out an investment plan, spending more than what is actually invoiced and the difficulty of controlling accounts is something that many entrepreneurs suffer. With the world economy and international trade increasingly integrated and diffuse. Micro and small companies are in a competitive rivalry between competitors, and having good quantitative and qualitative methods for analyzing decisions are some performance indicators (KPIs). From small organizations to large multinationals in the world, they continually seek a predictable and profitable future scenario. So that they can control or anticipate any eventualities through financial governance. In the financial market, there is a growing search by organizations for more information and data to assist in their decision-making arrangements. Financial Management has been increasing its area of expertise in terms of needs: cash; planning; capital expenditure research and decisions. Financial management as a refined tool becomes a privilege in the organization's decision making, envisioning future scenarios, which if used correctly leverages profits.

Health expenditure and fiscal marksmanship before and during the coronavirus pandemic across the federal states of India

This study examined state-level health expenditure, fiscal marksmanship, and COVID-19 deaths among selected states in India. It (1) compared health expenditure between the pre-COVID-19 and the COVID-19 period in India and selected states; (2) investigated the fiscal marksmanship in the context of health expenditure at the national and state level; and (3) assessed the relationship between COVID-19 deaths, population density, health expenditure, and fiscal marksmanship. The study period from 2017 to 2021 was divided into pre-COVID-19 (2017-late – 2019) and COVID-19 (late-2019 – 2021). This study focused on India and selected Indian states, using data from state budget documents, Census 2011 for population density, and COVID-19 data from the government website. Descriptive statistics, percentages, ratios, graphs, and tools such as Theil’s U-Statistic and Pearson’s correlation were employed for analysis. Simple linear regression was used to analyze the impact of fiscal marksmanship and other variables on the case fatality ratio. This study revealed challenges in maintaining fiscal discipline during COVID-19, with disparities in capital expenditure among states. The results emphasized the need for increased health spending and structural changes to enhance resilience to future health crises, advocating for investments in infrastructure and services to improve preparedness.

Modeling and economic analysis of block absorber (RadFrac) performance with stage variations for post-combustion CO2 capture

This study presents a comprehensive modeling and economic evaluation of a Monoethanolamine (MEA)-based post-combustion carbon capture (PCC) absorber unit. The simulation provides detailed insights into the absorber's internal profiles, including temperature gradients and the percentage of CO2 captured, with a particular focus on the effects of varying the number of stages and absorber diameters. Validation against experimental data demonstrated close alignment between simulated and observed values, with an average Root Mean Square Deviation (RMSD) of 0.018 and 4.0129, respectively, confirming the reliability of the simulation in capturing the complex dynamics of the absorber.The economic analysis, conducted using the Aspen Process Economic Analyzer (APEA), simplified the complex relationship between absorber segmentation, capital and operational costs, and absorber diameter. The study revealed that increasing the absorber diameter and the number of stages leads to a significant rise in Total Capital Cost (TCC), Total Operating Cost (TOC), Equipment Cost, and Total Installed Cost (TIC), with the highest costs observed at a stage number of 90 and a diameter of 1.0 m. However, the analysis identified an optimal configuration at an absorber diameter of 0.45 m with either 10 or 20 stages. This setup effectively balances cost and CO2 capture efficiency, offering a more economical solution compared to configurations with larger diameters and higher stage numbers, which substantially increase expenses. The findings highlight the critical trade-offs between operational efficiency and capital expenditure, stressing on the crucial role of absorber diameter in determining the economic feasibility of the absorber block in PCC systems.

How the USA can feasibly cut methane emissions 30% by 2030: anaerobic digestion of organic waste and various measures in oil and gas production

AbstractThe USA has committed to cutting its emissions of methane, an extremely potent greenhouse gas, by at least 30% by 2030 (‘30 × 30’). This is part of the Global Methane Pledge, signed by 155 countries, to keep global warming within 1.5 °C and thereby to forestall the disastrous effects of ‘runaway climate change’. It will be a major challenge for the USA to reach 30 × 30 and there is no consensus on how to do so. This paper provides a concrete, data‐driven roadmap to indicate how to reach 30 × 30 feasibly, focusing on two enormous sources of methane emissions: organic waste and oil and gas production. It calculates that building approximately 4700 anaerobic digesters (ADs) to process food waste and animal manure would cost about $74.2 billion in capital expenditure (capex) and cut 13.6% of total US methane emissions per year. On average, each project would take roughly 2–6 years to build. Of the various methane mitigation measures analyzed in the oil and gas sectors, the most impactful would be full compliance with the US Environmental Protection Agency's (EPA's) revised New Source Performance Standards (NSPS) for oil and gas production by 2029. This would cut 17.5% of total US methane emissions annually, at a cumulative capex of $20.7 billion from 2024 to 2029. Together, the 13.6% cut from food waste and manure ADs and the 17.5% cut from full NSPS compliance would amount to a 31.5% reduction, exceeding the 30 × 30 goal. Greater clarity from the federal government on funding eligibility and additional incentives would accelerate the buildout of ADs.

Optimizing economic feasibility of CO2 capture processes with rotating packed bed (RPB): Strategies for scale and modularization

Rotating Packed Bed (RPB) technology is increasingly recognized in the field of carbon capture for its potential to broaden application scopes and significantly reduce capital expenditures by minimizing packing volume. However, the commercialization of RPB-based CO2 capture presents several challenges at the process level, including enhancing energy efficiency, refining equipment design, and achieving scalability. Given the mechanical constraints, designing excessively large RPB units may be impractical. Thus, the economic scalability of RPB-based CO2 capture under practical constraints remains an unresolved issue. This study explores the cost-optimal CO2 capture scale through rigorous process simulation using 30-70 wt% monoethanolamine (MEA) solvents. It optimizes the process design and operating parameters to minimize the specific CO2 avoidance costs, within the bounds of practical RPB design limitations. The findings suggest that a capture scale of 100–200 Tons Per Day (TPD) is cost-optimal when using 50 wt% MEA for flue gases with CO2 concentrations above 14.5 mol%. However, cost-effective RPB design becomes challenging at CO2 concentrations as low as 4 mol%. The analysis suggests that the optimal scale might increase with future advancements in RPB design technologies. Current design constraints necessitate a modular approach as the most economically viable strategy for scaling up RPB-based CO2 capture. This modularization strategy supports the wider adoption of CO2 capture technologies at small- to medium-scales, facilitating industry-wide implementation and sustainable progress by reducing initial investment and allowing for phased scaling.

The prospect of floating photovoltaic in clean energy provision and net-zero-emissions

AbstractThis study emphasizes the critical role of renewable energy in addressing climate change challenges, particularly in reducing greenhouse gas emissions. It highlights the central importance of solar photovoltaic systems. While recognizing South Africa’s progress in renewable energy deployment, the study notes that substantial efforts are still needed to meet the country’s renewable energy targets. The study’s primary aim is to enhance the understanding and deployment of solar photovoltaic systems by critically examining the photovoltaic potential and performance of different sites. To achieve this, two scenarios—land photovoltaic and floating photovoltaic systems—were considered, focusing on hypothetical 10 MWp-installed capacity systems. The results indicate that the 10-MWp land photovoltaic system has a global tilted irradiance of 2184.7 kWh/m2, an annual total output of 18 GWh, and an average yearly performance ratio of 81%. The economic parameters for the land photovoltaic system include a capital expenditure of $9.0 million, an operational expenditure of $157,500 annually, and a levelised cost of energy of $0.04089/kWh. In contrast, the 10-MWp floating photovoltaic system reports a Global Tilted Irradiance of 1797 kWh/m2, an annual total output of 16 GWh, and a performance ratio of 76%. The economic parameters for the floating photovoltaic system include a capital expenditure of $10.6 million, an operational expenditure of $176,250 annually, and a levelised cost of energy of $0.04936/kWh. Both scenarios’ econo-technical parameters fall within acceptable ranges. However, the land photovoltaic system shows better performance, indicating some efficiency loss in the floating photovoltaic system possibly due to harsher offshore conditions. Based on the data from the reports, the study concludes that the econo-technical feasibility of floating photovoltaic in the Western Cape Province of South Africa is high. Graphical abstract

A Perspective on the Process and Turbomachinery Design of Compressed Air Energy Storage Systems

Abstract The present paper will describe the Baker Hughes experience in the development of the turbomachinery equipment for Hydrostor's advanced compressed air energy storage (A-CAES) system. At the core of a compressed air energy storage (CAES) plant, there is an air compressing system, followed by an air expander used to recover the stored energy. To achieve a reliable and effective solution, the expander is obtained from the architecture of Baker Hughes steam turbines, which was adapted to match the specific process needs. The criticalities that were addressed and solved to derive the expanders from the original steam turbine are presented. Specifically, the paper describes the activities performed to optimize the inlet and exhaust sections of each segment, the development of the blades for high atmospheric volume flow, and the implications that thermal transients have on the machine reliability. The inlet and exhaust sections were arranged according to the layout constraints, which were set to mitigate the effects of the thermal stresses and to reduce the weight to facilitate the machine transportation, while maintaining high aero-performance. As for the expander, a single-body configuration was selected to optimize capital expenditures and reduce leakage to atmosphere. A new set of blades derived from Baker Hughes's Steam Turbine stages were developed. This new stage is characterized by rotating blades with high radius ratio (HRR); therefore, an optimization strategy was adopted to include the mechanical constraints from the beginning of the design cycle and obtain a final geometry that can be used with different flow path and operating conditions. Finally, the three-dimensional full Navier Stokes Computational fluid dynamics analysis was used to assess the performance of the new stages in nominal and off-design conditions. A detailed analysis of the thermal transient of the expander parts with finite element analysis methods was performed to assess the life expectations of the equipment. The finite element analysis results are discussed in the paper to show the capability of the machine to sustain an extremely fast start up sequence. Compressor train is characterized by a multiple body configuration. A detailed optimization was performed to improve the efficiency and the availability of the selected solution. The low-pressure axial compressor discharge section has been optimized to reduce losses and a detailed study of rotor has been performed to evaluate the capability to withstand a high number of start and stop cycles.

Analisis Kinerja Anggaran Belanja Pada PTN BLU X Tahun Anggaran 2021-2023

In managing the budget, it is crucial to conduct budget performance measurement or analysis, which involves assessing and measuring the implementation or realization of the budget. This study presents an original analysis of PTN X, a State University with BLU (Public Service Agency) status under the Ministry of Education, Culture, Research, and Technology. The BLU status provides flexibility in budget management. Therefore, the purpose of this research is to analyze the budget performance of PTN X as a basis for evaluation to improve quality. In this study, the authors use a descriptive quantitative method, with the research object being the budget performance of PTN X from 2021 to 2023. The data analysis techniques employed include several expenditure analysis calculations, namely 1) Variance Analysis, 2) Growth Analysis, 3) Compatibility Analysis, and 4) Efficiency Analysis. The Financial Expenditure Performance of PTN X, as seen from the Variance Analysis, falls into the good category or Favourable Variance. From the Growth Analysis perspective, there was no expenditure growth observed in 2022; however, there was expenditure growth in 2023. The Compatibility Analysis revealed an imbalance between operational and capital expenditures in 2021. In contrast, in 2022 and 2023, the balance between operational and capital expenditures can be considered stable. From the Expenditure Efficiency Analysis, it was found that the budget management of PTN X was inefficient during the years 2021-2023.

Do Firms’ Characteristics Influence Their IT Strategies? A Study on the Driving Force behind Firms’ Decisions to Appoint IT Expertise

The demand for information technology expertise has grown rapidly in the last few decades, signaling firms’ commitment to integrating IT into core business strategies. Understanding the conditions under which firms appoint a chief information officer (CIO) can provide valuable insights into the evolving role of IT in corporate governance. This study addresses a crucial gap in the literature by exploring the determinants of a firm’s decision to hire a CIO at the top management level. The study identifies several factors that influence a firm’s decision to appoint a CIO, including the firm’s size, its level of innovation, and its prior performance. The study examines these assertions by comparing the characteristics of firms that appoint a CIO at the top management level with those of similar firms in their industries that do not have a CIO position prior to the appointment. A logistic regression model that considers CIO firms and their matched firms indicates that firms that have larger capital expenditures, higher market value, or have experienced loss are more likely to hire a new CIO. Our study provides empirical evidence on why certain firms prioritize IT leadership at the executive level.

Investigation of geochemically induced permeability alteration in geothermal reservoirs and its implications for sustainable geothermal energy production

Geothermal resources constitute a significant portion of the world's low-carbon, renewable energy potential, with about 75% classified as low-temperature. One such potential resource exists in Precambrian basement rocks underlying the Williston Basin in southern Saskatchewan, Canada, with a reservoir temperature of 120 °C. However, geochemically induced permeability alteration in these highly reactive low-temperature granitoid resources poses a significant risk to long-term heat production. To assess and potentially mitigate this risk, we conducted a geochemical and mineralogical study of both altered and unaltered samples. Our findings facilitated the parameterization of geochemical simulations of water-rock interactions to predict mineral volume changes and, by extension, draw inferences on porosity and permeability changes resulting from these interactions. The simulations indicate an increased mineral volume in both samples, yet geothermal alteration of the unaltered, and thus more reactive, rocks induced relative mineral volume changes about 30% greater than those in the altered rocks. The resulting absolute change in porosity is 0.5 vol% for the unaltered rocks and 0.35 vol% for the altered rocks. Utilizing an empirical porosity-permeability relationship, the computed change in permeability indicates that the unaltered basement rock experienced a greater change in total permeability than the altered basement rocks. Additional calculations demonstrate the sensitivity of the porosity-permeability equation to critical porosity and power exponent, forecasting various scenarios with permeability changes ranging from 1.0 × 10−13 to 1 × 10−20 m2. Consequently, we infer that altered, permeable zones of the examined Precambrian basement rocks are likely to offer favourable conditions for sustained, multi-decade heat production, and thus should be targeted over less altered zones to justify initial capital expenditures. Globally, geothermal heat extraction from these rocks remains an underexplored yet promising resource for generating reliable, low-carbon renewable energy, crucial in our efforts to decarbonize the global economy.

The Effect of Abnormal Marketing and Capital Expenditure on Firm Value

The study analyzed the effect of abnormal marketing and capital expenditure on firm value. Public firms in consumer staples sectors within the Association of Southeast Asian Nations (ASEAN)-5 countries, such as Indonesia, Malaysia, Thailand, the Philippines, and Vietnam, were chosen as the sample. Data collection yielded 432 data points from 144 firms during the period 2018–2020. The effect of abnormal marketing and capital expenditure on firm value was analyzed using cross-sectional regression analysis. The dependent variable was firm value, proxied by Tobin’s Q. The independent variables were abnormal marketing and capital expenditure. Abnormal marketing expenditure was measured using the difference between the marketing expenditure to total assets ratio for the year of interest, that is, 2018–2020, and the 5-year average of the marketing expenditure to total assets ratio for the years 2013–2017. The same methods applied to abnormal capital expenditure. The control variables were internal financial constraints, that is, Kaplan–Zingales (KZ) index; external financial constraints, that is, financial development index; and COVID-19, which is a dummy variable with a value of 1 for the pandemic period and zero otherwise. The study revealed that positive abnormal marketing and capital expenditure exhibit an adverse impact on firm value and financial constraints increase the negative effect of abnormal marketing and capital expenditure on firm value.

Examining the Role of Local Government’s Financial Performance and Capital Expenditure in Increasing Economic Growth in Banten Province, Indonesia (2018–2022)

This study aims to analyse how financial ratios such as the independence ratio, effectiveness ratio, efficiency ratio, fiscal decentralisation ratio, dependency ratio, and compatibility ratio affect economic growth, directly or indirectly, through capital expenditure as a mediating factor. This research used a quantitative approach; purposive sampling was conducted, and path analysis was applied to explore the relationships between variables. The results show that self-reliance, effectiveness, efficiency, fiscal decentralisation, dependency, and capital expenditure significantly affect economic growth. The independence and effectiveness ratios have a positive impact, indicating that improvements in these variables directly foster economic growth. However, the efficiency and fiscal decentralisation ratios have a negative effect, suggesting that increases in these variables may reduce economic growth. Indirectly, through capital expenditure, the independence, effectiveness, dependency, and compatibility ratios significantly affect economic growth, with the independence ratio being the most dominant. Conversely, the fiscal decentralisation and efficiency ratios did not show significant indirect effects, indicating that capital expenditure is not an effective mediator for these variables. These findings provide insights into how local financial management strategies can influence regional development, offering key policy recommendations for Banten’s local government.

Does Digitization Affect Social and Financial Performance in Microfinance Institutions?

This research aims to explore the effects of the digitization of microfinance institutions (MFIs) on their social and financial performances, and on the trade-off between them given the double mission pursued by these institutions. To reach this objective, we performed ordinary least squares (OLS), logit, and two-stage least squares (2SLS) regressions on a sample of 331 microfinance institutions from the ATLAS database. Findings reveal evidence of significant mixed effects of digitization on social and financial performance indicators. They also show that there is no significant effect of digitization on trade-offs. The novel aspect of this research lies in the approach used to measure social performance which is proxied by the SPI4 -Social Performance Indicators-developed by Cerise and Social Performance Task Force (SPTF), while previous research on the topic have used social mission outcomes indicators. The SPI4 tool allows financial service providers to evaluate the implementation of Universal Standards for Social Performance Management (USSPM). This study also provides evidence on the effect that digitizing MFIs operations may have on trade-off between their social and financial performances. The findings have significant implications for institutions, especially on the way they can implement and interconnect their digitization process, USSPM and financial strategy. Firstly, the significant effect of digitization on social performance reveals synergies between the adoption and use of digital solutions and the implementation of good practices of SPM. Secondly, the mixed effects of adopting digital solutions on financial performance suggest that while this process appears to drive efficiency within institutions, it does not necessarily improve their profitability, since capital expenditure appears to increase more than profits. Finally, since digitization does not appear conducive to trade-off, MFIs should better align their financial and investment strategy with their social objectives when going digital.

Performance analysis of a molten salt packed-bed thermal energy storage system using three different waste materials

Concentrated Solar Power (CSP) is a critical technology for the renewable energy transition, offering high power output at elevated temperatures. However, further integration of CSP plants requires a reduction in investment costs. This study investigates the use of cost-effective, sustainable, waste-based TES materials—such as Electric Arc Furnace Black Slag (BS) and Tundish (TN) from the steel industry, as well as Demolition Waste (DW) from urban regeneration projects—as packing materials in TES systems to reduce the capital expenditure of CSP plants. A One-Dimensional Continuous Solid Phase (1D-2P) model was employed to evaluate and compare the performance of DW, TN, and BS. The results revealed that all materials demonstrated comparable properties, with TN exhibiting the highest energy storage capacity (44.7 kWh) and energy storage density (296 kWh/m³). With high utilization rates of 73–75 %, waste-based TES systems show strong potential for application in CSP plants. The TES systems were scaled for a 110 MW CSP plant, which currently operates with a 2-tank molten salt TES system providing 4648.4 MWh of storage capacity. TN required the smallest storage volume of 22,273 m³ for the 110 MW CSP plant. The reduction of molten salt usage by up to 31,000 tons in the waste-based packed-bed TES system could significantly enhance the economic feasibility of CSP plants.