生活垃圾焚烧发电PPP项目技术经济性分析与探索

Technical and Economic Analysis and Exploration of Municipal Solid Waste Incineration Power Generation PPP Projects

以国内某项目为例,具体分析生活垃圾焚烧发电PPP项目的技术经济性。通过建立财务模型,考察不同垃圾处理补贴费对项目投资内部收益率、资本金内部收益率及投资回收期的影响。当垃圾处理补贴费分别为50元/t、55元/t、60元/t及65元/t时,随着垃圾处理补贴费的增加,项目投资及资本金内部收益率都会增加,而投资回收期则相应缩短。项目总投资约144822.84万元,按年有效运行时间8000h、垃圾处理补贴费50元/t、售电价格0.65元/（k W·h）、供热量60t/h、供热单价105元/t、增值税税率17%（即征即退）和所得税税率25%测算,所得税享受经营期三免三减半政策,项目投资财务内部收益率为6.34%（税前）、5.39%（税后）,项目投资回收期税前为13.74年、税后为14.52年,项目资本金财务内部收益率为5.76%（税后）。结合盈亏平衡和敏感性分析,发现影响最终收益的首要因素是销售收入,其次为投资额,最后是经营成本。争取较高的垃圾处理补贴费、供热价格以及较为优惠的税收政策,合理降低总投资,控制经营成本,可以获得不错的经济效益。

This article takes a domestic project as an example to analyze the technical and economic ef-ficiency of municipal solid waste incineration power generation PPP projects.Through the establishment of a financial model,the impact of different waste disposal fees on the internal rate of return on project invest-ment,the internal rate of return on capital and the investment payback period is investigated.When the waste disposal subsidies are 50 yuan/t,55 yuan/t,60 yuan/t and 65 yuan/t respectively,the internal rate of return on project investment and the internal rate of return on capital increase as the waste disposal subsidy in-creases,and the investment payback period shortens accordingly.The total project investment is 1448.2248 mil-lion yuan,the annual effective run time is 8000 hours,the waste disposal subsidy is 50 yuan/t,the electricity price is 0.65 yuan/k Wh,the heat supply is 60 t/h,the heating price is 105 yuan/t,the VAT rate is 17%（retreat） and the income tax rate is 25%.The income tax provides three years of exemption and half reduction for the next three years during the operation period.The internal rate of return on project investment is cal-culated to be 6.34%（before tax） and 5.39%（after tax）,the investment payback period is 13.74 years（before tax） and 14.52 years（after tax）,and the internal rate of return on capital is 5.76%（after tax）.Combined with break-even analysis and sensitivity analysis,it is found that the primary factor affecting the final return is sales revenue,followed by investment,and finally the operating cost.Good economic benefit can be achieved by striving for higher waste disposal subsidy,higher heating price and more preferential tax policy,reasonably reducing the total investment and controlling the operating cost.