It is well established that hydrogen has the potential to make a significant contribution to the world energy production.In U.S.,majority of hydrogen production plants implement steam methane reforming(SMR) for centra...It is well established that hydrogen has the potential to make a significant contribution to the world energy production.In U.S.,majority of hydrogen production plants implement steam methane reforming(SMR) for centralized hydrogen production.However,there is a wide lack of agreement on the nascent stage of using hydrogen as fuel in vehicles industry because of the difficulty in delivery and storage.By performing technological and economic analysis,this work aims to establish the most feasible hydrogen production pathway for automotives in near future.From the evaluation,processes such as thermal cracking of ammonia and centralized hydrogen production followed by bulk delivery are eliminated while on-site steam reforming of methanol and natural gas are the most technologically feasible options.These two processes are further evaluated by comprehensive economic analysis.The results showed that the steam reforming(SR) of natural gas has a shorter payback time and a higher return on investment(ROI) and internal rate of return(IRR).Sensitivity analysis has also been constructed to evaluate the impact of variables like NG feedstock price,capital of investment and operating capacity factor on the overall production cost of hydrogen.Based on this study,natural gas is prompted to be the most economically and technologically available raw material for short-term hydrogen production before the transition to renewable energy source such as solar energy,biomass and wind power.展开更多
Throughout the decision-making process, prudent investors must address questions regarding the probabilities of future profit gain. In this study, the probability-based discounted cash flow （DCF） method with net pre...Throughout the decision-making process, prudent investors must address questions regarding the probabilities of future profit gain. In this study, the probability-based discounted cash flow （DCF） method with net present value （NPV） as the indicator was adopted as an analysis tool. A probabilistic framework for measuring exceeding probability of annual rate of return on a commercial real estate investment under a specified holding period was developed. Based on the framework, the relation curves of annual rate of return versus the corresponding exceeding probability of return for available financing schemes were constructed. These curves were used as a tool to prioritize the schemes and inform decision-making. An example case is presented to demonstrate the decision-making process developed in this study. Through the proposed process, investors are given basic information on the return, probability that profit gain will occur, and feasibility of financial schemes for commercial real estate investments.展开更多
This paper aims at analyzing and evaluating investments in rangeland management through the use of the discount rate tool. The most important parameter which is considered when estimating the discount rate is the life...This paper aims at analyzing and evaluating investments in rangeland management through the use of the discount rate tool. The most important parameter which is considered when estimating the discount rate is the lifetime of the investment, which varies depending on the kind of the intervention. An undeniable characteristic of rangelands is their rich biodiversity. However, the fact that not all the flora and fauna has been recorded yet, suggests the need for using the lowest possible discount rate （but not zero）, giving thus a high value on the benefits that will arise for future generations always in the light of sustainable development. At the same time, a sensitivity analysis has to be performed in order to determine the upper and lower limit of return on investment, so that the decision-maker in charge can be more flexible on the evaluation Of an investment proposal.展开更多
基金support from the Hong Kong University of Science and Technology via the Undergraduate Research Opportunity Program (UROP)Lighten R&D Consultancy Ltd for providing advices
文摘It is well established that hydrogen has the potential to make a significant contribution to the world energy production.In U.S.,majority of hydrogen production plants implement steam methane reforming(SMR) for centralized hydrogen production.However,there is a wide lack of agreement on the nascent stage of using hydrogen as fuel in vehicles industry because of the difficulty in delivery and storage.By performing technological and economic analysis,this work aims to establish the most feasible hydrogen production pathway for automotives in near future.From the evaluation,processes such as thermal cracking of ammonia and centralized hydrogen production followed by bulk delivery are eliminated while on-site steam reforming of methanol and natural gas are the most technologically feasible options.These two processes are further evaluated by comprehensive economic analysis.The results showed that the steam reforming(SR) of natural gas has a shorter payback time and a higher return on investment(ROI) and internal rate of return(IRR).Sensitivity analysis has also been constructed to evaluate the impact of variables like NG feedstock price,capital of investment and operating capacity factor on the overall production cost of hydrogen.Based on this study,natural gas is prompted to be the most economically and technologically available raw material for short-term hydrogen production before the transition to renewable energy source such as solar energy,biomass and wind power.
文摘Throughout the decision-making process, prudent investors must address questions regarding the probabilities of future profit gain. In this study, the probability-based discounted cash flow （DCF） method with net present value （NPV） as the indicator was adopted as an analysis tool. A probabilistic framework for measuring exceeding probability of annual rate of return on a commercial real estate investment under a specified holding period was developed. Based on the framework, the relation curves of annual rate of return versus the corresponding exceeding probability of return for available financing schemes were constructed. These curves were used as a tool to prioritize the schemes and inform decision-making. An example case is presented to demonstrate the decision-making process developed in this study. Through the proposed process, investors are given basic information on the return, probability that profit gain will occur, and feasibility of financial schemes for commercial real estate investments.
文摘This paper aims at analyzing and evaluating investments in rangeland management through the use of the discount rate tool. The most important parameter which is considered when estimating the discount rate is the lifetime of the investment, which varies depending on the kind of the intervention. An undeniable characteristic of rangelands is their rich biodiversity. However, the fact that not all the flora and fauna has been recorded yet, suggests the need for using the lowest possible discount rate （but not zero）, giving thus a high value on the benefits that will arise for future generations always in the light of sustainable development. At the same time, a sensitivity analysis has to be performed in order to determine the upper and lower limit of return on investment, so that the decision-maker in charge can be more flexible on the evaluation Of an investment proposal.
