Martina Zaujecová – Slovak University of Agriculture in Nitra, Faculty of Economics and Management, Department of Statistics
and Operations Research, Trieda Andreja Hlinku 2, 949 01 Nitra, Slovakia

Jozeh Repiský – Slovak University of Agriculture in Nitra, Faculty of Economics and Management, Department of Statistics
and Operations Research, Trieda Andreja Hlinku 2, 949 01 Nitra, Slovakia

Katarína Baráthová – Slovak University of Agriculture in Nitra, Faculty of Economics and Management, Department of Statistics
and Operations Research, Trieda Andreja Hlinku 2, 949 01 Nitra, Slovakia


4th International Scientific Conference – EMAN 2020 – Economics and Management: How to Cope With Disrupted Times, Online/Virtual, September 3, 2020, SELECTED PAPERS published by: Association of Economists and Managers of the Balkans, Belgrade, Serbia; ISBN 978-86-80194-31-8, ISSN 2683-4510


This article is focused on technical-economic evaluation of the efficiency of corn silage in
comparison with manure in case of combined production of electricity and heat. Mentioned energetical
sources are used for production of biogas by fermentation in biogas plants, which include equipment
for cogeneration. We analysed resources՚ efficiency of installations with installed capacity of 1MW. We
found the the use of manure with deterministically defined value, NPV 2 508 303 EUR and IRR 26.35%
is more effective. NPV for corn silage was 1 690 562 EUR and IRR 21.37%. Price of electricity, use of
electricity and initial investment in both projects have the greatest impact on the change of criterion.
Taking into account the risk from Monte Carlo simulation, we found, that with any risk aversion, the
NPV of the monitored projects will never be negative. Functions of density and distribution confirmed
the ranking of energy resources՚ efficiency obtained using NPV and IRR criteria. It can be stated that
both investment plans are very perspective.


Efficiency, Biomass, Cogeneration.


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