PUBLIC INVESTMENT PROJECTS IN THE FIELD OF POWER ENGINEERING: METHODOLOGICAL APPROACHES TO ASSESSMENT
Abstract
The article is devoted to the topical issues of the methodology for assessing public investment projects aimed at the development of the power engineering industry on an innovative basis. New tools for planning, assessing, selecting, implementing and monitoring the operation of public investment projects are being introduced in Ukraine. This will ensure transparency and efficiency in the use of public investments. At the same time, the assessment carried out for the selection of projects does not take into account the industry specifics, scale and innovativeness of the projects. The distributional consequences of the assessment, under such conditions, lead to a decrease in the economic benefits from public investments. There is a need for an approach to assessment that takes into account the specifics of the project and its transformational potential for the country. The purpose of the article is to study methodological approaches to the assessment of public investment projects in the field of power engineering and to develop proposals for improving the methodological support and composition of indicators for assessing public investments in nuclear energy. The following methods were used to conduct the study: systemic and historical-logical analysis, structural-functional analysis and statistical comparisons. Using the example of innovative investment projects for the construction of new and modernization of existing nuclear power plants, a methodological approach is defined, which is based on a comprehensive assessment of projects based on indicators of thermoeconomic analysis, parametric and historical assessment of the cost of capital investments (equipment and facilities), feasibility analysis (recommended by IAEA’ for Preparation of a Feasibility Study for New Nuclear Power Projects), assessment of innovation benefits and macroeconomic effects, as well as regulatory indicators for the assessment of public investment projects, which together allow assessing the investment attractiveness of innovative projects and justifying investment decisions for public investments.
References
Ansar А. Old challenges, new solutions: getting major projects right in the twenty-first century. Oxford Review of Economic Policy. 2022. Vol. 38. іss. 2. рр. 217–223. DOI: https://doi.org/10.1093/oxrep/grac010
Coyle D. Shaping Successful Mega-project Investments. Oxford Review of Economic Policy. 2022. Vol. 38. іss. 2. рр. 224–236.
Andreoni A., Creamer K., Mazzucato M., Steyn G. How Can South Africa Advance a New Energy Paradigm? A Mission-oriented Approach to Megaprojects. Oxford Review of Economic Policy. 2022. Vol. 38. іss. 2. рр. 237–259. DOI: https://doi.org/10.1093/oxrep/grac007
Геєць В.М., Кириленко О.В., Басок Б.І., Базєєв Є.Т. Енергетична стратегія: прогнози і реалії (огляд). Nauka innov. 2020. Т. 16. N 1. С. 3–15. DOI: https://doi.org/10.15407/scin16.0 .0031
Геєць В.М. Формування профілю стратегічно важливих видів промислової діяльності в Україні (погляд на перспективу). Економіка України. 2023. N 9. С. 3–29. DOI: https://doi.org/10.15407/econo myukr.2023.09.003
Eltokhy K., Feruglio N., Miao K., Navarro A., Tandberg E. How to Improve Public Investment Management in Low-Income Countries. IMF How to Notes. 2025. Vol. 2025. іss. 001. 31 р. DOI: https://doi.org/10.5089/9798400297175.061
Геєць В. Суперечності та перспективи економічного зростання на інноваційній основі в Україні. Економіка України. 2024. N 11. С. 3–28. DOI: https://doi.org/10.15407/economyukr.2024.11.003
Тарасова В.О. Розвиток теорії та методів термоекономічного аналізу, синтезу, оптимізації інноваційних систем термотрансформації : автореф. дис. … доктора тех. наук : 05.14.06 «Технічна теплофізика та промислова теплоенергетика» ; Харків, 2019. URL: https://ipmach.kharkov.ua
Sahoo P.K. Exergoeconomic analysis and optimization of a cogeneration system using evolutionary programming. Applied Thermal Engineering. 2008. Vol. 28. iss 13. рр. 1580–1588.
Lozano M.A., Valero A. Theory of the exergetic cost. Energy. 1993. Vol. 18. iss. 9. рр. 939–960.
Lazzarettoa A., Tsatsaronisb G. SPECO: A systematic and general methodology for calculating efficiencies and costs in thermal systems. Energy. 2006. Vol. 31. рр. 1257–1289.
Theis J. Quality Guidelines for Energy Systems Studies Cost Estimation Methodology for NETL Assessments of Power Plant Performance. 2019. URL: https://netl.doe.gov/projects/files/QGESSCostEstMethodforNETLAssessmentsofPowerPlantPerformance_022621.pdf
Preparation of a Feasibility Study for New Nuclear Power Projects. The IAEA. 2014. URL: https://www-pub.iaea.org/MTCD/Publications/PDF/Pub1633Web-39794849.pdf
Білоусова О. Інструментарій оцінки інвестиційної привабливості інноваційних проектів розвитку стратегічних видів промислової діяльності. Економіка та суспільство. 2023. (57). DOI: https://doi.org/10.32782/2524-0072/2023-57-2
Ansar А. (2022) Old challenges, new solutions: getting major projects right in the twenty-first century. Oxford Review of Economic Policy, vol. 38, іss. 2, рр. 217–223. Available at: https://doi.org/10.1093/oxrep/grac010 (accessed October 23, 2025).
Coyle D. (2022) Shaping Successful Mega-project Investments. Oxford Review of Economic Policy, vol. 38, іss. 2, рр. 224–236.
Andreoni A., Creamer K., Mazzucato M., Steyn G. (2022) How Can South Africa Advance a New Energy Paradigm? A Mission-oriented Approach to Megaprojects. Oxford Review of Economic Policy, vol. 38, іss. 2, рр. 237–259. Available at: https://doi.org/10.1093/oxrep/grac007 (accessed October 23, 2025).
Heiets V.M., Kyrylenko O.V., Basok B.I., Bazieiev Ye.T. (2020) Enerhetychna stratehiia: prohnozy i realii (ohliad) [Energy strategy: forecasts and realities (review)]. Nauka innov., vol. 16(1), рр. 3–15. Available at: https://doi.org/10.15407/scin16.0 .0031 (accessed October 23, 2025).
Heiets V.M. (2023) Formuvannia profiliu stratehichno vazhlyvykh vydiv promyslovoi diialnosti v Ukraini (pohliad na perspektyvu) [Formation of the profile of strategically important types of industrial activity in Ukraine (a look at the future)]. Ekonomika Ukrainy – Economy of Ukraine, vol.9, рр. 3–29. Available at:
https://doi.org/10.15407/econo myukr.2023.09.003 (accessed October 23, 2025).
Eltokhy K., Feruglio N., Miao K., Navarro A., Tandberg E. (2025) How to Improve Public Investment Management in Low-Income Countries. IMF How to Notes. Available at: https://doi.org/10.5089/9798400297175.061 (accessed October 23, 2025).
Heiets V. (2024) Superechnosti ta perspektyvy ekonomichnoho zrostannia na innovatsiinii osnovi v Ukraini [Contradictions and prospects of economic growth based on innovation in Ukraine]. Ekonomika Ukrainy – Economy of Ukraine, vol.11, рр. 3–28. Available at: https://doi.org/10.15407/economyukr.2024.11.003 (accessed October 23, 2025).
Tarasova V.O. (2019) Rozvytok teorii ta metodiv termoekonomichnoho analizu, syntezu, optymizatsii innovatsiinykh system termotransformatsii [Development of the theory and methods of thermoeconomic analysis, synthesis, and optimization of innovative thermal transformation systems]: dis. …degree of Doc. of Technical Sciences: 05.14.06. Kharkiv. Available at: https://ipmach.kharkov.ua (accessed October 23, 2025).
Sahoo P.K. (2008) Exergoeconomic analysis and optimization of a cogeneration system using evolutionary programming. Applied Thermal Engineering, vol.28, iss.13, рр. 1580–1588.
Lozano M.A., Valero A. (1993) Theory of the exergetic cost. Energy, vol. 18, iss. 9, рр. 939–960.
Lazzarettoa A., Tsatsaronisb G. (2006) SPECO: A systematic and general methodology for calculating efficiencies and costs in thermal systems. Energy, vol. 31, рр. 1257–1289.
Theis J. (2019) Quality Guidelines for Energy Systems Studies Cost Estimation Methodology for NETL Assessments of Power Plant Performance. Available at: https://netl.doe.gov/projects/files/QGESSCostEstMethodforNETLAssessmentsofPowerPlantPerformance_022621.pdf (accessed October 23, 2025).
Preparation of a Feasibility Study for New Nuclear Power Projects. (2014) The IAEA. Available at: https://www-pub.iaea.org/MTCD/Publications/PDF/Pub1633Web-39794849.pdf (accessed October 23, 2025).
Bilousova O. (2023) Instrumentarii otsinky investytsiinoi pryvablyvosti innovatsiinykh proektiv rozvytku stratehichnykh vydiv promyslovoi diialnosti [Tools for assessing the investment attractiveness of innovative projects for the development of strategic types of industrial activity]. Ekonomika ta suspilstvo – Economy and society, N 57. Available at: https://doi.org/10.32782/2524-0072/2023-57-2 (accessed October 23, 2025).
This work is licensed under a Creative Commons Attribution 4.0 International License.
