Figure 6

Effect of wholesale ethanol price on NPV and IRR for the {C5 EtOH, 20% WIS, 96 h, 250% EHE} case. Leaves addition to bagasse {B + L} and bagasse only {B} are the two feedstock used in evaluating the 1G + 2G ethanol and 1G ethanol profitability as the function of three electricity selling prices (43, 87, 140 US$/MWh). The electricity selling prices are specified in panels: 43 US$/MWh in (a) and (d); 87 US$/MWh in (b) and (e); 140 US$/MWh in (c) and (f). For case definitions see Table 1. 1G, first generation; 2G, second generation; B, bagasse; B + L, bagasse with addition of leaves; C5 EtOH, pentose fermentation to ethanol; EHE, enzymatic hydrolysis efficiency; IRR, internal rate of return; NPV, net present value; WIS, water-insoluble solids.