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w seams and/or new mines to be economic, ESM should proceed to develop a Bitola fuel supply project; ESM has had preliminary discussions with the World Bank on this issue. It should be noted, however, that – irrespective of whether the World Bank is able to provide funds - there is a potentially large finance gap relating to the proposed Brod Gneotino project.

Options for Meeting/Managing Rising Power Demand

Investments in power generation/increased power imports

In order to meet forecast increasing power demand, either investments in new power generation capacity or increased power imports will be required no matter how Bitola is supplied with fuel.

One candidate for investment in power generation is a new 200 MW Combined Heat and Power (CHP) plant to be constructed in Skopje.

A study carried out by the Japan Consulting Institute in 1999 suggested that a CHP project in Skopje would have a favorable economic rate of return. This study did not, however, compare the project with the alternative of increasing power imports. In addition, the assumed gas price in the study of US$85/tcm has increased to around US$150/tcm currently.

The Harza study (discussed above) argued that a CHP plant would enter the least cost expansion plan for the power sector. This relied, however, on there being limited capacity for power imports. Subsequently Macedonia and Bulgaria have reached agreement on construction of a new transmission interconnection between the two countries, and a project is now under implementation; thus the Harza assumption on power imports is no longer valid. In addition, gas prices have changed significantly since the Harza study was carried out in 2000.

Recognizing the need to update previous work, the Government of Macedonia has in 2004 commissioned a Skopje CHP Feasibility Study. This will explore the economic viability of the proposed CHP plant vis a vis power imports and the possibility of converting the Negotino (oil fired) plant to run on gas or imported coal. The study will assess whether there is an economic rationale for a CHP plant and, if so, when such a plant should be constructed.

The feasibility study should be completed by the end of the second quarter in 2004. Assuming that it supports the proposed CHP project (i.e. demonstrates that it would provide power at lower cost than alternatives) a number of actions would be required.

Given the Government of Macedonia's constrained financial resources, construction of the CHP plant would have to proceed as a private project, sponsored by a strategic investor and commercially financed. To this end, the Government of Macedonia should appoint an adviser to select an investor through appropriate / transparent procedures.

The adviser would draft gas supply, power and heat purchase contracts for the CHP plant, together with bidding documents for an international competitive tender. The adviser would work with the Government of Macedonia, providing support in carrying out the tender (issuing request for proposals, technical evaluations, financial evaluations, etc.). It is likely that this proce本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。