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where D is the total debt, E the total equity, Cd the cost of debt, Ce the cost of equity and T is the corporate tax rate [52]. The cost of debt is, in the general case, determined as Cd = (Rf + credit risk rate)(1 − T ) (2.54) where Rf is the interest rate of a risk-free bond with a duration matching the term structure of the corporate debt [52]. The cost of debt is a measure on the amount of money that is spent on debts and can also be determined as the sum of interests being paid on all debts divided by the total amount of debt, i.e. diri Cd= d (2.55) i The cost of equity is determined by the risk free rate, Rf , the risk premium of the market determined as the difference in the historical return on the market and the risk free rate, and by the sensitivity of the asset to market risk [52]. Ce = Rf + β(Rm − Rf ) (2.56) The sensitivity of to market risk β, is determined by the covariance (Cov) between the asset and the market as well as by the variance (Var) of the market [52]. In this case the asset would be the present value of future revenues generated from the electricity production of the ORC. β = Cov(r,rm) (2.57) V ar(rm) However if we assume that the present value of future cash flows arising from the electricity pro- duction only depends solely on the electricity price, the expression of the WACC can be further simplified. Since the electricity price is fairly insensitive to stock market fluctuations, the β of the electricity production can be assumed very low and set to 0. The cost of equity is equal to the risk free rate and the WACC is then expressed as WACC = D · Cd + E · Rf (1 − t) (2.58) D+E D+E The NPV Decision Rule Since NPV is expressed in terms of cash today the equivalent of the NPV is the value, or wealth, that the project adds to the company today. Therefore, when deciding between projects, one should choose the project with the highest NPV. Furthermore, when deciding whether to accept or reject a project, one should accept projects with positive NPV and reject projects with negative NPV. 37PDF Image | Analysis of Organic Rankine Cycles for a Boiler Station
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