Copyright © 2023 The Author(s). Published by Vilnius Gediminas Technical University *Corresponding author. E-mail: dalia@mail.lei.lt This is an Open Access article distributed under the terms of the Creative Commons Attribution License (http://creativecommons. org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. Journal of Business Economics and Management ISSN 1611-1699 / eISSN 2029-4433 2023 Volume 24 Issue 1: 1–19 https://doi.org/10.3846/jbem.2023.17756 BIOENERGY PRODUCTION FROM SUNFLOWER HUSK IN UKRAINE: POTENTIAL AND NECESSARY INVESTMENTS Jakub HORÁK 1, Yuriy BILAN 2,3, Andrii DANKEVYCH 4,5, Vitalii NITSENKO 6,7, Anatolii KUCHER 8,9, Dalia STREIMIKIENE10* 1School of Expertness and Valuation, Institute of Technology and Business in Ceske Budejovice, Ceske Budejovice, Czech Republic 2Faculty of Social and Economic Relations, Alexander Dubcek University of Trencin, Trencin, Slovakia 3Sumy State University, Sumy, Ukraine 4Department of Economics and Law, National University of Food Technology, Kyiv, Ukraine 5Department of Economic Security, Public Administration and Management, Zhytomyr Polytechnic State University, Zhytomyr, Ukraine 6SCIRE Foundation, Warsaw, Poland 7Department of Entrepreneurship and Marketing, Ivano-Frankivsk National Technical Oil and Gas University, Ivano-Frankivsk, Ukraine 8Lviv Polytechnic National University, Lviv, Ukraine 9NSC “Institute for Soil Science and Agrochemistry Research Named after O. N. Sokolovsky”, Kharkiv, Ukraine 10Kaunas Faculty, Vilnius University, Muitinės g. 8, LT-44280 Kaunas, Lithuania Received 23 May 2022; accepted 22 August 2022 Abstract. Sunflower is a strategic crop in the agriculture of Ukraine as it is important for food and energy production. Recently the processing of secondary products, solving the issues of waste disposal and improving the environment have been paid much attention. This is an example of a cyclic economy, as during the production of oil from sunflowers, their husk can be used for energy production. The ash obtained by burning husk is a valuable complex mineral fertilizer and can be further applied as ecological fertilizer. The aim of this article is to assess the energy and investment potential for sunflowers as an internal reserve for increasing production efficiency and reducing carbon dioxide emissions. In particular, the equivalents of energy substitution of sunflower husks for energy costs at fat-and-oil enterprises, the reduction of carbon dioxide emissions are estimated. A generalized scheme for the production of electricity from sunflower husks is considered. In particu- lar, the use of ash from sunflower husks as a fertilizer is described. The research has shown that the sunflower husks available in Ukraine can be used more efficiently to produce electricity. Therefore policy recommendations were developed based on a study conducted. Keywords: sunflower, biofuel, bioresource potential, sunflower husk, fertilizers, investment, Ukraine. JEL Classification: M11, O13, O32, Q00, Q42. mailto:dalia@mail.lei.lt http://creativecommons.org/licenses/by/4.0/ http://creativecommons.org/licenses/by/4.0/ https://orcid.org/0000-0001-6364-9745 https://orcid.org/0000-0003-0268-009X https://orcid.org/0000-0003-1801-7516 https://orcid.org/0000-0002-2185-0341 https://orcid.org/0000-0001-5219-3404 2 J. Horák et al. Bioenergy production from sunflower husk in Ukraine: potential and necessary... Introduction Various crops are currently widely used as bioenergy resources and strong competition among land use for energy and food production is emerging (Croitoru et al., 2021). Various agriculture holdings, agriculture cooperatives and farmers need to trade of between growing agriculture crops for bioenergy or food production. Green Deal and other environmental and climate change mitigation initiatives aiming at promotion of renewable energy source usage have also huge impact on strong competition between traditional use of crops and green energy production (Liang et al., 2021). Sunflower crops are especially important for food production however use of sunflower crops for bioenergy production provides more advantages for agriculture enterprises. Over the past 10 years, Ukraine, as a world leader in the sphere of sunflower cultivation, has made significant progress in modernizing production facilities in the oil and fat sector. At the same time, the outstripping growth rates of crops over the modernization of production capacities have a significant anthropogenic load on the environment, and the procession potential of generated waste is not used. Sunflower and its processing waste have significant potential for renewable energy, which can be used to improve the trade balance, create jobs, modernize production, and improve energy security. Introduction of the newest technologies of biomass processing allows to solve a problem of harmful household and industrial waste utilization as well as to obtain lecithin and high-quality fertilizers as by-products. The use of sunflower husk as a fuel is safer compared to natural gas from the environmen- tal point of view. In particular, it reduces emissions of suspended solids, methane and non- methane volatile organic compounds. While burning sunflower husks, the amount of emitted carbon dioxide does not exceed that formed during the natural decomposition of wood. For Ukraine, bioenergy is one of the strategic directions of the renewable energy sector development, given the country’s high dependence on imported energy, primarily natural gas, and the great potential of biomass available for energy production. Nowadays Ukraine has probably the most developed biofuel industry in the Commonwealth of Independent States, however, the country is still far from full use of its resource potential compared to the EU (Croitoru et al., 2021). One of the study’s objectives is to implement a policy that promotes the rational disposal of waste and the balance of the nutrient cycle in the soil-plant-human chain. Even though sunflower being one of the most soil-depleting crops in terms of nutrient removal, includ- ing potassium and other macro- and micronutrients, returning them into the ecosystem is possible by attracting investment in the modernization of production and introduction of new technologies. Innovations in waste recycling and production of the finished product hold significant re- serves for improving the efficiency of both the industry and economic security of the country compared to the disposal of this waste or the production of only semi-products. Nowadays the driver of modernization of the industry is presented by large agricultural holdings – vertically integrated structures with a closed cycle of production and processing. In the struggle for added value, they modernize production sites in order to maximize profits. In general, investments in renewable energy are constrained by high capital expenditures. Journal of Business Economics and Management, 2023, 24(1): 1–19 3 Though there are several studies dealing with assessment of benefits of sunflowers husk usage for energy production but the potential of energy production from sunflower husk and necessary investment were not evaluated for Ukraine, though country distinguishes with huge yields of sunflower crops. According to the research made by many scientists, sunflower husks can become an alternative source of energy economy (Dankevych et al., 2021; Bazaluk et al., 2021; Dehodiuk et al., 1988; Mishchenko & Vyhovska, 2006). Up to now, there are about 70 husk boilers in operation in Ukraine (Biliavskyi, 2020). However, only 10% of heat and power plants use husk-based (Lystopad & Kukhta, 2010; Geletukha et al., 2013). Studies proved that burning of husk is energy efficient, as usually the amount of non-combustible residues (ash content) does not exceed 3%. The paper aims to overcome this research gap and provides comprehensive assessment of energy production potential and necessary investment for Ukrainian sunflower industry for increasing production efficiency and reducing carbon dioxide emissions. The polynomial equations of autoregressive integrated moving average, model were applied for forecasting and evaluation of energy and investment potential in sunflower agri-complex. The rest of the paper is structured in the following way: First section provides literature review, second section to introduces methods and data, third section analyses results, forth section provides discussion and fifth section concludes. The future direction of research in the field of waste management is the priority protec- tion of the environment from the negative impact of waste, ensuring the economical use of raw materials and energy resources and scientifically sound coordination of environmental, economic and social interests in waste generation and use for sustainable development. 1. Literature review Among the main trends characteristic of the development of the oil and fat industry in recent years, we can highlight the increasing competitiveness of Ukrainian products through the active development of energy-saving technologies, namely – the implementation of projects for processing and further use of sunflower oil residual products such as husk, oil sludge, ash (Erickson & Lazarus, 2018; Nitsenko, 2020; Nitsenko et al., 2020). There is a steady trend towards the development of renewable energy sources and the gradual replacement of tradi- tional energy generation (Osaulenko et al., 2020; Gavurova et al., 2021). Analytical forecasts of the energy resource market do not stand in favor of fossil fuels. The authors (Erickson & Lazarus, 2018) note that global production and consumption of this type of fuel is estimated to be almost complete within 50 years. The powerful development of the latest energy technologies will promote the arrival of a “new energy era”, and then the “new energy revolution” may take place earlier than expected (Zou et al., 2016; Bazaluk et al., 2021). Its prospect is a constant increase in the share of alternative energy resources in the economies of many countries. According to the International Renewable Energy Agen- cy, Ukraine has the largest technical potential for the implementation of renewable energy sources in South-Eastern Europe. The total potential of the installed capacity in the country is estimated at 408.2 GW (excluding large hydropower plants), including biomass – 15 GW (4%) (Geletukha, 2017). 4 J. Horák et al. Bioenergy production from sunflower husk in Ukraine: potential and necessary... Ukraine has adopted a number of government decrees aimed at stimulating the replace- ment of natural gas with alternative fuels and new types of energy and at harmonizing the renewable energy sector of Ukraine with the European one, in particular: – Granting the status of priority investment projects for the transfer of consumers from natural gas to other types of fuel and energy. – Implementation of the term “biomass” in national legislation in accordance with Di- rective 2009/28/EU. – Amendments to the Energy Strategy of Ukraine until 2030 in terms of reducing nat- ural gas consumption, increasing the use of renewable energy sources and alternative fuels. – Simplification of the land allotment procedure, reduction of terms of issuance and number of permits for the implementation of gas replacement projects. (Geletukha, 2017). The biofuel market is developing dynamically, the number of entities is increasing, de- mand is growing. The raised problem is researched both in the world, and in the domes- tic scientific literature (Gavurova et al., 2018). Scientists unanimously state the presence of various negative processes associated with the accumulation of waste of various origins in the environment of Ukraine. Limiting the negative impact of waste on the environment at present is a global environmental problem that affects all areas of human life and activity (Andreichenko et al., 2021). This problem has become particularly severe in Ukraine due to large volumes of waste generation and accumulation and the lack of adequate response to the danger this creates for a long time. The current production of the sunflower oil in Ukraine is based on the concept found on the technocratic-extensive and costly principle of its development (Rozin, 2021; Koval et al., 2020). In Ukraine, the production cost per unit of gross output, in particular, energy resources are 2–3 times higher than in Western Europe (Dankevych, 2017). The electricity consumption ranges from 96.6 to 198 kWh per ton of oil, and the heat consumption (steam) ranges from 348 to 1184 kWh per ton of oil (Biliavskyi, 2020). The decrease of electricity costs is of high priority to increase the competitiveness of the industry. According to the research made by many scientists, sunflower husks can become an alter- native source of energy economy (Dehodiuk et al., 1988; Biliavskyi, 2020). The key barriers to the development of renewable energy sources are: – low confidence in the system of stimulating the development of renewable energy sources; – uncertainty with the vector of long-term development of the energy sector, especially after 2030; abolition of tax benefits for renewable energy sources; – reducing the rate of green tariffs; increase in the cost of connection to the electric grid; introduction of fines for imbalance in the electricity market (draft of a bill); – limitation of the validity of technical conditions for connection to the power system (draft of a bill) (Zajemska et al., 2017; Geletukha, 2021). Motivating factors for the development of renewable energy sources worldwide and, in particular, in Ukraine are further reductions in the cost of technology and renewable energy sources power plants. By 2025, a significant reduction in the cost of installing power plants Journal of Business Economics and Management, 2023, 24(1): 1–19 5 is forecast: the cost of installing production size solar power plants will decrease in 10 years by 57%, and the cost of installing wind power plants – by 13% (Geletukha, 2021). The vast majority of investments in bioenergy in Ukraine are made by agro-holdings. Their accumulation of financial, material, energy and labor resources provide favor- able conditions for the implementation of investment bioenergy projects, improving the relationships between participants in the integration process and their interest in business results and profit maximization (Dubrovin, 2004). Improving the efficiency of co-operation of different types of renewable energy sources in electric grids is possible by optimizing the schemes of their connection, as well as automating part of the control functions, namely the optimal control of renewable energy sources modes taking into account the peculiari- ties of their primary energy conversion (Bazaluk et al., 2022). The solution of the whole ecological and resource situation in Ukraine depends on waste management (Dankevych et al., 2021; Ivanov et al., 2021), because, on the one hand, waste is the main factor of environmental pollution, and, on the other hand, a certain part of resource and energy potential is “frozen” (not used) in it. Waste management affects the balanced development of Ukraine’s economy in both environmental and resource terms. Hence the urgency of developing a set of legal, technical, scientific, managerial and other requirements and norms at both national and international levels follows (Stadzhy, 2019). One of the directions of waste utilization is its application in natural form. There is a need to develop environmentally friendly technologies for disinfection and recycling of waste for use as a secondary raw material. Theoretical principles and practical mechanisms of ecologically safe, economically efficient utilization of sunflower husk biomass and sub- sequent utilization of the formed ash are reflected in the works of domestic researchers (Dankevych et al., 2021; Ostapchuk et al., 2021). The relevance of these issues, their theo- retical importance and practical significance, especially in conditions of shortage of raw materials and energy resources, is beyond doubt. Russia’s invasion of Ukraine poses serious risks to global food security that will require a range of responses from governments and international organizations (Glauber & Laborde, 2022). 2. Data and methods The data and methods applied for case study in Ukraine aiming to evaluate potential for sun- flower crops use for bioenergy and necessary investments and economic and environmental benefits obtained from this are presented below. The sources of data on the production of basic products were the data of the State Statis- tics Service of Ukraine /Ukrstat.org/ and the data of the website AgroChart Terms of Service. In Ukraine, no official body keeps statistics on the generation and disposal of waste in the oil and fat industry. Volumes of by-products were calculated based on the norms of output described and approved in the national standards of Ukraine (DSTU), interstate standards for oilseeds, products of their processing, feed (Rozin, 2021). In particular: – DSTU 2423-94 “Vegetable oils. Production. Terms and definitions”; – DSTU 4492: 2017 Sunflower oil. Specifications. https://www.ifpri.org/profile/joseph-glauber 6 J. Horák et al. Bioenergy production from sunflower husk in Ukraine: potential and necessary... To determine the resource potential of sunflower waste, comparative tables of calorific value (AgroChart, 2021) were used for some types of fuel (materials for designing boiler houses on solid fuel). These calculations are preliminary, as the heat of combustion for differ- ent fuels is approximate, it should be remembered that it depends on humidity, ash content, content of components (carbon, hydrogen, sulfur, etc.) and combustion conditions. To predict the balance of sunflower production in Ukraine, a basic model of Box–Jenkins time series was used (Box et al., 2015). For the convenience of further research, forecasting, analysis and comparison of trends, linear vectors were presented in analytical form. The polynomial approximation method was used for such data representation. This allowed to form polynomial equations of the first stage of application of ARMA (p, q) – algorithm, namely: to predict the area of sunflower crops, million hectares (Eq. (1)), gross production of sunflower seeds, million tons (Eq. (2)) and the yield of this agricultural crops, t / ha (Eq. (3)). Accordingly: 3 20.116 0.8 0.616 1 4.01;y x x x= − + + + (1) 3 20.15 1 .25 3.6 3.5;y x x x= − + + (2) 3 20.05 0.4 0.85 3.1,y x x x= − + − + (3) where y is the value of the named forecast factor in the corresponding units mentioned above, x is the corresponding time period according to its index 1, 2, 3 . .i p= … Eqs (2), (3), (4) obtained in the first stage of using the algorithm were modified to linear equations in the next stage, respectively: 1. For the area under sunflower, million hectares: 2.19 13.15.y x= + (4) 2. For gross production of sunflower seeds, million tons: 0.47 5.7.y x= + (5) 3. For sunflower yield, t / ha: 0.11 2.45.y x= + (6) These modified equations were used in further analytical studies of the balance of sun- flower production in Ukraine. Analytical presentation of the data allowed to use them, in addition to the formation of the absolute value of the forecast factor in the relevant units, also to compare the dynamics of these factors. For this purpose, a comparative analysis of slope ratios (coefficients in argu- ments) of forecast value trends was used. The analysis showed that the dynamics of increasing the area under sunflower crops. The standards of output were calculated, described and approved is more than an order of mag- nitude higher than the growth of sunflower yields, and the growth rate of gross production of sunflower seeds represents less than one-fifth of the growth rate of crop area. The forecast balance of oil sludge and phosphatide concentrate production from sun- flower waste and fertilizers from sunflower husk ash by 2021 was defined as derived from the gross production of sunflower specified in the forecast balance of sunflower production Journal of Business Economics and Management, 2023, 24(1): 1–19 7 by 2021 in the national standards of Ukraine (DSTU), products of their processing, as well as technical regulations of processing enterprises (Rozin, 2021). In particular: – DSTU 4535: 2006 Oil sludge. Specifications. – DSTU 7123: 2009 Sunflower husk. Technical conditions Taking into account the CORINAIR “Guidelines for Inventory of Atmospheric Emis- sions” and a set of calculations published in directories and used by environmentalists of Ukraine to determine the amount of pollutants into the air, the Ukrainian Scientific Center for Technical Ecology has developed calculation methods for determining emission indica- tors for pollutants (Perea-Moreno et al., 2018), in particular, carbon dioxide: 6 2 44 10 12 100 ,r co c ir C k Q = × × ×ε (7) where irQ  – lower operating heat of fuel combustion, MJ/kg; Cr – mass content, respectively, of ash, sulfur, carbon in the fuel per working weight, %, the values taken according to the method; cε  – the degree of oxidation of carbon fuel. Calculations performed according to this method show that carbon dioxide emissions from the combustion of sunflower husks compared to natural gas in boilers, t / t of fuel is 1.7 times less and is 1556.78 against 2662.57 t / t of fuel, respectively. The need for investment was formed based on the actual investment of investors in the industry for already launched facilities. Consultations with companies manufacturing tech- nological equipment were also held. 3. Results of case study 3.1. Natural-climatic characteristics of Ukraine Ukraine has the 8th largest farm land bank in the world (32.5 million ha). Arable land accounts for 54% of total Ukraine’s territory among other countries with over 50% of territory under arable land which are Bangladesh, Moldova and Denmark. The study performed by the Food and Ag- riculture Organization revealed that almost 80% of total arable land in Ukraine is without major constraints. This provides for more efficient farming operations as it requires less capital & opera- tional costs. The fact that 60% of agricultural land is flat is a highly favorable factor for agriculture. 3.2. Sunflower market overview in Ukraine Ukraine is a world leader in the production and export of sunflower oil (31–37% of world exports), 90% of total oilseeds are sunflowers. Gross crop harvest amounted to 14.5 million tons in 2019 and 14 million tons in 2020. Sunflower production increased from 7.6 million tons in 2009/2010 to 14 million tons in 2019/2020, cultivation area: from 5,000 thousand hectares to 6,800,000 hectares. This is primarily due to favorable soil and climatic conditions for growing this crop as well as low cost of land cultivation. Sunflower production could reach 17.5 million tons by 2021, both by increasing the cul- tivation area by 0.7 million hectares and increasing yields by 0.84 t/ha (Figure 1). This will also be facilitated by advances in selection and genetics. 8 J. Horák et al. Bioenergy production from sunflower husk in Ukraine: potential and necessary... 1.6 4.5 6.2 6.9 2.6 3.5 6.8 11.2 12.2 15.3 17.5 1.6 1.2 1.5 2.2 2.6 2.6 0 2 4 6 8 10 12 14 16 18 20 1990 1995 2000 2005 2010 2015 2020 Gr os s h ar ve st , m ln t Years Area, million hectares Gross produc�on, million tons Yield., t/ha Figure 1. Status and forecast of the balance of sunflower production in Ukraine, 1990–2021 (source: compiled by the authors based on AgroChart, 2021) The popularity of sunflower is due to its versatility for oil, seeds, animal feed, as well as with growing health concerns and climate change, sunflower plays an important role in im- proving diet and environmental protection, namely in providing a share of 130 million tons of plant oil that the world needs every year (Perea-Moreno et al., 2018). Sunflower is the most cost-efficient crop in terms of profitability, Earnings before Interest, Taxes, Depreciation and Amortization – exceeds $ 500 per ha (Lecithin market analysis, 2019). The activities of agricultural holdings, which concentrated more than 7 million hectares of land, managed to implement the best world technologies, increase yields and production are important in this context (Lystopad & Kukhta, 2010). In particular, “Kernel”, a world leader in the production of sunflower oil – cultivates more than 700 thousand hectares, of which 27.3% is sunflower (Allonsy, 2017; Bala-Litwiniak, 2021). In total, six companies account for almost 80% of the market. According to the latest data, the annual capacity for sunflower processing in Ukraine is about 19 million tons, thus it covers the volume of the crop by 135% (Li et al., 2018). About half of all oil and fat capaci- ties in Ukraine is controlled by the largest market players: Kernel of Andriy Verevsky, MHP of Yuri Kosyuk, Optimus Agro of Anatoliy Martynov, Vioil of Viktor Ponomarchuk and the international corporation Bunge (Table 1). Table 1. Production capacity for sunflower processing in Ukraine, 2020 (source: compiled by the au- thors based on Lysohor, 2021) Plant Capacity per year, thousand tons Beneficiary Starokostiantynivsky MEZ 1000 Kernel, Andriy Verevsky, Vitaliy Khomutynnyk CJSC “Prydniprovsky SEZ” 920 Ukrainian Black Sea Industry LLC 630 Bandursky Elevator LLC 520 CJSC “Poltava MEZ” 440 OJSC “Kirovogradolia” 440 Journal of Business Economics and Management, 2023, 24(1): 1–19 9 Plant Capacity per year, thousand tons Beneficiary OJSC “Prykolotnyansky SEZ” 435 Hellas LLC 340 PJSC “Vovchansky SEZ” 375 PJSC “Vinnytsia Oil and Fat Plant” 970 Vioil, Victor Ponomarchuk PJSC “Chernivtsi MZhK” 160 PJSC “Zaporizhzhya MZhK” 900 Optimus Agro, A. Martinov LLC Nikolaev oil extraction plant 800 Bunge, United States Allies Black Sea LLC 700 Allseeds, Vyacheslav Petryshche PJSC “Pologi SEZ” 626 Svetlana Novikova LLC “ATK” (Under construction) 550 ATK, V. Shkolnyk, Stanislav Andrievsky, D. Motuzko Vinnytsia Poultry Factory LLC MHP 510 MHP, Yuri KosyukOJSC “Myronivsky ZPKK” 420 Katerynopil Elevator LLC 200 Delta Wilmar CIS LLC 500 Delmar PTE Ltd LLC “Dniproolia” 495 Ruslan, Olga and Tatiana Evstafieva, Ahmet Peniche Kakhovka branch of CJSC JSC “Kargil” 470 Cargill Holdings, USA PJSC “Dnipropetrovsk SEZ” 465 Bunge, United States Satellite LLC 460 Cofco Agri, Hotel China PE “Oliyar” 410 Irina Zalizna PE “Victor and K” 360 Victor the King PE “Bessarabia-B” 252 Dmitry Shidereev, V. Tkach UkroliyaProduct LLC 230 UkrOlia, Bohdan Yesipov, V. Shvachka, Y.Shevchenko Gradolit LLC 220 Gradoil Holdings, Cyprus PJSC “Nizhyn Fat Factory” 180 Georgy Voloshchuk Sanpro Trading LLC 100 Sergey Yakimenko Note: * n/d – Data not available. 3.3. Management of sunflower energy potential Processing of sunflowers gives a significant number of by-products such as meal, oilcake and husk as well as phosphatide concentrate. About one-fifth of the weight of sunflower seed is the husk. Until 2015, a significant part of it was exported to Poland, Italy, Belgium, Lithuania and Latvia. However, reduced subsidies for the use of solid biofuels at large power stations in European countries, including Poland, have led to lower demand and a reorientation of supplies to the domestic market. End of Table 1 10 J. Horák et al. Bioenergy production from sunflower husk in Ukraine: potential and necessary... In Table 2, the calorific value of 2.52 million tons of sunflower husk emits was evaluated as much heat as 2.99 million tons of wood fuel, 1.02 billion m3 of natural gas, 0.98 million liters of diesel fuel, 1.04 million liters of fuel oil, 1.96 million tons of coal. Table 2. Energy potential of sunflower husk and energy equivalents obtained from them and energy cost substitution equivalent in the oil and fat sector by sunflower husk (source: authors’ own calcula- tions based on Geletukha, 2021) Indicator The cost of husks for processing products, t Volumes of energy resources are equivalent to sunflower husk Steam, t Gas, m3 Thermal energy, Gcal For processing 1 ton of sunflower 0.052 0.240 21.0 0.158 For the production of 1 ton of oil n / r 0.120 0.554 49.0 0.370 For the production of 1 ton of refined deodorized oil 0.043 0.200 17.3 0.130 Only for 1 ton of processing 0.215 0.994 87.3 0.658 1 Ton of husk is equated 1.000 4.600 406.0 3.100 Units of measurement Million tons of husk Million tons of steam mln m3 of gas Million Gcal Potential 2.52 Million tons of husk of the 2020 harvest 2,52 11,6 1023,1 7,8 Average price, dollars per unit 111,1 х 370,4 х Cash equivalent, million dollars 280 х 378,926 х Taking into account the costs of maintenance of cogeneration units on already imple- mented Kernel projects, 2.52 million tons of husk will produce 3.734 billion kWh in 2020. In terms of this, it is 2.5% of the total electricity production in Ukraine in 2020. For com- parison, this amount covers 40% of the annual need in electricity of the Ukrainian capital Kyiv with the population of 4.3 million people including workers from the outside of the city. Investments in this project are estimated at 1.86 billion US dollars and there is a need for ash disposal. By 2025, with the introduction of necessary innovations, sunflower husks will fully provide the population of the Ukrainian capital with electricity. The installation and re-equipment of boilers for burning sunflower husks, which mini- mized dependence on external heat and energy on an industrial scale were the first step in this process. It also reduces energy consumption and cost of the main product (Table 2), which saves up to 200 million m3 of gas annually, and allows obtaining an increase of about 20% in the profitability of basic production. The studies given in Table 2 show that while processing 1 ton of sunflowers and oil the energy consumption is equivalent to 0.215 tons of sunflower husk. That is, when investing in our own raw materials, 100% energy independence of the industry is ensured. The analysis shows that the potential of the husk allows to fully cover the processing needs in energy consumption, and an extra 30% of energy can be sold at the market. Despite the obvious advantages, nowadays only half of the annual volume of the husk is burned in boilers in order to produce heat energy (Ciesielczuk et al., 2011). Figure 2 presents a generalized scheme of electricity production from sunflower husk: Journal of Business Economics and Management, 2023, 24(1): 1–19 11 Sunflower processing plant husk Steam boiler steam Steam turbine electricity Unified power system electricity Figure 2. Scheme of electricity production from sunflower husk (source: based on Hrytsyuk, 2008) Due to various circumstances, after satisfying their own energy needs, companies face the problem of selling surplus electricity or heat to external consumers. In particular: there are difficulties with connection to electric grids; limited information on technical possibilities of connection, forecasting of terms and non-transparency of the process of obtaining techni- cal conditions and signing of the contract on connection to electric grids; limitation of the validity of technical conditions for connection to electric grids; poor technical condition of electrical grids increases the cost of connection and complicates their design. Consumption of heating pellets is projected to increase over the next decade. The main mo- tivating factor for development was the issue of reducing natural gas consumption. The capacity of the pellet market in the near future will grow in the range of 4–6% due to the increase in solid fuel consumption in Ukraine. The development of bioenergy using pellets is not only a factor in improving the energy security of the state, but also has a positive effect on the environment. The volume of production of pellets and briquettes in Ukraine is about 1 million tons per year (Figure 3). This production is focused on both export deliveries to Europe and domestic consumers. 480 520 640 710 724 723 868 1158 1419 300 600 900 1200 1500 1800 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7 2 0 2 0 2 0 2 1 Vo lu m e, th ou sa nd to ns Years Produc�on of pellets from sunflower… Figure 3. Dynamics of production volumes of pellets and briquettes from sunflower husk in 2011–2021, thousand tons/year (source: Geletukha, 2021) There are about 162 pellet producers at the market, of which 30% are husk producers (Figure 4). Research shows that the availability of its own raw materials guarantees success of this type of business. Therefore, the production is concentrated in oil extracting plants and affiliated companies. The development of renewable energy is an important contribution to achieving the set policy goals – reducing dependence on natural gas imports and diversification of energy sources. Such energy supply will also better ensure the energy security of both the enterprise and the state as a whole. 12 J. Horák et al. Bioenergy production from sunflower husk in Ukraine: potential and necessary... Figure 4. Grouping of regions by average annual capacity of one enterprise for the production of pellets, thousand tons/year (source: based on Lysohor, 2021) The solution of this problem was largely facilitated by the state policy in the sphere of alternative energy development. From 2009 to 2030, renewable energy facilities in Ukraine received the right to use the green tariff. Green tariff (Feed-in tariff) – an economic mecha- nism for rewarding the generation of electricity from renewable energy sources. Ukraine has joined the European Energy Community and has committed itself to producing 11% of electricity from renewable energy sources by 2020 and 25% by 2035 (Stadzhy, 2019). The key mechanism for stimulating the production of “green” energy in Ukraine is the “green” tariff. For electricity producers using renewable energy sources, the green tariff is set at the level of the retail tariff for consumers of the second voltage class as of January 2009, and then mul- tiplied by the green tariff coefficient. After 2014, 2019 and 2024, these figures will decrease from the basic value by 10%, 20% and 30%, respectively (Аpk-inform, 2020). 3.4. Other potential uses of sunflower waste Ukraine exports more than 12000 tons of phosphatide concentrate a year, while the potential raw material base allows it to produce about 42 thousand tons. That is, the waste potential in this segment, for various reasons, is used only for 28%. The line for the production of 8 t/ day of phosphatide concentrate (for the finished product) will cost $2 million. The projected investment in modernizing the industry is estimated at $ 30 million. Status and forecast balance of production of hydro processed oil sludge and phosphatide concentrate from sunflower waste in Ukraine, during 1990–2021 is provided in Figure 5. A valuable product (hydro processed oil sludge) – liquid lecithin (phosphatide concentrate) was obtained from this material, and in its turn dry powdered lecithin was obtained from Journal of Business Economics and Management, 2023, 24(1): 1–19 13 liquid lecithin, and thus the profitability of oil refining was significantly increased. Up to 620 kg of liquid lecithin can be obtained from 1 ton of hydro processed oil sludge. If earlier hydro processed oil sludge was utilized, now the cost of one ton reaches almost $220. And the phos- phatide concentrate which is made from it, is exported at the price of about $800–1100 per ton. 6.6 3.3 6.8 33.6 36.6 45.9 52.5 18.2 24.5 47.6 78.4 85.4 99.4 107.1 122.5 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 1990 1995 2000 2005 2010 2015 2020 Pr od uc �o n, th ou sa nd to ns Years Phospha�de concentrate Hydrofuse Figure 5. Status and forecast balance of production of hydro processed oil sludge and phosphatide concentrate from sunflower waste in Ukraine, 1990–2021 ( source: based on Lysohor, 2021; AgroChart, 2021; Agroportal, 2022) In the period from 2008 to 2018, exports of sunflower phosphatide concentrate from Ukraine increased almost sixfold. Sunflower lecithin is a set of phospholipids of plant origin. Lecithin is actively involved in metabolic processes and is responsible for energy balance in the body. According to the projected indices of industrial production in this direction, lecithin consumption will grow by about 3% per year (Mikhno et al., 2021). Phosphatide concentrate processing has not been established on an industrial scale in Ukraine. Ukraine is the raw material base for manufacturing this product. Inside the coun- try there is no culture of lecithin consumption. Manufacture of end products, especially in the sphere of medicine and pharmaceuticals and technology, is concentrated in European countries. The use of plant biomass from agricultural production as a biofuel is one of the urgent problems for our country. However, there is a problem of utilization of ash, which is formed during the combustion of this biomass (Spirchez et al., 2019). Some researchers believe it is possible to solve this problem by using ash as fertilizer (Le Clef & Kemper, 2015; Lecithin market analysis, 2019). Granular ash is an environmentally friendly fertilizer because it contains significantly fewer toxic elements such as lead, cadmium, arsenic, and fluoride compared to the content of these toxins in traditional fertilizers. Ukraine’s potential for sunflower husk ash is estimated at 50,000 tons by the end of 2020. About 12 thousand tons of fertilizer from ash is produced which is 30% of the raw mate- rial base. The line for the production of 5,000 tons of fertilizers will cost approximately $1 million. The approximate investment in the modernization of the industry, taking into ac- count the development of infrastructure is estimated at 10 million dollars. An obstacle to 14 J. Horák et al. Bioenergy production from sunflower husk in Ukraine: potential and necessary... the implementation of these plans is the unsatisfactory quality of raw materials. The main reasons for this are: the lack of modern boilers, of proper infrastructure for their storage in the places of formation and logistical difficulties associated with delivery of the raw materials to processing sites. The use of potassium-calcium fertilizer reduces the accumulation of radionuclides in plants, because in the absence of potassium and calcium in the soil, plants begin to inten- sively absorb their “substitutes”  – cesium and strontium. In addition, calcium deficiency increases soil acidity, which enhances the transfer of radioactive substances into plants. This fertilizer is especially relevant in the northern regions of Ukraine, which are characterized by acidic, potassium-poor soils, great part of which is contaminated with radionuclides as a result of the disaster at the Chernobyl nuclear power plant in 1986. The contaminated area is over 42 thousand square km (Ukrainian Scientific Center of Technical Ecology, 2004). 4. Discussion of results Agricultural production of Ukraine is based on ecologically unlimited use of production resources, as a result of significant anthropogenic load associated with the accumulation of waste of various origins, including ash (Stadzhy, 2019). It shifts the well-being perception due to the negative links with its ecological dimension (Mishchuk & Grishnova, 2015; Svazas et al., 2019; Streimikiene, 2021; Tvaronavičienė et al., 2022). To diminish the negative con- sequences, many states support sustainable agriculture and energy development protecting both environment and producers’ interests (Vo, 2020; Cui et al., 2019; Hurst, 1951), however, it does not completely eliminate the problem of waste. Some scientists are positive about the use of husk as fuel. Given the need to provide environmentally friendly rigid parameters of the obtained electricity to successfully solve these problems, researchers recommend using an automated control system for all techno- logical cycles of this production, which will differ from the existing ones by better control indicators. Barriers to market entry are: limited information on the possibility of connect- ing to the electric grid; a complex system of approval, a large number of permits (Zeleniuc et al., 2019). Some scientists, recommends to consider the following innovations for the rational use of energy in sunflower processing: the use of granular sunflower husk as a fuel for technological processes in the processing of oils and fats; the scheme of reuse of high pressure condensate in the processes of deodorization and hydrogenation; heat recovery system during produc- tion; use of contact, jet heat exchangers; reconstruction of the scheme during cooling of oils in deodorization processes; the use of electricity to maintain the temperatures of oils and fats. The development and implementation of these measures will reduce the consumption of conventional fuel by 7–10% (Jiang et al., 2019). A number of researchers note favorable climatic conditions in Ukraine and predict fur- ther growth of sunflower cultivation, both due to increased yields of about 30%, and the expansion of crop areas (Geletukha, 2021). Significant start-up investments are seen as a restraining factor in attracting investment in bioenergy of RES. Agricultural holdings have become a wonderful remedy in this matter. Journal of Business Economics and Management, 2023, 24(1): 1–19 15 The principles underlying the integrated formations based on the symbiosis of specialization, automation, concentration, diversification and closed production cycle generate potential and encourage the holdings to move away from the raw materials economy and start producing finished products. They are not subject to change depending on social order, or transforma- tion of property relations, or change in forms of management (Streimikiene, 2020). When comparing prices for fossil fuels (primarily natural gas) and biomass for heat en- ergy production, the authors state that bioenergy is economically feasible and can be recom- mended for heat producing facilities in the industrial and budget sectors. Studies show the progressive movement of Ukraine’s economy to the transition to alterna- tive types of electricity. To solve the problem of energy supply, it is proposed to use sunflower husk – waste obtained in the process of processing sunflower at the plant – for electricity production. This makes it possible not only to address the issue of waste disposal, but also to obtain cheap electricity, reduce the use of natural gas in energy. The group of authors sees the main improvements in the situation: simplification of per- mitting procedures for connection to the electric grid and their coordination with the na- tional system of stimulating the development of renewable energy sources together with the support for electrical power network modernization programs (especially with a voltage of 154 kV and below) (Zeleniuc et al., 2019). The main principles of state policy in the sphere of waste management are the priority protection of the environment and human health from the negative impact of waste, ensuring the economical use of raw materials and energy resources, scientifically sound coordination of environmental, economic and social interests in waste generation and use in order to ensure its sustainable development. Conclusions Traditionally, Ukraine specializes in oil exports, having large capacities, sufficient harvest, and a high share of processing (98–99% of the harvest). The blockade of ports had forced logistics to adapt, reorient, negotiate at the interstate level, open new corridors, and apply all measures that had yielded results in April this year, when exports went up. Despite the mili- tary action, sunflower exports from Ukraine in the 2021–2022 marketing year could reach 1 million tons. Given the good harvest – 2022, potentially, Ukraine will be able to put on the world market next year – sunflower oil in the amount of at least the last few seasons. At the same time, experts do not rule out the possibility of further reviewing the consumption of vegetable oils in the EU in the direction of declining against the background of a shortage of oilseeds. With significant agricultural potential, as a world leader in the production of sunflower and sunflower oil, Ukraine continues to be a raw material appendage of the world. Nowadays only 10% of sunflower husk is used to produce electricity, the rest is either burned over an open fire or in furnaces with relatively low efficiency without complying with environmental regulations. Climate change has contributed to the large-scale growth of sunflower crops in Ukraine, 6.3 million hectares of arable land have become suitable for growing sunflowers and have allowed 16 J. Horák et al. Bioenergy production from sunflower husk in Ukraine: potential and necessary... the accumulation of a large number of by-products, the potential of which is enormous. New policies and measures to promote use of sunflower crops for bioenergy production are necessary in Ukraine due to the expected wide benefits. As existing sunflower husks can provide an annual electricity demand of 4.3 million people, while reducing energy depen- dence on gas imports by 1 billion m3. This creates new added value, at least plus 20% to the profitability of production, improves the environment and economy. The available ash makes it possible to obtain 47 thousand tons of complex organic fertilizers suitable for use in organic production, which means the use of 240 thousand hectares of agricultural lands, improve- ment of their fertility, production of ecologically clean foodstuff and solving of the problem of waste utilization. With 1 ton of granular ash, 85.1 kg of calcium, 49.7 kg of magnesium, 37.5 kg of sulfur, 51 kg of total phosphorus, and 209.8 kg of total potassium can be applied to the soil. Modernization of the industry requires significant production, human and financial re- sources. According to our estimates, mere investments in obtaining alternative electricity from sunflower husks will cost $1.86 billion. In addition, during burning of sunflower husks, 1.7 times less carbon dioxide is emitted compared to natural gas, which helps reduce harmful substances emissions and improve the environmental situation in Ukraine. This study shows the benefits of using sunflower husks as an alternative fuel. At the same time, the practice of implementing the proposed measures in the real sector of production needs further research. The uncertainty of development conditions during martial law can worsen the investment expectations of producers and reduce the resource potential of agri- culture and the oil and fat industry. Acknowledgements The article was supported by project IVSUZO001 – Benchmark of the world economy in the context of the principles of the circular economy and determining the value of the company. Some material was prepared within the framework of the scientific project “Strategy and in- novative technologies for the processing of organic animal waste in the context of ensuring land degradation neutrality: from linear to circular economy” (state registration number 0122U001484). Informed consent statement Informed consent was obtained from all subjects involved in the study. Data availability statement Data sharing not applicable. Conflicts of interest The authors declare no conflict of interest. Journal of Business Economics and Management, 2023, 24(1): 1–19 17 References AgroChart. (2021). Oilseeds. Black Sea. Oilseed, sunflowerseed. Area harvested. https://www.agrochart. com/en/usda/section/38/oilseeds/region/5/black-sea/commodity/22/oilseed-sunflowerseed/attri- bute/1/area-harvested/ Agroportal. (2022). TOP-10 most powerful oil extraction plants in Ukraine. http://agroportal.ua/news/ ukraina/kto-vladeet-masloekstratsionnymi-zavodami-ukrainy/ Allonsy, A. (2017). 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