EFFICIENCY OF INNOVATION-INVESTMENT PROJECTS ASSESSMENT OF MAIN GAS PIPELINES MODERNIZATION
Introduction. Existing in international practice methodical approaches to determining the economic effectiveness of innovative-investment projects is difficult to apply in the case of insufficient market information and in terms of high economic, political, technological, and other anthropogenic risks. Thus, one of the urgent problems is to determine discount rates for the proper consideration of the time factor. The purpose of the article is to develop a method for determining the discount rates that will allow taking into account the time factor and possible specific risks in evaluating the effectiveness of innovation-investment projects, directed to the modernization of main gas pipelines, paying due regard to existing technical and technological, natural and economic conditions for a specific area of the gas pipeline. The methodological bases of the research are the methods of theoretical generalization, dialectics and logic, expert polls, systematic economic analysis. Results. Methodological approach to the discount rate determining during the economic efficiency of innovation-investment projects assessment of the linear part of main gas pipelines modernization has been developed. The key risk factors that occur during the exploitation of main gas pipelines were specified and taken into account in the assessment, namely: technical-technological factors (manufacturing technology and the grade of pipe steel, minimum depth of pipeline laying, existence of energy systems, the ratio of calculated pipes’ wall thickness to the actual one, frequency of control and repairs); natural factors (bearing capacity of soil, the probability of earth moving, soil acidity, the activity of microorganisms, category of field complexity); others (the duration of pipeline operation, the level of anthropogenic influence, inflation expectations, tax level). Conclusions. To improve the quality of economic justification for innovation-investment projects on modernization of gas pipelines under high uncertainty and risks has been offered a new approach to determine the discount rate. It makes possible to consider the risks of investing according to technical-technological, natural, economic and other factors that objectively exist in a particular area of the main gas pipeline.