The study evaluated the biomass cogeneration system (BCGS) and the biomass steam generation system (BSGS) from the viewpoints of CO2 emissions reduction and the profit of the project. The energy, cost and CO2 emissions of BCGS and BSGS for an industrial user were predicted by simulation. The effects of the cost and CO2 savings were estimated by the comparison with a conventional system that was consisted of the grid electricity and oil boilers. The profitability of the system was evaluated by the net present value (NPV) and the internal rate of return (IRR). The results showed that the BCGS produced a larger NPV, while the BSGS had a higher IRR. It was also found that the BCGS could mitigate the risks on the profitability caused by the fluctuation of the energy prices.
