World Bank2014-04-172014-04-172007-12https://hdl.handle.net/10986/17912The objective of this study is to analyze the opportunities and strategic options available to the Royal Government of Bhutan (RGoB) to implement the hydropower projects included in its power master plan. It accounts for the relevant legal, technical, environmental, social and financial issues, as well as Bhutan's overall macroeconomic framework, and with full recognition that this resource is critical to Bhutan's economy. The scope of the study is to: (i) review and understand the framework for the existing agreement between India and Bhutan to finance the development of hydropower; (ii) review the power sector master plan to determine the competitiveness of planned projects, and their chances of being developed under a non-subsidized and/or private finance environment; (iii) review the options open to Bhutan in terms of power markets and trading; and (iv) propose some options for hydropower development in the medium to long term.en-USCC BY 3.0 IGOALTERNATIVE FUELAMORPHOUS SILICONAPPROACHAVAILABILITYBALANCEBALANCE SHEETBENEFICIARIESBIO-FUELSBIOMASSBIOMASS PROGRAMCAPITAL INVESTMENTCAPITAL MARKETCAPITAL MARKETSCASH FLOWCASH FLOWSCENTRAL BANKCLEAN AIRCLEAN COALCLEAN COAL TECHNOLOGIESCLEAN COAL TECHNOLOGYCLEAN DEVELOPMENT MECHANISMCOALCOAL MININGCOAL PRICECOAL PRICESCOAL PRODUCTIONCOAL RESERVESCOMMERCIAL BANKSCOMMERCIAL ENERGYCOMMERCIAL LOANSCOMMERCIAL SOLAR ENERGY INDUSTRYCOMPARATIVE ANALYSISCOMPETITIVE BIDDINGCONTINGENT LIABILITIESCORPORATE GOVERNANCECRUDE OILCURRENCYDEBTDEMAND DEFICITSDEVELOPMENT BANKDIESELDISCOUNT RATEDISTRIBUTION NETWORKDISTRIBUTION OF ENERGYDISTRIBUTION OF OILDIVIDENDSDOMESTIC COALDUE DILIGENCEECONOMIC ACTIVITYECONOMIC DEVELOPMENTECONOMIC GROWTHECONOMIC VALUEECONOMIES OF SCALEECONOMISTSEFFECTIVE USEEFFICIENCY IMPROVEMENTEFFICIENT MARKETELECTRIC POWERELECTRIC POWER PRODUCTIONELECTRICITYELECTRICITY DISTRIBUTIONELECTRICITY PRICEELECTRICITY TARIFFSELECTRIFICATIONEMPLOYMENTENERGY CONSERVATIONENERGY CONSUMPTIONENERGY EFFICIENCYENERGY EFFICIENCY IMPROVEMENTSENERGY GENERATIONENERGY MIXENERGY NEEDSENERGY PLANNERSENERGY POLICIESENERGY PRICINGENERGY REQUIREMENTENERGY RESOURCESENERGY SHORTAGESENERGY SOURCEENERGY SOURCESENERGY SYSTEMSENERGY USEENVIRONMENTALEQUITY CONTRIBUTIONEXCHANGE RATEEXPLOITATIONFINANCESFOREIGN DIRECT INVESTMENTFOREIGN EQUITYFOREIGN EXCHANGEFOREIGN INVESTMENTFORESTRYFOSSILFOSSIL FUELFUELFUEL COSTFUEL DEMANDFUEL SUPPLYGASGAS PIPELINESGAS PRICEGAS PRICESGAS SUPPLYGAS TURBINEGASOLINEGENERATIONGENERATION CAPACITYGOVERNMENT POLICIESGROSS DOMESTIC PRODUCTHOST COUNTRYHUMAN CAPITALHUMAN CAPITAL DEVELOPMENTHYDRO POWERHYDROPOWERHYDROPOWER GENERATIONIMPORTSINCOMEINTERNAL RATE OF RETURNINTERNAL RATE OF RETURNSINTERNAL RATES OF RETURNINTERNATIONAL BANKINTERNATIONAL FINANCIAL INSTITUTIONSINVESTMENT REQUIREMENTSKEROSENELENDERSLENDING AGENCIESLNGLOAD FACTORLOANLOAN AGREEMENTSMACROECONOMIC STABILITYMARKET ACCESSMARKET DEVELOPMENTMARKET EFFICIENCYMARKET POWERMARKET SIZEMARKET VALUEMONETARY FUNDNATURAL GASNATURAL RESOURCESOILOIL IMPORTING COUNTRIESOIL PRICESOIL RESOURCESOIL SECTOROIL SPILLOPPORTUNITY COSTOUTSTANDING DEBTPEAK DEMANDPETROLEUMPETROLEUM PRODUCTSPETROLEUM REVENUE MANAGEMENTPETROLEUM SECTORPHOTOVOLTAIC APPLICATIONSPHOTOVOLTAIC SYSTEMSPILOT PROJECTSPIPELINEPLANT PRODUCTIONPOWER COMPANYPOWER CONSUMPTIONPOWER CORPORATIONPOWER DISTRIBUTIONPOWER FLOWSPOWER GENERATIONPOWER GENERATION CAPACITYPOWER GENERATORSPOWER GRIDPOWER PLANTSPOWER PROJECTPOWER PURCHASE AGREEMENTSPOWER REQUIREMENTPOWER SECTORPOWER SECTORSPOWER SHORTAGESPOWER STATIONPOWER STATIONSPOWER SYSTEM10.1596/17912