Evaluation of Economic Impacts of Biodiesel Production in Slovakia

The increasing consumption of energy, as well as exhaustibility of fossil resources, initiate the necessity of finding renewable resources. Especially
biofuels represent the important role in terms of renewable resources, development of which is often question under debate in many countries.
By increasing of blending mandate in the European Union (EU), the SR after joining the EU forced to implement the changes in its action plan for renewable energy in transport and set benchmarks share of methyl ester of rapeseed oil in diesel fuel. The aim of the paper is to evaluate the economic impact of biodiesel production in the Slovak republic. At the same time, biofuel production has an impact on the price of conventional fuels. The relationship between biofuel production and prices of agricultural crops as well as conventional fuels we examined through regression and correlation analysis, which showed that between production of biodiesel and the prices indicated exists certain dependency.