From the USDA’s Office of Energy Policy and New Uses,
and the Center for Transportation Research, Energy Systems Division, Argonne National Laboratory:
We conclude that the NEV (net energy value) of corn-ethanol is positive
when fertilizers are produced by modern processing
plants, corn is converted in modern ethanol facilities,
and farmers achieve average corn yields. Our NEV
estimate of over 21,000 Btu per gallon could be
considered conservative, since it was derived using the
replacement method for valuing coproducts, and it
does not include energy credits for plants that sell
carbon dioxide. Corn ethanol is energy efficient, as
indicated by an energy ratio of 1.34; that is, for every
Btu dedicated to producing ethanol there is a 34-
percent energy gain.
The Energy Balance of Corn Ethanol: An Update (pdf)
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