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There could hardly be any industry that has still not explored blockchain. Believing in how the technology behind bitcoin could be changing money, business, and the world1, blockchain’s impact has been felt everywhere. Blockchain is considered a revolutionary technology in its ability to store information and enable transactions. Since the application of this technology varies with the context, the blockchain technology has taken different forms ranging from its public permissionless network that is open to all to its private permissioned network that is restricted to a few. Not indulging in the debates whether a particular blockchain is really a blockchain or not, this research instead explores blockchain’s features that the stakeholders of some of the most regulated industries find valuable. The main research question that this thesis answers is ‘Why do entities enable or restrict blockchain affordances?’ A general promise of blockchain has been its potential of operating as a trustless system making unnecessary the trust to be placed on centralised (trusted) third parties, intermediaries, brokers etc. This makes blockchain capable of eliminating intermediaries and the transaction costs associated with them. Since, this study focusses on the regulated industries namely electricity and telecommunication industry, a transaction cost analysis is carried out in identifying the stakeholders (the transacting parties and the intermediaries), the ‘play of the game’ i.e. institutional arrangement and the ‘rules of the game’ i.e. institutional environment in carrying out exchanges in the two contexts. However, after reviewing the status quo of the contexts, it can be deduced that the existing systems already reduce certain transaction costs incurred by certain stakeholders of these sectors. These systems are established through regulations for example, the regulatory directives that restrains the behavioural uncertainty of participants, the standardization of the information exchange that reduces the compliance costs of participants and the intermediaries that reduces the transaction costs of the market participants. Moreover, a lack of commercial cases of smart contracts, questions whether the technology could automate intermediary functions and further contribute to reduction in transaction costs. Acknowledging a lack of commercial blockchain usecases, this study takes another approach in understanding blockchain’s value addition by investigating its niche. The study operationalizes transaction cost framework to investigate the very first application of blockchain – the Bitcoin. Concluding blockchain’s uniqueness over other ICT is its consensus mechanism, the study establishes the trust factors that blockchain enables and the digital scarcity that is now possible through blockchain. The study finds that bitcoin does not disintermediate all the intermediaries but circumvents a very specific intermediary, moreover, bitcoin also addresses a very specific trust issue. Examining if these findings are also relevant for the electricity and telecommunication industry, the research carries out a multi-case study. The research investigates the expected/realized benefits of blockchain by the project developers in electricity and telecommunication industry through semi-structured interviews. The research also investigates if blockchain is being differently adopted in these sectors by understanding the blockchain design in these two contexts and analyses the reasons for the same. The main findings of the multi-case study are that the blockchain projects in the electricity and telecommunication industry does not address any existing distrust. With the existing ICT employed for exchanges in these two contexts, the study illuminates on an important aspect that decentralisation is not unique to blockchain and is possible through a non-blockchain distributed infrastructure. Given that even a non-blockchain distributed infrastructure does not aim to disintermediate but to decentralise power of a central entity, the research concludes that blockchain is not about disintermediation. The research finds that blockchain usecases in these two industries share a commonality and that they benefit from blockchain’s immutability feature. The study deduces that the aspect blockchain decentralises is the power of an entity influencing a data change; after the data is recorded on blockchain. Given that the majority of blockchain developments are a permissioned network, this study points out that to gain benefits from its immutability feature, blockchain requires decentralisation to avoid a threat of collusion

Treballs Finals del Doble Grau d'Administració i Direcció d'Empreses i de Matemàtiques, Facultat d'Economia i Empresa i Facultat de Matemàtiques i Informàtica, Universitat de Barcelona, Curs: 2021-2022, Tutor: Josep Vives i Santa Eulàlia i José B. Sáez Madrid, [en] The Black-Litterman (BL) model allows to obtain the market expected returns by combining investors’ expectations and a neutral landmark. The latter is possible thanks to the Bayesian statistics. Hence, this model, unlike the traditional ones, is more stable and consistent with the investors’ expectations. The purpose of this work is to explain all the components of the BL model and compare the obtained results with those that we would get by applying other more traditional models, such as the Markowitz one. In particular, we will base the study on a sector within one of the most well-known stock markets in Spain: the IBEX 35.

Energía que genera energía es una campaña de comunicación audiovisual para una empresa del sector eléctrico, que explora las diferentes acepciones de la energía desde su definición en el universo de la física hasta la concepción como proceso intangible de cambios, transformación, crecimiento y desarrollo. En el universo de las ciencias fundamentales, la energía es la capacidad de un cuerpo para hacer un trabajo. Para Empresa de Generación Huallaga S.A. (EGH), la energía es su gente, sus profesionales y técnicos. Ellos son el recurso principal para la materialización y éxito de su negocio: producir electricidad para los hogares peruanos y la industria nacional, energía limpia, renovable y amigable con el Medio Ambiente. Energía que genera energía es un círculo virtuoso en el trabajo en equipo, con las comunidades y para las comunidades, viabiliza la generación eléctrica que, a su vez, propicia el desarrollo del país con protección ambiental para cuidar su recurso natural más valioso: el agua. EGH convierte el agua en electricidad y la electricidad en oportunidades. Y lo hace con la energía de su gente. Energy that generates energy is a audiovisual communication campaign for a company in the electric sector, which explores different meanings of energy from its definition in the universe of physics to its conception as an intangible process of change, transformation, growth and development. In the universe of fundamental sciences, energy is the capacity of a body to do work. For Empresa de Generación Huallaga S.A. (EGH), energy is its people, its professionals and technicians. They are the main resource for the materialization and success of its business: to produce electricity for Peruvian homes and national industry, clean, renewable and environmentally friendly energy. Energy that generates energy is a virtuous circle in teamwork, with the communities and for the communities, making electricity generation viable which, in turn, favors the development of the country with environmental protection to take care of its most valuable natural resource: water. EGH converts water into electricity and electricity into opportunities. And it does so with the energy of its people.

Previous studies in energy stock markets have analyzed market connectedness using aggregate indexes and focusing on developed markets. We depart from the extant literature and we focus our attention on companies listed on emerging stock markets and examine connectedness from the firm’s perspective. Using a two-step approach, we remove the common global factors from energy stock returns and estimate the network of global energy stocks in emerging markets. We show that idiosyncratic components are highly relevant for our understanding of risk transmission in energy markets. Moreover, we offer precise diversification alternatives and identify the most systemically important firms and countries.

Orientador: Luciano Galvão Coutinho Dissertação (mestrado) - Universidade Estadual de Campinas, Instituto de Economia Resumo: A indústria de gás natural é um dos grandes vetores do atual desenvolvimento energético mundial. No Brasil, após passar por períodos de importância secundária, tem adquirido destaque nas estratégias empresariais e governamentais e ampliado sua participação na matriz energética nacional. Este trabalho busca elucidar o movimento de ascensão da Indústria de Gás Natural no Brasil, descrevendo sua formação e componentes estruturais de desenvolvimento histórico. Valendo-se de análises sobre as condições de oferta, transporte, distribuição e consumo, traça as principais características e tendências no mercado nacional desse combustível. A análise das políticas, regulação em gás natural e estratégias da Petrobrás, por sua vez, é responsável pelo entorno institucional e complementação do cenário, subsidiando perspectivas em torno do avanço do energético no país. A identificação de etapas de desenvolvimento históricas e das específicas inter-relações de suas dimensões, são ferramentas para sugestão de alguns caminhos a serem seguidos para a delimitação de uma nova etapa de desenvolvimento harmônico na indústria de gás natural no Brasil Abstract: The Natural Gas Industry (NGI) is one of the most important sectors in the recent growth of energy industry. In Brazil, after a long period playing a secondary role in national energy mix, natural gas (NG) became a important alternative in public and private strategies. The aim of this work is to understand the historical path of NGI in Brazil, describing its formation and its structural characteristics. To attain this objective, NG production, transport, distribution and consumption analysis are the best way to explain national market characteristics and its main tendencies. The analisys of politics, regulation, and Petrobras strategies, the most important player in brazilian NGI, is the best way to understand institutional environment and its contribution to medium and long run growth. The historical relationship of this diferent dimensions and its transformations during the last forty years can describe stages ind brazilian NGI and indicates some ways to attain harmonic delevolpment in the next decades Mestrado Teoria Econômica Mestre em Ciências Econômicas

Anomalous seasons such as extremely cold winters or low-wind summers can seriously disrupt renewable energy productivity and reliability. Better seasonal forecasts providing more accurate information tailored to stakeholder needs can help the renewable energy industry prepare for such extremes. The authors acknowledge funding from the EU Horizon 2020 project “Sub-seasonal to seasonal climate forecasting for energy (S2S4E)” (GA776787).

Since 2013, power plants in the EU have been obliged to buy carbon permits instead of receiving them for free. However, in order to ease their energy transition, some Member States that meet certain conditions (mainly a high share of fossil fuels and low income) are allowed to continue to receive free allowances for existing power plants (Article 10c of the EU ETS Directive). In exchange, they must invest in modernizing their electricity sector and diversifying their energy supply. However, up to 70% of the conditional investments have been made in upgrading coal-fired units, which casts doubt on the effectiveness of the measure to increase energy diversification. This paper evaluates the effect that the so-called rule 10c has had on energy diversification. A synthetic control method is applied to aggregate data from Poland, one of the countries eligible for free allowances, to investigate how the lignite and wind share in electricity generation would have evolved had Poland not used the rule 10c derogation. Our results indicate that Poland's energy diversification would have been the same if allowances had been auctioned instead of allocated for free. Therefore, the policy is only relevant in political terms and involves unjustified revenue loss for affected governments in favour of installations, i.e. subsidies. Our results suggest that rule 10c, as defined, does not incentivize investment in low carbon alternatives. The use of this transitional free allocation will continue to be available in phase IV (2021-2030) of the EU Emission Trading System (EU ETS). Key policy insights ¿ Application of the rule 10c derogation under the EU ETS, granting emission allowances for free to fossil fuel-reliant member states, has not achieved the intended goal of energy mix diversification in Poland. ¿Using a synthetic control method, we show that the lignite and wind share of electricity production in Poland would have followed almost the same trajectory if full auctioning, instead of free allocation, had been applied. ¿Because most conditional investments were used to retrofit coal-fired plants, the policy's main contribution was to subsidize continued use of coal power. ¿ The policy also deprived affected governments of auction revenues.

In the present study, we compare energy transition scenarios from a new set of Integrated Assessment Models, the suite of MEDEAS models, based on a systems dynamic modelling approach, with scenarios from two already well know structurally and conceptually different Integrated Assessment Models, the Integrated MARKAL-EFOM System (TIMES) and the Long-range Energy Alternatives Planning system (LEAP). The investigation was carried out to cross-compare and benchmark the response of MEDEAS models with TIMES and LEAP in depicting the energy transition in two different countries, Austria and Bulgaria. The preliminary results show a good agreement across all the models in representing scenarios projecting historical trends, while a major discrepancy is detectable when the rate of implementation of renewable energy is forced to increase to achieve energy system decarbonization. The discrepancy is mainly traceable to the differences in the models’ conception and structures rather than in a real mismatch in representing the same scenarios. The present study is put forward as a guideline for validating new modelling approaches that link energy policy decision tools to the global biophysical and socioeconomic constraints.

Indexado en Scopus The Renewable Energy Plan for the period 2011–2020 established as a general goal to ensure that renewable sources represent at least 20% of final energy consumption in 2020, together with a minimum contribution of 10% from renewable energy sources in transportation for that year. Then, the goal of this research is to evaluate the effects of the regional production of clean energy, identifying the employment generated in the renewable sector. The adopted methodology was the shift-share analysis, frequently used by researchers to analyze territorial differences. Main results showed important differences, at regional level, in the production of this type of energy. Likewise, we used constant shift and constant share methodology to make a forecast on the evolution of the sector from the data of last published years. Pending the approval of the new Renewable Energy Plan for the period 2021–2030, the results obtained in this research allow the identification of the regions that showed a favorable evolution to the energy change and identifies the projects that generate employment and production in the sector. info:eu-repo/semantics/publishedVersion Revisión por pares

[spa] El proceso de electrificación de principios del siglo XX permitió que las economías de industrialización tardía acortaran brechas con los países líderes de la Revolución Industrial. Sin embargo, no todas las economías desarrollaron una misma trayectoria de electrificación, ni obtuvieron resultados similares. Mientras algunas naciones convergían con las economías líderes, en otras la brecha se ampliaba todavía más. Éste fue el caso de muchas economías de actual ingreso medio, en particular, Chile. En 1925, la generación eléctrica por habitante en Chile se encontraba entre las más elevadas de América Latina, siendo incluso mayor que varios de los actuales países de ingreso alto. Sin embargo, en 1985, tal ventaja había desaparecido, quedando Chile relegado a posiciones inferiores a la de la mayoría de sus pares latinoamericanos, y muy alejado de los actuales países ricos. Lo preocupante de esta situación, es que el magro desempeño de la electrificación chilena se produjo durante la industrialización Dirigida por el Estado (IDE) (ca. 1930-1980), proceso que estaba estrechamente vinculado con la electrificación. Frente a este escenario, nos preguntamos ¿por qué la electrificación chilena presentó esta trayectoria? y ¿qué efectos pudo tener para la industria, dada la importancia del consumo eléctrico en el proceso de industrialización? La hipótesis general que se propone en esta investigación es que fueron factores institucionales los que perjudicaron el proceso de electrificación chilena, en particular, una regulación tarifaria que impidió la rentabilidad de las empresas privadas de servicio público, limitando la expansión de su capacidad instalada. La implementación de políticas públicas pro-industrialización, en el marco de la IDE, promovieron la transición energética de la industria, provocando un incremento sustancial del consumo eléctrico de este sector entre 1940 y 1970. Sin embargo, las mismas políticas orientaron a las entidades reguladoras a reducir las tarifas del kWh industrial, con el fin de estimular el consumo eléctrico de la industria. Dichas tarifas habrían caído incluso por debajo de los costos de generación eléctrica, limitando la rentabilidad de las empresas eléctricas privadas. La escasa rentabilidad y la falta de incentivos para invertir habrían perjudicado el desarrollo de estas empresas, provocando una prolongada crisis de capacidad instalada que se extendió entre 1940 y 1960. Dicha crisis se tradujo en sucesivos cortes de suministro que afectaron a las provincias más industrializadas del territorio (Santiago, Valparaíso y Aconcagua), lo que habría impactado negativamente en el crecimiento de la modernización y productividad de sus industrias. La crisis solo se resolvería con una nueva regulación eléctrica, promulgada en 1959, que aseguró un mínimo de beneficios a las empresas eléctricas, así como una respuesta más eficiente de parte del ente regulador. Dada la importancia del proceso de electrificación en la industrialización latinoamericana, y ante la falta de estudios que aborden dicho proceso, esta tesis doctoral analiza la trayectoria de electrificación de Chile como ejemplo de los países de ingreso medio que no lograron converger con los países de ingreso alto. Entre los aportes destacados de esta investigación se cuenta una amplia y significativa base de datos de diversos indicadores de electrificación y modernización industrial, para una amplia gama de países de América Latina y de ingreso alto, entre 1925 y 1985.

The global energy transition to low-carbon technologies for transportation is heavily dependent on lithium. By leveraging the latest advances in timeseries econometrics we show that lithium prices (carbonate and hydroxide) have recently experienced market bubbles, particularly from the end of 2015 to the end of 2018, although in the case of European hydroxide we also date a bubble as recently as September 2020. Bubbles are accompanied by market corrections and extreme uncertainty which, in the case of lithium, may put at risk the future continuous supply needed for manufacturing lithium-based batteries for the electric vehicle. Governments and private stakeholders could reduce uncertainty imposed by these speculative dynamics, for instance, by establishing public stabilization funds and setting up capital buffers that help to diversify operational and market risks induced by a bubble bursting. Such funds should be ideally located in portfolios, such as the global stock markets or other energy commodities, which exhibit idiosyncratic bubbles unsynchronized with the bubbles observed in lithium Markets

Purpose: The purpose of the paper is to explore business performance in a rather sensitive sector that equally combines economic, environmental and social dimensions. The paper investigates the efficiency of wind farm companies, in a framework of pursuing more diverse stakeholders’ interests Design/Methodology/Approach: Ratios and DEA approaches are combined to measure economic efficiency among the DMUs of a sample of wind farms, using data from their financial statements. Findings: Productivity and effectiveness comprise the performance measured by the economic efficiency. We show that by choosing inputs and outputs that are closely related in forming an appropriate financial ratio, it helps to design and explain more fully the impact of a policy intervention aiming at improving economic efficiency. DEA supplements ratios to design, implement and assess a strategy of benchmarking towards bolstering performance, that favors a wider range of stakeholders. Originality/Value: The study provides an in-depth insight into using Data Envelopment Analysis and financial ratios to study economic efficiency. The approach combines economic, social and environmental dimensions (indirectly) of performance, and the composite ratio Return on Total Assets (ROTA). The analysis caters the specific features of the sector renewable energy and their diverse stakeholders., peer-reviewed

Aquest projecte té per objectiu presentar una metodologia d’optimització per la planificació i l’operació d’un Sistema Agregador de Recursos Energètics Distribuïts (DER) amb participació en el Mercat Elèctric espanyol. Els agregadors són entitats que gestionen una cartera concreta d’actius de forma agregada amb la finalitat d’obtenir el màxim benefici de la xarxa en la tasca de satisfer la demanda del sistema. Mitjançant la proposta d’un Sistema Agregador de DER i el seu corresponent model de planificació amb capacitat suficient per influir en el preu de mercat, aquest estudi pretén determinar les transaccions adequades per a l’optimització de la funció de beneficis. Per tal de plantejar l’estratègia d’operació, s’utilitzen les corbes de demanda residual utilitzades per l’agregador per valorar l’efecte resultant de la venta o la compra d’energia sobre el preu de mercat a cada hora de cada dia de l’any. Les corbes de demanda residual d’un participant en el mercat elèctric s’utilitzen per relacionar el preu de cassació amb la quantitat aportada pel participant, i es tracta en efecte d’una aproximació àmpliament utilitzada per formular estratègies oligopolístiques. Mitjançant dades històriques del sistema elèctric espanyol i a través de la programació d’una aplicació amb Visual Basic for Applications de Microsoft Excel, s’han confeccionat les corbes horàries per un horitzó d’un any (2019) i s’ha automatitzat el procés per a què l’usuari pugui obtenir-les per a qualsevol hora de qualsevol dia de qualsevol any, per una de les cinc grans companyies elèctriques dominants a Espanya: Endesa, Iberdrola, EDP, Naturgy i Repsol-Viesgo. Este proyecto tiene por objetivo presentar una metodologia de optimización para la planificación i la operación de un Sistema Agregador de Recursos Energéticos Distribuidos (DER) con participación en el Mercado Eléctrico español. Los agregadores son entidades que gestionan una cartera concreta de activos de forma agregada con la finalidad de obtener el máximo beneficio de la red en la tarea de satisfacer la demanda del sistema. Mediante la propuesta de un Sistema Agregador de DER y su correspondiente modelo de planificación con capacidad suficiente como para influir en el precio de mercado, este estudio pretende determinar las transacciones con la red adecuadas para la optimización de la operación de la función de beneficios. Con tal de plantear la aproximación a la estrategia de operación, se emplean las curvas de demanda residual utilizadas por el agregador para valorar el efecto resultante de la venta o la compra de energía sobre el precio de mercado a cada hora de cada día del año. Las curvas de demanda residual de un participante en el mercado eléctrico se utilizan para relacionar el precio de casación con la cantidad aportada por el participante, y se trata en efecto de una aproximación ampliamente utilizada para formular estrategias oligopolísticas. Mediante datos históricos del sistema eléctrico español y a través de la programación de una interfaz de usuario y un algoritmo con Visual Basic for Applications de Microsoft Excel, se han confeccionado las curvas horarias para un Horizonte de un año (2019) y se ha automatizado el proceso para que el usuario pueda obtenerlas para cualquier hora de cualquier día de cualquier año, para una de las cinco grandes compañías eléctricas dominantes en España: Endesa, Iberdrola, EDP, Naturgy y Repsol-Viesgo. This project aims to expose an optimization methodology for the planning and operation of a Distributed Energy Resources (DER) Aggregator System with participation in the Spanish Electricity Market. Aggregators are entities that manage a concrete portfolio of aggregated assets with the purpose of obtaining the maximum benefit from the grid when satisfying the system’s demand. Through the proposal of a DER Aggregator System and its correspondent planning model, this study aims to determine the appropriate grid transactions for the optimization of the benefits function, considering it has enough capacity to influence the market price. In order to pose the approach to the operation strategy, the problem takes into account the residual demand curves used by the aggregator in order to assess the resultant effect on the market price when selling or buying energy at every hour of every year’s day. The residual demand curves of an electric market participant are used to relate the market clearing price with the quantity contributed by the participant, and it is indeed a widely used approach to devise oligopolistic strategies. The residual demand aggregated curves have been built for a one-year horizon (2019) from historical data of the Spanish Electrical System and through the programming of an user interface and a Microsoft Excel’s Visual Basic for Application algorithm, and the process has been automated for the user to be able to obtain the curves for any hour of any day of any year, and for one of the five dominant electrical companies in Spain: Endesa, Iberdrola, EDP, Naturgy and Repsol-Viesgo.

El presente documento está dividido en dos bloques: Bloque teórico: fundamentos teóricos del IoT para la fase experimental. En este bloque se explica todos los fundamentos teóricos necesarios para entender el concepto de Internet de las cosas o IoT como comúnmente se conoce y también se explica el conjunto de capas o tecnologías que se involucran en este concepto. Esta explicación teórica se hace con la finalidad de asentar las bases para poder entender mejor el segundo bloque que consiste en una fase más experimental. Bloque Experimental: creación de la Prueba de Concepto (PdC). En esta parte del documento se crean dos pruebas de concepto, es decir, se implementa de manera resumida e incompleta lo que se ha explicado en el bloque teórico, con la intención de verificar que el concepto de IoT es susceptible de ser explotado de manera más útil. La primera prueba de concepto creada se explica paso a paso y consiste en la creación de una página web en la que se visualiza mediante gráficos los datos capturados por un sensor de humedad y temperatura. Se trata de una página web sin servidor y utilizando tecnología de la computación en la nube y lenguajes de programación bastante conocidos como son Python, JavaScript, DynamoDB, etc. La segunda prueba de concepto, consiste en incluir más datos de sensores (Luxómetro, medidor de energía, calidad del aire y presión) en la plataforma anterior. Al contrario que la web anterior, esta plataforma no se explica paso a paso, para limitar la extensión del documento, pero sí se provee de todos los recursos necesarios para su implementación. A través de este link, puedes se puede acceder a ver el resultado final de las Pruebas de Concepto: http://iotcloudsolutions.com/

13 pages, 7 figures, 4 tables, 3 appendixes, supplementary data https://doi.org/10.1016/j.rser.2020.110105, This paper reviews different approaches to modelling the energy transition towards a zero carbon economy. It identifies a number of limitations in current approaches such as a lack of consideration of out-of-equilibrium situations (like an energy transition) and non-linear feedbacks. To tackle those issues, the new open source integrated assessment model pymedeas is introduced, which allows the exploration of the design and planning of appropriate strategies and policies for decarbonizing the energy sector at World and EU level. The main novelty of the new open-source model is that it addresses the energy transition by considering biophysical limits, availability of raw materials, and climate change impacts. This paper showcases the model capabilities through several simulation experiments to explore alternative pathways for the renewable transition. In the selected scenarios of this work, future shortage of fossil fuels is found to be the most influential factor of the simulations system evolution. Changes in efficiency and climate change damages are also important determinants influencing model outcomes, This work was supported by the European Union through the funding of the MEDEAS project under the Horizon 2020 research and innovation programme [grant agreement No 69128], With the funding support of the ‘Severo Ochoa Centre of Excellence’ accreditation (CEX2019-000928-S), of the Spanish Research Agency (AEI)

In The Birth of Energy Cara New Daggett traces the genealogy of contemporary notions of energy back to the nineteenth-century science of thermodynamics to challenge the underlying logic that informs today's uses of energy. These early resource-based concepts of power first emerged during the Industrial Revolution and were tightly bound to Western capitalist domination and the politics of industrialized work. As Daggett shows, thermodynamics was deployed as an imperial science to govern fossil fuel use, labor, and colonial expansion, in part through a hierarchical ordering of humans and nonhumans. By systematically excavating the historical connection between energy and work, Daggett argues that only by transforming the politics of work--most notably, the veneration of waged work--will we be able to confront the Anthropocene's energy problem. Substituting one source of energy for another will not ensure a habitable planet; rather, the concepts of energy and work themselves must be decoupled. Publication of this book was supported by Virginia Tech through the TOME Open Monograph Initiative. Putting the world to work -- The birth of energy -- The novelty of energy -- A steampunk production -- A geo-theology of energy -- Work becomes energetic -- Energy, race, and empire -- Energopolitics -- The imperial organism at work -- Education for empire -- A post-work energy politics. Includes bibliographical references and index.

We investigate the extent and evolution of the links between energy markets using a broad data set consisting of a total of 17 series of prices for commodities such as electricity, natural gas, coal, oil and carbon. The results shed light on a number of relevant issues such as the volatility spillover effect in energy markets (within and across sectors) and the identification of those markets that are exporters (importers) of volatility to (from) other markets, as well as evidence of the time-varying nature of these effects. The main conclusions are: (i) the most integrated European electricity markets appear to be those of Germany, France and the Netherlands; (ii) the Dutch Title Transfer Facility might be on the way to becoming the benchmark price for natural gas in Europe, and (iii) natural gas may be replacing crude oil as the global benchmark price for energy commodities.

The application of Artificial Intelligence techniques in industry equips companies with new essential tools to improve their principal processes. This is especially true for energy companies, as they have the opportunity, thanks to the modernization of their installations, to exploit a large amount of data with smart algorithms. In this work we explore the possibilities that exist in the implementation of Machine-Learning techniques for the detection of Non-Technical Losses in customers. The analysis is based on the work done in collaboration with an international energy distribution company. We report on how the success in detecting Non-Technical Losses can help the company to better control the energy provided to their customers, avoiding a misuse and hence improving the sustainability of the service that the company provides.

Türkiye'de 1980'lerde başlayan neoliberal süreçte en önemli toplumsal aktörlerden biri olan medya, önemli ölçüde dönüşmüştür. Gazetecilik mesleğinden gelmeyen medya patronlarının artması, holdingleşme, medya sermayesinin yatay, dikey ve çapraz birleşmelerle büyümesi neoliberalizm ekseninde meydana gelmiş, medyanın iktidarla ve diğer sermayelerle olan bağımlılık ilişkisi bu süreçte karmaşıklaşmıştır. 2000’li yıllarda medya sermayesinin yeniden yapılandırılan enerji sektörüne ve hız kazanan özelleştirme ihalelerine ilgisi, medya patronlarının kamu ihalelerine girebilmelerine yönelik yasal kısıtlamanın kaldırılmasıyla daha da artmıştır. POAŞ gibi enerji Kamu İktisadi Teşebbüsleri’nin, elektrik ve doğal gaz dağıtım hizmetlerini yerine getiren kamu şirketlerinin ve yenilenebilir enerji kaynak alanlarının özelleştirme ihaleleri, büyük medya kuruluşlarının ilgi alanına girmiştir.Bu çalışmada medya kuruluşları, medyanın/iletişimin ekonomi politiği yaklaşımından yola çıkılarak ticari ve endüstriyel yapılar olarak ele alınmıştır. Enerji özelleştirmelerine yönelik ihalelerin Türk medyasında nasıl sunulduğunun belirlenmesi ve bu ihalelerde varlık gösteren medya kuruluşlarının sahiplik yapılarının ve siyasal iktidarla ilişkilerinin kendi yayın organlarında yer bulan içerikler üzerindeki etkisinin ortaya çıkarılması amaçlanmıştır. Bu doğrultuda 2000 ve 2017 yılları arasında gerçekleştirilen POAŞ, BEDAŞ, Gediz EDAŞ, Dicle EDAŞ, Trakya EDAŞ, AYEDAŞ, Akdeniz EDAŞ ve Toroslar EDAŞ ihaleleri, Başkent Doğalgaz Dağıtım ihalesi ve rüzgâr enerjisi Yenilenebilir Enerji Kaynak Alanı ihalesini konu alan yazılar incelenmiştir.İçerik çözümlemesi yönteminin kullanıldığı bu çalışmayla enerji ihalelerine katılmış ve bu sektörde yatırımı olan medya kuruluşlarının içerikleriyle diğer yayın organlarının içerikleri arasında belirgin bir farklılaşma olduğu saptanmış, sahiplik yapısı ve siyasal iktidarla ilişkilerinin medya kuruluşlarının ürettikleri ve dağıttıkları içerikler üzerinde belirleyici olduğu ortaya konulmuştur.--------------------Media, one of the most important social actors, has transformed significantly with the neoliberal process that began at the 80’s Turkey. The increase in the number of media bosses who do not have the journalistic background, conglomeration, the horizontal, vertical and cross-merging growth of the media capital; all occurred within the axis of neoliberalism causing complicated dependency relationships between the media and capital. In the 2000s, the interest of the media capital on the restructured energy sector and the privatization auctions gained momentum with the abolition of the legal restrictions on media bosses to enter public auctions. Such as POAŞ, the privatization auctions of Public Economic Enterprises and public companies that carry out electricity and natural gas distribution services, as well as renewable energy resources areas, took place at the interest of big media companies.In this study, media organizations are considered as commercial and industrial structures based on the media/communication’s approach of economic policies. It is aimed to determine how the auctions for energy privatization are presented in Turkish media and to reveal the effects of the ownership structures of the media organizations and their relations with the political power on the contents of their publications. In this context, between 2000 and 2017, the articles on the auctions of POAŞ, BEDAŞ, Gediz EDAŞ, Dicle EDAŞ, Trakya EDAŞ, AYEDAŞ, Akdeniz EDAŞ and Toroslar EDAŞ auctions, Ankara Natural Gas Distribution auction and wind energy “Renewable Energy Resource Area” auction were taken under the spotlight.In this study, content analysis method was used and it was found that there was a significant difference between the contents of the media organizations and other media organs which have participated to the auctions or have investments in the sector that the rest of the media. The relationship between the ownership structure and the political power has been shown to be decisive on the content of the media organizations that they produce and distribute. The content that has been produced and distributed is determined by the ownership structure and the media bosses’ relations with the political power.

© 2019 IEEE. Personal use of this material is permitted. Permission from IEEE must be obtained for all other uses, in any current or future media, including reprinting /republishing this material for advertising or promotional purposes, creating new collective works, for resale or redistribution to servers or lists, or reuse of any copyrighted component of this work in other works This study shows the results of the SABINA H2020 project, which analyzes the effect of two level optimization algorithms to increase the consumption of renewable power sources and reduce greenhouse gas emissions. First, at building level, a building algorithm maximizes the self-consumption of generated energy by its own renewable power sources. Second, at district level, a market integrated district algorithm takes into account aspects related to the electricity grid, such as the electricity generation mix and the prices of electricity and ancillary services, and aggregates the energy flexibility forecast of buildings to minimize the overall CO 2 emissions while ensuring a cost reduction to prosumers

Os princípios de governança têm sido colocados como caminho para se alcançar soluções para questões globais, como as relacionadas à política, ao meio ambiente ou à energia. sendo essencial que as ações propostas para a governança no setor de energia sejam descentralizadas para menores unidades de poder como governos locais e empresas. Mas, a implantação das práticas de governança corporativa gera custos e despesas adicionais para as companhias, como a contratação de auditores, criação de estrutura para divulgação de informações ou de canal de comunicação com stakeholders. Por outro lado, espera-se que com a adoção de tais medidas traga segurança às operações, garantindo sua perpetuidade de forma sustentável. Segundo as abordagens de Tobin (1969), Lindenberg e Ross (1981) e Tobin e Brainard (1976), a relação entre valor de mercado e custo de reposição dos ativos, representada pelo q de Tobin, quando acima de 1, significa um incentivo para novos investimentos, pois estes trariam ganhos acima do custo de seus ativos, o que promoveria a continuidade saudável dos negócios. Desta forma, este estudo se propõe a verificar se a estrutura de governança das empresas de energia no Brasil – ou elementos dela – é capaz de predizer o q de Tobin. O trabalho foi conduzido com a utilização de dados secundários extraídos de bases de órgãos reguladores, da bolsa de valores brasileira e sites das empresas. A variável dependente foi calculada de aproximação do q de Tobin segundo Chung e Pruitt (1994) e transformada em variável binária. As variáveis independentes, foram os scores atribuídos às 20 questões do questionário de Leal, Silva e Iervolino (2015) que trata da estrutura de governança corporativa, que originou 24 variáveis binárias. A amostra é composta por 31 empresas de capital aberto do setor de energia elétrica, com dados coletados entre 2012 e 2016, tratados com a modelagem de regressão logística de dados em painéis com efeitos aleatórios, com o auxílio do Software Stata®. A partir do modelo obtido, verificou-se que as estruturas com poder de previsão sobre o status do q de Tobin são: o tamanho do conselho de administração, o controle (direto ou indireto), a relação do capital votante e o capital total do controlador, a prática, ainda que parcial, do princípio de “uma ação, um voto” e a concessão de diretos de tag along acima de 80% a todos os acionistas. Destes, os critérios de maior influência no modelo são os relacionados ao controle e à postura da empresa na concessão de direitos (voto e extensão de ofertas) aos acionistas não controladores, o que aponta a importância de se tratar daquele que é o principal problema de agência no modelo de governança brasileiro: o de majoritários – minoritários. Podem ser enumeradas como limitações deste trabalho: A análise de setor em que há considerável sobreposição de participação societária entre as empresas e um mercado pouco eficiente, a não inclusão de variáveis explicativas de variação de valor das empresas e criação de expectativas de mercado (valor implícito), a manutenção, ainda que propositada, de variáveis com alto grau de correlação. The principles of governance have been put as a way to reach solutions to global issues, such as those related to politics, the environment or energy. It’s essential that the actions proposed for governance in the energy sector be decentralized to smaller units of power, as local governments and companies. But, the corporate governance practices implementation generates additional costs and expenses for companies, such as hiring auditors, creating a structure for disclosure, or communication ways with stakeholders. On the other hand, it’s expected that with the adoption of such measures bring reliability to the operations, ensuring their perpetuity through sustainable ways. According to the approaches of Tobin (1969), Lindenberg and Ross (1981) and Tobin and Brainard (1976), the relationship between market value and assets replacement cost, represented by Tobin's q, when above 1, means an incentive for new investments, as these would bring gains above the assets cost, promoting healthy business continuity. In this way, this study proposes to verify if the governance structure of energy companies in Brazil - or elements of it - is able to predict Tobin's q. The work was conducted using secondary data extracted from regulatory entities, Brazilian stock exchange and company websites. The dependent variable was calculated from the approximation of Tobin's q according to Chung and Pruitt (1994) and transformed into a binary variable. The independent variables were the scores attributed to the 20 questions in the Leal, Silva and Iervolino (2015) questionnaire about the corporate governance structure, which originated 24 binary variables. The sample is made of 31 public companies from the electricity sector, with data collected between 2012 and 2016, treated with the logistic regression modelling of panel data with random effects, with the aid of Stata® Software. According to the suggested model, the structures with predictive power over the status of Tobin's q are: the size of the board of directors, the company’s control (direct or indirect), the relation between the voting capital and the total capital of the controller, the practice, even if partial, of the principle of "one share, one vote" and the granting of tag along rights, at a higher than 80% level, to all shareholders. Of these, the most influential criteria in the model are those related to the control and company’s posture for granting rights (voting and extension of offers) to non-controlling shareholders, which points out the importance of dealing with the main agency problem in the Brazilian governance model: the majority - minority. As limitation of this worked, can be pointed out: the analysis of a sector in which there’s a considerable overlap of corporate participation between companies and an inefficient market, the non-inclusion of variables that explain the value of companies and the creation of market expectations (implicit value), the maintenance, although purposeful, of variables with a high degree of correlation.

Bu tez Türkiye'de sermaye birikim sürecini enerji dönüşümleri çerçevesinde incelemektedir. Temel olarak enerji dönüşümleri literatürü ve Marx'ın sermaye döngüleri ile değersizleşme / yeniden-değerlenme dinamikleri yaklaşımı kullanılmaktadır. Tezde, özellikle 2000'ler sonrası çok hızlı bir piyasa oluşumu ve metalaşma sürecinden geçen enerji sektöründeki büyük dönüşümlerin ardındaki aktörlerin ve devletin bu süreçteki konumu tanımlanmış, bu tanımlama Türkiye'de kapitalistleşme ve sermayenin uluslararasılaşmasının genel özelliklerinin tarihsel gelişimi ile bağlantılandırılarak yapılmıştır. Üretken sermayenin uluslararasılaşması, artı değer arayışında ilk olarak döner-değişmez sermaye olarak enerjinin ucuzlaştırılmasını gerektirecektir. İkinci olarak 1990'ların kamu borçlanması döneminde kamu tarafından "yapılamayan" enerji yatırımları, belirli bir birikim düzeyine gelmiş sermayelerin değerlenme arayışıyla birleşerek, gerekli yeniden değerlenmenin, yani başka bir deyişle, enerjinin metalaşmasının önünü açacaktır. %Kamu düzenleme ve fiyat politikaları Enerji, petrolün uygun koşullarda elde edilebilmesi çerçevesinde, 1950'lerden itibaren içe yönelik birikim döneminin ve bu dönemdeki ulusal kalkınma ve büyümenin temel belirleyeni olarak ortaya çıkmıştır. Bu anlamda petrole dayalı elektrik üretimi ve diğer çeviriciler kalkınmacı popülizmi meşrulaştıran gündelik yaşamı doğrudan etkileyen tüketim, dolaşım ve üretim alanlarındaki bütünlüklü gelişmeleri belirler. Birikimin yüksek enerji ihtiyacı, kapitalistleşmenin petrol-elektrik bloğu döneminde gerçekleşmesi olarak ortaya çıktığı ölçüde enerji-madde yoğun üretimi gerektirecek, bunun elde edilememesi, 1970'lerin sonunda görüleceği gibi birikim krizlerinde kritik rol oynayacaktır. 1980'lerden itibaren Türkiye'de geç kapitalistleşme dönemi, merkez ülkelerde endüstrisizleşme ile rezonansa girdiği ölçüde enerji yoğun üretim dinamiklerini besleyecektir. \iffalse Sanayi özel \fi Sanılanın aksine 1980 dönüşümü enerjide kamu yatırımlarını azaltmamış ve ucuz emek-ucuz enerji rejimi özel sektörün meta temelli uluslarasılaşmasını kamusal politikalarla desteklemiştir. Enerji kaynaklarının çeşitlenmesi, petrolün sadece ulaşımda kullanıma gerilemesi sözü edilen çeşitlenmeyi daha da arttıracak olan büyük hızla artan elektrifikasyon; 2000'li yıllarda enerjinin bir yeniden değerlenme alanı olmasının ve yeni politik bölgesel ekonomik ilişkilerin zeminini hazırlayacaktır. Genel olarak ve sanayide artan enerji yoğunluğu, 2000'lerin başında artan petrol fiyatları ve enerjinin ekonomiye artan maliyeti bu süreci açıklamada yardımcı olacak göstergeler sağlamıştır. 2000'li yıllarda her alandan farklı ölçeklerde sermaye gruplarının enerji alanını yeniden değerlenme alanı olarak görmeleri saçılan birikim dinamikleriyle bağlantılı ve onu beslediği gibi aynı zamanda sermayeler arası büyük mücadelelere sahne olacaktır. Hükümet partisinin AKP oldugu 2000'lerin başından bu güne; kamu ihaleleri kaynaklı olanakları birikimde hızlıca kullanan belirli sermayelerin enerji alanında da hızlı yatırım artışları çok belirgindir. İnşaat alanı gibi enerji alanı da mekanla ve mülkiyetle ilgili kamu düzenlemeleri ve izinlerine doğrudan bağlı alanlar olarak benzer sermayelerin öne çıktığı alanlar olmuştur. Elektrik taşıma maliyetinin çok yüksek olması nedeniyle uluslararası rekabete görece kapalı, büyük ve uzun vadeli gelir getirebilen bir yeni yatırım alanıdır. Artan elektrifikasyon ve petrolün sadece ulaşım alanına geri çekilişi büyük imkanlar yaratmıştır. Sermaye, teşviklerin ve lisanslamaların kullanımı yanında fiyat politikaları ile, özelleştirmeler ve piyasa oluşumu boyunca, sistemli ve interaktif biçimde desteklenmiştir. Yenilenebilir enerji yatırımları, cari açığa karşı yerli üretimin desteklenmesi, enerji verimliliği, "temiz enerji" yönelimi, yukarıda anlatılan çeşitlenmenin ve elektrifikasyonun dünyadaki gelişiminin geldiği sonucu anlattığı kadar doğaya ve insanın ürettiği kentsel ve mamur çevreye yönelik değersizleştirme/yeniden değerlenmenin ve birikim sorunları karşısında "mekansal çözümlerin" gerekliliğiyle bağlantılı olarak değerlendirildiğinde Türkiye'de bunun yansımaları farklı bağlam ve biçimlerde görülmektedir. --------------------This thesis investigates capital accumulation process in Turkey, through quantitative and qualitative analysis of energy transformations. Creation of the energy market and commodification was a fast-track process started at the beginning of 2000s. In the thesis, actors and the role of the state was defined, taking into consideration internationalisation of capital and the general trends of capitalization of Turkey during these years. Internationalization of productive capital requires cheapening of energy as an input, in other words as a circulating constant capital. Beyond this, prevention of public energy production with financialisation and the public debt conditions of 1990s, together with the new accumulation levels of the capital opens the way to the commodification of energy or in other words revaluation of capital in energy area. New regulations, price policies and market design policies shows the interesting interactive process shaped by different capitals and state. Energy, i.e. oil, turns out to be main determinant of internal accumulation process namely national development and modern growth since 1950s till the end of 1970s. Articulation with advanced capitalist mode of production in the period of oil-electricity block necessitated energy intensive production and high energy capacity increase. But this was also the reason behind the critical position of imported energy in the political and debt crisis of end of 1970s. Neoliberal turn did not bring the commodification of energy and privatizations in 1980s. Internationalisation of capital based on the commodity exports required cheap labour and energy and the state supplied the conditions of both of them. The energy and electricity intensity data of countries support the argument that "Late industrialisation" comes to a resonance with "deindustrialisation" of advanced countries in 1980s. Diversification of energy sources, increase in electric energy consumption and contraction of oil consumption to the transport -which became very obvious in 2000s- paved the way to the 2000s privatizations by creating new local and regional relations of capital. Due to increasing public debt and budget deficit in an era of financialization, in the first half of 1990s Turkey faced with an important energy deficit in electricity production. Hence auto-production of electricity at industrial plants, huge BOO contracts and regional natural gas imports led to sudden increase of private sector's share which would eventually surpass public share in 2003. From the point of view of energy transitions, transition to natural gas, accompanied with a considerable change of the ownership structure of power production. After the change of regulations between 2001-2005 which were about regulatory bodies, privatizations, renewable energy subsidies, the sector has become commodified very quickly and an electricity market has been created in a step by step, interactive manner. Henceforth the electricity production has become an area of investment for almost all considerable capital groups. But it also became a investment area for many smaller local capitals, considering the widespread privatizations of local electricity and natural gas distribution companies and especially renewable energy production subsidies. Scattered accumulation dynamics and formation of big capital groups -which are ideological more close to the government as many of small sized capitals- through public tenders, privatizations, subsidies and energy licences can be easily observed from the huge accumulation and energy capacity increase of these companies. Limited export opportunities after the global crisis of 2008 increased the importance of energy and construction sectors due to specific territorial and spatial properties of these sectors in Turkey. Due to very high transporation costs electricity is considerarbly close to international competition. Therefore electric power production, energy and construction sectors turned out to be ideal candidates for new capital formations which are in the network of the ruling party AKP (Adalet ve Kalkinma Partisi – Justice and Development Party). Coal, nuclear and renewable energy support schemes and subsidies in Turkey indicate the necessity of taking into consideration the capital accumulation dynamics and state revenues in the analysis of energy transitions and show the limits of resource reductionist approaches.

Enerji, devletlerin ulusal çıkarları ve birbirleriyle olan ilişkilerinde çoğunlukla önemli bir politika alanı olmuştur. Enerji kaynakları rezervlerinin bulunması, çıkarılması ve taşınması gibi alanla ilgili teknik konular, uluslararası ilişkiler disiplini içerisinde devletlerin politika yapım süreçlerinde etkili olmuştur. Enerji kaynaklarına sahip olan devletler, bu ‘nimeti’ bir araç olarak ithalatçı devletlere karşı kullanmış, ithalatçı devletler de bu dezavantajlı durumlarını ortadan kaldırmak için alternatif yöntemler izlemiştir. Bu durum, günümüzde de artarak devam etmektedir. Özellikle küreselleşmenin ve teknolojinin artan hızı sayesinde devletler, enerji jeopolitiğinde etkili olmak için her zaman çıkarlarını ‘maksimize’ etmek için çalışmışlardır. Enerjinin uluslararası ilişkilerdeki yukarıda belirtilen etkisi, konuyla ilgili çalışma yapmak konusunda en önemli faktör olmuştur. Bu anlamda çalışmanın hipotezi; Avrupa Birliği’nin enerji politikasına ve güvenliğine Doğu Akdeniz hidrokarbon kaynaklarının nasıl bir katkıda bulunabileceği ve oluşan/oluşacak durumun Kıbrıs Sorunu’nun çözümü için kolaylaştırıcı bir rol oynayıp oynayamayacağının belirlenmesidir. Çalışmanın hipotezinin oluşturulmasında; incelenecek alanla ilgili literatür çalışması yapılmak suretiyle, konuyla ilgili yapılmış olan yayınlar incelenmiştir. Literatür çalışması sonucunda daha önce konuyla ilgili yayınlarda detaylı şekilde incelenmeyen Kıbrıs Sorunu’nun çözümünde Doğu Akdeniz hidrokarbon kaynaklarının rolünün belirlenmesi hedefine odaklanarak, konunun hem iç politika hem de dış politika bağlamında değerlendirilmesi şeklinde bir yaklaşım benimsenmiştir. Ayrıca çalışmayla ilgili çalışan ve yayınları olan akademisyenler ile uzmanlarla kişisel görüşmeler yapılmıştır. Çalışmanın ilk bölümünde; çalışmanın dış politika yaklaşımı ‘Doğu Akdeniz hidrokarbon kaynaklarının önemi’ başlığı altında Avrupa Birliği’nin enerji ihtiyacının tespitedilmesine çalışılmıştır. Böylece Avrupa Birliği’nin enerji alanındaki durumu belirlenmiş, bu bağlamda Doğu Akdeniz coğrafyasının Birlik enerji politikasına nasıl bir katkıda bulunabileceği Doğu Akdeniz ülkelerinden bazılarının (İsrail, Mısır, Lübnan, Güney Kıbrıs) hidrokarbon kaynakları incelenmesiyle yapılmıştır. Belirtilen ülkeler dışındaki bölgeülkelerinin hidrokarbon kaynakları konusundaki görüşleri de bölüm içerisinde dolaylı olarak belirtilmiştir. Avrupa Birliği’nin enerji ihtiyacı ile Doğu Akdeniz hidrokarbon kaynakları arasındaki bağlantıyı sağlamak için Kıbrıs’ın enerji geçiş noktası kullanılarak, enerji kaynaklarının Avrupa Birliği’ne taşınması için gerekli olan koşullar, yapılan yatırım projeleri değerlendirilmiştir. Çalışmanın ikinci bölümünde; Kıbrıs Sorunu, çalışmanın iç politika yaklaşımı olarakdeğerlendirilmiştir. Bölümde; Kıbrıs Sorunu’nun tarihsel sürecine kısaca değinilerek, sorunun günümüze kadar gelen süreci incelenmiştir. Kıbrıs müzakerelerinde mevcut görüşmeler dönemi, Kıbrıs ve çevresindeki hidrokarbon kaynaklarının keşfedilmesi ve çıkarılması süreçlerinin yaşandığı bir dönem olarak, sorunun çözümünde enerjinin nasıl bir rol oynayabileceği üzerine anlatımlara yer vermektedir. Bu nedenle bölümde Güney Kıbrıs ile Türkiye arasında Avrupa Birliği üyelik süreci içerisinde yaşanan gelişmelerin, tarafların hidrokarbon kaynakları konusunda yaşadıkları MEB ve kıta sahanlığı sorunları üzerine etkileri de yer almıştır. Çalışmanın son bölümünde; ilk iki bölümde incelenmeye çalışılan Avrupa Birliği enerji ihtiyacı özelinde Avrupa Birliği enerji güvenliğinin Doğu Akdeniz hidrokarbon kaynakları sağlanmasının nasıl olacağı, Kıbrıs Sorunu’nun enerji için kolaylaştırıcı olup olamayacağı üzrine değerlendirmeler yapılmıştır. --------------------Energy has often been an important policy area for states' national interests and their interrelationships. Technical issues related to the discovery, extraction and relocation of reserves of energy resources have been influential in the policy-making processes of states within the discipline of international relations. States with energy sources have used this 'blessing' as an instrument against importer states, and importer states have followed alternative methods to remove these disadvantages. This situation continues to increase today. Especially thanks to the increasing pace of globalization and technology, the states have always tried to 'maximize' their interests to be effective in energy geopolitics. The above-mentioned effect of energy on international relations has been the mostimportant factor in studying the subject. The hypothesis of working in this sense; The European Union's energy policy and security is to determine how the Eastern Mediterranean hydrocarbon resources can make a contribution and whether the situation that is to be formed will play an enabling role for the solution of the Cyprus Problem. In creating the hypothesis of work; literature studies on the field to be examined have been carried out and publications on the subject have been examined. As a result of the literature review, an approach has been adopted, focusing on the objective of determining the role of the Eastern Mediterranean hydrocarbon resources in the solution of the Cyprus Problem, which has not been examined in detail in previous publications, and evaluating it in both domestic and foreign policy contexts. In addition, personal interviews were held with the academicians and experts who are working and publishing related to the work. In the first part of the study; the foreign policy approach of the study was undertaken to determine the energy needs of the European Union under the heading 'The importance of Eastern Mediterranean hydrocarbon resources'. Thus, the situation of the European Union inthe energy field has been determined, and how the Eastern Mediterranean geography can contribute to the Union energy policy has been examined by examining the hydrocarbon resources of some of the Eastern Mediterranean countries (Israel, Egypt, Lebanon, Southern Cyprus). The opinions of the countries other than the mentioned countries on the hydrocarbon resources are mentioned indirectly in the chapter. In order to ensure the connection between the European Union's energy needs and the Eastern Mediterranean hydrocarbon resources, theinvestment requirements for the transfer of energy resources to the European Union were assessed using the energy transfer point of Cyprus. In the second part of the study; the Cyprus Problem is considered as a domestic policy approach to working. In chapter; by briefly addressing the historical process of the Cyprus Problem, the process of the problem up to the day is examined. The current negotiations period in Cyprus negotiations includes a discussion of how energy can play a role in the solution of the problem, as a period in which the exploration and extraction processes of hydrocarbon resources in Cyprus and its environment are experienced. Therefore sectionbetween Cyprus and Turkey of developments in the European Union accession process, part of hydrocarbon resources In the last part of the study; the European Union's energy needs to be examined in the first two chapters are based on how the European Union energy security will provide Eastern Mediterranean hydrocarbon resources and how the Cyprus problem will be helpful for energy.

Yenilenemeyen enerji kaynaklarının hem çevreye ve canlıların sağlığına verdiği zararlardan dolayı hem de ülkeleri dışa bağımlı hale getirmesinden ötürü, ülkeler kendi enerjilerini kendileri üretebilmek amacıyla daha temiz ve çevre dostu olan alternatif enerji kaynaklarına yönelmeye başlamışlardır. Alternatif enerji kaynakları arasında yer alan güneş, rüzgar, hidrolik, jeotermal ve biyokütle enerji kaynaklarının diğer yenilemeyen enerji kaynaklarına göre maliyetlerinin düşük olması, aynı zamanda ülke ekonomisine katkı da sağlaması bakımından ülkeler için daha önem arz etmektedir. Enerjinin en önemli kolunu oluşturan elektrik üretimi sektöründe Türkiye'de yaşanan özelleştirme ile birlikte birtakım değişimler meydana gelmiştir. Özelleştirme ile birlikte 21 elektrik dağıtım şirketine paylaştırılan elektrik dağıtım sektörü, Türkiye'de elektrik dağıtım, satış ve üretim hizmeti vermektedir. Bu çalışmada 21 elektrik dağıtım şirketi arasında kurumsal kimlik çalışması, sosyal sorumluluk projeleri, etkinlikleri, sponsorlukları, enerji verimliliği konusunda yapmış olduğu çalışmalarla dikkat çeken Enerjisa firması ile mülakat gerçekleştirilerek, yapmış oldukları kurumsal kimlik çalışması ve halkla ilişkiler faaliyetleri hakkında bilgilere yer verilmiştir.--------------------Countries have begun to turning alternative energy sources that are cleaner and more environmentally friendly in order to produce their own energy, because of non-renewable energy sources are both dependent on external and harm to the health of the environment and the living. Solar, wind, hydropower, geothermal and biomass energy sources, which are among the alternative energy sources, have lower costs compared to other non-renewable energy sources and at the same time they are more important for the countries in terms of contribution to the country's economy. In electricity generation constitutes the most important branches of the energy sector with the privatization taking place in Turkey, some changes have occurred. Electricity distribution sector, which is shared with the privatization of 21 electricity distribution companies, electricity distribution in Turkey, provide sales and production services. In this study, interviews were conducted with Enerjisa Company, which attracted attention among the 21 electricity distribution companies with its studies on corporate identity work, social responsibility projects, activities, sponsorships and energy efficiency, giving information about corporate identity studies and public relations activities.

After historically being driven by coal and, in more recent years, natural gas, Ohio’s energy industry has experienced notable growth in installed solar and wind capacity. Due to changes in consumer tastes and preferences, an overall decline in expenses, and environmental concerns about coal mining and hydraulic fracturing, among others, both public and industry support for renewables has grown. However, Ohio’s renewable energy policies have not consistently aligned with this support. This paper synthesizes reports and analyzes energy industry employment and capacity data in order to summarize the trends within Ohio’s present-day energy industry. After a brief surge, wind activity has stagnated, in part due to expansion of the turbine property line setbacks law. Wind employment has also been relatively erratic, seeing spikes and rapid declines that average to a growth of 13.6% per year from 2013–2016. Conversely, solar energy capacity has grown a bit more steadily due to fewer regulatory restrictions as well as supportive state net metering policies. Correspondingly, solar employment has grown more consistently at a rate of 11.3% per year during our study years. This paper highlights these trends, discusses policy implications moving forward, and makes recommendations for Ohio to stimulate the deployment of additional renewable energy capacity in future years. To accomplish this task, and to enhance sustainable development via renewable energy, we suggest that Ohio ease its wind setbacks and continues to protect the state’s renewable portfolio standard and net metering laws., Consilience, No 20 (2018): Issue Twenty: 2018

ÖZETArtan enerji ihtiyacının yerli kaynaklardan karşılanması amacıyla hazırlanan Elektrik Piyasası Kanunu’nun yürürlüğe girmesiyle, özel sektör tarafından hidrolik projelerin yapımının hızla arttığı görülmektedir.Yenilenebilir enerji kaynaklarından olan hidrolik santraller, belirli çevreler tarafından sürekli eleştirilse de aslında ekonomik, çevresel ve sosyal birçok avantaja sahiptir. Bununla birlikte hidroelektrik santrallerin gerek inşaat ve montajı gerekse işletmesi esnasında oluşabilecek hasarlar, daha önce öngörülemeyen, gelir kaybına neden olabilecek durumlar için farklı sigorta poliçelerinin yapılması zaruri bir ihtiyaç olarak karşımıza çıkmaktadır. İşletmenin poliçeyle teminat altına alınmış olan risklerinden birinin gerçekleşmesi sonucu oluşan hasar nedeniyle sigortalı tarafından yürütülen işlerin durması, kesintiye uğraması neticesinde meydana gelen kayıp kar kaybı sigortası ile teminat altına alınmaktadır. Tezin birinci bölümünde öncelikle Türkiye’de enerji sektörü; Türkiye’nin enerji durumunun değerlendirilmesi, kurulu gücü,üretimi, kaynakları, enerji arzı son olarak Türkiye’de enerjinin büyüme kalkınmaya olan etkileri olmak üzere çeşitli başlıklarla incelenmiştir. İkinci bölümde hidroelektrik santrallerin ekonomik, çevresel toplumsal, stratejik etmenleri ele alınırken; HES’lerin avantajlarına, olumsuz yönlerine, sınıflandırılmasına ayrıca HES’lerin çalışma sistemlerine ayrıntılı şekilde ele alınmıştır. Üçüncü bölümde HES’lerin sigortalanması kar kaybı sigortası başlığı altında; risk, hasar değerlendirilmesi, inşaat, işletme dönemlerinde riskler verilebilecek teminat türleri son olarak HES’lerin kar kaybı sigortası incelenmiştir. Dördüncü bölümde ise; HES’lerle ilgili meydana gelen kar kaybı hasarlarına örnek uygulamalarına yer verilmiştir.Çalışmanın amacı; ülkemizdeki enerji sektörünün büyümesine kalkınmasına büyük etkisi olan hidroelektrik santrallerinin sigortalanmasına, risk ve hasarların değerlendirilmesine ve kar kaybı sigortalarını analiz ederek, önemli bir sigorta prim potansiyeli oluşturan ancak dikkatle incelenerek fiyatlandırılması gereken risklere ışık tutmaktır.--------------------SUMMARYIt is seen that hydraulic project making by private sector increases by leaps and bounds after the electricity market law which prepared for the purpose of supplying the increasing energy requirement from domestic resources entered into force.Hydraulic power plants from renewable energy sources, although criticized constantly by certain circles, actually have many economic, environmental and social advantages. However, different insurance policies for situations that could lead to revenue loss and unforeseen before, damages that may occur either the building and mounting of hydraulic power plants or during the operation of them come out as an essential necessities. Lost or damage amount which occur as a result of stoppage, being interrupted or disruptions of works handled by policyholder due to the damage arising as a consequence of one of the risks that the operator has secured with the policy is securitised with loss of profit insurance.In the first part of this thesis, the energy sector in Turkey; evaluation of the energy situation of Turkey, the installed power, production, resources, power supply finally the effects of recent energy growth development in Turkey have been examined with various titles. In the second part, economic, environmental, social, strategic factors of hydroelectric power plants are discussed; the advantages, negative aspects classification of HPPs’ are also addressed separately. The operating systems of HPPs’ are also discussed in detail in this section. In the third part, under the title of insuring of HPPs’ and profit loss insurance; risk damage assessments, risks during construction operating periods, types of assurance that can be provided, and finally the HPPs’ profit-loss insurance have been examined. The fourth chapter; the sample applications of profit loss insurance loss, which are related to HPPs' have been included.The purpose of this study is to shed light on; to the insuring of hydroelectric power plants, which is a major influence on the growth and development of the energy sector in our country, to the assessment of risks and damages, and to the risks that constitute a significant insurance premium potential but needed to be priced scrutinisingly.

Within a so competitive endeavor like the one of Energy Supply Industry, only the meticulous definition of costs allows suppliers to survive. In this sense, the primary goal of the thesis work is the identification of the "efficient cost frontier" basing on a statistical elaboration of the industry dataset of Italian Energy Suppliers. Moreover, the study will focus on the analysis of the deviations from the previously found model, followed by the assessment of the behaviour of different actors.

Neste trabalho é apresentado um projeto de eficiência energética e gestão de energia elétrica em uma indústria de lubrificantes que tem como objetivo, contribuir com a redução de perdas energéticas durante o processo industrial. Dentre todos os setores, a atividade industrial é o maior consumidor de energia. Desta forma, este estudo propõe um modelo do uso eficiente e econômico da energia, focando consumidores energointensivos na indústria; fundamentando os pilares da organização, planejamento e controle do uso de energia. Para tal, estruturou-se um projeto de gestão energética, com possibilidade de proporcionar ao consumidor benefícios econômicos, operacionais e de segurança, tornando-o competitivo no mercado onde atua, além de proporcionar indiretamente benefícios ambientais. A metodologia baseou-se em avaliações teóricas e em ações técnicas com acompanhamento das atividades produtivas, recomendando mudanças factíveis e viáveis economicamente para eficiência energética industrial. Desta forma, o trabalho apresenta sugestões sobre técnicas e tecnologias que devem ser aplicadas na indústria onde o estudo foi realizado. Com relação ‘as mudanças recomendadas a avaliação econômica, para um investimento de R$ 29.416,00, apresentou índices de payback 4,9 anos, VPL 56.137,86 e TIR 53%. No resultado final, prevê-se uma redução superior á R$ 6.000,00 mensais na tarifa de energia elétrica que representam um total de 40,72%. ABSTRACT - This work presents an energy efficient design and power management in a lubricants industry that aims to contribute to the reduction of energy losses during the manufacturing process. Among all sectors, industrial activity is the largest consumer of energy. Thus, this study proposes a model of efficient and economical use of energy, focusing on energy-intensive consumers in the industry; basing the pillars of the organization, planning and control of energy usage. To that end, structured up an energy management project with the possibility of providing the consumer with economic, operational and safety benefits, making it competitive in the market where it operates, in addition to providing environmental benefits indirectly. The methodology was based on theoretical evaluations and technical actions with monitoring of production activities, recommending feasible and economically viable changes to industrial energy efficiency. Thus, the paper presents suggestions on techniques and technologies to be applied in the industry where the study was conducted. Regarding 'recommended changes to economic evaluation, for an investment of R $ 29,416.00, presented rates of 4.9 years payback, NPV and IRR 53% 56137.86. In the final result, we anticipate a greater reduction will R $ 6,000.00 per month in electricity tariff, representing a total of 40.72%.

The main objective of the report is to analyze the current greenhouse gas (GHG) emissions inventory process in Romania, and provide recommendations for improving the system in order to increase the effectiveness and efficiency of inventory development in compliance with United Nations framework convention on climate change (UNFCCC) and European Union (EU) requirements, including emissions forecasting provisions. This report describes the GHG inventory process and its history, analyzes the legal framework, documents and information provisions, and flows related to making the inventory together with identifying the potential adjustments for improvement, assess reporting entities and correlation mechanisms to economic dynamics, in terms of completeness, coherence, response time constant to changes in the number of companies' impact on data reporting, and provides recommendations on the possibility to improve the inventory-making process in order to meet the requirements of emission projections. The report is organized into seven sections as follows: section one provides a general introduction to GHG inventories. Section two examines the processes and procedures used in the present GHG inventory system in Romania and the alignment of this system with international frameworks including the framework for the development of environmental statistics (FDES) and the intergovernmental panel on climate change (IPCC) schematic framework. Section three elaborates the challenges with the existing greenhouse inventory process including data gaps and weaknesses in the statistical infrastructure. Section four looks at the international and national legal requirements for greenhouse gas inventories. Section five provides analysis on the flow of information and the specific verification points to ensure data consistency and coherence. Section six provides a number of recommendations and concludes in section seven with a summary of key recommendations.

CAPES O objetivo geral deste estudo foi avaliar o potencial de produ;áo energética de ligninas extraídas de subprodutos de diversas culturas agricolas brasileiras, dentre elas: bagaço de cana de açúcar, serragem de madeira, palha de milho, palha de trigo, folhas de capim elefante e casca de arroz. Para isto, foram realizadas caracterizações físico-químicas, dentre elas: análise elementar, análise imediata, determinação do poder calorífico superior, granulometria, e determinação da composição de holocelulose, lignina e extrativos das amostras. A pesquisa foi dividida em três etapas: amostragem e caracterização da matéria prima, processamento dos resultados obtidos e verificação do potencial das biomassas em relação ao rendimento de lignina e suas propriedades. Foi adotado um planejamento experimental fatorial 22 para o tratamento estatístico dos dados obtidos. De acordo com os resultados foi comprovado que, tanto a granulometria dos sólidos na faixa estudada, quanto os métodos de extração Klason e Willstatter não influenciaram no rendimento da extração de lignina, bem como no poder calorífico destas. O rendimento médio de extração de lignina para a serragem de madeira foi ligeiramente superior, como esperado. Adicionalmente, foi verificado que o poder calorífico das ligninas foram significativamente maiores do que das biomassas in natura correspondentes. Por outro lado, foi encontrado que o potencial de energia térmica das ligninas varia principalmente em função dos dados de produção da cultura agrícola e dos coeficientes de disponibilidade dos subprodutos. Dentre as estimativas de potencial de geração de energia térmica das biomassas testadas, destacam-se as ligninas do bagaço de cana e da palha de milho. Estudos ainda se fazem necessários para determinar o potencial das ligninas extraídas no ramo da indústria química através do conhecimento da composição. The aim of this study was to assess the energetic potential obtained from lignins extracted of several Brazilian biomasses, among them: sugar cane bagasse, sawdust, corn straw, wheat straw, elephant grass leaves and rice husk. To achieve this objective, physicochemical characterization, including: ultimate analysis, proximate analysis, superior calorific value determination, fraction size, and compositional determination of holocellulose, lignin and extractives of samples. The research was divided into three steps: sampling and characterization of the raw material, processing the results and verifying the potential of biomass over the yield of lignin and its properties. It was used a 22 factorial experimental design for the statistical treatment of the obtained data. According to the results, it was confirmed that both the particle size of the solids in the studied range, the extraction methods as Klason and Willstatter no influence on the extraction yield of lignin, as well as the calorific value of these. The average yield of extraction of wood sawdust lignin was slightly higher, as expected. Additionally, it was found that the calorific value of lignin were significantly higher than the corresponding biomass in natura. Moreover, it was found that the potential of thermal energy from the lignins varies mainly depending on the production data and the availability coefficients of crop to byproducts. Among the estimated potential to generate thermal energy from biomasses tested, highlight the lignin from sugar cane bagasse and corn straw. Further studies are needed to determine the potential of the lignins extracted in the field of chemical industry through the knowledge of its composition.

A la portada: Barcelona Treball

The exceptional development of American capitalism was founded upon abundant, cheap and domestic energy resources: coal, oil, natural gas, hydroelectricity and nuclear. The abundance, low prices and low taxes did not encourage energy efficiency. The United States consumes roughly 70 per cent more energy per capita or per dollar of GDP than most other developed countries. The country, which represents 5 per cent of the world’s population, accounts for 25 per cent of the world’s energy consumption. Since 2009, Chinese consume more energy than Americans (in total). Energy use in the United States fell nearly 5 per cent in 2010 marking the largest annual drop since 1949.

Bu çalışma, ardışık nesiller kaynak ekonomileri üzerine dört makaleden oluşmaktadır. İlk makalede, enerji tasarrufu sağlayan teknolojik gelişmenin ve yenilenebilir enerji kaynaklarının yenilenemeyen kaynaklarla ikamesinin, kaynakların tükenmesine ve uzun dönem büyümeye olan etkisi incelenmektedir. Bu kapsamda, enerji kaynaklarını ve kaynaklardan tasarruf eden teknolojik ilerlemeyi içeren 2 periyotluk ardışık nesiller büyüme modeli geliştirilmiştir. Enerji üretiminde, yenilenebilir enerji kaynaklarının yoğunluğunun artmasının büyüme üzerinde olumlu bir etkisinin olduğu bulunmuştur. Modelde her ne kadar yenilemeyen enerji kaynakları üretim için gerekli olsa da; ekonominin sürdürülebilir olduğu ve dengeli büyüme patikasının pareto optimal olduğu sonuçlarına ulaşılmıştır.İkinci makale, fiziki sermaye birikimi ile nihai ürün üretiminin enerji yoğunluklarının farklılaştırılmasını, enerjinin doğal kaynaklardan çıkartıldığı bir ardışık nesiller modeli kapsamında incelemektedir. Literatürden farklı olarak, sermaye birikiminin nihai ürün üretimine kıyasla daha enerji yoğun olduğu varsayılmıştır. Literatürdeki doğrusal olmayan dinamiklere yol açacak varsayımlar yapılmadan modelde birden çok durağan noktanın, belirsizliğin ve dallanmaların olduğu bulunmuştur. Yenilenemeyen kaynaklara odaklanıldığında ise kaynaklarının sermaye üretimindeki payının yeterince düşük olduğu durumlarda yerel belirsizliğin ve hopf dallanmalarının ortaya çıkabileceği gösterilmiştir.Üçüncü makale, doğal kaynakları çıkartmanın maliyetlerini ve fiziki sermaye birikimi ile nihai ürün üretiminin enerji yoğunluklarının farklı olduğunu dikkate alan ardışık nesiller kaynak ekonomilerinde, eyer noktası karalılığı dışında dinamiklere ulaşılıp ulaşılamayacağını analiz etmektedir. Sermaye birikiminin nihai ürün üretimine kıyasla daha enerji yoğun olduğu ve kaynakları çıkartmanın maliyetli olduğu varsayılmıştır. Söz konusu varsayımların dinamikleri zenginleştirdiği tespit edilmiştir. Kaynakların tükenmemiş olduğu durağan noktada yerel belirsizliğin transkritik ve hopf dallanmalarına yol açabileceği gösterilmiştir.Son makalede, ardışık nesiller ekonomilerinde nüfus büyümesi ve kaynaklar arasında bir geribildirim mekanizması kurulmuş ve söz konusu mekanizmanın dinamiklerin durağanlığını nasıl etkilediği incelenmiştir. Lojistik yenilenme oranı alınmadan ve dönemler arası ikame elastikiyeti üzerinde varsayımlar yapılmadan, durağan noktalarda çoğulluk ve lineer olarak alınan yenilenme oranının nüfus büyümesiyle ilişkisine göre belirsizlik ve transkritik dallanmalar elde edilmiştir.Anahtar Kelimeler: Ardışık Nesiller Modeli, Doğal Kaynaklar, İçsel Nüfus Artış Hızı, Hasat Maliyetleri, Pareto Optimalite, Sürdürülebilirlik, Dinamikler, Dallanmalar, Belirsizlik. This dissertation is made up of four essays on overlapping generations resource economies. The first essay studies the effects of energy saving technological progress and substitution of renewable energy resources with non-renewable resources on natural resource depletion and long run growth. A growth model in two-period overlapping generations framework incorporating the presence of both resources and resource augmenting technological progress is developed. The effect of an increase in the intensity of the renewable resources in producing energy on long run growth is found to be positive. Although exhaustible resources are essential in production the economy can be sustained and the balanced growth path is optimal.In the second essay, the implications of assuming different energy intensities for physical capital accumulation and the final good production is studied in an overlapping generations resource economy where energy is obtained from the extraction of the natural resources. Apart from the standard literature, physical capital accumulation is assumed to be relatively more energy-intensive than consumption. Multiple steady states, indeterminacy and bifurcations are obtained, without taking non-linearizing assumptions evident in the literature. For the non-renewable resources if the share of energy resources is low enough, local indeterminacy and hopf bifurcations may arise in the model.The aim of third essay is to analyze can costly resource extraction and differentiating energy intensities induce dynamics other than saddles in an overlapping generations resource economy. The capital accumulation sector is assumed to be more energy intensive. The energy input is extracted from the natural resources with some extraction costs. The main finding of the essay is that both naturally evident assumptions contribute to the richness of the dynamics. Depending on the share of resources in capital accumulation dynamics other than saddle --indeterminacy, flip and hopf bifurcations-- can arise in the model for the non-zero steady state.In the fourth essay, a feedback mechanism between population and natural resource to a standard model of renewable resource based OLG economy is incorporated to check the stability of the dynamics. Multiple steady states and indeterminacy have been obtained even in the absence of logistic regeneration and independent of intertemporal elasticity of substitution. In particular, transcritical bifurcations may arise in the model varying the rate of constant regeneration with respect to population growth rate.Keywords: Overlapping Generations Model, Natural Resources, Endogenous population growth, Harvest Costs, Optimality, Sustainability, Dynamics, Bifurcations, Indeterminacy. 135

Related links: http://www.richmondfed.org/publications/research/region_focus/2012/q2-3/feature4_weblinks.cfm>

The regional economic outlook is quite positive. Broad-based hiring in every sector from energy to construction to services reflects the confidence employers have that the region is poised for sustained expansion

The aim of this bachelor thesis is to assess financial position and performance of ČEZ, a.s in years 2005-2009. The thesis is divided into two parts. The theoretical part describes basic techniques of financial analysis, which are then used for assessment of the company in the practical part.

A la portada: Capital humà

Latvija yra priklausoma nuo iškastinių energijos šaltinių importo, nes jos pačios energijos šaltiniai 2008 m. sudarė vos 29,5 proc. bendro energijos balanso. Siekiant užtikrinti šalies ekonominis augimą, svarbu garantuoti energetinį jos saugumą ir stabilumą. Deja, Latvija neturi iškasenų (pvz., naftos ir gamtinių dujų) telkinių. Vienas būdų padidinti energetinę šalies nepriklausomybę – padidinti energijos gamybą iš vietinių atsinaujinančių energijos išteklių (AEI), t. y. turi būti padidintas biodegalų, biodujų ir kitų AEI gamyba ir vartojimas. Vadovaujantis klimato ir energetikos įstatymais, Latvijos nacionalinėje energetikos plėtros programoje iškeltas tikslas padidinti šalies galutinį energijos iš AEI vartojimą 40 proc. iki 2020 m. Jei Latvijos energetikos politika bus įgyvendinama sėkmingai, jau 2030 m. pusė šalyje suvartojamos energijos galėtų būti gaunama iš AEI. Latvija turi didelius AEI kiekius. Pusę Latvijos teritorijos užima miškai ir krūmynai. Šioje šalyje yra nemažai durpių. Be to, Latvijos kaimiškosios vietovės turi dideles galimybes panaudoti savo žemės ūkio potencialą – augalus, šalutinius gamybos produktus, mėšlą ir kt. Of the total energy balance in 2008, only 29.5% were the country’s own energy resources. Latvia’s strategy envisages that renewable energy resources (RERs) should account for half of the country’s energy consumption by 2030 owing to using its domestic potential. The studies have shown that Latvia has great possibilities of increasing the production of RERs by growing agricultural energy crops. Especially in Zemgale that is an intensive region of crop farming – it has rich soils and the necessary experience is accumulated. To identify the possibilities of growing energy crops, economic research methods were applied as well as an expert survey of farms was carried out. The studies show that Zemgale region has great possibilities for extending their production.

Oil can be derived from oil sands and oil shale, but the job is both economically and environmentally costly. How high must the price of oil be in order to make these alternatives cost-effective?

A la portada: Capital humà

Risk aversion is a key element of utility maximizing hedge strategies; however, it has typically been assigned an arbitrary value in the literature. This paper instead applies a GARCH-in-Mean (GARCH-M) model to estimate a time-varying measure of risk aversion that is based on the observed risk preferences of energy hedging market participants. The resulting estimates are applied to derive explicit risk aversion based optimal hedge strategies for both short and long hedgers. Out-of-sample results are also presented based on a unique approach that allows us to forecast risk aversion, thereby estimating hedge strategies that address the potential future needs of energy hedgers. We find that the risk aversion based hedges differ significantly from simpler OLS hedges. When implemented in-sample, risk aversion hedges for short hedgers outperform the OLS hedge ratio in a utility based comparison.

This report was prepared by Investment Climate Facility (ICF) international with direction from World Bank's Montreal protocol unit and the project team. While Montreal protocol has achieved remarkable success in reducing production and consumption of ozone depleting substances (ODS) worldwide, a significant amount of ODS still remains in equipments, products, and stockpiles. This report finds that significant opportunity exists for destroying ODS through the voluntary carbon market. The high global warming potential (GWP) of ODS means that their destruction has the ability to generate significant volumes of carbon credits, which could then be sold in the voluntary carbon market. Using the voluntary market is likely a win-win opportunity; incentives are created for the recovery and destruction of ODS through the carbon credits that can be earned, and the buyers pay for real and verifiable emission reductions from the destruction of ODS that would have otherwise been emitted.

Taikant kombinuotą energijos gamybos būdą, dar vadinamą kogeneracija (termofikacija), gaminama šiluma ir elektros energija. Šiame darbe aprašyta AB „Šiaulių energija“ kombinuoto energijos gamybos įrenginio (turbogeneratoriaus TG Nr. 2) bandymų metodika, pateikti atliktų bandymų rezultatai. Gauti rezultatai yra labai svarbūs nustatant įrenginio saugumą ir patikimumą eksploatacijos metu. Combined heat and power (CHP) technology (so-called cogeneration) is an energy conversion process. Electricity and useful heat are produced simultaneously in this process. The CHP steam turbines testing methods are presented in the report. The results of the tests are very important in estimation of turbine’s working safety and reliability.

Risk aversion is a key element of utility maximizing hedge strategies; however, it has typically been assigned an arbitrary value in the literature. This paper instead applies a GARCH-in-Mean (GARCH-M) model to estimate a time-varying measure of risk aversion that is based on the observed risk preferences of energy hedging market participants. The resulting estimates are applied to derive explicit risk aversion based optimal hedge strategies for both short and long hedgers. Out-of-sample results are also presented based on a unique approach that allows us to forecast risk aversion, thereby estimating hedge strategies that address the potential future needs of energy hedgers. We find that the risk aversion based hedges differ significantly from simpler OLS hedges. When implemented in-sample, risk aversion hedges for short hedgers outperform the OLS hedge ratio in a utility based comparison.

Risk aversion is a key element of utility maximizing hedge strategies; however, it has typically been assigned an arbitrary value in the literature. This paper instead applies a GARCH-in-Mean (GARCH-M) model to estimate a time-varying measure of risk aversion that is based on the observed risk preferences of energy hedging market participants. The resulting estimates are applied to derive explicit risk aversion based optimal hedge strategies for both short and long hedgers. Out-of-sample results are also presented based on a unique approach that allows us to forecast risk aversion, thereby estimating hedge strategies that address the potential future needs of energy hedgers. We find that the risk aversion based hedges differ significantly from simpler OLS hedges. When implemented in-sample, risk aversion hedges for short hedgers outperform the OLS hedge ratio in a utility based comparison. Not applicable