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The main purpose of the paper is to identify firm,- industry- and country-specific determinants of working capital management (WCM) in energy industry. The empirical research is based on 6122 EU companies operating in the years 2011–2018. The influence of internal factors on variables describing WCM (cash conversion cycle—CCC, financial liquidity—LIQ and level of working capital—WC) were identified. The factors included: size of the company (positive effect), its growth, tangibility and indebtedness (negative effect). Cash flow had a positive effect on CCC and a negative effect on LIQ and WC. The influence of industry-specific factors were also found. Companies applied similar strategies in CCC and LIQ management, following their industry averages. Measures of WCM decreased under the influence of an increase in average trade payables in the industry. Following country-specific factors were found to be significant: (i) growth of GDP and strength of legal rights had negative influence on all measures of WCM, (ii) unemployment positively affects LIQ and WC and negatively CCC, (iii) an increase in the share of renewable energy sources caused a decrease in all WCM measures, while (iv) with an increase in energy consumption, CCC and WC increased. [ABSTRACT FROM AUTHOR]

An essential prerequisite for safe transport and use of natural gas is their appropriate odorization. This enables the detection of uncontrolled gas leaks. Proper and systematic odorization inspection ensures both safe use of gas and continuity of the process itself. In practice, it is conducted through, among others, measuring odorant concentrations in gas. Control devices for rapid gas odorization measurements that are currently used on a large scale in the gas industry are equipped with electrochemical detectors selective for sulfur compounds like tetrahydrothiophene (THT). Because the selectivity of electrochemical detector response to one compound (e.g., THT), the available declarations of manufacturers show that detector sensitivity (indirectly also the quality of the measurement result) is influenced by the presence of increased e.g., sulfur or hydrogen compound content in the gas. Because of the lack of sufficient source literature data in this field, it was necessary to experimentally verify this impact. The results of studies on experimental verification of suspected influence of increased amounts of hydrogen in gas on the response of electrochemical detector was carried out at the Oil and Gas Institute—National Research Institute (INiG—PIB). They are presented in this article. The data gathered in the course of researching the dependence between THT concentration measurement result quality and hydrogen content in gas composition enabled a preliminary assessment of the threat to the safety of end users of gaseous fuels caused by the introduction of this gas into the distribution network. Noticing the scope of necessary changes in the area of odorization is necessary to guarantee this safety. [ABSTRACT FROM AUTHOR]

Hydrogen is increasingly receiving a primary role as an energy vector in ensuring the achievement of the European decarbonization goals by 2050. In fact, Hydrogen could be produced also by electrolysis of water using renewable sources, such as photovoltaic and wind power, being able to perform the energy storage function, as well as through injection into natural gas infrastructures. However, hydrogen injection directly impacts thermodynamic properties of the gas itself, such as density, calorific value, Wobbe index, sound speed, etc. Consequently, this practice leads to changes in metrological behavior, especially in terms of volume and gas quality measurements. In this paper, the authors present an overview on the impact of hydrogen injection in natural gas measurements. In particular, the changes in thermodynamic properties of the gas mixtures with different H2 contents have been evaluated and the effects on the accuracy of volume conversion at standard conditions have been investigated both on the theoretical point of view and experimentally. To this end, the authors present and discuss the effect of H2 injection in gas networks on static ultrasonic domestic gas meters, both from a theoretical and an experimental point of view. Experimental tests demonstrated that ultrasonic gas meters are not significantly affected by H2 injection up to about 10%. [ABSTRACT FROM AUTHOR]

The aim of the study is to identify the main determinants of the capital structure of energy industry companies in the European Union. The study was based on a panel of 6122 companies from 25 EU countries, operating between 2011 and 2018. The study used multiple regression analysis. We have obtained strong evidence for a positive relationship between corporate debt and tangibility and size, and a negative relationship for profitability and liquidity. The factors that also affect the share of debt in capital have turned out to be growth (positive relationship) and non-debt tax shield (negative relationship), but the statistical significance of these relationships is ambiguous. We have shown that growth of industry business risk is accompanied by an increase in corporate debt and this is a distinguishing feature of the energy industry. For country-specific capital structure determinants, we have obtained strong evidence for the negative relationship between GDP growth, the level of stakeholder rights protection, the degree of capital markets development, and indebtedness of the companies studied. There has been moderate support for the hypotheses of a positive effect of inflation, taxation, and the degree of financial institutions development. Our study has also shown a negative impact of the volume of energy consumption and the share of renewable sources in its production and a positive impact of market monopolization on the indebtedness of companies from the energy industry in the EU. [ABSTRACT FROM AUTHOR]

One of the most important requirements concerning the quality of natural gases, guaranteeing their safe use, involves providing the proper level of their odorization. This allows for the detection of uncontrolled leakages of gases from gas networks, installations and devices. The concentration of an odorant should be adjusted in such a manner that the gas odor in a mixture with air would be noticeable by users (gas receivers). A permanent odor of gas is guaranteed by the stability of the odorant molecule and its resistance to changes in the composition of odorized gases. The article presents the results of experimental research on the impact of a hydrogen additive on the stability of tetrahydrothiophene (THT) mixtures in methane and in natural gas with a hydrogen additive. The objective of the work was to determine the readiness of measurement infrastructures routinely used in monitoring the process of odorizing natural gas for potential changes in its composition. One of the elements of this infrastructure includes the reference mixtures of THT, used to verify the correctness of the readings of measurement devices. The performed experimental tests address possible changes in the composition of gases supplied via a distribution network, resulting from the introduction of hydrogen. The lack of interaction between hydrogen and THT has been verified indirectly by assessing the stability of its mixtures with methane and natural gas containing hydrogen. The results of the presented tests permitted the identification of potential hazards for the safe use of gas from a distribution network, resulting from changes in its composition caused by the addition of hydrogen. [ABSTRACT FROM AUTHOR]

Thermal gas meters represent a promising technology for billing customers for gaseous fuels, however, it is essential to ensure that measurement accuracy is maintained in the long term and in a broad range of operating conditions. The effect of hydrogen addition to natural gas will change the physicochemical properties of the mixture of natural gas and hydrogen. Such a mixture will be supplied through the gas system, to consumers, including households, where the amounts of received gas will be metered. The physicochemical properties of hydrogen, including the specific density or viscosity, differ significantly from those of the natural gas components, such as methane, ethane, propane, nitrogen, etc. Therefore, it is of utmost importance to establish the impact of the changes in the gas composition caused by the addition of hydrogen to natural gas on the metrological properties of household gas meters, including thermal gas meters. Furthermore, since household gas meters can be installed outdoors and, taking into account the fact that household gas meters are good heat exchangers, the influence of ambient and gas temperature on the metrological properties of those meters should be investigated. This article reviews a test bench and a testing method concerning errors of thermal gas meter indicators using air and natural gas, including the type containing hydrogen. The indication errors for thermal gas meters using air, natural gas and natural gas with an addition of 2%, 4%, 5%, 10% and 15% hydrogen were determined and then subjected to metrological analysis. Moreover, the test method and test bench are discussed and the results of tests on the impact of ambient and gas temperatures (‒25 °C and 55 °C, respectively) on the errors of indications of thermal gas meters are presented. Conclusions for distribution system operators in terms of gas meter selection were drawn based on the test results. [ABSTRACT FROM AUTHOR]

Power-to-gas technology plays a key role in the success of the energy transformation. This paper addresses issues related to the legal and technical regulations specifying the rules for adding hydrogen to the natural gas network. The main issue reviewed is the effects of the addition of hydrogen to natural gas on the durability of diaphragm gas meters. The possibility of adding hydrogen to the gas network requires confirmation of whether, within the expected hydrogen concentrations, long-term operation of gas meters will be ensured without compromising their metrological properties and operational safety. Methods for testing the durability of gas meters applied at test benches and sample results of durability tests of gas meters are presented. Based on these results, a metrological and statistical analysis was carried out to establish whether the addition of hydrogen affects the durability of gas meters over time. The most important conclusion resulting from the conducted study indicates that, for the tested gas meter specimens, there was no significant metrological difference between the obtained changes of errors of indications after testing the durability of gas meters with varying hydrogen content (from 0% to 15%). [ABSTRACT FROM AUTHOR]