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As a renewable energy source, wind power is playing an increasingly important role in China's electricity supply. Meanwhile, China is also the world's largest market for clean development mechanism (CDM) wind power projects. Based on the data of 27 wind power projects of Inner Mongolia registered with the Executive Board of the United Nations (EB) in 2010, this paper constructs a financial model of net present value (NPV) to analyze the cost price of wind power electricity. A sensitivity analysis is then conducted to examine the impact of different variables with and without certified emission reduction (CER) income brought about by the CDM. It is concluded that the CDM, along with static investment and annual wind electricity production, is one of the most significant factors in promoting the development of wind power in China. Additionally, wind power is envisaged as a practical proposition for competing with thermal power if the appropriate actions identified in the paper are made.

This study investigates the relationship between oil prices and returns on the Nigerian Stock Exchange. By using GARCH-jump models, we are able to model the volatility of stock returns and also take account of the effect of extreme news events on returns. The empirical results show a negative but insignificant effect of oil prices on stock returns in Nigeria. Possible explanations for this result could be because the stock exchange is dominated by the banking sector and there are too few oil-related firms to warrant a channelling of high oil prices to the stock market; or because of the high transactions costs on the stock exchange which discourages investment; or because of low liquidity on the stock exchange.