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[en] Grid infrastructure managers worldwide are facing demands for reinvestments in new assets with higher on-grid and off-grid functionality in order to meet new environmental targets. The roles of the current actors will change as the vertical interfaces between regulated and unregulated tasks become blurred. In this paper, we characterize some of the effects of new asset investments policy on the network tasks, assets and costs and contrast this with the assumptions of the current economic network regulation. To provide structure, we present a model of investment provision under regulation between a distribution system operator and a potential investor–generator. The results from the model confirm the hypothesis that network regulation should find a focal point, should integrate externalities in the performance assessment and should avoid wide delegation of contracting-billing for smart-grid investments. - Highlights: ► We review regulatory solutions for smart-grid and DER investments. ► What matters more than upfront incentives is organization and delegation. ► We model regulated investment under private information by a generator or a DSO. ► Highest welfare for high-powered incentives and centralized information. ► Market approaches likely to give poor outcomes for this case.
[en] The well-known problem of finding explicit formulas for the expected return and risk of portfolios with general commission is completely solved. It is assumed that the commission depends on the asset and the asset position, and on whether the given position is opened or closed. For portfolios with only the budget constraint and initial commission, we prove that the function of expected portfolio return and portfolio variance function are bounded.
[en] This March 1995 Nuclear News article is a review of the proposed DOE budget for nuclear energy activities. This proposed budget increases spending by 32.7% and includes increases in nearly every individual program except civilian reactor development. Isotope production and distribution receive the largest increase, followed by termination costs for certain federal reactor projects. There is a 61.9% proposed increase (to $199M) for waste management activities, but with funding from other Departments, the actual budget would be $612M. The majority of this money would go toward Yucca Mountain activities. Except for the cancellation of the Advanced Neutron Source, the Science and Technology portion of the budget shows an overall small increase
[en] The way in which the oil industry has rebounded from a difficult financial year was discussed. In 1998, oil prices fell by about 30 per cent from 1997 prices to average US$14.40. In the second quarter of 1999, the rebounding international markets raised oil prices by about one-third to an average US$17.60. Recent surveys have shown that the oil and gas industry will experience major changes in the decade ahead. It was forecasted that in 25 years, total Canadian oil production could near three million barrels per day, an increase of 36 per cent from today's 2.2 million. However, as conventional reserves are running out, production of conventional oil is expected to be diminished by about two-thirds. Naturally-occurring, light refinery-ready oil is forecasted to come mostly from the east coast, whereas western output will be dominated by oil sands. Natural gas will continue to be a huge growth opportunity in the west because of new pipeline expansions and exports to the United States. This paper presented a list of Canada's financial top 100 oil and gas companies which emerged with the best endurance. The list included statistics from 1997 and 1998 for gross revenues, total assets, net income, cash/operating activities, capital expenditures, closing share prices (with percentage change), and market capitalization. 1 fig., 1 tab
[en] Since Gaussianity and stationarity assumptions cannot be fulfilled by financial data, the time-homogeneous Ornstein–Uhlenbeck (THOU) process was introduced as a candidate model to describe time series of financial returns . It is an Ornstein–Uhlenbeck (OU) process in which these assumptions are replaced by linearity and time-homogeneity. We employ the OU and THOU processes to analyze daily foreign exchange rates against the US dollar. We confirm that the OU process does not fit the data, while in most cases the first four cumulants patterns from data can be described by the THOU process. However, there are some exceptions in which the data do not follow linearity or time-homogeneity assumptions. - Highlights: • Gaussianity and stationarity assumptions replaced by linearity and time-homogeneity. • We revisit the time-homogeneous Ornstein–Uhlenbeck (THOU) process. • We employ the THOU process to analyze foreign exchange rates against the US dollar. • The first four cumulants patterns from data can be described by the THOU process
[en] Highlights: • We propose an endogenous financial network model. • Endogenous networks include interbank networks, inter-firm networks and bank-firm networks. • We investigate contagion risk in endogenous financial networks. - Abstract: In this paper, we investigate contagion risk in an endogenous financial network, which is characterized by credit relationships connecting downstream and upstream firms, interbank credit relationships and credit relationships connecting firms and banks. The findings suggest that: increasing the number of potential lenders randomly selected can lead to an increase in the number of bank bankruptcies, while the number of firm bankruptcies presents a trend of increase after the decrease; after the intensity of choice parameter rises beyond a threshold, the number of bankruptcies in three sectors (downstream firms, upstream firms and banks) shows a relatively large margin of increase, and keeps at a relatively high level; there exists different trends for bankruptcies in different sectors with the change of the parameter of credits’ interest rates.
[en] The literature on sustainable energy technology sees informational barriers as a major obstacle to technology adoption. In the case of solar home systems, recent studies report positive socio-economic effects on households, but technology adoption remains underwhelming. In collaboration with a local solar technology provider, we conduct a randomized controlled trial in 75 large villages in the state of Uttar Pradesh, India to examine the ability of village solar demonstrations to create markets for solar home systems. We find no effect of such demonstrations on technology sales, awareness, or perceptions of solar technology. Technology adopters report high levels of satisfaction with product quality and service, suggesting that the null finding cannot be attributed to poor technology. These findings suggest that lack of awareness is not a binding constraint on the growth of solar technology markets in the study area. Based on additional surveys, we find evidence suggesting that access to credit from rural banks is an important explanation for variation in sales across villages. These results do not prove that information and awareness are irrelevant in general, but they show that even carefully designed marketing campaigns cannot increase demand for new products in the presence of a binding credit constraint. - Highlights: • Randomized controlled trial on off-grid solar technology demonstrations in rural India. • Demonstrations did not increase product sales. • Main barrier to increased sales appears to be lack of access to credit. • Growth of India?s off-grid solar market requires policies that increase access to credit. • Rural banks should play a greater role in solar market creation.
[en] This study investigates the joint phenomena of permanent and transitory components in conditional variance and jump intensity along with verification of structural breaks for crude oil prices. We adopt a Component-ARJI model with structural break analysis, utilizing daily data on West Texas Intermediate crude oil spot and futures contracts. The analytical results verify the existence of permanent and transitory components in conditional variance, with the permanent component of conditional variance increasing with the occurrence of a sudden major event (such as the Iraqi Invasion of Kuwait, Operation Desert Storm and the war between the US and Iraq), and a relatively greater increase in the transitory component over the same period. Notably, jump intensity fluctuates with an increase in the transitory component of conditional variance in response to abnormal events. It is the transitory component which serves as the primary influential factor for jumps in returns; therefore, speculators are willing to take large risks, particularly with respect to anticipating future price movements, or gambling, in the hopes of rapidly making substantial gains; thus, speculators prefer the temporary volatility component and engage in trade activities. However, investors prefer the permanent volatility component, because they may well be better off relocating their assets into more stable portfolios to outperform the market portfolio over the long run. (author)
[en] Salary charts presenting the median salaries of general managers of locally owned electric utilities are given. These data are given by revenue class, and by customer size class. It was found that general managers of locally owned electric utilities earned a mean (average) salary of $56,034 as of June 1, 1992 and the median salary was $52,000. The data show that utilities servicing a larger customer base and hence, earning higher receives pay higher salaries