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[en] Glancing at the actual development of environmental policy in the European Community over the past three decades, one sees a picture that seems to be very much in contradiction with the advise of neo-classical economics. With the support of the Council, the European Commission has been developing a Community environmental policy from 1972 on. Principal instruments of this Community environmental policy have been directives that require harmonisation of environmental standards for similar industries in the various Member States. In its most strict sense of full harmonisation, this policy would imply uniform environmental standards. Industry would then use the environment with the same intensity independent of where producers are situated in the European Community. The consequence of a harmonised approach would be that in countries where environmental quality is scarce, pollution per unit of output would be as high or low as it is in countries where environmental quality is relatively abundant. This dissertation has been inspired by this apparent discrepancy between the advice from economic theory and the practice of the Community environmental policy. A first question, which is the main issue of this book, is whether the observation of a discrepancy is correct or perhaps a faulty perception. A next question is whether an explanation can be given for the discrepancy in so far as it turns out to exist. These questions are analysed on the bases of a selection of directives aimed at or having a strong impact on polluting emissions by stationary point sources. The first issue addressed is to determine what economic theory says exactly about the international harmonisation of environmental standards. A second question concerns the legal base for the environmental secondary legislation that was chosen by the European Institutions. A third question concerns the reasons for harmonisation of environmental standards that are used. A fourth question concerns the actual level of harmonisation of environmental standards in the European Community. The basic question is whether the level of harmonisation in EU environmental legislation is in correspondence with the conclusions of neo-classical economic theory
[en] Economic processes generate a variety of material flows, which cause resource problems through the depletion of natural resources and environmental issues due to the emission of pollutants. This thesis presents an analytical method to study the relationship between the monetary economy and the 'physical economy'. In particular, this method can assess the impact of structural change in the economy on physical throughput. The starting point for the approach is the development of an elaborate version of the physical input-output table (PIOT), which acts as an economic-environmental accounting framework for the physical economy. In the empirical application, hybrid-unit input-output (I/O) tables, which combine physical and monetary information, are constructed for iron and steel, and plastic products for the Netherlands for the years 1990 and 1997. The impact of structural change on material flows is analyzed using Structural Decomposition Analysis (SDA), whic specifies effects such as sectoral shifts, technological change, and alterations in consumer spending and international trade patterns. The study thoroughly reviews the application of SDA to environmental issues, compares the method with other decomposition methods, and develops new mathematical specifications. An SDA is performed using the hybrid-unit input-output tables for the Netherlands. The results are subsequently used in novel forecasting and backcasting scenario analyses for the period 1997-2030. The results show that dematerialization of iron and steel, and plastics, has generally not occurred in the recent past (1990-1997), and will not occur, under a wide variety of scenario assumptions, in the future (1997-2030)
[en] Inertialization of residues is a key task of incinerators. Residues of conventional incineration processes may contain high levels of inorganic or organic pollutants and must be treated prior to recycling. the most effective process is thermal treatment above the melting point. This will destroy organic pollutants like dioxins/furans and pathogenic compounds, while the heavy metals will be partly volatilized. The glassy slag obtained as end product is low in heavy metals and more or less resistant to leaching. The The author describes a method for calculating activity coefficients of volatile components of diluted, liquid multicomponent systems. With these data, the data base for thermodynamic description of fluid mixtures was updated, and a set of characteristic data was established for describing transport in an inflatable module. Once the activity coefficients of interesting constituents of the slag are known along with the transport conditions in the volatilization process, it is possible to optimize the thermal treatment of critical ashes and dusts with a view to energy consumption and process control. In two different exemplary process concepts, the energy consumption for residue treatment is estimated. The processes proposed are compared with published process proposals, and their energy consumption is assessed in a comoparative study
[de]Eine der wesentlichen Aufgaben der Abfallverbrennung ist die Inertisierung des Abfalls. Da die festen Rueckstaende aus klassischen Verbrennungsverfahren hohe Gehalte an anorganischen und organischen Schadstoffen aufweisen, koennen sie nicht ohne Vorbehandlung weiterverwertet werden. Das im Hinblick auf die Inertisierung wirkungsvollste Verfahren ist die thermische Behandlung der Verbrennungsrueckstaende oberhalb des Schmelzpunktes. Hierbei werden die organischen Schadstoffe wie Dioxine/Furane oder pathogene Bestandteile zerstoert und die Schwermetalle teilweise verfluechtigt. Die so erzeugte glasfoermige Schlacke ist schwermetallarm und weitgehend laugungsresistent. Im Rahmen dieser Arbeit wurde eine Methode zur Bestimmung der Aktivitaetskoeffizienten von fluechtigen Komponenten aus verduennten, fluessigen Mehrkomponentensystemen entwickelt. Durch die mit dem Verfahren ermittelten Stoffdaten wird die Datenbasis zur thermodynamischen Beschreibung entsprechender Stoffgemische erweitert. Darueber hinaus wurde unter Zugrundelegung eigener Experimente und von Messungen aus der Literatur ein Kennzahlenansatz zur Beschreibung des Stofftransports in einem Aufblasmodul abgeleitet. Mit der Kenntnis der Aktivitaetskoeffizienten interessierender Konstituenten der Schlacken und der Stofftransportbedingungen im Verfluechtigungsprozess ist es moeglich, die thermische Behandlung kritischer Aschen und Staeube optimiert in Bezug auf den Energieeinsatz und die Prozessfuehrung zu gestalten. Beispielhaft wird fuer zwei unterschiedliche Prozesskonzepte der Energiebedarf fuer die Reststoffbehandlung abgeschaetzt. Die vorgeschlagenen Prozesse werden mit Verfahrensvorschlaegen aus der Literatur verglichen und im Hinblick auf den Energiebedarf bewertet. (orig.)
[en] This thesis studies electricity derivative markets from a view point of an electricity producer. The traditionally used asset pricing methods, based on the no arbitrage principle, are extended to take into account electricity specific features: the non storability of electricity and the variability in the load process. The sources of uncertainty include electricity forward curve, prices of resources used to generate electricity, and the size of the future production. Also the effects of competitors' actions are considered. The thesis illustrates how the information in the derivative prices can be used in investment and production planning. In addition, the use of derivatives as a tool to stabilize electricity dependent cash flows is considered. The results indicate that the information about future electricity prices and their uncertainty, obtained from derivative markets, is important in investment analysis and production planning. (orig.)
[en] This thesis will describe a method for an arbitrage-free evaluation of forward and futures contracts in the Nordic electricity market. This is a market where it is not possible to hedge using the underlying asset which one normally would do. The electricity market is a relatively new market, and is less developed than the financial markets. The pricing of energy and energy derivatives are depending on factors like production, transport, storage etc. There are different approaches when pricing a forward contract in an energy market. With motivation from interest rate theory, one could model the forward prices directly in the risk neutral world. Another approach is to start out with a model for the spot prices in the physical world, and then derive theoretical forward prices, which then are fitted to observed forward prices. These and other approaches are described by Clewlow and Strickland in their book, Energy derivatives. This thesis uses the approach where I start out with a model for the spot price, and then derive theoretical forward prices. I use a generalization of the multifactor Schwartz model with seasonal trends and Ornstein Uhlenbeck processes to model the spot prices for electricity. This continuous-time model also incorporates mean-reversion, which is an important aspect of energy prices. Historical data for the spot prices is used to estimate my variables in the multi-factor Schwartz model. Then one can specify arbitrage-free prices for forward and futures based on the Schwartz model. The result from this procedure is a joint spot and forward price model in both the risk neutral and physical market, together with knowledge of the equivalent martingale measure chosen by the market. This measure can be interpreted as the market price of risk, which is of interest for risk management. In this setup both futures and forward contracts will have the same pricing dynamics, as the only difference between the two types of contracts is how the payment for the contract is settled. To demonstrate the performance of my model, I will find different forward curves with different delivery times and compare them with actual forward curves from Akershus energy. Then I deduce an option price with a forward/futures as an underlying asset. The option price, will be a generalized version of the Black 76 model. Black 76 is the most applicable and used option pricing model in the Nordic energy market. The thesis is organized as follows: Chapter 1 has been a general introduction to the electricity market, and the topics I will look at in this thesis. In chapter 2 I will look at some properties of the energy prices. In chapter 3 and 4, I introduce the model for the spot price dynamics, and look at some properties for the model. I also discuss equivalent Martingale measure in view of this. I derive the forward/futures prices and I look at some fitting techniques to estimate my variables in chapter 5 and 6. In chapter 7 I will present the performance of the model. I deduce an option price in chapter 8. Chapter 9 will be a discussion of my findings. Some basic theorems and solution algorithms are left to an appendix. The main objectives of this thesis were to derive a formula for arbitrage free pricing of forward and futures contracts in the energy market, and also derive an option price using the forward as an underlying asset. The first chapters provided me with the material I needed to derive these formulas. In chapter 7 I tested my theoretical model against forward curves in the market. There are several possible explanations for the results from chapter 7. One possibility is that. the stochastic spot model is poor for electricity prices, and perhaps works better for other energy markets. My Ornstein-Uhlenbeck process is only driven by Wiener noise and no Levy noise. An inclusion of a Levy term could increase the prediction in case of sudden shifts in the spot price. The Nordic electricity market is a new market, which is very sensitive to sudden changes. Forward pricing in this market may not be as precise as in other markets , which explains the instability of some results. My main result is that my model works for short-term contracts, but my risk parameter is not stable enough to make good estimates for long-term contracts. In chapter 8 I derived an option price for both European and American options. The problem with incompleteness, which arises when valuing energy-options on the spot price, is not a problem for these options. The forward contract is in itself storable, and therefore the market is complete for these options. Another reason why my model should work is that the cash flow of the forward contract takes place at the contracts maturity date. The result is that the option is always worth more than the forward contract, and the exercised option is worth the same as the forward contract. Note that this is not the case for futures. (Author)
[en] In summarizing the reasons for the fall of the Roman empire one has found about 210 significant ones. Without too much comparison the Roman empire and the EU natural gas market have similarities in connections between political authorities and the commercial actors in the European natural gas market. The area has consisted of several independent markets with different solutions that from 1988 has been tried integrated in an inner energy market. Several governmental and private actors have interest in this sector and both inhabitants and businesses are affected by alterations in a national natural gas market. This process is not yet finished. The thesis gives a broad description of the topic by including as many as possible of the EU member states. The topic is large and complex and the author has had to make a choice which parts to emphasize. There are chapters on the theoretical basis, the natural gas industry, what factors may explain the relationship between the political authorities and the commercial actors in the national natural gas market in each EU member and how does the EU Commission goals regarding free competition in the energy market affect the relationship between the political authorities and commercial actors in the national natural gas market
[en] This thesis analyzes transmission pricing, transmission congestion risks and their associated hedging instruments as well as mechanisms for stimulating investments in transmission expansion. An example of risk management in the case of a hydropower producer is included. After liberalization and restructuring of electricity markets, risk management has become important. In particular the thesis analyzes risks due to transmission congestion both in the short- and long-term (investments) for market players such as generators, loads, traders, independent system operators and merchant investors. The work is focused on the northeastern United States electricity markets and the Nordic electricity markets. The first part of the thesis reviews the literature related to the eight research papers in the thesis. This describes the risks that are relevant for an electricity market player and how these can be managed. Next, the basic ingredients of a competitive electricity market are described including the design of the system operator. The transmission pricing method is decisive for hedging against transmission congestion risks and there is an overview of transmission pricing models considering their similarities and differences. Depending on the transmission pricing method used, locational or area (zonal) pricing, the electricity market players can use financial transmission rights or Contracts for Differences, respectively. In the long-term it is important to create mechanisms for investments in transmission expansion and the thesis describes one possible approach and its potential problems. The second part comprises eight research papers. It presents empirical analyses of existing markets for transmission congestion derivatives, theoretical analyses of transmission congestion derivatives, modeling of merchant long-term financial transmission rights, theoretical analysis of the risks of the independent system operator in providing financial transmission rights, an analysis of inefficiencies associated with ignoring losses when utilizing area (zonal) pricing, and an application of an integrated risk management model on the power system of Norway's second largest hydropower producer. The most important research findings include the following issues. First, Contracts for Differences in the Nordic market appear to be over-priced. Second, a merchant long-term financial transmission rights model is possible to realize in mathematical and economic terms. Third, by including the proceeds from a financial transmission right auction the independent system operator can issue a higher volume of rights because there is a relationship between the congestion rent, the proceeds from the auction and the payments to the financial transmission rights holders. Next, an integrated risk management model is applicable on large-scale power systems. Then, an overview is presented of different contractual arrangements that can be used to hedge transmission congestion risks. Finally, empirical data from existing financial transmission rights markets demonstrate how these markets work. (author)
[en] This study focuses on the processes through which the rules and regulations that govern European electricity markets - and inherently, their integration process - are established. So far, European policy makers have largely followed a 'trial-and-error' approach to finding an appropriate regulatory mode (process) for dealing effectively with market integration issues. This unstructured approach to regulatory mode selection leads to several problems: - Today's trial-and-error strategy of shifting from one regulatory mode to another is time-consuming. - In the regulatory mode selection process, certain key principles of good governance are insufficiently considered. - European regulatory processes are experienced as vague, intransparent, and illegitimate by 'outside' stakeholders. This study develops a 'structured approach to regulatory mode decision-making' (STARMODE) based on the theory of decision modelling in policy management and a case study exploring three key market integration issues in the field of electricity markets: interconnector investment, congestion management and market transparency. The main objective is to present a systematic and comprehensive framework for analysing and improving regulatory mode decision-making in the context of the European Union, focusing on electricity market integration. The STARMODE approach is generally applicable to (and relevant for) European market integration issues in industries characterized by a natural monopoly and/or an essential service. The approach may also contribute to national regulatory mode decision-making and multi-state decision-making in other continents.
[en] The social impact of Goiania nuclear accident is analysed from a semiotic investigation upon papers issued on popular magazines, newspapers and scientific periodicals. Also the communication of Science Information is discussed through three basic models: diffusionist, bibliometric and cultural perspectives. Divulgation and diffusion process of scientific information are reviewed on the bases of theory of representation and theory of sign. The relationship between energy and society is discussed though a compared analysis upon the information sources available to public and scientific community. (author)
[en] This paper tests the Environmental Kuznets Curve hypothesis for four local (SOx, NOx, CO, VOC) and two global (CO2, GHG) air pollutants. Using a new panel data set of thirty OECD countries, the paper finds that the postulated inverted U-shaped relationship between income and pollution does not hold for all gases. A meaningful Environmental Kuznets Curve exists only for CO, VOC and NOx, where for CO2 the curve is monotonically increasing. For GHG there is indication of an inverted U-shaped relationship between income and pollution, but still most countries are on the increasing path of the curve and hence the future development of the curve is uncertain. For SOx it was found that emissions follow an U-shaped curve. Based on the empirical results, the paper concludes that the Environmental Kuznets Curve does not hold for all gases, it is rather an empirical artefact than a regularity.