Pedro Linares, Francisco Javier Santos, Mariano Ventosa, Luis Lapiedra

Size: px
Start display at page:

Download "Pedro Linares, Francisco Javier Santos, Mariano Ventosa, Luis Lapiedra"

Transcription

1 Masuring th impact of th uropan carbon trading dirctiv and th prmit assignmnt mthods on th Spanish lctricity sctor Pdro Linars, Francisco Javir Santos, Mariano Vntosa, Luis Lapidra Instituto d Invstigación Tcnológica. Univ. Pontificia Comillas. Sta. Cruz d Marcnado 26, 2815 Madrid, Spain. Tl Fax pdro.linars@iit.upco.s Abstract. This papr asssss th conomic impact of th uropan Carbon missions Trading Dirctiv on th Spanish lctricity sctor. Although som othr studis hav bn carrid out bfor, our approach uss a mor dtaild modl for th Spanish lctricity sctor, what provids mor ralistic rsults both for th xpctd pric of th carbon allowanc and for th volution of lctricity prics, installd powr and firms rvnus in Spain. Rsults show that th implmntation of th Dirctiv will rsult in a significant incras of lctricity prics, and also, du to th Spanish pricing systm, in a larg incras in th rvnus of gnrating firms, unlss th rgulator intrvns. Rsults also show th diffrnt implications of diffrnt assignmnt mthods. This is spcially rlvant currntly givn that most uropan countris ar approving thir national assignmnt plans for 25-7 and hav to rvis thm for 28. Kywords: mission trading, Spanish lctricity sctor, assignmnt plans 1

2 1. Introduction Thr hav bn larg discussions latly in Spain ovr th sustainability of its currnt nrgy modl and how it will b affctd by th rcnt uropan policis rlatd with nrgy marts libralisation, rduction of CO 2 missions and promotion of rnwabl nrgis (Hrnandz t al, 24). And spcifically, th dbat has focusd mostly on th impact that th uropan Union Carbon missions Trading Dirctiv (C, 23) will hav on th Spanish lctricity sctor (basically, on lctricity prics and on th profitability of utilitis). This Dirctiv sts up, from th 1 st January 25, an uropan mart for carbon missions in ordr to comply mor fficintly with th compromiss undrtan by th uropan Union undr th Kyoto Protocol (namly, an 8% rduction in GHG missions compard to 199 lvls). Howvr, th Dirctiv is not xactly qual to th Protocol: it only applis to som sctors (basically, to industry, whras transport and th trtiary sctor ar lft out of th rgim); it will ntr into forc bfor th Protocol (it has stablishd a prliminary trading priod starting in 25); and it only covrs carbon missions and not th rst of grnhous gass. Th Dirctiv (or its accompanying documnts) also stablishs that th carbon prmits hav to b allocatd frly to thir most part, only proposing som idas on how to distribut thm among th sctors and firms affctd. Th final assignmnt has to b dcidd by th National Allocation Plans (NAPs), of which th Spanish on was approvd just in January 25 (RD 6/25). Howvr, th currnt NAP only covrs up to 27, and thrfor a nw on will b ndd for th ral Kyoto trading priod starting in 28. 2

3 This lattr aspct is spcially rlvant, givn that diffrnt allocation plans may hav diffrnt consquncs on th lctricity sctor as a whol, and on th diffrnt firms prsnt in Spain. Indd, this has cratd a battl btwn utilitis, contrary to th traditional common position. Howvr, most of th discussions hav bn hld on qualitativ grounds, or with rstrictd information, and thrfor it is difficult to draw spcific conclusions and policy rcommndations from it. Th objctiv of this papr is to bring som light into this discussion, by providing rasonabl stimats of th impact that th Dirctiv may hav on th lctricity sctor, not only on lctricity prics, but also on th tchnology mix, and on th rvnus of lctric utilitis. Although rsults ar focusd on th Spanish cas, th major conclusions may asily b xtrapolatd to othr uropan countris with similar rgulations. Th xisting litratur on th modlling of missions trading in th nrgy sctor is vry rich indd. Most of th xrciss hav bn carrid out with larg nrgyconomy-nvironmnt modls, of which a vry thorough rviw may b found for xampl in Huntington and Wyant (24). As for spcific applications, w may cit th wor of McKibbin t al (1999), Criqui and Viguir (2), Viguir t al (23), or Barrto and Kypros (24). Howvr, ths modls covr gnrally larg rgions and larg sctors, and thrfor ar not abl to provid spcific rsults for th lctricity sctor, which is a rlvant playr in many conomis, and crtaintly not spcific for th Spanish lctricity sctor, which is th objctiv of this study. Thrfor, mor dtaild modls ar ndd. 3

4 Concrning this dtaild modlling of th lctricity sctor undr missions trading schms, som wor was carrid out in th US undr th Clan Air Act (s.g. Hobbs (1993)), and rcntly in urop, Morthorst (21), Hindsbrgr t al (23), or Jnsn and Sytt (23) hav lood at th spcific impact of carbon trading on th Nordic countris lctricity sctor, spcially analysing its intraction with rnwabl nrgy promotion schms. Th problm with ths modls is that thy ar not abl to rprsnt adquatly lctricity sctors undr imprfct comptition, as is th cas for Spain 1. Only two studis wr found which modlld an oligopolistic mart undr missions trading rgims, Nagurny t al (1999) and Nagurny and Dhanda (2). Howvr, thy ar too gnral and unabl to cop with th tchnical spcificitis of th lctricity sctor. That is why in this papr, in ordr to provid ralistic stimats for lctricity prics, tchnology dploymnt, or firm rvnus, w hav usd a nw oligopolistic, gnration xpansion modl for th Spanish lctricity sctor, which has 1 For thos not familiar with it, th Spanish lctricity sctor is a rathr concntratd on, with two larg firms covring almost 8% of th gnration mart and only four mor small firms with som gnration capacity, which covr th rst of th mart. Th currnt nrgy mix is basically 2% hydro (dpnding on rainfall), 3% nuclar, 35% coal and 15% gas. Most of hydro and nuclar blong to th two largst firms. Thrfor, th conditions ar prsnt for an oligopolistic bhaviour of th lading firms, what dos hav consquncs on lctricity prics, but also on how th carbon mission pric is intrnalisd into th mart. Mor information about th Spanish lctricity systm may b found in Kahn (1996, 1998). 4

5 bn dvlopd at our Institut, th SPAM modl. This modl prsnts svral charactristics which ar lily to provid bttr stimats about th consquncs on th lctricity sctor than othr studis, namly: - th Spanish lctricity sctor is modlld to a larg dtail, thus providing usful and mor ralistic information of th impact of th Dirctiv on diffrnt utilitis and tchnologis. Although th lctricity sctor is not th major carbon mittr, with som 2% of th total carbon missions, it is crtainly th major playr within th missions trading schm (sinc it rprsnts mor than 5% of th total missions covrd by th Dirctiv), and thrfor it is important to modl it adquatly - contrary to most modlling xrciss, ours tas into account th oligopolistic structur of th sctor, what producs diffrnt rsults in th incorporation of th allowanc pric into th lctricity pric, compard to a prfct comptition assumption - although most modls usd rly on an xognous allowanc pric, our modl producs it ndognously, what provids mor flxibility to th analysis - th modl is not a static on, but simulats th xpansion of gnration, thrfor offring a viw of th futur ffcts on prics and tchnologis, and on th raction of firms. Th modl usd is dscribd in sction 2, whil th rsults obtaind undr diffrnt assumptions (namly, assignmnt mthods) ar prsntd in sction 3. Finally, sction 4 provids th conclusions drawn from th study. 5

6 2. Th modl As mntiond abov, th modl usd to simulat th prsnt and futur bhaviour of th Spanish lctricity sctor undr th U carbon dirctiv is an oligopolistic, gnration xpansion modl dvlopd at Instituto d Invstigación Tcnológica, th SPAM modl. 2.1 Modlling th lctricity mart Traditionally, th simulation of th opration and planning of th lctricity sctor has bn carrid out with cost minimisation modls. Howvr, ths modls ar not wll suitd to th nw framwor dvlopd by th lctricity sctor rstructuring and libralisation in most countris. Indd, this libralisation has brought forward oligopolistic structurs in many countris, which rsult in a diffrnt bhaviour of th agnts in thir profit maximization. This situation has gratly stimulatd th fforts of th rsarch community to dvlop modls that considr imprfct comptition, of which an xtnsiv rviw is givn in Vntosa t al (25). On of th approachs (Rivir t al, 21) to th rsolution of this problm is to considr a mart in which companis compt in quantity of output and gnrating capacity as in th Nash-Cournot gam.th assumption of gnration companis bhaving as Cournot playrs has bn xtnsivly usd to conduct lctricity mart analysis. Howvr, a numbr of drawbacs sm to qustion th applicability of th Cournot modl. Th most important on stms from th fact that undr th Cournot approach, gnrators stratgis ar xprssd in trms of quantitis and not in trms of supply curvs. Hnc, quilibrium prics ar dtrmind only by 6

7 th dmand function bing thrfor highly snsitiv to dmand rprsntation and usually highr to thos obsrvd in rality. Incorporating th Conjctural Variations (CV) approach dscribd in traditional microconomics thory (Vivs (1999)) has bn a way to ovrcom this limitation. Th CV approach is asy to introduc into Cournot-basd modls sinc rsulting modls can b statd as Linar Complmntarity Problm (Cottl t al, 1992). This approach changs th conjcturs that gnrators ar xpctd to assum about thir comptitors stratgic dcisions, in trms of th possibility of futur ractions (conjctural variations). Th CV approach allows th raction of comptitors whn a firm is dciding its optimal production. This raction coms out from firms supply functions and dmand curv. This raction can b modlld by th so-calld firm s rsidual dmand function. This function is diffrnt for ach firm and rlats ach firm s production with th mart pric. It can b obtaind by mans of subtracting th rmaining comptitors supply functions from th mart dmand curv. A rlvant assumption of this modl is that firms opration dcision-maing occurs simultanously. Two publications García-Alcald t al. (22); Day t al. (22) suggst considring this approach in ordr to improv Cournot pricing in lctricity marts. Concptually, th structur of th modl usd in this papr corrsponds to various simultanous optimizations for ach firm, th maximization of its profits subjct to its particular tchnical constraints -. Ths optimization problms ar lind togthr through th mart pric rsulting from th intraction of all of thm. Th lctricity mart is modlld by th dmand function that rlats th supplid dmand to th lctricity pric. It is assumd in this papr that th total dmand at ach load lvl is a linar function of th pric. 7

8 Th modl assums that firms ma thir capacity-xpansion dcisions as in a Nash quilibrium. Formally, th invstmnt mart quilibrium dfins a st of capacitis such that no firm, taing its comptitors capacitis as givn, wishs to chang its own capacity unilatrally (Vntosa t al, 22; Murphy and Smrs, 22). Thrby, ach firm chooss its nw maximum capacity so that its own profit is maximizd. Th Nash assumption implis that firms invstmnt dcision-maing occurs simultanously. As in many lctricity gnration-xpansion modls, capacity xpansion or tchnology substitution is assumd to happn within on yar, what is clarly a simplification, although not so significant currntly bcaus of th short commissioning priods for gas combind-cycls. For tchnologis with long commissioning priods such as nuclar this is taing into account by incrasing thir invstmnt costs with th appropriat capital intrst costs. Th xpansion modl considrs a hypr-annual scop dividd into diffrnt tim sgmnts: priods, sub priods and load lvls. Th priods coincid with yars, ach sub priod groups svral months whil th grouping of th pa, platau, and offpa hours mas up th load lvls. 2.2 Modlling th mission-basd prmit mart. Th modl considrs that th participants of th prmits mart ar th lctricity companis and th rst of sctors covrd by th Dirctiv, which trad with th prmits, and th govrnmnt, which sts th amount of prmits in th mart. Th modl is abl to rprsnt ithr auctions for th prmits or grandfathring. 8

9 This prmit mart is modlld as a prfctly comptitiv on. So th claring pric of th mart will b th crossing of th prmits aggrgatd dmand curv with th supply curv. Th supply curv is st to b a constant quantity of prmits dtrmind by th govrnmnt. Th aggrgatd dmand curv is th sum of dmands of vry company at vry prmit pric (which is in turn basd on its marginal abatmnt costs). This assumption implis that th quilibrium of th prmits mart should maximiz th profit for ach participant, obtaind ithr by slling its prmits or by buying thm in ordr to produc mor lctricity. So th rsolution of th mart quilibrium implis that in ach considrd priod, th modl should maximiz th objctiv function of ach company, including costs and bnfits from th prmits mart. Th lin btwn th prmits mart and vry firm s optimization program is th constraint that sts th mission of pollutants to th amount of prmits ownd by ach company. Th approach dvlopd in this papr for doing this consists in lining th mission prmits mart to th rsolution of th Conjctural Variations (CV) approach that sts th lctricity mart quilibrium so th quilibria of both marts can b solvd simultanously. This implis th formulation of th mission-basd prmits mart as a LCP. 9

10 2.3 Gnral structur of th whol modl Th gnral structur of th modl is shown in Figur 1, whr z rprsnts th opration profit of ach company [1,...,], x th dcision variabls and th st of constraints h and g ar particularizd for ach company. Figur 5. Mart quilibrium. Optimization Program of Firm 1 Optimization Program of Firm Optimization Program of Firm ( ) maximiz : z y 1 1 ( ) maximiz : z y ( ) maximiz : z y subjct to 1 : hj g 1 subjct to : h j g subjct to : h g j Pric-m(y) lctricity Mart Prmit amount Q mission Prmit Mart Th prvious mart quilibrium problm can b statd in trms of an LCP schm by mans of stting th first ordr optimality Karush-Kuhn-Tucr conditions associatd to th st of maximization programs (s figur 6). Figur 6. Mart quilibrium as a linar complmntarity problm. 1

11 11 KKT Optimality Conditions of Firm 1 KKT Optimality Conditions of Firm KKT Optimality Conditions of Firm mission Prmit Mart lctricity Mart Pric-m(y) Prmit amount Q ( ) ( ) g g h, y, y, y, j 1 j y μ μ λ μ λ μ λ λ L L L L ( ) ( ) g g h, y, y, y, j j y μ μ λ μ λ μ λ λ L L L L ( ) ( ) g g h, y, y, y, j j y μ μ λ μ λ μ λ λ L L L L In figur 2, L rprsnts th Lagrangian function of th corrsponding optimization problm and λ and μ rprsnt th dual variabls associatd to th st of h and g constraints rspctivly. Th optimality conditions can b writtn down as thr sts of quations. Th first on cancls th gradint of th Lagrangian function with rspct to th dcision variabls x. Th scond st (th gradint of th Lagrangian function with rspct to th dual variabls λ) coincids with th h quality constraints thmslvs. Th third on is formd by th complmntary slacnss conditions associatd to th inquality constraints g. As a rsult of th modl assumptions, grouping togthr all companis systm of quations lads to an LCP. Th whol modl, that is a CV-mart sub-modl plus a Nash-xpansion planning sub-modl, subjct to th nvironmntal rstriction of th prmits mart, dfins th opration, th invstmnt, prmits purchass and pricing of both lctricity and prmits that simultanously satisfy th first ordr optimality conditions of all firms and that of th prmits mart. A full mathmatical structur of th modl is prsntd in Lapidra t al (23).

12 3. An application to th Spanish lctricity sctor Th modl dscribd abov has bn usd to simulat th impact of th carbon trading mchanism on th Spanish lctricity mart. First, a gnral cas study is shown, and thn th impact of th diffrnt assignmnt mthods is prsntd. 3.1 Gnral cas study Th gnral cas study analyss th xpansion of th Spanish lctricity systm for th nxt tn yars (25-214). Th six xisting gnrating firms hav bn considrd (although thir nams hav bn omittd), plus othr possibl nw ntrants. Th invstmnt capacity of th firms has bn limitd to a diffrnt numbr of powr plants to b built in a crtain priod of 5 yars. All th powr plants blonging to th gnrators hav bn aggrgatd into on group pr tchnology and firm, in ordr to rduc th siz of th modl. Th tchnologis considrd hav bn nuclar (NCL), ful (FO), natural gas (GN), gas combind cycls (CCGT), domstic coal (HLL), importd coal (CI), brown lignits (LGP), blac lignits (LGN), rgulating hydro (RG), run-of-th-rivr hydro (FLU), and pumping units (BOMB). In addition, othr tchnologis hav bn considrd which may b installd in th futur: suprcritical coal (CSC), biomass (BIO), wind (OL), and advancd nuclar (NLCAV). Ths tchnologis hav bn chosn sinc thy ar, according to xprts, th most lily to ntr into th systm du to thir closnss to commrcial status. In fact, biomass and wind nrgy alrady participat in th systm, although in a vry small proportion. Suprcritical coal is considrd by many as th 12

13 way to us coal in a clan mannr, whras by advancd nuclar w nam th nxt gnration of nuclar powr plants which is alrady dvlopd in som countris. Th charactrisation of ths futur tchnologis has bn basd on th STRIS databas (C, 24). Th paramtrs for all tchnologis ar shown in Tabl 1a, 1b and 1c of th Appndix. As for th carbon missions mart, th amount of prmits usd has bn th total amount stablishd by th Spanish National Allocation Plan (RD 6/25), that is, 16 Mt. Howvr, as said bfor, th Plan only covrs th priod From 28, th Govrnmnt nvisags that missions should not b highr than thos of 199 incrmntd in a 24%, so th total amount of prmits from 28 to 214 will b Mt. It has to b notd that this is th whol amount of prmits distributd among all sctors covrd by th Dirctiv. Howvr, only th lctricity sctor has bn modlld in dtail. Th rst of sctors ar much mor difficult to modl adquatly, bcaus of thir disaggrgation (thr ar many small CO 2 -producing facilitis, with vry diffrnt charactristics) and lac of data. Howvr, this sam disaggrgation allows to assum that thy will bhav as pric-tars in th missions mart, and thrfor thy may b modlld as a comptitiv fring by mans of a rsidual dmand function. This dmand function is th aggrgatd marginal abatmnt cost curv for all ths sctors in Spain, and has bn obtaind from th PRIMS modl (Capros t al, 21). Of cours, sinc th Dirctiv sts up an uropan prmit mart, allowing trad btwn countris, th xpctd rsults for th allowanc pric may b diffrnt than thos simulatd hr. On th on hand, th Spanish nrgy tchnologis and th 13

14 nrgy mix ar similar to th uropan avrag, so th marginal abatmnt costs curvs (which ultimatly dfin th pric of th allowanc) would b xpctd to b similar. Howvr, sinc th siz of th mart whn nlargd to an uropan scal will b much largr, abatmnt opportunitis may incras and thrfor th xpctd pric of th prmit should b lowr. Th problm is that this uropan mart has not bn dfind yt, sinc thr ar still som countris without a dfinitiv NAP (and thrfor, th total amount of prmits to b distributd in urop is unnown 2 ). Thrfor, w considrd it mor advisabl to simulat just th Spanish mart with no trad, assuming that th ral prmit pric may b somwhat lowr. Rgarding othr rlvant assumptions for th modl, th annual growth of lctricity dmand has bn st as an annual avrag of 3%, basd on th stimations of th Spanish govrnmnt (MINR, 22). Th slop of th lctricity dmand curv has bn st at 6 /MWh.MW. Also for th two largst firms a rsidual dmand curv slop has bn considrd of 1.3 /MWh.MW. Data from ths slops hav bn tan from Garcia-Alcald t al (22), whr a procdur for stimating thm is prsntd. 3.2 Assignmnt mthods Svral assignmnt mthods ar usually proposd concrning th allocation of carbon mission prmits, som of thm bttr and som of thm wors (s.g. Vstrdal and Svndsn (24), Böhringr and Lang (24) or Hasslnipp (23)). 2 It has to b rmindd that th Dirctiv dos not covr all carbon missions, and thrfor dos not qual th rductions imposd by th Kyoto Protocol. 14

15 Basically, prmits may b auctiond or grandfathrd (with combinations btwn thm), and in cas of grandfathring, also diffrnt options may b studid: basd on historical missions, basd on actual and xpctd missions, basd on nrgy producd, tc. All mthods hav bn analysd in this papr. Th mthod chosn by th Spanish govrnmnt is not a clar-cut on, rathr an intrmdiat btwn historical and xpctd missions. It should b notd also that th uropan Dirctiv dos not allow for auctioning in th first assignmnt priod (25-7), and th Spanish govrnmnt viws ar also against this option in a first stag. Thrfor, th auction option may b somwhat unralistic currntly. Howvr, w hav dmd it usful to also prsnt its rsults in ordr to provid som rfrnc for th othr mthods, and also bcaus it might b considrd an option for 28. It should also b rmindd that th only variabl affctd by th choic of th assignmnt mthod will b th arnings of th gnrating firms (and of cours public rvnus), givn that, if prfct comptition is assumd for th missions mart, th pric of th prmit and th amount mittd will not b affctd. 3.3 Rsults Th main rsults of th simulation ar shown in Tabl 2. Both th rsults of th simulation with and without CO 2 rstrictions ar shown in ordr to highlight th stimatd impacts of th Dirctiv. In this first tabl th lctricity pric, th mission prmit pric, amount of missions and amount of nw invstmnts ar shown. Non of thm dpnd, as mntiond abov, on th assignmnt mthod chosn so thy ar common for all of thm. 15

16 Tabl 2. xpctd lctricity and carbon prics, missions and invstmnt in CCGT (prics xprssd in constant 24) Yar Dmand lctricity mission missions Invstmnt in TWh pric c /Wh prmit pric Mton CO 2 CCGT MW /ton CO 2 Dir. No Dir. Dir. No Dir. Dir. No Dir. Dir. No Dir As may b sn, onc th missions trading rgim ntrs into forc, thr appars a pric for CO 2 missions, which rachs up to 15 /t for th priod considrd, incrasing stadily as dmand riss (what is consistnt with othr studis rsults). Part of this cost of th mission is incorporatd into lctricity prics, which incras mor than 2% compard with th situation without th Dirctiv. Carbon missions ar vry much rducd compard to th situation without Dirctiv, and in fact th lctricity sctor rducs mor its missions than othr sctors, rducing its shar of missions from th currnt 55% to a 46% in th first priod and to a 49% from

17 Th Dirctiv also incntiviss th construction of nw CCGTs, up to 134 MW in 214, which ma up for th rduction in th us of coal powr plants as shown in Figur 3. No othr nw tchnologis ntr into th systm, basically bcaus th prmit pric is not nough to compnsat thir highr variabl costs (and in th cas of suprcritical coal, bcaus its significant mission rat is pnalisd). It has to b notd that no support masurs for rnwabls hav bn assumd in th futur, in ordr to isolat th ffcts of th Dirctiv. Figur 3. Shar of tchnologis undr th Dirctiv 1% 9% 8% 7% % 6% 5% 4% CCGT LGN LGP CI HLL RG FLU NCL 3% 2% 1% % Th dcras in th us of coal is vry much slowr in th cas without CO 2 rstrictions, as shown in Figur 4, whr it is shown that suprcritical coal would b comptitiv without CO 2 rstrictions (installing som 25 MW in this cas). Figur 4. Shar of tchnologis without CO 2 rstrictions 17

18 1% 9% 8% % 7% 6% 5% 4% 3% CSC CCGT LGN LGP CI HLL RG FLU NCL 2% 1% % Th pric of lctricity dpnds havily on th cost of CCGTs, sinc thy ar usually th marginal plants. A rduction in th cost of gas will man a largr invstmnt in this tchnology, and thrfor lowr prics for CO 2 mission prmits. Howvr, lowr costs may also man lowr arnings for gnrators, bcaus of th marginal pric systm alrady mntiond. Limiting th amount of prmits will incras vry much th pric of lctricity, spcially if invstmnt is limitd and thrfor nw carbon-rduction tchnologis may not countrbalanc th ffct. Th pric of th prmit also incrass, as wll as th arnings of th firms. An intrsting rsult is that gnrating firms arnings ar not ngativly affctd by th Dirctiv, in fact thy may vn incras bcaus of th ris in lctricity prics. This may b obsrvd by comparing thir arnings (masurd as nt prsnt valu (NPV)) with thos obtaind without th carbon trading mchanism in Figur 5 (arnings with th Dirctiv corrspond to grandfathring basd on historical 18

19 missions, sinc that is th critria closr to th ral on applid by th Spanish govrnmnt). Figur 5. Diffrncs in gnrating firms arnings (in M -24, nt prsnt valu for ) Without Dirctiv With Dirctiv Othr This is xplaind by th marginal pric rgulation of th Spanish lctricity systm. Undr this rgulation, Spanish lctricity prics ar st by th most xpnsiv plant rquird to mt dmand. Thrfor, if th cost of this marginal plant incorporats th cost of th allowanc, th lctricity pric will ris, and this will bnfit all producrs, whthr thy hav to buy allowancs or not. Givn th larg amount of nuclar and hydro in th Spanish systm, this mans that thr is a lot of nrgy which is rciving this xtra mony, and thrfor th incras in firms arnings. Th incras is largr in thos firms with a biggr shar of non-carbon tchnologis, sinc thy ar not so affctd by th Dirctiv, but do profit from th highr prics. 19

20 As for th impact of th diffrnt assignmnt mthods, as said bfor, it affcts th arnings of gnrating firms and also public rvnus (which ar not xamind hr). Th rsults ar shown in Tabl 3. Tabl 3. Gnrating firms s arnings undr diffrnt assignmnt mthods (in M - 24, nt prsnt valu for ) Grandfathring Firm Without Basd on Basd on Basd on Auction Dirctiv historical ral historical missions missions nrgy Othr TOTAL As might b xpctd, firms arnings incras if grandfathring basd on missions is usd, but not whn grandfathring is basd on historical nrgy production, sinc thn thos firms with lowr nrgy rats hav to buy mor prmits and do that outsid th lctricity sctor, what xplains th rduction in total arnings for th sctor. Th auction mthod producs lss arnings, but still highr than th situation without Dirctiv (what is xplaind by th marginal pricing mthod alrady mntiond). But th most intrsting ffct is not th global amount of arnings, which is somwhat similar, but th distribution of ths arnings among firms. Big firms ar bttr off with both grandfathring options, sinc thy hav mor powr installd and mor historical missions, whil small firms, which will invst mor, will s thir arnings rducd bcaus of th nd to buy prmits. Whn assigning prmits basd 2

21 on nrgy, firms with nuclar or hydro ar also bnfitd with prmits not ndd, but rsults ar mor similar to thos from an auction. 4. Conclusions This papr has prsntd som stimations of th conomic impact of th uropan carbon trading Dirctiv on th Spanish lctricity sctor, by using a dtaild oligopolistic modl for simulating th xpansion and opration of its gnrating facilitis. Som of th rsults ar as xpctd: lctricity prics incras up to 2% compard with th non-rstrictd situation, th pric of th CO 2 mission is st around 15 /t, what is consistnt with similar studis, nw invstmnts in CCGTs ar vry much incntivisd, and grandfathring assignmnt mthods incras firms arnings, with a rdistribution of arnings dpnding on siz and tchnology mix. Howvr, othr rsults ar somwhat surprising to som: givn th marginal pric systm in plac in th Spanish lctricity sctor, th arnings of th gnrating firms incras bcaus of th implmntation of th Dirctiv. Spcially thos firms with a largr shar of carbon-fr tchnologis rciv a larg amount of windfall profits, that is, undu bnfits causd by th suddn chang of rgulation. Ths windfall profits ar not dsirabl from th rgulation point of viw, sinc thy ar an undu cost for th customr and ar not rally rwarding ntrprnurship but rathr th status-quo cratd by formr rgulation. Howvr, thy ar vry difficult to avoid, sinc that would imply som typ of pric control, or allowing pooling btwn lctricity firms in th prmit mart (what has bn xplicity prohibitd by th Spanish govrnmnt in 21

22 ordr to allow for comptition to xist in th mart), or somwhat rdistributing arnings among firms. A dbat is currntly bing hld in this issu. All ths rsults ar of cours snsitiv to th amount of prmits distributd, to th cost of tchnologis (spcially CCGTs), but also to invstmnt rstrictions: firms may not hav nough financial flxibility to chang thir gnrating tchnologis and this may crat a larg volatility in lctricity and prmit prics. This also xplains that nuclar may not provid short-trm solutions to th problm vn if th currnt nuclar moratorium is liftd, givn th larg invstmnts involvd. Thrfor, rsults show that thr ar larg implications for th Spanish lctricity sctor of th uropan Dirctiv, which may also imply a crtain dgr of intrvntion by th rgulators. This may wll rquir a furthr and mor dtaild analysis of th situation, introducing for xampl a bttr tratmnt of th uncrtaintis ahad, of th invstmnts rstrictions, or of othr dcision paramtrs othr than profit maximization which may bttr dscrib firms bhaviour. Also furthr intractions with th rst of th Spanish conomy and with th uropan missions mart should b xplord. It has to b rmindd that in a short tim th NAP has to b rvisd for th nxt priod, so all ths issus ar rally rlvant at this momnt. Acnowldgmnts Th authors ar gratful to Fundacion BBVA and to th uropan Commission (Contract 4.13/C/2 4/22) for thir conomic support to this wor, and also to two anonymous rfrs for thir constructiv commnts which hav gratly improvd this papr. Th usual disclaimr applis. 22

23 Rfrncs Barrto, L., and S. Kypros (24). missions trading and tchnology dploymnt in an nrgy-systms bottom-up modl with tchnology larning. uropan Journal of Oprational Rsarch 158: Böhringr, C. and A. Lang (24). conomic implications of altrnativ allocation schms for mission allowancs. 13th Congrss of th uropan Association of nvironmntal and Rsourc conomics, Budapst. Capros, P., N. Kouvaritais, L. Mantzos (21). conomic valuation of Sctoral mission Rduction Objctivs for Climat Chang. Top-down analysis of grnhous gas mission rduction possibilitis in th uropan Union. National Tchnical Univrsity of Athns. March 21. Cottl, R.W., J.S. Pang, and R.. Ston (1992). Th Linar Complmntarity Problm. Acadmic Prss, Boston. Criqui, P. and L.L. Viguir (2). Kyoto and tchnology at world lvl: cost of CO2 rduction undr flxibility mchanisms and tchnical progrss. Intrnational Journal of Global nrgy Issus 14: CSN (1997). Una simulación dl funcionaminto dl Pool d nrgía léctrica n spaña. Dircción d Rgulación, Comisión dl Sistma léctrico Nacional. Day, C. J., Hobbs B.F., Pang, J.-S. (22). Oligopolistic Comptition in Powr Ntwors: A Conjcturd Supply Function Approach. I Transactions on Powr Systms 17(3),

Adverse Selection and Moral Hazard in a Model With 2 States of the World

Adverse Selection and Moral Hazard in a Model With 2 States of the World Advrs Slction and Moral Hazard in a Modl With 2 Stats of th World A modl of a risky situation with two discrt stats of th world has th advantag that it can b natly rprsntd using indiffrnc curv diagrams,

More information

Econ 371: Answer Key for Problem Set 1 (Chapter 12-13)

Econ 371: Answer Key for Problem Set 1 (Chapter 12-13) con 37: Answr Ky for Problm St (Chaptr 2-3) Instructor: Kanda Naknoi Sptmbr 4, 2005. (2 points) Is it possibl for a country to hav a currnt account dficit at th sam tim and has a surplus in its balanc

More information

EFFECT OF GEOMETRICAL PARAMETERS ON HEAT TRANSFER PERFORMACE OF RECTANGULAR CIRCUMFERENTIAL FINS

EFFECT OF GEOMETRICAL PARAMETERS ON HEAT TRANSFER PERFORMACE OF RECTANGULAR CIRCUMFERENTIAL FINS 25 Vol. 3 () January-March, pp.37-5/tripathi EFFECT OF GEOMETRICAL PARAMETERS ON HEAT TRANSFER PERFORMACE OF RECTANGULAR CIRCUMFERENTIAL FINS *Shilpa Tripathi Dpartmnt of Chmical Enginring, Indor Institut

More information

Efficiency Losses from Overlapping Economic Instruments in European Carbon Emissions Regulation

Efficiency Losses from Overlapping Economic Instruments in European Carbon Emissions Regulation iscussion Papr No. 06-018 Efficincy Losss from Ovrlapping Economic Instrumnts in Europan Carbon Emissions Rgulation Christoph Böhringr, Hnrik Koschl and Ulf Moslnr iscussion Papr No. 06-018 Efficincy Losss

More information

Category 7: Employee Commuting

Category 7: Employee Commuting 7 Catgory 7: Employ Commuting Catgory dscription This catgory includs missions from th transportation of mploys 4 btwn thir homs and thir worksits. Emissions from mploy commuting may aris from: Automobil

More information

by John Donald, Lecturer, School of Accounting, Economics and Finance, Deakin University, Australia

by John Donald, Lecturer, School of Accounting, Economics and Finance, Deakin University, Australia Studnt Nots Cost Volum Profit Analysis by John Donald, Lcturr, School of Accounting, Economics and Financ, Dakin Univrsity, Australia As mntiond in th last st of Studnt Nots, th ability to catgoris costs

More information

Whole Systems Approach to CO 2 Capture, Transport and Storage

Whole Systems Approach to CO 2 Capture, Transport and Storage Whol Systms Approach to CO 2 Captur, Transport and Storag N. Mac Dowll, A. Alhajaj, N. Elahi, Y. Zhao, N. Samsatli and N. Shah UKCCS Mting, July 14th 2011, Nottingham, UK Ovrviw 1 Introduction 2 3 4 Powr

More information

Rural and Remote Broadband Access: Issues and Solutions in Australia

Rural and Remote Broadband Access: Issues and Solutions in Australia Rural and Rmot Broadband Accss: Issus and Solutions in Australia Dr Tony Warrn Group Managr Rgulatory Stratgy Tlstra Corp Pag 1 Tlstra in confidnc Ovrviw Australia s gographical siz and population dnsity

More information

The example is taken from Sect. 1.2 of Vol. 1 of the CPN book.

The example is taken from Sect. 1.2 of Vol. 1 of the CPN book. Rsourc Allocation Abstract This is a small toy xampl which is wll-suitd as a first introduction to Cnts. Th CN modl is dscribd in grat dtail, xplaining th basic concpts of C-nts. Hnc, it can b rad by popl

More information

Intermediate Macroeconomic Theory / Macroeconomic Analysis (ECON 3560/5040) Final Exam (Answers)

Intermediate Macroeconomic Theory / Macroeconomic Analysis (ECON 3560/5040) Final Exam (Answers) Intrmdiat Macroconomic Thory / Macroconomic Analysis (ECON 3560/5040) Final Exam (Answrs) Part A (5 points) Stat whthr you think ach of th following qustions is tru (T), fals (F), or uncrtain (U) and brifly

More information

IMES DISCUSSION PAPER SERIES

IMES DISCUSSION PAPER SERIES IMES DISCUSSIN PAPER SERIES Th Choic of Invoic Currncy in Intrnational Trad: Implications for th Intrnationalization of th Yn Hiroyuki I, Akira TANI, and Toyoichirou SHIRTA Discussion Papr No. 003-E-13

More information

QUANTITATIVE METHODS CLASSES WEEK SEVEN

QUANTITATIVE METHODS CLASSES WEEK SEVEN QUANTITATIVE METHODS CLASSES WEEK SEVEN Th rgrssion modls studid in prvious classs assum that th rspons variabl is quantitativ. Oftn, howvr, w wish to study social procsss that lad to two diffrnt outcoms.

More information

High Interest Rates In Ghana,

High Interest Rates In Ghana, NO. 27 IEA MONOGRAPH High Intrst Rats In Ghana, A Critical Analysis IEA Ghana THE INSTITUTE OF ECONOMIC AFFAIRS A Public Policy Institut High Intrst Rats In Ghana, A Critical Analysis 1 by DR. J. K. KWAKYE

More information

Architecture of the proposed standard

Architecture of the proposed standard Architctur of th proposd standard Introduction Th goal of th nw standardisation projct is th dvlopmnt of a standard dscribing building srvics (.g.hvac) product catalogus basd on th xprincs mad with th

More information

Foreign Exchange Markets and Exchange Rates

Foreign Exchange Markets and Exchange Rates Microconomics Topic 1: Explain why xchang rats indicat th pric of intrnational currncis and how xchang rats ar dtrmind by supply and dmand for currncis in intrnational markts. Rfrnc: Grgory Mankiw s Principls

More information

Theoretical aspects of investment demand for gold

Theoretical aspects of investment demand for gold Victor Sazonov (Russia), Dmitry Nikolav (Russia) Thortical aspcts of invstmnt dmand for gold Abstract Th main objctiv of this articl is construction of a thortical modl of invstmnt in gold. Our modl is

More information

WORKERS' COMPENSATION ANALYST, 1774 SENIOR WORKERS' COMPENSATION ANALYST, 1769

WORKERS' COMPENSATION ANALYST, 1774 SENIOR WORKERS' COMPENSATION ANALYST, 1769 08-16-85 WORKERS' COMPENSATION ANALYST, 1774 SENIOR WORKERS' COMPENSATION ANALYST, 1769 Summary of Dutis : Dtrmins City accptanc of workrs' compnsation cass for injurd mploys; authorizs appropriat tratmnt

More information

Lecture notes: 160B revised 9/28/06 Lecture 1: Exchange Rates and the Foreign Exchange Market FT chapter 13

Lecture notes: 160B revised 9/28/06 Lecture 1: Exchange Rates and the Foreign Exchange Market FT chapter 13 Lctur nots: 160B rvisd 9/28/06 Lctur 1: xchang Rats and th Forign xchang Markt FT chaptr 13 Topics: xchang Rats Forign xchang markt Asst approach to xchang rats Intrst Rat Parity Conditions 1) Dfinitions

More information

C H A P T E R 1 Writing Reports with SAS

C H A P T E R 1 Writing Reports with SAS C H A P T E R 1 Writing Rports with SAS Prsnting information in a way that s undrstood by th audinc is fundamntally important to anyon s job. Onc you collct your data and undrstand its structur, you nd

More information

Long run: Law of one price Purchasing Power Parity. Short run: Market for foreign exchange Factors affecting the market for foreign exchange

Long run: Law of one price Purchasing Power Parity. Short run: Market for foreign exchange Factors affecting the market for foreign exchange Lctur 6: Th Forign xchang Markt xchang Rats in th long run CON 34 Mony and Banking Profssor Yamin Ahmad xchang Rats in th Short Run Intrst Parity Big Concpts Long run: Law of on pric Purchasing Powr Parity

More information

Gold versus stock investment: An econometric analysis

Gold versus stock investment: An econometric analysis Intrnational Journal of Dvlopmnt and Sustainability Onlin ISSN: 268-8662 www.isdsnt.com/ijds Volum Numbr, Jun 202, Pag -7 ISDS Articl ID: IJDS20300 Gold vrsus stock invstmnt: An conomtric analysis Martin

More information

Basis risk. When speaking about forward or futures contracts, basis risk is the market

Basis risk. When speaking about forward or futures contracts, basis risk is the market Basis risk Whn spaking about forward or futurs contracts, basis risk is th markt risk mismatch btwn a position in th spot asst and th corrsponding futurs contract. Mor broadly spaking, basis risk (also

More information

5 2 index. e e. Prime numbers. Prime factors and factor trees. Powers. worked example 10. base. power

5 2 index. e e. Prime numbers. Prime factors and factor trees. Powers. worked example 10. base. power Prim numbrs W giv spcial nams to numbrs dpnding on how many factors thy hav. A prim numbr has xactly two factors: itslf and 1. A composit numbr has mor than two factors. 1 is a spcial numbr nithr prim

More information

(Analytic Formula for the European Normal Black Scholes Formula)

(Analytic Formula for the European Normal Black Scholes Formula) (Analytic Formula for th Europan Normal Black Schols Formula) by Kazuhiro Iwasawa Dcmbr 2, 2001 In this short summary papr, a brif summary of Black Schols typ formula for Normal modl will b givn. Usually

More information

Upper Bounding the Price of Anarchy in Atomic Splittable Selfish Routing

Upper Bounding the Price of Anarchy in Atomic Splittable Selfish Routing Uppr Bounding th Pric of Anarchy in Atomic Splittabl Slfish Routing Kamyar Khodamoradi 1, Mhrdad Mahdavi, and Mohammad Ghodsi 3 1 Sharif Univrsity of Tchnology, Thran, Iran, khodamoradi@c.sharif.du Sharif

More information

Incomplete 2-Port Vector Network Analyzer Calibration Methods

Incomplete 2-Port Vector Network Analyzer Calibration Methods Incomplt -Port Vctor Ntwork nalyzr Calibration Mthods. Hnz, N. Tmpon, G. Monastrios, H. ilva 4 RF Mtrology Laboratory Instituto Nacional d Tcnología Industrial (INTI) Bunos irs, rgntina ahnz@inti.gov.ar

More information

FACULTY SALARIES FALL 2004. NKU CUPA Data Compared To Published National Data

FACULTY SALARIES FALL 2004. NKU CUPA Data Compared To Published National Data FACULTY SALARIES FALL 2004 NKU CUPA Data Compard To Publishd National Data May 2005 Fall 2004 NKU Faculty Salaris Compard To Fall 2004 Publishd CUPA Data In th fall 2004 Northrn Kntucky Univrsity was among

More information

Category 11: Use of Sold Products

Category 11: Use of Sold Products 11 Catgory 11: Us of Sold Products Catgory dscription T his catgory includs missions from th us of goods and srvics sold by th rporting company in th rporting yar. A rporting company s scop 3 missions

More information

Global Sourcing: lessons from lean companies to improve supply chain performances

Global Sourcing: lessons from lean companies to improve supply chain performances 3 rd Intrnational Confrnc on Industrial Enginring and Industrial Managmnt XIII Congrso d Ingniría d Organización Barclona-Trrassa, Sptmbr 2nd-4th 2009 Global Sourcing: lssons from lan companis to improv

More information

Host Country: Czech Republic Other parties: Denmark Expected ERUs in 2008 2012: ~ 1,250,000 tco 2

Host Country: Czech Republic Other parties: Denmark Expected ERUs in 2008 2012: ~ 1,250,000 tco 2 Projct CZ1000033: Nitrous Oxid Emission Rductions at Lovochmi Host Country: Czch Rpublic Othr partis: Dnmark Expctd ERUs in 2008 2012: ~ 1,250,000 tco 2 Th projct at Lovochmi in th Czch Rpublic aims to

More information

the so-called KOBOS system. 1 with the exception of a very small group of the most active stocks which also trade continuously through

the so-called KOBOS system. 1 with the exception of a very small group of the most active stocks which also trade continuously through Liquidity and Information-Basd Trading on th Ordr Drivn Capital Markt: Th Cas of th Pragu tock Exchang Libor 1ÀPH³HN Cntr for Economic Rsarch and Graduat Education, Charls Univrsity and Th Economic Institut

More information

Production Costing (Chapter 8 of W&W)

Production Costing (Chapter 8 of W&W) Production Costing (Chaptr 8 of W&W).0 Introduction Production costs rfr to th oprational costs associatd with producing lctric nrgy. Th most significant componnt of production costs ar th ful costs ncssary

More information

Fraud, Investments and Liability Regimes in Payment. Platforms

Fraud, Investments and Liability Regimes in Payment. Platforms Fraud, Invstmnts and Liability Rgims in Paymnt Platforms Anna Crti and Mariann Vrdir y ptmbr 25, 2011 Abstract In this papr, w discuss how fraud liability rgims impact th pric structur that is chosn by

More information

Traffic Flow Analysis (2)

Traffic Flow Analysis (2) Traffic Flow Analysis () Statistical Proprtis. Flow rat distributions. Hadway distributions. Spd distributions by Dr. Gang-Ln Chang, Profssor Dirctor of Traffic safty and Oprations Lab. Univrsity of Maryland,

More information

The international Internet site of the geoviticulture MCC system Le site Internet international du système CCM géoviticole

The international Internet site of the geoviticulture MCC system Le site Internet international du système CCM géoviticole Th intrnational Intrnt sit of th goviticultur MCC systm L sit Intrnt intrnational du systèm CCM géoviticol Flávio BELLO FIALHO 1 and Jorg TONIETTO 1 1 Rsarchr, Embrapa Uva Vinho, Caixa Postal 130, 95700-000

More information

Lecture 3: Diffusion: Fick s first law

Lecture 3: Diffusion: Fick s first law Lctur 3: Diffusion: Fick s first law Today s topics What is diffusion? What drivs diffusion to occur? Undrstand why diffusion can surprisingly occur against th concntration gradint? Larn how to dduc th

More information

Constraint-Based Analysis of Gene Deletion in a Metabolic Network

Constraint-Based Analysis of Gene Deletion in a Metabolic Network Constraint-Basd Analysis of Gn Dltion in a Mtabolic Ntwork Abdlhalim Larhlimi and Alxandr Bockmayr DFG-Rsarch Cntr Mathon, FB Mathmatik und Informatik, Fri Univrsität Brlin, Arnimall, 3, 14195 Brlin, Grmany

More information

Fleet vehicles opportunities for carbon management

Fleet vehicles opportunities for carbon management Flt vhicls opportunitis for carbon managmnt Authors: Kith Robrtson 1 Dr. Kristian Stl 2 Dr. Christoph Hamlmann 3 Alksandra Krukar 4 Tdla Mzmir 5 1 Snior Sustainability Consultant & Lad Analyst, Arup 2

More information

Expert-Mediated Search

Expert-Mediated Search Exprt-Mdiatd Sarch Mnal Chhabra Rnsslar Polytchnic Inst. Dpt. of Computr Scinc Troy, NY, USA chhabm@cs.rpi.du Sanmay Das Rnsslar Polytchnic Inst. Dpt. of Computr Scinc Troy, NY, USA sanmay@cs.rpi.du David

More information

Performance Evaluation

Performance Evaluation Prformanc Evaluation ( ) Contnts lists availabl at ScincDirct Prformanc Evaluation journal hompag: www.lsvir.com/locat/pva Modling Bay-lik rputation systms: Analysis, charactrization and insuranc mchanism

More information

LG has introduced the NeON 2, with newly developed Cello Technology which improves performance and reliability. Up to 320W 300W

LG has introduced the NeON 2, with newly developed Cello Technology which improves performance and reliability. Up to 320W 300W Cllo Tchnology LG has introducd th NON 2, with nwly dvlopd Cllo Tchnology which improvs prformanc and rliability. Up to 320W 300W Cllo Tchnology Cll Connction Elctrically Low Loss Low Strss Optical Absorption

More information

Online Price Competition within and between Heterogeneous Retailer Groups

Online Price Competition within and between Heterogeneous Retailer Groups Onlin Pric Comptition within and btwn Htrognous Rtailr Groups Cnk Kocas Dpartmnt of Markting and Supply Chain Managmnt, Michigan Stat Univrsity kocas@msu.du Abstract This study prsnts a modl of pric comptition

More information

Defining Retirement Success for Defined Contribution Plan Sponsors: Begin with the End in Mind

Defining Retirement Success for Defined Contribution Plan Sponsors: Begin with the End in Mind Dfining Rtirmnt Succss for Dfind Contribution Plan Sponsors: Bgin with th End in Mind David Blanchtt, CFA, CFP, AIFA Had of Rtirmnt Rsarch Morningstar Invstmnt Managmnt david.blanchtt@morningstar.com Nathan

More information

Question 3: How do you find the relative extrema of a function?

Question 3: How do you find the relative extrema of a function? ustion 3: How do you find th rlativ trma of a function? Th stratgy for tracking th sign of th drivativ is usful for mor than dtrmining whr a function is incrasing or dcrasing. It is also usful for locating

More information

Remember you can apply online. It s quick and easy. Go to www.gov.uk/advancedlearningloans. Title. Forename(s) Surname. Sex. Male Date of birth D

Remember you can apply online. It s quick and easy. Go to www.gov.uk/advancedlearningloans. Title. Forename(s) Surname. Sex. Male Date of birth D 24+ Advancd Larning Loan Application form Rmmbr you can apply onlin. It s quick and asy. Go to www.gov.uk/advancdlarningloans About this form Complt this form if: you r studying an ligibl cours at an approvd

More information

Electronic Commerce. and. Competitive First-Degree Price Discrimination

Electronic Commerce. and. Competitive First-Degree Price Discrimination Elctronic Commrc and Comptitiv First-Dgr Pric Discrimination David Ulph* and Nir Vulkan ** Fbruary 000 * ESRC Cntr for Economic arning and Social Evolution (ESE), Dpartmnt of Economics, Univrsity Collg

More information

Keywords Cloud Computing, Service level agreement, cloud provider, business level policies, performance objectives.

Keywords Cloud Computing, Service level agreement, cloud provider, business level policies, performance objectives. Volum 3, Issu 6, Jun 2013 ISSN: 2277 128X Intrnational Journal of Advancd Rsarch in Computr Scinc and Softwar Enginring Rsarch Papr Availabl onlin at: wwwijarcsscom Dynamic Ranking and Slction of Cloud

More information

AN ACTUARIAL BALANCE SHEET FOR PAY-AS-YOU- GO FINANCE: SOLVENCY INDICATORS FOR SPAIN *

AN ACTUARIAL BALANCE SHEET FOR PAY-AS-YOU- GO FINANCE: SOLVENCY INDICATORS FOR SPAIN * CTURIL BLCE SHEET FOR PY-S-YOU- GO FICE: SOLVECY IDICTORS FOR SPI * MRÍ DEL CRME BODO-PES SLVDOR VLDÉS-PRIETO CRLOS VIDL-MELIÁ BSTRCT 24/4/7 Th solvncy and sustainability of pnsion systms financd by th

More information

SOFTWARE ENGINEERING AND APPLIED CRYPTOGRAPHY IN CLOUD COMPUTING AND BIG DATA

SOFTWARE ENGINEERING AND APPLIED CRYPTOGRAPHY IN CLOUD COMPUTING AND BIG DATA Intrnational Journal on Tchnical and Physical Problms of Enginring (IJTPE) Publishd by Intrnational Organization of IOTPE ISSN 077-358 IJTPE Journal www.iotp.com ijtp@iotp.com Sptmbr 015 Issu 4 Volum 7

More information

A Theoretical Model of Public Response to the Homeland Security Advisory System

A Theoretical Model of Public Response to the Homeland Security Advisory System A Thortical Modl of Public Rspons to th Homland Scurity Advisory Systm Amy (Wnxuan) Ding Dpartmnt of Information and Dcision Scincs Univrsity of Illinois Chicago, IL 60607 wxding@uicdu Using a diffrntial

More information

STATEMENT OF INSOLVENCY PRACTICE 3.2

STATEMENT OF INSOLVENCY PRACTICE 3.2 STATEMENT OF INSOLVENCY PRACTICE 3.2 COMPANY VOLUNTARY ARRANGEMENTS INTRODUCTION 1 A Company Voluntary Arrangmnt (CVA) is a statutory contract twn a company and its crditors undr which an insolvncy practitionr

More information

Free ACA SOLUTION (IRS 1094&1095 Reporting)

Free ACA SOLUTION (IRS 1094&1095 Reporting) Fr ACA SOLUTION (IRS 1094&1095 Rporting) Th Insuranc Exchang (301) 279-1062 ACA Srvics Transmit IRS Form 1094 -C for mployrs Print & mail IRS Form 1095-C to mploys HR Assist 360 will gnrat th 1095 s for

More information

A Multi-Heuristic GA for Schedule Repair in Precast Plant Production

A Multi-Heuristic GA for Schedule Repair in Precast Plant Production From: ICAPS-03 Procdings. Copyright 2003, AAAI (www.aaai.org). All rights rsrvd. A Multi-Huristic GA for Schdul Rpair in Prcast Plant Production Wng-Tat Chan* and Tan Hng W** *Associat Profssor, Dpartmnt

More information

FACILITY MANAGEMENT SCHEMES FOR SCHOOLS IN THE UK:A STUDY OF VARIATIONS IN SUPPORT SERVICES COSTS AND CAPITAL EFFICIENCY RATIOS

FACILITY MANAGEMENT SCHEMES FOR SCHOOLS IN THE UK:A STUDY OF VARIATIONS IN SUPPORT SERVICES COSTS AND CAPITAL EFFICIENCY RATIOS FACILITY MANAGEMENT SCHEMES FOR SCHOOLS IN THE UK:A STUDY OF VARIATIONS IN SUPPORT SERVICES COSTS AND CAPITAL EFFICIENCY RATIOS By Rui PdroPrira Magalhas 1 Sptmbr 2013 A Dissrtation submittd in part fulfilmnt

More information

An Adaptive Clustering MAP Algorithm to Filter Speckle in Multilook SAR Images

An Adaptive Clustering MAP Algorithm to Filter Speckle in Multilook SAR Images An Adaptiv Clustring MAP Algorithm to Filtr Spckl in Multilook SAR Imags FÁTIMA N. S. MEDEIROS 1,3 NELSON D. A. MASCARENHAS LUCIANO DA F. COSTA 1 1 Cybrntic Vision Group IFSC -Univrsity of São Paulo Caia

More information

METHODS FOR HANDLING TIED EVENTS IN THE COX PROPORTIONAL HAZARD MODEL

METHODS FOR HANDLING TIED EVENTS IN THE COX PROPORTIONAL HAZARD MODEL STUDIA OECONOMICA POSNANIENSIA 204, vol. 2, no. 2 (263 Jadwiga Borucka Warsaw School of Economics, Institut of Statistics and Dmography, Evnt History and Multilvl Analysis Unit jadwiga.borucka@gmail.com

More information

Natural Gas & Electricity Prices

Natural Gas & Electricity Prices Click to dit Mastr titl styl Click to dit Mastr txt styls Scond lvl Third lvl Natural Gas & Elctricity Prics Fourth lvl» Fifth lvl Glnn S. Pool Manufacturing Support Mgr. Enrgy April 4, 2013 Click Vrso

More information

Dehumidifiers: A Major Consumer of Residential Electricity

Dehumidifiers: A Major Consumer of Residential Electricity Dhumidifirs: A Major Consumr of Rsidntial Elctricity Laurn Mattison and Dav Korn, Th Cadmus Group, Inc. ABSTRACT An stimatd 19% of U.S. homs hav dhumidifirs, and thy can account for a substantial portion

More information

An Broad outline of Redundant Array of Inexpensive Disks Shaifali Shrivastava 1 Department of Computer Science and Engineering AITR, Indore

An Broad outline of Redundant Array of Inexpensive Disks Shaifali Shrivastava 1 Department of Computer Science and Engineering AITR, Indore Intrnational Journal of mrging Tchnology and dvancd nginring Wbsit: www.ijta.com (ISSN 2250-2459, Volum 2, Issu 4, pril 2012) n road outlin of Rdundant rray of Inxpnsiv isks Shaifali Shrivastava 1 partmnt

More information

Government Spending or Tax Cuts for Education in Taylor County, Texas

Government Spending or Tax Cuts for Education in Taylor County, Texas Govrnmnt Spnding or Tax Cuts for Education in Taylor County, Txas Ian Shphrd Abiln Christian Univrsity D Ann Shphrd Abiln Christian Univrsity On Fbruary 17, 2009, Prsidnt Barack Obama signd into law th

More information

Analysis of Trade Before and After the WTO: A Case Study of India

Analysis of Trade Before and After the WTO: A Case Study of India Global Journal of Financ and Managmnt. ISSN 0975-6477 Volum 6, Numbr 8 (2014), pp. 801-808 Rsarch India Publications http://www.ripublication.com Analysis of Trad Bfor and Aftr th WTO: A Cas Study of India

More information

Version 1.0. General Certificate of Education (A-level) January 2012. Mathematics MPC3. (Specification 6360) Pure Core 3. Final.

Version 1.0. General Certificate of Education (A-level) January 2012. Mathematics MPC3. (Specification 6360) Pure Core 3. Final. Vrsion.0 Gnral Crtificat of Education (A-lvl) January 0 Mathmatics MPC (Spcification 660) Pur Cor Final Mark Schm Mark schms ar prpard by th Principal Eaminr and considrd, togthr with th rlvant qustions,

More information

Fredy Vélez. Centro Tecnológico CARTIF, Valladolid, España. frevel@cartif.es

Fredy Vélez. Centro Tecnológico CARTIF, Valladolid, España. frevel@cartif.es Slcting working fluids in an organic Rankin cycl for powr gnration from low tmpratur hat sourcs Frdy Vélz Cntro Tcnológico CARTIF, Valladolid, España. frvl@cartif.s Rcivd: January 21th, d 2014. Rcivd in

More information

Relationship between Cost of Equity Capital And Voluntary Corporate Disclosures

Relationship between Cost of Equity Capital And Voluntary Corporate Disclosures Rlationship btwn Cost of Equity Capital And Voluntary Corporat Disclosurs Elna Ptrova Eli Lilly & Co, Sofia, Bulgaria E-mail: ptrova.lnaa@gmail.com Gorgios Gorgakopoulos (Corrsponding author) Amstrdam

More information

Lecture 20: Emitter Follower and Differential Amplifiers

Lecture 20: Emitter Follower and Differential Amplifiers Whits, EE 3 Lctur 0 Pag of 8 Lctur 0: Emittr Followr and Diffrntial Amplifirs Th nxt two amplifir circuits w will discuss ar ry important to lctrical nginring in gnral, and to th NorCal 40A spcifically.

More information

Asset set Liability Management for

Asset set Liability Management for KSD -larning and rfrnc products for th global financ profssional Highlights Library of 29 Courss Availabl Products Upcoming Products Rply Form Asst st Liability Managmnt for Insuranc Companis A comprhnsiv

More information

Economic Insecurity, Individual Behavior and Social Policy

Economic Insecurity, Individual Behavior and Social Policy Economic Inscurity, Individual Bhavior and Social Policy By Indrmit S. Gill igill@worldbank.org and Nadm Ilahi nilahi@worldbank.org Th World Bank Washington, DC 20433 First Draft: March 27, 2000 Papr writtn

More information

Parallel and Distributed Programming. Performance Metrics

Parallel and Distributed Programming. Performance Metrics Paralll and Distributd Programming Prformanc! wo main goals to b achivd with th dsign of aralll alications ar:! Prformanc: th caacity to rduc th tim to solv th roblm whn th comuting rsourcs incras;! Scalability:

More information

Abstract. Introduction. Statistical Approach for Analyzing Cell Phone Handoff Behavior. Volume 3, Issue 1, 2009

Abstract. Introduction. Statistical Approach for Analyzing Cell Phone Handoff Behavior. Volume 3, Issue 1, 2009 Volum 3, Issu 1, 29 Statistical Approach for Analyzing Cll Phon Handoff Bhavior Shalini Saxna, Florida Atlantic Univrsity, Boca Raton, FL, shalinisaxna1@gmail.com Sad A. Rajput, Farquhar Collg of Arts

More information

Development of Financial Management Reporting in MPLS

Development of Financial Management Reporting in MPLS 1 Dvlopmnt of Financial Managmnt Rporting in MPLS 1. Aim Our currnt financial rports ar structurd to dlivr an ovrall financial pictur of th dpartmnt in it s ntirty, and thr is no attmpt to provid ithr

More information

Sharp bounds for Sándor mean in terms of arithmetic, geometric and harmonic means

Sharp bounds for Sándor mean in terms of arithmetic, geometric and harmonic means Qian t al. Journal of Inqualitis and Applications (015) 015:1 DOI 10.1186/s1660-015-0741-1 R E S E A R C H Opn Accss Sharp bounds for Sándor man in trms of arithmtic, gomtric and harmonic mans Wi-Mao Qian

More information

REPORT' Meeting Date: April 19,201 2 Audit Committee

REPORT' Meeting Date: April 19,201 2 Audit Committee REPORT' Mting Dat: April 19,201 2 Audit Committ For Information DATE: March 21,2012 REPORT TITLE: FROM: Paul Wallis, CMA, CIA, CISA, Dirctor, Intrnal Audit OBJECTIVE To inform Audit Committ of th rsults

More information

Essays on Adverse Selection and Moral Hazard in Insurance Market

Essays on Adverse Selection and Moral Hazard in Insurance Market Gorgia Stat Univrsity ScholarWorks @ Gorgia Stat Univrsity Risk Managmnt and Insuranc Dissrtations Dpartmnt of Risk Managmnt and Insuranc 8--00 Essays on Advrs Slction and Moral Hazard in Insuranc Markt

More information

A Note on Approximating. the Normal Distribution Function

A Note on Approximating. the Normal Distribution Function Applid Mathmatical Scincs, Vol, 00, no 9, 45-49 A Not on Approimating th Normal Distribution Function K M Aludaat and M T Alodat Dpartmnt of Statistics Yarmouk Univrsity, Jordan Aludaatkm@hotmailcom and

More information

Planning and Managing Copper Cable Maintenance through Cost- Benefit Modeling

Planning and Managing Copper Cable Maintenance through Cost- Benefit Modeling Planning and Managing Coppr Cabl Maintnanc through Cost- Bnfit Modling Jason W. Rup U S WEST Advancd Tchnologis Bouldr Ky Words: Maintnanc, Managmnt Stratgy, Rhabilitation, Cost-bnfit Analysis, Rliability

More information

The Constrained Ski-Rental Problem and its Application to Online Cloud Cost Optimization

The Constrained Ski-Rental Problem and its Application to Online Cloud Cost Optimization 3 Procdings IEEE INFOCOM Th Constraind Ski-Rntal Problm and its Application to Onlin Cloud Cost Optimization Ali Khanafr, Murali Kodialam, and Krishna P. N. Puttaswam Coordinatd Scinc Laborator, Univrsit

More information

User-Perceived Quality of Service in Hybrid Broadcast and Telecommunication Networks

User-Perceived Quality of Service in Hybrid Broadcast and Telecommunication Networks Usr-Prcivd Quality of Srvic in Hybrid Broadcast and Tlcommunication Ntworks Michal Galtzka Fraunhofr Institut for Intgratd Circuits Branch Lab Dsign Automation, Drsdn, Grmany Michal.Galtzka@as.iis.fhg.d

More information

A Project Management framework for Software Implementation Planning and Management

A Project Management framework for Software Implementation Planning and Management PPM02 A Projct Managmnt framwork for Softwar Implmntation Planning and Managmnt Kith Lancastr Lancastr Stratgis Kith.Lancastr@LancastrStratgis.com Th goal of introducing nw tchnologis into your company

More information

SCHOOLS' PPP : PROJECT MANAGEMENT

SCHOOLS' PPP : PROJECT MANAGEMENT Rport Schools' PPP Sub Committ 22 April 2004 2 SCHOOLS' PPP : PROJECT MANAGEMENT 1 Rason for Rport To provid Mmbrs with information on th structur of th Schools' PPP Projct Tam 2 Background 21 Dumfris

More information

Analyzing the Economic Efficiency of ebaylike Online Reputation Reporting Mechanisms

Analyzing the Economic Efficiency of ebaylike Online Reputation Reporting Mechanisms A rsarch and ducation initiativ at th MIT Sloan School of Managmnt Analyzing th Economic Efficincy of Baylik Onlin Rputation Rporting Mchanisms Papr Chrysanthos Dllarocas July For mor information, plas

More information

Logo Design/Development 1-on-1

Logo Design/Development 1-on-1 Logo Dsign/Dvlopmnt 1-on-1 If your company is looking to mak an imprssion and grow in th marktplac, you ll nd a logo. Fortunatly, a good graphic dsignr can crat on for you. Whil th pric tags for thos famous

More information

Sci.Int.(Lahore),26(1),131-138,2014 ISSN 1013-5316; CODEN: SINTE 8 131

Sci.Int.(Lahore),26(1),131-138,2014 ISSN 1013-5316; CODEN: SINTE 8 131 Sci.Int.(Lahor),26(1),131-138,214 ISSN 113-5316; CODEN: SINTE 8 131 REQUIREMENT CHANGE MANAGEMENT IN AGILE OFFSHORE DEVELOPMENT (RCMAOD) 1 Suhail Kazi, 2 Muhammad Salman Bashir, 3 Muhammad Munwar Iqbal,

More information

Theoretical approach to algorithm for metrological comparison of two photothermal methods for measuring of the properties of materials

Theoretical approach to algorithm for metrological comparison of two photothermal methods for measuring of the properties of materials Rvista Invstigación Cintífica, ol. 4, No. 3, Nuva época, sptimbr dicimbr 8, IN 187 8196 Thortical approach to algorithm for mtrological comparison of two photothrmal mthods for masuring of th proprtis

More information

Exotic Electricity Options and the Valuation. Assets. April 6, 1998. Abstract

Exotic Electricity Options and the Valuation. Assets. April 6, 1998. Abstract Exotic Elctricity Options and th Valuation of Elctricity Gnration and Transmission Assts Shiji Dn Blak Johnson y Aram Soomonian z April 6, 1998 Abstract This papr prsnts and applis a mthodoloy for valuin

More information

AP Calculus AB 2008 Scoring Guidelines

AP Calculus AB 2008 Scoring Guidelines AP Calculus AB 8 Scoring Guidlins Th Collg Board: Conncting Studnts to Collg Succss Th Collg Board is a not-for-profit mmbrship association whos mission is to connct studnts to collg succss and opportunity.

More information

NAVAL POSTGRADUATE SCHOOL

NAVAL POSTGRADUATE SCHOOL NAVAL POSTGRADUATE SCHOOL MONTEREY, CALIFORNIA MBA PROFESSIONAL REPORT Th Survivor Bnfit Plan: A Cost-Bnfit Analysis By: Advisors: Scott E. Batty, and Tho Kang Dcmbr 2007 William R. Gats, Raymond E. Franck

More information

An Analysis of Synergy Degree of Primary-Tertiary Industry System in Dujiangyan City

An Analysis of Synergy Degree of Primary-Tertiary Industry System in Dujiangyan City www.ccsnt.org/ijbm Intrnational Journal of Businss and Managmnt Vol. 6, No. 8; August An Analysis of Synrgy Dgr of Primary-Trtiary Industry Systm in Dujiangyan City Qizhi Yang School of Tourism, Sichuan

More information

Cost-Volume-Profit Analysis

Cost-Volume-Profit Analysis ch03.qxd 9/7/04 4:06 PM Pag 86 CHAPTER Cost-Volum-Profit Analysis In Brif Managrs nd to stimat futur rvnus, costs, and profits to hlp thm plan and monitor oprations. Thy us cost-volum-profit (CVP) analysis

More information

Wage Inflation and the Distribution of Output Gaps in Europe: Insiders vs. Outsiders

Wage Inflation and the Distribution of Output Gaps in Europe: Insiders vs. Outsiders Economtric Rsarch and Spcial Studis Dpartmnt Wag Inflation and th Distribution of Output Gaps in Europ: Insidrs vs. Outsidrs M. Dmrtzis and A. Hughs Halltt Rsarch Mmorandum WO&E no. 631 Sptmbr 2000 D Ndrlandsch

More information

A copy of the Consultation Paper is in the Members Library and further details are available at www.scotland~qov.umpublications/2012/12/5980

A copy of the Consultation Paper is in the Members Library and further details are available at www.scotland~qov.umpublications/2012/12/5980 To: CORPORATE SERVICES COMMITTEE NORTH LANARKSHIRE COUNCIL REPORT Subjct: CONSULTATION: CIVIL LAW OF DAMAGES - ISSUES IN PERSONAL INJURY From: HEAD OF LEGAL SERVICES Dat: 30 JANUARY 2013 Rf: AL LE CSN

More information

OPTIONS AND FUTURES: A TECHNICAL APPRAISAL

OPTIONS AND FUTURES: A TECHNICAL APPRAISAL Pag 15 OPTIONS AND FUTURES: A TECHNICAL APPRAISAL by David J.S. Rutldg Papr prsntd to Sminar on Trading in Options: Opportunitis in th Intrnational Markt sponsord by Th Sydny Stock Exchang and Th Scuritis

More information

Economic Analysis of Floating Exchange Rate Systems

Economic Analysis of Floating Exchange Rate Systems Economic Analysis of Floating Rat Systms Th businss sction of any nwspapr will hav a tabl of spot s. Ths ar th s at which a prson could hav bought othr currncis or forign, such as th English Pound, Frnch

More information

81-1-ISD Economic Considerations of Heat Transfer on Sheet Metal Duct

81-1-ISD Economic Considerations of Heat Transfer on Sheet Metal Duct Air Handling Systms Enginring & chnical Bulltin 81-1-ISD Economic Considrations of Hat ransfr on Sht Mtal Duct Othr bulltins hav dmonstratd th nd to add insulation to cooling/hating ducts in ordr to achiv

More information

Budget Optimization in Search-Based Advertising Auctions

Budget Optimization in Search-Based Advertising Auctions Budgt Optimization in Sarch-Basd Advrtising Auctions ABSTRACT Jon Fldman Googl, Inc. Nw York, NY jonfld@googl.com Martin Pál Googl, Inc. Nw York, NY mpal@googl.com Intrnt sarch companis sll advrtismnt

More information

Key Management System Framework for Cloud Storage Singa Suparman, Eng Pin Kwang Temasek Polytechnic {singas,engpk}@tp.edu.sg

Key Management System Framework for Cloud Storage Singa Suparman, Eng Pin Kwang Temasek Polytechnic {singas,engpk}@tp.edu.sg Ky Managmnt Systm Framwork for Cloud Storag Singa Suparman, Eng Pin Kwang Tmask Polytchnic {singas,ngpk}@tp.du.sg Abstract In cloud storag, data ar oftn movd from on cloud storag srvic to anothr. Mor frquntly

More information

HERO OPTIMAL PREVENTION WHEN INFORMAL PENALTIES MATTER: UNIVERSITY OF OSLO HEALTH ECONOMICS RESEARCH PROGRAMME Working paper 2007: 5

HERO OPTIMAL PREVENTION WHEN INFORMAL PENALTIES MATTER: UNIVERSITY OF OSLO HEALTH ECONOMICS RESEARCH PROGRAMME Working paper 2007: 5 OPTIMAL PREVENTION WHEN INFORMAL PENALTIES MATTER: THE CASE OF MEDICAL ERRORS Svrr Grpprud Institut of Halth Managmnt and Halth Economics, Univrsity of Oslo and Norwgian Univrsity of Lif Scincs, Aas, Norway

More information

SPREAD OPTION VALUATION AND THE FAST FOURIER TRANSFORM

SPREAD OPTION VALUATION AND THE FAST FOURIER TRANSFORM RESEARCH PAPERS IN MANAGEMENT STUDIES SPREAD OPTION VALUATION AND THE FAST FOURIER TRANSFORM M.A.H. Dmpstr & S.S.G. Hong WP 26/2000 Th Judg Institut of Managmnt Trumpington Strt Cambridg CB2 1AG Ths paprs

More information

B-285141. April 21, 2000. The Honorable Charles B. Rangel Ranking Minority Member Committee on Ways and Means House of Representatives

B-285141. April 21, 2000. The Honorable Charles B. Rangel Ranking Minority Member Committee on Ways and Means House of Representatives Unit Stats Gnral Accounting Offic Washington, DC 20548 Halth, Eucation, an Human Srvics Division B-285141 April 21, 2000 Th Honorabl Charls B. Rangl Ranking Minority Mmbr Committ on Ways an Mans Hous of

More information

EVALUATING EFFICIENCY OF SERVICE SUPPLY CHAIN USING DEA (CASE STUDY: AIR AGENCY)

EVALUATING EFFICIENCY OF SERVICE SUPPLY CHAIN USING DEA (CASE STUDY: AIR AGENCY) Indian Journal Fundamntal and Applid Lif Scincs ISSN: 22 64 (Onlin) An Opn Accss, Onlin Intrnational Journal Availabl at www.cibtch.org/sp.d/jls/20/0/jls.htm 20 Vol. (S), pp. 466-47/Shams and Ghafouripour

More information