WorldWideScience

Sample records for oil market power

  1. Review and Outlook of China's Oil Market

    Institute of Scientific and Technical Information of China (English)

    Gong Jinshuang

    2006-01-01

    @@ Major features of China's oil market in 2005 China's oil market is changing under the influence of domestic economy and the international oil market, witnessing different characteristics from time to time.

  2. Taxation and Market Power

    NARCIS (Netherlands)

    Konrad, K.A.; Morath, F.; Müller, W.

    2010-01-01

    We analyze the incidence and welfare e¤ects of unit sales taxes in experimental monopoly and Bertrand markets. We nd, in line with economic theory, that rms with no market power are able to shift a high share of a tax burden on to consumers, independent of whether buyers are automated or human playe

  3. World Crude Oil Markets; Monetary Policy and the Recent Oil Shock

    OpenAIRE

    Noureddine Krichene

    2006-01-01

    This paper examines the relationship between monetary policy and oil prices within a world oil demand and supply model. Low price and high income elasticities of demand and rigid supply explain high price volatilities and producers' market power. Exchange and interest rates do influence oil market equilibrium. The relationship between oil prices and interest rates is a two-way relationship that depends on the type of oil shock. During a supply shock, rising oil prices caused interest rates to...

  4. Wholesale power marketing in restructured electricity markets

    Energy Technology Data Exchange (ETDEWEB)

    Sioshansi, F.P. [Convector Consulting Inc., Menlo Park, CA (United States); Altman, A. [Electric Power Research Institute, Palo Alto, CA (United States)

    1998-12-01

    Prior to 1992, very few people had heard the term power marketing. Today, power marketing is well-recognized, however, few people know what is behind the industry's exponential growth. This communication, which is based on a major study recently completed for the Electric Power Research Institute (EPRI), explains what power marketing is, who the power marketers are, what they do, and what's behind the industry's explosive growth in the past few years. It also explains what types of products and services power marketers offer, and what are the fundamental drivers of this demand. Understanding the last item is particularly significant, namely the growth of power marketing in the context of the rapid restructuring of the wholesale - soon to be followed by the retail - electricity markets in the US. (author)

  5. Heavy oil markets and investments

    Energy Technology Data Exchange (ETDEWEB)

    Forrest, Jackie [CERA North America (United States)

    2011-07-01

    With the depletion of traditional energy resources and the rising demand for energy, the exploitation of heavy oil resources is increasing. The aim of this paper is to present the heavy oil sector and to show which are the factors influencing heavy oil growth and production. A large part of heavy oil reserves lies in the Americas, with about 45% of the world's reserves in Latin America and over 35% in North America. The development of the heavy oil sector is dependent on economic, technological and environmental factors; greenhouse gas policies have important impacts on the development of the heavy oil industry as well as downstream market access. This presentation highlighted the great potential that North and South America have in terms of heavy oil but that the development of this sector will depend on several factors.

  6. Market Power Europe

    DEFF Research Database (Denmark)

    Kelstrup, Jesper Dahl

    2015-01-01

    Market Power Europe (MPE) constitutes an important contribution to the literature on the global role and actorness of the EU. In order to develop MPE as a theory, this contribution provides an assessment of how Russia, the USA and China have converged towards three EU trade policies in 2013...

  7. How equity markets view heavy oil

    Energy Technology Data Exchange (ETDEWEB)

    Janisch, M.L. [BMO Nesbitt Burns, Calgary, AB (Canada)

    2001-07-01

    A review of heavy oil economics was presented in this power point presentation with particular focus on investor motivation, the importance of heavy oil, and an outlook on commodity price for oil and natural gas. Heavy oil from oil sands is playing a major role on the Canadian domestic production front as well as globally. Almost all senior Canadian producers have a major heavy oil project in the works. Oil prices are forecasted to remain strong, but a more bullish outlook is expected for natural gas prices for both the short and long term. Natural gas drilling has increased, but the number of natural gas wells as a percentage of total wells has decreased. Recent Canadian drilling activity has placed more emphasis on crude oil production which has contributed to the lower overall natural gas drilling success rate. It was shown that infrastructure issues regarding tankers, refining capacity (at or near capacity) will be the major factor affecting the availability of crude products to market. It was also shown that heavy oil differentials have increased substantially, which could be a potential issue if oil prices begin to weaken. 1 tab., 12 figs.

  8. Green certificates and market power in the Nordic power market

    DEFF Research Database (Denmark)

    Amundsen, Eirik S; Bergman, Lars

    2012-01-01

    The purpose of this study is to elucidate under which circumstances, how, and to what extent market power on a Tradable Green Certificates (TGC) market can be used to affect an entire electricity market. There are basically two reasons for being concerned with this. One is that a small number...... principles and a numerical model based on that to investigate the Swedish TGC market operating in a setting of a common Nordic electricity market. The analysis shows that Swedish producers may exercise market power using the TGC-market but that this problem will be eliminated by opening the TGC-market...

  9. Oil and stock market volatility: A multivariate stochastic volatility perspective

    Energy Technology Data Exchange (ETDEWEB)

    Vo, Minh, E-mail: minh.vo@metrostate.edu

    2011-09-15

    This paper models the volatility of stock and oil futures markets using the multivariate stochastic volatility structure in an attempt to extract information intertwined in both markets for risk prediction. It offers four major findings. First, the stock and oil futures prices are inter-related. Their correlation follows a time-varying dynamic process and tends to increase when the markets are more volatile. Second, conditioned on the past information, the volatility in each market is very persistent, i.e., it varies in a predictable manner. Third, there is inter-market dependence in volatility. Innovations that hit either market can affect the volatility in the other market. In other words, conditioned on the persistence and the past volatility in their respective markets, the past volatility of the stock (oil futures) market also has predictive power over the future volatility of the oil futures (stock) market. Finally, the model produces more accurate Value-at-Risk estimates than other benchmarks commonly used in the financial industry. - Research Highlights: > This paper models the volatility of stock and oil futures markets using the multivariate stochastic volatility model. > The correlation between the two markets follows a time-varying dynamic process which tends to increase when the markets are more volatile. > The volatility in each market is very persistent. > Innovations that hit either market can affect the volatility in the other market. > The model produces more accurate Value-at-Risk estimates than other benchmarks commonly used in the financial industry.

  10. Power marketing and renewable energy

    Energy Technology Data Exchange (ETDEWEB)

    Fang, J.M.

    1997-09-01

    Power marketing refers to wholesale and retail transactions of electric power made by companies other than public power entities and the regulated utilities that own the generation and distribution lines. The growth in power marketing has been a major development in the electric power industry during the last few years, and power marketers are expected to realize even more market opportunities as electric industry deregulation proceeds from wholesale competition to retail competition. This Topical Issues Brief examines the nature of the power marketing business and its relationship with renewable power. The information presented is based on interviews conducted with nine power marketing companies, which accounted for almost 54% of total power sales by power marketers in 1995. These interviews provided information on various viewpoints of power marketers, their experience with renewables, and their respective outlooks for including renewables in their resource portfolios. Some basic differences exist between wholesale and retail competition that should be recognized when discussing power marketing and renewable power. At the wholesale level, the majority of power marketers stress the commodity nature of electricity. The primary criteria for developing resource portfolios are the same as those of their wholesale customers: the cost and reliability of power supplies. At the retail level, electricity may be viewed as a product that includes value-added characteristics or services determined by customer preferences.

  11. Oil Price Fluctuation Reflects International Power Balance

    Institute of Scientific and Technical Information of China (English)

    张宇燕; 管清友

    2008-01-01

    Due to the uncertainty of the oil economy,economists have yet to build a perfect analytical framework for the oil market.Over a period of time,oil price fluctuates according to the supply and demand of the international market.In the long run,however,given the political nature of oil,oil price fluctuation is also dependent on the power balance between oil consumer and producer countries.History has proven that the world energy landscape is constantly in a process of change and evolution,which underlies the increasing oil price uncertainty in the long run.From the perspective of the world energy landscape and its evolution,this article applies international political-economic methodology in addressing the energy security issues facing China,with the purpose of offering recommendations for further areas of energy research.

  12. Power from oil shale

    Energy Technology Data Exchange (ETDEWEB)

    Yerushalmi, J.; Wohlfarth, A.; Schwartz, M.; Luria, S.

    1988-02-01

    The possibilities for burning oil shale directly to generate a substantial fraction of Israel's electric power are to be investigated by means of a demonstration plant. The plant incorporates a fluidized bed reactor in which combustion tests have shown Israeli oil-shale will burn with high carbon utilization and without the need for supplementary fuel. Sulphur dioxide emissions are nearly all absorbed by the limestone that makes up about 50% of the shale. The design is for co-generation, supplying low pressure process steam for a chemical plant and electricity to the grid. Economic evaluation suggests that oil shale power generation in Israel could in the future be at least competitive with coal and under some circumstances have a cost advantage.

  13. Effect of Market Power in Electricity Markets

    Institute of Scientific and Technical Information of China (English)

    马歆; 侯志俭; 蒋传文; 刘涌

    2003-01-01

    The main objective of this paper is to show an overview analysis of market power issues.Market power reflects the scarcity of power supply.It is the ability of a particular seller or group of sellers to maintain prices profitably above competitive levels for a significant period of time.Because the electric power system has its own characteristics that are different to other economic systems,both physical factors and economic factors of power system are key elements on this definition.We study some cases here,including different line limit levels,load levels and bid strategy through a market model based on OPF (optimal power flow) with a decommitment algorithm.

  14. Assembling Markets for Wind Power

    DEFF Research Database (Denmark)

    Pallesen, Trine

    This project studies the making of a market for wind power in France. Markets for wind power are often referred to as ‘political markets: On the one hand, wind power has the potential to reduce CO2-emissions and thus stall the effects of electricity generation on climate change; and on the other...... hand, as an economic good, wind power is said to suffer from (techno-economic) ‘disabilities’, such as high costs, fluctuating and unpredictable generation, etc. Therefore, because of its performance as a good, it is argued that the survival of wind power in the market is premised on different...... instruments, some of which I will refer to as ‘prosthetic devices’. This thesis inquires into two such prosthetic devices: The feed-in tariff and the wind power development zones (ZDE) as they are negotiated and practiced in France, and also the ways in which they affect the making of markets for wind power....

  15. Medium-Term Oil Market Report 2006

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2006-07-01

    How much oil will the world consume in 2011? What role will OPEC play in global oil production? Will biofuels become an important part of the oil market? The International Energy Agencys (IEA) Medium-Term Oil Market Report tackles these questions, adopting a perspective that goes beyond the traditional short-term market analysis provided in the IEAs monthly Oil Market Report. Drawing on current futures curves and the investment threshold for upstream projects, the Medium-Term Oil Market Report analyses how global demand and supply balances may develop in the next five years. The forecasts look in detail at product demand and the supply potential from all the firmly planned individual upstream and downstream projects around the world. The results provide invaluable insights on vital issues such as surplus production capacity and product supply. The rapid pace of change in the oil market means that forecasts can become outdated very quickly. This interim update provides the opportunity to rebase the data and forecasts in the annual Medium-Term Oil Market Report and to discuss and analyse new issues affecting the oil industry. Policymakers, market analysts, energy experts and anyone interested in understanding and following trends in the oil market should find this report extremely useful.

  16. Retail Market of Oil Products Reshuffled Soon

    Institute of Scientific and Technical Information of China (English)

    2005-01-01

    @@ According to its commitments to the World Trade Organization, the Chinese government opened up China's oil products retail market fully on December 11, 2004. Centering on this important transition, a market pattern of multi-major-body will be appeared.

  17. Medium-Term Oil Market Report 2007

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2007-07-01

    How much oil will the world consume in 2012? What role will OPEC play in global oil production? Will biofuels become an important part of the oil market? How will the refinery sector cope? The International Energy Agency (IEA) Medium-Term Oil Market Report tackles these questions, adopting a perspective that goes beyond the traditional short-term market analysis provided in the IEA Oil Market Report. Drawing on current futures curves and the investment threshold for upstream projects, the Medium-Term Oil Market Report analyses how global demand and supply balances may develop. By assessing all firmly planned upstream and downstream projects worldwide, this report forecasts supply and demand potential for crude and petroleum products over the next five years. The results provide an invaluable insight into vital issues such as surplus production capacity and product supply. An essential report for all policymakers, market analysts, energy experts and anyone interested in understanding and following oil market trends, the Medium-Term Oil Market Report is a further element of the strong commitment of the IEA to improving and expanding the quality, timeliness and accuracy of energy data and analysis.

  18. Green Power Markets

    Science.gov (United States)

    The U.S. EPA's Green Power Partnership defines Green power is a subset of renewable energy and represents those renewable energy resources and technologies that provide the highest environmental benefit.

  19. Oil Market and Prices Prospects for 2014

    Directory of Open Access Journals (Sweden)

    Mariana Papatulica

    2013-10-01

    Full Text Available The international crude oil prices started the year 2014 within parameters comparable to those of the precedent year: WTI (USA recorded 92 $/barrel, on the American spot market, considered a minimum value for the last 5 weeks, while Brent (Great Britain had a more stable evolution, on the spot Rotterdam market, staying around a value of 107,50 $/barrel. Despite analysts’ forecasts, which during the last 3 years staked on a lower oil price, as a consequence of the spectacular increase in non-OPEC oil production, namely of shale oil, the international oil price, namely that of Brent, closed each of the last 3 years around the same level, of 108 $/barrel. As for 2014, the great majority of oil analysts estimates again a decline of oil prices, as a result of a significant rise of oil offer globally, which will greatly surpass the demand rise.

  20. Product Differentiation and Market Power in the California Gasoline Market

    OpenAIRE

    Germán Coloma

    1999-01-01

    This paper applies a model of market power measurement under product differentiation to the case of the gasoline market in California, using data for the period 1983-1989. Our results show that there is a considerable degree of product differentiation among major brands. This allows firms to exercise local market power over their own specific products, but there are also signals of an important degree of global market power. However, none of the four pure market structures analyzed (price tak...

  1. Analysis of China's Oil Products Market

    Institute of Scientific and Technical Information of China (English)

    Liang Gang

    2001-01-01

    @@ During the first half of 2001, the Chinese market of oil products suffered from shortage of resources with the prices falling in the first quarter but saw rapid growth in resources with the demand and price rising steadily.However, in June, the market demand growth began to slow down due to the price fall in the world market and the high market price at home. It is forecasted that the Chinese oil products market will have a steady growth in demand with a slowdown in the price rise and will fluctuate with the world market in the later half of this year. The growth rate will be lower than that of last year.

  2. Analysis of OPEC's Monopoly in Crude Oil Market

    Institute of Scientific and Technical Information of China (English)

    2006-01-01

    This article briefly and historically reviews the polices of the Organization of Petroleum Exporting Countries(OPEC) and analyzes the factors that facilitate or hinder OPEC's monopoly in the crude oil market. The industrial concentration ratio is chosen to measure OPEC's monopoly power based on the data from 1986 to 2004. It is concluded that OPEC possesses a long-standing cartel foundation and a rather strong monopoly in the world crude oil market. At the same time, there are unstable factors that influence and even weaken OPEC's monopoly.

  3. Scramble for Oil Power

    Institute of Scientific and Technical Information of China (English)

    2006-01-01

    Geopolitical as well as economic concerns underlie the worldwide rush to establish petroleum exchanges New oil exchange programs have recently been mushrooming around the world. The Shanghai Petroleum Exchange, which uses renminbi in its transactions, kicked off operations on August 18. In May, Iran

  4. Emissions markets, power markets and market power: A study of the interactions between contemporary emissions markets and deregulated electricity markets

    Science.gov (United States)

    Dormady, Noah Christopher

    Chapter 1: A Monte Carlo Approach. The use of auctions to distribute tradeable property rights to firms in already heavily concentrated markets may further exacerbate the problems of market power that exist within those markets. This chapter provides a model of a two-stage emissions market modeled after a contemporary regional permit trading market in the United States, the Regional Greenhouse Gas Initiative, Inc. (RGGI). It then introduces Oligopsony 1.0, a C# software package constructed in the .NET environment that simulates uniform-price auctions using stochastic Monte Carlo simulation for modeling market power in tradeable property rights auctions. Monte Carlo methods add a probabilistic element to standard auction theoretic equilibria. The results of these simulations indicate that there can be significant non-linearities between profit and market power as exercised through strategic demand reduction. This analysis finds the optimum point of strategic demand reduction that enables the firm to exploit these non-linearities, and it determines the probability distributions of these optima using kernel density analysis. Chapter 2: An Experimental Approach. How will emerging auction-based emissions markets function within the context of today's deregulated auction-based electricity markets? This chapter provides an experimental analysis of a joint energy-emissions market. The impact of market power and collusion among dominant firms is evaluated to determine the extent to which an auction-based tradeable permit market influences performance in an adjacent electricity market. The experimental treatment design controls for a variety of real-world institutional features, including variable demand, permit banking, inter-temporal (multi-round) dynamics, a tightening cap, and resale. Results suggest that the exercise of market power significantly increases electricity auction clearing prices, without significantly increasing emissions auction clearing prices, and in

  5. Vertical integration and market power

    Energy Technology Data Exchange (ETDEWEB)

    Maddigan, R.J.

    1980-01-01

    One of the continuing debates of industrial organization surrounds the importance of market structure in determining a firm's performance. This controversy develops naturally from the difficulties in measuring the relevant variables and the hazards of statistical analysis. The focus of this empirical study is the relationship between vertical integration, as an element of market structure, and market power, as a component of a firm's performance. The model presented in this paper differs from previous efforts because vertical integration is measured by the Vertical Industry Connections (VIC) index. VIC is defined as a function of the relative net interactions among the industries in which a firm operates, and is calculated by use of the national input-output tables. A linear regression model is estimated by means of a random sample of firms selected from the Standard and Poor's COMPUSTAT data base for 1963, 1967, and 1972. Combined cross-sectional, time-series methods are employed. The dependent variable is the price-cost margin; the independent variables include not only VIC, but also the concentration ratio, diversification index, value of assets, capital-output ratio, and sales growth. The results indicate that VIC is significant in increasing the price-cost margin, and thus support the hypothesis that vertical integration is a strategy to enhance market power. 1 figure, 3 tables.

  6. Market Design and Supply Security in Imperfect Power Markets

    DEFF Research Database (Denmark)

    Schwenen, Sebastian

    2014-01-01

    Supply security in imperfect power markets is modelled under different market designs. In a uniform price auction for electricity with two firms, strategic behaviour may leave firms offering too few capacities and unable to supply all realized demand. Market design that relies oncapacity markets...... increases available generation capacities for sufficiently high capacity prices and consequently decreases energy prices. However, equilibrium capacity prices are non-competitive. Capacity markets can increase security of supply, but cannot mitigate market power, which is exercised in the capacity market...

  7. Market power behaviour in the danish food marketing chain

    DEFF Research Database (Denmark)

    Jensen, Jørgen Dejgård

    2009-01-01

    The paper presents and demonstrates an econometric approach to analysing food industry firms' market pricing behaviour within the framework of translog cost functions and based on firm-level accounts panel data. The study identifies effects that can be interpreted as firms' market power behaviour...... in output or input markets. The most robust indications of market power behaviour in output markets are found in the pork and poultry processing sectors, as well as for firms in the bakeries sector. On the other hand, the most robust market power behaviour indications regarding input markets are found...... for poultry processing. In general, the patterns with regard to market power behaviour seem to be more clearly identified in the processing sectors than in the distribution sectors....

  8. Money, Markets and Social Power

    Directory of Open Access Journals (Sweden)

    Garry Jacobs

    2016-05-01

    Full Text Available The future science of Economics must be human-centered, value-based, inclusive, global in scope and evolutionary in perspective. It needs to be fundamentally interdisciplinary to reflect the increasingly complex sectoral interconnections that characterize modern society. It must also be founded on transdisciplinary principles of social existence and human development that constitute the theoretical foundation for all the human sciences. This paper examines three fundamental aspects of modern economy to illustrate the types of issues and perspectives relevant to a reformulation of Economics framed within a broader political, social, cultural, psychological and ecological context. It examines the social forces responsible for the present functioning of economies, which can be effectively addressed and controlled only when they are made conscious and explicit. Whatever the powers that have shaped its development in the past, the rightful aim of economic science is a system of knowledge that promotes the welfare and well-being of all humanity. Markets and money are instruments for the conversion of social potential into social power. They harness the power of organization to transform human energies into the capacity for social accomplishment. The distribution of rights and privileges in society determines how these social institutions function and who benefits. Freedom means access to social power and is only possible in the measure all forms of that power—political, economic and social—are equitably distributed. The current system is inherently biased in favor of privileged elites reinforcing domination by the more powerful. The emergence of the individual is the vanguard of social evolution and the widest manifestation of creative individuality is its pinnacle. This emergence can only be fully achieved in conditions of freedom and equality. Economic theory needs to make explicit the underlying forces determining the distribution of power and

  9. Peak Power Markets for Satellite Solar Power

    Science.gov (United States)

    Landis, Geoffrey A.

    2002-01-01

    This paper introduces first Indonesia, comprises 15,000 islands, has land area of two millions square kilometers. Extending from 95 to 141 degrees East longitude and from 6 degrees North to 11 degrees South latitude. Further the market of the Space Solar Power/SPS must be worldwide, including Indonesia. As we know, it can provide electricity anywhere in the world from the Earth's orbit, mostly Indonesia an equator country. We have to perform case studies of various countries to understand their benefits and disadvantages provided by the SSP, because each country has much different condition on energy from other countries. We are at the moment starting the international collaboration between Indonesia and Japan to carry out the case study for Indonesia. We understand that in Indonesia itself each province has much different micro-climate between one province compared to the other. In Japan, METI (Ministry of Economy, Trade and Industry) has already organized a committee to investigate the feasibility of Space Solar Power and to make a plan to launch a space demonstration of the SPS. While, Indonesia is quickly developing economy and increasing their energy demand. We are investigating the detailed energy conditions of Indonesia, the benefits and disadvantages of the Space Solar Power for Indonesia. Especially, we will perform the investigation on the receiving system for the Japanese pilot Space Power Satellite.

  10. Measuring efficiency of international crude oil markets: A multifractality approach

    Science.gov (United States)

    Niere, H. M.

    2015-01-01

    The three major international crude oil markets are treated as complex systems and their multifractal properties are explored. The study covers daily prices of Brent crude, OPEC reference basket and West Texas Intermediate (WTI) crude from January 2, 2003 to January 2, 2014. A multifractal detrended fluctuation analysis (MFDFA) is employed to extract the generalized Hurst exponents in each of the time series. The generalized Hurst exponent is used to measure the degree of multifractality which in turn is used to quantify the efficiency of the three international crude oil markets. To identify whether the source of multifractality is long-range correlations or broad fat-tail distributions, shuffled data and surrogated data corresponding to each of the time series are generated. Shuffled data are obtained by randomizing the order of the price returns data. This will destroy any long-range correlation of the time series. Surrogated data is produced using the Fourier-Detrended Fluctuation Analysis (F-DFA). This is done by randomizing the phases of the price returns data in Fourier space. This will normalize the distribution of the time series. The study found that for the three crude oil markets, there is a strong dependence of the generalized Hurst exponents with respect to the order of fluctuations. This shows that the daily price time series of the markets under study have signs of multifractality. Using the degree of multifractality as a measure of efficiency, the results show that WTI is the most efficient while OPEC is the least efficient market. This implies that OPEC has the highest likelihood to be manipulated among the three markets. This reflects the fact that Brent and WTI is a very competitive market hence, it has a higher level of complexity compared against OPEC, which has a large monopoly power. Comparing with shuffled data and surrogated data, the findings suggest that for all the three crude oil markets, the multifractality is mainly due to long

  11. Global Trends and Development Prospects for Oil and the Oil Products Market

    Directory of Open Access Journals (Sweden)

    Maria Dorozhkina

    2006-03-01

    Full Text Available This article discusses the important issue of the development of the global market of oil and oil products. It offers an overview of how this market was formed and its current status, classification, location and potential of countries in the oil and oil processing business. It analyzes the Ukrainian oil products market. The article discusses the shortcomings and strategic areas for the development of Ukraine’s oil transport system. It presents an optimum method for creating integration groups in order to develop the oil processing business in Ukraine for the future. The article considers the main trends and outlines development prospects for the global oil and oil products market.

  12. Market power in interactive environmental and energy markets

    DEFF Research Database (Denmark)

    Amundsen, Eirik S; Nese, Gjermund

    2017-01-01

    electricity and TGC markets, and focus on the role of market power (i.e., Stackelberg leadership). One result is that a certificate system faced with market power may collapse into a system of per-unit subsidies. Also, the model shows that TGCs may be an imprecise instrument for regulating the generation......A market for tradable green certificates (TGCs) is strongly interwoven in the electricity market in that the producers of green electricity are also the suppliers of TGCs. Therefore, strategic interaction may result. We formulate an analytic equilibrium model for simultaneously functioning...

  13. Asia-Pacific lube oil markets

    Energy Technology Data Exchange (ETDEWEB)

    Yamaguchi, N.

    2001-06-01

    An overview of the Asia-Pacific (AP) lubricating oils market, its special characteristics, and its role in the global economy are presented. In the 'boom and bust' years of 1997-1999, the Asia-Pacific market was even bigger then the US market. For the short-term, the scenario is surplus capacity and poor margins, but in the long term there is enormous potential for growth. How fuel demand and quality is related to engine type is discussed. The three basic grades of baseoils are described, and the Asia-Pacific lube demand and the Asia-Pacific lube oil supply are discussed. There are 15 diagrams giving data on: (i) finished lubes in world markets as a percentage of total; (ii) how lube demand follows GDP per capita in Asia; (iii) AP baseoil capacity relationships; (iv) AP baseoil disposition by end use; (v) AP changing shares of baseoil demand; (vi) AP finished lube demand by subregion; (vii) AP finished lube demand growth, indexed; (viii) AP baseoil capacity by region; Singapore baseoil vs. Dubai crude prices, 1992-99; (ix) Singapore baseoil vs. crude prices, 1992-99; (x) AP baseoil deficit moved to surplus; (xi) AP baseoil production; (xii) East Asia net percentage change in lube sales, 1997-1999. (xiii) Southeast Asia net percentage change in lube sales, 1997-1999; (xiv) South East Asia and Australia net percentage change in lube sales, 1997-1999 and (xv) Asia-Pacific major lube marketers.

  14. U.S. Solar Power Market

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2007-08-15

    The report provides an overview of the domestic market for solar, including a concise look at the steps being taken to grow solar power in the U.S. Topics covered include: an overview of solar power including its history, the current market environment, and its future prospects; an analysis of the key business factors that are driving interest in solar power; a description of solar power technologies; a review of the economics of solar power; a discussion of the key markets for solar power; and, profiles of domestic solar cell/module manufacturers.

  15. Implications of power marketing in post-restructured electricity markets

    Energy Technology Data Exchange (ETDEWEB)

    Sioshansi, F.P. [Convector Consulting Inc. (CCI), Menlo Park, CA (United States); Altman, A. [Electric Power Research Inst., Palo Alto, CA (United States)

    1998-12-31

    This paper, which is based on a major study recently completed for the Electric Power Research Institute (EPRI), explains what power marketing is, who the power marketers are, what they actually do, why they do what they do, and what`s behind the industry`s explosive growth in the past few years. This paper also explains what types of products and services power marketers offer, why these products and services are in demand, and what are the fundamental drivers of this demand. Understanding the last item is particularly significant, namely the growth of power marketing in the context of the rapid restructuring of the wholesale - soon to be followed by the retail - electricity markets in the US. Another equally important impetus is the passage of a couple of highly significant US federal legislation since 1992, in the absences of which there would be no power marketing industry as we know it today. Moreover, the paper describes many of the practices commonly employed by power marketers to manage and hedge risks, to take advantage of arbitrage opportunities, and to deliver value-added and structured products and services, which are among the hallmarks of the new industry. Finally, the paper speculates about the longer term growth potential of the new industry and how it may change the traditional electric power business. (orig.)

  16. Power laws and market crashes

    CERN Document Server

    Kaizoji, T

    2006-01-01

    In this paper, we quantitatively investigate the statistical properties of a statistical ensemble of stock prices. We selected 1200 stocks traded on the Tokyo Stock Exchange, and formed a statistical ensemble of daily stock prices for each trading day in the 3-year period from January 4, 1999 to December 28, 2001, corresponding to the period of the forming of the internet bubble in Japn, and its bursting in the Japanese stock market. We found that the tail of the complementary cumulative distribution function of the ensemble of stock prices in the high value of the price is well described by a power-law distribution, $ P(S>x) \\sim x^{-\\alpha} $, with an exponent that moves in the range of $ 1.09 < \\alpha < 1.27 $. Furthermore, we found that as the power-law exponents $ \\alpha $ approached unity, the bubbles collapsed. This suggests that Zipf's law for stock prices is a sign that bubbles are going to burst. PACS: 89.65.Gh

  17. Forecasting volatility of crude oil markets

    Energy Technology Data Exchange (ETDEWEB)

    Kang, Sang Hoon [Department of Business Administration, Gyeongsang National University, Jinju, 660-701 (Korea); Kang, Sang-Mok; Yoon, Seong-Min [Department of Economics, Pusan National University, Busan, 609-735 (Korea)

    2009-01-15

    This article investigates the efficacy of a volatility model for three crude oil markets - Brent, Dubai, and West Texas Intermediate (WTI) - with regard to its ability to forecast and identify volatility stylized facts, in particular volatility persistence or long memory. In this context, we assess persistence in the volatility of the three crude oil prices using conditional volatility models. The CGARCH and FIGARCH models are better equipped to capture persistence than are the GARCH and IGARCH models. The CGARCH and FIGARCH models also provide superior performance in out-of-sample volatility forecasts. We conclude that the CGARCH and FIGARCH models are useful for modeling and forecasting persistence in the volatility of crude oil prices. (author)

  18. The value-at-risk evaluation of Brent's crude oil market

    Science.gov (United States)

    Cheong, Chin Wen; Isa, Zaidi; Ying, Khor Chia; Lai, Ng Sew

    2014-06-01

    This study investigates the market risk of the Brent's crude oil market. First the long memory time-varying volatility is modelled under the Chung's specification. Second, for model adequacy evaluations on the heavy-tailed, long memory and endogenously estimated power transformation models indicated superior performance in out-of-sample forecasts. Lastly, these findings are further applied in the long and short trading positions of market risk evaluations of the Brent's market.

  19. Market power and provider consolidation in physician markets.

    Science.gov (United States)

    Kleiner, Samuel A; White, William D; Lyons, Sean

    2015-03-01

    Physician services comprise a substantial share of total health care spending, and the price of health care services has been cited as a key contributor to the disproportionately high rate of health care spending in the US. However, despite a large literature analyzing market power in the hospital and insurance industries, less is known about the extent to which physicians exercise market power. In this study we make use of a private health insurance claims data set to analyze physician market power for two specialties within three mid-sized US metropolitan areas. Using a method developed for hospital competition analysis, we estimate measures of consumer willingness-to-pay for physician practices within each of these markets and relate these to the prices paid to these practices for a set of physician services. Our results are suggestive of the presence of market power in the markets that we analyze. We simulate physician practice mergers for the two largest practices in each market for each specialty analyzed. Results suggest that practice mergers could result in price increases deemed significant by antitrust authorities in some markets but not in others.

  20. Alberta oil sands crudes : upgrading and marketing

    Energy Technology Data Exchange (ETDEWEB)

    Ashar, M. [Suncor Energy, Fort McMurray, AB (Canada)

    2008-05-15

    Open pit mining and in situ techniques, such as steam stimulation, are used to recover Alberta's bitumen and heavy oil resources, which have higher viscosities than conventional hydrocarbons. The bitumen is typically upgraded to synthetic crude oil (SCO). In the simplest processing scheme, the bitumen is blended with diluent for ease in pipeline transport and then processed at refineries with upgrading facilities. The bitumen is also upgraded to light SCO at world-scale upgraders in Alberta. The SCO is then processed at refineries in downstream markets. The 2 categories of upgrading, notably primary and secondary upgrading, were described in this article along with technology options for both categories. Slurry hydrocracking is regarded as the most interesting emerging residual fuel upgrading technology. It combines special catalyst mixes with the latest slurry reactor designs as well as innovative catalyst capture and recycle schemes to produce very high conversions and potentially superior upgrading economics. The increase in volume and rate of SCO from Alberta provides refiners in the oil sands marketing sector an unprecedented choice of opportunities to improve profitability. Key trends indicate that production will increase substantially from 2008 to 2030. 5 figs.

  1. Market Power in Power Markets: Evidence from Forward Prices of Electricity

    DEFF Research Database (Denmark)

    Christensen, Bent Jesper; Jensen, Thomas Elgaard; Mølgaard, Rune

    Council (the regulatory government agency) has ruled that Elsam has used its dominant position to obtain excessive spot prices over a period from July 2003 through December 2006. We show that significant forward premia exist, and that they are related both to spot market volatility and misuse of market......We examine the forward market for electricity for indications of misuse of market power, using a unique data set on OTC price indications posted by Elsam A/S, the dominant producer in Western Denmark, which is one of the price areas under the Nordic power exchange Nord Pool. The Danish Competition...... power in the spot market, indicating that misuse of market power in the forward market accompanied that which took place in the spot market, according to this ruling. This is consistent with the hypothesis that Elsam used the forward market to disguise its spot market manipulation. The findings...

  2. Market Efficiency in the Crude Oil Futures Market - an Empirical Study after the Shale Oil Revolution

    OpenAIRE

    Lade, Ragne Myrhol

    2016-01-01

    This thesis has studied efficiency in the crude oil futures market for WTI and the Brent Blend for a period including the “shale oil revolution”. The main objective was to provide new information by investigating a period in time not much explored in already published articles. Furthermore, the thesis sought to close a gap of earlier empirical studies performed, by combining the two crude oil types and including up to 6 months maturities for futures contracts, while at the same time having a ...

  3. Three essays on "making" electric power markets

    Science.gov (United States)

    Kench, Brian Thomas

    2000-10-01

    Technological change over the past three decades has altered most of the basic conditions in the electric power industry. Because of technical progress, the dominant paradigm has shifted from the provision of electric power by regulated and vertically integrated local natural monopolies to competition and vertical separation. In the first essay I provide a historical context of the electric industry's power current deregulation debate. Then a dynamic model of induced institutional change is used to investigate how endogenous technological advancements have induced radical institutional change in the generation and transmission segments of the electric power industry. Because the Federal Energy Regulatory Commission (FERC) ordered regulated utilities to provide open access to their transmission networks and to separate their generation and transmission functions, transmission networks have been used more intensively and in much different ways then in the past. The second essay tests experimentally the predictions of neoclassical theory for a radial electric power market under two alternative deregulated transmission institutions: financial transmission rights and physical transmission rights. Experimental evidence presented there demonstrates that an electric power market with physical transmission rights governing its transmission network generates more "right" market signals relative to a transmission network governed by financial transmission rights. The move to a greater reliance on markets for electric power is an idea that has animated sweeping and dramatic changes in the traditional business of electric power. The third essay examines two of the most innovative and complex initiatives of making electric power markets in the United States: California and PJM. As those markets mature and others are made, they must revise their governance mechanisms to eliminate rules that create inefficiency and adopt rules that work efficiently elsewhere. I argue that

  4. Market integration of Virtual Power Plants

    DEFF Research Database (Denmark)

    Petersen, Mette Kirschmeyer; Hansen, Lars Henrik; Bendtsen, Jan Dimon

    2013-01-01

    We consider a direct control Virtual Power Plant, which is given the task of maximizing the profit of a portfolio of flexible consumers by trading flexibility in Energy Markets. Spot price optimization has been quite intensively researched in Smart Grid literature lately. In this work, however, we...... develop a three stage market model, which includes Day-Ahead (Spot), Intra-Day and Regulating Power Markets. This allows us to test the hypothesis that the Virtual Power Plant can generate additional profit by trading across several markets. We find that even though profits do increase as more markets...... are penetrated, the size of the profit is strongly dependent on the type of flexibility considered. We also find that penetrating several markets makes profits surprisingly robust to spot price prediction errors....

  5. Marketing of wind power; Vermarktung von Windenergie

    Energy Technology Data Exchange (ETDEWEB)

    Roon, Serafin von [Forschungsstelle fuer Energiewirtschaft e.V., Muenchen (Germany)

    2011-07-01

    With the integration of the fluctuating production in the system of power supply, there is the question about the impact on the electricity market. The special features of the commercialization of wind energy are: (1) The production exclusively takes place supply-dependent; (2) With fex exceptions, the supplied current is compensated according to the Renewable Energy Law; (3) The actual sale is performed by the operators of transmission systems; (4) The marginal cost are close to zero; (5) The day-ahead marketing solely based on a faulty prognosis. The author of the contribution under consideration reports on the actors and the process of wind power marketing. The alternative of direct marketing and the associated barriers and opportunities are discussed. The impact of the marketing of wind power on pricing in the electricity market is shown by means of an empirical analysis. The compensation amounts are be quantified, and the resulting cost to the balance of the forecast error are estimated.

  6. Power marketing; Il commercio di elettricita`

    Energy Technology Data Exchange (ETDEWEB)

    Sioshansi, F.P. [Convector Consulting NA Inc., Menlo Park, CA (United States); Altman, A.M. [EPRI, Palo Alto, CA (United States)

    1998-12-01

    One of the most significant developments in the US electric power industry in recent years has been the phenomenal growth of power marketing. What was barely a blimp on the radar screen in 1992 has turned out to be a jumbo jet. This article explains what is power marketing who are power marketers, what role play these players and what will be their longer-term impact on the traditional industry. [Italiano] Lo straordinario sviluppo del commercio di elettricita` negli ultimi anni e` uno dei fenomeni piu` significativi del mercato elettrico degli Stati Uniti. Cio` che nel 1992 appariva sugli schermi radar come un piccolo dirigibile si e` trasformato in un jumbo jet. Questo articolo illustra cos`e` il commercio di elettricita`, chi sono i power marketers e che ruolo hanno, quale potra` essere l`impatto delle loro attivita` sull`industria tradizionale nel piu` lungo periodo.

  7. Review and Outlook of China's Oil Market in 2010

    Institute of Scientific and Technical Information of China (English)

    Gong Jinshuang

    2010-01-01

    @@ China speeded up economic restructuring,energy saving and emission reduction,development of new energy and alternative energy,so it witnessed a rapid economic growth in the first half of 2010.International oil market was kept relatively stable,and oil prices fluctuated smaller.China timely adjusted domestic product oil prices,and domestic oil market showed faster growth of supply and demand and a declined growth rate.The market was relatively stable,and retail price competition became regular.In the latter half of the year,China's economy and national policies as well as the international oil market will continue the development trend of the first half; domestic oil market will show essentially similar characteristics.

  8. Spillover effects of oil price shocks across stock markets

    Science.gov (United States)

    Ng, Zhan Jian; Sek, Siok Kun

    2014-12-01

    Oil price shock can impose detrimental effects to an economy. In this study, we empirically study the spillover effects of oil price shock on determining volatilities of stock markets across the main oil importing and oil producing countries. In particular, we are interested to compare the relative impact of oil price shock on the volatilities of stock markets and how each stock market reacts to oil price shock for oil importing and oil producing countries. We focus the study in four main oil importer and four oil producers respectively using the daily data starting from January 2009 to December 2013. The multivariate GARCH(1,1) model is applied for the purpose of this study. The results of the study suggest that there exist spillover effect between crude oil price and stock returns for all the countries. The short run persistency of spillover effect in oil-exporting countries is lower than oil-importing countries but the long run persistency of spillover effect in oil-exporting countries is higher than oil-importing countries. In general the short run persistency is smaller and the long run persistency is very high. The results hold for volatility of oil price and stock returns and also spillover volatility in all countries.

  9. Do structural oil-market shocks affect stock prices?

    Energy Technology Data Exchange (ETDEWEB)

    Apergis, Nicholas [Department of Banking and Financial Management, University of Piraeus, 80 Karaoli and Dimitriou Str, 18534 Piraeus (Greece); Miller, Stephen M. [Department of Economics, University of Nevada, Las Vegas, Nevada (United States)

    2009-07-15

    This paper investigates how explicit structural shocks that characterize the endogenous character of oil price changes affect stock-market returns in a sample of eight countries - Australia, Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. For each country, the analysis proceeds in two steps. First, modifying the procedure of Kilian [Not All Oil Price Shocks are Alike: Disentangling Demand and Supply Shocks in the Crude Oil Market. American Economic Review.], we employ a vector error-correction or vector autoregressive model to decompose oil-price changes into three components: oil-supply shocks, global aggregate-demand shocks, and global oil-demand shocks. The last component relates to specific idiosyncratic features of the oil market, such as changes in the precautionary demand concerning the uncertainty about the availability of future oil supplies. Second, recovering the oil-supply shocks, global aggregate-demand shocks, and global oil-demand shocks from the first analysis, we then employ a vector autoregressive model to determine the effects of these structural shocks on the stock market returns in our sample of eight countries. We find that international stock market returns do not respond in a large way to oil market shocks. That is, the significant effects that exist prove small in magnitude. (author)

  10. Market Based Analysis of Power System Interconnections

    Science.gov (United States)

    Obushevs, Artjoms; Turcik, Mario; Oleinikova, Irina; Junghans, Gatis

    2011-01-01

    Analysis in this Article is focused on usage of transmission grid under liberalized market with implicit transmission capacity allocation method, e.g. Nordic market. Attention is paid on fundamental changes in transmission utilization and its economical effective operation. For interconnection and power flow analysis and losses calculation model of Nordic grid was developed and transmission losses calculation method was created. Given approach will improve economical efficiency of system operation in electricity market conditions.

  11. The international oil market; Mercado petrolero internacional

    Energy Technology Data Exchange (ETDEWEB)

    Romo R, Daniel; Galina H, Sergio; Perez A, Alfonso [Instituto Mexicano del Petroleo (IMP), Mexico, D.F. (Mexico)

    2006-11-15

    In the last years, the international prices of oil have shown a bullish behavior that was accelerated from the 2003 to date. This work has the objective of making a diagnosis of the structural and conjunctural factors that determine the present behavior of the international oil market, and in particular of its price level, with base in establishing general guidelines over its behavior in the medium term. It is concluded that the international demand of oil will show a smaller growth of the energy consumption and that the efforts made by the producers will be able to take care of that demand, but that the prices of the marking crudes will stay at least above 50 dollars per barrel during the balance of the decade. [Spanish] En los ulimos anos, los precios internacionales del petroleo han mostrado un comportamiento alcista que se acelero desde 2003 a la fecha. Este trabajo tiene el objetivo de realizar un diagnostico de los factores estructurales y coyunturales que determinan el comportamiento actual del mercado petrolero internacional, y en particular de su nivel de precios. Con base en establecen lineamentos generales sobre su comportamiento en el mediano plazo. Se concluye que la demanda internacional de petroleo mostrara un menor crecimiento del consumo de energia y que los esfuerzos realizados por los productores podran atender esa demanda, pero que los precios de los crudos marcadores se mantendran al menos por arriba de los 50 dolares por barril en lo que resta de la decada.

  12. A Market-Based Virtual Power Plant

    DEFF Research Database (Denmark)

    You, Shi; Træholt, Chresten; Poulsen, Bjarne

    2009-01-01

    The fast growing penetration of Distributed Energy Resources (DER) and the continuing trend towards a more liberalized electricity market requires more efficient energy management strategies to handle both emerging technical and economic issues. In this paper, a market-based Virtual Power Plant...

  13. Resonating models for the electric power market.

    Science.gov (United States)

    Lucheroni, Carlo

    2007-11-01

    This paper describes the economic phenomenon of price spiking in electric power markets and introduces an alternative way to model it. A stochastic FitzHugh-Nagumo dynamics in a special regime is proposed as a basic model for the power market, and an extension of the FitzHugh-Nagumo system is introduced to improve the statistical features of the basic model. Ideas from stochastic and coherence resonance are used to discuss the models.

  14. Development of Danish Wind Power Market

    DEFF Research Database (Denmark)

    Meyer, Niels I

    2007-01-01

    The modern phase of Danish wind power started after the oil crisis in 1973. During the eighties technological development resulted in increased cost efficiency. In the early nineties favourable feed-in tariffs were introduced together with easy access to the grid. As a result wind power was booming...

  15. Market analysis of shale oil co-products. Appendices

    Energy Technology Data Exchange (ETDEWEB)

    1980-12-01

    Data are presented in these appendices on the marketing and economic potential for soda ash, aluminia, and nahcolite as by-products of shale oil production. Appendices 1 and 2 contain data on the estimated capital and operating cost of an oil shales/mineral co-products recovery facility. Appendix 3 contains the marketing research data.

  16. Power generation in the open market

    Energy Technology Data Exchange (ETDEWEB)

    Crossett, T. (National Society for Clean Air, Brighton (UK))

    1992-09-01

    The article describes power generation in the United Kingdom. The open market for electricity, in which generators compete to supply electricity to the National Grid Company, is described. Other aspects discussed are: types of power plant; engineering challenges associated with different types of power plant; combined heat and power (CHP) systems; fossil fuel emissions; fossil fuel reserves; energy efficiency; and environmental costs. 1 fig., 4 tabs.

  17. Market integration of Virtual Power Plants

    DEFF Research Database (Denmark)

    Petersen, Mette Kirschmeyer; Hansen, Lars Henrik; Bendtsen, Jan Dimon;

    2013-01-01

    We consider a direct control Virtual Power Plant, which is given the task of maximizing the profit of a portfolio of flexible consumers by trading flexibility in Energy Markets. Spot price optimization has been quite intensively researched in Smart Grid literature lately. In this work, however, w...... are penetrated, the size of the profit is strongly dependent on the type of flexibility considered. We also find that penetrating several markets makes profits surprisingly robust to spot price prediction errors.......We consider a direct control Virtual Power Plant, which is given the task of maximizing the profit of a portfolio of flexible consumers by trading flexibility in Energy Markets. Spot price optimization has been quite intensively researched in Smart Grid literature lately. In this work, however, we...... develop a three stage market model, which includes Day-Ahead (Spot), Intra-Day and Regulating Power Markets. This allows us to test the hypothesis that the Virtual Power Plant can generate additional profit by trading across several markets. We find that even though profits do increase as more markets...

  18. Wind power generation and dispatch in competitive power markets

    Science.gov (United States)

    Abreu, Lisias

    Wind energy is currently the fastest growing type of renewable energy. The main motivation is led by more strict emission constraints and higher fuel prices. In addition, recent developments in wind turbine technology and financial incentives have made wind energy technically and economically viable almost anywhere. In restructured power systems, reliable and economical operation of power systems are the two main objectives for the ISO. The ability to control the output of wind turbines is limited and the capacity of a wind farm changes according to wind speeds. Since this type of generation has no production costs, all production is taken by the system. Although, insufficient operational planning of power systems considering wind generation could result in higher system operation costs and off-peak transmission congestions. In addition, a GENCO can participate in short-term power markets in restructured power systems. The goal of a GENCO is to sell energy in such a way that would maximize its profitability. However, due to market price fluctuations and wind forecasting errors, it is essential for the wind GENCO to keep its financial risk at an acceptable level when constituting market bidding strategies. This dissertation discusses assumptions, functions, and methodologies that optimize short-term operations of power systems considering wind energy, and that optimize bidding strategies for wind producers in short-term markets. This dissertation also discusses uncertainties associated with electricity market environment and wind power forecasting that can expose market participants to a significant risk level when managing the tradeoff between profitability and risk.

  19. Medium-Term Oil Market Report (MTOMR) 2008

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2008-07-15

    Why have oil prices hit US$140 per barrel? How strong will oil demand be in the upcoming years? Will supply of crude oil, natural gas liquids and biofuels be sufficient to meet this future demand? And, no less crucially, what investments in refining capacity and technology can we expect and will these help ease some of the imbalance in strained oil product markets? The Medium-Term Oil Market Report (now in its third year) published by the International Energy Agency (IEA) has become a new benchmark, complementing the short-term market analysis provided in the IEA Oil Market Report. This year's edition reappraises all upstream and downstream projects worldwide, setting them against a revised demand forecast and expanding the time horizon to 2013. Special features this year include in-depth analyses of price formation, transport trends, non-OECD economies, non-OPEC production decline, project slippage, key crude export pipeline developments and a stronger emphasis on product supply bottlenecks. An essential report for all policy makers, market analysts, energy experts and anyone interested in understanding and following oil market trends, the Medium-Term Oil Market Report is a further element of the strong commitment of the IEA to improving and expanding the quality, timeliness and accuracy of energy data and analysis.

  20. Discussion on Power Market Mode of Central China

    Institute of Scientific and Technical Information of China (English)

    He Zhaocheng; Ye Qing

    2007-01-01

    @@ Central China power system is one of the large regional power grids carrying out power market demonstrative project. Because of lacking power market experience, a lot of problems need to be thoroughly discussed.

  1. Wind Generators and Market Power

    DEFF Research Database (Denmark)

    Misir, Nihat

    oligopoly model, ownership of the wind generators by owners of fossil-fueled (peakload) generators decreases total peakload production and increases the market price. These effects increase with total wind generation and aggregate wind generator ownership. In the real options model, start up and shut down...... price thresholds are significantly higher when the monopolist at the peakload level owns both types of generators. Furthermore, when producing electricity with the peakload generator, the monopolist can avoid facing prices below marginal cost by owning a certain share of the wind generators....

  2. Voluntary Green Power Market Forecast through 2015

    Energy Technology Data Exchange (ETDEWEB)

    Bird, L.; Holt, E.; Sumner, J.; Kreycik, C.

    2010-05-01

    Various factors influence the development of the voluntary 'green' power market--the market in which consumers purchase or produce power from non-polluting, renewable energy sources. These factors include climate policies, renewable portfolio standards (RPS), renewable energy prices, consumers' interest in purchasing green power, and utilities' interest in promoting existing programs and in offering new green options. This report presents estimates of voluntary market demand for green power through 2015 that were made using historical data and three scenarios: low-growth, high-growth, and negative-policy impacts. The resulting forecast projects the total voluntary demand for renewable energy in 2015 to range from 63 million MWh annually in the low case scenario to 157 million MWh annually in the high case scenario, representing an approximately 2.5-fold difference. The negative-policy impacts scenario reflects a market size of 24 million MWh. Several key uncertainties affect the results of this forecast, including uncertainties related to growth assumptions, the impacts that policy may have on the market, the price and competitiveness of renewable generation, and the level of interest that utilities have in offering and promoting green power products.

  3. The world oil market is one great pool: A response

    Energy Technology Data Exchange (ETDEWEB)

    Rodriguez, A.E.; Williams, M.D

    1993-01-01

    The authors offer a response to Weiner's (1993) criticism of their article in Energy Studies Review (1993). They stand by their original conclusion that the crude oil market is a world market in the relatively short run, and that it is appropriate to define regionalism in terms of geographic antitrust markets. The authors also contend that Weiner incorrectly specified his model by analyzing individual crude oils, which leads to specifying inappropriately narrow geographic markets. It is pointed out that the authors found typical correlation coefficients of over 90% between monthly changes in different market crude prices, and that the appropriate order for their vector autoregression model was four months. These suggest that nearly all the response of one crude oil to movements in price of another occurs rapidly. Further arguments are presented to show that the residual demand curve for oil is very elastic and consequently the oil market is not functionally regionalized. In a regression analysis, 98.7% of the variance in domestic prices is explained by the exogenous variables. A statistically significant and sizeable relationship is also found between domestic and imported crude oil prices, consistent with the authors' previous finding of a homogeneous world oil market. 8 refs., 1 tab.

  4. Market Prices in a Power Market with more than 50% Wind Power

    DEFF Research Database (Denmark)

    Skytte, Klaus; Grohnheit, Poul Erik

    2017-01-01

    of wind power production and that it would be hard to get good and stable prices. However, analyses in this chapter show that the Nordic power market works, extreme events have been few, and the current infrastructure and market organization has been able to handle the amount of wind power installed so......Denmark has the highest proportion of wind power in the world. Wind power provided a world record of 39.1% of the total annual Danish electricity consumption in 2014 with as much as 51.7% in Western Denmark. Many would argue that the present power markets are not designed for such high shares...... far. It is found that geographical bidding areas for the wholesale electricity market reflect external transmission constraints caused by wind power. The analyses in this chapter use hourly data from West Denmark—which has the highest share of wind energy in Denmark and which is a separate price area...

  5. Developments in the world oil market. Ontwikkelingen op de wereldoliemarkt

    Energy Technology Data Exchange (ETDEWEB)

    De Vrij, G.

    1992-01-01

    A brief overview is given of the title subject. Attention is paid to the production of oil from OPEC and from non-OPEC countries, the effect of the Gulf War and the developments in the late Soviet Union on the supply and demand of the oil, and the volatility of the oil price. Future developments of the oil price are discussed on the basis of a risk scenario, which takes into account the return of Irak and Kuwait on the oil market and the low production of oil from the USSR. 2 figs.

  6. Shale oil specialty markets: Screening survey for United States applications

    Energy Technology Data Exchange (ETDEWEB)

    1987-12-01

    EG and G requested J. E. Sinor Consultants Inc. to carry out an initial screening study on the possibilities for producing specialty chemicals from oil shale. Raw shale oil is not an acceptable feedstock to refineries and there are not enough user of heavy fuel oil in the western oil shale region to provide a dependable market. The only alternatives are to hydrotreat the oil, or else ship it long distances to a larger market area. Either of these alternatives results in a cost penalty of several dollars per barrel. Instead of attempting to enter the large-volume petroleum products market, it was hypothesized that a small shale oil facility might be able to produce specialty chemicals with a high enough average value to absorb the high costs of shipping small quantities to distant markets and still provide a higher netback to the plant site than sales to the conventional petroleum products market. This approach, rather than attempting to refine shale oil or to modify its characteristics to satisfy the specifications for petroleum feedstocks or products, focuses instead on those particular characteristics which distinguish shale oil from petroleum, and attempts to identify applications which would justify a premium value for those distinctive characteristics. Because byproducts or specialty chemicals production has been a prominent feature of oil shale industries which have flourished for periods of time in various countries, a brief review of those industries provides a starting point for this study. 9 figs., 32 tabs.

  7. Application of Designing Economic Mechanisms to Power Market - Part 1 Generation Side Power Market Design

    Directory of Open Access Journals (Sweden)

    XIE Qingyang

    2013-04-01

    Full Text Available The paper studies on the core philosophy and algorithm of the designing economic mechanisms theory, a new algorithm of designing incentive compatible power market mechanisms is proposed, a generation side power market mechanism model which has features of inventive compatibility, informationally efficient and decentralized decision is constructed. The power market based on the designing economic mechanisms theory can lead to the Pareto Optimality of the resource allocation; meanwhile GENCOs are permitted to pursue profits maximization. The paper is in two parts. Part 1 focuses on the process of constructing a generation side power market competitive mechanism model based on the designing economic mechanisms theory. Part 2 presents the characteristic analysis of the generation side power market competitive mechanism.

  8. Research in power systems: power quality and electricity market

    OpenAIRE

    Amarís Duarte, Hortensia; Usaola, Julio

    2008-01-01

    The research group REDES from UC3M has experience on electricity market, grid integration of wind energy and power quality. The group may offer consulting activities with a high component of research. We are looking for the collaboration of companies devoted to the consulting related to electricity markets, the integration of wind power in the electricity network, and with power quality. Contrato Programa de Comercialización e Internacionalización. Sistema Regional de Investigación Científ...

  9. Wind power and the conditions at a liberalized power market

    Science.gov (United States)

    Morthorst, P. E.

    2003-07-01

    Wind power is undergoing a rapid development nationally as well as globally and in a number of countries covers an increasing part of the power supply. At the same time an ongoing liberalization of power markets is taking place and to an increasing extent the owners of wind power plants will themselves have to be responsible for trading the power at the spot market and financially handling the balancing. In the western part of Denmark (Jutland/Funen area), wind-generated power from time to time covers almost 100% of total power consumption. Therefore some examples are chosen from this area to analyse in more detail how well large amounts of wind power in the short-term are handled at the power spot market. It turns out that there is a tendency that more wind power in the system in the short run leads to relatively lower spot prices, while less wind power implies relatively higher spot prices, although, with the exception of December 2002, in general no strong relationship is found. A stronger relationship is found at the regulating market, where there is a fairly clear tendency that the more wind power produced, the higher is the need for down-regulation, and, correspondingly, the less wind power produced, the higher is the need for up-regulation. In general for the Jutland/Funen area the average cost of down-regulation is calculated as 1.2 c/kWh regulated for 2002, while the cost of up-regulation amounts to 0.7 c/kWh regulated.

  10. Multifractal detrended cross-correlations between crude oil market and Chinese ten sector stock markets

    Science.gov (United States)

    Yang, Liansheng; Zhu, Yingming; Wang, Yudong; Wang, Yiqi

    2016-11-01

    Based on the daily price data of spot prices of West Texas Intermediate (WTI) crude oil and ten CSI300 sector indices in China, we apply multifractal detrended cross-correlation analysis (MF-DCCA) method to investigate the cross-correlations between crude oil and Chinese sector stock markets. We find that the strength of multifractality between WTI crude oil and energy sector stock market is the highest, followed by the strength of multifractality between WTI crude oil and financial sector market, which reflects a close connection between energy and financial market. Then we do vector autoregression (VAR) analysis to capture the interdependencies among the multiple time series. By comparing the strength of multifractality for original data and residual errors of VAR model, we get a conclusion that vector auto-regression (VAR) model could not be used to describe the dynamics of the cross-correlations between WTI crude oil and the ten sector stock markets.

  11. Environmental Assessment for power marketing policy for Southwestern Power Administration

    Energy Technology Data Exchange (ETDEWEB)

    1993-12-01

    Southwestern Power Administration (Southwestern) needs to renew expiring power sales contracts with new term (10 year) sales contracts. The existing contracts have been in place for several years and many will expire over the next ten years. Southwestern completed an Environmental Assessment on the existing power allocation in June, 1979 (a copy of the EA is attached), and there are no proposed additions of any major new generation resources, service to discrete major new loads, or major changes in operating parameters, beyond those included in the existing power allocation. Impacts from a no action plan, proposed alternative, and market power for less than 10 years are described.

  12. Oil price shocks and stock market activity

    Energy Technology Data Exchange (ETDEWEB)

    Sadorsky, P. [Schulich School of Business, York University, Toronto, ON (Canada)

    1999-10-01

    Results from a vector autoregression show that oil prices and oil price volatility both play important roles in affecting real stock returns. There is evidence that oil price dynamics have changed. After 1986, oil price movements explain a larger fraction of the forecast error variance in real stock returns than do interest rates. There is also evidence that oil price volatility shocks have asymmetric effects on the economy. 29 refs.

  13. Market Power in the Czech Banking Sector

    Directory of Open Access Journals (Sweden)

    Řepková Iveta

    2012-03-01

    Full Text Available This paper estimates the market power in the Czech banking sector during the period 2000 2010. In order to measure the degree of market power in the Czech banking sector, the authors used the Lerner index, the Herfindahl-Hirschman index and the concentration ratio. The Lerner index is applied to data from 15 banks, which covers about 90% of the Czech banking market. The paper describes the theoretical framework of the competition, especially the Lerner index and measures of concentration. Authors also compute separate Lerner index for the Czech credit market and the Czech deposit market. The estimations of the Lerner index do not confirm either monopoly or perfect competition structure in the Czech banking sector over the period analyzed. The competition decreased in the period 2000-2005 which was affected by the decrease in the price of funds and capital. However, the competition increased in the period 2005-2010, and it was influenced by the increase in the price of funds and capital. From the value obtained from the Lerner index, it was found that the lowest competition was in the deposit market.

  14. Market Survey on Oil and Gas in Algeria

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2007-09-15

    The purpose of this market survey is to provide adequate information concerning the Oil and Gas sector in Algeria to interested Dutch investors and suppliers to be aware of the potential and the opportunities available in this sector.

  15. Modelling conditional correlations for risk diversification in crude oil markets

    NARCIS (Netherlands)

    C-L. Chang (Chia-Lin); M.J. McAleer (Michael); R. Tansuchat (Roengchai)

    2009-01-01

    textabstractThis paper estimates univariate and multivariate conditional volatility and conditional correlation models of spot, forward and futures returns from three major benchmarks of international crude oil markets, namely Brent, WTI and Dubai, to aid in risk diversification. Conditional

  16. Operations Management in Short Term Power Markets

    DEFF Research Database (Denmark)

    Heide-Jørgensen, Ditte Mølgård

    in the way the dynamic programming algorithm handles the integer variables leading to two different non-anticipativity assumptions. In the fourth chapter Open- and closed-loop equilibrium models for the day-ahead and balancing markets we look into how power producers act in market which is not perfectly....... The model is formulated with both an open-loop and closed-loop approach, and we find that the solution to the more realistic, but also computationally harder closed-loop model differs substantially from the open-loop solution. Again the day-ahead market is assumed to have hourly time resolution......Electricity market models have often been modelled as deterministic or at most two-stage stochastic models with an hourly time resolution. This thesis looks into possible ways of extending such models and formulating new models to handle both higher time resolution than hourly and stochastics...

  17. Monetary policy and market power in banking

    NARCIS (Netherlands)

    Toolsema-Veldman, Linda

    Applying a spatial competition model to banking, we analyze the effects of the choice of a monetary policy rule by the central bank on banks' market power as measured by the Lerner index. We show that a procyclical monetary policy may reinforce the countercyclical movement of the Lerner index. That

  18. Monetary policy and market power in banking

    NARCIS (Netherlands)

    Toolsema-Veldman, Linda

    2003-01-01

    Applying a spatial competition model to banking, we analyze the effects of the choice of a monetary policy rule by the central bank on banks' market power as measured by the Lerner index. We show that a procyclical monetary policy may reinforce the countercyclical movement of the Lerner index. That

  19. Real-time Pricing in Power Markets

    DEFF Research Database (Denmark)

    Boom, Anette; Schwenen, Sebastian

    to satisfy demand from retailers acting on behalf of subscribed customers and from consumers with real-time meters. Increasing the number of consumers on real-time pricing does not always increase welfare since risk-averse consumers dislike uncertain and high prices arising through market power...

  20. Review and Outlook of China's Oil Market

    Institute of Scientific and Technical Information of China (English)

    Gong Jinshuang

    2006-01-01

    @@ In the first half of 2006, growth of oil supply in China slowed down and the growth rate of actual consumption was kept stable. Oil imports and apparent consumption increased rapidly, and the oil price went up to the historical records. In the future, growth of oil supply in China will still be restrained and oil import will remain a relatively high growth rate in the latter half of 2006.Compared to actual consumption, which will still be stabilized, the growth rate of apparent consumption will be higher. The oil price will linger at high-level.

  1. Extreme-volatility dynamics in crude oil markets

    Science.gov (United States)

    Jiang, Xiong-Fei; Zheng, Bo; Qiu, Tian; Ren, Fei

    2017-02-01

    Based on concepts and methods from statistical physics, we investigate extreme-volatility dynamics in the crude oil markets, using the high-frequency data from 2006 to 2010 and the daily data from 1986 to 2016. The dynamic relaxation of extreme volatilities is described by a power law, whose exponents usually depend on the magnitude of extreme volatilities. In particular, the relaxation before and after extreme volatilities is time-reversal symmetric at the high-frequency time scale, but time-reversal asymmetric at the daily time scale. This time-reversal asymmetry is mainly induced by exogenous events. However, the dynamic relaxation after exogenous events exhibits the same characteristics as that after endogenous events. An interacting herding model both with and without exogenous driving forces could qualitatively describe the extreme-volatility dynamics.

  2. Medium-Term Oil Market Report 2012: Market Trends and Projections to 2017

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2012-07-01

    Supply shortfalls – from the Libyan civil war in 2011 and international sanctions on Iran in 2012 to a swathe of unplanned non-OPEC output stoppages – have buffeted the oil market, sending prices near 2008 highs and rekindling debate on the role of speculation in fuelling volatility. There have also been success stories. Growth in North American light, tight oil and non-conventional supply has reached game-changing levels. Iraqi production has scaled new heights, the Libyan production recovery in 2012 defied expectations and Saudi output surged to 30-year highs. On the demand front, the economic recovery has lost momentum. Market share continues to shift from mature to newly industrialised economies, but amid persistent concerns about the health of the former; China, the leading engine of oil demand growth of the last 15 years, is giving signs of slowdown. Those developments have challenged earlier assumptions and significantly changed the oil market outlook for the next five years. The IEA Medium-Term Oil Market Report (MTOMR) – companion to the monthly OMR – draws their implications for the future. It provides detailed projections for oil supply at field level, crude quality trends, demand by product, refined product output and oil investments through 2017. It examines oil price formation, regulatory changes, OPEC dynamics and the future of spare capacity – while also reviewing the contribution of new supplies from deepwater, light tight oil, biofuel and natural gas liquids. It explores how market changes are reshaping the refining industry – and what that means for trade flows. At a time of heightened economic and geopolitical risk, MTOMR is essential reading for anyone interested in oil market dynamics and in understanding the oil market context in which these risks are playing out.

  3. Medium-Term Oil Market Report (MTOMR) 2009

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2009-06-29

    This fourth edition of the IEA Medium-Term Oil Market Report (MTOMR) confronts an economic landscape unrecognisable from that seen at the time of the release of the summer 2008 edition. Crude prices are now 55% lower as financial and economic meltdown have slashed demand, with worldwide contraction in oil use at levels not seen since the early 1980s. But how long will the downturn last, and what is the likely profile of global and regional demand recovery when economic rebound eventually takes root? Has almost a decade of rising prices and costs changed the demand-side blueprint and forced the world onto a lower oil intensity path for the period through 2014? Equally importantly, the report identifies the impact that weaker demand, low prices and a credit squeeze are having on supply-side investment - in upstream OPEC/non-OPEC supply, biofuels capacity and refining infrastructure alike. The 2009 edition of the MTOMR also delves into the issues of diversifying FSU crude exports, evolving crude and product qualities, the importance of petrochemical markets and perceptions on oil price formation in the down-cycle. Two demand scenarios are presented based on differing economic growth assumptions, with a lower non-OPEC supply scenario also accompanying the lower GDP case. Summary oil balances highlight how OPEC spare capacity could develop during 2008-2014. This year, the MTOMR also consolidates analysis of future crude availability and trade flows, refining capacity and oil products supply implications under one cover. The MTOMR remains required reading for policy makers, market analysts, industry participants and anyone with an interest in oil market trends. It contains detailed statistical appendices and a wealth of insightful graphics. Alongside its monthly sister publication, the Oil Market Report, the MTOMR is a cornerstone of the IEA commitment to enhancing oil market transparency.

  4. Power system models - A description of power markets and outline of market modelling in Wilmar

    Energy Technology Data Exchange (ETDEWEB)

    Meibom, P.; Morthors, P.E.; Nielsen, L.H. [Risoe National Lab., Roskilde (Denmark); Weber, C.; Snader, K.; Swider, D. [Univ. of Stuttgart, IER (Germany); Ravn, H. [Technical Univ. of Denmark, Kgs. Lyngby (Denmark)

    2003-12-01

    This report is Deliverable 3.2 of the Wilmar project. The report describes the power markets in the Nordic countries and Germany, together with the market models to be implemented in the Wilmar Planning model-ling tool developed in the project. (au)

  5. New wholesale power market design using linked forward markets :

    Energy Technology Data Exchange (ETDEWEB)

    Silva Monroy, Cesar Augusto; Loose, Verne William; Ellison, James F.; Elliott, Ryan Thomas; Byrne, Raymond Harry; Guttromson, Ross; Tesfatsion, Leigh S.

    2013-04-01

    This report proposes a reformulation of U.S. ISO/RTO-managed wholesale electric power mar- kets for improved reliability and e ciency of system operations. Current markets do not specify or compensate primary frequency response. They also unnecessarily limit the participation of new technologies in reserve markets and o er insu cient economic inducements for new capacity invest- ment. In the proposed market reformulation, energy products are represented as physically-covered rm contracts and reserve products as physically-covered call option contracts. Trading of these products is supported by a backbone of linked ISO/RTO-managed forward markets with planning horizons ranging from multiple years to minutes ahead. A principal advantage of this reformulation is that reserve needs can be speci ed in detail, and resources can o er the services for which they are best suited, without being forced to conform to rigid reserve product de nitions. This should improve the business case for electric energy storage and other emerging technologies to provide reserve. In addition, the facilitation of price discovery should help to ensure e cient energy/reserve procurement and adequate levels of new capacity investment.

  6. Real-time Pricing in Power Markets

    DEFF Research Database (Denmark)

    Boom, Anette; Schwenen, Sebastian

    We examine welfare eects of real-time pricing in electricity markets. Before stochastic energy demand is known, competitive retailers contract with nal consumers who exogenously do not have real-time meters. After demand is realized, two electricity generators compete in a uniform price auction...... to satisfy demand from retailers acting on behalf of subscribed customers and from consumers with real-time meters. Increasing the number of consumers on real-time pricing does not always increase welfare since risk-averse consumers dislike uncertain and high prices arising through market power...

  7. Real-time Pricing in Power Markets

    DEFF Research Database (Denmark)

    Boom, Anette; Schwenen, Sebastian

    We examine welfare e ects of real-time pricing in electricity markets. Before stochastic energy demand is known, competitive retailers contract with nal consumers who exogenously do not have real-time meters. After demand is realized, two electricity generators compete in a uniform price auction...... to satisfy demand from retailers acting on behalf of subscribed customers and from consumers with real-time meters. Increasing the number of consumers on real-time pricing does not always increase welfare since risk-averse consumers dislike uncertain and high prices arising through market power...

  8. Price dependence in the principal EU olive oil markets

    Energy Technology Data Exchange (ETDEWEB)

    Emmanouilides, C.; Fousekis, P.; Grigoriadis, V.

    2014-06-01

    The objective of this paper is to assess the degree and the structure of price dependence in the principal EU olive oil markets (Spain, Italy and Greece). To this end, it utilizes monthly olive oil price data and the statistical tool of copulas. The empirical results suggest that prices are likely to boom together but not to crash together; this is especially true for the prices of the two most important players, Italy (importer) and Spain (exporter). The finding of asymmetric price co-movements implies that the three principal spatial olive oil markets in the EU cannot be thought of as one great pool. (Author)

  9. Price dependence in the principal EU olive oil markets

    Directory of Open Access Journals (Sweden)

    Christos Emmanouilides

    2013-12-01

    Full Text Available The objective of this paper is to assess the degree and the structure of price dependence in the principal EU olive oil markets (Spain, Italy and Greece. To this end, it utilizes monthly olive oil price data and the statistical tool of copulas. The empirical results suggest that prices are likely to boom together but not to crash together; this is especially true for the prices of the two most important players, Italy (importer and Spain (exporter. The finding of asymmetric price co-movements implies that the three principal spatial olive oil markets in the EU cannot be thought of as one great pool.

  10. Crude Oil Spot Price Forecasting Based on Multiple Crude Oil Markets and Timeframes

    Directory of Open Access Journals (Sweden)

    Shangkun Deng

    2014-04-01

    Full Text Available This study proposes a multiple kernel learning (MKL-based regression model for crude oil spot price forecasting and trading. We used a well-known trend-following technical analysis indicator, the moving average convergence and divergence (MACD indicator, for extracting features from original spot prices. Additionally, we factored in the possibility that movements of target crude oil prices may be related to other important crude oil markets besides the target market for the prediction time horizon since traders may find price movement information within other relevant crude oil markets useful. We also considered multiple timeframes in this study since trends may differ across different timeframes and, in fact, traders may use their own timeframes. Therefore, for forecasting target crude oil prices, this study emphasizes on features pertaining to other important crude oil markets and different timeframes in addition to features of the target crude oil market and target timeframe. Moreover, the MKL framework has been used to fuse information extracted from different sources and timeframes of the same data source. Experimental results show that out-of-sample forecasting using the MKL method is superior to benchmark methods in terms of root mean square error (RMSE and average percentage profit (APP. They also show that the information from multiple timeframes is useful for prediction, but that from another crude oil market is not.

  11. Market Power in the Nordic Wholesale Electricity Market: A Survey of the Empirical Evidence

    OpenAIRE

    Fridolfsson, Sven-Olof; Tangerås, Thomas

    2008-01-01

    We review the recent empirical research concerning market power on the Nordic wholesale market for electricity, Nord Pool. There is no evidence of blatant and systematic exploitation of system level market power on Nord Pool. However, generation companies seem from time to time able to take advantage of capacity constraints in transmission to wield regional market power. Market power can manifest itself in a number of ways which have so far escaped empirical scrutiny. We discuss investment in...

  12. Near-term world oil markets : economics, politics and prices

    Energy Technology Data Exchange (ETDEWEB)

    Dwarkin, J. [Canadian Energy Research Inst., Calgary, AB (Canada)

    2002-07-01

    This paper discusses the three main factors that will determine how OPEC oil production will impact on energy markets. OPEC reassured the market in September 2001, following the terrorist attack in New York that it would not cut oil production, but by December 2001, OPEC was threatening that it would cut production unless many key non-OPEC producers collaborated to shore up prices. On January 1, 2002, OPEC members went ahead with a quota reduction, based on pledges of cuts from the non-OPEC oil exporting countries. World economies, oil demand, and the path which the U.S. economy will take during 2002 is critical in determining what happens next in terms of oil production from OPEC. Another important factor is knowing whether non-OPEC producers will actually cut output to a significant extent. The most critical factor will be the response by OPEC members if non-OPEC exporting countries do not keep their promise.

  13. Market Integration of Virtual Power Plants

    DEFF Research Database (Denmark)

    Petersen, Mette Kirschmeyer

    is the technical and commercial entity in charge of mobilization and control of flexible consumers. This Thesis addresses some of the challenges relating to the Smart Grid and Virtual Power Plant visions with special attention to flexibility, value creation and portfolio coordination. The term flexibility....... It does however significantly sharpen the discussion of the flexibility concept and provides a categorization of flexible systems. This Thesis also investigates what value can be created from the different types of flexibility by assuming that the Virtual Power Plant will generate profit by trading...... flexibility in electricity markets. Based on the taxonomy and a model of the Nordic electricity markets it is explored how differences between flexibility types affects profit margin. It is found that revenue potential depends strongly on the quality of flexibility. Finally the subject of portfolio...

  14. Pricing Mechanism in Power Market Construction

    Institute of Scientific and Technical Information of China (English)

    2005-01-01

    The reform on electricity pricing mechanism is a critical problem in power market construction in China, and is in mutual supplementation and promotion with the latter. In particular, the pricing mechanism for electricity fed into network and that for electricity transmission and distribution as well as the relationship between coal and electricity prices, etc. Have to be studied in depth. This paper presents several solutions and suggestions to these problems.

  15. Modelling risks for electric power markets.

    OpenAIRE

    Pantoja-Robayo, Javier

    2012-01-01

    This paper presents a study of the Forward Risk Premia (FRP) in Wholesale Electric Power Market in Colombia (WPMC) showing how the FRP varies throughout the day and how its properties are explained by risk factors. It also shows that expected forward risk premia depends on factors such as variations in expected spot prices, due to the climatic conditions generated by the Oceanic Niño Index (ONI) and its impact on the available quantity of water to generate electric power. This document provid...

  16. THE WORLD OIL MARKET – STATISTICAL ANALYSIS

    Directory of Open Access Journals (Sweden)

    Alexandru AnaMaria

    2009-05-01

    Full Text Available For some countries the oil is the main source of income, while for others it represents the main raw material for energetic needs. Thus, the oil price has major influence on their economies and it is important for them that it stabilizes at a level profit

  17. A great potential for market power; Stort potentiale for markedsmagt

    Energy Technology Data Exchange (ETDEWEB)

    Trong, Maj Dang

    2003-07-01

    In a report the competition authorities of Norway, Sweden and Denmark conclude that there is a great potential for exerting market power in the Nordic countries. Bottlenecks in the transmission grid divide the Nordic market in shifting constellations of geographic markets and the market concentration in each market may therefore become very high.

  18. Do we need a power exchange if there are enough power marketers ?

    OpenAIRE

    Smeers, Yves; WEI, Jing-Yuan

    1997-01-01

    Decentralization in electricity restructuring is a growing trend that Power Marketers are ex- pected to take advantage of. We consider a market composed of Power Marketers, an Indepen- dent System Operator, generators and retailers. Power Marketers behave a` la Cournot-Nash and the ISO implements a Transmission Capacity Reservation market a` la FERC. Retailers are price taker. Generators’ behavior is only reflected in the purchase costs of the Power Marketers. Their behavior is thus not reall...

  19. Market power in electric power markets: Indications of competitiveness in spatial prices for wholesale electricity

    Science.gov (United States)

    Denton, Michael John

    The issue of market delineation and power in the wholesale electric energy market is explored using three separate approaches: two of these are analyses of spatial pricing data to explore the functional size of the markets, and the third is a series of experimental tests of the effects of different cost structures and market mechanisms on oligopoly strength in those markets. An equilibrium model of spatial network competition is shown to yield linear relationships between spatial prices. A data set comprising two years of spatial weekly peak and off-peak prices and weather for 6 locations in the Western States Coordinating Council and the Southwest Power Pool is subjected to a pairwise cointegration analysis. The use of dummy variables to account the the flow directions is found to significantly improve model performance. The second analytical technique utilizes the extraction of principal components from a spatial price correlation matrix to identify the extent of natural markets. One year of daily price observations for eleven locations within the WSCC is compiled and eigenvectors are extracted and subjected to oblique rotation, each of which is then interpreted as representing a separate geographic market. The results show that two distinct natural markets, correlated at 84%, account for over 96% of the variation in the spatial prices in the WSSC. Together, the findings support the assertion that the wholesale electricity market in the Western U.S. is large and highly competitive. The experimental analysis utilizes a radial three node network in which suppliers located at the outer nodes sell to buyers located at the central node. The parameterization captures the salient characteristics of the existing bulk power markets, and includes cyclical demand, transmission losses, as well as fixed and avoidable fixed costs for all agents. Treatments varied the number of sellers, the avoidable fixed cost structures, and the trading mechanism. Results indicated that

  20. Dropped out or pushed out? Insurance market exit and provider market power in Medicare Advantage.

    Science.gov (United States)

    Pelech, Daria

    2016-11-30

    This paper explores how provider and insurer market power affect which markets an insurer chooses to operate in. A 2011 policy change required that certain private insurance plans in Medicare form provider networks de novo; in response, insurers cancelled two-thirds of the affected plans. Using detailed data on pre-policy provider and insurer market structure, I compare markets where insurers built networks to those they exited. Overall, insurers in the most concentrated hospital and physician markets were 9 and 13 percentage points more likely to exit, respectively, than those in the least concentrated markets. Conversely, insurers with more market power were less likely to exit than those with less, and an insurer's market power had the largest effect on exit in concentrated hospital markets. These findings suggest that concentrated provider markets contribute to insurer exit and that insurers with less market power have more difficulty surviving in concentrated provider markets.

  1. Medium-Term Oil and Gas Markets 2011

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2011-06-16

    Oil and gas markets have been marked by an increased divergence in recent months. On the one hand, oil market developments have generated an unpleasant sense of deja vu: rapid demand growth in emerging markets eclipsed sluggish supply growth to push prices higher even before the conflict in Libya tightened supplies still further. Oil prices around $100/bbl are weighing down on an already-fragile macroeconomic and financial situation in the OECD, pressuring national budgets in the non-OECD and causing price inflation of other commodities, as well as political concerns about speculation. There is an uncanny resemblance to the first half of 2008. On the other hand, in the world of natural gas an amazing disconnect has developed as demand recovered to well above pre-financial-crisis levels in most major regions. Gas markets have tightened in Europe and Asia, where prices are about twice the level seen in the United States, as the unconventional gas revolution is in full swing. From the upstream implications of the Arab Spring to the macroeconomic consequences of the eurozone crisis, energy markets are experiencing one of the most uncertain periods in decades. This publication provides a comprehensive outlook for oil and gas fundamentals through 2016. The oil market analysis covers demand developments on a product-by-product and key-sector basis, as well as a detailed bottom-up assessment of upstream and refinery investments, trade flows, oil products supply and OPEC spare capacity. The gas market analysis offers a region-by-region assessment of demand and production, infrastructure investment, price developments and prospects for unconventional gas. It also examines the globalising LNG trade.

  2. Information Brief on Green Power Marketing, 2nd Edition

    Energy Technology Data Exchange (ETDEWEB)

    Sweezey, B.; Houston, A.

    1998-02-01

    This document is the second in a series of information briefs on green power marketing activity in the United States. It includes descriptions of utility green pricing programs, green power marketing activity, retail access legislation and pilot programs, and other data and information supporting the development of green power markets.

  3. Information Brief on Green Power Marketing, 2nd Edition

    Energy Technology Data Exchange (ETDEWEB)

    Sweezey, B.; Houston, A.

    1998-02-01

    This document is the second in a series of information briefs on green power marketing activity in the United States. It includes descriptions of utility green pricing programs, green power marketing activity, retail access legislation and pilot programs, and other data and information supporting the development of green power markets.

  4. Opening-up Status of China's Oil & Gas Market

    Institute of Scientific and Technical Information of China (English)

    Zhang Yaocang

    2006-01-01

    @@ Current status of China's oil & gas industry Solid strength of China's oil & gas industry Since the founding of P.R. China, particularly after the launch of reform and opening up in 1978, China's oil and gas industry has undergone a series of significant reforms and restructuring, it has set up a complete oil and gas industry system. Considerable growth has been seen in reserves and production of oil and gas, refining capacity and production capacity of ethylene, synthetic resin,synthetic fiber and synthetic rubber. Therefore, China has ranked among the powerful petroleum and petrochemical countries in the world.

  5. Market Power in Power Markets: Evidence from Forward Prices of Electricity

    DEFF Research Database (Denmark)

    Christensen, Bent Jesper; Jensen, Thomas Elgaard; Mølgaard, Rune

    We examine the forward market for electricity for indications of misuse of market power, using a unique data set on OTC price indications posted by Elsam A/S, the dominant producer in Western Denmark, which is one of the price areas under the Nordic power exchange Nord Pool. The Danish Competitio...... are consistent across forward premium regressions and structural forward pricing models.......We examine the forward market for electricity for indications of misuse of market power, using a unique data set on OTC price indications posted by Elsam A/S, the dominant producer in Western Denmark, which is one of the price areas under the Nordic power exchange Nord Pool. The Danish Competition...... Council (the regulatory government agency) has ruled that Elsam has used its dominant position to obtain excessive spot prices over a period from July 2003 through December 2006. We show that significant forward premia exist, and that they are related both to spot market volatility and misuse of market...

  6. Carbon pricing, nuclear power and electricity markets

    Energy Technology Data Exchange (ETDEWEB)

    Cameron, R.; Keppler, J. H. [OECD Nuclear Energy Agency, 12, boulevard des Iles, 92130 Issy-les-Moulineaux (France)

    2012-07-01

    In 2010, the NEA in conjunction with the International Energy Agency produced an analysis of the Projected Costs of Electricity for almost 200 power plants, covering nuclear, fossil fuel and renewable electricity generation. That analysis used lifetime costs to consider the merits of each technology. However, the lifetime cost analysis is less applicable in liberalised markets and does not look specifically at the viewpoint of the private investor. A follow-up NEA assessment of the competitiveness of nuclear energy against coal- and gas-fired generation under carbon pricing has considered just this question. The economic competition in electricity markets is today between nuclear energy and gas-fired power generation, with coal-fired power generation not being competitive as soon as even modest carbon pricing is introduced. Whether nuclear energy or natural gas comes out ahead in their competition depends on a number of assumptions, which, while all entirely reasonable, yield very different outcomes. The analysis in this study has been developed on the basis of daily data from European power markets over the last five-year period. Three different methodologies, a Profit Analysis looking at historic returns over the past five years, an Investment Analysis projecting the conditions of the past five years over the lifetime of plants and a Carbon Tax Analysis (differentiating the Investment Analysis for different carbon prices) look at the issue of competitiveness from different angles. They show that the competitiveness of nuclear energy depends on a number of variables which in different configurations determine whether electricity produced from nuclear power or from CCGTs generates higher profits for its investors. These are overnight costs, financing costs, gas prices, carbon prices, profit margins (or mark-ups), the amount of coal with carbon capture and electricity prices. This paper will present the outcomes of the analysis in the context of a liberalised

  7. Social marketing: dimensions of power and politics.

    Science.gov (United States)

    Jones, S

    1982-01-01

    The effective us of marketing strategies by nonprofit organizations necessitates involvement in political activities, i.e., mobilizing power to influence others. Most nonprofit groups and marketing experts who work for nonprofit groups are not sufficiently aware of the value of using the tactics of politics to win support for their causes. The experiences of a voluntary group which used politics and power to develop a program aimed at assisting unemployed black youth were presented. The group wanted to establish a workshop to provide training for hard core unemployed youth. The group needed to raise funds to set up the workshop. The 1st step was to identify a target group of potential donors, and then to develop a strategy for selling their product, i.e., the worthiness of the workshop project. The group decided to direct its fund raising activities toward organizations in the community rather than individuals. The market was segmented, and the product was presented differently to differ groups. Initially, the voluntary group was powerless. Political tactics were subsequently used to legitimate the group and its product. A network of influencial sympathizers, primarily clergymen and politicians, was established. This network helped the group garner the support of the targeted donor organizations. The threat of sanctions was used to gain support for the project, but sanctions were applied with considerable care. For example, the support of local politicians was obtained partially by implicitly threatening them with the possibility of bad publicity if they failed to promote the project. Voluntary organizations are not immune to internal conflict and competition. In introducing a marketing perspective into a voluntary organization, internal politics must be taken into account. In the case presented here, the marketer had to decide who in the organization to align himself with and then develop strategies to increase his influence and the influence of his allies. In

  8. Sharing wind power forecasts in electricity markets: A numerical analysis

    DEFF Research Database (Denmark)

    Exizidis, Lazaros; Pinson, Pierre; Kazempour, Jalal

    2016-01-01

    In an electricity pool with significant share of wind power, all generators including conventional and wind power units are generally scheduled in a day-ahead market based on wind power forecasts. Then, a real-time market is cleared given the updated wind power forecast and fixed day......-ahead decisions to adjust power imbalances. This sequential market-clearing process may cope with serious operational challenges such as severe power shortage in real-time due to erroneous wind power forecasts in day-ahead market. To overcome such situations, several solutions can be considered such as adding...... flexible resources to the system. In this paper, we address another potential solution based on information sharing in which market players share their own wind power forecasts with others in day-ahead market. This solution may improve the functioning of sequential market-clearing process through making...

  9. Market assessment for the fan atomized oil burner

    Energy Technology Data Exchange (ETDEWEB)

    Westphalen, D. [A.D. Little, Inc., Cambridge, MA (United States)

    1996-07-01

    The market potential for the fan atomized burner (FAB) in water and space heating applications was examined. The major findings of the study are as follows. (1). The FAB`s low-input capability allows development of oil-fired room heaters and wall furnaces, a new market area for oil heat. (2). Among conventional oil-fired products, furnaces will benefit most from the burner`s low input capability due to (1) their quick delivery of heat and (2) their more prevalent use in warmer climates and smaller homes. (3). The greatest potential for increased product sales or oil sales exists in the use of the burner with new products (i.e., room heaters). Sales of boilers and direct-fired water heaters are not likely to increase with the use of the burner. (4). Acceptance of the burner will be dependent on proof of reliability. Proof of better reliability than conventional burners would accelerate acceptance.

  10. New Markets for Solar Photovoltaic Power Systems

    Science.gov (United States)

    Thomas, Chacko; Jennings, Philip; Singh, Dilawar

    2007-10-01

    Over the past five years solar photovoltaic (PV) power supply systems have matured and are now being deployed on a much larger scale. The traditional small-scale remote area power supply systems are still important and village electrification is also a large and growing market but large scale, grid-connected systems and building integrated systems are now being deployed in many countries. This growth has been aided by imaginative government policies in several countries and the overall result is a growth rate of over 40% per annum in the sales of PV systems. Optimistic forecasts are being made about the future of PV power as a major source of sustainable energy. Plans are now being formulated by the IEA for very large-scale PV installations of more than 100 MW peak output. The Australian Government has announced a subsidy for a large solar photovoltaic power station of 154 MW in Victoria, based on the concentrator technology developed in Australia. In Western Australia a proposal has been submitted to the State Government for a 2 MW photovoltaic power system to provide fringe of grid support at Perenjori. This paper outlines the technologies, designs, management and policies that underpin these exciting developments in solar PV power.

  11. Operations Management in Short Term Power Markets

    DEFF Research Database (Denmark)

    Heide-Jørgensen, Ditte Mølgård

    minutes. The stochastic input is the electricity price modelled as a time inhomogenous Markov chain that the power producer uses to maximise profits. To maintain computational tractability with such high time resolution and stochastics the model is solved with dynamic programming. The two models differ......Electricity market models have often been modelled as deterministic or at most two-stage stochastic models with an hourly time resolution. This thesis looks into possible ways of extending such models and formulating new models to handle both higher time resolution than hourly and stochastics....... The first is an introduction to the background for the work with stochastic electricity market models with a high time resolution. It is followed by three self-contained chapters. The second chapter Short-term balancing of supply and demand in an electricity system: forecasting and scheduling...

  12. Waste Heat to Power Market Assessment

    Energy Technology Data Exchange (ETDEWEB)

    Elson, Amelia [ICF International, Fairfax, VA (United States); Tidball, Rick [ICF International, Fairfax, VA (United States); Hampson, Anne [ICF International, Fairfax, VA (United States)

    2015-03-01

    Waste heat to power (WHP) is the process of capturing heat discarded by an existing process and using that heat to generate electricity. In the industrial sector, waste heat streams are generated by kilns, furnaces, ovens, turbines, engines, and other equipment. In addition to processes at industrial plants, waste heat streams suitable for WHP are generated at field locations, including landfills, compressor stations, and mining sites. Waste heat streams are also produced in the residential and commercial sectors, but compared to industrial sites these waste heat streams typically have lower temperatures and much lower volumetric flow rates. The economic feasibility for WHP declines as the temperature and flow rate decline, and most WHP technologies are therefore applied in industrial markets where waste heat stream characteristics are more favorable. This report provides an assessment of the potential market for WHP in the industrial sector in the United States.

  13. Oil Price and Stock Market: Empirical Evidence from Nigeria

    Directory of Open Access Journals (Sweden)

    Olayinka Olufisayo Akinlo

    2014-06-01

    Full Text Available This paper examined the relationship between changes in oil prices and stock market growth over the period 1981-2011 using vector error correction modeling approach. The results suggest a long run relationship between oil price, exchange rate and stock market growth. A unidirectional causality runs from oil price change to stock market development. The impulse response function shows that oil price has a temporary positive impact on stock market. The VDC shows that stock market development to be very much dependent on shock on oil price change. Keywords: oil price, stock market, VECM, Nigeria Normal 0 14 false false false IT X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Tabella normale"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;}

  14. Global market trade policy analysis for petroleum oils and oils obtained from bituminous minerals, crude

    Directory of Open Access Journals (Sweden)

    Bagheri, F.

    2012-01-01

    Full Text Available This article is based on surveying the custom tariffs imposed on the world export market of Petroleum Oils and Oils Obtained from Bituminous Minerals, Crude. We obtained the data according to the most updated available data provided online by UNCTAD and World Bank. The results indicate that none of the 142 countries in the world market of this product have imposed non-tariff trade barriers on the import of Petroleum Oils and Oils Obtained from Bituminous Minerals, Crude. The developed countries and the countries with transition economies are the main world import partners. European Union, United States, China, Japan, South Korea, Canada, Singapore, Taiwan, Thailand, South Africa, Australia, Turkey, Brazil, Sweden and Belarus are the examples and have imposed low custom tariffs on Petroleum Oils and Oils Obtained from Bituminous Minerals, Crude.

  15. Contribution of UHV Grid to United National Power Market

    Institute of Scientific and Technical Information of China (English)

    Guo Lei; Wei Bin; Ma Li; Cheng Wen

    2010-01-01

    @@ Power market construction is an important part of the marketization reform in China's electric power industry and an essential part of the economic system reform in China. With the social and economic development, the contradiction between distribution of energy resources and development of regional economies gets increasingly noticeable, and a united national power market is consequentially required to optimize the allocation of energy resources over the whole country. Analyses indicate that the development of UHV grid will provide a strong material support for the united national power market by expanding market coverage, lowering load fluctuation and promoting diversification of power resources.

  16. SUSTAINABILITY OF SUSTAINABLE PALM OIL: A MARKET INTEGRATION ANALYSIS

    OpenAIRE

    Diana Chalil

    2016-01-01

    Crude Palm Oil (CPO) is the biggest consumed vegetable oil in the world. The increase in CPO production raises concern on the environmental impact even outside the producing countries. As a response to this matter, the EU has made a requirement to only import certified CPO (CSPO). India and China, the two biggest importers in the world, are less restrictive to the environmental issues, and their demands are more influenced by CPO price levels. These countries are the main export markets for I...

  17. Bidding Strategy for Deregulated Power Markets

    Directory of Open Access Journals (Sweden)

    Preeti

    2016-07-01

    Full Text Available Load and Price forecasting play a vital role in enhancing the energy-efficient and reliable operation of electricity companies. This paper proposes a bidding strategy based on Short-Term Load Forecasting and Short-Term Price Forecasting technique used in the deregulated electricity market. The main aim of the proposed approach is to forecast load and price so as to enhance the efficiency of the power system. The input variables which are taken into account include the past load, weather and calendar data and price bidding on an hourly basis. A comparison of the accuracy of fuzzy, artificial neural network and state estimation technique is performed on the two datasets of the electricity markets of IEEE Reliability Test System and Haryana State Load Dispatch Centre. The forecasted load and price aids in increasing the profits by judiciously utilizing the generators with less cost in periods of high demand. Price forecasts are used to determine the cost of electric power and hence, plan the budget according to the consumption of power over the scheduled interval.

  18. REVIEW AND PROSPECT OF CHINA'S OIL MARKET IN 2009

    Institute of Scientific and Technical Information of China (English)

    Gong Jinshuang; He Chunyan

    2009-01-01

    @@ In the beginning of 2009,although Chinese government introduced a series supportive measures on economic policy,the domestic macroeconomics showed an obviously decrease along with the further development of global financial crisis to real economy.In addition,the domestic industrial production declined as the imports and exports in foreign trade decreased a lot.Due to the needs of domestic oil market dropped off greatly,the fluctuation of market operation movement intensively,leading to a decreased benefit of industry.Since the last ten-day period of March,the trend of macroeconomic of China presented kind of stable the rally situation accompany with the recoverable market requirements.However,the market still has chance to be weaken though the resource supply of product oil sufficiently in second half of 2009.

  19. Market aspects of smart power grids development

    Directory of Open Access Journals (Sweden)

    Maciej Makowski

    2012-03-01

    Full Text Available Smart Grids herald a revolution in the power sector. The centralized and passive power grid model known for over a century is before our very eyes assuming a completely brand new shape: of an active and dynamic network with an increasingly relevant role of consumers – prosumers, who are offered brand new products and services. Such an active development is possible due to a number of factors, such as: 1. Synergy of ICT with power engineering – these disciplines are becoming an indispensable element of the modern power grid’s operation, 2. The European Union’s regulations in the area of reduction of CO2 emission and improved energy efficiency, as well as identification of Smart Grids as one of the optimum tools, 3. Growth, thanks to continuously increasing expenditures, public awareness of the purchase and rational use of energy. However, the Smart Grid development and ICT implementation in the power sector also carry a risk in the matter of setting up system and process links between the systems of concerned energy market players, which should be mitigated by development of technical standards, methods and principles of good cooperation between the concerned parties. Mitigation of the risk, and as a consequence, effective Smart Grids development will provide conditions for dynamic development of new roles and mechanisms on the energy market. Offering modern products and services to consumers and prosumers, and effective implementation on a national scale of demand management mechanisms will be a source of multidimensional benefits of a functional and financial nature, and will also have a positive impact on the National Lower Grid’s security.

  20. Power system models - A description of power markets and outline of market modelling in Wilmar

    DEFF Research Database (Denmark)

    Meibom, Peter; Morthorst, Poul Erik; Nielsen, Lars Henrik

    2004-01-01

    , VTT, Nord Pool Consult, Technical University of Denmark, ELSAM A/S and Elkraft-System A/S. This report is Deliverable 3.2 of the project. Thereport describes the power markets in the Nordic countries and Germany, together with the market models to be implemented in the Wilmar Planning modelling tool......The aim of the Wilmar project is to investigate technical and economical problems related to large-scale deployment of renewable sources and to develop a modelling tool that can handle system simulations for a larger geographical region with anInternational power exchange. Wilmar is an abbreviation...

  1. Using Ensemble Streamflows for Power Marketing at Bonneville Power Administration

    Science.gov (United States)

    Barton, S. B.; Koski, P.

    2014-12-01

    Bonneville Power Administration (BPA) is a federal non-profit agency within the Pacific Northwest responsible for marketing the power generated from 31 federal hydro projects throughout the Columbia River Basin. The basin encompasses parts of five states and portions of British Columbia, Canada. BPA works with provincial entities, federal and state agencies, and tribal members to manage the water resources for a variety of purposes including flood risk management, power generation, fisheries, irrigation, recreation, and navigation. This basin is subject to significant hydrologic variability in terms of seasonal volume and runoff shape from year to year which presents new water management challenges each year. The power generation planning group at BPA includes a team of meteorologists and hydrologists responsible for preparing both short-term (up to three weeks) and mid-term (up to 18 months) weather and streamflow forecasts including ensemble streamflow data. Analysts within the mid-term planning group are responsible for running several different hydrologic models used for planning studies. These models rely on these streamflow ensembles as a primary input. The planning studies are run bi-weekly to help determine the amount of energy available, or energy inventory, for forward marketing (selling or purchasing energy up to a year in advance). These studies are run with the objective of meeting the numerous multi-purpose objectives of the basin under the various streamflow conditions within the ensemble set. In addition to ensemble streamflows, an ensemble of seasonal volume forecasts is also provided for the various water conditions in order to set numerous constraints on the system. After meeting all the various requirements of the system, a probabilistic energy inventory is calculated and used for marketing purposes.

  2. Market enhancement of shale oil: The native products extraction technology

    Energy Technology Data Exchange (ETDEWEB)

    Bunger, J.W. (Bunger (James W.) and Associates, Inc., Salt Lake City, UT (United States)); DuBow, J.B. (Utah Univ., Salt Lake City, UT (United States))

    1991-10-01

    The overall objective of this work was to assess the feasibility of enhancing shale oil commercialization through SO/NPX technology. Specific objectives were: (1) To determine the properties and characteristics of fractions isolable from shale oil utilizing separation sequences which are based on thermodynamic considerations; (2) To identify product streams of market value for promising technology development; (3)To conduct technology development studies leading to a shale oil extraction and processing sequence which promises economic enhancement of shale oil commercialization; (4) To develop an analytical methodology and model for obtaining engineering design data required for process development; (5) To estimate the economics of SO/NPX including the potential for enhancing the profitability of a commercial-scale shale oil MIS retort.

  3. ' OILS MARKETED IN DAR ES SALAAM

    African Journals Online (AJOL)

    five years suffer from acute and chronic protein and energy deficiencies. At the current ... increasing the diversity of consumable food products in order to alleviate ... have recommended an average daily intake of 55 g-fat per capita to ... The oils in the sealed bottles were similarly analyzed for peroxide value over 60 days. 50 ...

  4. Power tails of index distributions in chinese stock market

    Science.gov (United States)

    Zhang, J. W.; Zhang, Y.; Kleinert, H.

    2007-04-01

    The power α of the Lévy tails of stock market fluctuations discovered in recent years are generally believed to be universal. We show that for the Chinese stock market this is not true, the powers depending strongly on anomalous daily index changes short before market closure, and weakly on the opening data.

  5. Generating Moving Average Trading Rules on the Oil Futures Market with Genetic Algorithms

    National Research Council Canada - National Science Library

    Wang, Lijun; An, Haizhong; Xia, Xiaohua; Liu, Xiaojia; Sun, Xiaoqi; Huang, Xuan

    2014-01-01

      The crude oil futures market plays a critical role in energy finance. To gain greater investment return, scholars and traders use technical indicators when selecting trading strategies in oil futures market...

  6. Multifractal analysis of spot rates in tanker markets and their comparisons with crude oil markets

    Science.gov (United States)

    Zheng, Shiyuan; Lan, Xiangang

    2016-02-01

    This paper investigates the dynamic features of the spot rates for VLCC/ULCC, Suezmax, Aframax, Panamax and Handysize tanker markets by means of multifractal detrended fluctuation analysis (MF-DFA). The Hurst exponents, especially the time-dependent Hurst exponents, of the daily rate returns are calculated to capture the fractal properties of these different tanker markets. The origins of multifractility in these markets are identified by comparing their multifractal scaling exponents based on the original data, the shuffled data and the surrogate data. Furthermore, the non-periodic cycles for these markets are detected by the V-statistic. Finally, the comparisons of the fractal properties between the tanker markets and the crude oil commodity markets suggest that the tanker markets are more fractal than their upstream counterparts.

  7. Modelling conditional correlations for risk diversification in crude oil markets

    NARCIS (Netherlands)

    C-L. Chang (Chia-Lin); M.J. McAleer (Michael); R. Tansuchat (Roengchai)

    2009-01-01

    textabstractThis paper estimates univariate and multivariate conditional volatility and conditional correlation models of spot, forward and futures returns from three major benchmarks of international crude oil markets, namely Brent, WTI and Dubai, to aid in risk diversification. Conditional correla

  8. Oil Giants Return Domestic Stock Market

    Institute of Scientific and Technical Information of China (English)

    2001-01-01

    @@ China National Petrochemical Corporation (Sinopec) plans to raise 11.8 billion yuan (US$1.5billion) on the domestic stock market, setting its initial price offering (IPO) at 4.22 yuan (51 US cents)per share recently.

  9. An Empirical Analysis of the Price Discovery Function of Shanghai Fuel Oil Futures Market

    Institute of Scientific and Technical Information of China (English)

    Wang Zhen; Liu Zhenhai; Chen Chao

    2007-01-01

    This paper analyzes the role of price discovery of Shanghai fuel oil futures market by using methods, such as unit root test, co-integration test, error correction model, Granger causality test, impulse-response function and variance decomposition. The results showed that there exists a strong relationship between the spot price of Huangpu fuel oil spot market and the futures price of Shanghai fuel oil futures market. In addition, the Shanghai fuel oil futures market exhibits a highly effective price discovery function.

  10. AN INVESTIGATION OF SOME HEDGING STRATEGIES FOR CRUDE OIL MARKET

    Directory of Open Access Journals (Sweden)

    Andre Assis de Salles

    2013-01-01

    Full Text Available This paper examines the performance of bivariate volatility models for the crude oil spot and future returns of the WTI type barrel prices. Besides the volatility of spot and future crude oil barrel returns time series, the hedge ratio strategy is examined through the hedge effectiveness. Thus this study shows hedge strategies built using methodologies applied in the variance modelling of returns of crude oil prices in the spot and future markets, and covariance between these two market returns, which correspond to the inputs of the hedge strategy shown in this work. From the studied models the bivariate GARCH in a Diagonal VECH and BEKK representations was chosen, using three different models for the mean: a bivariate autoregressive, a vector autoregressive and a vector error correction. The methodologies used here take into consideration the denial of assumptions of homoscedasticity and normality for the return distributions making them more realistic.

  11. The oil and gas market in Bolivia

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2000-06-01

    Bolivia is becoming an important link in the South American energy trade given its large potential for oil and natural gas and the commissioning of the Bolivia-Brazil pipeline. Yacimientos Petroliferos Fiscales Bolivianos (YPFB) is the national oil and gas company in Bolivia. It has undergone a capitalization program and its exploration and production division was divided into two and sold to the private sector under the new names of Empresa Petrolera Andina SAM and Empresa Petrolera Chaco SAM. Shares from this division also went to the Bolivian people as part of a pension fund plan. Half of the transport and distribution division was also purchased in a joint venture. Major gas discoveries in August 1999 has prompted Bolivia to export large quantities of natural gas, primarily to Brazil's southern region, where demand has been exploding and a growing supply of Bolivian gas is much needed. This increased demand for natural gas has forced both Brazil and Bolivia to explore for other sources of gas and to conduct feasibility studies regarding the construction of gas pipelines. The recently constructed Santa Cruz-Rio Grande pipeline will not be sufficient to meet the growing demand. All the oil and gas sector investment from the private sector goes to the Bolivian government. Under Bolivian law, foreign companies are obliged to retain local representation for investment contracts, direct sales, and all government agency purchases.refs.

  12. A futures market response to oil price volatility

    Energy Technology Data Exchange (ETDEWEB)

    Levine, A.H. (Shearson Lehman Brothers Inc., Bethseda, MD (US))

    1991-01-01

    The volatility of oil prices has expanded dramatically over the past twenty years. New mechanisms, including futures and forward contracts, options on futures and ''over the counter'' options have been developed to deal with the uncertainty of buying or selling of petroleum in the highly competitive markets that now characterize the oil situation. Futures contracts - agreements to buy or sell at a particular time in the future - are the core of the new mechanisms. Since futures market prices move in concert with cash (''wet'') market prices, futures can be an effective substitute for wet barrel transactions. Buyers of options gain the advantage of futures trading - the right to buy without the obligation to do so -for a fee. (author).

  13. Utility-Marketer Partnerships. An Effective Strategy for Marketing Green Power?

    Energy Technology Data Exchange (ETDEWEB)

    Bird, L. A. [National Renewable Energy Lab. (NREL), Golden, CO (United States); Brown, E. S. [National Renewable Energy Lab. (NREL), Golden, CO (United States)

    2006-04-01

    This paper explores whether partnerships between utilities and independent marketers are an effective strategy for marketing green power. We present case studies of voluntary and mandatory partnerships covering green power program design and implementation in both regulated and restructured electricity markets. We also include perspectives (based on interviews) from utilities, marketers, and regulators involved in developing and implementing these partnerships. From these case studies and interviews, we describe lessons learned about developing effective partnerships, including such issues as respective roles in marketing and administration, product branding, and contract and incentive structures. Based on experience to date, strategic partnerships between utilities and marketers can be an effective approach to marketing green power. Partnerships leverage the sales and resource procurement experience of marketers and the utility’s reputation and access to customers. Further, partnerships can create greater incentives for success because marketers have a vested financial interest in maximizing customer participation and green power sales.

  14. Utility-Marketing Partnerships: An Effective Strategy for Marketing Green Power?

    Energy Technology Data Exchange (ETDEWEB)

    Bird, L. A.; Brown, E. S.

    2006-04-01

    This paper explores whether partnerships between utilities and independent marketers are an effective strategy for marketing green power. We present case studies of voluntary and mandatory partnerships covering green power program design and implementation in both regulated and restructured electricity markets. We also include perspectives (based on interviews) from utilities, marketers, and regulators involved in developing and implementing these partnerships. From these case studies and interviews, we describe lessons learned about developing effective partnerships, including such issues as respective roles in marketing and administration, product branding, and contract and incentive structures. Based on experience to date, strategic partnerships between utilities and marketers can be an effective approach to marketing green power. Partnerships leverage the sales and resource procurement experience of marketers and the utility?s reputation and access to customers. Further, partnerships can create greater incentives for success because marketers have a vested financial interest in maximizing customer participation and green power sales.

  15. Modelling the world oil market: Assessment of a quarterly econometric model

    Energy Technology Data Exchange (ETDEWEB)

    Dees, Stephane [European Central Bank, Kaiserstrasse 29, 60311 Frankfurt (Germany)]. E-mail: stephane.dees@ecb.int; Karadeloglou, Pavlos [European Central Bank, Kaiserstrasse 29, 60311 Frankfurt-am-Main (Germany); Kaufmann, Robert K. [Center for Energy and Environmental Studies, Boston University (United States); Sanchez, Marcelo [European Central Bank, Kaiserstrasse 29, 60311 Frankfurt (Germany)

    2007-01-15

    This paper describes a structural econometric model of the world oil market that can be used to analyse oil market developments and risks. Oil demand depends on domestic economic activity and the real price of oil. Oil supply for non-OPEC producers, based on competitive behaviours, is constrained by geological and institutional conditions. Oil prices are determined by a 'price rule' that includes market conditions and OPEC behaviour. Policy simulations indicate that oil demand and non-OPEC supply are rather inelastic to changes in price, while OPEC decisions about quota and capacity utilisation have a significant, immediate impact on oil prices.

  16. Pivotal suppliers and market power in experimental supply function competition

    NARCIS (Netherlands)

    Brandts, J.; Reynolds, S.; Schram, A.

    2011-01-01

    In the process of regulatory reform in the electric power industry, the mitigation of market power is one of the basic problems regulators have to deal with. We use experimental data to study the sources of market power with supply function competition, akin to the competition in wholesale electrici

  17. Market Power in a GIS-based Hedonic Price Model of Local Farmland Markets

    NARCIS (Netherlands)

    Cotteleer, G.; Gardebroek, C.; Luijt, J.

    2008-01-01

    Buyers of farmland are usually interested in parcels for sale that are close to their own farms. With a limited number of parcels for sale, this may lead to market power in local farmland markets. The objective of this paper is to investigate whether market power affects farmland prices. Hedonic pri

  18. Contribution of UHV Grid to United National Power Market

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    Power market construction is an important part of the marketization reform in China's electric power industry and an essential part of the economic system reform in China. With the social and economic development, the contradiction between distribution of energy resources and development of regional economies gets increasingly noticeable, and a united national power market is consequentially required to optimize the allocation of energy resources over the whole country. Analyses indicate that the developmen...

  19. PROMOTION OF PRODUCTS AND ANALYSIS OF MARKET OF POWER TOOLS

    Directory of Open Access Journals (Sweden)

    Sergey S. Rakhmanov

    2014-01-01

    Full Text Available The article describes the general situation of power tools on the market, both in Russia and in the world. A comparative analysis of competitors, market structure analysis of power tools, as well as assessment of competitiveness of some major product lines. Also the analysis methods of promotion used by companies selling tools, competitive analysis range Bosch, the leader in its segment, power tools available on the market in Russia.

  20. 78 FR 23673 - Marketing Order Regulating the Handling of Spearmint Oil Produced in the Far West; Revision of...

    Science.gov (United States)

    2013-04-22

    ... Agricultural Marketing Service 7 CFR Part 985 Marketing Order Regulating the Handling of Spearmint Oil Produced... Class 3 (Native) Spearmint Oil for the 2012-2013 Marketing Year AGENCY: Agricultural Marketing Service..., producers during the 2012-2013 marketing year under the Far West spearmint oil marketing order. The...

  1. The Liberating Power of Commercial Marketing

    DEFF Research Database (Denmark)

    Anker, Thomas Boysen; Kappel, Klemens; Sandøe, Peter

    2010-01-01

    ) divergent and convergent marketing and (ii) being autonomous and acting autonomously, we demonstrate the heretofore unnoticed positive impact of marketing on autonomy. Specifically, we argue that (i) convergent marketing has a significant potential to reinforce autonomous action and (ii) divergent marketing......The aim of this paper is to explore the impact of commercial marketing on personal autonomy. Several philosophers argue that marketing conflicts with ideals of autonomy or, at best, is neutral to these ideals. After qualifying our concept of marketing and introducing the distinctions between (i...

  2. The Liberating Power of Commercial Marketing

    DEFF Research Database (Denmark)

    Anker, Thomas Boysen; Kappel, Klemens; Sandøe, Peter

    2010-01-01

    The aim of this paper is to explore the impact of commercial marketing on personal autonomy. Several philosophers argue that marketing conflicts with ideals of autonomy or, at best, is neutral to these ideals. After qualifying our concept of marketing and introducing the distinctions between (i......) divergent and convergent marketing and (ii) being autonomous and acting autonomously, we demonstrate the heretofore unnoticed positive impact of marketing on autonomy. Specifically, we argue that (i) convergent marketing has a significant potential to reinforce autonomous action and (ii) divergent marketing...

  3. SUSTAINABILITY OF SUSTAINABLE PALM OIL: A MARKET INTEGRATION ANALYSIS

    Directory of Open Access Journals (Sweden)

    Diana Chalil

    2016-07-01

    Full Text Available Crude Palm Oil (CPO is the biggest consumed vegetable oil in the world. The increase in CPO production raises concern on the environmental impact even outside the producing countries. As a response to this matter, the EU has made a requirement to only import certified CPO (CSPO. India and China, the two biggest importers in the world, are less restrictive to the environmental issues, and their demands are more influenced by CPO price levels. These countries are the main export markets for Indonesia and Malaysia, the two biggest CPO exporters in the world. This research using monthly price data from the Netherlands, Germany, Italy, EU28, India, China, Indonesia and Malaysia. Market integrations are tested with Cointegration Test, Vector Error Correction Model and Seemingly Unrelated Regression. The results show that these markets are integrated, but European countries are unlikely to lead the price movement. Therefore, the concern on sustainable certification from the European countries still slowly spreads to other main importers, resulting in low absorption of CSPO. Keywords: market integration; sustainable palm oil; seemingly unrelated regression; vector Error correction model

  4. Selling green power in California: Product, industry, and market trends

    Energy Technology Data Exchange (ETDEWEB)

    Wiser, R.H.; Pickle, S.J.

    1998-05-01

    As one of the first US stages to open its doors to retail electric competition, California offers an important opportunity to assess the effectiveness of green power marketing as a mechanism for supporting renewable energy. This report is an interim assessment of key green power product, industry, and market trends in California. The report identifies and analyzes: the potential size of the green power market in California; the companies participating in the green power market; the green power products being offered and their prices; the impact of the green market on renewable generators and the environment; and the influence of several public policies and non-governmental programs on the market for green power. Data used in this paper have been collected, in large part, from surveys and interviews with green power marketers that took place between December 1997 and April 1998. There remain legitimate concerns over the viability of green power marketing to support significant quantities of renewable energy and provide large environmental gains, and it is far too early to assess the overall strength of customer demand for renewable energy. A critical finding of this report is that, because of the high cost of acquiring and servicing residential customers and the low utility default service price, green power marketing affords new energy service providers one of the only viable entrees to California`s residential marketplace.

  5. Preference for olive oil consumption in the Spanish local market

    Directory of Open Access Journals (Sweden)

    Rodolfo Bernabéu

    2016-12-01

    Full Text Available It is becoming ever more important for the olive oil industry in Spain to adopt a business strategy based on client orientation. In this sense, the objective of this paper is to identify the preferences of olive oil consumers and propose a series of business strategies for the producing sector. The methodology consisted in a survey of 404 olive oil consumers during the months of January and February 2013, whose preferences were determined through several multivariate techniques (conjoint analysis, consumer segmentation and a simulation of market share. The preferred olive oil is low priced, extra virgin and organic. The type of bottle does not appear to be relevant in the buying decision process, although it might be a factor in increasing market share. The current economic crisis has resulted in the emergence of two consumer segments; 67.1% of consumers selected the olive oil they buy on the basis of price and 32.9% were guided by the product’s specific attributes, which include, for example, organic production, which can be another differentiating element for producing companies.

  6. Market power analysis in the EEX electricity market : an agent-based simulation approach.

    Energy Technology Data Exchange (ETDEWEB)

    Wang, J.; Botterud, A.; Conzelmann, G.; Koritarov, V.; Decision and Information Sciences

    2008-01-01

    In this paper, an agent-based modeling and simulation (ABMS) approach is used to model the German wholesale electricity market. The spot market prices in the European Energy Exchange (EEX) are studied as the wholesale market prices. Each participant in the market is modeled as an individual rationality-bounded agent whose objective is to maximize its own profit. By simulating the market clearing process, the interaction among agents is captured. The market clearing price formed by agentspsila production cost bidding is regarded as the reference marginal cost. The gap between the marginal cost and the real market price is measured as an indicator of possible market power exertion. Various bidding strategies such as physical withholding and economic withholding can be simulated to represent strategic bidding behaviors of the market participants. The preliminary simulation results show that some generation companies (GenCos) are in the position of exerting market power by strategic bidding.

  7. Oil Market Forecast and the Analysis of Economic Impact of Oil Price Fluctuations

    Energy Technology Data Exchange (ETDEWEB)

    Lee, M.B. [Korea Energy Economics Institute, Euiwang (Korea)

    2001-12-01

    In the past two years, we noticed that oil prices have fluctuated with a wide range of $10 per barrel in the international oil markets. Since her annual oil import exceeded 10% of the national gross import, Korea became much concerned with economic impacts of changes in crude oil prices along with the short-term outlook of international crude oil market. In this context, this study is conducted to build a macro-economic model as well as an input-output analysis to deal with such changes in oil prices. The major findings are as follows: In the short-term, oil import price in 2001 is expected to stay at the level of $23.50 per barrel and the price will drop to the level of $20{approx}$22, approximately 10% drop from the previous year. The short-term impacts of these oil prices include: 3.0% increase in GDP; 9.7% decrease in export; 2.8% increase in petroleum product prices; 2.8% increase in demand for petroleum products; 6.1% increase in producer price index (PPI) in 2001. The impacts of 10% drop in oil prices under a scenario of the constant foreign exchange rate against US dollar include: 5.2% increase in GDP; 3.7% increase in import, 1.1% increase in petroleum product prices, 8.1% increase in demand for petroleum; and 3.7% increase in PPI. An input-output analysis reveals that the decrease in petroleum production cost induced by 10% drop in oil import prices amounted to approximately 5{approx}6%. Other sectors which show a big drop in production cost are basic petro-chemical industry, heat suppliers, electricity sector, and city gas suppliers. Among the petroleum products, naphtha shows the biggest drop of 8% in production cost, followed by fuel oils (7%), kerosene and diesel (6%), LPG (6%), and gasoline (3%). (author). 20 refs., 7 figs., 12 tabs.

  8. Modeling market power in Korea's emerging power market

    Energy Technology Data Exchange (ETDEWEB)

    Ahn, Nam-sung [Korean Electric Power Research Institute, 103-16 Munji-dong, Yuseong-ku, Daejeon 305-380, Korea (Korea, Republic of)]. E-mail: nsahn@kepri.re.kr; Niemeyer, Victor [Electric Power Research Institute, 3412 Hillview Ave, Palo Alto, CA 94304-1395 (United States)

    2007-02-15

    The Korean power market is being formed from the unbundled generation, transmission and distribution assets of Korea Electric Power Corporation. The KEPCO generation has been allocated to six independent gencos with a combined generating capacity of 46,629 MW in 2002. This gave an 11% margin over the peak load that year (41,921 MW). One of the concerns for any power market is whether individual participants can increase profits (and prices) by withholding generation from the market. To address this concern, a Cournot-based model of Korean power system was created and applied to a set of loads representing the load duration curve for Korea's system loads in 2002. Our simulation results show a strong possibility for exercise of market power to increase market price in Korean market. Under tight market conditions, even 1 GW of withholding can cause a large increase in market price. If loads unexpectedly grow faster than the 5% recent experience, the gencos will have the collective ability and incentive to spike prices further. Vesting contracts can reduce the incentive to act strategically. Requiring that the gencos offer 50% of their capacity in long-term forward contracts greatly reduces the payoff to act strategically, and requiring vesting for 75% of their capacity results in prices that are essentially the same as the competitive equilibrium. Depending on the price for the vesting contracts, this policy can reduce the incentives to add new generation by gencos or the competitive fringe. Another approach to reducing the effects of market power is establishing demand-response programs, simulated here by increasing the elasticity of overall demand. These programs can reduce the incentives to withhold capacity, but to a lesser degree than vesting contracts. The genco with the greatest ability to influence prices through withholding is the largest, KNHP. However, acting on its own, without the support of the other gencos, its ability to raise prices is limited

  9. The Chinese Olive Oil Market Today Import Prices,Market Segments, Opportunities and Challenges%The Chinese Olive Oil Market Today Import Prioes,Market Segments, Opportunities and Challenges

    Institute of Scientific and Technical Information of China (English)

    Mateo Radnic

    2011-01-01

    @@ Ⅰ .EDIBLE OIL CONSUMPTION IN CHINA According to the data of Edible Oil Consumption in China,this market has constantly growth over the last years, doublingits size in only 8 years.For the past year 2010, the market sizereaches over 29 thousand tons.

  10. Market Imperfections on the power markets in northern Europe

    DEFF Research Database (Denmark)

    Skytte, Klaus

    1999-01-01

    . These imperfections can be technical, economic or tradition-bound, and can also have political characteristics. It is important to recognise and incorporate the market imperfections in the liberalisation policy and analysis. Otherwise, the purposes of the liberalisation and other energy policy goals may......Up till now, most analyses of the northern European electricity liberalisation have assumed that a perfect competitive electricity market can be obtained. It has not been taken into account that a number of imperfections will inevitably occur - at least during the transition period...... not be achieved. The aim of this paper is to survey market imperfections and their influence on the liberalisation processes in northern Europe...

  11. Relationships between oil price shocks and stock market: An empirical analysis from China

    Energy Technology Data Exchange (ETDEWEB)

    Cong Ronggang [Center for Energy and Environmental Policy Research, Institute of Policy and Management (IPM), Chinese Academy of Sciences (CAS), P.O. Box 8712, Beijing 100080 (China); Graduate School of the Chinese Academy of Sciences, Beijing 100080 (China); Wei Yiming [Center for Energy and Environmental Policy Research, Institute of Policy and Management (IPM), Chinese Academy of Sciences (CAS), P.O. Box 8712, Beijing 100080 (China)], E-mail: ymwei@deas.harvard.edu; Jiao Jianlin [Hefei University of Science and Technology, Hefei 230009 (China); Fan Ying [Center for Energy and Environmental Policy Research, Institute of Policy and Management (IPM), Chinese Academy of Sciences (CAS), P.O. Box 8712, Beijing 100080 (China)

    2008-09-15

    This paper investigates the interactive relationships between oil price shocks and Chinese stock market using multivariate vector auto-regression. Oil price shocks do not show statistically significant impact on the real stock returns of most Chinese stock market indices, except for manufacturing index and some oil companies. Some 'important' oil price shocks depress oil company stock prices. Increase in oil volatility may increase the speculations in mining index and petrochemicals index, which raise their stock returns. Both the world oil price shocks and China oil price shocks can explain much more than interest rates for manufacturing index.

  12. Relationships between oil price shocks and stock market: An empirical analysis from China

    Energy Technology Data Exchange (ETDEWEB)

    Cong, Rong-Gang [Center for Energy and Environmental Policy Research, Institute of Policy and Management (IPM), Chinese Academy of Sciences (CAS), P.O. Box 8712, Beijing 100080 (China); Graduate School of the Chinese Academy of Sciences, Beijing 100080 (China); Wei, Yi-Ming; Fan, Ying [Center for Energy and Environmental Policy Research, Institute of Policy and Management (IPM), Chinese Academy of Sciences (CAS), P.O. Box 8712, Beijing 100080 (China); Jiao, Jian-Lin [Hefei University of Science and Technology, Hefei 230009 (China)

    2008-09-15

    This paper investigates the interactive relationships between oil price shocks and Chinese stock market using multivariate vector auto-regression. Oil price shocks do not show statistically significant impact on the real stock returns of most Chinese stock market indices, except for manufacturing index and some oil companies. Some 'important' oil price shocks depress oil company stock prices. Increase in oil volatility may increase the speculations in mining index and petrochemicals index, which raise their stock returns. Both the world oil price shocks and China oil price shocks can explain much more than interest rates for manufacturing index. (author)

  13. Relationships between oil price shocks and stock market: An empirical analysis from China

    DEFF Research Database (Denmark)

    Cong, Ronggang; Wei, Yi-Ming; Jiao, Jian-Ling

    2008-01-01

    This paper investigates the interactive relationships between oil price shocks and Chinese stock market using multivariate vector auto-regression. Oil price shocks do not show statistically significant impact on the real stock returns of most Chinese stock market indices, except for manufacturing...... index and some oil companies. Some “important” oil price shocks depress oil company stock prices. Increase in oil volatility may increase the speculations in mining index and petrochemicals index, which raise their stock returns. Both the world oil price shocks and China oil price shocks can explain...

  14. Bio-oil fueled diesel power plant; Biooeljyllae toimiva dieselvoimala

    Energy Technology Data Exchange (ETDEWEB)

    Vuorinen, A. [Modigen Oy, Helsinki (Finland)

    1995-12-31

    The project mission is to develop a diesel power plant which is capable of using liquid bio-oils as the main fuel of the power plant. The applicable bio-oils are rape seed oils and pyrolysis oils. The project was started in 1994 by installing a 1.5 MW Vasa 4L32 engine in VTT Energy laboratory in Otaniemi. During 1995 the first tests with the rape seed oils were made. The tests show that the rape seed oil can be used in Vasa 32 engines without difficulties. In the second phase of the project during 1996 and 1997 pyrolysis oil made of wood will be tested. Finally a diesel power plant concept with integrated pyrolysis oil, electricity and heat production will be developed

  15. Bio-oil fuelled diesel power plant; Biooeljyllae toimiva dieselvoimala

    Energy Technology Data Exchange (ETDEWEB)

    Vuorinen, A. [Modigen Oy, Helsinki (Finland)

    1997-12-01

    The project mission is to develop a diesel power plant which is capable of using liquid bio-oils as the main fuel of the power plant. The applicable bio-oils are rape seed oils and pyrolysis oils. The project was started in 1994 by installing a 1.5 MW Vasa 4L32 engine in VTT Energy laboratory in Otaniemi. During 1995 the first tests with the rape seed oils were made. The tests show that the rape seed oil can be used in Vasa 32 engines without difficulties. In the second phase of the project during 1996 pyrolysis oil made of wood was tested. Finally a diesel power plant concept with integrated pyrolysis oil, electricity and heat production will be developed

  16. Modeling the global market for crude oil and forecasting the price: a comprehensive study

    OpenAIRE

    Behmiri, Niaz Badhiri

    2013-01-01

    Crude oil prices before 1970 were under control by multinational monopolist oil companies; from 1970 to 1986 OPEC administered pricing system determined crude oil prices; and from 1986 to the present, crude oil prices are determined by a market-linked pricing mechanism or demand-to-supply ratio, taking in account a set of many other factors, such as economic, political, financial, technological, meteorological and oil reserves. As in a market-linked pricing mechanism, the main determinant fac...

  17. Market power and price structure in the electricity market; Markedsmakt og prisstruktur i kraftmarkedet

    Energy Technology Data Exchange (ETDEWEB)

    Halseth, Arve

    1998-12-01

    This report evaluates the importance of market power on price formation and price structure in the Norwegian electricity market. A simple oligopoly model is used to show how the equilibrium is affected by demand, distribution of capacity between two major suppliers, and marginal production costs, given that the suppliers do not cooperate. Two important conclusions can be drawn from the calculations: (1) a high concentration on the supply side does not necessarily lead to essential market power, and (2) market power may contribute to increased stability and predictability. The main conclusion is that market power can be positive for society and it is not uniquely associated with a high concentration on the supply side. If emphasis is placed on stability and predictability, market power should not be defined as deviation from prices under free competition but rather should be related to the requirement that the suppliers should not obtain unreasonably high profit with unreasonably little utilization of capacity. 10 refs., 11 figs.

  18. "Vertical Market Power" as Oxymoron: Getting Convergence Mergers Right

    OpenAIRE

    Brennan, Timothy

    2001-01-01

    “Vertical market power” is a contradiction in terms because “market power” is essentially horizontal—that is, it depends on relationships of firms within markets. FERC invokes the term to assess “convergence” mergers between electricity generators and natural gas suppliers. It misapplies Department of Justice guidelines for vertical mergers and fails to identify exceptions to a presumption that market power depends only on competitive conditions at any single stage. A three-stage test can ass...

  19. 76 FR 16394 - Analysis of Horizontal Market Power Under the Federal Power Act

    Science.gov (United States)

    2011-03-23

    ... Energy Regulatory Commission Analysis of Horizontal Market Power Under the Federal Power Act AGENCY... should revise its approach for examining horizontal ] market power concerns in transactions under Sec. 203 of the Federal Power Act to reflect the Horizontal Merger Guidelines issued by the Department...

  20. Approaches and methods for econometric analysis of market power

    DEFF Research Database (Denmark)

    Perekhozhuk, Oleksandr; Glauben, Thomas; Grings, Michael

    2017-01-01

    in agricultural and food markets. We provide a framework that may help researchers to evaluate and improve structural models of market power. Starting with the specification of the approaches in question, we compare published empirical studies of market power with respect to the choice of the applied approach......, functional forms, estimation methods and derived estimates of the degree of market power. Thereafter, we use our framework to evaluate several structural models based on PTA and GIM to measure oligopsony power in the Ukrainian dairy industry. The PTA-based results suggest that the estimated parameters......This study discusses two widely used approaches in the New Empirical Industrial Organization (NEIO) literature and examines the strengths and weaknesses of the Production-Theoretic Approach (PTA) and the General Identification Method (GIM) for the econometric analysis of market power...

  1. Cross-correlations between crude oil and exchange markets for selected oil rich economies

    Science.gov (United States)

    Li, Jianfeng; Lu, Xinsheng; Zhou, Ying

    2016-07-01

    Using multifractal detrended cross-correlation analysis (MF-DCCA), this paper studies the cross-correlation behavior between crude oil market and five selected exchange rate markets. The dataset covers the period of January 1,1996-December 31,2014, and contains 4,633 observations for each of the series, including daily closing prices of crude oil, Australian Dollars, Canadian Dollars, Mexican Pesos, Russian Rubles, and South African Rand. Our empirical results obtained from cross-correlation statistic and cross-correlation coefficient have confirmed the existence of cross-correlations, and the MF-DCCA results have demonstrated a strong multifractality between cross-correlated crude oil market and exchange rate markets in both short term and long term. Using rolling window analysis, we have also found the persistent cross-correlations between the exchange rates and crude oil returns, and the cross-correlation scaling exponents exhibit volatility during some time periods due to its sensitivity to sudden events.

  2. Investigating Food and Beverage Industry Market Structure and Market Power Based on Leo and Bresnahan’s Approach

    Directory of Open Access Journals (Sweden)

    M. Nabishahikitash

    2016-03-01

    . Suppose you have two firms producing the same good, so that the industry price is determined by the combined output of the two firms (think of the water duopoly in Cournot's original 1838 account. Now suppose that each firm has what is called the "Bertrand Conjecture" of −1. This means that if firm A increases its output, it conjectures that firm B will reduce its output to exactly offset firm A's increase, so that the total output and hence price remain unchanged. With the Bertrand Conjecture, the firms act as if they believe that the market price is unaffected by their own output, because each firm believes that the other firm will adjust its output so that total output will be constant. At the other extreme is the Joint-Profit maximizing conjecture of +1. In this case each firm believes that the other firm will imitate exactly any change it makes in output, which leads (with constant marginal cost to the firms behaving like a single monopoly supplier. The results show that it is significant uncompetitive pattern for 18 of the 19 industries. Existence of oligopoly industry for 12 shows the non-competitiveness of this industry. The flour and cereals production industry has 2.24 degrees of collusion and the tea industry has 2.14 degrees of collusion. Degree of conjectural variation is between 0.43 and 2.24. These numbers are related to carbonated soft drinks industry and production of flour and cereals. Conclusion: This paper discusses the Market Structure and the Degree of Market Power and Collusion Index of Food and Beverage industry on the basis of Modern Industrial Organization (NEIO with Bresnahan- Leo (1982 Approach. For this Purpose, data of ISIC Four- Digit Code is used to investigate the 19 industries for the years 2005-2011. The result showsthat competitive conditions for 18 Industriesaresignificant. The degree of Market Power is between 0.43 and 2.24.12.The industry has Oligopolistic Market and Production of Oil and Fat Industry has a Monopoly Market close to

  3. The Conflict in Syria: Key Issues and Consequences on the International Market of Crude Oil

    Directory of Open Access Journals (Sweden)

    Mariana Papatulică

    2013-07-01

    Full Text Available At the end of August 2013, the international prices of Brent crude rose to a 17-month high ($ 117.8 /barrel as Western powers, mainly USA, readied a military strike against Syria, and traders and analysts cited concerns over stability in the Middle East. The main concern was the risk that Western intervention in Syria could prompt a wider regional conflict, given the support that Iran has provided to the regime of Syria. The attack failed to materialize, because U.S. and Russia reached an agreement with the goal of disarming Syria’s chemical weapon arsenal, and consequently the prices declined, but the risk of geopolitical and social unrest movementsAlpha is still high, so that a reactivation of geopolitical tensions in the extended area of Middle East and north Africa is anytime possible with the afferent disruptive effects on the international oil market. We tried to answer to some questions in order to clear up the background of the problem: 1 What was the real stake of the U.S. plan to intervene in Syria: the concern generated by chemical weapons or U.S. geostrategic interests in the wider Middle East? 2 Why Syria matters to oil market, given that it is not a major oil producer (as was Libya, nor is it a major transit point for oil and gas exports (as is Egypt? 3 The aftermath of a serious military action targeted against the Middle Eastern country and “qui prodest”? 4 Will Iran’s possible return to the world oil market send oil prices down, and how much?

  4. The role of public policy in emerging green power markets: An analysis of marketer preferences

    Energy Technology Data Exchange (ETDEWEB)

    Wiser, R.

    1999-08-01

    Green power marketing has been heralded by some as a means to create a private market for renewable energy that is driven by customer demand for green products. This report challenges the premise--sometimes proffered in debates over green markets--that profitable, sizable, credible markets for green products will evolve naturally without supportive public policies. Relying primarily on surveys and interviews of US green power marketers, the article examines the role of specific regulatory and legislative policies in enabling the green market, and searches for those policies that are believed by marketers to be the most conducive or detrimental to the expansion of the green market. The authors find that marketers: (1) believe that profitable green power markets will only develop if a solid foundation of supportive policies exists; (2) believe that establishing overall price competition and encouraging customer switching are the top priorities; (3) are somewhat leery of government-sponsored or mandated public information programs; and (4) oppose three specific renewable energy policies that are frequently advocated by renewable energy enthusiasts, but that may have negative impacts on the green marketers' profitability. The stated preferences of green marketers shed light on ways to foster renewables by means of the green market. Because the interests of marketers do not coincide perfectly with those of society, however, the study also recognizes other normative perspectives and highlights policy tensions at the heart of current debates related to green markets. By examining these conflicts, they identify three key policy questions that should direct future research: (1) to what extent should price competition and customer switching be encouraged at the expense of cost shifting; (2) what requirements should be imposed to ensure credibility in green products and marketing; and (3) how should the green power market and broader renewable energy policies interact?

  5. Transporting US oil imports: The impact of oil spill legislation on the tanker market

    Energy Technology Data Exchange (ETDEWEB)

    Rowland, P.J. (Rowland (P.) Associates (United States))

    1992-05-01

    The Oil Pollution Act of 1990 ( OPA'') and an even more problematic array of State pollution laws have raised the cost, and risk, of carrying oil into and out of the US. This report, prepared under contract to the US Department of energy's Office of Domestic and International Policy, examines the impact of Federal and State oil spill legislation on the tanker market. It reviews the role of marine transportation in US oil supply, explores the OPA and State oil spill laws, studies reactions to OPA in the tanker and tank barge industries and in related industries such as insurance and ship finance, and finally, discusses the likely developments in the years ahead. US waterborne oil imports amounted to 6.5 million B/D in 1991, three-quarters of which was crude oil. Imports will rise by almost 3 million B/D by 2000 according to US Department of energy forecasts, with most of the crude oil growth after 1995. Tanker demand will grow even faster: most of the US imports and the increased traffic to other world consuming regions will be on long-haul trades. Both the number of US port calls by tankers and the volume of offshore lightering will grow. Every aspect of the tanker industry's behavior is affected by OPA and a variety of State pollution laws.

  6. Relationship between Gold and Oil Prices and Stock Market Returns

    Directory of Open Access Journals (Sweden)

    Muhammad Mansoor Baig

    2013-10-01

    Full Text Available This study objective to examine the relationship between gold prices, oil prices and KSE100 return. This study important for the investor whose want to invest in real assets and financial assets. This study helps investor to achieve the portfolio diversification. This study uses the monthly data of gold prices, KSE100, and oil prices for the period of 2000 to 2010 (monthly. This study applied Descriptive statistics, Augmented Dickey Fuller test Phillip Perron test, Johansen and Jelseluis Co-integration test, Variance Decomposition test to find relationship. This study concludes that Gold prices growth, Oil prices growth and KSE100 return have no significant relationship in the long run. This study provides information to the investors who want to get the benefit of diversification by investing in Gold, Oil and stock market. In the current era Gold prices and oil prices are fluctuating day by day and investors think that stock returns may or may not affected by these fluctuations. This study is unique because it focuses on current issues and takes the current data in this research to help the investment institutions or portfolio managers.

  7. Power Contro Energy Management and Market Systems

    Energy Technology Data Exchange (ETDEWEB)

    Tom Addison; Andrew Stanbury

    2005-12-15

    More efficient use of the nation's electrical energy infrastructure will result in minimizing the cost of energy to the end user. Using real time electrical market information coupled with defined rules, market opportunities can be identified that provide economic benefit for both users and marketers of electricity. This report describes the design of one such system and the features a fully functional system would provide. This report documents several investigated methods of controlling load diversity or shifting.

  8. Analysis Influence of Proactivity Power Business, Market Orientation, and Competitive Advantage toward Marketing Performance

    Directory of Open Access Journals (Sweden)

    Lili Karmela Fitriani

    2016-02-01

    Full Text Available This research is an empirical study on Batik SMEs (Small Medium Enterprises in Cirebon District, West Java. This study analyzes the effect of proactivity power business, market orientation, and competitive advantage towards marketing performance. The subjects of this research were 215 Batik SMEs in Cirebon District West Java. The analysis was done using Structural Equation Modeling (SEM, AMOS ver. 18. The result shows that proactivity power business, market orientation, and competitive advantage give positive influence on marketing performance of  Batik SMEs. The research implication is when SME businesses focus on the effort in improving their proactivity power business and competitive advantage, it will give positive impact on marketing performance. Other research finding reveals that  the orientation of customer and orientation of competitor have some effects on marketing performance. In addition, SME businesses should know what customers want and they should be able to identify their competitors in order to improve their marketing performance.

  9. Medium-Term Oil Market Report 2013: Market Trends and Projections to 2018

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2013-06-01

    The global oil market will undergo sweeping changes over the next five years. The 2013 Medium-Term Oil Market Report evaluates the impact of these changes on the global oil system by 2018 based on all that we know today – current expectations of economic growth, existing or announced policies and regulations, commercially proven technologies, field decline rates, investment programmes (upstream, midstream and downstream), etc. The five-year forecast period corresponds to the length of the typical investment cycle and as such is critical to policymakers and market participants. This Report shows, in detailed but concise terms, why the ongoing North American hydrocarbon revolution is a ''game changer''. The region’s expected contribution to supply growth, however impressive, is only part of the story: Crude quality, infrastructure requirements, current regulations, and the potential for replication elsewhere are bound to spark a chain reaction that will leave few links in the global oil supply chain unaffected. While North America is expected to lead medium-term supply growth, the East-of- Suez region is in the lead on the demand side. Non-OECD oil demand, led by Asia and the Middle East, looks set to overtake the OECD for the first time as early as 2Q13 and will widen its lead afterwards. Non-OECD economies are already home to over half global refining capacity. With that share only expected to grow by 2018, the non-OECD region will be firmly entrenched as the world’s largest crude importer. These and other changes are carefully laid out in this Report, which also examines recent and future changes in global oil storage, shifts in OPEC production capacity and crude and product trade, and the consequences of the ongoing refinery construction boom in emerging markets and developing economies. It is required reading for anyone engaged in policy or investment decision-making in the energy sphere, and those more broadly interested in the oil

  10. America's Seniors: Marketers Are Underestimating Their Power.

    Science.gov (United States)

    Clayton, Catherine

    Society has stereotyped the elderly as those who are unable, dependent, institutionalized, and handicapped in various other ways. Stereotyping older people in this manner allows them to be cast aside in the market as well. The marketing community should concentrate more on this thriving aggregate, for they have disposable income--some for the…

  11. Implications of Carbon Regulation for Green Power Markets

    Energy Technology Data Exchange (ETDEWEB)

    Bird, L.; Holt, E.; Carroll, G.

    2007-04-01

    This paper examines the potential effects that emerging mandatory carbon markets have for voluntary markets for renewable energy, or green power markets. In an era of carbon regulation, green power markets will continue to play an important role because many consumers may be interested in supporting renewable energy development beyond what is supported through mandates or other types of policy support. The paper examines the extent to which GHG benefits motivate consumers to make voluntary renewable energy purchases and summarizes key issues emerging as a result of these overlapping markets, such as the implications of carbon regulation for renewable energy marketing claims, the demand for and price of renewable energy certificates (RECs), and the use of RECs in multiple markets (disaggregation of attributes). It describes carbon regulation programs under development in the Northeast and California, and how these might affect renewable energy markets in these regions, as well as the potential interaction between voluntary renewable energy markets and voluntary carbon markets, such as the Chicago Climate Exchange (CCX). It also briefly summarizes the experience in the European Union, where carbon is already regulated. Finally, the paper presents policy options for policymakers and regulators to consider in designing carbon policies to enable carbon markets and voluntary renewable energy markets to work together.

  12. Marketing Risk Management of Palm Oil Based Biodiesel Agroindustry

    Directory of Open Access Journals (Sweden)

    I Gusti Bagus Udayana

    2014-03-01

    Full Text Available Biodiesel is fuel generates from vegetable oils that have properties similar to diesel oil. The advantages of biodiesel compared to diesel is an environmentally friendly fuel because it produces much lower emissions (sulfur free, low smoke number in accordance with global issues, higher cetane number (> 57 so that the combustion efficiency is better than diesel, lubrication properties of the piston engine; biodegradable, a renewable energy because it is made from natural materials, and improve the independence of fuel supply because it can be produced locally. The purpose of this research is to design the risk management decision support system for agro-industry development biodiesel of oil palm-based. Determination of objectives and risk management strategies using the used to obtain an alternative value in the aspect of marketing. This research resulted in a decision support system that is useful to help decision makers in addressing the risk of agro-bio-diesel. Risk management model is designed in a decision support system  (DSS, can be used by industrial users and investors in the field of biodiesel. DSS software development using Microsoft Visual Basic Version 6.0 consists of three main components namely database management system, knowledge base management system and model base management system. Model base management system consists of risk marketing analysis.

  13. Optimal Dispatch of Competitive Power Markets by Using PowerWorld Simulator

    Science.gov (United States)

    Zhang, Dong; Li, Shuhui

    2013-10-01

    The transition to competitive and retail markets for electric utilities around the world has been a difficult and controversial process. One of the difficulties that hindered the development and growth of competitive power markets is the absence of efficient computational tools to assist the design, analysis, and operation of competitive power markets. PowerWorld simulator is a software package that has strong analytical and visualization functions suitable for extensive power flow study of an electric power system. However, like many other power flow simulators, PowerWorld cannot be used directly for analysis and evaluation of a competitive power market. This article investigates mathematical models associated with a competitive power market and how these models can be converted and transformed in such a way that makes it possible to use PowerWorld for the competitive power market study. To validate the effectiveness of the proposed strategy, models of several small-scale competitive power markets are built in MatLab by using conventional approaches. Results generated by both PowerWorld and MatLab are compared. Finally, the article demonstrates how the PowerWorld simulator is used to investigate a larger and practical competitive power system.

  14. Markets during world oil supply crises: an analysis of industry, consumer, and governmental response

    Energy Technology Data Exchange (ETDEWEB)

    Erfle, Stephen; Pound, John; Kalt, Joseph

    1981-04-01

    An analysis of the response of American markets to supply crises in world oil markets is presented. It addresses four main issues: the efficiency of the operation of American oil markets during oil supply crises; the problems of both economic efficiency and social equity which arise during the American adaptation process; the propriety of the Federal government's past policy responses to these problems; and the relationship between perceptions of the problems caused by world oil crises and the real economic natures of these problems. Specifically, Chapter 1 presents a theoretical discussion of the effects of a world supply disruption on the price level and supply availability of the world market oil to any consuming country including the US Chapter 2 provides a theoretical and empirical analysis of the efficiency of the adaptations of US oil product markets to higher world oil prices. Chapter 3 examines the responses of various groups of US oil firms to the alterations observed in world markets, while Chapter 4 presents a theoretical explanation for the price-lagging behavior exhibited by firms in the US oil industry. Chapter 5 addresses the nature of both real and imagined oil market problems in the US during periods of world oil market transition. (MCW)

  15. Market integration of wind power in electricity system balancing

    DEFF Research Database (Denmark)

    Sorknæs, Peter; Andersen, Anders N.; Tang, Jens

    2013-01-01

    In most countries markets for electricity are divided into wholesale markets on which electricity is traded before the operation hour, and real-time balancing markets to handle the deviations from the wholesale trading. So far, wind power has been sold only on the wholesale market and has been...... known to increase the need for balancing. This article analyses whether wind turbines in the future should participate in the balancing markets and thereby play a proactive role. The analysis is based on a real-life test of proactive participation of a wind farm in West Denmark. It is found...

  16. The strategic use of forward contracts: Applications in power markets

    Science.gov (United States)

    Lien, Jeffrey Scott

    This dissertation develops three theoretical models that analyze forward trading by firms with market power. The models are discussed in the context of recently restructured power markets, but the results can be applied more generally. The first model considers the profitability of large firms in markets with limited economies of scale and free entry. When large firms apply their market power, small firms benefit from the high prices without incurring the costs of restricted output. When entry is considered, and profit opportunity is determined by the cost of entry, this asymmetry creates the "curse of market power;" the long-run profits of large firms are reduced because of their market power. I suggest ways that large power producers can cope with the curse of market power, including the sale of long-term forward contracts. Past research has shown that forward contracts can demonstrate commitment to aggressive behavior to a competing duopolist. I add explicitly modeled entry to this literature, and make the potential entrants the audience of the forward sale. The existence of a forward market decreases equilibrium entry, increases the profits of large firms, and enhances economic efficiency. In the second model, a consumer representative, such as a state government or regulated distribution utility, bargains in the forward market on behalf of end-consumers who cannot organize together in the spot market. The ability to organize in forward markets allows consumers to encourage economic efficiency. When multiple producers are considered, I find that the ability to offer contracts also increases consumer surplus by decreasing the producers' profits. In some specifications of the model, consumers are able to capture the full gains from trade. The third model of this dissertation considers the ability of a large producer to take advantage of anonymity by randomly alternating between forward sales and forward purchases. The large producer uses its market power to

  17. Equilibrium pricing in electricity markets with wind power

    Science.gov (United States)

    Rubin, Ofir David

    Estimates from the World Wind Energy Association assert that world total wind power installed capacity climbed from 18 Gigawatt (GW) to 152 GW from 2000 to 2009. Moreover, according to their predictions, by the end of 2010 global wind power capacity will reach 190 GW. Since electricity is a unique commodity, this remarkable expansion brings forward several key economic questions regarding the integration of significant amount of wind power capacity into deregulated electricity markets. The overall dissertation objective is to develop a comprehensive theoretical framework that enables the modeling of the performance and outcome of wind-integrated electricity markets. This is relevant because the state of knowledge of modeling electricity markets is insufficient for the purpose of wind power considerations. First, there is a need to decide about a consistent representation of deregulated electricity markets. Surprisingly, the related body of literature does not agree on the very economic basics of modeling electricity markets. That is important since we need to capture the fundamentals of electricity markets before we introduce wind power to our study. For example, the structure of the electric industry is a key. If market power is present, the integration of wind power has large consequences on welfare distribution. Since wind power uncertainty changes the dynamics of information it also impacts the ability to manipulate market prices. This is because the quantity supplied by wind energy is not a decision variable. Second, the intermittent spatial nature of wind over a geographical region is important because the market value of wind power capacity is derived from its statistical properties. Once integrated into the market, the distribution of wind will impact the price of electricity produced from conventional sources of energy. Third, although wind power forecasting has improved in recent years, at the time of trading short-term electricity forwards, forecasting

  18. Assembling markets for wind power. An inquiry into the making of market devices

    Energy Technology Data Exchange (ETDEWEB)

    Pallesen, T.

    2013-04-15

    This project studies the making of a market for wind power in France. Markets for wind power, as well as markets for other renewable energies, are often referred to as 'political markets: On the one hand, wind power has the potential to reduce CO{sub 2}-emissions and thus stall the effects of electricity generation on climate change; and on the other hand, as an economic good, wind power is said to suffer from 'disabilities', such as high costs, fluctuating and unpredictable generation, etc. Therefore, because of its performance as a good, it is argued that the survival of wind power in the market is premised on different instruments, some of which I will refer to as 'prosthetic devices'. This thesis inquires into two such prosthetic devices: The feed-in tariff and the wind power development zones (ZDE) as they are negotiated and practiced in France, and the ways in which they affect the making of markets for wind power. In this thesis, it is argued that while the two devices frame the price of wind power and the location of turbines, they also affect and address questions of costs, profitability, and efficiency; and as such, they may be investigated as market devices. (Author)

  19. COINTEGRATION IN THE OIL MARKET AMONG REGIONAL BLENDS

    Directory of Open Access Journals (Sweden)

    Neil A. Wilmot

    2013-10-01

    Full Text Available The integration of crude oil spot prices, from different geographic regions is examined using the residual-based cointegration test of Gregory and Hansen (1996, which allows for endogenously determined structural breaks. While traditionally, the focus has been on three global benchmark crudes (WTI, Brent and Dubai Fateh, herein the relationship among secondary, regional blends (Edmonton Par, Western Canadian Select, Bonny Light and Mexican Maya is examined with implications for the ‘global pool’ hypothesis. Monthly data is examined, with particular emphasis placed on the Canadian perspective. The results indicate that the regional crudes, of similar and differing grades, are cointegrated with a structural break. Events with a direct impact on the crude market are linked to the structural breaks. Indirect impacts are attributed to events which appear to have affected crude oil prices via a decrease in demand, such as the economic uncertainty leading to and during the ‘Great Recession’.

  20. Economics, producer politics will shape oil markets through 1996

    Energy Technology Data Exchange (ETDEWEB)

    1993-10-25

    Two main forces will shape the oil market during the next 3 years. The pace of worldwide economic growth will determine demand growth. Although energy use efficiency has improved, especially in the industrialized world, demand for energy and oil products remains chiefly a function of economic activity. And producing nation politics will have much to say about supply. A crucial and unpredictable variable is when Iraq, now subject to a United Nations trade embargo, resumes exports at significant rates. Demand growth will exceed production increases outside the Organization of Petroleum Exporting Countries, which means an ever-increasing role for the exporters' group. The paper discusses the demand outlook, economic projections, energy intensity, regional energy mixes, world energy mix, petroleum demand, petroleum product demand, supply questions, non-OPEC production, reserves and output capacity, production gains, industry operations (drilling, stocks, refining), prices, price forecasts, and the role of taxes.

  1. Does Egyptian orange exports really have a market power in Saudi Arabia market?

    Directory of Open Access Journals (Sweden)

    Yasser S. A. Mazrou

    2015-07-01

    Full Text Available Egypt is one of the important orange exporters and Saudi Arabia also is an important import orange market. The Saudi orange market is a main market for Egypt which has a market share that exceeds half of Saudi orange market by 55.72%. This article aims to discover the degree of market power for Egyptian orange exports and other competitors in the Saudi market and if it is considered a measure of the relative mark- up by applying Residual Demand Elasticity approach. The results show that Egyptian orange exports has just a statistically signified market power by SUR and 3-SLS and has a negative sign, which may gain monopolistic profits by the relative mark-up over its marginal cost by about 63.7% without losing any of its market share. The source of Egyptian orange exports market power is due to: 1- product differentiation where Egypt exports navel orange most its export season compared with sweet orange which exported from other competitors. 2- Saudi Arabia Market demand characteristics which reflect on the consumers preference for Egyptian oranges.

  2. Market power in auction and efficiency in emission permits allocation.

    Science.gov (United States)

    Jiang, Min Xing; Yang, Dong Xiao; Chen, Zi Yue; Nie, Pu Yan

    2016-12-01

    This paper analyzes how to achieve the cost-effectiveness by initial allocation of CO2 emission permits when a single dominant firm in production market has market power in auction, and compare two prevalent allocation patterns, mixed allocation and single auction. We show how the firm with market power may manipulate the auction price, thereby this leads to fail to achieve cost-effective solution by auction unless the total permits for allocation equal to the effective emissions cap. Provided that the market power firm receives strictly positive free permits, the effective emissions cap of mixed allocation is larger than that of single auction. The production market share of dominant firm is increasing with the free permits it holds. Finally, we examine the compliance costs and welfare of mixed allocation and single auction, the result show that the former is preferred to the later when policy makers consider economic welfare without welfare cost due to CO2 emissions.

  3. The market and the economics of large oil tankers

    Energy Technology Data Exchange (ETDEWEB)

    Golomer, O.

    1996-12-31

    The document aims to assist decision makers in the tanker industry to make effective management strategies for the future deployment of Very Large Crude Carriers (VLCC) in a time of financial uncertainty and environmental awareness. The VLCC market is described and the factors influencing decision-makers are discussed. Financial considerations including shipping assets and company financial security are reviewed together with the financial implications of operating VLCCs. Environmental pressures, such as international regulations an oil pollution reduction measures are then discussed. The document closes with a review of decision-making for shipowning companies in this complex milieu. (UK)

  4. Recipes for success in the marketing of solar power; Erfolgsrezepte fuer Solarstrom-Marketing

    Energy Technology Data Exchange (ETDEWEB)

    Frauenfelder, S. [Linder Kommunikation AG, Zuerich (Switzerland); Peter, M. [IPSO Sozial-, Marketing- und Personalforschung, Duebendorf (Switzerland)

    1999-07-01

    This report for the Swiss Federal Office of Energy (SFOE) presents the results of a study made of the different concepts used by Swiss electricity utilities in the marketing of solar power. The results of investigations made at 10 utilities and of interviews with 1000 customers are presented. The various marketing methods used by the utilities, including types of product and the methods chosen for communication and promotion, are examined. The marketing of solar power as perceived by actual and potential customers is also examined. In particular, price, image and trustworthiness of the offers are looked at and the four marketing-mix components product, price, sales and promotion are discussed. The authors conclude that the potential for selling solar power is not yet fully exhausted, as shown by customer interviews. The report is rounded off with a review of the particular problems that are still to be resolved in the marketing of solar power.

  5. Restructured electric power systems analysis of electricity markets with equilibrium models

    CERN Document Server

    2010-01-01

    Electricity market deregulation is driving the power energy production from a monopolistic structure into a competitive market environment. The development of electricity markets has necessitated the need to analyze market behavior and power. Restructured Electric Power Systems reviews the latest developments in electricity market equilibrium models and discusses the application of such models in the practical analysis and assessment of electricity markets.

  6. The effect of the transmission grid on market power

    Energy Technology Data Exchange (ETDEWEB)

    Stoft, S.

    1997-05-01

    If competition could extend without hindrance through the entire extent of an electrically connected power grid, the US would have just two electricity markets, each with a uniform price. These markets would be competitive indeed. Unfortunately, losses and congestion present barriers to competition and thereby provide the likelihood of significantly increased market power. This paper begins the analysis of congestion as it affects the physical extent of markets and thereby affects the degree of market power. This is new territory; very little has previously been written in this area. Although the theoretical developments reported here rely on complex economic analysis, and although the market behaviors described are extremely subtle, several broad generalizations relevant to policy analysis can be made. From these generalizations one major policy conclusion can be drawn: In an unregulated market it will be socially beneficial to build a grid that is more robust than what is optimal in a regulated environment. Unused capacity may be needed. For a line to support full competition it may need to have a capacity that is much greater than the flow that will take place on it under full competition. Markets do not have sharp boundaries. Even with only one line the two busses may be in different regions, the same region, or partially in each other`s region. Increasing capacity is more effective on a small line. If connecting two busses with a very strong line will reduce market power, then the first MW of connecting capacity will have the most impact and each additional MW will have less. A congested line will cut a market into two non-competing regions. In each region the generators will markup according to the elasticity of the demand in only their region. A generator may reduce output in order to congest a line and increase its market power.

  7. 75 FR 30812 - Frequency Regulation Compensation in the Organized Wholesale Power Markets; Further Notice...

    Science.gov (United States)

    2010-06-02

    ... Energy Regulatory Commission Frequency Regulation Compensation in the Organized Wholesale Power Markets... of Proposed Rulemaking on Frequency Regulation Compensation in the Organized Wholesale Power Markets... Conference re Frequency Compensation in the Organized Wholesale Power Markets, issued April 27, 2010. The...

  8. Development of Power Market in India—Opportunities and Challenges

    DEFF Research Database (Denmark)

    Painuly, Jyoti P.; Banerjee, Rahul

    2015-01-01

    introduced in July 2008. Power exchanges are electronic platforms where anonymous price discovery happens based on supply and demand for power in the short term. The short-term electricity trade has reached 7.58 billion units (9.84 % of total generation) in March 2012 with a market size of approximately US......$ 4 billion. The short-term market includes power contracts of less than 1-year period, through traders or directly by the distribution utilities, “Day-Ahead” contracts through power exchanges and unscheduled interchange (UI) power trades. This has led to the development of an efficient trading market......, who have helped in optimizing generation asset across the country, and acted as counter-parties to trades and helped absorb the credit risk of distribution companies (DISCOMS), which were in poor financial health. Subsequently, as trade volume picked up, power exchanges with standard contracts were...

  9. System and market integration of wind power in Denmark

    DEFF Research Database (Denmark)

    Lund, Henrik; Hvelplund, Frede; Alberg Østergaard, Poul;

    2013-01-01

    Denmark has more than 10 years’ of experience with a wind share of approximately 20 per cent. During these 10 years, electricity markets have been subject to developments with a key focus on integrating wind power as well as trading electricity with neighbouring countries. This article introduces...... a methodology to analyse and understand the current market integration of wind power and concludes that the majority of Danish wind power in the period 2004e2008 was used to meet the domestic demand. Based on a physical analysis, at least 63 per cent of Danish wind power was used domestically in 2008....... To analyse the remaining 37 per cent, we must apply a market model to identify cause-effect relationships. The Danish case does not illustrate any upper limit for wind power integration, as also illustrated by Danish political targets to integrate 50 per cent by 2020. In recent years, Danish wind power has...

  10. System and market integration of wind power in Denmark

    DEFF Research Database (Denmark)

    Lund, Henrik; Hvelplund, Frede; Alberg Østergaard, Poul

    2013-01-01

    Denmark has more than 10 years’ of experience with a wind share of approximately 20 per cent. During these 10 years, electricity markets have been subject to developments with a key focus on integrating wind power as well as trading electricity with neighbouring countries. This article introduces...... a methodology to analyse and understand the current market integration of wind power and concludes that the majority of Danish wind power in the period 2004e2008 was used to meet the domestic demand. Based on a physical analysis, at least 63 per cent of Danish wind power was used domestically in 2008....... To analyse the remaining 37 per cent, we must apply a market model to identify cause-effect relationships. The Danish case does not illustrate any upper limit for wind power integration, as also illustrated by Danish political targets to integrate 50 per cent by 2020. In recent years, Danish wind power has...

  11. Operation of Modern Distribution Power Systems in Competitive Electricity Markets

    DEFF Research Database (Denmark)

    Hu, Weihao

    In this dissertation, the characteristics of a distribution system under a dynamic electricity-pricing, load management system and under a large number of power electronic interfaced distributed generation units are investigated. The operation characteristics of a power system with wind turbines......, DG units, loads and electricity price are studied. Further, the effect of energy storage systems will be considered, and an optimal operation strategy for energy storage devices in a large scale wind power system in the electricity market is proposed. The western Danish power system, which has large...... penetrations of variable wind power production and may represent the future electricity markets in some ways, is chosen as the studied power system. 10 year actual data from the Danish competitive electricity market are collected and analyzed. The relationship among the electricity price, the consumption...

  12. Your School's Web Site-A Powerful Tool for Marketing.

    Science.gov (United States)

    Say, Michael W.; Collier, Karen J.; Hoya, Charlotte, G.

    2001-01-01

    A successful marketing plan requires a conceptual framework, the ability to target an audience effectively, and the strategy for positioning the school organization appropriately. A website can be a powerful marketing tool if it focuses on what users want and provides it in an organized, accessible fashion. (MLH)

  13. Your School's Web Site-A Powerful Tool for Marketing.

    Science.gov (United States)

    Say, Michael W.; Collier, Karen J.; Hoya, Charlotte, G.

    2001-01-01

    A successful marketing plan requires a conceptual framework, the ability to target an audience effectively, and the strategy for positioning the school organization appropriately. A website can be a powerful marketing tool if it focuses on what users want and provides it in an organized, accessible fashion. (MLH)

  14. PRICE DISCRIMINATION AND MARKET POWER: A THEORETICAL ANALYSIS

    Directory of Open Access Journals (Sweden)

    Olga Smirnova

    2015-07-01

    Full Text Available This paper analyzes the contemporary theoretical and empirical research in the field of impact assessment of market power and conclusions about the possibilities of the company to implement price discrimination in different market structures. The results of the analysis allow to evaluate current approaches to antitrust regulation of price discrimination.

  15. Market power versus capital structure determinants: Do they impact leverage?

    Directory of Open Access Journals (Sweden)

    Agha Jahanzeb

    2015-12-01

    Full Text Available The purpose of this study is to investigate the association between market power and capital structure. This study will further provide a logical explanation towards the factors affecting capital structure. This study analysed 176 non-financial Pakistani companies listed on Karachi Stock Exchange over the period of 2003–2012. Capital structure has been tried to investigate with a different perspective by investigating its association with market power. It has been seen that there is a significant and positive relation between market power and capital structure. Size and liquidity remained significantly negative with capital structure, whereas profitability and dividend payout remained significantly positive with capital structure. To the best of authors’ knowledge, this is the first study that investigates the relationship between market power and capital structure in any developing economy by employing the data of non-financial Pakistani firms.

  16. An Exploration into Power Market Mode

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

    @@ Power system has its industrial structure featuring both natural monopoly and competition, making deregulation and re-regulation become the main melody in the evolution of the regulatory system for power industry. Consequently, it is one of the main tasks for power reform to determine a new and rational regulatory mode.

  17. Market power and contract form: evidence from physician group practices.

    Science.gov (United States)

    Town, Robert; Feldman, Roger; Kralewski, John

    2011-06-01

    We examine how the market power of physician groups affects the form of their contracts with health insurers. We develop a simple model of physician contracting based on 'behavioral economics' and test it with data from two sources: a survey of physician group practices in Minnesota; and the physician component of the Community Tracking Survey. In both data sets we find that increases in groups' market power are associated with proportionately more fee-for-service revenue and less revenue from capitation.

  18. The Impact of Wind Power on European Natural Gas Markets

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2012-09-06

    Due to its clean burning properties, low investment costs and flexibility in production, natural gas is often put forward as the ideal partner fuel for wind power and other renewable sources of electricity generation with strongly variable output. This working paper examines three vital questions associated with this premise: 1) Is natural gas indeed the best partner fuel for wind power? 2) If so, to what extent will an increasing market share of wind power in European electricity generation affect demand for natural gas in the power sector? and 3) Considering the existing European natural gas markets, is natural gas capable of fulfilling this role of partner for renewable sources of electricity?.

  19. Market potential of solar thermal enhanced oil recovery-a techno-economic model for Issaran oil field in Egypt

    Science.gov (United States)

    Gupta, Sunay; Guédez, Rafael; Laumert, Björn

    2017-06-01

    Solar thermal enhanced oil recovery (S-EOR) is an advanced technique of using concentrated solar power (CSP) technology to generate steam and recover oil from maturing oil reservoirs. The generated steam is injected at high pressure and temperature into the reservoir wells to facilitate oil production. There are three common methods of steam injection in enhanced oil recovery - continuous steam injection, cyclic steam stimulation (CSS) and steam assisted gravity drainage (SAGD). Conventionally, this steam is generated through natural gas (NG) fired boilers with associated greenhouse gas emissions. However, pilot projects in the USA (Coalinga, California) and Oman (Miraah, Amal) demonstrated the use of S-EOR to meet their steam requirements despite the intermittent nature of solar irradiation. Hence, conventional steam based EOR projects under the Sunbelt region can benefit from S-EOR with reduced operational expenditure (OPEX) and increased profitability in the long term, even with the initial investment required for solar equipment. S-EOR can be realized as an opportunity for countries not owning any natural gas resources to make them less energy dependent and less sensible to gas price fluctuations, and for countries owning natural gas resources to reduce their gas consumption and export it for a higher margin. In this study, firstly, the market potential of S-EOR was investigated worldwide by covering some of the major ongoing steam based EOR projects as well as future projects in pipeline. A multi-criteria analysis was performed to compare local conditions and requirements of all the oil fields based on a defined set of parameters. Secondly, a modelling approach for S-EOR was designed to identify cost reduction opportunities and optimum solar integration techniques, and the Issaran oil field in Egypt was selected for a case study to substantiate the approach. This modelling approach can be consulted to develop S-EOR projects for any steam flooding based oil

  20. Marketing strategy research for Hubei cereals, oil and foodstuff import and export corporation

    OpenAIRE

    Song, Ya

    2012-01-01

    China is not only a country with a large population, but also a big country of cereals and oil production, processing and consumption. China’s processing ability is the largest and the relative enterprises are the most in the world. Since China has joined the WTO (World Trade Organization), the market has been more open. Domestic economy has increasingly become an entirety with the other parts of the world. On one hand, the economic power has gradually caught up with some advanced countries. ...

  1. Lubricants for wind power plants. Gear oils. Requirements and properties; Schmierstoffe fuer Windenergieanlagen. Getriebeoele. Anforderungen und Eigenschaften

    Energy Technology Data Exchange (ETDEWEB)

    Bock, Wolfgang [Fuchs Europe Schmierstoffe GmbH, Mannheim (Germany)

    2012-11-01

    Alternative energy supply is in the focus and in the discussion world-wide. Electrical energy coming from wind power plants is an important part in the energy supply chain. The lubricants used in wind power plants are often special lubricants, developed for the specific requirements of the application. The range of lubricants included adhesive lubricants, greases, pastes, hydraulic fluids, gear and lubricating oils as well as other specialities. Besides the greases and the hydraulic oils, the gear oil is the most important lubricant in wind power plants. The gear oil is used in the main gear of a wind power plant or in the Azimut gear sets. The lubricant has to be developed to match the requirements of the gear set, the tooth sets, the bearings, the seals, paints, etc. The gear oil has to fulfil the requirements according to DIN 51517, part 3 - CLP / CKC industrial gear oils, and in addition the specific requirements of gear and bearing manufacturers according to wind power plant specifications have to be fulfilled. The presentation ''Lubricants for Wind Power Plants - Requirements and Properties'' gives an overview of the industrial gear oils market, the classification of gear oils according to German and international standards is presented, and it describes the properties of a fully synthetic industrial gear oil based on polyalphaolefin which was especially developed for the main gear unit in wind power plants. The mechanical-dynamic tests for gear oils used in wind power plants (anti-scuffing properties, roller bearing wear protection, micro-pitting protection) are presented, together with the specific tests required by world-wide known bearing manufacturers. In addition the presentation shows test results of low speed wear tests. Compatibility tests with elastomers and sealing materials and the low temperature properties of fully synthetic gear oils based on polyalphaolefin are also discussed. The industrial gear oils for wind power plants

  2. The Transition of World Oil Market and the Course of Korean Oil Industry

    Energy Technology Data Exchange (ETDEWEB)

    Kye, Deok Nam [Korea National Oil Corporation, Anyang (Korea)

    2001-04-01

    Korea lies in portal site to connect a continent and an ocean in a view of geopolitical and natural location. Fortunately, because the geographical condition is located between Japan and China, Korea has a suitable condition to play a center role of the production distribution. The large scale of harbors and plants contributes to saving the production cost and distribution cost. The production competitiveness is superior to Singapore in economy of scale. The condition of the distribution cost and equipment also can supplement the gap of Japan and China in the side of season or quality. Because the oil-refining process generally brings in the return rate at a fixed rate even if there are some differences by raw materials or plants, it is difficult that the types of consuming oil meet to the types of producing oil. That is also caused by the big differences according to the seasonal transition, the character of location, and the development level of industry. Petroleum must be the most fitted to convenience and economical efficiency as we have experienced in 60s{approx}70s. Korean oil-refining industry should promote the export strategy suitable for such an expanding market. Because the surplus capacity (about 20%) has been already over than the limit, the oil-refining industry should pull itself out of a cutthroat competition of the domestic market to impose lots of transportation cost. In the Asia-Pacific age, the future of the oil-refining industry is more optimistic. USA and European countries has already reached to a full moon, but Asian countries have been still in a half moon. That means Asian countries have the possibility of growth for more than 10 years. The surprising high rate of economic growth in China, close to 10% of annual rate, suggests that the energy consumption corresponding to the economic growth is necessary. 2 tabs.

  3. 33 CFR 209.141 - Coordination of hydroelectric power operations with power marketing agencies.

    Science.gov (United States)

    2010-07-01

    ... civil works field operating agencies (FOA) having generating facilities producing marketable electric... recovering Federal investment are the responsibilities of the power marketing agencies. (2) All FOA... marketing agency will be notified of that fact in writing. (2) FOA responsibility. The FOA...

  4. Operation of Modern Distribution Power Systems in Competitive Electricity Markets

    DEFF Research Database (Denmark)

    Hu, Weihao

    strategy for trading wind power in the Danish short-term electricity market in order to minimize the imbalance costs for regulation. A load optimization method based on spot price for demand side management in Denmark is proposed in order to save the energy costs for 3 types of typical Danish consumers......In this dissertation, the characteristics of a distribution system under a dynamic electricity-pricing, load management system and under a large number of power electronic interfaced distributed generation units are investigated. The operation characteristics of a power system with wind turbines...... penetrations of variable wind power production and may represent the future electricity markets in some ways, is chosen as the studied power system. 10 year actual data from the Danish competitive electricity market are collected and analyzed. The relationship among the electricity price, the consumption...

  5. Price dynamics of crude oil and the regional ethylene markets

    Energy Technology Data Exchange (ETDEWEB)

    Masih, Mansur [Department of Finance and Economics, Center of Research Excellence in Renewable Energy, King Fahd University of Petroleum and Minerals, Dhahran (Saudi Arabia); Algahtani, Ibrahim [Department of Finance and Economics, King Fahd University of Petroleum and Minerals, Dhahran (Saudi Arabia); De Mello, Lurion [Faculty of Business and Economics, Macquarie University, Sydney (Australia)

    2010-11-15

    This paper is the first attempt to investigate: (1) is the crude oil (WTI) price significantly related to the regional ethylene prices in the Naphtha intensive ethylene markets of the Far East, North West Europe, and the Mediterranean? (2) What drives the regional ethylene prices? The paper is motivated by the recent and growing debate on the lead-lag relationship between crude oil and ethylene prices. Our findings, based on the long-run structural modelling approach of Pesaran and Shin, and subject to the limitations of the study, tend to suggest: (1) crude oil (WTI) price is cointegrated with the regional ethylene prices (2) our within-sample error-correction model results tend to indicate that although the ethylene prices in North West Europe and the Mediterranean were weakly endogenous, the Far East ethylene price was weakly exogenous both in the short and long term. These results are consistent, during most of the period under review (2000.1-2006.4) with the surge in demand for ethylene throughout the Far East, particularly in China and South Korea. However, during the post-sample forecast period as evidenced in our variance decompositions analysis, the emergence of WTI as a leading player as well, is consistent with the recent surge in WTI price (fuelled mainly, among others, by the strong hedging activities in the WTI futures/options and refining tightness) reflecting the growing importance of input cost in determining the dynamic interactions of input and product prices. (author)

  6. Are oil markets chaotic? A non-linear dynamic analysis

    Energy Technology Data Exchange (ETDEWEB)

    Panas, E.; Ninni, V. [Athens University of Economics and Business, Athens (Greece)

    2000-10-01

    The analysis of products' price behaviour continues to be an important empirical issue. This study contributes to the current literature on price dynamics of products by examining for the presence of chaos and non-linear dynamics in daily oil products for the Rotterdam and Mediterranean petroleum markets. Previous studies using only one invariant, such as the correlation dimension may not effectively determine the chaotic structure of the underlying time series. To obtain better information on the time series structure, a framework is developed, where both invariant and non-invariant quantities were also examined. In this paper various invariants for detecting a chaotic time series were analysed along with the associated Brock's theorem and Eckman-Ruelle condition, to return series for the prices of oil products. An additional non-invariant quantity, the BDS statistic, was also examined. The correlation dimension, entropies and Lyapunov exponents show strong evidence of chaos in a number of oil products considered. 30 refs.

  7. Application of Designing Economic Mechanisms to Power Market - Part 2 Characteristic Analysis of Generation Side Power Market

    OpenAIRE

    Zhu, Yonggang; XIE Qingyang; Ying, Liming

    2013-01-01

    The incentive power market may lead to a high information cost if it is not informationally efficient. The paper analyzes the characteristic of the generation side power market mechanism model based on the designing economic mechanisms theory by the three GENCOs (Generation Companies) case. The result of analysis is that the mechanism model has four main features: the informationally efficient which means that the mechanism meets requirements of the observational efficiency, the communication...

  8. Crude oil price dynamics: A study on effects of market expectation and strategic supply on price movements

    Science.gov (United States)

    Jin, Xin

    consensus has been reached on OPEC strategic behavior. In the third chapter, we are interested in the effects of supply-side market power on oil price dynamics in face of different demand shocks, and model the oil market as composed of a strategic dominant firm and several competitive fringe producers. In each period, the dominant firm makes decision while taking fringe's response into consideration. We consider two alternative pricing strategies for the dominant firm. Our results show that this dynamic strategic model improves the potential of dominant firm-competitive fringe model in fitting and explaining real world data. A regime switch after a permanent demand increase generates a time path for price that looks like the price movements in the recent years.

  9. Power Load Management as a Computational Market

    NARCIS (Netherlands)

    Ygge, Fredrik; Akkermans, Hans; Akkermans, J.M.

    1997-01-01

    Power load management enables energy utilities to reduce peak loads and thereby save money. Due to the large number of different loads, power load management is a complicated optimization problem. We present a new decentralized approach to this problem by modeling direct load management as a

  10. Power Load Management as a Computational Market

    NARCIS (Netherlands)

    Ygge, F.; Akkermans, J.M.

    1996-01-01

    Power load management enables energy utilities to reduce peak loads and thereby save money. Due to the large number of different loads, power load management is a complicated optimization problem. We present a new decentralized approach to this problem by modeling direct load management as a computa

  11. Power Load Management as a Computational Market

    NARCIS (Netherlands)

    Ygge, Fredrik; Akkermans, Hans

    1997-01-01

    Power load management enables energy utilities to reduce peak loads and thereby save money. Due to the large number of different loads, power load management is a complicated optimization problem. We present a new decentralized approach to this problem by modeling direct load management as a computa

  12. 油运之“结”%Market Mottoof Oil Transport

    Institute of Scientific and Technical Information of China (English)

    2012-01-01

    作为“黑金”运输的战略要地,国际油轮运输市场早已是狼烟四起,围绕话语权的争夺.高手间你来我往,一招一式.刀光剑影。在这样的环境中,中国油运市场也难以独善其身。%Kissinger, Rockefeller's favorite student, has once pointed out that if you control the oil, .you will control all the countries. The greatwealth brought about by the "black gold" of oil is like the forbidden fruit tempting Eve that makes interest pursuers find it difficult to resist. As the strategic battlefield for "black gold" transport, the international tanker transportation market has become a place filled with flames of war where all countries are sparing no effort to fight for the power of decision.

  13. Market Power and Risk of Price Uncertainty (A Case Study of Date Market

    Directory of Open Access Journals (Sweden)

    mohammad nabi shahiki tash

    2016-09-01

    Full Text Available Date is as one of the important items of the agricultural production in Iran as Iran's share of global production was 14.1% in 2012 and rank of production increased to second in the world too. In recent years, price uncertainty in date market has increased due to changes in government policies on date prices pattern, from a guaranteed buying pattern to negotiated price pattern. According to the importance of this industry in the country and issues that are always in marketing and market making of agricultural products in developing countries, This paper seeks to measure marketing margins in the industry due to the product's market power and price volatility, and to achieve this goal, the main idea of this paper based on the study Brorsen et al (11. This paper provides a conceptual and empirical framework for analyzing marketing margins in a date market facing output price uncertainty in Iran. Present study evaluated marketing margins into component reflecting the marginal cost of the processing industry, oligopoly price distortions, and an output risk component. The empirical finding is that, while marketing margin is about 33%, the coefficient for oligopoly is more than the coefficient for oligopsony. In the other words, there is an asymmetric monopoly power among buyers and sellers, Also the estimated coefficient for price risk based on exponential GARCH approach indicates, this factor would affect the marketing margin about 7 percent, if all other factors remain constant.

  14. Volatility spillovers in US crude oil, ethanol, and corn futures markets

    NARCIS (Netherlands)

    Trujillo Barrera, A.A.; Mallory, M.; Garcia, P.

    2012-01-01

    This article analyzes recent volatility spillovers in the United States from crude oil using futures prices. Crude oil spillovers to both corn and ethanol markets are somewhat similar in timing and magnitude, but moderately stronger to the ethanol market. The shares of corn and ethanol price variabi

  15. Volatility spillovers in US crude oil, ethanol, and corn futures markets

    NARCIS (Netherlands)

    Trujillo Barrera, A.A.; Mallory, M.; Garcia, P.

    2012-01-01

    This article analyzes recent volatility spillovers in the United States from crude oil using futures prices. Crude oil spillovers to both corn and ethanol markets are somewhat similar in timing and magnitude, but moderately stronger to the ethanol market. The shares of corn and ethanol price

  16. Regional Companies of PetroChina Expand Local Oil Products Market Rapidly

    Institute of Scientific and Technical Information of China (English)

    Zhang Kaiyu

    2001-01-01

    @@ Jilin Company Jilin Oil Products Sales Company of PetroChina marketed 1.58 millions of oil products and generated 160 million yuan of profits and taxes in 2000, setting a record high in the company's history.The market occupancy in Jilin Province has risen to 90 percent from the previous 50 percent in the past few years.

  17. Analyzing and Forecasting Volatility Spillovers and Asymmetries in Major Crude Oil Spot, Forward and Futures Markets

    NARCIS (Netherlands)

    C-L. Chang (Chia-Lin); M.J. McAleer (Michael); R. Tansuchat (Roengchai)

    2010-01-01

    textabstractCrude oil price volatility has been analyzed extensively for organized spot, forward and futures markets for well over a decade, and is crucial for forecasting volatility and Value-at-Risk (VaR). There are four major benchmarks in the international oil market, namely West Texas Intermedi

  18. Forecasting volatility and spillovers in crude oil spot, forward and future markets

    NARCIS (Netherlands)

    C-L. Chang (Chia-Lin); M.J. McAleer (Michael); R. Tansuchat (Roengchai)

    2009-01-01

    textabstractCrude oil price volatility has been analyzed extensively for organized spot, forward and futures markets for well over a decade, and is crucial for forecasting volatility and Value-at-Risk (VaR). There are four major benchmarks in the international oil market, namely West Texas Intermedi

  19. Volatility spillovers in US crude oil, ethanol, and corn futures markets

    NARCIS (Netherlands)

    Trujillo Barrera, A.A.; Mallory, M.; Garcia, P.

    2012-01-01

    This article analyzes recent volatility spillovers in the United States from crude oil using futures prices. Crude oil spillovers to both corn and ethanol markets are somewhat similar in timing and magnitude, but moderately stronger to the ethanol market. The shares of corn and ethanol price variabi

  20. Analyzing and Forecasting Volatility Spillovers and Asymmetries in Major Crude Oil Spot, Forward and Futures Markets

    NARCIS (Netherlands)

    C-L. Chang (Chia-Lin); M.J. McAleer (Michael); R. Tansuchat (Roengchai)

    2010-01-01

    textabstractCrude oil price volatility has been analyzed extensively for organized spot, forward and futures markets for well over a decade, and is crucial for forecasting volatility and Value-at-Risk (VaR). There are four major benchmarks in the international oil market, namely West Texas

  1. Forecasting volatility and spillovers in crude oil spot, forward and future markets

    NARCIS (Netherlands)

    C-L. Chang (Chia-Lin); M.J. McAleer (Michael); R. Tansuchat (Roengchai)

    2009-01-01

    textabstractCrude oil price volatility has been analyzed extensively for organized spot, forward and futures markets for well over a decade, and is crucial for forecasting volatility and Value-at-Risk (VaR). There are four major benchmarks in the international oil market, namely West Texas

  2. Challenges of executing heavy oil projects in today's market

    Energy Technology Data Exchange (ETDEWEB)

    Brunka, G. [Bantrel Inc., Calgary, AB (Canada)

    2001-07-01

    Alberta's industrial project scene from 1981 to 2000 was presented in this power point presentation with particular focus on proposed bitumen recovery projects and heavy oil project challenges. A graph depicting GTG world orders by region (Americas, Asia and Europe) showed that U.S. market continues to drive global growth. Major industrial projects in Alberta were highlighted and employment requirements by sector were outlined. In addition, mitigation measures that are needed to successfully deal with the unique challenges of today's market were described. It was noted that in recent years lower capital expenditure by the industry in general has resulted in corporate downsizing or mergers which in turn have resulted in lower technical and operational knowledge. Some of the current challenges facing the industry are new demands for water treatment expertise and an aging workforce. It was concluded that effective mitigation will require a disciplined approach within a flexible framework.1 tab., 7 figs.

  3. 78 FR 4842 - Linden VFT, LLC v. Brookfield Energy Marketing, LP, Cargill Power Markets, LLC; Notice of Complaint

    Science.gov (United States)

    2013-01-23

    ... Energy Regulatory Commission Linden VFT, LLC v. Brookfield Energy Marketing, LP, Cargill Power Markets... a formal complaint against Brookfield Energy Marketing, LP and Cargill Power Markets, LLC...., Washington, DC 20426. This filing is accessible on-line at http://www.ferc.gov , using the ``eLibrary'' link...

  4. The Dilemma of the Oil Market in the Current Geopolitical Context

    Directory of Open Access Journals (Sweden)

    Cristina Teodora Balaceanu

    2017-06-01

    Full Text Available In an increasingly globalized world, where the effects of technology have an overwhelming impact on people's lives, meaning an increase in appetite for consumption of luxury goods, of lifestyle, it seems that conventional resources are becoming fewer and their use in industrial processes lead to environmental harm, at least from pollution. Essentially, oil prices influence governments, companies, and markets of raw materials markets of finite economic goods, markets of conventional and unconventional energy and an assumed oil crisis would lead to stronger inflections on the market, with repercussions on the overall level of prices, the oil price being generally regarded as decisive for the other prices in the economy.

  5. Market partner orientation in power grid operation; Marktpartnerorientierung im Netzbetrieb

    Energy Technology Data Exchange (ETDEWEB)

    Weiss, Claudia; Gebhardt, Andreas [Buelow und Consorten GmbH, Hamburg (Germany)

    2012-11-15

    Customer orientation is often neglected in power grid operation. Power grid owners have natural monopolies and defined territories and so far had little reason to consider their customers' needs. This is changing with changed boundary conditions. In the competition for concessions and customers for non-regulated services, those grid owners will prevail in the long run wo are aware of their market partners, their power and expectations, and wo are prepared to implement profit-oriented customer orientation measures. (orig.)

  6. Power marketers: Who are they, and what do they do?

    Energy Technology Data Exchange (ETDEWEB)

    Sioshansi, F.P. [Convector Consulting NA Inc., Menlo Park, CA (United States); Altman, A. [EPRI, Palo Alto, CA (United States)

    1998-12-01

    Although activity quintupled to 1.2 billion megawatt-hours in 1997, many electric industry participants still have only a vague idea of what the identity and role of power marketers are. Like the independent power producers before them, however, they should no longer be regarded merely as marginal side players. This article attempts to explain what power marketing is, who power marketers are, what they do, why they do it, and what is behind their explosive growth in the past few years. This article also explains what types of products and services they offer, why these products and services are in demand, and what are the fundamental drivers for this demand. Understanding the last item is particularly significant; namely, the rapid restructuring of the wholesale--soon to be followed by the retail--electricity markets in the United States. An equally important impetus for the industry`s growth is the passage of the highly significant Energy Policy Act in 1992 and, more recently, the promulgation of Orders 888 and 889 of the Federal Energy Regulatory Commission (FERC) in 1996. In the absence of those, there would be no power marketing industry as it is known today.

  7. Economic crisis and oil market balances; Crise economique et detente sur le marche du petrole?

    Energy Technology Data Exchange (ETDEWEB)

    Duquesnoy, S.; Rozenberg, J.; Hourcade, J.Ch. [CIRED, Campus du Jardin Tropical, 45 bis, avenue de la Belle Gabrielle 94736 Nogent-sur-Marne Cedex (France)

    2011-07-01

    One might intuitively think that an economic crisis would at least relieve the pressure on oil supply since it slows energy demand. From the model of the oil market DYSMO, we show that an economic crisis may on the contrary increase tension, as it postpones investment in oil supply. (authors)

  8. Review and Outlook of China's Oil Market in 2011

    Institute of Scientific and Technical Information of China (English)

    Gong Jinshuang

    2011-01-01

    China's economy grew rapidly in the first half of 2011, but the growth rate fluctuated and declined. China sped up economic restructuring, energy saving and emission reduction, development of new energy and alternative energy. International oil market fluctuated to some extent, and oil prices soared. China did not adjust domestic product oil prices adequately,

  9. Do higher oil prices push the stock market into bear territory?

    Energy Technology Data Exchange (ETDEWEB)

    Chen, Shiu-Sheng [Department of Economics, National Taiwan University, No. 21, Hsu-Chow Road, Taipei (China)

    2010-03-15

    This paper investigates whether a higher oil price pushes the stock market into bear territory, by using time-varying transition-probability Markov-switching models. It examines different measures of oil price shocks. Empirical evidence from monthly returns on the Standard and Poor's S and P 500 price index suggests that an increase in oil prices leads to a higher probability of a bear market emerging. (author)

  10. Evaluating transfer capability of economic-driven power markets

    DEFF Research Database (Denmark)

    Xu, Zhao

    2007-01-01

    in the present economic-driven electricity markets. A mathematical model of a multi-objective optimization (MOOP) technique has been adopted and presented here for transfer capability studies; which can be helpful for power system planning and operation procedures. The newly-developed algorithm is being tested......The on-going restructuring of electric power utilities poses great challenges for power system engineers to plan and operate power systems as economical and reliable as possible. This paper discusses an important issue, which has been usually neglected, when quantifying active power transfer levels...

  11. Econophysics of adaptive power markets: When a market does not dampen fluctuations but amplifies them.

    Science.gov (United States)

    Krause, Sebastian M; Börries, Stefan; Bornholdt, Stefan

    2015-07-01

    The average economic agent is often used to model the dynamics of simple markets, based on the assumption that the dynamics of a system of many agents can be averaged over in time and space. A popular idea that is based on this seemingly intuitive notion is to dampen electric power fluctuations from fluctuating sources (as, e.g., wind or solar) via a market mechanism, namely by variable power prices that adapt demand to supply. The standard model of an average economic agent predicts that fluctuations are reduced by such an adaptive pricing mechanism. However, the underlying assumption that the actions of all agents average out on the time axis is not always true in a market of many agents. We numerically study an econophysics agent model of an adaptive power market that does not assume averaging a priori. We find that when agents are exposed to source noise via correlated price fluctuations (as adaptive pricing schemes suggest), the market may amplify those fluctuations. In particular, small price changes may translate to large load fluctuations through catastrophic consumer synchronization. As a result, an adaptive power market may cause the opposite effect than intended: Power demand fluctuations are not dampened but amplified instead.

  12. Stability of power systems coupled with market dynamics

    Science.gov (United States)

    Meng, Jianping

    This Ph.D. thesis presented here spans two relatively independent topics. The first part, Chapter 2 is self-contained, and is dedicated to studies of new algorithms for power system state estimation. The second part, encompassing the remaining chapters, is dedicated to stability analysis of power system coupled with market dynamics. The first part of this thesis presents improved Newton's methods employing efficient vectorized calculations of higher order derivatives in power system state estimation problems. The improved algorithms are proposed based on an exact Newton's method using the second order terms. By efficiently computing an exact gain matrix, combined with a special optimal multiplier method, the new algorithms show more reliable convergence compared with the existing methods of normal equations, orthogonal decomposition, and Hachtel's sparse tableau. Our methods are able to handle ill-conditioned problems, yet show minimal penalty in computational cost for well-conditioned cases. These claims are illustrated through the standard IEEE 118 and 300 bus test examples. The second part of the thesis focuses on stability analysis of market/power systems. The work presented is motivated by an emerging problem. As the frequency of market based dispatch updates increases, there will inevitably be interaction between the dynamics of markets determining the generator dispatch commands, and the physical response of generators and network interconnections, necessitating the development of stability analysis for such coupled systems. We begin with numeric tests using different market models, with detailed machine/exciter/turbine/governor dynamics, in the New England 39 bus test system. A progression of modeling refinements are introduced, including such non-ideal effects as time delays. Electricity market parameter identification algorithms are also studied based on real time data from the PJM electricity market. Finally our power market model is augmented by optimal

  13. Including investment risk in large-scale power market models

    DEFF Research Database (Denmark)

    Lemming, Jørgen Kjærgaard; Meibom, P.

    2003-01-01

    can be included in large-scale partial equilibrium models of the power market. The analyses are divided into a part about risk measures appropriate for power market investors and a more technical part about the combination of a risk-adjustment model and a partial-equilibrium model. To illustrate......Long-term energy market models can be used to examine investments in production technologies, however, with market liberalisation it is crucial that such models include investment risks and investor behaviour. This paper analyses how the effect of investment risk on production technology selection...... the analyses quantitatively, a framework based on an iterative interaction between the equilibrium model and a separate risk-adjustment module was constructed. To illustrate the features of the proposed modelling approach we examined how uncertainty in demand and variable costs affects the optimal choice...

  14. On the evaluation of market power and market dominance-The Nordic electricity market

    Energy Technology Data Exchange (ETDEWEB)

    Hellmer, Stefan [School of Management, Blekinge Institute of Technology, PO-Box 520, SE-372 25 Ronneby (Sweden)], E-mail: stefan.hellmer@bth.se; Warell, Linda [Economics Department, Lulea University of Technology, SE-971 87 Lulea (Sweden)], E-mail: linda.warell@ltu.se

    2009-08-15

    This paper studies different concentration and dominance measures using structural indexes used to initially screen the competitive situation in a market. The Nordic and Swedish electricity markets are used as the empirical cases. Market concentration issues in the Nordic electricity market in general and in Sweden in particular have been, at least in initial screenings, approached by the Herfindahl-Hirschman Index (HHI). This article uses an alternative measure to HHI, which is based on market shares of the two largest firms in the market. The results shows that only the Swedish wholesale market has a firm that can be regarded as dominant, but only during very short periods. The results from a hypothetical merger between the second and third largest company in the Swedish wholesale market shows that when the dominant position of the largest firm is reduced, by increasing the size of the second largest firm, the threshold value indicates that competition actually will increase (contradicting to the HHI)

  15. On the evaluation of market power and market dominance. The Nordic electricity market

    Energy Technology Data Exchange (ETDEWEB)

    Hellmer, Stefan [School of Management, Blekinge Institute of Technology, PO-Box 520, SE-372 25 Ronneby (Sweden); Waarell, Linda [Economics Department, Luleaa University of Technology, SE-971 87 Luleaa (Sweden)

    2009-08-15

    This paper studies different concentration and dominance measures using structural indexes used to initially screen the competitive situation in a market. The Nordic and Swedish electricity markets are used as the empirical cases. Market concentration issues in the Nordic electricity market in general and in Sweden in particular have been, at least in initial screenings, approached by the Herfindahl-Hirschman Index (HHI). This article uses an alternative measure to HHI, which is based on market shares of the two largest firms in the market. The results shows that only the Swedish wholesale market has a firm that can be regarded as dominant, but only during very short periods. The results from a hypothetical merger between the second and third largest company in the Swedish wholesale market shows that when the dominant position of the largest firm is reduced, by increasing the size of the second largest firm, the threshold value indicates that competition actually will increase (contradicting to the HHI). (author)

  16. Olive and olive pomace oil packing and marketing

    Directory of Open Access Journals (Sweden)

    Berzosa, Juan

    2006-03-01

    Full Text Available The paper describes the industrial installations and equipments used by the olive oil sector for olive oil packing, the different types of containers used (plastic, glass, tin, and carton, and the diverse technologies applied for filling, stoppering, labelling, and packing as well as the trend and new technologies developed according to the material of the containers and the markets’ demands.Some logistic aspects such as palletization, storage, and shipment of final products are also discussed. The use of modern tools and codification systems like EAN 128 permits to follow the product distribution and assure the traceability of packed oils.The last part of the article includes the world and EU production and consumption of olive oil, paying special attention to the peculiarities of the main EU producers (Spain, Italy, Greece, and Portugal. Finally, the olive oil consumption in third countries is analysed and the consumption and its trend in merging markets like USA, Australia, and Japan commented.En este artículo se describen los equipos e instalaciones industriales que utiliza el sector del aceite de oliva para el envasado de los aceites de oliva, los tipos de envases más empleados (plástico, vidrio, metálicos y cartón y las diferentes tecnologías de llenado, taponado, etiquetado y embalado, así como las tendencias y nuevas tecnologías en función del material de los envases y la demanda de los mercados.Se contemplan también aspectos logísticos como el paletizado, el almacenamiento y la expedición del producto terminado. El uso de modernas herramientas y sistemas de codificación como el EAN 128 permite el seguimiento del producto y la trazabilidad de los aceites envasados a lo largo de la cadena de distribución.En la última parte del artículo, se indican cifras de producción y consumo de aceite de oliva en el mundo y en la Unión Europea. Se comentan especialmente las peculiaridades de los principales países productores de la

  17. The relationship between immigration and labour market performance in Sabah’s oil palm plantation sector

    OpenAIRE

    Kasim Mansur

    2016-01-01

    The main objective of this paper is to analyze the relationship between immigration and labor market performance in Sabah region's oil palm plantation industry. The labour market performance refers to the wages and employment of local workers in the oil palm plantation sector. The relationship of these variables can be in short run or/ and in the long run. This study uses Vector Error Correction Model (VECM) to examine the relationship between the immigration and labour market performance. In...

  18. Design of a real time market for regulating power. FlexPower WP1 - Report 3

    Energy Technology Data Exchange (ETDEWEB)

    Bang, C.; Fock, F.; Togeby, M.

    2011-12-15

    The FlexPower project investigates the possibility of using broadcasted dynamic electricity prices as a simple and low cost means to activating a large number of flexible small-scale power units. The aim is to provide regulating power via an aggregated response from the numerous units on a volunteer basis. The power units could for example be electrical heating and cooling units, electrical vehicles, industrial demand and micro generation. Each power unit can have its own local controller and individual business model and objective function. The optimisation of the local controls may require forecasts of the services requested by the customer (such as heat for a house or charging power for an electrical vehicle) - in terms of quantity, timing and flexibility - and forecasts of the electricity prices. Based on international 'real-time' power market experiences, new dynamic FlexPower market mechanisms to perform regulating power are designed and tested via simulations, under laboratory conditions and in the field. A dedicated simulation tool is developed for this purpose. The FlexPower regulation can never be perfect, but is expected to be able to meet some of the present and future growing demand for regulating power. As a starting point, a 5-minute power price signal, based on the actual regulation power prices, is tested. WP1 addresses the following question: 1) How could a system with a one-way price be designed? How can the FlexPower mechanism be integrated into the present electricity market, including the market for regulating power? This report describes the FlexPower concept, and gives one suggestion as to how this new market could work. How this will affect the different stakeholders is discussed, and risks and opportunities in the new market are presented. (LN)

  19. Emerging Powers, Emerging Markets, Emerging Societies

    DEFF Research Database (Denmark)

    Sørensen, Camilla T. N.

    2016-01-01

    How are small states managing the shift under way in the global economic and political order from the United States and Europe towards other regions, especially Asia? In the International Relations literature, there is a tendency to focus on the great powers – they set the scene, and the small...

  20. Market integration of wind power in electricity system balancing

    DEFF Research Database (Denmark)

    Sorknæs, Peter; Andersen, Anders N.; Tang, Jens

    2013-01-01

    In most countries markets for electricity are divided into wholesale markets on which electricity is traded before the operation hour, and real-time balancing markets to handle the deviations from the wholesale trading. So far, wind power has been sold only on the wholesale market and has been...... known to increase the need for balancing. This article analyses whether wind turbines in the future should participate in the balancing markets and thereby play a proactive role. The analysis is based on a real-life test of proactive participation of a wind farm in West Denmark. It is found...... that the wind farm is able to play a proactive role regarding downward regulation and thereby increase profits....

  1. Review and Outlook of China's Oil Market in 2012%Review and Outlook of China's Oil Market in 2012

    Institute of Scientific and Technical Information of China (English)

    Gong Jinshuang

    2012-01-01

    In the first half of 2012, the apparent consumption of crude oil and oil grew in China, and the growth rate went up again, the demand and growth rate of processed oil products fluctuated and declined, the processed crude oil and growth rate declined, the net imports of crude oil and oil rose by a large margin and growth rate rose again, the degree of crude oil and oil dependence on foreign trade reached 58.0% and 59.4% respectively,

  2. Saudi Aramco: Oil to a Thirsty Market - International Cooperation Brings New Oil Field on Quickly

    Energy Technology Data Exchange (ETDEWEB)

    Al-Ajmi, Ali

    2007-07-01

    In response to high oil demand in 2004, Saudi Aramco committed to build facilities for the 500,000 BOPD Khursaniyah Oil Field in only 34 months from the start of preliminary engineering to startup. The project schedule was six months faster than any previous project, in the most resource competitive market the oil business has ever seen. The execution of this project required a new contract strategy, novel engineering and construction methods, and international cooperation from EPC firms and manufacturers. The project is also building a new one billion SCF per day gas plant receiving gas from five different sources with varying pressure and H2S content, along with huge water supply and injection facilities, oil gathering lines, and product distribution lines. To execute the project in this short time frame, a temporary construction city for 30,000 men has been constructed in the desert. This city has workers from all over 30 countries, speaking more than 15 languages, all focused on achieving one goal - on time completion of the most complex project ever done in Saudi Arabia. The paper will focus on the unique challenges of managing a city of this size that lasts for only 24 months. (auth)

  3. Saudi Aramco: Oil to a Thirsty Market - International Cooperation Brings New Oil Field on Quickly

    Energy Technology Data Exchange (ETDEWEB)

    Al-Ajmi, Ali

    2007-07-01

    In response to high oil demand in 2004, Saudi Aramco committed to build facilities for the 500,000 BOPD Khursaniyah Oil Field in only 34 months from the start of preliminary engineering to startup. The project schedule was six months faster than any previous project, in the most resource competitive market the oil business has ever seen. The execution of this project required a new contract strategy, novel engineering and construction methods, and international cooperation from EPC firms and manufacturers. The project is also building a new one billion SCF per day gas plant receiving gas from five different sources with varying pressure and H2S content, along with huge water supply and injection facilities, oil gathering lines, and product distribution lines. To execute the project in this short time frame, a temporary construction city for 30,000 men has been constructed in the desert. This city has workers from all over 30 countries, speaking more than 15 languages, all focused on achieving one goal - on time completion of the most complex project ever done in Saudi Arabia. The paper will focus on the unique challenges of managing a city of this size that lasts for only 24 months. (auth)

  4. Green Power Marketing in the United States: A Status Report (11th Edition)

    Energy Technology Data Exchange (ETDEWEB)

    Bird, L.; Kreycik, C.; Friedman, B.

    2008-10-01

    This report documents green power marketing activities and trends in the United States. It presents aggregate green power sales data for all voluntary purchase markets across the United States. It also provides summary data on utility green pricing programs offered in regulated electricity markets and green power marketing activity in competitive electricity markets, as well as green power sold to voluntary purchasers in the form of renewable energy certificates. Key market trends and issues are also discussed.

  5. Green Power Marketing in the United States. A Status Report (11th Edition)

    Energy Technology Data Exchange (ETDEWEB)

    Bird, Lori [National Renewable Energy Lab. (NREL), Golden, CO (United States); Kreycik, Claire [National Renewable Energy Lab. (NREL), Golden, CO (United States); Friedman, Barry [National Renewable Energy Lab. (NREL), Golden, CO (United States)

    2008-10-01

    This report documents green power marketing activities and trends in the United States. It presents aggregate green power sales data for all voluntary purchase markets across the United States. It also provides summary data on utility green pricing programs offered in regulated electricity markets and green power marketing activity in competitive electricity markets, as well as green power sold to voluntary purchasers in the form of renewable energy certificates. Key market trends and issues are also discussed.

  6. Russian market of oil and fat products in a competitive environment

    Directory of Open Access Journals (Sweden)

    S. M. Ryzhkova

    2016-01-01

    Full Text Available The effective development of the Russian market of oil and fat products, as part of the food market, food security is an essential factor. Russia as a whole is fully self-sufficient in oil and it is a major exporter. Russia has the advantage that, in fact, all of its territory is suitable for cultivation of oilseed crops. In fact, in every region can grow oilseeds, which are in demand on the world market. Products include oil and fat industry for products deep processing and multi-functional. The peculiarity of the Russian market of oilseeds is the diversity of its constituent markets. The Russian market is represented by a different range of fat and oil products domestic and foreign manufacturers. In this market, working as large agricultural holdings and small manufacturers, and processors. The purpose of the study is to study on the basis of indicators that characterize the current state of the Russian market of oil and fat products, a comparison of the situation and of the experience of large processors, identify measures to further the efficient and competitive development of the market for the long term. The study used the abstract logic, monographic, economic and statistical methods. In a competitive environment, to stay on the market, Fat organizations form its structure in the form of vertical integration of multidisciplinary groups, in addition to processing plants that include agribusiness organization, logistics units – transportation, elevators, trading houses. For the development of the market of oil and fat products necessary to improve the competitiveness of domestic products, to revive production of traditional domestic oilseeds led to crop rotation, new, high-tech, innovative use of technology, to develop export, search for new markets. The results can then be used to develop long-term programs of development of regions. Conclusions and recommendations will contribute to a competitive mechanism of functioning and development

  7. Market Power of the Japanese Non-GM Soybean Import Market: The U.S. Exporters VS. Japanese Importers

    Directory of Open Access Journals (Sweden)

    Koichi Yamaura

    2011-12-01

    Full Text Available Genetically modified (GM soybean acreage has rapidly increased in the world in the past decade and globally the majority of countries now use GM soybeans to produce oil and meal for livestock and human consumption. Japan, however, uses only Non-GM soybeans as widely recognized high quality goods in vertically differentiated import soybeans in Japan, for direct human consumption of which more than 80% are imported from the U.S., Canada, and China. This research used the inverse residual demand model to estimate a U.S.-Japan partial equilibrium trade model to test the existence of market power in the Japanese Non-GM soybean import market. The U.S.-Japan partial equilibrium trade model incorporated the U.S. residual Non-GM soybean supply for Japan, the Japanese residual demand for U.S. Non-GM soybeans, and the equilibrium condition, where the U.S. residual Non-GM soybean supply equals the Japanese residual Non-GM soybean demand. Monthly data from January 2003 to December 2007 were used for the analysis. Empirical results indicated that U.S. Non-GM soybean exporters have stronger market power than Japanese Non-GM soybean importers. The results are different from other countries empirical studies and indicate that Japanese consumers are willing to pay higher prices for soybeans, tofu, natto, miso, and other all soy food products using Non-GM soybeans.

  8. Market Power of The Japanese Non-GM Soybean Import Market: The U.S. Exporters vs. Japanese Importers

    Directory of Open Access Journals (Sweden)

    Koichi Yamaura

    2011-12-01

    Full Text Available Genetically modified (GM soybean acreage has rapidly increased in the world in the past decade and globally the majority of countries now use GM soybeans to produce oil and meal for livestock and human consumption. Japan,however, uses only Non-GM soybeans as widely recognized high quality goods in vertically differentiated import soybeans in Japan, for direct human consumption of which more than 80% are imported from the U.S., Canada, and China. This research used the inverse residual demand model to estimate a U.S.-Japan partial equilibrium trade model to test the existence of market power in the Japanese Non-GM soybean import market. The U.S.-Japan partial equilibrium trade model incorporated the U.S. residual Non-GM soybeansupply for Japan, the Japanese residual demand for U.S. Non-GM soybeans, and the equilibrium condition, where the U.S. residual Non-GM soybean supply equals the Japanese residual Non-GM soybean demand. Monthly data from January 2003 to December 2007 were used for the analysis. Empirical results indicated that U.S. Non-GM soybean exporters have stronger market power than Japanese Non-GM soybean importers. The results are different from other countries empirical studies and indicate that Japanese consumers are willing to pay higher prices for soybeans, tofu, natto, miso, and other all soy food products using Non-GM soybeans.

  9. A New Framework for Reactive Power Dispatch in Electricity Markets

    Directory of Open Access Journals (Sweden)

    Javad Saebi

    2013-01-01

    Full Text Available This study proposes a reactive power dispatch model within the context of electricity markets considering both technical and economical issues. The model utilizes a new metric introduced here for reactive power reserve management in voltage control areas. Besides minimizing total reactive power payments, the objective function manages for an optimum reserve in each voltage control area. The proposed reactive power dispatch model is decoupled from active power dispatch and the generators' active power is assumed fixed during the procedure. The relation between active power and reactive power of a synchronous generator is also included in the model by considering the generators’ capability curves. The CIGRE 32-bus test system is used to demonstrate the feasibility and aspects of the proposed model.

  10. Market assessment of photovoltaic power systems for agricultural applications worldwide

    Science.gov (United States)

    Cabraal, A.; Delasanta, D.; Rosen, J.; Nolfi, J.; Ulmer, R.

    1981-01-01

    Agricultural sector PV market assessments conducted in the Phillippines, Nigeria, Mexico, Morocco, and Colombia are extrapolated worldwide. The types of applications evaluated are those requiring less than 15 kW of power and operate in a stand alone mode. The major conclusions were as follows: PV will be competitive in applications requiring 2 to 3 kW of power prior to 1983; by 1986 PV system competitiveness will extend to applications requiring 4 to 6 kW of power, due to capital constraints, the private sector market may be restricted to applications requiring less than about 2 kW of power; the ultimate purchase of larger systems will be governments, either through direct purchase or loans from development banks. Though fragmented, a significant agriculture sector market for PV exists; however, the market for PV in telecommunications, signalling, rural services, and TV will be larger. Major market related factors influencing the potential for U.S. PV Sales are: lack of awareness; high first costs; shortage of long term capital; competition from German, French and Japanese companies who have government support; and low fuel prices in capital surplus countries. Strategies that may aid in overcoming some of these problems are: setting up of a trade association aimed at overcoming problems due to lack of awareness, innovative financing schemes such as lease arrangements, and designing products to match current user needs as opposed to attempting to change consumer behavior.

  11. Market assessment of photovoltaic power systems for agricultural applications worldwide

    Science.gov (United States)

    Cabraal, A.; Delasanta, D.; Rosen, J.; Nolfi, J.; Ulmer, R.

    1981-11-01

    Agricultural sector PV market assessments conducted in the Phillippines, Nigeria, Mexico, Morocco, and Colombia are extrapolated worldwide. The types of applications evaluated are those requiring less than 15 kW of power and operate in a stand alone mode. The major conclusions were as follows: PV will be competitive in applications requiring 2 to 3 kW of power prior to 1983; by 1986 PV system competitiveness will extend to applications requiring 4 to 6 kW of power, due to capital constraints, the private sector market may be restricted to applications requiring less than about 2 kW of power; the ultimate purchase of larger systems will be governments, either through direct purchase or loans from development banks. Though fragmented, a significant agriculture sector market for PV exists; however, the market for PV in telecommunications, signalling, rural services, and TV will be larger. Major market related factors influencing the potential for U.S. PV Sales are: lack of awareness; high first costs; shortage of long term capital; competition from German, French and Japanese companies who have government support; and low fuel prices in capital surplus countries. Strategies that may aid in overcoming some of these problems are: setting up of a trade association aimed at overcoming problems due to lack of awareness, innovative financing schemes such as lease arrangements, and designing products to match current user needs as opposed to attempting to change consumer behavior.

  12. Shipbuilding power lies in high-end market

    Institute of Scientific and Technical Information of China (English)

    2011-01-01

    The 2011 edition of Guideline Index for Readjusting Industrial Structure issued by the National Development and Reform Commission underlines the construction of high-end ships and the upgrading of shipbuilding technology.This shows that ifChina's shipbuilding industry is to become powerful,it should go all out to open up the fields of high-end ship construction so that the industry may have a greater share in the world market.Therefore,the power of our shipbuilding industry lies in the high-end market.

  13. Optimal contracts for wind power producers in electricity markets

    KAUST Repository

    Bitar, E.

    2010-12-01

    This paper is focused on optimal contracts for an independent wind power producer in conventional electricity markets. Starting with a simple model of the uncertainty in the production of power from a wind turbine farm and a model for the electric energy market, we derive analytical expressions for optimal contract size and corresponding expected optimal profit. We also address problems involving overproduction penalties, cost of reserves, and utility of additional sensor information. We obtain analytical expressions for marginal profits from investing in local generation and energy storage. ©2010 IEEE.

  14. Marketing implications of the shift in power of the hospital.

    Science.gov (United States)

    Rayburn, J M; Rayburn, L G

    1995-01-01

    With the introduction of the Prospective Payment System, hospital accountants' role changed from reimbursement maximizers to an important role in decision making. Faced with increased competition, hospitals are installing financial controls. Hospital marketers are also engaging in external promotional and health awareness campaigns and expanding their services to stabilize income and reduce the effects of a changing environment. Thus, hospitals operate in a more competitive environment with increasing uncertainty. When faced with uncertainty, organizations often believe that they must convince society that their existence is legitimate. Increasing specialization and organizational complexity in health care professions have made the expert important. Experts, such as the role assumed by hospital accountants and physicians, maintain power because the organization depends on them for their special skills and information. Marketing should also develop an internal marketing program to reach these power influencers. Scarce resource coupled with uncertainty move hospital accountants as experts into the power equation in the changing control of the U.S. healthcare system. Previously, the physician was the major source of hospital power. Since accountants often serve as monitors of scarce resources, information about the resource allocation directly affects the distribution of power. Marketers should acknowledge that this places hospital accountants in a critical role of assisting their institutions in adapting to a new environment.

  15. Economic market design and planning for electric power systems

    CERN Document Server

    Mili, Lamine

    2010-01-01

    Discover cutting-edge developments in electric power systems. Stemming from cutting-edge research and education activities in the field of electric power systems, this book brings together the knowledge of a panel of experts in economics, the social sciences, and electric power systems. In ten concise and comprehensible chapters, the book provides unprecedented coverage of the operation, control, planning, and design of electric power systems. It also discusses:. A framework for interdisciplinary research and education;. Modeling electricity markets;. Alternative economic criteria and proactiv.

  16. Noteworthy: oil markets: Saudis abandon WTI price as benchmark

    OpenAIRE

    Jackson Thies

    2010-01-01

    Saudi Arabia's state-owned oil company no longer uses West Texas Intermediate (WTI) crude oil as its pricing benchmark. Saudi Aramco, the third largest U.S. oil supplier, switched to the Argus Sour Crude Index (ASCI) in January.

  17. Noteworthy: oil markets: Saudis abandon WTI price as benchmark

    OpenAIRE

    Jackson Thies

    2010-01-01

    Saudi Arabia's state-owned oil company no longer uses West Texas Intermediate (WTI) crude oil as its pricing benchmark. Saudi Aramco, the third largest U.S. oil supplier, switched to the Argus Sour Crude Index (ASCI) in January.

  18. Application of Designing Economic Mechanisms to Power Market - Part 2 Characteristic Analysis of Generation Side Power Market

    Directory of Open Access Journals (Sweden)

    ZHU Yonggang

    2013-04-01

    Full Text Available The incentive power market may lead to a high information cost if it is not informationally efficient. The paper analyzes the characteristic of the generation side power market mechanism model based on the designing economic mechanisms theory by the three GENCOs (Generation Companies case. The result of analysis is that the mechanism model has four main features: the informationally efficient which means that the mechanism meets requirements of the observational efficiency, the communication efficiency and the low complexity of computing; the incentive compatibility which indicates that the resource allocation of the power market is Pareto Optimality and the social benefit achieves the maximization when GENCOs also achieve profit maximization; the decentralized decision which refers to preserving the privacy information of GENCOs; encouragement of competition which suggests that the mechanism encourages GENCOs to compete with each other healthily.

  19. Crude oil price shocks and stock returns. Evidence from Turkish stock market under global liquidity conditions

    Energy Technology Data Exchange (ETDEWEB)

    Berk, Istemi [Koeln Univ. (Germany). Energiewirtschaftliches Inst.; Aydogan, Berna [Izmir Univ. of Economics (Turkey). Dept. of International Trade and Finance

    2012-09-15

    The purpose of this study is to investigate the impacts of crude oil price variations on the Turkish stock market returns. We have employed vector autoregression (V AR) model using daily observations of Brent crude oil prices and Istanbul Stock Exchange National Index (ISE- 1 00) returns for the period between January 2, 1990 and November 1, 2011. We have also tested the relationship between oil prices and stock market returns under global liquidity conditions by incorporating a liquidity proxy variable, Chicago Board of Exchange's (CBOE) S and P 500 market volatility index (VIX), into the model. Variance decomposition test results suggest little empirical evidence that crude oil price shocks have been rationally evaluated in the Turkish stock market. Rather, it was global liquidity conditions that were found to account for the greatest amount of variation in stock market returns.

  20. Technical and Economic Efficiency of Palm Oil Marketing in the Niger Delta Region of Southern Nigeria

    Directory of Open Access Journals (Sweden)

    Nkasiobi Silas Oguzor

    2013-09-01

    Full Text Available This study examined the structural performance and productive efficiency of palm oil marketing in some selected States in Southern Nigeria. Eighty districts were selected in the Niger Delta Area and data were collected from 1000 palm oil sellers randomly selected in these towns. The tools of analysis were marketing margin, Lorenz curve and Gini coefficient to measure the structural performance while the productive efficiency was measured with the use of the production function analysis using the OLS multiple regression analysis to estimate the parameters of the production function equations. All these phenomena portend a high poor structural performance in the system. The productive efficiency measurement showed that palm oil marketing was in stage one of the production surface in the area and this implies inefficient allocation and utilization of resources. Therefore palm oil marketing in the study is though profitable was grossly inefficient from the view point of market structure and productive efficiency analysis.

  1. Transmission rights and market power on electric power networks. 2. Physical rights

    Energy Technology Data Exchange (ETDEWEB)

    Joskow, Paul; Tirole, Jean

    1999-02-01

    This discussion paper examines physical transmission rights where the capacity of each potentially congested interface is defined and the rights to use the congested interfaces are created and allocated in some way for suppliers and consumers. The way in which the allocation of physical rights affects competition or increases the buyers or sellers market power in the power generation market when a transmission interface is congested, and how rights markets with different microstructures allocate physical rights and determine rights prices are explored. An electricity market with physical transmission rights in the absence of capacity release rules, and physical transmission rights and market power are addressed. Loop flows, and capacity release rules are discussed. (UK)

  2. OPEC and the oil market: Short- and medium-term prospects

    Energy Technology Data Exchange (ETDEWEB)

    Samii, M.V.; Ameri, M.

    The international oil market faced volatile conditions due to regional political factors, namely, the Iraqi invasion of Kuwait in August 1990. Political events were the major driving force of the industry in the early 1990s. The situation in the Gulf region has quieted considerably since March 1991 and, in response, the oil market and particularly crude oil prices have settled to their prewar range. The Organization of the Petroleum Exporting Countries (OPEC) has attempted once again to exert its influence by regulating the crude oil market through supply management in its postwar meetings. The organization is faced with a number of challenges both in the short and long run in stabilizing crude oil prices. While in the short run the concern is how to prevent crude oil prices from dopping, in the long term the challenge is building adequate production and export capabilities for the future. 3 figs., 4 tabs.

  3. Speculation and volatility spillover in the crude oil and agricultural commodity markets: A Bayesian analysis

    Energy Technology Data Exchange (ETDEWEB)

    Du Xiaodong, E-mail: xdu23@wisc.ed [Department of Agricultural and Applied Economics, University of Wisconsin-Madison, WI (United States); Yu, Cindy L., E-mail: cindyyu@iastate.ed [Department of Statistics, Iowa State University, IA (United States); Hayes, Dermot J., E-mail: dhayes@iastate.ed [Department of Economics and Department of Finance, Iowa State University, IA (United States)

    2011-05-15

    This paper assesses factors that potentially influence the volatility of crude oil prices and the possible linkage between this volatility and agricultural commodity markets. Stochastic volatility models are applied to weekly crude oil, corn, and wheat futures prices from November 1998 to January 2009. Model parameters are estimated using Bayesian Markov Chain Monte Carlo methods. Speculation, scalping, and petroleum inventories are found to be important in explaining the volatility of crude oil prices. Several properties of crude oil price dynamics are established, including mean-reversion, an asymmetry between returns and volatility, volatility clustering, and infrequent compound jumps. We find evidence of volatility spillover among crude oil, corn, and wheat markets after the fall of 2006. This can be largely explained by tightened interdependence between crude oil and these commodity markets induced by ethanol production.

  4. Essays in market power mitigation and supply function equilibrium

    Science.gov (United States)

    Subramainam, Thiagarajah Natchie

    Market power mitigation has been an integral part of wholesale electricity markets since deregulation. In wholesale electricity markets, different regions in the US take different approaches to regulating market power. While the exercise of market power has received considerable attention in the literature, the issue of market power mitigation has attracted scant attention. In the first chapter, I examine the market power mitigation rules used in New York ISO (Independent System Operator) and California ISO (CAISO) with respect to day-ahead and real-time energy markets. I test whether markups associated with New York in-city generators would be lower with an alternative approach to mitigation, the CAISO approach. Results indicate the difference in markups between these two mitigation rules is driven by the shape of residual demand curves for suppliers. Analysis of residual demand curves faced by New York in-city suppliers show similar markups under both mitigation rules when no one supplier is necessary to meet the demand (i.e., when no supplier is pivotal). However, when some supplier is crucial for the market to clear, the mitigation rule adopted by the NYISO consistently leads to higher markups than would the CAISO rule. This result suggest that market power episodes in New York is confined to periods where some supplier is pivotal. As a result, I find that applying the CAISOs' mitigation rules to the New York market could lower wholesale electricity prices by 18%. The second chapter of my dissertation focuses on supply function equilibrium. In power markets, suppliers submit offer curves in auctions, indicating their willingness to supply at different price levels. Although firms are allowed to submit different offer curves for different time periods, surprisingly many firms stick to a single offer curve for the entire day. This essentially means that firms are submitting a single offer curve for multiple demand realizations. A suitable framework to analyze

  5. Trading Relationship Performance and Market Power in Food Supply Chains

    DEFF Research Database (Denmark)

    Xhoxhi, Orjon

    that contribute to the exercise by intermediaries of these power dimensions. In the third paper a Structural Equation Modelling is employed to analyse the effects of intermediaries’ power on trading relationship performance between farmer and intermediaries. The analysis show that intermediaries’ exercise...... of power over farmers’ margin, leads to reduced relationship performance. On the other hand, when they exercise their power over farmers input selection activities or over harvesting and delivery activities the performance is improved. Furthermore, the result show that intermediaries’ power affects......The development of the agri-food industry has led to a considerable increase of intermediaries’ market power vis-à-vis farmers. There are studies and evidence that suggests that due to their power, intermediaries transfer risks and unexpected costs to farmers which compromise the innovation...

  6. Agricultural and oil commodities: price transmission and market integration between US and Italy

    Directory of Open Access Journals (Sweden)

    Franco Rosa

    2014-08-01

    Full Text Available Purpose of this article it to get some evidences of market interaction between United States and Italy using the time series analysis of spot prices spanning from January 1999 to May 2012 for crude oil and three ag-commodities: wheat, corn and soybean. These crops have been selected for their relevance in ag-commodity exchanges between US and Italy markets. The integration between US and Italy agricultural markets is hypothesized for the consistent volume of crop traded between these two countries while the price transmission is related to the leading price signals of the CBT (Chicago Board of Trade. The integration between oil and ag-commodity markets is suggested both by the large use of energy intensive inputs, (fertilizer, seed, machinery in production of these ag-commodities, and their use in biofuel production. The results suggest: a for US market the evidence of market integration between crude oil and US ag-commodities; b for Italy the integration with US ag-commodity markets and less evidence of integration with the oil market. These results are valuable information both for the agents and policy makers contributing to improve the information accuracy to predict the price movements used by marketing operators for their strategies and policy makers to set up policies to re-establish conditions of market efficiency and allocate these ag-commodities in alternative market channels.

  7. Basic Studies on Chaotic Characteristics of Electric Power Market Price

    Science.gov (United States)

    Takeuchi, Yuya; Miyauchi, Hajime; Kita, Toshihiro

    Recently, deregulation and reform of electric power utilities have been progressing in many parts of the world. In Japan, partial deregulation has been started from generation sector since 1995 and partial deregulation of retail sector is executed through twice law revisions. Through the deregulation, because electric power is traded in the market and its price is always fluctuated, it is important for the electric power business to analyze and predict the price. Although the price data of the electric power market is time series data, it is not always proper to analyze by the linear model such as ARMA because the price sometimes changes suddenly. Therefore, in this paper, we apply the methods of chaotic time series analysis, one of non-linear analysis methods, and investigate the chaotic characteristics of the system price of JEPX.

  8. 77 FR 35671 - Conformed Power Marketing Criteria or Regulations for the Boulder Canyon Project

    Science.gov (United States)

    2012-06-14

    ... Area Power Administration Conformed Power Marketing Criteria or Regulations for the Boulder Canyon Project AGENCY: Western Area Power Administration, DOE. ACTION: Conformance of power marketing criteria in... (Western), a Federal power marketing agency of the Department of Energy (DOE), is modifying Part C of...

  9. Power systems locational marginal pricing in deregulated markets

    Science.gov (United States)

    Wang, Hui-Fung Francis

    Since the beginning of the 1990s, the electricity business is transforming from a vertical integrating business to a competitive market operations. The generation, transmission, distribution subsystem of an electricity utility are operated independently as Genco (generation subsystem), Transco (transmission subsystem), and Distco (distribution subsystem). This trend promotes more economical inter- and intra regional transactions to be made by the participating companies and the users of electricity to achieve the intended objectives of deregulation. There are various types of electricity markets that are implemented in the North America in the past few years. However, transmission congestion management becomes a key issue in the electricity market design as more bilateral transactions are traded across long distances competing for scarce transmission resources. It directly alters the traditional concept of energy pricing and impacts the bottom line, revenue and cost of electricity, of both suppliers and buyers. In this research, transmission congestion problem in a deregulated market environment is elucidated by implementing by the Locational Marginal Pricing (LMP) method. With a comprehensive understanding of the LMP method, new mathematical tools will aid electric utilities in exploring new business opportunities are developed and presented in this dissertation. The dissertation focuses on the development of concept of (LMP) forecasting and its implication to the market participants in deregulated market. Specifically, we explore methods of developing fast LMP calculation techniques that are differ from existing LMPs. We also explore and document the usefulness of the proposed LMP in determining electricity pricing of a large scale power system. The developed mathematical tools use of well-known optimization techniques such as linear programming that are support by several flow charts. The fast and practical security constrained unit commitment methods are the

  10. Do government owned banks trade market power for slack?

    NARCIS (Netherlands)

    Hackethal, A.; Koetter, M.; Vins, O.

    2012-01-01

    The 'Quiet Life Hypothesis (QLH)' posits that banks with market power have less incentives to maximize revenues and minimize cost. Especially government owned banks with a public mandate precluding profit maximization might succumb to a quiet life. We use a unified approach that simultaneously

  11. Digital Portfolios: Powerful Marketing Tool for Communications Students

    Science.gov (United States)

    Nikirk, Martin

    2008-01-01

    A digital portfolio is a powerful marketing tool for young people searching for employment in the communication or interactive media fields. With a digital portfolio, students can demonstrate their skills at working with software tools, demonstrate appropriate use of materials, explain technical procedures, show an understanding of processes and…

  12. IT use, productivity, and market power in banking

    NARCIS (Netherlands)

    Koetter, Michael; Noth, Felix

    2013-01-01

    Information management is a core process in banking that can resolve information a symmetries and thereby help to mitigate competitive pressure. We test if the use of information technology (IT) contributes to bank output, and how IT-augmented bank productivity relates to differences in market power

  13. Digital Portfolios: Powerful Marketing Tool for Communications Students

    Science.gov (United States)

    Nikirk, Martin

    2008-01-01

    A digital portfolio is a powerful marketing tool for young people searching for employment in the communication or interactive media fields. With a digital portfolio, students can demonstrate their skills at working with software tools, demonstrate appropriate use of materials, explain technical procedures, show an understanding of processes and…

  14. Opening the black box: internal capital markets and managerial power

    NARCIS (Netherlands)

    Glaser, M.; Lopez-de-Silanes, F.; Sautner, Z.

    2011-01-01

    We analyze the internal capital markets of a multinational conglomerate to determine whether more powerful unit managers enjoy larger allocations. We use a new dataset of planned and actual allocations to business units to show that, although all unit managers systematically over-budget capital expe

  15. Opening the black box: Internal capital markets and managerial power

    NARCIS (Netherlands)

    Glaser, M.; Lopez-de-Silanes, F.; Sautner, Z.

    2013-01-01

    We analyze the internal capital markets of a multinational conglomerate, using a unique panel data set of planned and actual allocations to business units and a survey of unit CEOs. Following cash windfalls, more powerful managers obtain larger allocations and increase investment substantially more

  16. The Increasing Influence of Oil Prices on the Canadian Stock Market

    OpenAIRE

    Shahriar Hasan; Mohammad Mahbobi

    2013-01-01

    This paper examines the influence of oil prices on Canadian stock market using the cause-effect relationship between oil prices and the TSX index. Additionally, the relationship between the Canadian to US Dollar exchange rate and the TSX index was investigated. Results show that in the last three years, the impact of oil prices on the TSX index has become much stronger than that of the preceding 18 years. Additionally, the importance of the exchange rate compared to oil market in predicting t...

  17. Power plant asset market evaluations: Forecasting the costs of power production

    Energy Technology Data Exchange (ETDEWEB)

    Lefton, S.A.; Grunsrud, G.P. [Aptech Engineering Services, Inc., Sunnyvale, CA (United States)

    1998-12-31

    This presentation discusses the process of evaluating and valuing power plants for sale. It describes a method to forecast the future costs at a power plant using a portion of the past fixed costs, variable energy costs, and most importantly the variable cycling-related wear-and-tear costs. The presentation then discusses how to best determine market share, expected revenues, and then to forecast plant future costs based on future expected unit cycling operations. The presentation concludes with a section on recommendations to power plant buyers or sellers on how to manage the power plant asset and how to increase its market value. (orig.) 4 refs.

  18. The existing Nordic regulating power market. FlexPower WP1 - Report 1

    Energy Technology Data Exchange (ETDEWEB)

    Bang, C.; Fock, F.; Togeby, M.

    2011-06-15

    The FlexPower project investigates the possibility of using broadcasted dynamic electricity prices as a simple and low cost means to activating a large number of flexible small-scale power units. The aim is to provide regulating power via an aggregated response from the numerous units on a volunteer basis. The report provides a brief historical and contextual background of the Nordic electricity market. Thereafter it goes into greater detail describing the Nordic regulating power market, both how it functions in practice, and examining some of the historical trends from a Danish perspective. (LN)

  19. China Oil Reserve and Major Refined Products Marketing Research

    Institute of Scientific and Technical Information of China (English)

    Yang Xunying

    2001-01-01

    @@ 1 Current Status and Forecast on Supply and Demand for Oil in China 1.1 Chinese oil trade balance China's demand for crude oil has increased sharply since the 1990's. From 1991 to 2000, the consumption of China's crude oil increased by 6% a year, but the output still lagged far behind the domestic need (See Table 1).

  20. Green Power Marketing in the United States: A Status Report (Tenth Edition)

    Energy Technology Data Exchange (ETDEWEB)

    Bird, L.; Dagher, L.; Swezey, B.

    2007-12-01

    This report documents green power marketing activities and trends in the United States, focusing on consumer decisions to purchase electricity supplied from renewable energy sources and how this choice represents a powerful market support mechanism for renewable energy development. The report presents aggregate green power sales data for all voluntary purchase markets across the United States. It also provides summary data on utility green pricing programs offered in regulated electricity markets, on green power marketing activity in competitive electricity markets, and green power sold to voluntary purchasers in the form of renewable energy certificates. It also includes a discussion of key market trends and issues.

  1. Green Power Marketing in the United States. A Status Report (Tenth Edition)

    Energy Technology Data Exchange (ETDEWEB)

    Bird, Lori [National Renewable Energy Lab. (NREL), Golden, CO (United States); Dagher, Leila [National Renewable Energy Lab. (NREL), Golden, CO (United States); Swezey, Blair [National Renewable Energy Lab. (NREL), Golden, CO (United States)

    2007-12-01

    This report documents green power marketing activities and trends in the United States, focusing on consumer decisions to purchase electricity supplied from renewable energy sources and how this choice represents a powerful market support mechanism for renewable energy development. The report presents aggregate green power sales data for all voluntary purchase markets across the United States. It also provides summary data on utility green pricing programs offered in regulated electricity markets, on green power marketing activity in competitive electricity markets, and green power sold to voluntary purchasers in the form of renewable energy certificates. It also includes a discussion of key market trends and issues.

  2. Designing incentive market mechanisms for improving restructured power system reliabilities

    DEFF Research Database (Denmark)

    Ding, Yi; Østergaard, Jacob; Wu, Qiuwei

    2011-01-01

    In a restructured power system, the monopoly generation utility is replaced by different electricity producers. There exists extreme price volatility caused by random failures by generation or/and transmission systems. In these cases, producers' profits can be much higher than those in the normal...... mechanisms for improving the restructured power system reliabilities have been designed in this paper. In the proposed incentive mechanisms, penalty will be implemented on a producer if the failures of its generator(s) result in the variation of electricity prices. Incentive market mechanisms can motivate...... state. The reliability management of producers usually cannot be directly controlled by the system operators in a restructured power system. Producers may have no motivation to improve their reliabilities, which can result in serious system unreliability issues in the new environment. Incentive market...

  3. Carbon Auction Revenue and Market Power: An Experimental Analysis

    Directory of Open Access Journals (Sweden)

    Noah Dormady

    2016-11-01

    Full Text Available State and regional governments in the U.S. and abroad are looking to market-based approaches to mitigating greenhouse gas emissions from the electric sector, and in the U.S. as a compliance approach to meeting the aggressive targets of the Environmental Protection Agency (EPA’s Clean Power Plan. Auction-based approaches, like those used in the Northeast U.S. and California, are both recommended strategies under the Plan and attractive to state governments because they can generate significant revenue from the sale of emissions permits. However, given the nature of imperfect competition in existing electricity markets, particularly at the state and regional level, the issue of market power is a concern at the forefront. This paper provides the results from a controlled laboratory experiment of an auction-based emissions market in the electricity sector. The results show that government revenue from auctioning emissions permits is substantially lower when market concentration is only moderately increased. The results hold significant implications for states and other subnational governments that have high revenue expectations from the auctioning of emissions permits.

  4. Geothermal Power and Interconnection: The Economics of Getting to Market

    Energy Technology Data Exchange (ETDEWEB)

    Hurlbut, D.

    2012-04-01

    This report provides a baseline description of the transmission issues affecting geothermal technologies. The report begins with a comprehensive overview of the grid, how it is planned, how it is used, and how it is paid for. The report then overlays onto this 'big picture' three types of geothermal technologies: conventional hydrothermal systems; emerging technologies such as enhanced engineered geothermal systems (EGS) and geopressured geothermal; and geothermal co-production with existing oil and gas wells. Each category of geothermal technology has its own set of interconnection issues, and these are examined separately for each. The report draws conclusions about each technology's market affinities as defined by factors related to transmission and distribution infrastructure. It finishes with an assessment of selected markets with known geothermal potential, identifying those that offer the best prospects for near-term commercial development and for demonstration projects.

  5. Trace metal emissions from the Estonian oil shale fired power

    DEFF Research Database (Denmark)

    Aunela-Tapola, Leena A.; Frandsen, Flemming; Häsänen, Erkki K.

    1998-01-01

    Emission levels of selected trace metals from the Estonian oil shale fired power plant were studied. The plant is the largest single power plant in Estonia with an electricity production capacity of 1170 MWe (1995). Trace metals were sampled from the flue gases by a manual method incorporating...... a two-fraction particle sampling and subsequent absorption of the gaseous fraction. The analyses were principally performed with ICP-MS techniques. The trace metal contents of Estonian oil shale were found to be in the same order of magnitude as of coal on average. The high total particle concentrations...... in the flue gases of the studied oil shale plant contribute, however, to clearly higher total trace metal emission levels compared to modern coal fired power plants. Although the old electrostatic precipitators in the plant have been partly replaced by state-of-the-art electrostatic precipitators...

  6. Power system and market integration of renewable electricity

    Science.gov (United States)

    Erdmann, Georg

    2017-07-01

    This paper addresses problems of power generation markets that arise under high shares of intermittent generation. After discussing the economic fundamentals of wind and photovoltaic investments, the paper introduces the concept of the "Merit order effect of renewables". According to this concept electricity prices on wholesale power markets become smaller in periods during which large volumes of wind and photovoltaic generation is available and squeeze out relative expensive gas-fired power generation. The merit order effect of renewables has a couple of consequences. Among others it challenges the profitability of conventional power generation. If such generation capacities are still necessary, at least during a transitory period, a capacity mechanism may be put in place that generates an additional stream of income to the operators of conventional power generators. Another consequence of growing intermittent power generation is the need for concepts and technologies that deal with excess generation. Among these concepts are virtual and physical power storage capacities. In the last parts of the paper models are presented that are able to analyze these concepts from an economic point of view.

  7. Power system and market integration of renewable electricity

    Directory of Open Access Journals (Sweden)

    Erdmann Georg

    2017-01-01

    Full Text Available This paper addresses problems of power generation markets that arise under high shares of intermittent generation. After discussing the economic fundamentals of wind and photovoltaic investments, the paper introduces the concept of the “Merit order effect of renewables”. According to this concept electricity prices on wholesale power markets become smaller in periods during which large volumes of wind and photovoltaic generation is available and squeeze out relative expensive gas-fired power generation. The merit order effect of renewables has a couple of consequences. Among others it challenges the profitability of conventional power generation. If such generation capacities are still necessary, at least during a transitory period, a capacity mechanism may be put in place that generates an additional stream of income to the operators of conventional power generators. Another consequence of growing intermittent power generation is the need for concepts and technologies that deal with excess generation. Among these concepts are virtual and physical power storage capacities. In the last parts of the paper models are presented that are able to analyze these concepts from an economic point of view.

  8. VOLATILITY SPILLOVER EFFECTS IN THE EXTRA VIRGIN OLIVE OIL MARKETS OF THE MEDITERRANEAN

    Directory of Open Access Journals (Sweden)

    Dimitrios Panagiotou

    2015-07-01

    Full Text Available The objective of this study is to assess the existence and magnitude of volatility spillovers between the extra virgin olive oil markets of Italy, Spain and Greece. These three Mediterranean countries are responsible for 95% of olive oil production within the European Union and they account for more than 50% of olive oil exports worldwide. In order to measure the degree of volatility transmission between these countries we estimate a vector error correction model along with the BEKK parameterization of a Multivariate Generalized Conditional Autoregressive Heteroskedasticity (M-GARCH model. The empirical results reveal the presence of ARCH and GARCH effects suggesting this way the existence of volatility spillovers between the extra virgin olive oil markets of Italy, Greece and Spain. ARCH effects are the biggest in magnitude for the market between Spain and Italy. GARCH effects are the biggest in magnitude for the market between Greece and Italy.

  9. The Turkish stock market integration with oil prices: Cointegration analysis with unknown regime shifts

    Directory of Open Access Journals (Sweden)

    Halaç Umut

    2013-01-01

    Full Text Available Oil prices are often considered as a vital economic factor due to the dependence of the world economy on oil. The goal of this paper is to contribute to the literature on the dynamic relationship between oil prices and stock prices under the presence of possible structural breaks in an emerging market, Turkey. The empirical evidence suggests that the oil prices are important in explaining the stock market movements. Stock prices, oil prices and nominal exchange rates are found as cointegrated after taking structural breaks into account. Moreover, results of parameter stability test are consistent with our findings indicating that relationship between series is strong in the long-run. The results are important in the way that they show the global factors are also dominant on the Turkish stock market.

  10. Analysis of the temporal properties of price shock sequences in crude oil markets

    Science.gov (United States)

    Yuan, Ying; Zhuang, Xin-tian; Liu, Zhi-ying; Huang, Wei-qiang

    2014-01-01

    As one of the fundamental energy sources and important chemical raw materials, crude oil is crucially important to every country. Especially, the price shock of crude oil will bring about hidden dangers in energy security and economic security. Therefore, investigating the dynamics of frequent price shocks of crude oil markets seems to be crucial and necessary. In order to make the conclusions more reliable and valid, we use two different representations of the price shocks (inter-event times and series of counts) to study the temporal properties of price shock sequences in crude oil markets, such as coefficient of variation, Allan Factor, Fano Factors, Rescaled Range analysis and Detrended Fluctuation Analysis. We find evidence that the time dynamics of the price shock sequences can be considered as a fractal process with a high degree of time-clusterization of the events. It could give us some useful information to better understand the nature and dynamics of crude oil markets.

  11. Essays on microgrids, asymmetric pricing and market power in electricity markets

    Science.gov (United States)

    Lo Prete, Chiara

    This dissertation presents four studies of the electricity industry. The first and second essays use economic-engineering models to assess different aspects of microgrid penetration in regional electricity markets, while the last two studies contain empirical analyses aimed at evaluating the performance of wholesale electricity markets. Chapter 2 develops a framework to quantify economic, environmental, efficiency and reliability impacts of different power production scenarios in a regional system, focusing on the interaction of microgrids with the existing transmission and distribution grid. The setting is the regional network formed by Belgium, France, Germany and the Netherlands. The study presents simulations of power market outcomes under various policies and levels of microgrid penetration, and evaluates them using a diverse set of metrics. Chapter 3 studies the interaction between a microgrid and a regulated electric utility in a regional electricity market. I consider the interaction among the utility, the microgrid developer and consumers in the framework of cooperative game theory (assuming exchangeable utility), and use regional market models to simulate scenarios in which microgrid introduction may or may not be socially beneficial. Under the assumptions of this chapter, customer participation is essential to the development of socially beneficial microgrids, while the utility has little or no gain from it. Discussed incentives to avoid that utilities block microgrid entry include additional revenue drivers related to microgrid connection, decoupling and performance-based mechanisms targeted at service quality. When prices are below marginal costs of utility provided power, microgrid development may be socially beneficial, but unprofitable for microgrid customers and its developer. By imposing lower charges and higher remuneration for its services, the regulator could ensure that microgrid value is positive, without adversely impacting the utility

  12. A study on chaos in crude oil markets before and after 2008 international financial crisis

    Science.gov (United States)

    Lahmiri, Salim

    2017-01-01

    The purpose of this study is to investigate existence of chaos in crude oil markets (Brent and WTI) before and after recent 2008 international financial crisis. Largest Lyapunov exponent is estimated for prices, returns, and volatilities. The empirical results show strong evidence that chaos does not exist in prices and returns in both crude oil markets before and after international crisis. However, we find strong evidence of chaotic dynamics in both Brent and WTI volatilities after international financial crisis.

  13. Rebalancing the Market Power. Manufacturer and Retailer Brands in the German Food Retail Market

    Directory of Open Access Journals (Sweden)

    Bielig Andreas

    2015-12-01

    Full Text Available The German food retail market is considered to be one of the most competitive markets worldwide. A narrow oligopoly of domestic retail chains dominates competition at the national and regional levels, driven mostly by price competition and extensive market coverage. As a result, market entrance for potential newcomers is highly restricted, even for such global players like Wal-Mart, which retreated in 2006 after nine years of substantial financial losses in Germany. There have been discernable attempts by the domestic incumbents to rebalance the traditional “task division”, affecting the range of customers choices as well as retail brands. However, within ten years the share of large retailers brands earnings in the total food retail market increased from 21.8 percent to 38.8 percent in 2012, as “house brands” optimized their assortment, increased their independence from main suppliers and squeezed out competitors. The empirical analysis presented below describes the role played by different retail brands in German food retail market as measured by their market power, and considers its political implications.

  14. Power Industry Reliability Coordination in Asia in a Market Environment

    Directory of Open Access Journals (Sweden)

    Nikolai I. Voropai

    2010-03-01

    Full Text Available This paper addresses the problems of power supply reliability in a market environment. The specific features of economic interrelations between the power supply organization and consumers in terms of reliability assurance are examined and the principles of providing power supply reliability are formulated. The economic mechanisms of coordinating the interests of power supply organization and consumers to provide power supply reliability are discussed. Reliability of restructuring China's power industry is introduced. Some reliability data is provided. The data shows that the reliability level has increased significantly in the past two decades. More and more measures are being applied to guarantee reliability of the restructured power systems. The reliability issues and challenges that are facing the Chinese power industry are considered The paper, then examines the evolution of power grids in India, the establishment of a regulatory framework, and operational philosophy in reliability aspects of long-, mid- as well as short-term (operational / outage planning. Grid security, restoration, and mock trial for black start, etc. from the reliability angle are considered. Related issues for islanding operation to improve service reliability for Thailand's Electric Power System are then analyzed.

  15. Organization of bulk power markets: A concept paper

    Energy Technology Data Exchange (ETDEWEB)

    Kahn, E.; Stoft, S. [Lawrence Berkeley Lab., CA (United States). Energy and Environment Div.

    1995-12-01

    The electricity industry in the US today is at a crossroads. The restructuring debate going on in most regions has made it clear that the traditional model of vertically integrated firms serving defined franchise areas and regulated by state commissions may not be the pattern for the future. The demands of large customers seeking direct access to power markets, the entry of new participants, and proposed reforms of the regulatory process all signify a momentum for fundamental change in the organization of the industry. This paper addresses electricity restructuring from the perspective of bulk power markets. The authors focus attention on the organization of electricity trade and the various ways it has been and might be conducted. Their approach concentrates on conceptual models and empirical case studies, not on specific proposals made by particular utilities or commissions. They review literature in economics and power system engineering that is relevant to the major questions. The objective is to provide conceptual background to industry participants, e.g. utility staff, regulatory staff, new entrants, who are working on specific proposals. While they formulate many questions, they do not provide definitive answers on most issues. They attempt to put the industry restructuring dialogue in a neutral setting, translating the language of economists for engineers and vice versa. Towards this end they begin with a review of the basic economic institutions in the US bulk power markets and a summary of the engineering practices that dominate trade today.

  16. Credit Risk Evaluation of Power Market Players with Random Forest

    Science.gov (United States)

    Umezawa, Yasushi; Mori, Hiroyuki

    A new method is proposed for credit risk evaluation in a power market. The credit risk evaluation is to measure the bankruptcy risk of the company. The power system liberalization results in new environment that puts emphasis on the profit maximization and the risk minimization. There is a high probability that the electricity transaction causes a risk between companies. So, power market players are concerned with the risk minimization. As a management strategy, a risk index is requested to evaluate the worth of the business partner. This paper proposes a new method for evaluating the credit risk with Random Forest (RF) that makes ensemble learning for the decision tree. RF is one of efficient data mining technique in clustering data and extracting relationship between input and output data. In addition, the method of generating pseudo-measurements is proposed to improve the performance of RF. The proposed method is successfully applied to real financial data of energy utilities in the power market. A comparison is made between the proposed and the conventional methods.

  17. 18 CFR 284.505 - Market-based rates for storage providers without a market-power determination.

    Science.gov (United States)

    2010-04-01

    ... 18 Conservation of Power and Water Resources 1 2010-04-01 2010-04-01 false Market-based rates for storage providers without a market-power determination. 284.505 Section 284.505 Conservation of Power and Water Resources FEDERAL ENERGY REGULATORY COMMISSION, DEPARTMENT OF ENERGY OTHER REGULATIONS UNDER...

  18. Extreme Value Theory and Value at Risk. Application to oil market

    Energy Technology Data Exchange (ETDEWEB)

    Marimoutou, Velayoudoum [GREQAM, Universite de la Mediterranee, Institut Francais de Pondichery (France); Raggad, Bechir; Trabelsi, Abdelwahed [BESTMOD, Institut Superieur de Gestion de Tunis (Tunisia)

    2009-07-15

    Recent increases in energy prices, especially oil prices, have become a principal concern for consumers, corporations, and governments. Most analysts believe that oil price fluctuations have considerable consequences on economic activity. Oil markets have become relatively free, resulting in a high degree of oil-price volatility and generating radical changes to world energy and oil industries. Consequently, oil markets are naturally vulnerable to significant high price shifts. An example of such a case is the oil embargo crisis of 1973. In this newly created climate, protection against market risk has become a necessity. Value at Risk (VaR) measures risk exposure at a given probability level and is very important for risk management. Appealing aspects of Extreme Value Theory (EVT) have made convincing arguments for its use in managing energy price risks. In this paper, we model VaR for long and short trading positions in oil market by applying both unconditional and conditional EVT models to forecast Value at Risk. These models are compared to the performances of other well-known modelling techniques, such as GARCH, Historical Simulation and Filtered Historical Simulation. Both conditional EVT and Filtered Historical Simulation procedures offer a major improvement over the conventional methods. Furthermore, GARCH(1, 1)-t model may provide equally good results which are comparable to two combined procedures. Finally, our results confirm the importance of filtering process for the success of standard approaches. (author)

  19. Stochastic Electric Power Generation Unit Commitment in Deregulated Power Market Environment

    Directory of Open Access Journals (Sweden)

    F. Gharehdaghi

    2012-03-01

    Full Text Available Utilities participating in deregulated markets observe increasing uncertainty in load (i.e., demand for electric power and prices for fuel and electricity on spot and contract markets. This study proposes a new formulation of the unit commitment problem of electric power generators in a restructured electricity market. Under these conditions, an electric power generation company will have the option to buy or sell from a power pool in addition to producing electricity on its own. The unit commitment problem is expressed as a stochastic optimization problem in which the objective is to maximize expected profits and the decisions are required to meet the standard operating constraints. Under the assumption of competitive market and price taking, it is depicted that the unit commitment schedule for a collection of N generation units can be solved by considering each unit separately. The volatility of the spot market price of electricity is represented by a stochastic model. This paper uses probabilistic dynamic programming to solve the stochastic optimization problem pertaining to unit commitment. It is shown that for a market of 150 units the proposed unit commitment can be accurately solved in a reasonable time by using the normal, Edgeworth, or Monte Carlo approximation methods.

  20. Why Does Gasoline Cost so Much? A Joint Model of the Global Crude Oil Market and the U.S. Retail Gasoline Market

    OpenAIRE

    KILIAN, Lutz

    2008-01-01

    There is an important distinction between the price of gasoline in the U.S. and the price of crude oil in global markets that is often ignored in discussions of the impact of higher energy prices. This paper makes explicit the relationship between demand and supply shocks in these two markets. Building on a recently proposed structural VAR model of the global crude oil market, it explores the implications of a joint VAR model of the global market for crude oil and the U.S. market for motor ga...

  1. Green Power Marketing in the United States. A Status Report (2009 Data)

    Energy Technology Data Exchange (ETDEWEB)

    Bird, Lori [National Renewable Energy Lab. (NREL), Golden, CO (United States); Sumner, Jenny [National Renewable Energy Lab. (NREL), Golden, CO (United States)

    2010-09-01

    This report documents green power marketing activities and trends in the United States. First, aggregate green power sales data for all voluntary purchase markets across the United States are presented. Next, we summarize data on utility green pricing programs offered in regulated electricity markets; green power marketing activity in competitive electricity markets, as well as green power sold to voluntary purchasers in the form of RECs; and renewable energy sold as greenhouse gas offsets in the United States. Finally, this is followed by a discussion of key market trends and issues. The data presented in this report are based primarily on figures provided to NREL by utilities and independent renewable energy marketers.

  2. Green Power Marketing in the United States: A Status Report (2009 Data)

    Energy Technology Data Exchange (ETDEWEB)

    Bird, L.; Sumner, J.

    2010-09-01

    This report documents green power marketing activities and trends in the United States. First, aggregate green power sales data for all voluntary purchase markets across the United States are presented. Next, we summarize data on utility green pricing programs offered in regulated electricity markets; green power marketing activity in competitive electricity markets, as well as green power sold to voluntary purchasers in the form of RECs; and renewable energy sold as greenhouse gas offsets in the United States. Finally, this is followed by a discussion of key market trends and issues. The data presented in this report are based primarily on figures provided to NREL by utilities and independent renewable energy marketers.

  3. An Integrated Design approach to Power Systems: from Power Flows to Electricity Markets

    Science.gov (United States)

    Bose, Subhonmesh

    Power system is at the brink of change. Engineering needs, economic forces and environmental factors are the main drivers of this change. The vision is to build a smart electrical grid and a smarter market mechanism around it to fulfill mandates on clean energy. Looking at engineering and economic issues in isolation is no longer an option today; it needs an integrated design approach. In this thesis, I shall revisit some of the classical questions on the engineering operation of power systems that deals with the nonconvexity of power flow equations. Then I shall explore some issues of the interaction of these power flow equations on the electricity markets to address the fundamental issue of market power in a deregulated market environment. Finally, motivated by the emergence of new storage technologies, I present an interesting result on the investment decision problem of placing storage over a power network. The goal of this study is to demonstrate that modern optimization and game theory can provide unique insights into this complex system. Some of the ideas carry over to applications beyond power systems.

  4. Market Evolution: Wholesale Electricity Market Design for 21st Century Power Systems

    Energy Technology Data Exchange (ETDEWEB)

    Cochran, Jaquelin [National Renewable Energy Lab. (NREL), Golden, CO (United States); Miller, Mackay [National Renewable Energy Lab. (NREL), Golden, CO (United States); Milligan, Michael [National Renewable Energy Lab. (NREL), Golden, CO (United States); Ela, Erik [National Renewable Energy Lab. (NREL), Golden, CO (United States); Arent, Douglas [National Renewable Energy Lab. (NREL), Golden, CO (United States); Bloom, Aaron [National Renewable Energy Lab. (NREL), Golden, CO (United States); Futch, Matthew [IBM, Northcastle, NY (United States); Kiviluoma, Juha [VTT Technical Research Centre of Finland, Espo (Finland); Holtinnen, Hannele [VTT Technical Research Centre of Finland, Espo (Finland); Orths, Antje [Energinet.dk (Denmark); Gomez-Lazaro, Emilio [University of Castilla-La Mancha, Real (Spain); Martin-Martinez, Sergio [University of Castilla-La Mancha, Real (Spain); Kukoda, S. [International Copper Association, New York, NY (United States); Garcia, Glycon [International Copper Association, New York, NY (United States); Mikkelsen, Kim M. [Global Green Growth Inst., Seoul (Korea); Yongqiang, Zhao [China National Renewable Energy Center, Beijing (China); Sandholt, Kaare [China National Renewable Energy Center, Beijing (China)

    2013-10-01

    Demand for affordable, reliable, domestically sourced, and low-carbon electricity is on the rise. This growing demand is driven in part by evolving public policy priorities, especially reducing the health and environmental impacts of electricity service and expanding energy access to under-served customers. Consequently, variable renewable energy resources comprise an increasing share ofelectricity generation globally. At the same time, new opportunities for addressing the variability of renewables are being strengthened through advances in smart grids, communications, and technologies that enable dispatchable demand response and distributed generation to extend to the mass market. A key challenge of merging these opportunities is market design -- determining how to createincentives and compensate providers justly for attributes and performance that ensure a reliable and secure grid -- in a context that fully realizes the potential of a broad array of sources of flexibility in both the wholesale power and retail markets. This report reviews the suite of wholesale power market designs in use and under consideration to ensure adequacy, security, and flexibilityin a landscape of significant variable renewable energy. It also examines considerations needed to ensure that wholesale market designs are inclusive of emerging technologies, such as demand response, distributed generation, and storage.

  5. Oil Shock Transmission to Stock Market Returns: Wavelet Multivariate Markov Switching GARCH Approach

    OpenAIRE

    Rania Jammazi

    2014-01-01

    In recent years our understanding of the nature of crude oil price shocks and their effects on the stock market returns has evolved noticeably. Evidence on spillover effects between several kinds of markets has widely been discussed around the globe whe

  6. Dynamic Correlation between Stock Market Returns and Crude Oil Prices: Evidence from a Developing Economy

    Directory of Open Access Journals (Sweden)

    Emenike O. Kalu

    2015-10-01

    Full Text Available Normal 0 false false false EN-US X-NONE X-NONE Modeling the correlation of assets returns volatilities across different markets or segments of a market has practical value for portfolio selection and diversification, market regulation, and risk management. This paper therefore evaluates the nature of time-varying correlation between volatilities of stock market and crude oil returns in Nigeria using Dynamic Conditional Correlation-Generalised Autoregressive Conditional Heteroscedasticity (DCC-GARCH model. Results from DCC-GARCH (1,1 model show evidence of volatility clustering and persistence in Nigeria stock market and crude oil returns. The results also show that there is no dynamic conditional correlation in ARCH effects between stock market returns and crude oil prices in Nigeria. The results further show that there is strong evidence of time-varying volatility correlation between stock market and crude oil returns volatility. The findings will help shape policy-making in risk management and market regulation in Nigeria.

  7. Market Power in Mixed Hydro-Thermal Electric Systems

    OpenAIRE

    M. Soledad Arellano

    2004-01-01

    This paper shows that, unlike what has been found in other papers, a hydro reservoir is an effective tool to exercise market power. Its appealing as a tool is enhanced by the fact that there is no need to constrain total hydro production - a practice too easy to detect -; it suffices to distort the intertemporal allocation of hydro production over time. A hydro-producer may increase his profits by exploiting differences in price elasticity of demand across periods, allocating too little suppl...

  8. A review on the economic dispatch and risk management considering wind power in the power market

    Energy Technology Data Exchange (ETDEWEB)

    Boqiang, Ren; Chuanwen, Jiang [Department of Electrical Engineering, Shanghai Jiaotong University, Huashan Road 1954, Shanghai 200030 (China)

    2009-10-15

    With the rapid development of world economy, wind power has been given more and more consideration owing to its energy saving and environmental protection. But due to intermittency and unpredictability nature of wind power generation, many new problems come into being when infusing wind power into power network with conventional generators. Aiming at these difficulties, this paper presents a review on the historical research production of this theme. The models of economic dispatch schedule of wind power considering dissimilar actual condition, different optimized algorithms and risk management in the electric market are discussed and the future trend is prospected in this paper. (author)

  9. Stabilization of structure-preserving power networks with market dynamics

    CERN Document Server

    Stegink, Tjerk W; van der Schaft, Arjan J

    2016-01-01

    This paper studies the problem of maximizing the social welfare while stabilizing both the physical power network as well as the market dynamics. For the physical power grid a third-order structure-preserving model is considered involving both frequency and voltage dynamics. By applying the primal-dual gradient method to the social welfare problem, a distributed dynamic pricing algorithm in port-Hamiltonian form is obtained. After interconnection with the physical system a closed-loop port-Hamiltonian system of differential-algebraic equations is obtained, whose properties are exploited to prove local asymptotic stability of the optimal points.

  10. Combined Heat and Power Market Potential for Opportunity Fuels

    Energy Technology Data Exchange (ETDEWEB)

    Jones, David [Resource Dynamics Corporation, McLean, VA (United States); Lemar, Paul [Resource Dynamics Corporation, McLean, VA (United States

    2015-12-01

    This report estimates the potential for opportunity fuel combined heat and power (CHP) applications in the United States, and provides estimates for the technical and economic market potential compared to those included in an earlier report. An opportunity fuel is any type of fuel that is not widely used when compared to traditional fossil fuels. Opportunity fuels primarily consist of biomass fuels, industrial waste products and fossil fuel derivatives. These fuels have the potential to be an economically viable source of power generation in various CHP applications.

  11. Provision of Renewable Energy using Green Certificates: Market Power and Limit Pricing

    Energy Technology Data Exchange (ETDEWEB)

    Amundsen, Eirik S.; Nese, Gjermund

    2002-07-01

    We formulate an analytic equilibrium model for simultaneously functioning electricity market and a market for Green Certificates. The major focus of the paper is the effect of market power in a Green Certificate system. One of the main results from the analysis is that the certificate system faced with market power basically may collapse into a system of per unit subsidies (author)

  12. Market analysis of palm oil%棕榈油市场分析

    Institute of Scientific and Technical Information of China (English)

    沙克

    2009-01-01

    分析了2008年度的棕榈油市场发展状况,对2009年度的棕榈油市场进行了展望和预测.同时,对全球棕榈油库存及库存使用比以及在全球贸易中所占比例进行了分析.%Palm oil market in 2008 was introduced, and the prospect on the market of palm oil in 2009 was also made in this paper. At the same time, global palm oil inventory situation and it global trade stares were also analyzed.

  13. Price Relationships in the Petroleum Market: An Analysis of Crude Oil and Refined Product Prices

    Energy Technology Data Exchange (ETDEWEB)

    Asche, Frank; Gjoelberg, Ole; Voelker, Teresa

    2001-08-01

    In this paper the relationships between crude oil and refined product prices are investigated in a multivariate framework. This allows us to test several (partly competing) assumptions of earlier studies. In particular, we find that the crude oil price is weakly exogenous and that the spread is constant in some but not all relationships. Moreover, the multivariate analysis shows that the link between crude oil prices and several refined product prices implies market integration for these refined products. This is an example of supply driven market integration and producers will change the output mix in response to price changes. (author)

  14. Multivariate FIGARCH and long memory process: evidence of oil price markets

    Directory of Open Access Journals (Sweden)

    Nadhem Selmi

    2015-09-01

    Full Text Available Oil price markets can benefit from a better considerate of how shocks can affect volatility through time. This study assesses the impact of structural changes and outliers on volatility persistence of two crude oil markets WTI and Brent oil price between January 1, 1996 and March 17, 2014. First, we identify the FIGARCH process proposed by Baillie et al. (1996 [Baillie, R.T., Bollerslev, T., & Mikkelsen, H.O., (1996, Fractionally integrated generalized autoregressive conditional heteroscedasticity. Journal of Econometrics, 74, 3-30.] and investigate some of its statistical proprieties and then incorporate this information into the volatility modelling. We also show that outliers can bias the estimation of the persistence of the volatility. Taking into account outliers on the volatility modelling process improve the understanding of volatility in crude oil markets.

  15. Impact of Oil Price Shocks and Exchange Rate Volatility on Stock Market Behavior in Nigeria

    Directory of Open Access Journals (Sweden)

    Adedoyin I. Lawal

    2016-09-01

    Full Text Available The impact of exchange rate and oil prices fluctuation on the stock market has been a subject of hot debate among researchers. This study examined the impact of both the exchange rate volatility and oil price volatility on stock market volatility in Nigeria, so as to guide policy formulation based on the fact that the nation’s economy was foreign induced and mono-cultured with heavy dependence on oil. EGARCH estimation techniques were employed to examine if either the volatility in exchange rate, oil price volatility or both experts on stock market volatility in Nigeria. The result shows that share price volatility is induced by both the exchange rate volatility and oil price volatility. Thus, it is recommended that policymakers should pursue policies that tend to stabilize the exchange rate regime on the one hand, and guarantee the net oil exporting position for the economy, that market practitioners should formulate portfolio strategies in such a way that volatility in both exchange rates and oil price will be factored in time when investment decisions are being made.

  16. Spatiotemporal Dynamics and Fitness Analysis of Global Oil Market: Based on Complex Network

    Science.gov (United States)

    Wang, Minggang; Fang, Guochang; Shao, Shuai

    2016-01-01

    We study the overall topological structure properties of global oil trade network, such as degree, strength, cumulative distribution, information entropy and weight clustering. The structural evolution of the network is investigated as well. We find the global oil import and export networks do not show typical scale-free distribution, but display disassortative property. Furthermore, based on the monthly data of oil import values during 2005.01–2014.12, by applying random matrix theory, we investigate the complex spatiotemporal dynamic from the country level and fitness evolution of the global oil market from a demand-side analysis. Abundant information about global oil market can be obtained from deviating eigenvalues. The result shows that the oil market has experienced five different periods, which is consistent with the evolution of country clusters. Moreover, we find the changing trend of fitness function agrees with that of gross domestic product (GDP), and suggest that the fitness evolution of oil market can be predicted by forecasting GDP values. To conclude, some suggestions are provided according to the results. PMID:27706147

  17. Macro economy, stock market and oil prices. Do meaningful relationships exist among their cyclical fluctuations?

    Energy Technology Data Exchange (ETDEWEB)

    Filis, George [University of Portsmouth, Department of Economics, Portsmouth Business School, Richmond Building, Portland Street, Portsmouth, PO1 3DE (United Kingdom)

    2010-07-15

    This paper examines the relationship among consumer price index, industrial production, stock market and oil prices in Greece. Initially we use a unified statistical framework (cointegration and VECM) to study the data in levels. We then employ a multivariate VAR model to examine the relationship among the cyclical components of our series. The period of the study is from 1996:1 to 2008:6. Findings suggest that oil prices and the stock market exercise a positive effect on the Greek CPI, in the long run. Cyclical components analysis suggests that oil prices exercise significant negative influence to the stock market. In addition, oil prices are negatively influencing CPI, at a significant level. However, we find no effect of oil prices on industrial production and CPI. Finally, no relationship can be documented between the industrial production and stock market for the Greek market. The findings of this study are of particular interest and importance to policy makers, financial managers, financial analysts and investors dealing with the Greek economy and the Greek stock market. (author)

  18. Market power in the United States red meatpacking industry.

    Science.gov (United States)

    Koontz, Stephen R

    2003-07-01

    The basic question asked in the beginning of this article was whether the evidence from research is persuasive enough to conclude that competition in the meatpacking industry is deficient. The literature review led to the conclusion that the answer is no. Research varies widely in terms of data and methodologic approaches. The research, however, clearly finds evidence of market power. Many SCP studies indicated the existence and exercise of market power, but the failure of the paradigm makes definitive conclusions dangerous. The NEIO studies showed a persistent gap between the price of livestock and marginal costs but the studies did not incorporate sufficient detail to prove specific behavior. Azzam and Anderson [4] conducted an extensive review of competition in meatpacking. In their summary, they offered criticisms of the SCP approach and the conduct parameter approach. These investigators concluded that the body of empiric evidence was insufficient to persuasively argue that the meatpacking industry was not competitive. Sexton [69] discussed more recent critiques of the conduct parameter appraoch. Despite its weaknesses, he concluded that market power estimates in meatpacking are modest but that structural changes on balance are beneficial, from an efficiency viewpoint. Examining the evidence either by data aggregation, methodology, or time period results in little difference in the qualitative interpretation. The research community has done what Nicholls [2] said was needed. The need remains relevant. The research leaves us with a clear picture and nagging questions. Azzam and Anderson [4] recommended that further research focus on the process of competition or the rivalrous interaction between competitors, and on competitors' strategies for responding to technologic and market forces, as the business history of the industry suggests. Specifically, they recommended two approaches. First, to develop empiric pricing models for short-term monitoring. Such models

  19. A brief review of krill oil history, research, and the commercial market.

    Science.gov (United States)

    Kwantes, Jonathan M; Grundmann, Oliver

    2015-03-01

    In the last few years there has been a noticeable increase in both the promotion and research of krill oil for its purported health benefits, including the management and treatment of conditions, such as hyperlipidemia, inflammation, and arthritis. Additionally, because krill oil contains the same omega-3 fatty acids eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA) found in fish and fish oil, krill oil is viewed as a viable alternative to fish oil to deliver the health benefits associated with EPA and DHA. The following review provides an overview of the currently available 10 peer-reviewed human clinical studies on krill oil, its safety, as well as a brief summary of the commercial krill oil market.

  20. 75 FR 75994 - Application To Export Electric Energy; NRG Power Marketing LLC

    Science.gov (United States)

    2010-12-07

    ... Application To Export Electric Energy; NRG Power Marketing LLC AGENCY: Office of Electricity Delivery and Energy Reliability, DOE. ACTION: Notice of application. SUMMARY: NRG Power Marketing LLC (NRGPML) has..., Federal power marketing agencies, and other entities within the United States. The existing...

  1. 77 FR 11515 - Application to Export Electric Energy; NRG Power Marketing LLC

    Science.gov (United States)

    2012-02-27

    ... Application to Export Electric Energy; NRG Power Marketing LLC AGENCY: Office of Electricity Delivery and Energy Reliability, DOE. ] ACTION: Notice of application. SUMMARY: NRG Power Marketing LLC (NRGPML) has... would be surplus energy purchased from electric utilities and Federal power marketing agencies...

  2. The Asymmetric Effects of Oil Price Shocks on the Chinese Stock Market: Evidence from a Quantile Impulse Response Perspective

    Directory of Open Access Journals (Sweden)

    Huiming Zhu

    2016-08-01

    Full Text Available This paper uses a quantile impulse response approach to investigate the impact of oil price shocks on Chinese stock returns. This process allows us to uncover asymmetric effects of oil price shocks on stock market returns by taking into account the different quantiles of oil price shocks. Our results show that the responses of Chinese stock market returns to oil price shocks differ greatly, depending on whether the oil and stock market is in a bust or boom state and whether the shock is driven by demand or supply. The impacts of oil price shocks on Chinese stock returns present asymmetric features. In particular during a bust phase, oil supply and demand shocks significantly depress stock market returns, while during a boom period, the aggregate demand shock enhances stock market returns. These results suggest some important implications for investors and decision makers.

  3. Stable distribution and long-range correlation of Brent crude oil market

    Science.gov (United States)

    Yuan, Ying; Zhuang, Xin-tian; Jin, Xiu; Huang, Wei-qiang

    2014-11-01

    An empirical study of stable distribution and long-range correlation in Brent crude oil market was presented. First, it is found that the empirical distribution of Brent crude oil returns can be fitted well by a stable distribution, which is significantly different from a normal distribution. Second, the detrended fluctuation analysis for the Brent crude oil returns shows that there are long-range correlation in returns. It implies that there are patterns or trends in returns that persist over time. Third, the detrended fluctuation analysis for the Brent crude oil returns shows that after the financial crisis 2008, the Brent crude oil market becomes more persistence. It implies that the financial crisis 2008 could increase the frequency and strength of the interdependence and correlations between the financial time series. All of these findings may be used to improve the current fractal theories.

  4. International Capital Markets, Oil Producers and the Green Paradox

    OpenAIRE

    van der Meijden, Gerard C.; van der Ploeg, Rick; Cees A. Withagen

    2014-01-01

    In partial equilibrium a rapidly rising carbon tax encourages oil producers to extract fossil fuels more quickly, giving rise to the Green Paradox. General equilibrium analysis for a closed economy shows that a rapidly rising carbon tax negatively affects the interest rate, which tends to weaken the Green Paradox. However, in a two-country world with an oil-importing and an oil-exporting region the Green Paradox may be amplified in general equilibrium if exporters are relatively patient. On t...

  5. Hydro-power in a competitive market; Hydro-Power im Wettbewerbsumfeld

    Energy Technology Data Exchange (ETDEWEB)

    Schroefelbauer, H. [VERBUND-Austrian Hydro Power AG, Wien (Austria)

    2005-07-01

    While energy demand continues to rise, European hydro-power is faced with ever more stringent legal provisions and environmental targets. At the same time, the transition from a monopoly situation to a liberalised electricity market has resulted in a shift in emphasis from macro-economic considerations to a business-mangement approach to hydro-power as the classic renewable energy source. Hence, for market operators hoping to position themselves favourable through the offer of new products, such as control and balancing energy, it is essential to recognise emerging technology and energy trends at an early point in time. However, fair competition requires a stable legal framework. (orig.)

  6. Oil Price Shocks and Stock Markets in BRICs

    Directory of Open Access Journals (Sweden)

    Ono, Shigeki

    2011-06-01

    Full Text Available This paper examines the impact of oil prices on real stock returns for Brazil, China, India and Russia over 1999:1-2009:9 using VAR models. The results suggest that whereas real stock returns positively respond to some of the oil price indicators with statistical significance for China, India and Russia, those of Brazil do not show any significant responses. In addition, statistically significant asymmetric effects of oil price increases and decreases are observed in India. The analysis of variance decomposition shows that the contribution of oil price shocks to volatility in real stock returns is relatively large and statistically significant for China and Russia.

  7. Market structure and exhaustible resources: The case of natural gas and crude oil in California

    Science.gov (United States)

    Czastkiewicz, Carolina

    Using a dataset of natural gas and crude oil production in the state of California, evidence shows overextraction incentives among market participants that shared a common pool. Due to these incentives the supply of gas and crude oil extraction tends to become more inelastic as the number of firms in the pool increases. Using an instrumental variables estimation of the supply function, the results show that the common pool externality caused an average overproduction rate of 11% and 4% over the 1977--2001 period, in natural gas and crude oil, respectively. These figures imply 1 year and 4 years of additional production for natural gas and crude oil, respectively.

  8. Impact of renewable power market penetration on coal power generation capacity growth

    Institute of Scientific and Technical Information of China (English)

    ABDUL Majeed Aziz; R.Larry Grayson; VLADISLAV Kecojevic

    2011-01-01

    Since renewable energy sources are growing in importance, how well they can penetrate the energy market for power generation will be a very important factor in the role the coal industry will play in the future. This paper examined the displacement of coal power plant capacity from 2010 to 2050 by renewables with respect to three drivers assumed under various conditions: the American Recovery and Reinvestment Act (ARRA), Greenhouse Gas (GHG) policy, and varying plant capital cost cases. The results by 2050 illustrate that renewable market penetration captures anywhere from 1.9% to 6.4% of potential coal power generation capacity additions. Renewable power generation capacity additions is expected to outpace coal power plant additions by 89% with respect to ARRA in 2050, however with no GHG policy coal power generation capacity build-outs will outpace renewables by as high as 809%. Finally, coal power generation is still projected to be the largest single energy source contributor to the electricity market making up 28.0% of total available capacity, while renewables are expected to only make up 16.3% of total available capacity.

  9. Competition and Market Power in the Romanian Banking Sector

    Directory of Open Access Journals (Sweden)

    Bogdan Căpraru

    2017-04-01

    Full Text Available The current paper analyses the competition degree among Romanian banks during 2005- 2015. We determine the bank-level competition for loans and deposits using efficiency-adjusted Lerner index, while Boone indicator shows how competitive these two markets are. Marginal costs (MC are estimated with a Fourier flexible form cost function with two bank products, that generate the largest portion of revenues, (i.e. loans and deposits and three input prices (i.e. labour, funds and physical capital. We use DFA for efficiency-improved Lerner index and Generalized Method of Moments with one-, two- or three-year lagged values of marginal costs as instrumental variables for Boone indicator. The results are compared to the values of HHI and C5, provided by European Central Bank. Overall, bank competition in Romania improves as a direct result of decreasing market power and concentration. On the loan market, we can notice that starting with 2014 banks have changed their behaviour by focusing more on optimizing their portfolios through a complex process of balance sheet cleaning, instead of acquiring additional market share and be more competitive.

  10. The oil market at the beginning of the 90ties. Der Oelmarkt zu Beginn der neunziger Jahre

    Energy Technology Data Exchange (ETDEWEB)

    Hensing, I.; Stroebele, W. (Oldenburg Univ. (Germany). Inst. fuer Volkswirtschaftslehre)

    1991-12-01

    During the Gulf crisis particularly multinational oil companies were critized by the public to calculate prices independent of supply and demand. Behind this criticism is a since 1973 antiquated imagination about the functioning and structure of international oil markets. Severe competition on the demand and supply side has introduced many elements of international financial markets into trade. The article describes the structures of international oil markets and deals with the reactions on the Iraqi occupation of Kuwait and its liberation. (orig./UA).

  11. Oil and gas market report. Bolivia. Panorama and perspective for business

    Energy Technology Data Exchange (ETDEWEB)

    Van Mourik, J.A.M.

    1999-10-01

    Bolivia, with its large oil and natural gas potential, is becoming an increasingly important link in South American energy trade. With new fields and pipeline construction, the nation is becoming the natural gas hub for the Southern Cone. In 1998, Bolivia experienced 4,7% GDP growth, the fastest in South America, and Bolivia's best performance since 1988. In addition, Bolivia brought its inflation rate to a 2-decade low of 4,4 %. In addition to tight global capital markets, investments also is expected to decrease due to the completion of the Bolivia to Brazil gas pipeline. This extremely capital-intensive project accounted for a significant portion of Bolivia's investment for 1998 and 1999. Bolivia has made significant economic improvements over the past few years by adopting a series of free market policies. The mayor improvements in economic growth have been made possible primarily through the government's unique capitalization program of key national industries. In addition to the Capitalization Program, Bolivia's economic growth is a result of its involvement in several free trade associations. Bolivia, as well as Chile, is an associate partner of the Mercosur, whose members include Argentina, Brazil, Paraguay and Uruguay. Bolivia is also member of the Andean Pact, which comprises Peru, Colombia, Ecuador and Venezuela. Bolivia's unique involvement in both of these trade groups is allowing it to become an important cornerstone in the integration of the South American continent. Specifically, Bolivia is increasingly becoming an important transport hub within the continent. Energy is one of the main products Bolivia is attempting to transport. According to the government, nearly $5 billion of investment is needed by 2005 so Bolivia can succesfully develop its oil and gas reserves, build pipelines, and construct power plants if it wishes to emerge as the regional hub.

  12. Transporting US oil imports: The impact of oil spill legislation on the tanker market. Draft final report

    Energy Technology Data Exchange (ETDEWEB)

    Rowland, P.J. [Rowland (P.) Associates (United States)

    1992-05-01

    The Oil Pollution Act of 1990 (``OPA``) and an even more problematic array of State pollution laws have raised the cost, and risk, of carrying oil into and out of the US. This report, prepared under contract to the US Department of energy`s Office of Domestic and International Policy, examines the impact of Federal and State oil spill legislation on the tanker market. It reviews the role of marine transportation in US oil supply, explores the OPA and State oil spill laws, studies reactions to OPA in the tanker and tank barge industries and in related industries such as insurance and ship finance, and finally, discusses the likely developments in the years ahead. US waterborne oil imports amounted to 6.5 million B/D in 1991, three-quarters of which was crude oil. Imports will rise by almost 3 million B/D by 2000 according to US Department of energy forecasts, with most of the crude oil growth after 1995. Tanker demand will grow even faster: most of the US imports and the increased traffic to other world consuming regions will be on long-haul trades. Both the number of US port calls by tankers and the volume of offshore lightering will grow. Every aspect of the tanker industry`s behavior is affected by OPA and a variety of State pollution laws.

  13. The potential for green power marketing in Ontario

    Energy Technology Data Exchange (ETDEWEB)

    Kelly, B. [EcoPathways Consulting Inc., Whitby, ON (Canada)

    1997-12-31

    A review of Ontario Hydro`s green power program was provided. Market research indicates that the public is interested in renewable energy, that a significant portion of the public claim to be `green` consumers, and that they are willing to pay a premium for green power. There is, however, very little actual experiential evidence to show who is truly willing to pay and what price would be acceptable. Sources of `green electricity` include renewables such as hydro, solar, wind, biomass from farm and forest waste, methane from landfills, and geothermal. Public support in Ontario, and in most other parts of Canada, is strong for investment by power utilities in `green electricity`. In a limited program, Ontario Hydro is currently offering greenpower pricing for some of its proposed green power projects. To those willing to pay, a premium of 4 cents per kWh will be added to the current costs from the electricity retailer. The general impression of industry experts is that the demand for green power is there, however, the supply is not. Continued delays and uncertainty about the power industry`s future structure are considered to be the major impediments to implementing the green program. 1 tab., 7 figs.

  14. Market Power and Investment in Renewable Electricity Generation

    DEFF Research Database (Denmark)

    Ernstsen, Rune Ramsdal; Misir, Nihat

    while incurring lower investment costs. We additionally find that highly convex investment cost greatly diminishes the impact of market power on the investment decisions. Furthermore, for both the strategic firm and the social planner, fixed baseload generation is preferable during low installed...... approach to evaluate the investment decisions. In our paper we do not only focus on the differences in costs for different technologies but also on the differences in operation of those technologies and how those differences impact the optimal investment decisions. In our model, the one-time investment...... of installed capacity in the market. In the numerical results, we find that the strategic firm tends to invest at a higher demand trigger level and lower capacity compared to the social planner for both the baseload and peakload investment cases. Hence, the strategic firm is expected to invest at a later date...

  15. Principal Component Analysis - A Powerful Tool in Computing Marketing Information

    Directory of Open Access Journals (Sweden)

    Constantin C.

    2014-12-01

    Full Text Available This paper is about an instrumental research regarding a powerful multivariate data analysis method which can be used by the researchers in order to obtain valuable information for decision makers that need to solve the marketing problem a company face with. The literature stresses the need to avoid the multicollinearity phenomenon in multivariate analysis and the features of Principal Component Analysis (PCA in reducing the number of variables that could be correlated with each other to a small number of principal components that are uncorrelated. In this respect, the paper presents step-by-step the process of applying the PCA in marketing research when we use a large number of variables that naturally are collinear.

  16. North African oil and foreign investment in changing market conditions

    Energy Technology Data Exchange (ETDEWEB)

    Fattouh, Bassam [SOAS, University of London (United Kingdom); Darbouche, Hakim [Oxford Institute for Energy Studies (United Kingdom)

    2010-02-15

    Since the 1960s, the experiences of the North African oil producers of Libya, Algeria, Egypt and Sudan within the oil industry have followed separate paths, which have led them into different relations with foreign oil companies. While reflecting broader trends of 'resource nationalism', these relations have also been affected by a number of factors specific to these countries. In tracing the evolution of the oil investment frameworks of these countries, as well as their concomitant relations with IOCs, this paper probes the roles played by these factors and argues that the type and size of remaining reserves as well as the capability of NOCs are likely to determine the most future developments in the region's oil industry. (author)

  17. Analyzing and forecasting volatility spillovers, asymmetries and hedging in major oil markets

    Energy Technology Data Exchange (ETDEWEB)

    Chang, Chia-Lin [Department of Applied Economics National Chung Hsing University Taichung, 250 Kuo Kuang Road, National Chung Hsing University Taichung 402 (China); McAleer, Michael [Econometric Institute, Erasmus School of Economics, Erasmus University Rotterdam (Netherlands); Tinbergen Institute (Netherlands); Tansuchat, Roengchai [Faculty of Economics, Maejo University (Thailand)

    2010-11-15

    Crude oil price volatility has been analyzed extensively for organized spot, forward and futures markets for well over a decade, and is crucial for forecasting volatility and Value-at-Risk (VaR). There are four major benchmarks in the international oil market, namely West Texas Intermediate (USA), Brent (North Sea), Dubai/Oman (Middle East), and Tapis (Asia-Pacific), which are likely to be highly correlated. This paper analyses the volatility spillover and asymmetric effects across and within the four markets, using three multivariate GARCH models, namely the constant conditional correlation (CCC), vector ARMA-GARCH (VARMA-GARCH) and vector ARMA-asymmetric GARCH (VARMA-AGARCH) models. A rolling window approach is used to forecast the 1-day ahead conditional correlations. The paper presents evidence of volatility spillovers and asymmetric effects on the conditional variances for most pairs of series. In addition, the forecast conditional correlations between pairs of crude oil returns have both positive and negative trends. Moreover, the optimal hedge ratios and optimal portfolio weights of crude oil across different assets and market portfolios are evaluated in order to provide important policy implications for risk management in crude oil markets. (author)

  18. Geothermal Power and Interconnection: The Economics of Getting to Market

    Energy Technology Data Exchange (ETDEWEB)

    Hurlbut, David [National Renewable Energy Lab. (NREL), Golden, CO (United States)

    2012-04-23

    This report provides a baseline description of the transmission issues affecting geothermal technologies. It is intended for geothermal experts in either the private or public sector who are less familiar with how the electricity system operates beyond the geothermal plant. The report begins with a comprehensive overview of the grid, how it is planned, how it is used, and how it is paid for. The report then overlays onto this "big picture" three types of geothermal technologies: conventional hydrothermal systems; emerging technologies such as enhanced engineered geothermal systems (EGS) and geopressured geothermal; and geothermal co-production with existing oil and gas wells. Each category of geothermal technology has its own set of interconnection issues, and these are examined separately for each. The report draws conclusions about each technology’s market affinities as defined by factors related to transmission and distribution infrastructure. It finishes with an assessment of selected markets with known geothermal potential, identifying those that offer the best prospects for near-term commercial development and for demonstration projects.

  19. Testing the weak-form efficiency of the WTI crude oil futures market

    Science.gov (United States)

    Jiang, Zhi-Qiang; Xie, Wen-Jie; Zhou, Wei-Xing

    2014-07-01

    The weak-form efficiency of energy futures markets has long been studied and empirical evidence suggests controversial conclusions. In this work, nonparametric methods are adopted to estimate the Hurst indexes of the WTI crude oil futures prices (1983-2012) and a strict statistical test in the spirit of bootstrapping is put forward to verify the weak-form market efficiency hypothesis. The results show that the crude oil futures market is efficient when the whole period is considered. When the whole series is divided into three sub-series separated by the outbreaks of the Gulf War and the Iraq War, it is found that the Gulf War reduced the efficiency of the market. If the sample is split into two sub-series based on the signing date of the North American Free Trade Agreement, the market is found to be inefficient in the sub-periods during which the Gulf War broke out. The same analysis on short-time series in moving windows shows that the market is inefficient only when some turbulent events occur, such as the oil price crash in 1985, the Gulf war, and the oil price crash in 2008.

  20. Statistical Analysis of the Impact of Wind Power on Market Quantities and Power Flows

    DEFF Research Database (Denmark)

    Pinson, Pierre; Jónsson, Tryggvi; Zugno, Marco

    2012-01-01

    in Europe. Due to the dimensionality and nonlinearity of these effects, the necessary concepts of dimension reduction using Principal Component Analysis (PCA), as well as nonlinear regression are described. Example application results are given for European cross-border flows, as well as for the impact...... of load and wind power forecasts on Danish and German electricity markets....

  1. Material flow analysis and market survey for securing the disposal of waste oils; Stoffstrom- und Marktanalyse zur Sicherung der Altoelentsorgung

    Energy Technology Data Exchange (ETDEWEB)

    Sander, Knut; Jepsen, Dirk; Zangl, Stephanie; Schilling, Stephanie [Institut fuer Oekologie und Politik GmbH (OEKOPOL), Hamburg (Germany)

    2006-05-15

    This research project had two main topics: 1. A material flow analysis of the German waste oil flow adapted to the current situation 2. An analysis of the German waste oil recovery market, possible recent market changes and the potential influences of different factors. In order to determine the German waste oil mass flows the German Ministry of Environment applies a calculation model which is based on a backwards calculation approach (Rueckrechnungsmodell, backward calculation model). The performed analysis of this model revealed that it is suitable for the calculation of the German waste oil material flows. Aiming at a further qualification some elements of the model have been updated respectively adapted to new developments. In the course of the market analysis the basic economic parameter like supply, demand, prices resp. price differences of the German waste oil management market were considered. It was analysed how the changing market conditions affect the waste oil material flows and the waste oil recovery. Furthermore it was examined whether the given circumstances are sufficient to maintain a secure and sustainable waste oil disposal. The research results showed that the German waste oil market performs well and is reacting flexible on price signals of the respective (primary) reference products. During the timeframe investigated (2000-2004) an increasing majority of the available waste oil was used for the production of secondary mineral oil products. 30% of the available waste oil has been submitted to energy recovery operations. During these years the waste oil ordinance (Altoelverordnung) and the directive to promote processing of waste oil into base oil (Foerderrichtlinie) entered into force and relevant investments in waste oil treatment facilities were executed. The reliability of the future waste oil management is therefore approved and sufficient capacity reserves are available in all waste oil related management areas. (orig.)

  2. Appendix M: GPRA05 estimate of penetration of generating technologies into Green Power Markets

    Energy Technology Data Exchange (ETDEWEB)

    None, None

    2009-01-18

    The Green Power Market Model (GPMM or the model) identifies and analyzes the potential electric-generating capacity additions that will result from “green power” programs, which are not captured in the “least-cost” analyses performed by the National Energy Modeling System (NEMS). The model projects green power-capacity additions through both green power marketing programs in deregulated markets, and utility green pricing programs in regulated markets.

  3. 78 FR 32070 - Marketing Order Regulating the Handling of Spearmint Oil Produced in the Far West; Salable...

    Science.gov (United States)

    2013-05-29

    ... Agricultural Marketing Service 7 CFR Part 985 Marketing Order Regulating the Handling of Spearmint Oil Produced...: Agricultural Marketing Service, USDA. ACTION: Final rule. SUMMARY: This final rule establishes the quantity of....'' The order is effective under the Agricultural Marketing Agreement Act of 1937, as amended (7...

  4. Developing power markets - Development of market place for meeting the demand - Case India, in transition from regulated to competitive structure

    Energy Technology Data Exchange (ETDEWEB)

    Kumar, Pranay; Sarkar, Prabhajit Kumar

    2010-09-15

    Power Market players of developing countries with supply deficit are exposed to a unique combination of price risk and quantity risk which is not the case with developed nations that have taken path of liberalization to open up their power markets. India has one of the largest generation capacities in the world, yet till recently the Indian Power sector was highly regulated. However, the last decade has witnessed many initiatives so as to make the sector market oriented. This paper provides opportunity for developing countries to learn from Indian experience of introducing competition in the power sector.

  5. Lithium Battery Power Delivers Electric Vehicles to Market

    Science.gov (United States)

    2008-01-01

    Hybrid Technologies Inc., a manufacturer and marketer of lithium-ion battery electric vehicles, based in Las Vegas, Nevada, and with research and manufacturing facilities in Mooresville, North Carolina, entered into a Space Act Agreement with Kennedy Space Center to determine the utility of lithium-powered fleet vehicles. NASA contributed engineering expertise for the car's advanced battery management system and tested a fleet of zero-emission vehicles on the Kennedy campus. Hybrid Technologies now offers a series of purpose-built lithium electric vehicles dubbed the LiV series, aimed at the urban and commuter environments.

  6. MATHEMATICAL MODEL OF POWER CONSUMPTION FOR SOME OIL PIPE-LINE SECTIONS WITH POOR OPERATIONAL STABILITY

    Directory of Open Access Journals (Sweden)

    J. N. Kolesnik

    2005-01-01

    Full Text Available Mathematical model of power consumption for technologically completed and non-completed oil pipe-line sections with poor operational stability has been developed on the basis of daily indices concerning oil transportation regimes. The model permits to take into account tendencies in power consumption under various time prediction cycles and ranges of oil freight turnover, changes in the bulk and characteristics of the transported oil, configuration and design parameters of oil pipe-line.

  7. China-made Oil Rigs Well Sold on International Market

    Institute of Scientific and Technical Information of China (English)

    2003-01-01

    @@ By the end of July, ChinaPetroleum Technology Development Company (CPTDC), one of CNPC's subsidiaries, has cumulatively sold 26 oil drilling rigs worth more than US$200 million in the past three years.

  8. Volatility spillover from world oil spot markets to aggregate and electricity stock index returns in Turkey

    Energy Technology Data Exchange (ETDEWEB)

    Soytas, Ugur; Oran, Adil [METU, Dept. of BA, 06531 Ankara (Turkey)

    2011-01-15

    This study examines the inter-temporal links between world oil prices, ISE 100 and ISE electricity index returns unadjusted and adjusted for market effects. The traditional approaches could not detect a causal relationship running from oil returns to any of the stock returns. However, when we examine the causality using Cheung-Ng approach we discover that world oil prices Granger cause electricity index and adjusted electricity index returns in variance, but not the aggregate market index returns. Hence, our results show that the Cheung-Ng procedure with the use of disaggregated stock index returns can uncover new information that went unnoticed with the traditional causality tests using aggregated market indices. (author)

  9. China Should Open up Global Offshore Oil Market Actively

    Institute of Scientific and Technical Information of China (English)

    Zhang Kang

    2005-01-01

    @@ With the development of Chinese economy at high speed continuously for a decade, the oil consumption has entered into a fast increasing phase that with yearly average increase rate of 7.1%.Since 1993, China has become a net importer for energy resource, the yearly increase of oil progressively at 10 million tons or so, and the tendency of increase appeared more and more year after year.

  10. Cursed Resources? Political Conditions and Oil Market Outcomes.

    OpenAIRE

    Gilbert E. Metcalf; Catherine Wolfram

    2010-01-01

    We analyze how a country's political institutions affect oil production within its borders. We find a pronounced negative relationship between political openness and volatility in oil production, with democratic regimes exhibiting less volatility than more autocratic regimes. This relationship holds across a number of robustness checks including using different measures of political conditions, instrumenting for political conditions and using several measures of production volatility. Politic...

  11. Energy storage systems: power grid and energy market use cases

    Directory of Open Access Journals (Sweden)

    Komarnicki Przemysław

    2016-09-01

    Full Text Available Current power grid and market development, characterized by large growth of distributed energy sources in recent years, especially in Europa, are according energy storage systems an increasingly larger field of implementation. Existing storage technologies, e.g. pumped-storage power plants, have to be upgraded and extended by new but not yet commercially viable technologies (e.g. batteries or adiabatic compressed air energy storage that meet expected demands. Optimal sizing of storage systems and technically and economically optimal operating strategies are the major challenges to the integration of such systems in the future smart grid. This paper surveys firstly the literature on the latest niche applications. Then, potential new use case and operating scenarios for energy storage systems in smart grids, which have been field tested, are presented and discussed and subsequently assessed technically and economically.

  12. Photovoltaic power. Industries and market; Electricite photovoltaique. Filieres et marche

    Energy Technology Data Exchange (ETDEWEB)

    Muller, J.C. [Institut d' Electronique du Solide et des Systemes (InESS), UMR 7163, CNRS-ULP, 67 - Strasbourg (France)

    2007-01-15

    Photovoltaic conversion should become competitive with respect to other power generation sources before the second half of the 21. century. This article treats first of the different solar cell technologies (monocrystalline and polycrystalline silicon, thin film silicon, cadmium telluride-based materials, copper-indium selenide-based materials, multi-spectral cells, organic cells) with respect to their conversion efficiency, production and energy cost, and environmental impact. A second part describes the solar cells market, its growth with respect to the different applications (isolated sites, decentralized generation, power plants). A third part deals with the perspectives of photovoltaic conversion with respect to the advance in the development of new cell materials. (J.S.)

  13. Modeling and prioritizing demand response programs in power markets

    Energy Technology Data Exchange (ETDEWEB)

    Aalami, H.A.; Moghaddam, M. Parsa; Yousefi, G.R. [Tarbiat Modares University, Tehran (Iran)

    2010-04-15

    One of the responsibilities of power market regulator is setting rules for selecting and prioritizing demand response (DR) programs. There are many different alternatives of DR programs for improving load profile characteristics and achieving customers' satisfaction. Regulator should find the optimal solution which reflects the perspectives of each DR stakeholder. Multi Attribute Decision Making (MADM) is a proper method for handling such optimization problems. In this paper, an extended responsive load economic model is developed. The model is based on price elasticity and customer benefit function. Prioritizing of DR programs can be realized by means of Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) method. Considerations of ISO/utility/customer regarding the weighting of attributes are encountered by entropy method. An Analytical Hierarchy Process (AHP) is used for selecting the most effective DR program. Numerical studies are conducted on the load curve of the Iranian power grid in 2007. (author)

  14. Price volatility, hedging and variable risk premium in the crude oil market

    Energy Technology Data Exchange (ETDEWEB)

    Ahmad Jalali-Naini [Institute for Education and Research in Management and Planning, Tehran (Iran); Maryam Kazemi Manesh [University of Mannheim (Germany)

    2006-06-15

    The crude oil price exhibits a high degree of volatility which varies significantly over time. Such characteristics imply that the oil market is a promising area for testing volatility models. Testing and predicting volatility using ARCH and GARCH models have grown in the literature. A useful application of the volatility models is in the formulation of hedging strategies. In this paper we compare the optimal hedge ratio for the crude oil using the classical minimum risk approach and use ARCH to incorporate the effect of heteroskedasticity in the residuals on the hedge ratio. In addition, we test for the existence of a variable risk premium in the crude oil market. We find that, assuming rational expectations, there is a non-zero risk premium. We test for the variability of the risk premia and find evidence in its support when we employed a multivariate GARCH model. (author)

  15. Cost Benefit Analysis of the Power Storage System Considering Outage Cost in the Deregulated Power Market

    Science.gov (United States)

    Tsuru, Hirokazu; Fujii, Yasumasa

    In this paper, the authors propose the mathematical model which derives the optimal operation strategies of an on-site power storage system through the use of stochastic dynamic programming technique. The model takes account of the variations and uncertainties of electricity market prices as well as the outage costs of power grid failures. The market price fluctuation is modeled with stochastic differential equation. The stochastic state transitions between normal and failed systems are modeled with exponential density functions. The derived optimal operation indicates that the economic value of the storage system may be increased substantially, if the avoided outage costs are explicitly taken into account. The results of the sensitivity analysis indicate that the most influential parameters are the magnitude of outage cost and the mean time to failure of power grid.

  16. The Impact of Oil Prices on Sectoral Equity Returns: Evidence from UK and US Stock Market Data

    OpenAIRE

    2013-01-01

    Results from a market model augmented for an oil factor suggest that this element does not affect every industry. The oil factor impact can be both concurrent and lagged, suggesting that new information derivedfrom oil prices is sometimes incorporated immediately in equity prices when the impact is concurrent, and sometimes not when the impact is lagged. Apart from the Oil & Gas industry, all significantly affected returns respond negatively to oil price shocks and there appears to be some cr...

  17. Cournot games with network effects for electric power markets

    Science.gov (United States)

    Spezia, Carl John

    The electric utility industry is moving from regulated monopolies with protected service areas to an open market with many wholesale suppliers competing for consumer load. This market is typically modeled by a Cournot game oligopoly where suppliers compete by selecting profit maximizing quantities. The classical Cournot model can produce multiple solutions when the problem includes typical power system constraints. This work presents a mathematical programming formulation of oligopoly that produces unique solutions when constraints limit the supplier outputs. The formulation casts the game as a supply maximization problem with power system physical limits and supplier incremental profit functions as constraints. The formulation gives Cournot solutions identical to other commonly used algorithms when suppliers operate within the constraints. Numerical examples demonstrate the feasibility of the theory. The results show that the maximization formulation will give system operators more transmission capacity when compared to the actions of suppliers in a classical constrained Cournot game. The results also show that the profitability of suppliers in constrained networks depends on their location relative to the consumers' load concentration.

  18. Status and Trends in the U.S. Voluntary Green Power Market (2012 Data)

    Energy Technology Data Exchange (ETDEWEB)

    Heeter, J.; Nicholas, T.

    2013-10-01

    Voluntary green power markets are those in which consumers and institutions voluntarily purchase renewable energy to match their electricity needs. Voluntary action provides a revenue stream for renewable energy projects and raises consumer awareness of the benefits of renewable energy. These markets continued to exhibit growth and stimulate renewable energy development in 2012. This paper reviews the voluntary market and identifies market trends.

  19. Th european market of the electric power; Le marche europeen de l'electricite

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2001-07-01

    This document presents the CRE (commission of the Electric power Control) progress report concerning the first july 2000 to the 30 june 2001. Three main subjects are discussed, illustrated by economic data and graphs: the electric power european market, the french market control and the CRE. A special interest is given to the deregulation of the market and its consequences. (A.L.B.)

  20. 75 FR 31430 - Frequency Regulation Compensation in the Organized Wholesale Power Markets; Notice Establishing...

    Science.gov (United States)

    2010-06-03

    ... Energy Regulatory Commission Frequency Regulation Compensation in the Organized Wholesale Power Markets... technical conference regarding frequency regulation in the organized wholesale power markets, as previously... Markets, 75 FR 23,759, as supplemented by Supplemental Notice of Technical Conference re Frequency...

  1. Banking Competition and Soft Budget Constraints: How Market Power can Threaten Discipline in Lending

    NARCIS (Netherlands)

    Arping, S.

    2012-01-01

    n imperfectly competitive credit markets, banks can face a tradeoff between exploiting their market power and enforcing hard budget constraints. As market power rises, banks eventually find it too costly to discipline underperforming borrowers by stopping their projects. Lending relationships become

  2. Th european market of the electric power; Le marche europeen de l'electricite

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2001-07-01

    This document presents the CRE (commission of the Electric power Control) progress report concerning the first july 2000 to the 30 june 2001. Three main subjects are discussed, illustrated by economic data and graphs: the electric power european market, the french market control and the CRE. A special interest is given to the deregulation of the market and its consequences. (A.L.B.)

  3. Essays on the behavior of the oil market and OPEC

    Science.gov (United States)

    Algudhea, Salim

    This dissertation consists of three essays. The first essay is mainly concerned with investigating the risk-responsive behavior of OPEC members. Economic theory suggests that producers respond to the risk of volatile price by lowering production level. In the case of OPEC, the risk of the volatility in the price of crude oil does not seem to be a key determinant in the production decision-making process. Engineering constraints, data frequency, and political consideration may be the main causes of such a result. In the second essay, we tested the presence of the asymmetric adjustment in the cheating behavior as a result of crude oil price shocks. We utilize a set of cointegration and error correction methods that do not assume a linear adjustment to test whether cheaters within OPEC respond more to positive or negative crude oil price shocks. We conclude that cheaters respond more to negative shocks than positive shocks in oil price. The inelastic nature of demand for oil seems to play a crucial role in such asymmetric behavior. When there is a negative price shock, OPEC producers compensate for the loss in revenue by overproducing (i.e. cheat). Yet, if there is a positive shock in the price of crude oil, OPEC producers have less incentive to overproduce because of the inelastic demand for oil. The third essay is concerned with testing for the asymmetric adjustment in gasoline prices in the U.S. We consider a Momentum Threshold Autoregressive (MTAR) process to test for the asymmetric adjustment in all of the possible stages that a gallon of gasoline goes through in order to find the source of asymmetry. Then, we examine the dynamics of gasoline prices using asymmetric error correction models based on the MTAR specifications. We find the asymmetric adjustment present in all stages. The asymmetry in the retail stage seems to be the result of insufficient demand faced by retailers.

  4. Mapping of selected markets with Nodal pricing or similar systems. Australia, New Zealand and North American power markets

    Energy Technology Data Exchange (ETDEWEB)

    Mathiesen, Vivi (ed.)

    2011-07-01

    This report shows that the principals of nodal pricing can be implemented in different ways. A common denominator for markets with nodal pricing is a central market based nodal dispatch, where prices and flows are determined simultaneously close to real time. This stands apart from the European market design, which is based on a highly simplified version of the grid, and a physical point auction day ahead. Congestion management is handled by the TSO during the operational hour and not through the market as is the case in nodal pricing systems. Nodal pricing yields optimal dispatch and congestion management through the market, and as such an optimal utilisation of energy generation and network. However, whether this short term optimisation delivers the highest overall efficiency for the market in terms of competition in the wholesale and retail market, price discovery, possibilities for hedging, long term price signals etc. is difficult to determine. The markets investigated handle issues such as market power, risk management, investment signals and retail markets in very different ways. New Zealand and PJM are examples of markets with full nodal pricing, i.e. both generators and the demand side are exposed to nodal prices. The PJM market has more 'additional features' than the New Zealand market. Examples of these are separate capacity market to trigger investments in generation and generator price caps to deal with situations of market power. In addition PJM offers liquid and mature markets for risk management, such as aggregates of nodes where market participant can chose to be settled (rather than to be settled directly at the node). A general finding though, seems to be that risk management at peripheral nodes is challenging in nodal markets, particularly for independent retailers. In New Zealand generators and retailers were permitted to 'reintegrate' in order to cope with the nodal prices. The Australian market has central market based

  5. Wavelet decomposition and regime shifts: Assessing the effects of crude oil shocks on stock market returns

    Energy Technology Data Exchange (ETDEWEB)

    Jammazi, Rania, E-mail: jamrania2@yahoo.f [International finance group-Tunisia, Faculty of Management and Economic Sciences of Tunis, Boulevard du 7 novembre, El Manar University, B.P. 248, C.P. 2092, Tunis Cedex (Tunisia); Aloui, Chaker, E-mail: chaker.aloui@fsegt.rnu.t [International finance group-Tunisia, Faculty of Management and Economic Sciences of Tunis, Boulevard du 7 novembre, El Manar University, B.P. 248, C.P. 2092, Tunis Cedex (Tunisia)

    2010-03-15

    While there is a large body of empirical studies on the relationship between crude oil price changes and stock market returns, they have failed to achieve a consensus on this subject. In this paper, we combine wavelet analysis and Markov Switching Vector Autoregressive (MS-VAR) approach to explore the impact of the crude oil (CO) shocks on the stock market returns for UK, France and Japan over the period from January 1989 to December 2007. Our procedure involves the estimation of the extended MS-VAR model in order to investigate the importance of the resultant wavelet filtering series (after removing random components) in determining the behavior of the stock market volatilities. We show that CO shocks do not affect the recession stock market phases (except for Japan). However, they significantly reduce moderate and/or expansion stock market phases temporarily. Moreover, this negative relationship appears to be more pronounced during the pre-1999 period. The empirical findings will prove extremely useful to investors who need to understand the exact effect of international oil changes on certain stocks prices as well as for policy managers who need a more thorough evaluation about the efficiency of hedging policies affected by oil price changes.

  6. Wavelet decomposition and regime shifts. Assessing the effects of crude oil shocks on stock market returns

    Energy Technology Data Exchange (ETDEWEB)

    Jammazi, Rania; Aloui, Chaker [International finance group-Tunisia, Faculty of Management and Economic Sciences of Tunis, Boulevard du 7 novembre, El Manar University, B.P. 248, C.P. 2092, Tunis Cedex (Tunisia)

    2010-03-15

    While there is a large body of empirical studies on the relationship between crude oil price changes and stock market returns, they have failed to achieve a consensus on this subject. In this paper, we combine wavelet analysis and Markov Switching Vector Autoregressive (MS-VAR) approach to explore the impact of the crude oil (CO) shocks on the stock market returns for UK, France and Japan over the period from January 1989 to December 2007. Our procedure involves the estimation of the extended MS-VAR model in order to investigate the importance of the resultant wavelet filtering series (after removing random components) in determining the behavior of the stock market volatilities. We show that CO shocks do not affect the recession stock market phases (except for Japan). However, they significantly reduce moderate and/or expansion stock market phases temporarily. Moreover, this negative relationship appears to be more pronounced during the pre-1999 period. The empirical findings will prove extremely useful to investors who need to understand the exact effect of international oil changes on certain stocks prices as well as for policy managers who need a more thorough evaluation about the efficiency of hedging policies affected by oil price changes. (author)

  7. 76 FR 47180 - Pick-Sloan Missouri Basin Program-Eastern Division-2021 Power Marketing Initiative Proposal

    Science.gov (United States)

    2011-08-04

    ... marketing plan, with amendments to the contract term and resource pools marketing plan principles. The... Area Power Administration Pick-Sloan Missouri Basin Program--Eastern Division--2021 Power Marketing... marketing agency of the Department of Energy (DOE) published the proposed 2021 Power Marketing...

  8. Dynamic Jump Intensities and Risk Premiums in Crude Oil Futures and Options Markets

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Jacobs, Kris; Li, Bingxin

    2016-01-01

    and dynamic jump intensities in these markets. Allowing for jumps is crucial for modeling crude oil futures and futures options, and we find evidence in favor of time-varying jump intensities. During crisis periods, jumps occur more frequently. The properties of the jump processes implied by the option data......Options on crude oil futures are the most actively traded commodity options. We develop a class of computationally efficient discrete-time jump models that allow for closed-form option valuation, and we use crude oil futures and options data to investigate the economic importance of jumps...

  9. Diagnostics of the power oil-filled transformer equipment of thermal power plants

    Science.gov (United States)

    Eltyshev, D. K.; Khoroshev, N. I.

    2016-08-01

    Problems concerning improvement of the diagnostics efficiency of the electrical facilities and functioning of the generation and distribution systems through the examples of the power oil-filled transformers, as the responsible elements referring to the electrical part of thermal power plants (TPP), were considered. Research activity is based on the fuzzy logic system allowing working both with statistical and expert information presented in the form of knowledge accumulated during operation of the power oil-filled transformer facilities. The diagnostic algorithm for various types of transformers, with the use of the intellectual estimation model of its thermal state on the basis of the key diagnostic parameters and fuzzy inference hierarchy, was developed. Criteria for taking measures allowing preventing emergencies in the electric power systems were developed. The fuzzy hierarchical model for the state assessment of the power oil-filled transformers of 110 kV, possessing high degree of credibility and setting quite strict requirements to the limits of variables of the equipment diagnostic parameters, was developed. The most frequent defects of the transformer standard elements, related with the disturbance of the isolation properties and instrumentation operation, were revealed after model testing on the real object. Presented results may be used both for the express diagnostics of the transformers state without disconnection from the power line and for more detailed analysis of the defects causes on the basis of the advanced list of the diagnostic parameters; information on those parameters may be received only after complete or partial disconnection.

  10. Detection of adulteration of extra virgin olive oils available on the Polish market

    Directory of Open Access Journals (Sweden)

    Dorota Derewiaka

    2016-12-01

    Full Text Available Background. Extra virgin olive oils are valuable and healthy products, appreciated by consumers. The aim of this study was an attempt to detect adulteration of olive oils available on the Polish market (derived from Greece, Spain, and Italy according to European Union Commission Regulation No 1348/2013. Material and methods. Ten extra virgin olive oils available on the Polish market were analysed for fatty acids composition, and amount and composition of sterols (including erythrodiol and uvaol using gas chromatography coupled with a mass spectrometry, and values of extinction coefficients (K232 and K270. The results were compared with the requirements of European Union Commission Regulation No 1348/2013. Results. One of the most efficient methods for detecting olive oil adulteration is qualitative and quantitative analysis of sterols. In certain of the analysed extra virgin olive oils some abnormal­ities in composition were detected, which may indicate an attempt to falsify the products. One of the methods can detect if extra virgin olive oils have been adulterated, and if they were falsified with the addition of olive pomace oil. Conclusions. Our research proves that consumers are sometimes misinformed and some food manufacturers attempt to sell lower quality products as high-quality products. There is a need to constantly monitor the quality of foodstuffs and provide consumers with access to reliable inform­ation on food products.

  11. A MODEL FOR THE PALM OIL MARKET IN NIGERIA: AN ECONOMETRICS APPROACH

    Directory of Open Access Journals (Sweden)

    Henry Egwuma

    2016-04-01

    Full Text Available The aim of this study is to formulate and estimate a model for the palm oil market in Nigeria with a view to identifying principal factors that shape the Nigerian palm oil industry. Four structural equation models comprising palm oil production, import demand, domestic demand and producer price have been estimated using the autoregressive distributed lag (ARDL cointegration approach over the 1970 to 2011 period. The results reveal that significant factors that influence the Nigerian palm oil industry include the own price, technological improvements, and income level. Government expenditure on agricultural development is also an important determinant, which underscores the need for government support in agriculture. Our model provides a useful framework for analyzing the effects of changes in major exogenous variables such as income or import tariff on the production, demand, and price of palm oil.

  12. 18 CFR 284.503 - Market-power determination.

    Science.gov (United States)

    2010-04-01

    ... particular product definition is appropriate. (3) Statement C—the applicant's facilities and services. This...) Statement B—product market. This statement must identify the product market or markets for which...

  13. Optimization of Combine Heat and Power Plants in the Russian Wholesale Power Market Conditions

    Directory of Open Access Journals (Sweden)

    I. A. Chuchueva

    2015-01-01

    Full Text Available The paper concerns the relevant problem to optimize the combine heat and power (CHP plants in the Russian wholesale power market conditions. Since 1975 the CHP plants specialists faced the problem of fuel rate or fuel cost reduction while ensuring the fixed level of heat and power production. The optimality criterion was the fuel rate or fuel cost which has to be minimized. Produced heat and power was paid by known tariff. Since the power market started in 2006 the power payment scheme has essentially changed: produced power is paid by market price. In such condition a new optimality criterion the paper offers is a profit which has to be maximized for the given time horizon. Depending on the optimization horizon the paper suggests four types of the problem urgency, namely: long-term, mid-term, short-term, and operative optimization. It clearly shows that the previous problem of fuel cost minimization is a special case of profit maximization problem. To bring the problem to the mixed-integer linear programming problem a new linear characteristic curves of steam and gas turbine are introduced. Error of linearization is 0.6%. The formal statement of the problem of short-term CHP plants optimization in the market conditions is offered. The problem was solved with IRM software (OpenLinkInternational for seven power plants of JSC “Quadra”: Dyagilevskaya CHP, Kurskaya CHP-1, Lipetskaya CHP-2, Orlovskaya CHP, Kurskaya CHP NWR, Tambovskaya CHP, and Smolenskaya CHP-2.The conducted computational experiment showed that a potential profit is between 1.7% and 4.7% of the fuel cost of different CHP plants and depends on the power plant operation conditions. The potential profit value is 2–3 times higher than analogous estimations, which were obtained solving fuel cost minimization problem. The perspectives of the work are formalization of mid-term and long-term CHP plants optimization problem and development of domestic software for the new problem

  14. Chemical qualities of oils from some fresh and market vegetable ...

    African Journals Online (AJOL)

    JTEkanem

    oils were determined, high mineral composition of almond was observed compared to other vegetables. Moisture ... Biodiesel “referred to as a miracle fuel” is a fuel that can be .... hydrochloric acid while the solution was still hot to determine ...

  15. Olive oil: an overview of the Japanese market

    Directory of Open Access Journals (Sweden)

    Capogna Daniela

    2016-11-01

    Full Text Available The article presents an overview of olive oil consumption in Japan, Asia’s largest per capita consumer and at present 14th in the world. Since the early 1990s, total purchases have increased from 4943 t in the 1992/93 campaign to 61 903 t in 2014/15, a more than 12-fold increase over the space of 22 years. Olive oil, in particular extra virgin olive oil, is appreciated by Japanese people primarily for its beneficial effects on health, as well as for its agreeable taste and for its cultural and historical associations. Other key factors to be considered are economic and cultural. Japan is one of the world’s largest economies; disposable incomes are high and these are reflected in household consumption behavior. Culturally, the country is increasingly open to the outside world, discovering and adopting practices from elsewhere, notably the West. This openness, allied to the country’s relative affluence, is demonstrated in the consumption of olive oil, a pillar of the Mediterranean Diet.

  16. The role of government in a competitive power market : strategic behaviors and regulation

    Energy Technology Data Exchange (ETDEWEB)

    Kim, N.Y. [Korea Energy Economics Institute, Euiwang (Korea)

    2001-12-01

    Restructuring in the Korean power industry has fundamentally changed the role of government. The role of government in a new environment may include : (1) promoting competition (2) prohibiting collusion or unfair trade practices (3) securing uninterrupted power supply (4) providing universal services to consumers (5) implementing appropriate price regulation. Focusing on the first two issues, this report has analyzed anti-competitive strategic behaviors and an impact of market power and tried to provide regulatory guidelines. This report surveyed three types of theoretical models analyzing a bidding behavior in an electric power market. The Cournot model is applied to the Korean electricity market. The following policy implications are derived. (1) The Cournot-Nash equilibrium price can be regarded as a threshold in market surveillance. (2) Had the fossil stations been divided among six instead of five companies, then market power would have been weakened in a reasonable degree. This finding also renders some implications with respect to business permission, divestiture, and merger. Among those, it is argued that a large new entrant rather than small IPPs contributes to increasing competition and lowering market power. (3) Increase in responsiveness of final demand to wholesale price fluctuation is an important factor to lower the Cournot equilibrium price and so market power. Therefore, appropriate regulatory system should be arranged to make power demand more elastic. (4) Activating contract markets such as CfD and introducing the capacity credit market can greatly help to lower market power. (author). 36 refs., 26 figs., 4 tabs.

  17. Oil shale production and power generation in Estonia; Economic and environmental dilemmas

    Energy Technology Data Exchange (ETDEWEB)

    Barabaner, N.I.; Kaganovich, I.Z. (Estonian Academy of Sciences, Tallinn (Estonia). Inst. of Economics)

    1993-06-01

    Combustive oil shale is the main type of fuel used in Estonian power plants. The economic state of the oil shale mining industry has deteriorated during the last decade. The development of oil shale production and use in power generation is accompanied by severe environmental pollution. The future of shale based power generation in Estonia depends on building new small capacity mines, in conjunction with the renovation and reconstruction of existing power plants and implementing measures to protect the environment. (author)

  18. 76 FR 23583 - Application of the Energy Planning and Management Program Power Marketing Initiative to the...

    Science.gov (United States)

    2011-04-27

    ... Area Power Administration Application of the Energy Planning and Management Program Power Marketing... Planning and Management Program (Program) Power Marketing Initiative (PMI), as modified in this notice, to... a 30-year term will allow sufficient resource planning horizons and added stability compared to a...

  19. 76 FR 56428 - Southern Cross Transmission LLC; Pattern Power Marketing LLC; Notice of Filing

    Science.gov (United States)

    2011-09-13

    ... Energy Regulatory Commission Southern Cross Transmission LLC; Pattern Power Marketing LLC; Notice of Filing Take notice that on September 6, 2011, pursuant to sections 210, 211, and 212 of the Federal Power..., Southern Cross Transmission, LLC (SCT) and Pattern Power Marketing LLC (PPM) jointly filed an...

  20. 18 CFR 284.504 - Standard requirements for market-power authorizations.

    Science.gov (United States)

    2010-04-01

    ... 18 Conservation of Power and Water Resources 1 2010-04-01 2010-04-01 false Standard requirements for market-power authorizations. 284.504 Section 284.504 Conservation of Power and Water Resources... GAS POLICY ACT OF 1978 AND RELATED AUTHORITIES Applications for Market-Based Rates for Storage §...

  1. 76 FR 61933 - Marketing Order Regulating the Handling of Spearmint Oil Produced in the Far West; Revision of...

    Science.gov (United States)

    2011-10-06

    ... the current marketing year or by releasing oil from the reserve pool. As of May 31, 2011, the Committee estimated the Scotch reserve pool to contain 454,715 pounds of spearmint oil and the Native reserve pool to contain 606,942 pounds of spearmint oil. When the allotment percentage...

  2. Booming Markets for Moroccan Argan Oil Appear to Benefit Some Rural Households While Threatening the Endemic Argan Forest

    Science.gov (United States)

    Morocco’s argan oil is now the most expensive edible oil in the world. High value argan markets have sparked a bonanza of argan activity. NGOs, international and domestic development agencies, and argan oil cooperatives have promoted the win‐win aim of simultaneously benefiting ...

  3. Booming Markets for Moroccan Argan Oil Appear to Benefit Some Rural Households While Threatening the Endemic Argan Forest

    Science.gov (United States)

    Morocco’s argan oil is now the most expensive edible oil in the world. High value argan markets have sparked a bonanza of argan activity. NGOs, international and domestic development agencies, and argan oil cooperatives have promoted the win‐win aim of simultaneously benefiting ...

  4. Optimal operation of cascaded hydroelectric power plants in the power market

    Institute of Scientific and Technical Information of China (English)

    蔡兴国; 马平; 林士颖

    2004-01-01

    An improved network flow algorithm, which includes the minimum cost network flow and the same period network flow, is proposed to solve the optimization of cascaded hydroelectric power plants in a competitive electricity market. The typical network flow is used to find the feasible flow and add the discharge water to different cascaded hydroelectric power plants at the same step. The same period network flow is used to find the optimal flow and add the power output at a different step. This new algorithm retains the advantages of the typical network flow, such as simplicity and ease of realization. The result of the case analysis indicates that the new algorithm can achieve high calculation precision and can be used to calculate the optimal operation of cascaded hydroelectric power plants.

  5. Risk Spillovers in Oil-Related CDS, Stock and Credit Markets

    NARCIS (Netherlands)

    S.M. Hammoudeh (Shawkat); T. Liu (Tengdong); C-L. Chang (Chia-Lin); M.J. McAleer (Michael)

    2011-01-01

    textabstractThis paper examines risk transmission and migration among six US measures of credit and market risk during the full period 2004-2011 period and the 2009-2011 recovery subperiod, with a focus on four sectors related to the highly volatile oil price. There are more long-run equilibrium ris

  6. Sinopec and CNPC Join Hands to Keep Domestic oil Market Stable

    Institute of Scientific and Technical Information of China (English)

    Yang Xiangfeng

    2003-01-01

    @@ Sinopec and CNPC have recently issued an urgent circular on the joint efforts to stabilize the country's oil products market. The State Development and Reform Committee has lowered the retail median prices of gasoline and diesel by 290 yuan per ton and 260 yuan per ton respectively.

  7. Technology Progress and the Market Power of Middlemen

    Institute of Scientific and Technical Information of China (English)

    SUI Ji-gang; LI Jian

    2007-01-01

    The normative mathematic model is used to analyze the effect of the technology progress on middlemen. The incomes of traders and middlemen in different transaction mechanisms are compared on the base of static transaction models which are followed by the dynamic factor of technology progress. It can be found that the indirect trade is dominant in the circumstance where search cost is high. With the technology progress, the search cost trends to decrease. The increase in direct trade will have influence on the middlemen. But the middlemen will not disappear; its market power is dependent not only on the absolute level of the technol ogy, but also on the comparative level of the technology adopted by the different transaction mechanisms.

  8. Generating Moving Average Trading Rules on the Oil Futures Market with Genetic Algorithms

    Directory of Open Access Journals (Sweden)

    Lijun Wang

    2014-01-01

    Full Text Available The crude oil futures market plays a critical role in energy finance. To gain greater investment return, scholars and traders use technical indicators when selecting trading strategies in oil futures market. In this paper, the authors used moving average prices of oil futures with genetic algorithms to generate profitable trading rules. We defined individuals with different combinations of period lengths and calculation methods as moving average trading rules and used genetic algorithms to search for the suitable lengths of moving average periods and the appropriate calculation methods. The authors used daily crude oil prices of NYMEX futures from 1983 to 2013 to evaluate and select moving average rules. We compared the generated trading rules with the buy-and-hold (BH strategy to determine whether generated moving average trading rules can obtain excess returns in the crude oil futures market. Through 420 experiments, we determine that the generated trading rules help traders make profits when there are obvious price fluctuations. Generated trading rules can realize excess returns when price falls and experiences significant fluctuations, while BH strategy is better when price increases or is smooth with few fluctuations. The results can help traders choose better strategies in different circumstances.

  9. Multinationals Competing for China's Oil Products Retail Market

    Institute of Scientific and Technical Information of China (English)

    Jin Meijuan

    2004-01-01

    @@ In a footnote to growing Sino-British trade,companies from both countries signed contracts worth more than US$1.5 billion on May 11 in London. Britain's leading energy business BP alone signed four contracts worth more than a billion dollars, which will deepen its presence in the growing Chinese energy market.

  10. Repeating games and dynamical systems in oil market

    Directory of Open Access Journals (Sweden)

    Osvaldo Acuña Ortega

    2010-04-01

    Full Text Available We use the modern theory of repetitive games in a model that help understand a market with a cartel like OPEP. We also study a dynamical system Lotka-Volterra type, and we analyze the dynamic behavior of the model.

  11. The treatment of capital in estimating fair market value of oil and gas properties

    Energy Technology Data Exchange (ETDEWEB)

    Hartsock, J.H.; Gruy, H.J.

    1995-12-31

    Fair market value has its origin in law and is defined as that price that a willing buyer will pay and a willing seller will sell at some point in time, with neither the buyer nor the seller under any compulsion to buy or sell, aid both having equal and reasonable knowledge of the facts. In reality, a perfect sale probably never occurs in which a willing buyer and a willing seller are under no compulsion to buy or sell and both are equally familiar with all the facts. Nonetheless, it is necessary to prepare fair market value estimates for oil and gas properties for the purpose of gift taxes, estate taxes, condemnation cases, mergers and divorce settlements. For the estimation of the fair market value of oil and gas properties, there are basically two approaches; namely, the income approach and the market data approach. The income approach requires the estimation of reserves, identification of their categories (proved, probable and possible), a detailed cash flow projection and the proper application of risk factors. The market data approach utilizes the comparable sales of properties The comparable sales approach is preferred, but for producing oil and gas properties it is difficult to identify sales comparable in net reserves, product prices, location, operating expenses, operator expertise, etc. Consequently, for proved, probable and possible reserves, the income approach has been accepted by the courts and is more generally applied. For nonproducing mineral interests the comparable sales approach is applied using multiples of lease bonuses in the area.

  12. Cross-correlations between West Texas Intermediate crude oil and the stock markets of the BRIC

    Science.gov (United States)

    Ma, Feng; Wei, Yu; Huang, Dengshi; Zhao, Lin

    2013-11-01

    In this paper, we investigate the cross-correlation properties between West Texas Intermediate crude oil and the stock markets of the BRIC. We use not only the qualitative analysis of the cross-correlation test, but also take the quantitative analysis of the MF-DXA, confirming the cross-correlation relationship between West Texas Intermediate crude oil and the stock markets of the BRIC (Brazil, Russia, India and China) respectively, which have strongly multifractal features, and the cross-correlations are more strongly multifractal in the short term than in the long term. Furthermore, based on the multifractal spectrum, we also find the multifractality strength between the crude oil WTI and Chinese stock market is stronger than the multifractality strength of other pairs. Based on the Iraq war (Mar 20, 2003) and the Financial crisis in 2008, we divide sample period into four segments to research the degree of the multifractal (ΔH) and the market efficiency (and the risk). Finally, we employ the technique of the rolling window to calculate the time-varying EI (efficiency index) and dependent on the EI, we can easily observe the change of stock markets. Furthermore, we explore the relationship between bivariate cross-correlation exponents (Hxy(q)) and the generalized Hurst exponents.

  13. COINTEGRATION IN THE OIL MARKET AMONG REGIONAL BLENDS

    OpenAIRE

    Neil A. Wilmot

    2013-01-01

    The integration of crude oil spot prices, from different geographic regions is examined using the residual-based cointegration test of Gregory and Hansen (1996), which allows for endogenously determined structural breaks. While traditionally, the focus has been on three global benchmark crudes (WTI, Brent and Dubai Fateh), herein the relationship among secondary, regional blends (Edmonton Par, Western Canadian Select, Bonny Light and Mexican Maya) is examined with implications for the ‘global...

  14. Estimating the contribution of the private power plant on electricity market in Korea

    Energy Technology Data Exchange (ETDEWEB)

    Sonn, Yang-Hoon; Park, Jong-Bae

    2010-09-15

    This paper aims to measure the contribution of merchant power provider in electricity market in Korea. In spite of the restructuring process of last one decade, wholesale power market is still dominated by KEPCO and its subsidiaries. The share of the public-owned power plants is 89% in capacity, and 96% in generation. The participation of the private power shows very significant contribution in promoting the competition in the market in spite of the small share. The conclusion of the paper is that we need to enhance the competition among suppliers in order to build stable electricity market for the consumer.

  15. LG Group Taps Lubricating Oil Market in China

    Institute of Scientific and Technical Information of China (English)

    Shi Wei

    2002-01-01

    @@ Based on the information made available from a joint new conference sponsored by Beijing Haiyuancang Commercial and Trade Co Ltd and ROK-based LG Group held on May 17, Beijing Haiyuancang Commercial and Trade Co Ltd has formally become an agent of LG Group for distribution of LG lubricants in China, indicating that the lubricants from Republic of Korea starts to enter the Chinese market on a large scale.

  16. Increasing nuclear power at liberalised energy markets- case Finland

    Science.gov (United States)

    Syri, S.; Kurki-Suonio, T.; Satka, V.

    2012-10-01

    Several Finnish projections for future electricity demand and the need for peak load capacity indicate a demand growth of about 2 GW from the present to the year 2030. The retirement of existing fossil fuel plants and old nuclear power plants will cause increased net import needs during 2020's, even when assuming additional energy efficiency measures and the commissioning of two new nuclear power plants recently approved by the Finnish Parliament. By the year 2030, the need for additional new capacity will be about 6 GW. The increased dependence on import is in contradiction with the official Government targets. This situation is not unique to Finland, but rather is likely to be the case in many other European countries as well. Both the energy company Fortum and energy-intensive industry in Finland see nuclear energy as a viable future generation technology. We describe the « Mankala » concept which is successfully used to build new nuclear capacity at liberalised electricity market in Finland.

  17. Increasing nuclear power at liberalised energy markets- case Finland

    Directory of Open Access Journals (Sweden)

    Satka V.

    2012-10-01

    Full Text Available Several Finnish projections for future electricity demand and the need for peak load capacity indicate a demand growth of about 2 GW from the present to the year 2030. The retirement of existing fossil fuel plants and old nuclear power plants will cause increased net import needs during 2020’s, even when assuming additional energy efficiency measures and the commissioning of two new nuclear power plants recently approved by the Finnish Parliament. By the year 2030, the need for additional new capacity will be about 6 GW. The increased dependence on import is in contradiction with the official Government targets. This situation is not unique to Finland, but rather is likely to be the case in many other European countries as well. Both the energy company Fortum and energy-intensive industry in Finland see nuclear energy as a viable future generation technology. We describe the « Mankala » concept which is successfully used to build new nuclear capacity at liberalised electricity market in Finland.

  18. Why (and how) to regulate power exchanges in the EU market integration context?

    Energy Technology Data Exchange (ETDEWEB)

    Meeus, Leonardo, E-mail: leonardo.meeus@eui.e [Florence School of Regulation, Robert Schuman Centre for Advanced Studies, European University Institute, Via Boccaccio 151, Florence (Italy); Electrical Engineering Department (ESAT-ELECTA), KULeuven, Kasteelpark Arenberg 10, Heverlee (Belgium)

    2011-03-15

    The European Union (EU) market integration is leading to increasingly monopolistic electricity market infrastructures, which has opened a debate on the regulation of these so-called power exchanges. In this paper, we start by stating that there are two types of power exchanges in Europe, i.e. 'merchant' and 'cost-of-service regulated' power exchanges. We then discuss how regulation can be used to better align their incentives with the main power exchange tasks. We conclude that adopting the cost-of-service regulated model for all power exchanges in Europe could be counterproductive in the current context, but that regulation can help ensure that the benefits of the EU market integration materialize. Promising regulatory actions include tempering the reinforced market power of power exchanges, and quality-of-service regulation for the ongoing cooperation among power exchanges to organize trade across borders. - Research highlights: {yields} Market integration is leading to increasingly monopolistic electricity market infrastructures. {yields} Regulation can help tempering the market power of these so-called power exchanges in Europe. {yields} Cost-of-service regulation for all power exchanges could however be counterproductive. {yields} More promising is to subject cooperation among power exchanges to quality of service regulation.

  19. The social costs to the US of monopolization of the world oil market, 1972--1991

    Energy Technology Data Exchange (ETDEWEB)

    Greene, D.L.; Leiby, P.N.

    1993-03-01

    The partial monopolization of the world oil market by the OPEC cartel has produced significant economic costs to the economies of the world. This paper reports estimates of the costs of monopolization of oil to the US over the period 1972--1991. Two fundamental assumptions of the analysis are, (1) that OPEC has acted as a monopoly, albeit with limited control, knowledge, and ability to act and, (2) that the US and other consuming nations could, through collective (social) action affect the cartel's ability to act as a monopoly. We measure total costs by comparing actual costs for the 1972--1991 period to a hypothetical more competitive'' world oil market scenario. By measuring past costs we avoid the enormous uncertainties about the future course of the world oil market and leave to the reader's judgment the issue of how much the future will be like the past. We note that total cost numbers cannot be used to determine the value of reducing US oil use by one barrel. They are useful for describing the overall size of the petroleum problem and are one important factor in deciding how much effort should be devoted to solving it. Monopoly pricing of oil transfers wealth from US oil consumers to foreign oil producers and, by increasing theeconomic scarcity of oil, reduces the economy's potential to produce. The actions of the OPEC cartel have also produced oil price shocks, both upward and downward, that generate additional costs because of the economy's inherent inability to adjust quickly to a large change in energy prices. Estimated total costs to the United States from these three sources for the 1972--1991 period are put at $4.1 trillion in 1990$($1.2 T wealth transfer, $0.8 T macroeconomic adjustment costs, $2.1 T potential GNP losses). The cost of the US's primary oil supply contingency program is small ($10 B) by comparison.

  20. Status and Trends in the U.S. Voluntary Green Power Market (2015 Data)

    Energy Technology Data Exchange (ETDEWEB)

    O' Shaughnessy, Eric [National Renewable Energy Lab. (NREL), Golden, CO (United States); Liu, Chang [National Renewable Energy Lab. (NREL), Golden, CO (United States); Heeter, Jenny [National Renewable Energy Lab. (NREL), Golden, CO (United States)

    2016-10-01

    The voluntary green power market refers to the sale and procurement of renewable energy for voluntary purposes by residential and commercial customers. This report reviews seven green power procurement mechanisms: utility green pricing programs, utility green tariffs, voluntary unbundled renewable energy certificates, competitive supplier green power, community choice aggregations, voluntary power purchase agreements (PPAs), and community solar. This report details the status of trends of those seven green power procurement mechanisms in 2015. Three trends -- significant growth of the voluntary PPA project pipeline, innovative green power mechanisms developed by utilities, and geographic expansion of green power mechanisms -- suggest that the green power market is likely to continue to grow in coming years.

  1. Dioxin emission from two oil shale fired power plants in Estonia

    Energy Technology Data Exchange (ETDEWEB)

    Schleicher, O.; Jensen, A.A. [FORCE Technology, Soborg (Denmark); Herrmann, T. [Estonian Environmental Research Centre (EERC), Tallinn (Estonia); Roots, O. [ERGO Forschungsgesellschaft GmbH, Hamburg (Germany); Tordik, A. [AS Narva Elektrijaamad, Narva (Estonia)

    2004-09-15

    In March 2003, dioxin emissions were measured from four oil shale fired boilers at two power plants located near the city of Narva in Estonia. The two power plants produce more than 90% of the electricity consumption in Estonia by combusting more than 10 million tons of oil shale per year, which is around 85% of the total consumption of oil shale in the country. These power plants are the world's largest thermal power stations burning low-grade oil shale. These measurements of dioxin air emission from oil shale fuelled plants are the first performed in Estonia. The aim of the measurements was to get background data for the estimation of the annual dioxin emission from oil shale power plants in Estonia, in order to improve or qualify the estimation based on emissions factors for large coal fired power stations given in the recent DANCEE Project: Survey of anthropogenic sources of dioxins in the Baltic Region.

  2. Level shift two-components autoregressive conditional heteroscedasticity modelling for WTI crude oil market

    Science.gov (United States)

    Sin, Kuek Jia; Cheong, Chin Wen; Hooi, Tan Siow

    2017-04-01

    This study aims to investigate the crude oil volatility using a two components autoregressive conditional heteroscedasticity (ARCH) model with the inclusion of abrupt jump feature. The model is able to capture abrupt jumps, news impact, clustering volatility, long persistence volatility and heavy-tailed distributed error which are commonly observed in the crude oil time series. For the empirical study, we have selected the WTI crude oil index from year 2000 to 2016. The results found that by including the multiple-abrupt jumps in ARCH model, there are significant improvements of estimation evaluations as compared with the standard ARCH models. The outcomes of this study can provide useful information for risk management and portfolio analysis in the crude oil markets.

  3. Joint Operation of Several Types of Power Plants to Increasing Net Profit in Deregulated Power Market

    Directory of Open Access Journals (Sweden)

    S. Sajedi

    2012-03-01

    Full Text Available This study proposes joint operation of power plant and electric energy storage plant in order to maximizing overall profit in a restructured electricity market. The goal is investigating the coupling efficiency on profit increment considering various intensities of power plant’s fuel constraint. In order to reach this goal, the amount of overall profits of fuel-constrained power plant, battery plant and their coupling are first calculated in a specific time interval. Then, the coupling efficiency is determined using incremental profit rate. Having an appropriate strategy to calculate this parameter is essential. Hence, a comprehensive approach to selfschedule of individual and coupled plants is developed. This comprehensive self-scheduling approach is therefore formulated and solved as a Mixed Integer Non-linear Programming (MINLP problem. Numerical results for a case study are discussed.

  4. 76 FR 30147 - Application of the Energy Planning and Management Program Power Marketing Initiative to the...

    Science.gov (United States)

    2011-05-24

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF ENERGY Western Area Power Administration Application of the Energy Planning and Management Program Power Marketing...-2017 remarketing efforts, the Energy Management and Planning Program (Program), and the Conformed...

  5. Stochastic Optimal Wind Power Bidding Strategy in Short-Term Electricity Market

    DEFF Research Database (Denmark)

    Hu, Weihao; Chen, Zhe; Bak-Jensen, Birgitte

    2012-01-01

    minimization problem for trading wind power in the short-term electricity market is described, to help the wind power owners optimize their bidding strategy. Stochastic optimization and a Monte Carlo method are adopted to find the optimal bidding strategy for trading wind power in the short-term electricity...... market in order to deal with the uncertainty of the regulation price, the activated regulation of the power system and the forecasted wind power generation. The Danish short-term electricity market and a wind farm in western Denmark are chosen as study cases due to the high wind power penetration here....... Simulation results show that the stochastic optimal bidding strategy for trading wind power in the Danish short-term electricity market is an effective measure to maximize the revenue of the wind power owners....

  6. 78 FR 7773 - Cargill Power Markets, LLC v. NV Energy, Inc., Notice of Complaint

    Science.gov (United States)

    2013-02-04

    ... Power Act (FPA), 16 U.S.C. 824(e) (2006), Cargill Power Markets, LLC (Complainant or CPM) filed a formal...; through the manner in which NVE has processed CPM's Transmission Service Request, as more fully...

  7. Market entry mode and competency building of Western oil companies in the Russian up stream oil and gas industry

    Science.gov (United States)

    Stephenson, Paul M.

    This dissertation investigated the market entry and competency building strategies within the context of the Russian oil and gas industry. The study was designed to be of interest to business practitioners and academics given the growing importance of fossil fuel in the energy balance of the global economy and the importance of Russia as a supplier and purchaser in the international market. The study's mixed methodology provides an understanding on the environmental factors that are postulated to impact foreign direct investment flow into Russia and the oil and gas sector. A case study of a fictitiously named Western-Russo oil company was conducted to provide a deep understanding of how capability is viewed by Russian and Western employees and the factors that influences the implementation of a successful competency development program. The case was centered on the development of a Well-Site supervisor group within a Western-Russian oil company. Findings of the study showed that there was no correlation between corruption and foreign direct investment inflow into the Russian economy. The findings also showed that both Russian and Western employees in the oil and gas industry are less focused on nontechnical competency development issues, that Western employees are more orientated towards the bottom-line than Russian employees, and that both groups see operational management as a core competency. In the area of financial management and technology application, there were significant differences in the viewpoint of both groups. Western employees saw a stronger need for financial management and less need for technology application when compared to their Russian counterparts. The results have implications for Western business contemplating entering the Russian oil and gas industry. Western firms need to understand the key drivers that will help them overcome the social and cultural barriers between Western and Russian employees. The role of the company leader is very

  8. Crude oil market efficiency and modeling. Insights from the multiscaling autocorrelation pattern

    Energy Technology Data Exchange (ETDEWEB)

    Alvarez-Ramirez, Jose [Departamento de Ingenieria de Procesos e Hidraulica, Universidad Autonoma Metropolitana-Iztapalapa, Apartado Postal 55-534, Mexico D.F., 09340 (Mexico); Departamento de Economia, Universidad Autonoma Metropolitana-Iztapalapa, Apartado Postal 55-534, Mexico D.F., 09340 (Mexico); Alvarez, Jesus [Departamento de Ingenieria de Procesos e Hidraulica, Universidad Autonoma Metropolitana-Iztapalapa, Apartado Postal 55-534, Mexico D.F., 09340 (Mexico); Solis, Ricardo [Departamento de Economia, Universidad Autonoma Metropolitana-Iztapalapa, Apartado Postal 55-534, Mexico D.F., 09340 (Mexico)

    2010-09-15

    Empirical research on market inefficiencies focuses on the detection of autocorrelations in price time series. In the case of crude oil markets, statistical support is claimed for weak efficiency over a wide range of time-scales. However, the results are still controversial since theoretical arguments point to deviations from efficiency as prices tend to revert towards an equilibrium path. This paper studies the efficiency of crude oil markets by using lagged detrended fluctuation analysis (DFA) to detect delay effects in price autocorrelations quantified in terms of a multiscaling Hurst exponent (i.e., autocorrelations are dependent of the time scale). Results based on spot price data for the period 1986-2009 indicate important deviations from efficiency associated to lagged autocorrelations, so imposing the random walk for crude oil prices has pronounced costs for forecasting. Evidences in favor of price reversion to a continuously evolving mean underscores the importance of adequately incorporating delay effects and multiscaling behavior in the modeling of crude oil price dynamics. (author)

  9. 75 FR 26225 - Frequency Regulation Compensation in the Organized Wholesale Power Markets; Notice of Technical...

    Science.gov (United States)

    2010-05-11

    ... Energy Regulatory Commission Frequency Regulation Compensation in the Organized Wholesale Power Markets... conference to elicit input on issues pertaining to Frequency Regulation Compensation in the ISO/RTO Markets.../registration/markets-05-26-speaker-form.asp . Due to time constraints, we may not be able to accommodate all...

  10. CO2 trade and market power in the EU electricity sector

    DEFF Research Database (Denmark)

    Svendsen, Gert Tinggaard; Vesterdal, Morten

    2002-01-01

    The EU commission is planning to launch an emission trading market for greenhouse gases within near future. This to meet its obligations under the United Nations Framework Convention on Climate Change and the Kyoto Protocol. After a theoretical discussion on market power in such a market, we turn...

  11. Trust in marketing's use of information from sales : the moderating role of power

    NARCIS (Netherlands)

    Keszey, Tamara; Biemans, Wim

    2017-01-01

    Purpose - This paper aims to improve marketing managers' use of information from sales. The authors propose and empirically test the link between cross-functional trust and marketing's use of information from sales, and whether this effect is contingent on marketing's power within the firm.

  12. Study of the competitive viability of minority fuel oil marketers. Final report

    Energy Technology Data Exchange (ETDEWEB)

    None

    1981-09-30

    Previous studies on the competitive viability of the fuel oil heating market had addressed some of the unique problems facing minority fuel oil marketers (MFMs) within the total market sector (TMS). This study focused on identifying and developing quantitative information on MFMs in the TMS. The specific objective was to determine whether the business problems experienced by MFMs were directly related to their minority status or were characterstic of any firm in the TMS operating under comparable conditions. As an overall conclusion, thorough investigation of the MFMs considered to constitute the universe of minoriy firms within the TMS did not reveal any evidence of overt discrimination affecting the competitive viability of MFMs. Upon analysis, the problems reported by MFMs could not be reasonably ascribed to discrimination on the basis of their minority business status. The study, however, did point up problems unique to MFMs as the result of typical operational and financial characteristics. For example, MFMs, compared to the TMS norm, have not been in the market as long and are smaller in terms of total assets, number of employees, number of trucks, number of accounts and annual volume of oil delivered. Their primary customers are low-income families in urban areas. Financial indicators suggest that the average MFM does not have long-term financial stability. The basis for this overall conclusion, derived by analyses of information from MFMs, as well as many independent sources, is summarized in three parts: (1) MFM industry profile; (2) financial analyses; and (3) problem analyses.

  13. Influence of China’s Grain Industrial Market Structure over Grain Pricing Power

    Institute of Scientific and Technical Information of China (English)

    2011-01-01

    From the point of view of industrial market structure,we analyze the influence of market structure on grain production,circulation,and processing,and on the grain pricing power of entities along China’s grain industrial chain.Through analysis,it is indicated that different features of market structure play a significant role in pricing power of such microeconomic entities as farmers and grain enterprises in grain production and transaction.And the market structure determines welfare distribution model of consumers’ surplus and producers’ surplus at the market.

  14. Energy Flexibility Potential of Industrial Processes in the Regulating Power Market

    DEFF Research Database (Denmark)

    Ma, Zheng; Aabjerg Friis, Henrik Tønder; Gravers Mostrup, Christopher

    2017-01-01

    , and electric heating in replacement of conventional technologies. To enable the use of demand response, the consumers must have economical and practical incentives without loss of convenience. This study aims to investigate the demand-response market potential of a flexible industrial process in the current...... electricity market structure. The Danish West regulating power market is selected in this study with an ideal process simulation of an industrial roller press. By analysing market data, the value of flexible electricity consumption by the roller press in the regulating power market is demonstrated by an ideal...

  15. What is the Predictive Power of Market Orientation?

    OpenAIRE

    Langerak, Fred

    2002-01-01

    textabstractThe majority of studies on market orientation claim that compelling evidence exists that market orientation has a positive effect on business performance. This study takes a closer look at forty studies that have addressed the relationship between market orientation and business performance in the past thirteen years. The results show that there is no unequivocal evidence as to if and when market orientation has a positive impact on business performance. There is however some uneq...

  16. Price dynamics and market power in an agent-based power exchange

    Science.gov (United States)

    Cincotti, Silvano; Guerci, Eric; Raberto, Marco

    2005-05-01

    This paper presents an agent-based model of a power exchange. Supply of electric power is provided by competing generating companies, whereas demand is assumed to be inelastic with respect to price and is constant over time. The transmission network topology is assumed to be a fully connected graph and no transmission constraints are taken into account. The price formation process follows a common scheme for real power exchanges: a clearing house mechanism with uniform price, i.e., with price set equal across all matched buyer-seller pairs. A single class of generating companies is considered, characterized by linear cost function for each technology. Generating companies compete for the sale of electricity through repeated rounds of the uniform auction and determine their supply functions according to production costs. However, an individual reinforcement learning algorithm characterizes generating companies behaviors in order to attain the expected maximum possible profit in each auction round. The paper investigates how the market competitive equilibrium is affected by market microstructure and production costs.

  17. Unilateral and collusive market power in the electricity pool of England and Wales

    Energy Technology Data Exchange (ETDEWEB)

    Bunn, D.W.; Martoccia, M. [London Business School, London (United Kingdom)

    2005-03-01

    This paper uses a detailed market microsimulation of agent bidding behaviour to provide insights into the evolution of generator market power in the electricity pool of England and Wales. We identify an evolution, as market concentration declined, from unilateral market power dominance in the early years (1990-1996) to tacit collusive coordination towards the end (1996-2001), whereupon the pool was replaced by voluntary bilateral trading. The microsimulation analysis does not provide closed form solutions for market equilibrium nor a multi-agent co-evolutionary set of scenarios, but provides a diagnostic aid in determining when market concentration may decline to the point at which price leadership gives way to tacit collusion as means of exercising market power. (author)

  18. The oil market at the beginning of the nineties; Der Oelmarkt zu Beginn der neunziger Jahre

    Energy Technology Data Exchange (ETDEWEB)

    Hensing, I.; Stroebele, W.

    1991-09-01

    As energy carriers or raw materials, mineral oil and its products hold a key role in modern industrialized societies. Estimates of the volume in terms of value of international oil markets rate it to be more than 300 billions US-$ for 1988 alone. During the Iraqi occupation of Kuwait and its reconquest, the multinational oil corporations, in particular, were criticized by the general public for calculating their prices far off from any demand-and-supply conditions. Underlying this criticism is the idea out-date since 1973 about the mode of function and structure of international oil markets. More intensive competition both in supply and demand have caused the trade to acquire, by now, the traits of international financial markets. The authors highlight some aspects of this development, espec. forward contracts in oil trade. Special emphasis is placed on the determinants of oil price formation. Theoretical principles are supplied if found to necessary round of the discussion. (orig.). [Deutsch] Mineraloel und seine Produkte sind als Energietraeger oder Rohstoffe ein Schluesselfaktor der modernen Industriegesellschaft. Schaetzungen ueber das wertmaessige Volumen der internationalen Oelmaerkte gehen allein fuer 1988 von ueber 300 Milliarden US-$ aus. Waehrend der irakischen Besetzung Kuwaits und dessen Rueckeroberung gerieten insbesondere die multinationalen Oelkonzerne seitens der Oeffentlichkeit in die Kritik, die Preise fern jeglicher Angebots- und Nachfragekonditionen zu kalkulieren. Hinter dieser Kritik steht eine seit 1973 antiquierte Vorstellung ueber die Funktionsweise und Struktur der internationalen Oelmaerkte. Intensiver Wettbewerb sowohl auf der Nachfrage- als auch auf der Angebotsseite hat den Handel mittlerweile Zuege der internationalen Finanzmaerkte annehmen lassen. Im folgenden werden einige Aspekte dieser Entwicklung, speziell des Oelterminkontrakthandels, naeher beleuchtet. Dabei soll insbesondere der Frage nach den Determinanten der Oelpreisbildung

  19. 78 FR 79444 - Loveland Area Projects-2025 Power Marketing Initiative

    Science.gov (United States)

    2013-12-30

    ..., with amendments to key marketing plan principles. Western's proposed 2025 PMI was published in the... customers the opportunity to review current marketing plan principles and provide informal input to Western for consideration in the 2025 PMI proposal. Key marketing plan principles discussed with FES...

  20. What is the Predictive Power of Market Orientation?

    NARCIS (Netherlands)

    F. Langerak (Fred)

    2002-01-01

    textabstractThe majority of studies on market orientation claim that compelling evidence exists that market orientation has a positive effect on business performance. This study takes a closer look at forty studies that have addressed the relationship between market orientation and business performa

  1. World oil market - the future will not resemble the past

    Energy Technology Data Exchange (ETDEWEB)

    Bohi, D.R.

    Developments suggest that, compared to the past, inventory demand will be less influenced by speculation and panic and prices will be less sensitive to uncertainties caused by interruptions in supply. Combined with the hypothesis that OPEC no longer is in a position to exploit supply crises to raise official prices to a new plateau, it may be argued that future price shocks will be more transitory and less dramatic than would be expected on the basis of experience. The author suggests that private and public policymakers would do well to ignore Santayana's dictum that those who cannot remember the past are condemned to repeat it. Too great a devotion to the lessons of the 1970s as far as oil is concerned will prepare us for a skirmish on a battlefield that no longer exists.

  2. 76 FR 81487 - Application of the Energy Planning and Management Program Power Marketing Initiative to the...

    Science.gov (United States)

    2011-12-28

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF ENERGY Western Area Power Administration Application of the Energy Planning and Management Program Power Marketing...-2017 marketing efforts, the Energy Management and Planning Program (Program), and the Conformed General...

  3. 76 FR 19069 - Application to Export Electric Energy; Cargill Power Markets, LLC

    Science.gov (United States)

    2011-04-06

    ... Application to Export Electric Energy; Cargill Power Markets, LLC AGENCY: Office of Electricity Delivery and... applied to renew its authority to transmit electric energy from the United States to Canada pursuant to... authorized CPM to transmit electric energy from the United States to Canada as a power marketer for a...

  4. Status and Trends in the U.S. Voluntary Green Power Market (2012 Data)

    Energy Technology Data Exchange (ETDEWEB)

    Heeter, J. [National Renewable Energy Lab. (NREL), Golden, CO (United States); Nicholas, T. [National Renewable Energy Lab. (NREL), Golden, CO (United States)

    2013-10-01

    The "voluntary" or "green power" market is that in which consumers and institutions voluntarily purchase renewable energy to match all or part of their electricity needs. Voluntary action provides a revenue stream for renewable energy projects and raises consumer awareness of the benefits of renewable energy. There are numerous ways consumers and institutions can purchase renewable energy. Historically, the voluntary market has consisted of three market sectors: (1) utility green pricing programs (in states with regulated electricity markets), (2) competitive suppliers (in states with restructured electricity markets), and (3) unbundled renewable electricity certificate (REC) markets, where RECs are purchased by consumers separately from electricity ("unbundled").

  5. Impact of Germany's energy transition on the Nordic power market – A market-based multi-region energy system model

    DEFF Research Database (Denmark)

    Zakeri, Behnam; Virasjoki, Vilma; Syri, Sanna

    2016-01-01

    The EU energy policy aims at creating a single European electricity market through market couplings and grid expansions. To analyse the implications of such power market couplings, we propose a market-based multi-region energy system model. The model simulates a multi-region power market (by...... applying market optimization and network theory), with detailed representation of each region as an energy system (by simulation of both heat and power sectors). We examine the impact of further integration of variable renewable energy (VRE) in Germany on the Nordic power market. The results indicate...... that the average electricity price slightly grows in the Nordic power market after Germany's Energy Transition (Energiewende). Hence, the economic surplus of Nordic consumers diminishes while Nordic producers improve their gain under new market conditions. Considering the gird congestion income, the overall system...

  6. Are crude oil markets multifractal? Evidence from MF-DFA and MF-SSA perspectives

    Science.gov (United States)

    He, Ling-Yun; Chen, Shu-Peng

    2010-08-01

    In this article, we investigated the multifractality and its underlying formation mechanisms in international crude oil markets, namely, Brent and WTI, which are the most important oil pricing benchmarks globally. We attempt to find the answers to the following questions: (1) Are those different markets multifractal? (2) What are the dynamical causes for multifractality in those markets (if any)? To answer these questions, we applied both multifractal detrended fluctuation analysis (MF-DFA) and multifractal singular spectrum analysis (MF-SSA) based on the partition function, two widely used multifractality detecting methods. We found that both markets exhibit multifractal properties by means of these methods. Furthermore, in order to identify the underlying formation mechanisms of multifractal features, we destroyed the underlying nonlinear temporal correlation by shuffling the original time series; thus, we identified that the causes of the multifractality are influenced mainly by a nonlinear temporal correlation mechanism instead of a non-Gaussian distribution. At last, by tracking the evolution of left- and right-half multifractal spectra, we found that the dynamics of the large price fluctuations is significantly different from that of the small ones. Our main contribution is that we not only provided empirical evidence of the existence of multifractality in the markets, but also the sources of multifractality and plausible explanations to current literature; furthermore, we investigated the different dynamical price behaviors influenced by large and small price fluctuations.

  7. Bio-oils and other bio fuels used in heat- and power generation; Flytande biobraenslen foer el- och vaermeproduktion

    Energy Technology Data Exchange (ETDEWEB)

    Sandgren, Annamaria; Ekdahl, Emma; Sernhed, Kerstin; Lindstroem, Erica

    2010-05-15

    The purpose of this study was to assemble and disseminate knowledge about bio-oils and other bio fuels which are used for heat- and power generation or liquid bio fuels/oils that may become interesting in the future. One aim of this study was to give an updated picture of the Swedish market for bio-oils and to provide an overview of practical experience on the usage of bio-oils in the Swedish heat and power industry. In order to show a green profile, bio-oils can be used in the heat and power generation. However, not all bio-oils can be viewed as climate friendly. Some production of bio-oils may actually - if a lifecycle perspective is considered - lead to increased emissions of greenhouse gases, and there are also ethical issues that need to be considered. The data collection was carried out in three different fields. The objective of the first part was to create an overview of the Swedish market for liquid bio fuels/oils for heat and power production. The second part of the study aimed to clarify the issues surrounding environmental and ethical issues associated with the use of different bio-oils. A selection of oil crops for a closer study was made based on production volume (soybean, palm oil and rapeseed) and expected future potential (jatropha). This part of the study was based on a literature review. In the third part of the study technical and practical experiences from using bio-oils in heat and power production were studied. The interviews made with purchasing managers in the second part gave valuable information on which utilities would be the most interesting to interview for the study of technical and practical experiences, where interviews were carried out with persons familiar with the daily operation of the plant. The use of liquid bio fuels was about 4.3 % of total fuel use in Swedish district heating production in 2007 (1.2 % pine oil and 3.0 % other bio-oil). In other words, it is mainly bio-oils that have been used and not other types of liquid

  8. Bio-oils and other bio fuels used in heat- and power generation; Flytande biobraenslen foer el- och vaermeproduktion

    Energy Technology Data Exchange (ETDEWEB)

    Sandgren, Annamaria; Ekdahl, Emma; Sernhed, Kerstin; Lindstroem, Erica

    2010-05-15

    The purpose of this study was to assemble and disseminate knowledge about bio-oils and other bio fuels which are used for heat- and power generation or liquid bio fuels/oils that may become interesting in the future. One aim of this study was to give an updated picture of the Swedish market for bio-oils and to provide an overview of practical experience on the usage of bio-oils in the Swedish heat and power industry. In order to show a green profile, bio-oils can be used in the heat and power generation. However, not all bio-oils can be viewed as climate friendly. Some production of bio-oils may actually - if a lifecycle perspective is considered - lead to increased emissions of greenhouse gases, and there are also ethical issues that need to be considered. The data collection was carried out in three different fields. The objective of the first part was to create an overview of the Swedish market for liquid bio fuels/oils for heat and power production. The second part of the study aimed to clarify the issues surrounding environmental and ethical issues associated with the use of different bio-oils. A selection of oil crops for a closer study was made based on production volume (soybean, palm oil and rapeseed) and expected future potential (jatropha). This part of the study was based on a literature review. In the third part of the study technical and practical experiences from using bio-oils in heat and power production were studied. The interviews made with purchasing managers in the second part gave valuable information on which utilities would be the most interesting to interview for the study of technical and practical experiences, where interviews were carried out with persons familiar with the daily operation of the plant. The use of liquid bio fuels was about 4.3 % of total fuel use in Swedish district heating production in 2007 (1.2 % pine oil and 3.0 % other bio-oil). In other words, it is mainly bio-oils that have been used and not other types of liquid

  9. Effective Ancillary Services Market Designs on High Wind Power Penetration Systems: Preprint

    Energy Technology Data Exchange (ETDEWEB)

    Ela, E.; Kirby, B.; Navid, N.; Smith, J. C.

    2011-12-01

    This paper focuses on how the ancillary service market designs are implemented and how they may require changes on systems with greater penetrations of variable renewable energy suppliers, in particular wind power. Ancillary services markets have been developed in many of the restructured power system regions throughout the world. Ancillary services include the services that support the provision of energy to support power system reliability. The ancillary services markets are tied tightly to the design of the energy market and to the physics of the system and therefore careful consideration of power system economics and engineering must be considered in their design. This paper focuses on how the ancillary service market designs are implemented and how they may require changes on systems with greater penetrations of variable renewable energy suppliers, in particular wind power.

  10. Effects of interruptible load program on equilibrium outcomes of electricity markets with wind power

    Energy Technology Data Exchange (ETDEWEB)

    An, Xuena; Zhang, Shaohua; Li, Xue [Shanghai Univ. (China). Key Lab. of Power Station Automation Technology

    2013-07-01

    High wind power penetration presents a lot of challenges to the flexibility and reliability of power system operation. In this environment, various demand response (DR) programs have got much attention. As an effective measure of demand response programs, interruptible load (IL) programs have been widely used in electricity markets. This paper addresses the problem of impacts of the IL programs on the equilibrium outcomes of electricity wholesale markets with wind power. A Cournot equilibrium model of wholesale markets with wind power is presented, in which IL programs is included by a market demand model. The introduction of the IL programs leads to a non-smooth equilibrium problem. To solve this equilibrium problem, a novel solution method is proposed. Numerical examples show that IL programs can lower market price and its volatility significantly, facilitate the integration of wind power.

  11. Bonneville Power Administration`s Commercial Sector Conservation Market.

    Energy Technology Data Exchange (ETDEWEB)

    Gordan, Frederick M. [Pacific Energy Associates, Inc. (United States)

    1992-11-10

    Bonneville has, as part of its resource plan, accepted targets for commercial conservation which are quite ambitious. To meet these targets, Bonneville will need to acquire as much cost-effective conservation as possible over the next twelve years. With this in mind, this document explores the relative importance of different commercial market segments and the types of assistance each market needs to install as many cost-effective conservation measures in as many buildings as possible. This document reviews Bonneville`s marketing environment and position, and suggests goals for commercial sector conservation marketing at Bonneville. Then it presents a broad market segmentation and series of additional demographic analyses. These analyses assess what groups of consumers Bonneville must reach to achieve most of the commercial conservation potential and what is needed to reach them. A final section reviews the success of Bonneville programs at reaching various markets. The market segmentation identifies different types of consumers and opportunities which would require distinct program approaches. Four large market segments are identified that have distinct program needs. Then four ``building life-cycle events`` are identified which provide important conservation opportunities and also require distinct program services. This creates a matrix of 16 cells which delineate distinct needs for program marketing. Each of the four key market segments manages at least 20% of the Region`s commercial floorspace.

  12. Features of the marketing strategy of oil and gas companies in exploration drilling

    Science.gov (United States)

    Sharf, I.; Malanina, V.; Kamynina, L.

    2014-08-01

    The implementation of national and regional programs for the development of new oil and gas provinces of Eastern Siberia poses the challenge of increasing geological exploration. The current drilling service companies' market structure, as well as the strategic task of search and exploration effectiveness requires qualitatively new approaches for choosing a contractor. The proposed strategy to select a contractor based on comprehensive analysis of certain groups of industrial, financial, infrastructural criteria allows not only to optimize the costs of exploration activities, but also to minimize preventively the risks of a poor geological exploration. The authors' SWOT- analysis of the marketing strategy of "Gazprom neft" for choosing a contractor outlined the problem of imperfection of the Russian legislation in the sphere of activities of service companies in the oil and gas sector.

  13. Do spot prices move towards futures prices? A study on crude oil market

    Directory of Open Access Journals (Sweden)

    Mihaela Nicolau

    2012-10-01

    Full Text Available The importance of studying the futures markets and the relationship between spot and futures prices is given by the possibility that futures contracts offer in order to reduce particular risks. The financial theory presents the relationships between spot and futures prices in the framework of both the non-arbitrage theory and the asset pricing theory, but none of them offer information about the direction of causality between spot and futures prices. This paper attempts to analyse the dynamic relationship between spot and futures prices of the crude oil, a very important commodity. The empirical analysis is focused to examine the causal dynamics between spot and futures prices in crude oil market; the results confirm that the prices of one and two maturity futures predict spot prices. Conversely, this is not true for longer maturity futures contracts.

  14. INFLUENCES OF THE PURCHASING POWER CHANGE ON THE EVOLUTION OF THE AGROALIMETARY MARKETS ON EUROPEAN UNION LEVEL

    Directory of Open Access Journals (Sweden)

    Laura Catalina Timiras

    2014-01-01

    Full Text Available This paper aims to identify the manifested connection between the dynamics of the population purchasing power and the dynamic of agroalimentary markets in general as well as by product types on European Union level. Based on the last data supplied by Eurostat 2013, using the specific methods for studying the correlations, we have detected that increases and decreases of the purchasing power generated similar changes on agroalimentary markets level from the point of view of achieved sales in most of the poorer countries of the European Union, but not in those states which got beyond the average gross domestic product per capita of the European Union. This relationship has been noticed only on the agroalimentary markets as a whole (respectively on the amounts spent by the population for purchasing agroalimentary goods, beverages and tobacco, but not on the level of markets of various types of product (“meat and meat products”, “fruit and vegetables”, “dairy produce, eggs and edible oils and fats”, “beverages”, “sugar and chocolate and sugar confectionery”, “tobacco products”.

  15. Analysis of Strategic Wind Power Participation in Energy Market using MASCEM simulator

    DEFF Research Database (Denmark)

    Soares, Tiago; Santos, Gabriel; Pinto, Tiago

    2015-01-01

    In recent years the reassessment of remuneration schemes for renewable sources in several European countries has motivated the increase of wind power generation participation in electricity markets. Moreover, the continuous growth of wind power generation, as well as the evolution of wind turbines...... technology, suggests that wind power plants may participate in both energy and ancillary services markets with strategic behavior to improve their benefits. Thus, wind power generation with strategic behavior may have impact on market equilibrium and pricing. This paper evaluates the impact of a proportional...

  16. Does the singular value decomposition entropy have predictive power for stock market? - Evidence from the Shenzhen stock market

    Science.gov (United States)

    Gu, Rongbao; Xiong, Wei; Li, Xinjie

    2015-12-01

    This paper analyzes the predictive ability of the singular value decomposition entropy for the Shenzhen Component Index based on different scales. It is found that, the predictive ability of the entropy for the index is affected by the width of moving time windows and the structural break in stock market. By moving time windows with one year, the predictive power of singular value decomposition entropy of Shenzhen stock market for its component index is found after the reform of non-tradable shares.

  17. World oil and gas markets in 2005; Les marches petroliers et gaziers mondiaux en 2005

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2006-01-15

    In front of insufficient production capacities, the petroleum and gas spot prices have won historical records in 2005. This paper analyzes this situation using the highlights of this exceptional year and concerning the producing countries (political situation), the oil and gas markets (exchange rates, demand, production capacity), the European quotations of petroleum products (automotive and domestic fuels), and the prices of petroleum products in France. (J.S.)

  18. The economics of oil definitions: the case of Canada's oil sands

    Energy Technology Data Exchange (ETDEWEB)

    Reynolds, D.B. [University of Alaska Fairbanks (United States). School of Management, Department of Economics

    2005-03-01

    Canada has chosen to define its 174 billion barrels of oil sand bitumen reserves as crude oil deposits, putting the country on a par with Saudi Arabia in potential oil production. However, the physical and economic definition of calling oil sand bitumen crude oil needs to be questioned. On the face of it, these definitions make Canada look as powerful as OPEC's leading producer, or Russia, on the world oil market. However, a fuller analysis shows that Canadian oil sand is quite different from crude oil and that Canada will have little if any effect on the global oil market, or on OPEC. (author)

  19. Transient Processes in Electric Power Supply System for Oil Terminal with Own Gas-Turbine Power Station

    Directory of Open Access Journals (Sweden)

    A. M. Hаshimov

    2009-01-01

    Full Text Available The paper contains results of the investigations concerning influence of symmetrical and non-symmetrical short circuits at main power network on electric power supply system of a huge oil terminal which is powered by own gas-turbine power station. Calculations have been made in accordance with the IEC and IEEЕ requirements. Estimations for voltage level and distribution of short circuit current in the electric power supply system of the Sangachal oil terminal being operated in parallel with the AzerEnerji grid are presented in the paper

  20. Status and Trends in the U.S. Voluntary Green Power Market (2013 Data)

    Energy Technology Data Exchange (ETDEWEB)

    Heeter, J.; Belyeu, K.; Kuskova-Burns, K.

    2014-11-01

    Voluntary green power markets are those in which consumers and institutions voluntarily purchase renewable energy to match their electricity needs. This report surveys utilities, competitive suppliers, renewable energy certificate (REC) marketers, and, for the first time, the community choice aggregation market. This report finds that the voluntary market totaled 62 million megawatt-hours in 2013. Approximately 5.4 million customers are purchasing green power. This report presents data and analysis on voluntary market sales and customer participation, products and premiums, green pricing marketing, and administrative expenses. The report also details trends in REC tracking systems, REC pricing in voluntary and compliance markets, community and crowd-funded solar, and interest in renewable energy by the information and communication technologies sector.

  1. Stochastic Optimal Wind Power Bidding Strategy in Short-Term Electricity Market

    DEFF Research Database (Denmark)

    Hu, Weihao; Chen, Zhe; Bak-Jensen, Birgitte

    2012-01-01

    minimization problem for trading wind power in the short-term electricity market is described, to help the wind power owners optimize their bidding strategy. Stochastic optimization and a Monte Carlo method are adopted to find the optimal bidding strategy for trading wind power in the short-term electricity....... Simulation results show that the stochastic optimal bidding strategy for trading wind power in the Danish short-term electricity market is an effective measure to maximize the revenue of the wind power owners.......Due to the fluctuating nature and non-perfect forecast of the wind power, the wind power owners are penalized for the imbalance costs of the regulation, when they trade wind power in the short-term liberalized electricity market. Therefore, in this paper a formulation of an imbalance cost...

  2. The Power Reserves Market Creation For The Participants Maximum Benefit

    Directory of Open Access Journals (Sweden)

    Anatolij Mahnitko

    2008-05-01

    Full Text Available It is known, that the main task of the electric power system (EPS control is the power supply providing with the minimum expenses for the electric power production. In this case the requirement to the electric power quality, power supply reliability and the limitationson the energy resources cost must be observed. The power reserve presence into EPS is the necessary condition of the guaranteeing the normal operation from the point of view of the regime parameters values. In the proposed paper the problem of the developing the power reserve, presented to sale by the electric power producers, is examined. It is considered the procedure of the power reserve pricedetermination.

  3. Green Power Marketing in the United States: A Status Report (2008 Data)

    Energy Technology Data Exchange (ETDEWEB)

    Bird, L.; Kreycik, C.; Friedman, B.

    2009-09-01

    Voluntary consumer decisions to buy electricity supplied from renewable energy sources represent a powerful market support mechanism for renewable energy development. In the early 1990s, a small number of U.S. utilities began offering 'green power' options to their customers. Since then, these products have become more prevalent, both from traditional utilities and from renewable energy marketers operating in states that have introduced competition into their retail electricity markets or offering renewable energy certificates (RECs) online. Today, more than half of all U.S. electricity customers have an option to purchase some type of green power product directly from a retail electricity provider, while all consumers have the option to purchase RECs. This report documents green power marketing activities and trends in the United States including utility green pricing programs offered in regulated electricity markets; green power marketing activity in competitive electricity markets, as well as green power sold to voluntary purchasers in the form of RECs; and renewable energy sold as greenhouse gas offsets in the United States. These sections are followed by a discussion of key market trends and issues. The final section offers conclusions and observations.

  4. Green Power Marketing in the United States. A Status Report (2008 Data)

    Energy Technology Data Exchange (ETDEWEB)

    Bird, Lori [National Renewable Energy Lab. (NREL), Golden, CO (United States); Kreycik, Claire [National Renewable Energy Lab. (NREL), Golden, CO (United States); Friedman, Barry [National Renewable Energy Lab. (NREL), Golden, CO (United States)

    2009-09-01

    Voluntary consumer decisions to buy electricity supplied from renewable energy sources represent a powerful market support mechanism for renewable energy development. In the early 1990s, a small number of U.S. utilities began offering 'green power' options to their customers. Since then, these products have become more prevalent, both from traditional utilities and from renewable energy marketers operating in states that have introduced competition into their retail electricity markets or offering renewable energy certificates (RECs) online. Today, more than half of all U.S. electricity customers have an option to purchase some type of green power product directly from a retail electricity provider, while all consumers have the option to purchase RECs. This report documents green power marketing activities and trends in the United States including utility green pricing programs offered in regulated electricity markets; green power marketing activity in competitive electricity markets, as well as green power sold to voluntary purchasers in the form of RECs; and renewable energy sold as greenhouse gas offsets in the United States. These sections are followed by a discussion of key market trends and issues. The final section offers conclusions and observations.

  5. Capacity expansion of stochastic power generation under two-stage electricity markets

    DEFF Research Database (Denmark)

    Pineda, Salvador; Morales González, Juan Miguel

    2016-01-01

    of stochastic power generating units. This framework includes the explicit representation of a day-ahead and a balancing market-clearing mechanisms to properly capture the impact of forecast errors of power production on the short-term operation of a power system. The proposed generation expansion problems...... are first formulated from the standpoint of a social planner to characterize a perfectly competitive market. We investigate the effect of two paradigmatic market designs on generation expansion planning: a day-ahead market that is cleared following a conventional cost merit-order principle, and an ideal...... market-clearing procedure that determines day-ahead dispatch decisions accounting for their impact on balancing operation costs. Furthermore, we reformulate the proposed models to determine the optimal expansion decisions that maximize the profit of a collusion of stochastic power producers in order...

  6. Optimal offering and allocation policies for wind power in energy and reserve markets

    DEFF Research Database (Denmark)

    Soares, Tiago; Jensen, Tue Vissing; Mazzi, Nicolo

    2017-01-01

    Proliferation of wind power generation is increasingly making this power source an important asset in designs of energy and reserve markets. Intuitively, wind power producers will require the development of new offering strategies that maximize the expected profit in both energy and reserve markets...... while fulfilling the market rules and its operational limits. In this paper, we implement and exploit the controllability of the proportional control strategy. This strategy allows the splitting of potentially available wind power generation in energy and reserve markets. In addition, we take advantage......Cormick relaxation and piecewise linear decision rules are adapted and tested aiming to maximize the expected revenue for participating in both energy and reserve markets, while accounting for estimated balancing costs for failing to provide energy and reserve. A set of numerical examples, as well as a case study...

  7. INFORMATIVE ADVERTISING: A MARKET INFORMATION PROVIDER OR A SEED OF MARKET POWER?

    Directory of Open Access Journals (Sweden)

    Anzhelika G. GERASYMENKO

    2012-07-01

    Full Text Available This paper investigates the role of informative advertising in creation and augment of market power as well as the ability of an advertiser to maximize the value of its economic rent. Informative advertising is considered to be a merit good unlike a persuasive one that is mostly associated with a bad. But analysis of the advertisement breakdown in Ukraine shows that the share of price advertisements, which are the most beneficial for the public, is negligible today. Further still those advertisements are mostly situated in the sectors, where price competition is the least strong. Another kind of informative advertising – differentiating advertising – turns from an instrument of informing consumers into the vehicle of manipulation of consumer choice. Using the blind tests the author has compared the quality and the prices of the range of advertised goods and has found out a low level of correlation between the variables. That means that informative advertising serves a function of informing consumers inefficiently. At the same time phantom differentiation and misleading advertising proliferation as well as informative advertising concentration on experience and credible goods instead search ones testify to effective serving a function of maximizing advertiser welfare.

  8. How might North American oil and gas markets have performed with a Free Trade Agreement in 1970?

    Energy Technology Data Exchange (ETDEWEB)

    Watkins, G.C. [Charles River Associates Inc., Boston, MA (United States); Waverman, L. [Univ. of Toronto, Ontario (Canada)

    1993-12-31

    Deregulation on both sides of the U.S.-Canadian border has made certain aspects of trade agreements largely superfluous in the near term. It is over the longer term that the impact of the NAFTA will become apparent. To grapple with this issue, simulations are attempted of oil and gas trade between the United States and Canada as if the NAFTA had been in place before the first oil price shock of 1973. The simulations suggest substantial additional exports of Canadian oil and gas would have enabled the United States to back out volumes of OPEC oil during the critical years of the late 1970s and early 1980s. This would have served to dampen world oil markets during the years of OPEC ascendancy-not dramatically, but not negligibly either. By promoting closer integration of energy markets, the NAFTA should lead to more cohesive North American responses to any future world oil shocks. 13 refs., 8 tabs.

  9. A comparison of Nash equilibria analysis and agent-based modelling for power markets

    Energy Technology Data Exchange (ETDEWEB)

    Krause, T.; Andersson, G. [EEH Power Systems Laboratory, ETH Zuerich, (Switzerland); Beck, E.V.; Cherkaoui, R.; Germond, A. [LRE Laboratoire de Reseaux Electriques, EPFL-STI-LRE, Lausanne (Switzerland); Ernst, D. [Universitede Liege, Institut Montefiore Batiment B28, Liege (Belgium)

    2006-11-15

    In this paper we compare Nash equilibria analysis and agent-based modelling for assessing the market dynamics of network-constrained pool markets. Power suppliers submit their bids to the market place in order to maximize their payoffs, where we apply reinforcement learning as a behavioral agent model. The market clearing mechanism is based on the locational marginal pricing scheme. Simulations are carried out on a benchmark power system. We show how the evolution of the agent-based approach relates to the existence of a unique Nash equilibrium or multiple equilibria in the system. Additionally, the parameter sensitivity of the results is discussed. (author)

  10. 75 FR 13445 - Marketing Order Regulating the Handling of Spearmint Oil Produced in the Far West; Salable...

    Science.gov (United States)

    2010-03-22

    ... range of 700,000 pounds to 750,000 pounds of Scotch spearmint oil trade demand. Although consumer demand... market their entire annual allotment and do not have the luxury of having other crops to cushion seasons... spearmint oil is expected to grow slowly for the foreseeable future because the demand for consumer...

  11. 75 FR 27631 - Marketing Order Regulating the Handling of Spearmint Oil Produced in the Far West; Salable...

    Science.gov (United States)

    2010-05-18

    ... range of 700,000 pounds to 750,000 pounds of Scotch spearmint oil trade demand. Although consumer demand... market their entire annual allotment and do not have the luxury of having other crops to cushion seasons... because the demand for consumer products that use spearmint oil will likely expand slowly, in line...

  12. Green Power Marketing in the United States: A Status Report (Eighth Edition)

    Energy Technology Data Exchange (ETDEWEB)

    Bird, L.; Swezey, B.

    2005-10-01

    Voluntary consumer decisions to purchase electricity supplied by renewable energy sources represent a powerful market support mechanism for renewable energy development. Beginning in the early 1990s, a small number of U.S. utilities began offering "green power" options to their customers. Since then, these products have become more prevalent, both from utilities and in states that have introduced competition into their retail electricity markets. Today, more than 50% of all U.S. consumers have an option to purchase some type of green power product from a retail electricity provider. This report provides an overview of green power marketing activity in the United States. The first section provides an overview of green power markets, consumer response, and recent industry trends. The second section provides brief descriptions of utility green pricing programs. The third section describes companies that actively market green power in competitive markets and those that market renewable energy certificates nationally or regionally. The final section provides information on a select number of large, nonresidential green power purchasers, including businesses, universities, and government agencies.

  13. 75 FR 52321 - Dry Lake Wind Power II LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes...

    Science.gov (United States)

    2010-08-25

    ...-1720-000] Dry Lake Wind Power II LLC; Supplemental Notice That Initial Market-Based Rate Filing... the above-referenced proceeding, of Dry Lake Wind Power II LLC application for market-based rate...

  14. The gas/oil price relationship from anti-cartel market view; Die Oelpreisbindung aus kartellrechtlicher (Markt-)Sicht

    Energy Technology Data Exchange (ETDEWEB)

    Daeuper, Olaf; Couval, Dominique [Kanzlei Becker Buettner Held, Berlin (Germany)

    2010-07-15

    The substantiation and the reception of the judgements of the Federal High Court (Karlsruhe, Federal Republic of Germany) from 24th March, 2010 clearly show: The coupling of the gas price to the price for light fuel oil highly is disputed legally and politically. In the contribution under consideration the author examines the linking of oil prices from historical and actual market view and legally classifies the linking of oil prices in the background the German and European cartel law.

  15. Life time analysis of thermal oil used as heat transfer fluid in CSP power plant

    Science.gov (United States)

    Grirate, H.; Zari, N.; Elmchaouri, A.; Molina, S.; Couturier, R.

    2016-05-01

    The present work describes stability testing of hydrogenated terphenyl (HT), thermal oil available in the market and considered as a potential HTF for CSP power plants. Before ageing tests, hydrogenated terphenyl was compared to Biphenyl/diphenyl oxide (DPO) at the initial state, which is the most commonly used HTF in CSP plants (SEGS VI and ANDASOL I) and included as a comparison material in the NREL HTF requirements. The (HT) stability tests were performed in sealed ampoules (stainless steel) under inert gas blanket in the range of temperature between 250°C and 350°C (max temperature of HT) for 500 hrs. After ageing, many investigations were made to track the thermal oil behavior after extended time over a range of temperature, such as chemical composition, flash point, viscosity, acid value…. Laboratory testing indicated that the hydrogenated terphenyl (HT) is stable after ageing process at a temperature of about 250°C. Nevertheless, it has shown signs of serious thermal cracking at elevated temperature which is reflected by low flash point temperature. Therefore, the system must be purged effectively to purge the volatile decomposition products.

  16. The future world oil market: state of nature or social contract?

    Energy Technology Data Exchange (ETDEWEB)

    Noel, P

    1999-10-01

    Mary Ann Tetreault develops a very interesting interpretation of the emerging new relationship between international oil companies and Middle East producing countries. The original intellectual tools she handles-concepts drawn from the European political philosophy tradition-allow her to argue as follows: (1) the oil market left to itself- whether participants are states or firms-behaves like a Hobbesian ''state of nature'' often resulting in a situation damaging to each participant; (2) to deal with it, the international oil community has historically relied on different types of organisations, but these social contracts or ''republics'' were inherently unstable since they rested on too narrowly defined interests; (3) the rationale behind the possible return of oil companies to the richest Middle East countries is the search for new ''international oil republics'' able to ''offer greater security and higher profits for all the good republicans among them''. (author)

  17. Stochastic Optimal Wind Power Bidding Strategy in Short-Term Electricity Market

    DEFF Research Database (Denmark)

    Hu, Weihao; Chen, Zhe; Bak-Jensen, Birgitte

    2012-01-01

    Due to the fluctuating nature and non-perfect forecast of the wind power, the wind power owners are penalized for the imbalance costs of the regulation, when they trade wind power in the short-term liberalized electricity market. Therefore, in this paper a formulation of an imbalance cost minimiz....... Simulation results show that the stochastic optimal bidding strategy for trading wind power in the Danish short-term electricity market is an effective measure to maximize the revenue of the wind power owners....

  18. The Relationship Between Electricity Price and Wind Power Generation in Danish Electricity Markets

    DEFF Research Database (Denmark)

    Hu, Weihao; Chen, Zhe; Bak-Jensen, Birgitte

    2010-01-01

    The western Danish power system is currently the grid area in the world that has the largest share of wind power in its generation profiles, with more than 20% of its annual consumption generated by wind turbines. In this paper, the western Danish power system, which may represent the future...... of competitive electricity markets in some ways, is chosen as the studied power system. The relationship between the electricity price (both the spot price and the regulation price) and the wind power generation in an electricity market is investigated in this paper. The spot price, the down regulation price...

  19. Proposed Georgia-Alabama-South Carolina system power marketing policy and subsequent contracts

    Energy Technology Data Exchange (ETDEWEB)

    1994-04-04

    This is an Environmental Assessment (Assessment) (DOE/EA-0935) evaluating the Power Marketing Policy and Subsequent Contracts between Southeastern and its customers. The Assessment evaluates two alternatives and the no action alternative. The proposed action is to market the power and energy available in the Georgia-Alabama-South Carolina System during the next ten years, with new power sales contracts of ten-year durations, to the customers set forth in Appendix A of the Assessment. In addition to the proposed alternative, the Assessment evaluates the alternative of extending existing contracts under the current marketing policy.

  20. Evolving natural gas markets: LNG possibilities for a hydrothermal power system

    Energy Technology Data Exchange (ETDEWEB)

    Correia, Tiago B.; Resende, Joao P.; Costa, Agnes M. [Brazilian Ministry of Mines and Energy, Brasilia, DF (Brazil)

    2008-07-01

    The latest advancements in the natural gas - NG industry have brought new opportunities for the resource's application, especially in the power industry. On the one hand, rapid growth in demand and falling costs of transportation over long distances, particularly as liquefied natural gas - LNG, should lead to a more integrated NG world market. On the other, the deregulation of electricity markets and the growth of independent power producers - IPPs using NG as a fuel for generating peak load power have increased the demand for more flexible NG supply contracts. These factors have allowed a shift in the timing of investment and contract negotiation in NG market. Traditionally, firms searched for trading partners and signed long-term contracts before investing in infrastructure. In the evolving LNG market, producers invest in infrastructure before they have buyers for all their expected outputs, while buyers undertake investment before having firm contracts for all their expected NG needs. These technological and market changes may foster greater participation of a fully flexible NG power plants in the Brazilian electricity market. Nowadays, thermal power long-term capacity contracts customized and negotiated in the local electricity pool (ACR) require power producer to award guarantees of NG firm supply, substantially increasing their cost. A combination of flexible LNG supply contracts and electricity pool contracts may present a solution to the lack of competitiveness of NG power plants in the Brazilian power industry. (author)

  1. The Powerful Triangle of Marketing Data, Managerial Judgment, and Marketing Management Support Systems

    OpenAIRE

    Bruggen, Gerrit; Smidts, Ale; Wierenga, Berend

    2000-01-01

    textabstractIn this paper we conceptualize the impact of information technology on marketing decision-making. We argue that developments in information technology affect the performance of marketing decision-makers through different routes. Advances in information technology enhance the possibilities to collect data and to generate information for supporting marketing decision-making. Potentially, this will have a positive impact on decision-making performance. Managerial expertise will favor...

  2. Market entry, power, pharmacokinetics: what makes a successful drug innovation?

    Science.gov (United States)

    Alt, Susanne; Helmstädter, Axel

    2017-09-20

    Depending on the timing of market entry, radical innovations can be distinguished from incremental innovations. Whereas a radical innovation typically is the first available derivative of a drug class, incremental innovations are launched later and show a certain benefit compared with the radical innovation. Here, we use historical market data relating to pharmacokinetic (PK), pharmacodynamic (PD), and other drug-related properties to investigate which derivatives within certain drug classes have been most successful on the market. Based on our investigations, we suggest naming the most successful drugs 'overtaking innovation', because they often exceed the market share of all the other derivatives. Seven drug classes showed that the overtaking innovation is never a radical innovation, but rather an early incremental innovation, with advantages in manageability and/or tolerance. Copyright © 2017 Elsevier Ltd. All rights reserved.

  3. PRINCIPAL COMPONENT ANALYSIS - A POWERFUL TOOL IN COMPUTING MARKETING INFORMATION

    National Research Council Canada - National Science Library

    Cristinel Constantin

    2014-01-01

    ... that need to solve the marketing problem a company face with. The literature stresses the need to avoid the multicollinearity phenomenon in multivariate analysis and the features of Principal Component Analysis (PCA...

  4. Competitive market of electric power; Mercado competitivo de energia eletrica

    Energy Technology Data Exchange (ETDEWEB)

    Leal, Lydiane Abdon [Universidade Estadual de Campinas, SP (Brazil). Faculdade de Engenharia Mecanica. Dept. de Energia]. E-mail: lyable@bol.com.br; Barbosa, Paulo Sergio Franco [Universidade Estadual de Campinas, SP (Brazil). Faculdade de Engenharia Civil]. E-mail: franco@fec.unicamp.br

    2002-07-01

    This work shows how the relationship strategies, under the viewpoint of marketing language, can be applied to the sector aiming the holding and attracting new clients, since the strategies developed are not always disclosed by the enterprises.

  5. From the ecological niche to the mass market with 'Green Power Marketing' - 1{sup st} European Conference on Green Power Marketing 2001; Mit 'Green Power Marketing' von der Oeko-Nische zum Massenmarkt

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2001-07-01

    This report summarises the information presented at the European Conference on Green Power Marketing held in 2001 in St. Moritz, Switzerland. It takes a look at the market chances of ecologically produced electricity for use in Switzerland and for export. The opinions of experts from the areas of research, business, politics, marketing and non-governmental organisations that were presented at the meeting are summarised. European perspectives and trends in the USA are discussed and examples of green power marketing in the USA and Holland are given. Marketing issues and price policies are discussed, as are labelling strategies and customer perception of 'Green Power' issues. Also, sales issues including e-marketing, power-market rules and certificate trading are dealt with.

  6. How tests of lubricating and transformer oils became part of power plant chemistry in Denmark

    Energy Technology Data Exchange (ETDEWEB)

    Moeller, H. [I/S Nordjyllandsvaerket, Vodskov (Denmark)

    1996-12-01

    Lubricating, hydraulic and transformer oils based on refined crude oil are used in nearly all power station components, such as gear, turbines, hydraulic stations, feed pumps and transformers. The function of these components totally depends on the condition of the oils and their properties. Seen from this point one may wonder why examination and evaluation of oils did not become part of the power station chemistry within the ELSAM utility area until during the middle of the eighties. We started to examine the properties of lubricating oils at the time when several steam turbines experienced serious problems with formation of deposits in their hydraulic control circuits. This work was intensified in connection with the significant number of CHPs and wind turbines erected within the Danish electricity sector during the past 10 years or so. The majority of the CHPs are natural gas fired turbines or motors, equipment which severely stresses the lubricating oil. In collaboration with KEMA, the Netherlands, we have carried through with a large examination of lubricating oils in gas turbines and we have found suitable oil types. The objectives of our work with lubricating and transformer oils have been to link together the laboratory measurements with operational experience. Only by doing this is it possible to utilize the laboratory measurements in a correct way. It must be remembered that the main part of all oil specifications concerns the properties of new oils. Only very little is published about the requirements concerning used oils. (EG)

  7. MARKET WATCH

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

    China’s state-owned enterprises are focusing on the stalwarts of the domestic economy, including the oil, telecommunications and power industries. Although auto sales have seen a period of sluggish demand, luxury car imports have been increasing. Steel mills will drop their prices in the fourth quarter because of excessive sup- ply. China’s stock markets, once taking the global lead in share price increases, have become the worst performing markets in the world. Along with the declining stock markets, mainland-listed companies also saw their profits drop in the first half of this year.

  8. Provision of Continuity in Power Supply of Wind Power Stations by Improvement of Methods for Control of Oil Transformer Serviceability

    Directory of Open Access Journals (Sweden)

    Y. A. Rolik

    2010-01-01

    Full Text Available The paper considers problems pertaining to reduction of time for restoration of a wind power station (WPS by development of a method and control means according to informative parameter. A high-voltage oil transformer has been selected as a control WPS object.  The paper shows that the most informative parameter determining continuity in WPS power supply is an over-heating temperature of oil transformer elements. A method and means for control of WPS oil transformer serviceability are proposed in the paper.

  9. Power grid operation in a market environment economic efficiency and risk mitigation

    CERN Document Server

    2017-01-01

    This book examines both system operation and market operation perspectives, focusing on the interaction between the two. It incorporates up-to-date field experiences, presents challenges, and summarizes the latest theoretic advancements to address those challenges. The book is divided into four parts. The first part deals with the fundamentals of integrated system and market operations, including market power mitigation, market efficiency evaluation, and the implications of operation practices in energy markets. The second part discusses developing technologies to strengthen the use of the grid in energy markets. System volatility and economic impact introduced by the intermittency of wind and solar generation are also addressed. The third part focuses on stochastic applications, exploring new approaches of handling uncerta nty in Security Constrained Unit Commitment (SCUC) as well as the reserves needed for power system operation. The fourth part provides ongoing efforts of utilizing transmission facilities ...

  10. CO2 trade and market power in the EU electricity sector

    Energy Technology Data Exchange (ETDEWEB)

    Tinggaard Svendsen, G.; Vesterdal, M.

    2002-07-01

    The EU commission is planning to launch an emission trading market for greenhouse gases within near future. This to meet its obligations under the United Nations Framework Convention on Climate Change and the Kyoto Protocol. After a theoretical discussion on market power in such a market, wc turn to the empirical evidence which suggests that a reasonable number of sources of C02 emissions in the power sector exists for bollers larger than 25MW. Overall, together with the contestable single market for electricity, the risk of significant strategis behaviour seems negligible. Thus, the electric utility sector seems a suitable testing ground for an EU-scheme of emissions trading. In the longer run, it will be important to broaden the scope of the trading scheme as the inclusion of other sectors will further limit the risk of market power. (au)

  11. The Powerful Triangle of Marketing Data, Managerial Judgment, and Marketing Management Support Systems

    NARCIS (Netherlands)

    G.H. van Bruggen (Gerrit); A. Smidts (Ale); B. Wierenga (Berend)

    2000-01-01

    textabstractIn this paper we conceptualize the impact of information technology on marketing decision-making. We argue that developments in information technology affect the performance of marketing decision-makers through different routes. Advances in information technology enhance the possibilitie

  12. The effects of crude oil shocks on stock market shifts behaviour A regime switching approach

    Energy Technology Data Exchange (ETDEWEB)

    Aloui, Chaker; Jammazi, Rania [International Finance Group-Tunisia, Faculty of Management and Economic Sciences of Tunis, Boulevard du 7 novembre, El Manar University, B.P. 248, C.P. 2092, Tunis Cedex (Tunisia)

    2009-09-15

    In this paper we develop a two regime Markov-switching EGARCH model introduced by Henry [Henry, O., 2009. Regime switching in the relationship between equity returns and short-term interest rates. Journal of Banking and Finance 33, 405-414.] to examine the relationship between crude oil shocks and stock markets. An application to stock markets of UK, France and Japan over the sample period January 1989 to December 2007 illustrates plausible results. We detect two episodes of series behaviour one relative to low mean/high variance regime and the other to high mean/low variance regime. Furthermore, there is evidence that common recessions coincide with the low mean/high variance regime. In addition, we allow both real stock returns and probability of transitions from one regime to another to depend on the net oil price increase variable. The findings show that rises in oil price has a significant role in determining both the volatility of stock returns and the probability of transition across regimes. (author)

  13. Technological trends and market perspectives for production of microbial oils rich in omega-3.

    Science.gov (United States)

    Finco, Ana Maria de Oliveira; Mamani, Luis Daniel Goyzueta; Carvalho, Júlio Cesar de; de Melo Pereira, Gilberto Vinícius; Thomaz-Soccol, Vanete; Soccol, Carlos Ricardo

    2016-08-10

    In recent years, foods that contain omega-3 lipids have emerged as important promoters of human health. These lipids are essential for the functional development of the brain and retina, and reduction of the risk of cardiovascular and Alzheimer's diseases. The global market for omega-3 production, particularly docosahexaenoic acid (DHA), saw a large expansion in the last decade due to the increasing use of this lipid as an important component of infant food formulae and supplements. The production of omega-3 lipids from fish and vegetable oil sources has some drawbacks, such as complex purification procedures, unwanted contamination by marine pollutants, reduction or even extinction of several species of fish, and aspects related to sustainability. A promising alternative system for the production of omega-3 lipids is from microbial metabolism of yeast, fungi, or microalgae. The aim of this review is to discuss the various omega-3 sources in the context of the global demand and market potential for these bioactive compounds. To summarize, it is clear that fish and vegetable oil sources will not be sufficient to meet the future needs of the world population. The biotechnological production of single-cell oil comes as a sustainable alternative capable of supplementing the global demand for omega-3, causing less environmental impact.

  14. Transnational anew, competitive at last: the oil market in the globalization era

    Energy Technology Data Exchange (ETDEWEB)

    Noel, P

    2003-07-01

    International political economy can be conceived as the study of the interaction between the confrontation of state sovereignties, whose regulation is primarily a question of power and secondarily of norms and institutional procedures and global economic activity (production and exchanges), which is a process of strategic interaction. The problem consists then in understanding how these two components are linked, influence over each other, support or conflict with each other in the global oil system. To consider oil in terms of International Political Economy (IPE), is thus to see it simultaneously as a potential object of inter-state confrontation and of economic competition. (A.L.B.)

  15. Trade credit supply, market power and the matching of trade credit terms

    NARCIS (Netherlands)

    Fabbri, D.; Klapper, L.F.

    2008-01-01

    This paper studies the decision of firms to extend trade credit to customers and its relation with their financing decisions. We use a novel firm-level database with unique information on market power in both output and input markets and on the amount, terms and payment history of trade credit

  16. 75 FR 29531 - Frequency Regulation Compensation in the Organized Wholesale Power Markets; Supplemental Notice...

    Science.gov (United States)

    2010-05-26

    ...] Frequency Regulation Compensation in the Organized Wholesale Power Markets; Supplemental Notice of Technical... conference will provide a forum to consider issues related to frequency regulation compensation in organized electric markets. The technical conference will be held on May 26, 2010, from 9 a.m. to 1 p.m. (EST), in...

  17. Economic Benefit of Combining Wave and Wind Power Productions in Day-Ahead Electricity Markets

    DEFF Research Database (Denmark)

    Chozas, Julia Fernandez; Sørensen, H.C.; Helstrup Jensen, N.E.

    2012-01-01

    There is usually a cost associated to the integration of non-fully predictable renewables in electricity markets. This cost, named balancing cost, covers the difference between the bid to the day-ahead electricity market and the actual power produced. The objective of the paper is comparing...

  18. Mechanisms for efficient investments and optimal zones in regional power market

    Directory of Open Access Journals (Sweden)

    Andročec Ivan

    2014-01-01

    Full Text Available The paper is result of research different cross-border electricity trading mechanisms impact. Focus is on investments in generation and transmission power system facilities in regional market. Assumptions include efficient market coupling mechanism (with more bidding zones, use of additional investment indicators (like social welfare and congestion cost and security of supply issues (capacity mechanisms. There is discussion on cost benefits analysis for particular market participants and there is possibility of risk reduction for regional power system expansion. It is shown current state-of-the-art, problems and trends in solving some aspects of market integration and investment issues. In some cases smaller and well defined bidding areas are absolutely essential in order to ensure system security and economic efficiency. There is no single criterion for power system expansion but it is possible to use combination of incentive schemes and possible through one index for cross-border trade. Risk management for cross-border electricity trading through several areas needs to be upgraded with use of financial transmission rights like weighted average area prices, respectively. Regional power system security is closely associated with timely investments in energy supply in line with economic development and environmental needs. Security of supply indicator is deriving an estimation of security of supply improvement from the market based simulation results when a generation or transmission investment project is implemented. All researched makes market integration and investments in Europe more efficient and gives more correct signals to market participants in regional market.

  19. The relationship between immigration and labour market performance in Sabah’s oil palm plantation sector

    Directory of Open Access Journals (Sweden)

    Kasim Mansur

    2016-07-01

    Full Text Available The main objective of this paper is to analyze the relationship between immigration and labor market performance in Sabah region's oil palm plantation industry. The labour market performance refers to the wages and employment of local workers in the oil palm plantation sector. The relationship of these variables can be in short run or/ and in the long run. This study uses Vector Error Correction Model (VECM to examine the relationship between the immigration and labour market performance. In fulfilling this study, Johansen cointegration test is used to determine the relationship among the variables - immigration, employment and wages. The data are collected from the Department of Statistics Malaysia, Labour Department, Farmers’ Organization Authority Malaysia, National Archives of Malaysia and Sabah Agricultural Department over the past 31 years. The result shows that there is a relationship between immigration and employment of local workers in short run and long run. While, there is no relationship between immigration and wages either in short or long run.

  20. Portfolio Value at Risk Estimate for Crude Oil Markets: A Multivariate Wavelet Denoising Approach

    Directory of Open Access Journals (Sweden)

    Kin Keung Lai

    2012-04-01

    Full Text Available In the increasingly globalized economy these days, the major crude oil markets worldwide are seeing higher level of integration, which results in higher level of dependency and transmission of risks among different markets. Thus the risk of the typical multi-asset crude oil portfolio is influenced by dynamic correlation among different assets, which has both normal and transient behaviors. This paper proposes a novel multivariate wavelet denoising based approach for estimating Portfolio Value at Risk (PVaR. The multivariate wavelet analysis is introduced to analyze the multi-scale behaviors of the correlation among different markets and the portfolio volatility behavior in the higher dimensional time scale domain. The heterogeneous data and noise behavior are addressed in the proposed multi-scale denoising based PVaR estimation algorithm, which also incorporatesthe mainstream time series to address other well known data features such as autocorrelation and volatility clustering. Empirical studies suggest that the proposed algorithm outperforms the benchmark ExponentialWeighted Moving Average (EWMA and DCC-GARCH model, in terms of conventional performance evaluation criteria for the model reliability.

  1. The spatiotemporal dynamic analysis of the implied market information and characteristics of the correlation coefficient matrix of the international crude oil price returns

    Energy Technology Data Exchange (ETDEWEB)

    Tian, Lixin [Jiangsu University, Energy Development and Environmental Protection Strategy Research Center, Zhenjiang, Jiangsu (China); Nanjing Normal University, School of Mathematical Sciences, Nanjing, Jiangsu (China); Ding, Zhenqi; Zhen, Zaili [Jiangsu University, Energy Development and Environmental Protection Strategy Research Center, Zhenjiang, Jiangsu (China); Wang, Minggang [Nanjing Normal University, School of Mathematical Sciences, Nanjing, Jiangsu (China)

    2016-08-15

    The international crude oil market plays a crucial role in economies, and the studies of the correlation, risk and synchronization of the international crude oil market have important implications for the security and stability of the country, avoidance of business risk and people's daily lives. We investigate the information and characteristics of the international crude oil market (1999-2015) based on the random matrix theory (RMT). Firstly, we identify richer information in the largest eigenvalues deviating from RMT predictions for the international crude oil market; the international crude oil market can be roughly divided into ten different periods by the methods of eigenvectors and characteristic combination, and the implied market information of the correlation coefficient matrix is advanced. Secondly, we study the characteristics of the international crude oil market by the methods of system risk entropy, dynamic synchronous ratio, dynamic non-synchronous ratio and dynamic clustering algorithm. The results show that the international crude oil market is full of risk. The synchronization of the international crude oil market is very strong, and WTI and Brent occupy a very important position in the international crude oil market. (orig.)

  2. Palm Oil Price, Exchange Rate, and Stock Market: A Wavelet Analysis on the Malaysian Market

    Directory of Open Access Journals (Sweden)

    Buerhan Saiti

    2014-05-01

    Full Text Available The study investigates causality between palm oil price, exchange rate and the Kuala Lumpur Composite Index (KLCI based on the theory of wavelets on the basis of monthly data from the period January 1990 - December 2012. This methodology enables us to identify that the causality between these economic variables at different time intervals. This wavelet decomposition also provides additional evidence to the “reverse causality” theory. We found that the wavelet cross-correlations between stock price and exchange rate skewed to the right at all levels with negative significant correlations which implies that the exchange rate leads the stock price. In the case of stock and commodity prices, there is no significant wavelet-crosscorrelation at first four levels. However, the wavelet cross-correlations skewed to the left at level 5 which implies that the stock price leads commodity price in the long-run. Finally, there is no significant wavelet cross-correlations at all levels as long as we concern between commodity price and exchange rate. It implies that there is no lead-lag relationship between commodity price and exchange rate.

  3. Day-to-Day Market Power and Efficiency in Tradable Mobility Credits

    Directory of Open Access Journals (Sweden)

    Ye Tian

    2015-09-01

    Full Text Available An active transportation and demand management framework focusing on tradable mobility credits (TMC is integrated into an agent-based modeling and simulation (ABMS platform. In this framework, it is conceived that an auction market within which mobility credits can be transferred between buyers and sellers is constructed in general. The idea of ABMS is extensively incorporated to mimic system users’ daily route choices as well as market-related micro-economical decision making process under TMC circumstance. Users are able to form individual propensities towards available bid/ask choices by reinforcement learning principles. The integrated platform offers a brand new insight view of microscopic aspect of the daily operations of credit transfer market, which has hardly been obtained by prior analytical models. Day-to-day traffic dynamics and market dynamics can be captured. Besides, market MOEs, including convergence, stability, efficiency and relative market powers of buyers and sellers under different market policies are investigated.

  4. A test of the theory of nonrenewable resources. Controlling for exploration and market power

    Energy Technology Data Exchange (ETDEWEB)

    Malischek, Raimund [Koeln Univ. (Germany). Inst. of Energy Economics; Tode, Christian [Koeln Univ. (Germany). Inst. of Energy Economics; Koeln Univ. (Germany). Dept. of Economics

    2015-05-15

    Despite the central role of the Hotelling model within the theory of nonrenewable resources, tests of the model are rarely found. If existent, these tests tend to ignore two key features, namely market power and exploration. We therefore suggest an extension of the basic Hotelling framework to incorporate exploration activity and market power and propose an implicit price behavior test of the model to indicate whether firms undergo inter-temporal optimization. When applied to a newly constructed data set for the uranium mining industry, the null hypothesis of the firm optimizing inter-temporally is rejected in all settings. However, parameter estimates of the model still yield valuable information on cost structure, resource scarcity and market power. Our results suggest that the shadow price of the resource in situ is comparably small and may be overshadowed by market power, which may serve as an explanation for the firm failing to optimize inter-temporally.

  5. Danish wind power in Brazil. Part 1. The future of wind power in Brazil - market analysis

    Energy Technology Data Exchange (ETDEWEB)

    Husted Rich, N.

    1996-04-01

    More than 95% of total energy produced in Brazil comes from highly efficient hydroelectric power plants but, faced with a serious shortage of energy after the year 2000, the country is now considering wind energy as one of the basic alternatives for energy supply. It is suggested that biomass, wind energy and biogas may be included in a future supply policy for the north-east region of the land. The structure of, the privatisation, legislation and the tariff system within the Brazilian power sector are described in addition to the present situation regarding wind energy in the country, including current and coming projects in this field, the excellent wind conditions in Northeastern Brazil and investment possibilities. The political activities in this field of the Danish Folkecenter for Renewable Energy are noted and future developments in Brazil are discussed. It is concluded that there are good prospects for Danish windmill technology on the Brazilian market. Wind measurement programs are presently being carried out in various areas of the country, though a number of impediments to the development of wind energy in Brazil remain. (AB)

  6. The predictive power of zero intelligence in financial markets

    Science.gov (United States)

    Doyne Farmer, J.; Patelli, Paolo; Zovko, Ilija I.

    2005-02-01

    Standard models in economics stress the role of intelligent agents who maximize utility. However, there may be situations where constraints imposed by market institutions dominate strategic agent behavior. We use data from the London Stock Exchange to test a simple model in which minimally intelligent agents place orders to trade at random. The model treats the statistical mechanics of order placement, price formation, and the accumulation of revealed supply and demand within the context of the continuous double auction and yields simple laws relating order-arrival rates to statistical properties of the market. We test the validity of these laws in explaining cross-sectional variation for 11 stocks. The model explains 96% of the variance of the gap between the best buying and selling prices (the spread) and 76% of the variance of the price diffusion rate, with only one free parameter. We also study the market impact function, describing the response of quoted prices to the arrival of new orders. The nondimensional coordinates dictated by the model approximately collapse data from different stocks onto a single curve. This work is important from a practical point of view, because it demonstrates the existence of simple laws relating prices to order flows and, in a broader context, suggests there are circumstances where the strategic behavior of agents may be dominated by other considerations. double auction market | market microstructure | agent-based models

  7. Forbearance, Regulation, and Market Power in Natural Gas Storage: The Case of Ontario

    Energy Technology Data Exchange (ETDEWEB)

    Brown, D.; Ware, R.; Wetston, H.

    2007-07-01

    In late 2006 the Ontario Energy Board rendered a landmark decision to forbear from the price regulation of natural gas storage services. This paper examines the key issues and provides some economic analysis of the evidence. The decision followed a proceeding during which evidence was given on whether the market for storage is competitive or is subject to significant market power possessed by dominant and incumbent utility firms in the province. Intervenors in the proceeding were in broad agreement on the use of standard concepts from North American antitrust analysis of merger reviews: identification of the relevant product and geographic markets, analysis of market structure within the relevant market, and assessment of barriers to entry. A critical issue at the hearing was the extent of the geographic market; a broad market encompassing U.S. storage facilities in neighbouring states supports a finding of competition, whereas a narrower geographic market restricted to Ontario makes market power more likely. Since gas storage is only as functional as the pipelines connected to it, evidence was directed at assessing the availability of pipeline capacity in both primary and secondary markets. (auth)

  8. Annual Report of SGCC on Transactions of Electric Power Market in 2009

    Institute of Scientific and Technical Information of China (English)

    Electricity Transaction Center; State Grid Corporation of China

    2010-01-01

    @@ Market construction Overview In 2009, the electric power market expanded continuously. New installed capacity put into production within the coverage of the State Grid Corporation of China (hereinafter called SGCC, including west Inner Mongolia Autonomous Region, the same below) reached 70.75 GW; out of which 11.51 GW was hydropower,51.52 GW thermal power, and 7.72 GW new and other energies. The proportion of newly installed capacity by regions is shown in Fig.

  9. New Maintenance Strategies for Generating Companies in Power Market

    Institute of Scientific and Technical Information of China (English)

    JIA De-xiang; CHENG Hao-zhong; YAN Jian-yong; CHEN Ming; HAN Jing

    2007-01-01

    A new approach to maintenance scheduling of generating units (MSU) in competitive electricity markets was presented, which was formulated as a noncooperative game with complete information. The payoff of each generating company (Genco) was defined as the profit from the energy auction market minus maintenance cost and risk loss. The compensation fee of interruptible load was a part of the maintenance cost when the permitted maintenance capacity in the system was insufficient. Hourly energy auction was incorporated in the computation of both revenues from energy market and risk loss of maintenance strategy as a nested game. A new heuristic search algorithm for the calculation of the game equilibrium of MSU was presented, which coordinates the solutions of nonequilibrium, unique equilibrium and multiple equilibria. Numerical results for a two-Genco system and a realistic system were used to demonstrate the basic ideas and the applicability of the proposed method, as well as its computational efficiency.

  10. Application of the ant colony search algorithm to reactive power pricing in an open electricity market

    Energy Technology Data Exchange (ETDEWEB)

    Ketabi, Abbas; Alibabaee, Ahmad [Department of Electrical Engineering, University of Kashan, Kashan (Iran); Feuillet, R. [Laboratoire d' Electrotechnique de Grenoble, INPG/ENSIEG, 38402 Saint Martin d' Heres, Cedex (France)

    2010-07-15

    Reactive power management is essential to transfer real energy and support power system security. Developing an accurate and feasible method for reactive power pricing is important in the electricity market. In conventional optimal power flow models the production cost of reactive power was ignored. In this paper, the production cost of reactive power and investment cost of capacitor banks were included into the objective function of the OPF problem. Then, using ant colony search algorithm, the optimal problem was solved. Marginal price theory was used for calculation of the cost of active and reactive power at each bus in competitive electric markets. Application of the proposed method on IEEE 14-bus system confirms its validity and effectiveness. Results from several case studies show clearly the effects of various factors on reactive power price. (author)

  11. Electricity spot price forecasting in free power market

    Energy Technology Data Exchange (ETDEWEB)

    Lilleberg, J.; Laitinen, E.K. [Vaasa Univ. (Finland)

    1998-08-01

    Deregulation has brought many changes to the electricity market. Freedom of choice has been granted to both the consumers and the utilities. Consumers may choose the seller of their energy. Utilities have a wider array of sources to acquire their electricity from. Also the types of sales contracts used are changing to fill the needs of this new situation. The consumers` right to choose has introduced a new risk uncertainty of volume, which was not true during the times of monopoly. As sold volume is unsure and the energy is not sold on same terms as it is bought, a price risk has to be dealt with also. The electric utility has to realize this, select a risk level that suits its business strategy and optimize its actions according to the selected risk level. The number of participants will grow as the electricity market integrates into a common market for Scandinavia and even Europe. Big customers are also taking a more active role in the market, further increasing the number of participants. This makes old bilateral arrangements outdated. New tools are needed to control the new business environment. The goal of this project has been to develop a theoretical model to predict the price in the Finnish electricity exchange, El-Ex Oy. An extensive literature review was conducted in order to (1) examine the solutions in deregulation of electricity markets in other countries, esp. in Norway and UK, (2) find similarities and differences in electricity exchange and exchanges generally and (3) find major sources of problems and inefficiency in the market

  12. Oil use of the effluent plant ETEO (Effluent Station of Oil Treatment) as combustible for generation of energy in the power plant UG-50Hz; Utulizacao de oleo da ETEO (Estacao de Tratamento de Efluentes Oleosos) para geracao de energia na UG-50Hz

    Energy Technology Data Exchange (ETDEWEB)

    Souza, Jose Francisco de; Nascimento, Jose Maria do; Silva, Luiz Antonio da; Salazar, Marcos Vinicios; Baptista, Reinaldo Lopes; Barros, Sueli Aguiar [Companhia Siderurgica Nacional (CSN), Volta Redonda, RJ (Brazil)

    2009-11-01

    The areas of finishing products of CSN Steel Plant generate contaminated effluents with oil and grease , that are treated in ETEO (Effluent Station of Oil Treatment). In this plant, the oil is processed to be sold for the consuming market. However, some seasons of the year, the market does not absorb the oil, and CSN is obliged to defray the burning of this oil, to not interrupt the productive process and cause an environmental impact. Because of this situation, we search alternatives for the viable use of this oil inside CSN steel plant, taking care for the security of the processes and the impact to the environment. This paper describes the details of the work and the implantation of the burning of this oil of the ETEO with BPF oil (type of petrochemical oil) as combustible in the boiler 7 of the power plant UG 50 Hz. For the implantation of this project, operational contingencies of security for equipment was prepared . Moreover, the work included chemical analyses of the oil and the conditions of the boiler using this mixing of oils. The reached results demonstrate the total viability of this project and it was proved another alternative of the use of this residue, with reduction of the fuel costs , steam costs and the electric energy generated in the power plant of CSN. (author)

  13. The predictive power of Japanese candlestick charting in Chinese stock market

    Science.gov (United States)

    Chen, Shi; Bao, Si; Zhou, Yu

    2016-09-01

    This paper studies the predictive power of 4 popular pairs of two-day bullish and bearish Japanese candlestick patterns in Chinese stock market. Based on Morris' study, we give the quantitative details of definition of long candlestick, which is important in two-day candlestick pattern recognition but ignored by several previous researches, and we further give the quantitative definitions of these four pairs of two-day candlestick patterns. To test the predictive power of candlestick patterns on short-term price movement, we propose the definition of daily average return to alleviate the impact of correlation among stocks' overlap-time returns in statistical tests. To show the robustness of our result, two methods of trend definition are used for both the medium-market-value and large-market-value sample sets. We use Step-SPA test to correct for data snooping bias. Statistical results show that the predictive power differs from pattern to pattern, three of the eight patterns provide both short-term and relatively long-term prediction, another one pair only provide significant forecasting power within very short-term period, while the rest three patterns present contradictory results for different market value groups. For all the four pairs, the predictive power drops as predicting time increases, and forecasting power is stronger for stocks with medium market value than those with large market value.

  14. Comprehensive Framework for Strategic Formulation in Isfahan Power Plant by Marketing Approach

    Directory of Open Access Journals (Sweden)

    Akbar Nilipor tababaei

    2014-01-01

    Full Text Available Nowadays big changes can be observed through developing competition in various fields especially in markets. Every organization is confronting fast changes and should schedule and manage its action truly, otherwise, it is not able to be successful and continue to live in this turbulent competitive environment of marketing. Power plant according to their essential role changes in environ mental situation and market power must choose the best strategy to surpass their competitors. In this study we used comprehensive framework for marketing approach of Esfahan power plant comprehensive strategy. First, statement mission and vision of the organization is appointed. Then in the entrance level of company situation analysis in accordance with External Evaluation Matrix, Internal Factor Evaluation Matrix and emphasis on financial and human dimensional is presented. In the level of comparison, Internal-External Matrix and SWOT Matrix was produced and we used Competitive Profile Matrix and comparison this matrix to five main power plants of country include (Esfahan Montazeri, Azarbayejan Sharghi (Tabriz, Bisoton (Kermanshah , Hormozgan (Bandarabbas, Tehran Besat to appointed the situation of the company in marketing and the decision level, we used quantitative Strategic Planning Matrix to identity different strategic selection, then to select the best strategy, some questionnaires distributed among determiner directors, then the questionnaires evaluated and the comparison judged and the best strategy for Esfahan power plant selected. It is include the improvement of liquidity through adjustment to power market criterions to optimize and increase the level of technology.

  15. Cross-correlations between the US monetary policy, US dollar index and crude oil market

    Science.gov (United States)

    Sun, Xinxin; Lu, Xinsheng; Yue, Gongzheng; Li, Jianfeng

    2017-02-01

    This paper investigates the cross-correlations between the US monetary policy, US dollar index and WTI crude oil market, using a dataset covering a period from February 4, 1994 to February 29, 2016. Our study contributes to the literature by examining the effect of the US monetary policy on US dollar index and WTI crude oil through the MF-DCCA approach. The empirical results show that the cross-correlations between the three sets of time series exhibit strong multifractal features with the strength of multifractality increasing over the sample period. Employing a rolling window analysis, our empirical results show that the US monetary policy operations have clear influences on the cross-correlated behavior of the three time series covered by this study.

  16. Field guide on reduction and disposal of waste from oil refineries and marketing installations

    Energy Technology Data Exchange (ETDEWEB)

    Dando, D.A.J.; Bossand, B.; Lilie, R.H.; Ooms, A.C.; Sutherland, H.

    1990-07-01

    The field guide has been written primarily for those in the oil refining and marketing industry who have responsibility for the management of waste and its disposal. It should also provide useful information to the authorities who exercise legal control over these activities. It lists the types of wastes commonly encountered in the industry and highlights techniques for minimizing the quantities generated. Guidance is given on the methods of pre-treatment and disposal, together with information on how to select and monitor waste facilities and contractors, to ensure a high quality and safe disposal operation. Information is also provided on documentation and labelling of waste cargoes, and reference is made to legislation and sources of additional information. While use of the field guide cannot guarantee a problem-free operation, it will minimize the risks involved in disposal of waste materials from oil industry installations.

  17. Electronic trading system and returns volatility in the oil futures market

    Energy Technology Data Exchange (ETDEWEB)

    Liao, Huei-Chu [Department of Economics, Tamkang University (China); Lee, Yi-Huey [Department of Industrial Economics, Tamkang University (China); Suen, Yu-Bo [Department of Finance and Banking, Aletheia University (China)

    2008-09-15

    This paper uses daily Brent crude prices to investigate the employment of electronic trading on the returns conditional volatility in the oil futures market. After a suitable GARCH model is established, the conditional volatility series are found. The Bai and Perron model is then used to find two significant structural breaks for these conditional volatility series around two implementation dates of electronic trading. This result indicates that the change in the trading system has significant impacts on the returns volatility since our estimated second break date is very close to the all-electronic trade implementation date. Moreover, the conditional volatility in the all-electronic trading period is found to be more dominated by the temporal persistence rather than the volatility clustering effect. All these evidence can shed some light for explaining the high relationship between more volatile world oil price and the more popular electronic trade. (author)

  18. Creation of Power Reserves Under the Market Economy Conditions

    Science.gov (United States)

    Mahnitko, A.; Gerhards, J.; Lomane, T.; Ribakov, S.

    2008-09-01

    The main task of the control over an electric power system (EPS) is to ensure reliable power supply at the least cost. In this case, requirements to the electric power quality, power supply reliability and cost limitations on the energy resources must be observed. The available power reserve in an EPS is the necessary condition to keep it in operation with maintenance of normal operating variables (frequency, node voltage, power flows via the transmission lines, etc.). The authors examine possibilities to create power reserves that could be offered for sale by the electric power producer. They consider a procedure of price formation for the power reserves and propose a relevant mathematical model for a united EPS, the initial data being the fuel-cost functions for individual systems, technological limitations on the active power generation and consumers' load. As the criterion of optimization the maximum profit for the producer is taken. The model is exemplified by a concentrated EPS. The computations have been performed using the MATLAB program.

  19. The North American Free Trade Agreement: Implications for the parties and world oil markets

    Energy Technology Data Exchange (ETDEWEB)

    Verleger, P.K. Jr. [Institute for International Economics, Washington, DC (United States)

    1993-12-31

    The proposed North American Free Trade Agreement (NAFTA) has been criticized because it failed to open Mexico`s hydrocarbon reserves to development by private parties. This failure is an economic tragedy. Consumer welfare will clearly be reduced as a consequence. However, the loss is confined to Mexico where economic growth rates may be reduced by as much as one half of one percent per year. Otherwise, the agreement will have insignificant impacts on the world oil market. Future levels of production and prices will be unaffected by the agreement. 24 refs., 6 tabs.

  20. Strategies of the oil-and-gas TNC on the global investment market

    Directory of Open Access Journals (Sweden)

    Oleh Shvydkyi

    2011-10-01

    Full Text Available There were studied theoretical and practical aspects of the formation and efficient implementation of corporate investment strategies in the global business environment. There was made an analysis of transnational factor of the global economy establishment and revealed the nature of the global investment market, its subject identification as well as structural and functional segmentation, determined progressive and regressive properties. There has been made the identification of the update investment strategies of oil-and-gas TNC in the paradigm of the global management.