WorldWideScience

Sample records for renewables portfolio standards

  1. Analysis of renewable portfolio standards

    Energy Technology Data Exchange (ETDEWEB)

    Bernow, S.; Dougherty, W.; Duckworth, M.

    1997-12-31

    A national RPS would increase the fraction of U.S. electricity generation from renewable technologies at least cost. It would help ensure that the cost and performance of these technologies would improve with manufacturing experience, scale economies, and learning-by-doing from their integration into electric systems. Thus, their economic, environmental, energy security, and sustainability benefits would be realized.

  2. Meeting the government renewable portfolio standard requirements

    International Nuclear Information System (INIS)

    Crawley, M.

    2004-01-01

    This Power Point presentation reviewed renewable portfolio standards (RPSs) from the perspective of AIM PowerGen Corp, an Ontario based wind power development company. Details of AIM's wind projects and wind projects development team were presented and details of the Erie Shores Wind Farm were discussed. New power supply needs in Ontario were evaluated, and challenges with the current energy mix were examined. It was noted that Ontario has significant low-cost, large-scale hydro assets and proven private sector nuclear operational success, as well as an aging transmission system connecting coal-fired assets. Wind, hydro and natural gas generation options were reviewed. Details of Ontario's objectives for enabling renewable energy sources were presented. Challenges with 2007 deadlines, European feed-in tariffs and negotiated contracts were discussed. The Federal government's role in stimulating resource and energy sectors was evaluated. Renewable energy policies were discussed, including the recent wind power production incentive (WPPI) expansion. It was recommended that Ontario stick with current targets and move quickly to the next procurement phase. A review of targets based on the success of earlier projects was recommended. tabs., figs

  3. Renewable Portfolio Standards: Understanding Costs and Benefits | Energy

    Science.gov (United States)

    considering the highest cost and lowest benefit outcomes. More Information: Fact Sheet Image of a report cover | Presentation Image of a report cover for A Survey of State-Level Cost and Benefit Estimates of Renewable Portfolio Standards: Understanding Costs and Benefits State policymakers, public utilities commissions, and

  4. Optimal Energy Mix with Renewable Portfolio Standards in Korea

    Directory of Open Access Journals (Sweden)

    Zong Woo Geem

    2016-05-01

    Full Text Available Korea is a heavily energy-dependent country whose primary energy consumption ranks ninth in the world. However, at the same time, it promised to reduce carbon emission and planned to use more renewable energy. Thus, the objective of this study is to propose an optimal energy mix planning model in electricity generation from various energy sources, such as gas, coal, nuclear, hydro, wind, photovoltaic, and biomass, which considers more renewable and sustainable portions by imposing governmental regulation named renewable portfolio standard (RPS. This optimization model minimizes various costs such as construction cost, operation and management cost, fuel cost, and carbon emission cost while satisfying minimal demand requirement, maximal annual installation potential, and renewable portfolio standard constraints. Results showed that this optimization model could successfully generate energy mix plan from 2012 to 2030 while minimizing the objective costs and satisfying all the constraints. Therefore, this optimization model contributes more efficient and objective method to the complex decision-making process with a sustainability option. This proposed energy mix model is expected to be applied not only to Korea, but also to many other countries in the future for more economical planning of their electricity generation while affecting climate change less.

  5. The renewable portfolio standard: design considerations and an implementation survey

    International Nuclear Information System (INIS)

    Berry, T.; Jaccard, M.

    2001-01-01

    Renewables have social and environmental benefits compared to conventional electricity sources, but are rarely competitive on a strict financial cost basis. This is because conventional sources are sometimes subsidized, their full pollution costs are ignored, and renewables involve newer, higher-cost technologies whose relative costs will fall with commercialization. Governments use several mechanisms to support renewables, including direct financial support (grants, loans), indirect support (R and D, demonstrations), reform of financial costs of conventional sources (subsidy removal, pollution taxes), and the Renewable Portfolio Standard (RPS). The RPS requires a minimum share of electricity from renewable energy sources. Its use is spreading because it maintains an incentive for renewable producers to reduce costs, links the regulated market outcome to an environmental target, and reduces government involvement. Although it is too early to evaluate fully its effectiveness, the survey for this study explored implementation issues in three European countries, nine US states, and Australia, and found the following. The RPS target is usually set to have environmental benefits without causing significant price increases (cost caps are sometimes used). Most jurisdictions limit eligibility to grid-connected, domestic renewables. The RPS is usually applied to producers rather than consumers, and to energy output not capacity. Flexibility mechanisms are desired but a challenge to implement. Administration in the US and Australia is by government with delegation to independent utility regulators, while in Europe it is more the responsibility of government. Everywhere, the RPS is applied alongside other mechanisms of renewables support. (author)

  6. The renewables portfolio standard in Texas: an early assessment

    International Nuclear Information System (INIS)

    Langniss, Ole; Wiser, Ryan

    2003-01-01

    Texas has rapidly emerged as one of the leading wind power markets in the United States. This development can be largely traced to a well-designed and carefully implemented renewables portfolio standard (RPS). The RPS is a new policy mechanism that has received increasing attention as an attractive approach to support renewable power generation. Though replacing existing renewable energy policies with an as-of-yet untested approach in the RPS is risky, early experience from Texas suggests that an RPS can effectively spur renewables development and encourage competition among renewable energy producers. Initial RPS targets in Texas were well exceeded by the end of 2001, with 915 MW of wind installed in that year alone. RPS compliance costs appear negligible with new wind projects reportedly contracted for well under 3(US) cents/kWh, in part as a result of a 1.7(US) cents/kWh production tax credit, an outstanding wind resource and an RPS that is sizable enough to drive project economies of scale. Obliged retail suppliers have been willing to enter into long-term contracts with renewable generators, reducing important risks for both the developer and the retail supplier. Finally, the country's first comprehensive renewable energy certificate program has been put into place to monitor and track RPS compliance

  7. The renewables portfolio standard in Texas: An early assessment; TOPICAL

    International Nuclear Information System (INIS)

    Wiser, Ryan H.; Langniss, Ole

    2001-01-01

    Texas has rapidly emerged as one of the leading wind power markets in the United States. This development can be largely traced to a well-designed and carefully implemented renewables portfolio standard (RPS). The RPS is a new policy mechanism that has received increasing attention as an attractive approach to support renewable power generation. Though replacing existing renewable energy policies with an as-of-yet largely untested approach in the RPS is risky, early experience from Texas suggests that an RPS can effectively spur renewables development and encourage competition among renewable energy producers. Initial RPS targets in Texas will be far exceeded by the end of 2001, with as much as 930 MW of wind slated for installation this year. RPS compliance costs appear negligible, with new wind projects reportedly contracted for under 3(US)/242/kWh, in part as a result of a 1.7(US)/242/kWh production tax credit, an outstanding wind resource, and an RPS that is sizable enough to drive project economies of scale. Obliged retail suppliers have been willing to enter into long-term contracts with renewable generators, reducing important risks for both the developer and the retail supplier. Finally, the country's first comprehensive renewable energy certificate program has been put into place to monitor and track RPS compliance

  8. Renewables portfolio standard and regional energy structure optimisation in China

    International Nuclear Information System (INIS)

    Fan, J.; Sun, W.; Ren, D.-M.

    2005-01-01

    Eastern Coastal areas of China have been developing rapidly since the implementation of reforms and the opening of China's economic markets in 1978. As in most areas of the world, this rapid economic growth has been accompanied by large increases in energy consumption. China's coal-dominated energy structure has resulted in serious ecological and environmental problems. Exploiting renewable energy resources and introducing Renewables Portfolio Standard (RPS) are some of the most important approaches towards optimising and sustaining the energy structure of China. This paper discusses international experiences in the implementation of RPS policies and prospects for using these policies to encourage renewable energy development in China, establishes a concise definition of renewable resources, differentiating between the broad definition (which includes hydro over 25 MW in size) from the narrow definition (which limits the eligibility of hydro to below 25 MW in size), and quantitatively analyses the potential renewable energy target. The research shows that: (1) Under the narrow hydro definition the renewable energy target would be 5.1% and under the broad hydro definition it would be 18.4%. (2) Western China has contributed 90.2% of the total renewable electricity generation in the country (if big and medium hydropowers are not included). Including big and medium hydropower, the figure is 63.8%. (3) Eastern electricity companies can achieve their quota by buying Tradable Renewable Energy Certificates (TRCs or Green Certificates) and by exploiting renewable energy resources in Western China. The successful implementation of the RPS policy will achieve the goal of sharing the benefits and responsibilities of energy production between the different regions of China

  9. Emissions reductions from expanding state-level renewable portfolio standards.

    Science.gov (United States)

    Johnson, Jeremiah X; Novacheck, Joshua

    2015-05-05

    In the United States, state-level Renewable Portfolio Standards (RPS) have served as key drivers for the development of new renewable energy. This research presents a method to evaluate emissions reductions and costs attributable to new or expanded RPS programs by integrating a comprehensive economic dispatch model and a renewable project selection model. The latter model minimizes incremental RPS costs, accounting for renewable power purchase agreements (PPAs), displaced generation and capacity costs, and net changes to a state's imports and exports. We test this method on potential expansions to Michigan's RPS, evaluating target renewable penetrations of 10% (business as usual or BAU), 20%, 25%, and 40%, with varying times to completion. Relative to the BAU case, these expanded RPS policies reduce the CO2 intensity of generation by 13%, 18%, and 33% by 2035, respectively. SO2 emissions intensity decreased by 13%, 20%, and 34% for each of the three scenarios, while NOx reductions totaled 12%, 17%, and 31%, relative to the BAU case. For CO2 and NOx, absolute reductions in emissions intensity were not as large due to an increasing trend in emissions intensity in the BAU case driven by load growth. Over the study period (2015 to 2035), the absolute CO2 emissions intensity increased by 1% in the 20% RPS case and decreased by 6% and 22% for the 25% and 40% cases, respectively. Between 26% and 31% of the CO2, SO2, and NOx emissions reductions attributable to the expanded RPS occur in neighboring states, underscoring the challenges quantifying local emissions reductions from state-level energy policies with an interconnected grid. Without federal subsidies, the cost of CO2 mitigation using an RPS in Michigan is between $28 and $34/t CO2 when RPS targets are met. The optimal renewable build plan is sensitive to the capacity credit for solar but insensitive to the value for wind power.

  10. Is the choice of renewable portfolio standards random?

    International Nuclear Information System (INIS)

    Huang Mingyuan; Alavalapati, Janaki R.R.; Carter, Douglas R.; Langholtz, Matthew H.

    2007-01-01

    This study investigated factors influencing the adoption or intention to adopt renewable portfolio standards (RPS) by individual states in the United States (U.S). Theory of adoption of innovation was applied as a conceptual framework. A logistic model was used to achieve the task. Gross state product (GSP), growth rate of population (GRP), political party dominancy, education level, natural resources expenditure, and share of coal in electricity generation were used as explanatory variables. Results indicated that the model predicts the dependent variable (state's choice of adopting or not adopting RPS) 82 times correctly out of 100. Results also suggested that education followed by political party dominancy, GSP and GRP are shown to have large impacts on the probability of RPS adoption

  11. Are renewables portfolio standards cost-effective emission abatement policy?

    Science.gov (United States)

    Dobesova, Katerina; Apt, Jay; Lave, Lester B

    2005-11-15

    Renewables portfolio standards (RPS) could be an important policy instrument for 3P and 4P control. We examine the costs of renewable power, accounting for the federal production tax credit, the market value of a renewable credit, and the value of producing electricity without emissions of SO2, NOx, mercury, and CO2. We focus on Texas, which has a large RPS and is the largest U.S. electricity producer and one of the largest emitters of pollutants and CO2. We estimate the private and social costs of wind generation in an RPS compared with the current cost of fossil generation, accounting for the pollution and CO2 emissions. We find that society paid about 5.7 cent/kWh more for wind power, counting the additional generation, transmission, intermittency, and other costs. The higher cost includes credits amounting to 1.1 cent/kWh in reduced SO2, NOx, and Hg emissions. These pollution reductions and lower CO2 emissions could be attained at about the same cost using pulverized coal (PC) or natural gas combined cycle (NGCC) plants with carbon capture and sequestration (CCS); the reductions could be obtained more cheaply with an integrated coal gasification combined cycle (IGCC) plant with CCS.

  12. Assessing the costs and benefits of US renewable portfolio standards

    Science.gov (United States)

    Wiser, Ryan; Mai, Trieu; Millstein, Dev; Barbose, Galen; Bird, Lori; Heeter, Jenny; Keyser, David; Krishnan, Venkat; Macknick, Jordan

    2017-09-01

    Renewable portfolio standards (RPS) exist in 29 US states and the District of Columbia. This article summarizes the first national-level, integrated assessment of the future costs and benefits of existing RPS policies; the same metrics are evaluated under a second scenario in which widespread expansion of these policies is assumed to occur. Depending on assumptions about renewable energy technology advancement and natural gas prices, existing RPS policies increase electric system costs by as much as 31 billion, on a present-value basis over 2015-2050. The expanded renewable deployment scenario yields incremental costs that range from 23 billion to 194 billion, depending on the assumptions employed. The monetized value of improved air quality and reduced climate damages exceed these costs. Using central assumptions, existing RPS policies yield 97 billion in air-pollution health benefits and 161 billion in climate damage reductions. Under the expanded RPS case, health benefits total 558 billion and climate benefits equal 599 billion. These scenarios also yield benefits in the form of reduced water use. RPS programs are not likely to represent the most cost effective path towards achieving air quality and climate benefits. Nonetheless, the findings suggest that US RPS programs are, on a national basis, cost effective when considering externalities.

  13. Essays in energy economics: An inquiry into Renewable Portfolio Standards

    Science.gov (United States)

    Lamontagne, Laura Marie

    In an attempt to motivate the transition away from fossil fuels, reduce carbon emissions and diversify electricity supply, twenty-nine states and the District of Columbia have adopted a Renewable Portfolio Standard (RPS). An RPS is a form of regulation that requires increased electricity production from renewable energy sources. These standards vary by state but generally require a minimum percentage of electricity generation to come from renewable technologies by a predetermined date. In the first chapter I examine the effect of the adoption of an RPS on electricity rates, making use of the increased availability of data since several policies' adoption. Using a fifty state panel over the years 1990-2010, this study uses a difference-in-difference and a fixed effects estimation to measure how the adoption of an RPS affects the price of electricity in state markets. Empirical findings show that states that have adopted an RPS have approximately a 20% higher all-retail electricity price than states that do not have RPS. Following the adoption of this regulation, a state can expect to see electricity prices rise by roughly 5% on average per year relative to states with no RPS. Once the legislation has been in place for almost a decade, electricity rates begin to dramatically increase upwards of 10% per year. In the second chapter, I observe the economic, social and political factors that prompt a state to adopt a Renewable Portfolio Standard. I estimate a probit model to determine the probability a state will adopt an RPS in a year given its present political and economic climate. Results show that a deregulated electricity market, a high per-capita GDP, a strong democratic presence in the state legislature, high renewable capacity, and a strong incidence of natural gas are indicators a state will pass an RPS. Whether or not a state is a net importer or exporter of electricity is not a significant indicator of adoption of an RPS within a state. The third chapter

  14. A Cross-State Analysis of Renewable Portfolio Standard Development

    Science.gov (United States)

    Marchand, Mariel

    As of December 2016, thirty-seven states have a renewable portfolio standard (RPS). RPS require that utilities provide a certain percentage of electricity generated using renewable sources by a certain date. This thesis builds on diffusion of innovation literature to understand how factors within a state, such as its political climate and the strength of interest groups, appear to influence the adoption process and structure of the RPS in five states--Connecticut, New Jersey, Michigan, Colorado, and Washington. Each of these states has a strong RPS as measured by its renewable energy goal over its current renewable energy production, the time frame in which this goal must be met, and the percentage of the electric load that is included in the regulation. This thesis uses both within-case and cross-case analysis to understand which combinations of internal state factors potentially lead to the adoption of a strong RPS. It finds that there are a number of combinations of factors that appear to contribute to strong RPS, depending on the internal circumstances of each state. However, more important is that without the opportunity to tailor the policy to meet the needs of the state, it is likely that states with unfavorable internal factors may not choose to adopt a RPS at all, let alone a strong RPS. While the innovation factors identified through the RPS diffusion research often contribute to states adopting a strong RPS, this thesis finds that the influence of these factors depends on a combination of the internal state factors with the RPS adoption process in shaping the structure of the RPS.

  15. The effect of state renewable portfolio standards on consumer participation in green pricing programs

    Science.gov (United States)

    Maltese, James L.

    In the last several years, two mechanisms for increasing the supply of renewable electricity have become increasingly popular: renewable portfolio standards, a state policy of mandating increased production of green power; and green pricing programs, which allow customers to purchase green power through their utilities. These mechanisms have been effective in increasing the adoption of renewable energy; however, it is unclear whether they interact in a way that is mutually beneficial or counterproductive. It is important to understand the effect of renewable portfolio standards on the voluntary market for green energy, especially as Congress considers a nationwide portfolio standard. The effectiveness of a renewable portfolio standard may be undercut if it leads customers to purchase less green power. This study analyzes the relationship between the passage and implementation of a renewable portfolio standard and two measures of enrollment in utility green pricing programs. Using eight years of data for all fifty states, the study utilizes multiple regression analysis with fixed-effects estimation. The results indicate that the passage of a renewable portfolio standard has a positive and statistically significant effect on green pricing enrollment within the state. At the same time, the rate at which states increase the stringency of the renewable portfolio standard is found to have no effect on enrollment. Although further study is needed to determine if additional factors are responsible for the observed increase in green pricing enrollment, this study provides evidence that such programs do not harm, and may in fact encourage, voluntary purchases of green power.

  16. Future Costs, Benefits, and Impacts of Renewables Used to Meet U.S. Renewable Portfolio Standards

    Energy Technology Data Exchange (ETDEWEB)

    2016-12-01

    This brochure provides a brief overview of the report titled 'A Prospective Analysis of the Costs, Benefits, and Impacts of U.S. Renewable Portfolio Standards.' The report evaluates the future costs, benefits, and other impacts of renewable energy used to meet current state renewable portfolio standards (RPSs). It also examines a future scenario where RPSs are expanded. The analysis examines changes in electric system costs and retail electricity prices, which include all fixed and operating costs, including capital costs for all renewable, non-renewable, and supporting (e.g., transmission and storage) electric sector infrastructure; fossil fuel, uranium, and biomass fuel costs; and plant operations and maintenance expenditures. The analysis evaluates three specific benefits: air pollution, greenhouse gas emissions, and water use. It also analyzes two other impacts, renewable energy workforce and economic development, and natural gas price suppression. The analysis finds that the benefits or renewable energy used to meet RPS polices exceed the costs, even when considering the highest cost and lowest benefit outcomes.

  17. U.S. Renewables Portfolio Standards: 2017 Annual Status Report

    Energy Technology Data Exchange (ETDEWEB)

    Barbose, Galen [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States)

    2017-07-25

    Berkeley Lab’s annual status report on U.S. renewables portfolio standards (RPS) provides an overview of key trends associated with U.S. state RPS policies. The report, published in slide-deck form, describes recent legislative revisions, key policy design features, compliance with interim targets, past and projected impacts on renewables development, and compliance costs. The 2017 edition of the report presents historical data through year-end 2016 and projections through 2030. Key trends from this edition of the report include the following: -Evolution of state RPS programs: Significant RPS-related policy revisions since the start of 2016 include increased RPS targets in DC, MD, MI, NY, RI, and OR; requirements for new wind and solar projects and other major reforms to the RPS procurement process in IL; and a new offshore wind carve-out and solar procurement program in MA. -Historical impacts on renewables development: Roughly half of all growth in U.S. renewable electricity (RE) generation and capacity since 2000 is associated with state RPS requirements. Nationally, the role of RPS policies has diminished over time, representing 44% of all U.S. RE capacity additions in 2016. However, within particular regions, RPS policies continue to play a central role in supporting RE growth, constituting 70-90% of 2016 RE capacity additions in the West, Mid-Atlantic, and Northeast. -Future RPS demand and incremental needs: Meeting RPS demand growth will require roughly a 50% increase in U.S. RE generation by 2030, equating to 55 GW of new RE capacity. To meet future RPS demand, total U.S. RE generation will need to reach 13% of electricity sales by 2030 (compared to 10% today), though other drivers will also continue to influence RE growth. -RPS target achievement to-date: States have generally met their interim RPS targets in recent years, with only a few exceptions reflecting unique state-specific policy designs. -REC pricing trends: Prices for renewable energy

  18. Do state renewable portfolio standards promote in-state renewable generation

    International Nuclear Information System (INIS)

    Yin, Haitao; Powers, Nicholas

    2010-01-01

    Several US states have passed renewable portfolio standard (RPS) policies in order to encourage investment in renewable energy technologies. Existing research on their effectiveness has either employed a cross-sectional approach or has ignored heterogeneity among RPS policies. In this paper, we introduce a new measure for the stringency of an RPS that explicitly accounts for some RPS design features that may have a significant impact on the strength of an RPS. We also investigate the impacts of renewable portfolio standards on in-state renewable electricity development using panel data and our new measure of RPS stringency, and compare the results with those when alternative measures are used. Using our new measure, the results suggest that RPS policies have had a significant and positive effect on in-state renewable energy development, a finding which is masked when design differences among RPS policies are ignored. We also find that another important design feature - allowing 'free trade' of REC's - can significantly weaken the impact of an RPS. These results should prove instructive to policy makers, whether considering the development of a federal-level RPS or the development or redesign of a state-level RPS. (author)

  19. Supply amount and marginal price of renewable electricity under the renewables portfolio standard in Japan

    Energy Technology Data Exchange (ETDEWEB)

    Nishio, Kenichiro; Asano, Hiroshi [Central Research institute of Electric Power Industry, Tokyo (Japan). Socio-economic Research Center

    2006-10-15

    The Renewables Portfolio Standard (RPS) in Japan requires that approximately 1.35% of each retail supplier's electricity sales in FY2010 come from renewable energy sources (RES), for example, photovoltaics, wind, biomass, geothermal, and small hydropower. To help retail suppliers and renewable generators develop effective strategies, this study provides a quantitative analysis of the impact of this measure. We assume the supply conditions for electricity generation from renewable energy sources (RES-E) based on regional resource endowments, and we derive the cost-effective compositions of renewable portfolios, RES-E certificate prices, and additional costs to retail suppliers. The future prospects of RES-E are assessed based on technology, region, and year up to FY2010. The analysis reveals that wind power and biomass power generated from municipal waste will provide the majority of the total supply of RES-E under the RPS. It also indicates that the marginal price of RES-E certificates will be approximately 5.8 JPY/kWh (5.2 USc/kWh) in FY2010, in the case wherein the marginal price of electricity is assumed to be 4 JPY/kWh (3.6 USc/kWh). In order to elaborate on this further, sensitivity analyses for some parameters of RES and the price of electricity are provided. The dynamic supply curves of RES-E certificates are also indicated. (author)

  20. Supply amount and marginal price of renewable electricity under the renewables portfolio standard in Japan

    International Nuclear Information System (INIS)

    Nishio, Kenichiro; Asano, Hiroshi

    2006-01-01

    The Renewables Portfolio Standard (RPS) in Japan requires that approximately 1.35% of each retail supplier's electricity sales in FY2010 come from renewable energy sources (RES), for example, photovoltaics, wind, biomass, geothermal, and small hydropower. To help retail suppliers and renewable generators develop effective strategies, this study provides a quantitative analysis of the impact of this measure. We assume the supply conditions for electricity generation from renewable energy sources (RES-E) based on regional resource endowments, and we derive the cost-effective compositions of renewable portfolios, RES-E certificate prices, and additional costs to retail suppliers. The future prospects of RES-E are assessed based on technology, region, and year up to FY2010. The analysis reveals that wind power and biomass power generated from municipal waste will provide the majority of the total supply of RES-E under the RPS. It also indicates that the marginal price of RES-E certificates will be approximately 5.8 JPY/kWh (5.2 USc/kWh) in FY2010, in the case wherein the marginal price of electricity is assumed to be 4 JPY/kWh (3.6 USc/kWh). In order to elaborate on this further, sensitivity analyses for some parameters of RES and the price of electricity are provided. The dynamic supply curves of RES-E certificates are also indicated

  1. Supply amount and marginal price of renewable electricity under the renewables portfolio standard in Japan

    International Nuclear Information System (INIS)

    Nishio, Kenichiro; Asano, Hiroshi

    2006-01-01

    The Renewables Portfolio Standard (RPS) in Japan requires that approximately 1.35% of each retail supplier's electricity sales in FY2010 come from renewable energy sources (RES), for example, photovoltaics, wind, biomass, geothermal, and small hydropower. To help retail suppliers and renewable generators develop effective strategies, this study provides a quantitative analysis of the impact of this measure. We assume the supply conditions for electricity generation from renewable energy sources (RES-E) based on regional resource endowments, and we derive the cost-effective compositions of renewable portfolios, RES-E certificate prices, and additional costs to retail suppliers. The future prospects of RES-E are assessed based on technology, region, and year up to FY2010. The analysis reveals that wind power and biomass power generated from municipal waste will provide the majority of the total supply of RES-E under the RPS. It also indicates that the marginal price of RES-E certificates will be approximately 5.8 JPY/kWh (5.2 USc/kWh) in FY2010, in the case wherein the marginal price of electricity is assumed to be 4 JPY/kWh (3.6 USc/kWh). In order to elaborate on this further, sensitivity analyses for some parameters of RES and the price of electricity are provided. The dynamic supply curves of RES-E certificates are also indicated. (author)

  2. Big is beautiful: the case for Federal leadership on a national renewable portfolio standard

    Energy Technology Data Exchange (ETDEWEB)

    Sovacool, Benjamin K.; Cooper, Christopher

    2007-05-15

    State-based renewable portfolio standards (RPS) create regulatory uncertainty for investors and inherent inequities among ratepayers. Ultimately, federal legislation can help create a more just, diverse and predictable national market for renewable resources without significantly increasing aggregate electricity prices. (author)

  3. Including Alternative Resources in State Renewable Portfolio Standards: Current Design and Implementation Experience

    Energy Technology Data Exchange (ETDEWEB)

    Heeter, J.; Bird, L.

    2012-11-01

    Currently, 29 states, the District of Columbia, and Puerto Rico have instituted a renewable portfolio standard (RPS). An RPS sets a minimum threshold for how much renewable energy must be generated in a given year. Each state policy is unique, varying in percentage targets, timetables, and eligible resources. This paper examines state experience with implementing renewable portfolio standards that include energy efficiency, thermal resources, and non-renewable energy and explores compliance experience, costs, and how states evaluate, measure, and verify energy efficiency and convert thermal energy. It aims to gain insights from the experience of states for possible federal clean energy policy as well as to share experience and lessons for state RPS implementation.

  4. Can British Columbia Achieve Electricity Self-Sufficiency and Meet its Renewable Portfolio Standard?

    NARCIS (Netherlands)

    Sopinka, A.; Kooten, van G.C.; Wong, L.

    2012-01-01

    British Columbia’s energy policy is at a crossroads; the province has set a goal of electricity self-sufficiency, a 93% renewable portfolio standard and provincial natural gas strategy that could increase electricity consumption by 2,500-3,800 MW. To ascertain the reality of BC’s supply position, we

  5. Utilizing GIS to Examine the Relationship Between State Renewable Portfolio Standards and the Adoption of Renewable Energy Technologies

    Directory of Open Access Journals (Sweden)

    Chelsea Schelly

    2013-12-01

    Full Text Available In the United States, there is no comprehensive energy policy at the federal level. To address issues as diverse as climate change, energy security, and economic development, individual states have increasingly implemented Renewable Portfolio Standards (RPSs, which mandate that utility providers include a specified amount of electricity from renewable energy sources in their total energy portfolios. Some states have included incentives for individual energy technologies in their RPS, such as solar electric (also called photovoltaic or PV technology. Here, we use GIS to visualize adoption of RPSs and electricity generation from renewable energy sources in the US and examine changes in renewable electricity and solar electric generation over time with the goal of informing future policies aimed at promoting the adoption of renewable energy technologies.

  6. The environmental and cost implications of solar energy preferences in Renewable Portfolio Standards

    International Nuclear Information System (INIS)

    Novacheck, Joshua; Johnson, Jeremiah X.

    2015-01-01

    Many state-level Renewable Portfolio Standards (RPS) include preferences for solar generation, with goals of increasing the generation diversity, reducing solar costs, and encouraging local solar industries. Depending on their policy design, these preferences can impact the RPS program costs and emissions reduction. This study evaluates the impact of these policies on costs and emissions, coupling an economic dispatch model with optimized renewable site selection. Three policy designs of an increased RPS in Michigan are investigated: (1) 20% Solar Carve-Out, (2) 5% Distributed Generation Solar Carve-Out, and (3) 3× Solar Multiplier. The 20% Solar Carve-Out scenario was found to increase RPS costs 28%, while the 5% Distributed Generation Solar Carve-Out increased costs by 34%. Both of these solar preferences had minimal impact on total emissions. The 3× Solar Multiplier decreases total RPS program costs by 39%, but adds less than half of the total renewable generation of the other cases, significantly increasing emissions of CO_2, NO_x, and SO_2 relative to an RPS without the solar credit multiplier. Sensitivity analysis of the installed cost of solar and the natural gas price finds small changes in the results of the Carve-Out cases, with a larger impact on the 3× Solar Multiplier. - Highlights: • A unit commitment and economic dispatch model is used to assess Renewable Portfolio Standard expansion. • The impact of solar carve-outs and multipliers on costs and benefits of Renewable Portfolio Standards are analyzed. • Solar carve-outs increase costs and have minimal impact on emissions. • The solar multiplier decreases total renewable energy expansion. • The multiplier decreases the emissions reduction potential of the Renewable Portfolio Standard.

  7. Renewable portfolio standards and cost-effective energy-efficiency investment

    International Nuclear Information System (INIS)

    Mahone, A.; Woo, C.K.; Williams, J.; Horowitz, I.

    2009-01-01

    Renewable portfolio standards (RPSs) and mandates to invest in cost-effective energy efficiency (EE) are increasingly popular policy tools to combat climate change and dependence on fossil fuels. These supply-side and demand-side policies, however, are often uncoordinated. Using California as a case in point, this paper demonstrates that states could improve resource allocation if these two policies were coordinated by incorporating renewable-energy procurement cost into the cost-effectiveness determination for EE investment. In particular, if renewable energy is relatively expensive when compared to conventional energy, increasing the RPS target raises the cost-effective level of EE investment

  8. Power Transfer Potential to the Southeast in Response to a Renewable Portfolio Standard: Interim Report 2

    Energy Technology Data Exchange (ETDEWEB)

    Hadley, Stanton W [ORNL; Key, Thomas S [Electric Power Research Institute (EPRI); Deb, Rajat [LCG Consulting

    2009-05-01

    Electricity consumption in the Southeastern US, not including Florida, is approximately 24% of the total US. The availability of renewable resources for electricity production is relatively small compared to the high consumption. Therefore meeting a national renewable portfolio standard (RPS) is particularly challenging in this region. Neighboring regions, particularly to the west, have significant wind resources and given sufficient long distant transmission these resources could serve energy markets in the SE. This report looks at renewable resource supply relative to demands and the potential for power transfer into the SE. It shows that development of wind resources will depend not only on available transmission capacity but also on electricity supply and demand factors.

  9. Prospective Costs, Benefits, and Impacts of U.S. Renewable Portfolio Standards

    Energy Technology Data Exchange (ETDEWEB)

    Heeter, Jenny S [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Mai, Trieu T [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Bird, Lori A [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Keyser, David J [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Krishnan, Venkat K [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Macknick, Jordan E [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Wiser, Ryan [Lawrence Berkeley National Laboratory; Barbose, Galen [Lawrence Berkeley National Laboratory; Millstein, Dev [Lawrence Berkeley National Laboratory

    2018-04-06

    These slides were presented at a webinar on January 9, 2017. The slides overview a report that evaluates the future costs, benefits, and other impacts of renewable energy used to meet current state renewable portfolio standards (RPSs). It also examines a future scenario where RPSs are expanded. The analysis examines changes in electric system costs and retail electricity prices, which include all fixed and operating costs, including capital costs for all renewable, non-renewable, and supporting (e.g., transmission and storage) electric sector infrastructure; fossil fuel, uranium, and biomass fuel costs; and plant operations and maintenance expenditures. The analysis evaluates three specific benefits: air pollution, greenhouse gas emissions, and water use. It also analyzes two other impacts, renewable energy workforce and economic development, and natural gas price suppression. The analysis finds that the benefits or renewable energy used to meet RPS polices exceed the costs, even when considering the highest cost and lowest benefit outcomes.

  10. A Prospective Analysis of the Costs, Benefits, and Impacts of U.S. Renewable Portfolio Standards

    Energy Technology Data Exchange (ETDEWEB)

    Mai, Trieu [National Renewable Energy Lab. (NREL), Golden, CO (United States); Wiser, Ryan [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Barbose, Galen [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Bird, Lori [National Renewable Energy Lab. (NREL), Golden, CO (United States); Heeter, Jenny [National Renewable Energy Lab. (NREL), Golden, CO (United States); Keyser, David [National Renewable Energy Lab. (NREL), Golden, CO (United States); Krishnan, Venkat [National Renewable Energy Lab. (NREL), Golden, CO (United States); Macknick, Jordan [National Renewable Energy Lab. (NREL), Golden, CO (United States); Millstein, Dev [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States)

    2016-12-01

    This report evaluates the future costs, benefits, and other impacts of renewable energy used to meet current state renewable portfolio standards (RPSs). It also examines a future scenario where RPSs are expanded. The analysis examines changes in electric system costs and retail electricity prices, which include all fixed and operating costs, including capital costs for all renewable, non-renewable, and supporting (e.g., transmission and storage) electric sector infrastructure; fossil fuel, uranium, and biomass fuel costs; and plant operations and maintenance expenditures. The analysis evaluates three specific benefits: air pollution, greenhouse gas emissions, and water use. It also analyzes two other impacts, renewable energy workforce and economic development, and natural gas price suppression. This analysis finds that the benefits or renewable energy used to meet RPS polices exceed the costs, even when considering the highest cost and lowest benefit outcomes.

  11. Overall review of feed-in tariff and renewable portfolio standard policy: A perspective of China

    Science.gov (United States)

    Yan, Q. Y.; Zhang, Q.; Yang, L.; Wang, X.

    2016-08-01

    A major share of China's total carbon dioxide (CO2) emissions is from the electric power sector. To solve this problem, Chinese government has implemented many renewable energy policies in the electric power sector. In China, the most popular renewable energy policies are Feed-in tariff (FIT) and renewable portfolio standard (RPS). This paper first introduces the current development of renewable electricity generation. Second the design plan and implement of FIT and RPS in China's thermal electricity generation sector are summarized in this paper. Third this paper establishes a complementary mode of FIT and RPS which can provide a stable environment to make the FIT and RPS work together. Finally, based on the above analysis, this paper proposes relative suggestions for the implementation of FIT and RPS in China making recommendation for the development of electricity generation from renewable energy.

  12. Renewable Portfolio Standards in the States: Balancing Goals and Implementation Strategies

    Energy Technology Data Exchange (ETDEWEB)

    Cory, K. S.; Swezey, B. G.

    2007-12-01

    This paper reports on renewable portfolio standards (RPS) and how the RPS rules vary from state to state. This variation presents important challenges to successful implementation. Key issues are discussed in terms of resource availability, solar-specific provisions, and political and regulatory consistency, and their impacts on the ability to finance new renewable energy projects. This report emphasizes the fact that a successful RPS policy must balance a state's goals for fuel diversity, economic development, price effects, and environmental benefits.

  13. Including alternative resources in state renewable portfolio standards: Current design and implementation experience

    International Nuclear Information System (INIS)

    Heeter, Jenny; Bird, Lori

    2013-01-01

    As of October 2012, 29 states, the District of Columbia, and Puerto Rico have instituted a renewable portfolio standard (RPS). Each state policy is unique, varying in percentage targets, timetables, and eligible resources. Increasingly, new RPS polices have included alternative resources. Alternative resources have included energy efficiency, thermal resources, and, to a lesser extent, non-renewables. This paper examines state experience with implementing renewable portfolio standards that include energy efficiency, thermal resources, and non-renewable energy and explores compliance experience, costs, and how states evaluate, measure, and verify energy efficiency and convert thermal energy. It aims to gain insights from the experience of states for possible federal clean energy policy as well as to share experience and lessons for state RPS implementation. - Highlights: • Increasingly, new RPS policies have included alternative resources. • Nearly all states provide a separate tier or cap on the quantity of eligible alternative resources. • Where allowed, non-renewables and energy efficiency are being heavily utilized

  14. Impacts of a renewable portfolio generation standard on US energy markets

    International Nuclear Information System (INIS)

    Kydes, Andy S.

    2007-01-01

    This paper analyzes the impacts of imposing a Federal 20 percent non-hydropower renewable generation portfolio standard (RPS) on US energy markets by 2020. The US currently has no RPS requirement although some state RPS regulations have been adopted but not uniformly enforced (see http://www.eia.doe.gov/oiaf/analysispaper/rps/index.html for a recent summary on RPSs in the US). The renewable portfolio standard (RPS) requires that 20 percent of the power sold must come from qualifying renewable facilities. The analysis of the 20 percent RPS was developed by using the December 2001 version of the National Energy Modeling System (NEMS) of the Energy Information Administration (EIA) and the assumptions and results of the Annual Energy Outlook 2002 (AEO2002) reference case. A policy that requires a 20 percent non-hydro-electric RPS by 2020 appears to be effective in promoting the adoption of renewable generation technologies while also reducing emissions of nitrogen oxides by 6 percent, mercury by 4 percent and carbon dioxide by about 16.5 percent relative to the reference case in 2020. Electricity prices are expected to rise about 3 percent while the cost to the electric power industry could rise between 35 and 60 billion dollars (in year 2000 dollars in net present value terms)

  15. Power Transfer Potential to the Southeast in Response to a Renewable Portfolio Standard: Final Report

    Energy Technology Data Exchange (ETDEWEB)

    Key, Thomas S [Electric Power Research Institute (EPRI); Hadley, Stanton W [ORNL; Deb, Rajat [LCG Consulting

    2010-02-01

    Electricity consumption in the Southeastern US, including Florida, is approximately 32% of the total US. The availability of renewable resources for electricity production is relatively small compared to the high consumption. Therefore meeting a national renewable portfolio standard (RPS) is particularly challenging in this region. Neighboring regions, particularly to the west, have significant wind resources and given sufficient transmission these resources could serve energy markets in the SE. This report looks at renewable resource supply relative to demands and the potential for power transfer into the SE. We found that significant wind energy transfers, at the level of 30-60 GW, are expected to be economic in case of federal RPC or CO2 policy. Development of wind resources will depend not only on the available transmission capacity and required balancing resources, but also on electricity supply and demand factors.

  16. The Economic Viability of Renewable Portfolio Standard Support for Offshore Wind Farm Projects in Korea

    Directory of Open Access Journals (Sweden)

    Chang-Gi Min

    2015-09-01

    Full Text Available Offshore wind farm (WF projects have been promoted by support schemes as part of the expansion of renewable energy resources in Korea. This paper examines in detail how the Renewable Portfolio Standard (RPS, which was adopted post the Feed-in-Tariff scheme in 2012, has had a profound impact on the economic benefits of offshore WFs in Korea. A framework for analyzing the economic viability of RPS is presented and applied to the sixth basic plan for long-term electricity supply and demand in Korea. The electricity market price is forecast using a reformulated probabilistic production cost (PPC model, and the renewable energy certificate (REC price is calculated using its determination rule. The results show that the existing RPS will be ineffective in increasing the penetration of offshore WFs in Korea; however, they also indicate that the economic viability of offshore WFs could be improved by adjusting the existing RPS.

  17. Retrospective Analysis of the Benefits and Impacts of U.S. Renewable Portfolio Standards

    Energy Technology Data Exchange (ETDEWEB)

    Wiser, Ryan [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Barbose, Galen [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Heeter, Jenny [National Renewable Energy Lab. (NREL), Golden, CO (United States); Mai, Trieu [National Renewable Energy Lab. (NREL), Golden, CO (United States); Bird, Lori [National Renewable Energy Lab. (NREL), Golden, CO (United States); Bolinger, Mark [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Carpenter, Alberta [National Renewable Energy Lab. (NREL), Golden, CO (United States); Heath, Garvin [National Renewable Energy Lab. (NREL), Golden, CO (United States); Keyser, David [National Renewable Energy Lab. (NREL), Golden, CO (United States); Macknick, Jordan [National Renewable Energy Lab. (NREL), Golden, CO (United States); Mills, Andrew [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Millstein, Dev [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States)

    2016-01-06

    This analysis is the first-ever comprehensive assessment of the benefits and impacts of state renewable portfolio standards (RPSs). This joint National Renewable Energy Laboratory-Lawrence Berkeley National Laboratory project provides a retrospective analysis of RPS program benefits and impacts, including greenhouse gas emissions reductions, air pollution emission reductions, water use reductions, gross jobs and economic development impacts, wholesale electricity price reduction impacts, and natural gas price reduction impacts. Wherever possible, benefits and impacts are quantified in monetary terms. The paper will inform state policymakers, RPS program administrators, industry, and others about the costs and benefits of state RPS programs. In particular, the work seeks to inform decision-making surrounding ongoing legislative proposals to scale back, freeze, or expand existing RPS programs, as well as future discussions about increasing RPS targets or otherwise increasing renewable energy associated with Clean Power Plan compliance or other emission-reduction goals.

  18. Power Transfer Potential to the Southeast in Response to a Renewable Portfolio Standard: Interim Report 1

    Energy Technology Data Exchange (ETDEWEB)

    Hadley, Stanton W [ORNL; Key, Thomas S [Electric Power Research Institute (EPRI)

    2009-03-01

    The power transfer potential for bringing renewable energy into the Southeast in response to a renewable portfolio standard (RPS) will depend not only on available transmission capacity but also on electricity supply and demand factors. This interim report examines how the commonly used EIA NEMS and EPRI NESSIE energy equilibrium models are considering such power transfers. Using regional estimates of capacity expansion and demand, a base case for 2008, 2020 and 2030 are compared relative to generation mix, renewable deployments, planned power transfers, and meeting RPS goals. The needed amounts of regional renewable energy to comply with possible RPS levels are compared to inter-regional transmission capacities to establish a baseline available for import into the Southeast and other regions. Gaps in the renewable generation available to meet RPS requirements are calculated. The initial finding is that the physical capability for transferring renewable energy into the SE is only about 10% of what would be required to meet a 20% RPS. Issues that need to be addressed in future tasks with respect to modeling are the current limitations for expanding renewable capacity and generation in one region to meet the demand in another and the details on transmission corridors required to deliver the power.

  19. Of paradise and clean power: The effect of California's renewable portfolio standard on in-state renewable energy generation

    Science.gov (United States)

    Yin, Clifton Lee

    Renewable portfolio standards (RPS), policies that encourage acquisition of electricity from renewable energy sources, have become popular instruments for discouraging the use of climate change inducing-fossil fuels. There has been limited research, however, that empirically evaluates their effectiveness. Using data gathered by three governmental entities -- the federal-level Energy Information Administration and two California agencies, the Employment Development Department and the Department of Finance -- this paper investigates the impact of California's RPS, one of the nation's most ambitious such policies, on in-state renewable energy generation. It finds that the California RPS did not bring about a one-time increase in generation with its inception, nor did it compel an increase in generation over time. These results raise questions as to the best way to structure RPS policies in light of growing interest in the establishment of a national RPS.

  20. Solar set asides and renewable electricity certificates: Early lessons from North Carolina's experience with its renewable portfolio standard

    International Nuclear Information System (INIS)

    Gaul, Chip; Carley, Sanya

    2012-01-01

    This paper assesses the market developments in North Carolina's solar energy industry following the state's adoption of a renewable portfolio standard (RPS). It first reviews how solar renewable electricity certificates (SRECs) are intended to act as a support mechanism for the installation and financing of solar power in North Carolina's RPS compliance market. The paper then analyzes why SRECs have not precipitated growth in the solar industry thus far. Instead of attracting a diversity of solar installation and SREC trading businesses to create a competitive market to North Carolina, the RPS has only enabled a few large solar power producers to compete with utility companies to finance, install, and operate solar generating systems. A comparison between the SREC markets in North Carolina, Pennsylvania, and New Jersey reveals that transparency in prices and volumes of SRECs, limits on utility company self-ownership of solar generators, and more aggressive solar set-aside targets are required to create a competitive market environment that will attract a sustainable and growing solar industry. - Highlights: ► Assesses developments in NC's solar industry from renewable portfolio standard. ► Comparisons between the SREC markets in North Carolina, Pennsylvania, New Jersey. ► Transparency in prices and limits on utility self-ownership are necessary. ► More aggressive solar set-aside targets would also help develop the solar market.

  1. The effectiveness of Renewable Portfolio Standard banding and carve-outs in supporting high-cost types of renewable electricity

    International Nuclear Information System (INIS)

    Buckman, Greg

    2011-01-01

    Renewable Portfolio Standards (RPSs) are renewable electricity (RES-E) subsidy mechanisms in which governments mandate how much RES-E should be generated and markets determine the cost of the subsidy needed to generate the RES-E. Two modifications of the RPS that can help support high-cost types of RES-E are banding, where governments mandate higher multiples of RPS tradable certificates for high-cost types of RES-E, and carve-outs, where governments prescribe parts of a RPS target that can be met only by a particular type, or types, of RES-E. This paper analyses the design and generation performance of banding, as used in the UK, with some reference to Italy; and carve-outs, as used in the USA. To date, there is insufficient experience of either device to reach firm conclusions about their generation effectiveness. However, there is early, tentative evidence that banding is successful at supporting high-cost types of RES-E in the UK. Carve-outs are not being fully exploited in US states that use a RPS mechanism, and Italy is using banding in a fairly insignificant way. Though both devices have different design strengths and weaknesses, and either could be adapted to specific RPS markets, banding is probably the better device for supporting high-cost RES-E. - Highlights: → I analysed three countries that use either Renewable Portfolio Standards banding or carve-outs. → I assess whether banding or carve-outs have diversified renewable electricity generation. → There's insufficient banding/carve-out experience to reach firm diversification conclusions. → There's early evidence that the UK banding is diversifying its renewable electricity.

  2. Renewable portfolio standard and certificates trading on the Dutch electricity market

    International Nuclear Information System (INIS)

    Drillsch, J.

    2001-01-01

    In 1996, the Dutch distribution companies signed a voluntary agreement to reduce CO 2 emissions. As one element of the agreement a renewable portfolio standard (RPS) for the electricity distribution companies with certificates trading was introduced (green label system). The analysis reveals that the total volume of the obligation (3%) can be considered as modest. In addition, it seems more appropriate to replace the distribution companies' current monopoly for the issuing of the certificates by an independent institution. A flexibility mechanism (e.g., a certificates' banking system), which prevents high volatilities in the certificates' market price, and a clear sanction mechanism is needed. A drawback of the current Dutch system is the discriminatory financing of the RPS, which is only provided by MAP tariff customers. Nevertheless, the Dutch RPS may induce an efficient allocation of financial means to support renewable energies. It provides valuable experiences in the functioning of the new system, from which other countries may gain. (author)

  3. A Prospective Analysis of the Costs, Benefits, and Impacts of U.S. Renewable Portfolio Standards

    Energy Technology Data Exchange (ETDEWEB)

    Mai, Trieu [National Renewable Energy Lab. (NREL), Golden, CO (United States); Wiser, Ryan [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Barbose, Galen [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Bird, Lori [National Renewable Energy Lab. (NREL), Golden, CO (United States); Heeter, Jenny [National Renewable Energy Lab. (NREL), Golden, CO (United States); Keyser, David [National Renewable Energy Lab. (NREL), Golden, CO (United States); Krishnan, Venkat [National Renewable Energy Lab. (NREL), Golden, CO (United States); Macknick, Jordan [National Renewable Energy Lab. (NREL), Golden, CO (United States); Millstein, Dev [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States)

    2016-12-01

    This is the third in a series of reports exploring the costs, benefits, and other impacts of state renewable portfolio standards (RPS). This report evaluates the effects of renewable electricity used to meet aggregate RPS demand growth prospectively, over the period 2015-2050, under both current RPS policies as well as a potential expansion of those policies. Relying on a well-vetted suite of methods, the report quantifies: the costs to the electric system and retail electricity price impacts; the potential societal benefits associated with reduced greenhouse gas emissions, air pollution emissions, and water use; workforce requirements and economic development effects; and consumer savings associated with reduced natural gas prices. The study quantifies these effects in both physical and monetary terms, where possible, at both national and regional levels, and characterizes key uncertainties. The two prior studies in the series have focused, instead, on the historical costs and on the historical benefits and impacts of state RPS policies.

  4. A retrospective analysis of benefits and impacts of U.S. renewable portfolio standards

    International Nuclear Information System (INIS)

    Barbose, Galen; Wiser, Ryan; Heeter, Jenny; Mai, Trieu; Bird, Lori; Bolinger, Mark; Carpenter, Alberta; Heath, Garvin; Keyser, David; Macknick, Jordan; Mills, Andrew; Millstein, Dev

    2016-01-01

    As states consider revising or developing renewable portfolio standards (RPS), they are evaluating policy costs, benefits, and other impacts. We present the first U. S. national-level assessment of state RPS program benefits and impacts, focusing on new renewable electricity resources used to meet RPS compliance obligations in 2013. In our central-case scenario, reductions in life-cycle greenhouse gas emissions from displaced fossil fuel-generated electricity resulted in $2.2 billion of global benefits. Health and environmental benefits from reductions in criteria air pollutants (sulfur dioxide, nitrogen oxides, and particulate matter 2.5) were even greater, estimated at $5.2 billion in the central case. Further benefits accrued in the form of reductions in water withdrawals and consumption for power generation. Finally, although best considered resource transfers rather than net societal benefits, new renewable electricity generation used for RPS compliance in 2013 also supported nearly 200,000 U. S.-based gross jobs and reduced wholesale electricity prices and natural gas prices, saving consumers a combined $1.3–$4.9 billion. In total, the estimated benefits and impacts well-exceed previous estimates of RPS compliance costs. - Highlights: •Benefits of satisfying U. S. renewable portfolio standards in 2013 were evaluated. •Carbon dioxide (equivalent) was cut by 59 million metric tons (worth $2.2 billion). •Reduced air pollution provided $5.2 billion in health and environmental benefits. •Water withdrawals (830 billion gal) and consumption (27 billion gal) were reduced. •Job/economic, electricity price, and natural gas price impacts were also evaluated.

  5. Supporting Solar Power in Renewables Portfolio Standards: Experience from the United States

    Energy Technology Data Exchange (ETDEWEB)

    Wiser, Ryan; Barbose, Galen; Holt, Edward

    2010-10-01

    Among the available options for encouraging the increased deployment of renewable electricity, renewables portfolio standards (RPS) have become increasingly popular. The RPS is a relatively new policy mechanism, however, and experience with its use is only beginning to emerge. One key concern that has been voiced is whether RPS policies will offer adequate support to a wide range of renewable energy technologies and applications or whether, alternatively, RPS programs will favor a small number of the currently least-cost forms of renewable energy. This report documents the design of and early experience with state-level RPS programs in the United States that have been specifically tailored to encourage a wider diversity of renewable energy technologies, and solar energy in particular. As shown here, state-level RPS programs specifically designed to support solar have already proven to be an important, albeit somewhat modest, driver for solar energy deployment, and those impacts are projected to continue to build in the coming years. State experience in supporting solar energy with RPS programs is mixed, however, and full compliance with existing requirements has not been achieved. The comparative experiences described herein highlight the opportunities and challenges of applying an RPS to specifically support solar energy, as well as the importance of policy design details to ensuring that program goals are achieved.

  6. Feasibility of U.S. renewable portfolio standards under cost caps and case study for Illinois

    International Nuclear Information System (INIS)

    Johnson, Sean D.; Moyer, Elisabeth J.

    2012-01-01

    Recently enacted state renewable portfolio standards (RPSs) collectively require that U.S. electricity generation by non-hydro renewables more than double by 2025. These goals are not certain to be met, however, because many RPSs apply cost caps that alter requirements if costs exceed targets. We analyze here the 2008 Illinois RPS, which is fairly typical, and find that at current electricity prices, complete implementation will require significant decreases in renewables costs even given the continuation of federal renewables subsidies. Full implementation is possible but not assured. The statutory design raises additional concerns about unintended potential consequences. The fact that windpower and solar carveouts fall under a single cost cap means that in failure mode, a less cost-effective technology can curtail deployment of a more cost-effective one. Adjacent-state provisions mean the bulk of the RPS can be met by existing wind facilities, and that new wind builds will likely occur in Iowa. The Illinois RPS, like that of many other states, appears to combine objectives inherently in conflict: preferences for local jobs, for specific technologies, for environmental benefits, and for low costs. Revisiting the legislation may be needed to make legislative success likely and to ensure that failure modes do not compromise goals. - Highlights: ► RPSs mandate that generation by non-hydro renewables in the U.S. double by 2025. ► Implementation of many RPSs is impossible without decreases in renewable costs. ► The Illinois wind requirement can largely be met by existing Iowa windpower. ► Placing technology carveouts under one cost cap allows pernicious interactions. ► The Illinois RPS statute combines different objectives inherently in conflict.

  7. Renewable Portfolio Standards in the United States - A Status Report with Data Through 2007

    Energy Technology Data Exchange (ETDEWEB)

    Wiser, Ryan; Wiser, Ryan; Barbose, Galen; Bird, Lori; Churchill, Susannah; Deyette, Jeff; Holt, Ed

    2008-04-09

    Renewables portfolio standards (RPS) have proliferated at the state level in the United States since the late 1990s. In combination with Federal tax incentives, state RPS requirements have emerged as one of the most important drivers of renewable energy capacity additions. The focus of most RPS activity in the U.S. has been within the states. Nonetheless, the U.S. House of Representatives and Senate have, at different times, each passed versions of a Federal RPS; a Federal RPS, however, has not yet been signed into law. The design of an RPS can and does vary, but at its heart an RPS simply requires retail electricity suppliers (also called load-serving entities, or LSEs) to procure a certain minimum quantity of eligible renewable energy. An RPS establishes numeric targets for renewable energy supply, applies those targets to retail electricity suppliers, and seeks to encourage competition among renewable developers to meet the targets in a least-cost fashion. RPS purchase obligations generally increase over time, and retail suppliers typically must demonstrate compliance on an annual basis. Mandatory RPS policies are backed by various types of compliance enforcement mechanisms, and many--but not all--such policies include the trading of renewable energy certificates (RECs). Renewables portfolio standards are a relatively recent addition to the renewable energy policy landscape, and these policies continue to evolve. Keeping up with the design, early experience, and projected impacts of these programs is a challenge. This report seeks to fill this need by providing basic, factual information on RPS policies in the United States. It focuses on state-level initiatives, though a later section briefly discusses Federal developments as well. The report does not cover municipal-level renewable energy goals, unless required by state law. Similarly, this report focuses on mandatory state RPS requirements, though it also touches on non-binding renewable energy goals

  8. A Retrospective Analysis of the Benefits and Impacts of U.S. Renewable Portfolio Standards

    Energy Technology Data Exchange (ETDEWEB)

    Wiser, Ryan [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Barbose, Galen [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Heeter, Jenny [National Renewable Energy Lab. (NREL), Golden, CO (United States); Mai, Trieu [National Renewable Energy Lab. (NREL), Golden, CO (United States); Bird, Lori [National Renewable Energy Lab. (NREL), Golden, CO (United States); Bolinger, Mark [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Carpenter, Alberta [National Renewable Energy Lab. (NREL), Golden, CO (United States); Heath, Garvin [National Renewable Energy Lab. (NREL), Golden, CO (United States); Keyser, David [National Renewable Energy Lab. (NREL), Golden, CO (United States); Macknick, Jordan [National Renewable Energy Lab. (NREL), Golden, CO (United States); Mills, Andrew [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Millstein, Dev [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States)

    2016-01-01

    This is the second in a series of reports exploring the costs, benefits, and other impacts of state renewable portfolio standards (RPS), both retrospectively and prospectively. This report focuses on the benefits and impacts of all state RPS programs, in aggregate, for the year 2013 (the most-recent year for which the requisite data were available). Relying on a well-vetted set of methods, the study evaluates a number of important benefits and impacts in both physical and monetary terms, where possible, and characterizes key uncertainties. The prior study in this series focused on historical RPS compliance costs, and future work will evaluate costs, benefits, and other impacts of RPS policies prospectively.

  9. A retrospective analysis of benefits and impacts of U.S. renewable portfolio standards

    Energy Technology Data Exchange (ETDEWEB)

    Barbose, Galen; Wiser, Ryan; Heeter, Jenny; Mai, Trieu; Bird, Lori; Bolinger, Mark; Carpenter, Alberta; Heath, Garvin; Keyser, David; Macknick, Jordan; Mills, Andrew; Millstein, Dev

    2016-09-01

    As states consider revising or developing renewable portfolio standards (RPS), they are evaluating policy costs, benefits, and other impacts. We present the first U. S. national-level assessment of state RPS program benefits and impacts, focusing on new renewable electricity resources used to meet RPS compliance obligations in 2013. In our central-case scenario, reductions in life-cycle greenhouse gas emissions from displaced fossil fuel-generated electricity resulted in $2.2 billion of global benefits. Health and environmental benefits from reductions in criteria air pollutants (sulfur dioxide, nitrogen oxides, and particulate matter 2.5) were even greater, estimated at $5.2 billion in the central case. Further benefits accrued in the form of reductions in water withdrawals and consumption for power generation. Finally, although best considered resource transfers rather than net societal benefits, new renewable electricity generation used for RPS compliance in 2013 also supported nearly 200,000 U. S.-based gross jobs and reduced wholesale electricity prices and natural gas prices, saving consumers a combined $1.3-$4.9 billion. In total, the estimated benefits and impacts well-exceed previous estimates of RPS compliance costs.

  10. Supporting solar power in renewables portfolio standards: Experience from the United States

    International Nuclear Information System (INIS)

    Wiser, Ryan; Barbose, Galen; Holt, Edward

    2011-01-01

    Renewables portfolio standards (RPS) have become an increasingly popular option for encouraging the deployment of renewable electricity. It is a relatively new policy mechanism, however, and experience with its use is only beginning to emerge. One key concern is whether RPS policies offer adequate support to a wide range of renewable energy technologies and applications or whether, alternatively, they will favor a small number of the currently least-cost forms of renewable energy. This article documents the design of and early experience with state-level RPS programs in the United States that have been specifically tailored to encourage a wider diversity of renewable energy technologies, and solar energy in particular. As shown here, state-level RPS programs specifically designed to support solar have already proven to be an important driver for solar energy deployment, and those impacts are projected to build in the coming years. State experience in supporting solar energy with RPS programs is mixed, however, and full compliance with existing requirements has not been achieved. The comparative experiences described herein highlight the opportunities and challenges of applying an RPS to specifically support solar energy, as well as the importance of policy design details to ensuring that program goals are achieved. - Research highlights: → Many states have adopted RPS policies with solar or DG set-asides. → Solar and DG set-asides have become a significant driver for solar growth. → Compliance with solar/DG set-aside targets has been mixed. → The estimated retail rate impacts have thus far been relatively modest. → Various emerging issues will affect the future impact of RPS policies on solar growth.

  11. The Costs and Benefits of Compliance with Renewable Portfolio Standards: Reviewing Experience to Date

    Energy Technology Data Exchange (ETDEWEB)

    Heeter, Jenny; Barbose, Galen; Bird, Lori; Weaver, Samantha; Flores, Francisco; Kuskova-Burns, Ksenia; Wiser, Ryan

    2014-03-12

    More than half of U.S. states have renewable portfolio standards (RPS) in place and have collectively deployed approximately 46,000 MW of new renewable energy capacity through year-end 2012. Most of these policies have five or more years of implementation experience, enabling an assessment of their costs and benefits. Understanding RPS benefits and costs is essential for policymakers evaluating existing RPS policies, assessing the need for modifications, and considering new policies. A key aspect of this study is the comprehensive review of existing RPS cost and benefit estimates, in addition to an examination of the variety of methods used to calculate such estimates. Based on available data and estimates reported by utilities and regulators, this study summarizes RPS costs to date. The study considers how those costs may evolve going forward, given scheduled increases in RPS targets and cost containment mechanisms incorporated into existing policies. The report also summarizes RPS benefits estimates, based on published studies for individual states, and discusses key methodological considerations.

  12. Limiting the costs of renewable portfolio standards: A review and critique of current methods

    International Nuclear Information System (INIS)

    Stockmayer, Gabriella; Finch, Vanessa; Komor, Paul; Mignogna, Rich

    2012-01-01

    Over half of U.S. states have renewable portfolio standards (RPSs) mandating that a minimum percentage of electricity sold derives from renewable sources. State RPSs vary widely in how they attempt to control or limit the costs of these RPSs. Approaches utilized include alternative compliance payments, direct rate caps, and cost caps on resource acquisitions, while some states employ no specific limitation at all. This paper describes how states attempt to control RPS costs and discusses the strengths and weaknesses of these various cost controls. There is no one best method; however the experience to date suggests that the most important factors in implementing an effective mechanism to curtail costs are clarity of the rule, consistency in application, and transparency for customers. - Highlights: ▶ We review states' RPS statutes and regulations for mechanisms that attempt to control overall compliance costs. ▶ We categorize the major cost curtailment mechanisms. ▶ For each mechanism, we describe policy designs that are or could be implemented by states. ▶ We identify strengths and weaknesses of the various designs for consideration by policymakers.

  13. A Prospective Analysis of the Costs, Benefits, and Impacts of U.S. Renewable Portfolio Standards

    Energy Technology Data Exchange (ETDEWEB)

    Mai, Trieu [National Renewable Energy Lab. (NREL), Golden, CO (United States); Wiser, Ryan [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Barbose, Galen [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Bird, Lori [National Renewable Energy Lab. (NREL), Golden, CO (United States); Heeter, Jenny [National Renewable Energy Lab. (NREL), Golden, CO (United States); Keyser, David [National Renewable Energy Lab. (NREL), Golden, CO (United States); Krishnan, Venkat [National Renewable Energy Lab. (NREL), Golden, CO (United States); Macknick, Jordan [National Renewable Energy Lab. (NREL), Golden, CO (United States); Millstein, Dev [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States)

    2016-12-31

    As states have gained experience with renewable portfolio standards (RPS) policies, many have made significant revisions to existing programs. In 2015 and 2016, seven states raised and extended their final RPS targets, while another state enacted a new RPS policy (Barbose 2016b). Interest in expanding and strengthening state RPS programs may continue, while efforts like recent proposals in many states to repeal or freeze existing RPS policies may also persist. In either context, questions about the potential costs, benefits, and other impacts of RPS programs are usually central to the decision-making process. This report follows on previous analyses that have focused on the historical costs, benefits, and other impacts of existing state RPS programs (Heeter et al. 2014; Wiser et al. 2016a). This report examines RPS outcomes prospectively, considering both current RPS policies as well as a potential expansion of those policies. The goal of this work is to provide a consistent and independent analytical methodology for that examination. This analysis relies on National Renewable Energy Laboratory’s (NREL’s) Regional Energy Deployment System (ReEDS) model to estimate changes to the U.S. electric power sector across a number of scenarios and sensitivity cases, focusing on the 2015–2050 timeframe. Based on those modeled results, we evaluate the costs, benefits, and other impacts of renewable energy contributing to RPS compliance using the suite of methods employed in a number of recent studies sponsored by the U.S. Department of Energy (DOE): a report examining retrospective benefits and impacts of RPS programs (Wiser et al. 2016a), the Wind Vision report (DOE 2015), the On the Path to SunShot report focusing on environmental benefits (Wiser et al. 2016b), and the Hydropower Vision report (DOE 2016).

  14. Survey of State-Level Cost and Benefit Estimates of Renewable Portfolio Standards

    Energy Technology Data Exchange (ETDEWEB)

    Heeter, J.; Barbose, G.; Bird, L.; Weaver, S.; Flores-Espino, F.; Kuskova-Burns, K.; Wiser, R.

    2014-05-01

    Most renewable portfolio standards (RPS) have five or more years of implementation experience, enabling an assessment of their costs and benefits. Understanding RPS costs and benefits is essential for policymakers evaluating existing RPS policies, assessing the need for modifications, and considering new policies. This study provides an overview of methods used to estimate RPS compliance costs and benefits, based on available data and estimates issued by utilities and regulators. Over the 2010-2012 period, average incremental RPS compliance costs in the United States were equivalent to 0.8% of retail electricity rates, although substantial variation exists around this average, both from year-to-year and across states. The methods used by utilities and regulators to estimate incremental compliance costs vary considerably from state to state and a number of states are currently engaged in processes to refine and standardize their approaches to RPS cost calculation. The report finds that state assessments of RPS benefits have most commonly attempted to quantitatively assess avoided emissions and human health benefits, economic development impacts, and wholesale electricity price savings. Compared to the summary of RPS costs, the summary of RPS benefits is more limited, as relatively few states have undertaken detailed benefits estimates, and then only for a few types of potential policy impacts. In some cases, the same impacts may be captured in the assessment of incremental costs. For these reasons, and because methodologies and level of rigor vary widely, direct comparisons between the estimates of benefits and costs are challenging.

  15. How Much Water Can We Save by Achieving Renewable Portfolio Standards in the Southwest United States?

    Directory of Open Access Journals (Sweden)

    Yuzhen Feng

    2018-03-01

    Full Text Available Electricity in the Southwestern United States is primarily generated with water intensive steam turbines. If energy demand continues to rise this will lead to a further rise in water demand. A comprehensive understanding of water consumption and withdrawal for utility scale generation of electricity is necessary before any improvements in the water efficiency of such systems in arid environments can be made. This study estimated and compared the water usage associated with thermoelectric generation (i.e., natural gas, coal, and solar energy, in the five driest Colorado River Basin states: Utah, New Mexico, Nevada, Arizona, and California. This study also examined and compared each state’s Renewable Portfolio Standards (RPS and how this might impact water savings. Results showed that each state’s current RPS goals would reduce the water that is consumed by the generation of electricity. However, the amount of water savings will vary on a state by state basis. In order to reduce water consumption, replacing thermal electric generation with photovoltaic (PV solar can be significant and should be encouraged. The amount of water saved will vary, however, depending on the state’s choice of coal or natural gas.

  16. An analysis of Renewable Portfolio Standard policy formulation and its influence on state level energy prices

    Science.gov (United States)

    McCollester, Peter Colin

    Over the past two decades, environmental concern has crept to the forefront of the world policy agenda. This concern has manifested itself differently throughout the world. In the United States, this has come in the form of Renewable Portfolio Standards (RPS) which have become one of the primary policy tools which states use to encourage renewable energy generation. The advent of RPS has spurred intense debate at a federal and state level, centering on the economic merits of promoting renewable energy generation. Detractors argue that RPS will raise electricity rates, since generation from renewable sources is typically costlier than energy generated from fossil fuels. At this point, evidence to the relationship between RPS on electricity prices remains unclear. Researchers have attempted to understand this relationship through a variety of means. The most common being regression based models, which utilize readily available United States Energy Information Agency (US EIA) data, and have uncovered a number of important independent variables which are incorporated into the model in this study. Examples include personal income, state population, and deregulation of an energy market. In addition to empirical studies, the National Renewable Energy Laboratory (NREL) has created complex mathematical models which generate scenario projections based on a number of assumptions. While interesting, these are forward looking tools and as such have not yielded a tremendous amount of insight into the underlying policy mechanics of RPS. A challenge of addressing this topic which is worth noting is that much of the research available which analyzes the merits of RPS caters to distinct political or private sector agendas. The research gathered for this study is comprehensive, and attempts to avoid studies with any clear political, ideological, or financial motivation. Using the insights from previous researchers this study develops a rigorous fixed effects regression model to

  17. An analysis of the impact of Renewable Portfolio Standards on residential electricity prices

    Science.gov (United States)

    Larson, Andrew James

    A Renewable Portfolio Standard (RPS) has become a popular policy for states seeking to increase the amount of renewable energy generated for consumers of electricity. The success of these state programs has prompted debate about the viability of a national RPS. The impact that these state level policies have had on the price consumers pay for electricity is the subject of some debate. Several federal organizations have conducted studies of the impact that a national RPS would have on electricity prices paid by consumers. NREL and US EIA utilize models that analyze the inputs in electricity generation to examine the future price impact of changes to electricity generation and show marginal increases in prices paid by end users. Other empirical research has produced similar results, showing that the existence of an RPS increases the price of electricity. These studies miss important aspects of RPS policies that may change how we view these price increases from RPS policies. By examining the previous empirical research on RPS policies, this study seeks to identify the controls necessary to build an effective model. These controls are utilized in a fixed effects model that seeks to show how the controls and variables of interest impact electricity prices paid by residential consumers of electricity. This study utilizes a panel data set from 1990 to 2014 to analyze the impact of these policies controlling for generating capacity, the regulatory status of utilities in each state, demographic characteristics of the states, and fuel prices. The results of the regressions indicate that prices are likely to be higher in states that have an RPS compared to states that do not have such a policy. Several of the characteristics mentioned above have price impacts, and so discussing RPS policies in the context of other factors that contribute to electricity prices is essential. In particular, the regulatory status of utilities in each state is an important determinate of price as

  18. Beyond Renewable Portfolio Standards: An Assessment of Regional Supply and Demand Conditions Affecting the Future of Renewable Energy in the West; Report and Executive Summary

    Energy Technology Data Exchange (ETDEWEB)

    Hurlbut, D. J.; McLaren, J.; Gelman, R.

    2013-08-01

    This study assesses the outlook for utility-scale renewable energy development in the West once states have met their renewable portfolio standard (RPS) requirements. In the West, the last state RPS culminates in 2025, so the analysis uses 2025 as a transition point on the timeline of RE development. Most western states appear to be on track to meet their final requirements, relying primarily on renewable resources located relatively close to the customers being served. What happens next depends on several factors including trends in the supply and price of natural gas, greenhouse gas and other environmental regulations, consumer preferences, technological breakthroughs, and future public policies and regulations. Changes in any one of these factors could make future renewable energy options more or less attractive.

  19. An evaluation of the impact of state Renewable Portfolio Standards (RPS) on retail, commercial, and industrial electricity prices

    Science.gov (United States)

    Puram, Rakesh

    The Renewable Portfolio Standard (RPS) has become a popular mechanism for states to promote renewable energy and its popularity has spurred a potential bill within Congress for a nationwide Federal RPS. While RPS benefits have been touted by several groups, it also has detractors. Among the concerns is that RPS standards could raise electricity rates, given that renewable energy is costlier than traditional fossil fuels. The evidence on the impact of RPS on electricity prices is murky at best: Complex models by NREL and USEIA utilize computer programs with several assumptions which make empirical studies difficult and only predict slight increases in electricity rates associated with RPS standards. Recent theoretical models and empirical studies have found price increases, but often fail to comprehensively include several sets of variables, which in fact could confound results. Utilizing a combination of past papers and studies to triangulate variables this study aims to develop both a rigorous fixed effects regression model as well as a theoretical framework to explain the results. This study analyzes state level panel data from 2002 to 2008 to analyze the effect of RPS on residential, commercial, and industrial electricity prices, controlling for several factors including amount of electricity generation from renewable and non-renewable sources, customer incentives for renewable energy, macroeconomic and demographic indicators, and fuel price mix. The study contrasts several regressions to illustrate important relationships and how inclusions as well as exclusion of various variables have an effect on electricity rates. Regression results indicate that the presence of RPS within a state increases the commercial and residential electricity rates, but have no discernable effect on the industrial electricity rate. Although RPS tends to increase electricity prices, the effect has a small impact on higher electricity prices. The models also indicate that jointly all

  20. Estimating the Value of Utility-Scale Solar Technologies in California Under a 40% Renewable Portfolio Standard

    Energy Technology Data Exchange (ETDEWEB)

    Jorgenson, J.; Denholm, P.; Mehos, M.

    2014-05-01

    Concentrating solar power with thermal energy storage (CSP-TES) is a unique source of solar energy in that its output can be shifted over time. The ability of CSP-TES to be a flexible source of generation may be particularly valuable in regions with high overall penetration of solar energy, such as the state of California. California's Renewable Portfolio Standard (RPS) requires the state to increase generation from eligible renewable energy resources to reach 33% of retail electricity sales by 2020. Beyond 2020, California targets a further reduction in greenhouse gas emissions. To help reach this goal, current California governor Jerry Brown has stated that a higher 40% RPS might be reachable in the near term. The levelized cost of energy is generally emphasized when assessing the economic viability of renewable energy systems implemented to achieve the RPS. However, the operational and capacity benefits of such systems are often ignored, which can lead to incorrect economic comparisons between CSP-TES and variable renewable generation technologies such as solar photovoltaics (PV). Here we evaluate a 40% RPS scenario in a California grid model with PV or CSP-TES providing the last 1% of RPS energy. We compare the technical and economic implications of integrating either solar technology under several sensitivities, finding that the ability to displace new conventional thermal generation capacity may be the largest source of value of CSP-TES compared to PV at high solar penetrations.

  1. Assessing the economic value of co-optimized grid-scale energy storage investments in supporting high renewable portfolio standards

    International Nuclear Information System (INIS)

    Go, Roderick S.; Munoz, Francisco D.; Watson, Jean-Paul

    2016-01-01

    Highlights: • We present a MILP to co-optimize generation, transmission, and storage investments. • We find significant value in co-optimized storage via investment deferrals. • Operational savings from bulk services are small relative to investment deferrals. • Co-optimized energy storage significantly reduces prices associated with RPS. - Abstract: Worldwide, environmental regulations such as Renewable Portfolio Standards (RPSs) are being broadly adopted to promote renewable energy investments. With corresponding increases in renewable energy deployments, there is growing interest in grid-scale energy storage systems (ESS) to provide the flexibility needed to efficiently deliver renewable power to consumers. Our contribution in this paper is to introduce a unified generation, transmission, and bulk ESS expansion planning model subject to an RPS constraint, formulated as a two-stage stochastic mixed-integer linear program (MILP) optimization model, which we then use to study the impact of co-optimization and evaluate the economic interaction between investments in these three asset classes in achieving high renewable penetrations. We present numerical case studies using the 24-bus IEEE RTS-96 test system considering wind and solar as available renewable energy resources, and demonstrate that up to $180 million/yr in total cost savings can result from the co-optimization of all three assets, relative to a situation in which no ESS investment options are available. Surprisingly, we find that co-optimized bulk ESS investments provide significant economic value through investment deferrals in transmission and generation capacity, but very little savings in operational cost. Finally, we observe that planning transmission and generation infrastructure first and later optimizing ESS investments—as is common in industry—captures at most 1.7% ($3 million/yr) of the savings that result from co-optimizing all assets simultaneously.

  2. The Development of the Renewable Energy Power Industry under Feed-In Tariff and Renewable Portfolio Standard: A Case Study of China’s Photovoltaic Power Industry

    Directory of Open Access Journals (Sweden)

    Yuzhuo Zhang

    2017-03-01

    Full Text Available Among the regulatory policies, feed-in tariffs (FIT and renewable portfolio standards (RPS are the most popular to promote the development of renewable energy power industry. They can significantly contribute to the expansion of domestic industrial activities in terms of sustainable energy. In this paper, we synthetically consider various important factors with the analysis of the existing literature, and use system dynamics (SD to establish models of long-term development of the renewable energy power industry under FIT and RPS schemes. The model not only clearly shows the complex logical relationship between the factors but also reveals the process of coordination between the two policy tools in the development of the renewable energy power industry. In addition, as an example of development of renewable energy industry, the paper studies the development of China’s photovoltaic power industry under different scenarios. The models proposed in this paper can provide a reference for scholars to study development of the renewable energy power industry in different countries, thereby facilitating an understanding of the renewable energy power’s long-term sustainable development pattern under FIT and RPS schemes, and helping to provide references for policy-making institutions. The results show that in the perfect competitive market, the implementation of RPS can promote long-term and rapid development of China’s photovoltaic power industry given the constraints and actions of the mechanisms of RPS quota proportion, the TGC valid period, and fines, compared with FIT. At the end of the paper, policy implications are offered as references for the government.

  3. Weighing the Costs and Benefits of Renewables Portfolio Standards:A Comparative Analysis of State-Level Policy Impact Projections

    Energy Technology Data Exchange (ETDEWEB)

    Chen, Cliff; Wiser, Ryan; Bolinger, Mark

    2007-01-16

    State renewables portfolio standards (RPS) have emerged as one of the most important policy drivers of renewable energy capacity expansion in the U.S. Collectively, these policies now apply to roughly 40% of U.S. electricity load, and may have substantial impacts on electricity markets, ratepayers, and local economies. As RPS policies have been proposed or adopted in an increasing number of states, a growing number of studies have attempted to quantify the potential impacts of these policies, focusing primarily on projecting cost impacts, but sometimes also estimating macroeconomic and environmental effects. This report synthesizes and analyzes the results and methodologies of 28 distinct state or utility-level RPS cost impact analyses completed since 1998. Together, these studies model proposed or adopted RPS policies in 18 different states. We highlight the key findings of these studies on the costs and benefits of RPS policies, examine the sensitivity of projected costs to model assumptions, assess the attributes of different modeling approaches, and suggest possible areas of improvement for future RPS analysis.

  4. Did state renewable portfolio standards induce technical change in methane mitigation in the U.S. landfill sector?

    Science.gov (United States)

    Delhotal, Katherine Casey

    Landfill gas (LFG) projects use the gas created from decomposing waste, which is approximately 49% methane, and substitute it for natural gas in engines, boilers, turbines, and other technologies to produce energy or heat. The projects are beneficial in terms of increased safety at the landfill, production of a cost-effective source of energy or heat, reduced odor, reduced air pollution emissions, and reduced greenhouse gas emissions. However, landfills sometimes face conflicting policy incentives. The theory of technical change shows that the diffusion of a technology or groups of technologies increases slowly in the beginning and then picks up speed as knowledge and better understanding of using the technology diffuses among potential users. Using duration analysis, data on energy prices, State and Federal policies related to landfill gas, renewable energy, and air pollution, as well as control data on landfill characteristics, I estimate the influence and direction of influence of renewable portfolio standards (RPS). The analysis found that RPS positively influences the diffusion of landfill gas technologies, encouraging landfills to consider electricity generation projects over direct sales of LFG to another facility. Energy price increases or increased revenues for a project are also critical. Barriers to diffusion include air emission permits in non-attainment areas and policies, such as net metering, which promote other renewables over LFG projects. Using the estimates from the diffusion equations, I analyze the potential influence of a Federal RPS as well as the potential interaction with a Federal, market based climate change policy, which will increase the revenue of a project through higher energy sale prices. My analysis shows that a market based climate change policy such as a cap-and-trade or carbon tax scheme would increase the number of landfill gas projects significantly more than a Federal RPS.

  5. The standard for portfolio management

    CERN Document Server

    2017-01-01

    The Standard for Portfolio Management – Fourth Edition has been updated to best reflect the current state of portfolio management. It describe the principles that drive accepted good portfolio management practices in today’s organizations. It also expands the description of portfolio management to reflect its relation to organizational project management and the organization.

  6. Impact of deployment of renewable portfolio standard on the electricity price in the State of Illinois and implications on policies

    International Nuclear Information System (INIS)

    Kung, Harold H.

    2012-01-01

    The Renewable Portfolio Standard (RPS) of the State of Illinois specifies a schedule for the fraction of electricity produced from wind to be phased in through 2025. The price of electricity due to implementation of RPS in order to achieve a six-year payback on investment on new wind farms was estimated for six scenarios that examined the effect of electricity consumption growth rate, production tax credit of $0.022/kW h or unrestricted investment tax credit of 30%, and projected changes in installed project costs. In all cases, the electricity price was found to be dominated by the installed project cost (capital cost). Thus, any policy that affects the capital cost directly or indirectly would have a significant effect on the electricity price. Whereas investment tax credit has a direct effect, policies that encourage technology improvement and improve transmission lines would have a similar effect of lowering the capital cost. Carbon tax, on the other hand, would increase the electricity price to the consumers, although it offers other benefits. Highlights: ► Capital cost dominates the price of wind electricity. ► Policies for wind electricity should aim at lowering the capital cost directly or indirectly. ► Carbon tax does not lower wind electricity price, and is beneficial for other reasons.

  7. Implementing renewable energy portfolio standards: The good, the bad, and the ugly in a two state comparison

    International Nuclear Information System (INIS)

    Schelly, Chelsea

    2014-01-01

    Understanding how household practices with regard to energy usage change and how to most effectively encourage the adoption of technologies that utilize renewable energy sources at the residential scale are important issues for addressing the environmental impacts of energy use. Here, the social practices model (Spaargaren, 2003) is applied to examine solar technology adopters in two U.S. States who were interviewed about adopting residential solar electric technology and specifically about their experiences with the rebate and incentive programs available to them. Examining the policies and interrogating their potentially unintended consequences from the perspective of the user sheds light on how residential solar incentive programs act as systems of provision, shaping the practices of solar technology adopters, in hopes of improving these incentive programs and effectively encouraging increased residential solar technology adoption. Findings suggest that feed-in tariffs offer additional positive outcomes related to broadening the context for adoption and encouraging future energy conservation while size restrictions, wholesale pricing in net metering agreements, and inconsistent policy mechanisms across utilities in the same state all have potentially unintended negative consequences. Utilizing a perspective attentive to social practice offers a means of improving the design and implementation of energy policy. - Highlights: • Over half of the U.S. states have implemented renewable portfolio standards (RPS). • RPS mandates sometimes include provisions for residential solar technology. • This solar-sets asides have different implementation structures. • The specifics of these policies affect the actual practices of adopters. • This examination of solar-set aside policy is intended to improve policy

  8. When renewable portfolio standards meet cap-and-trade regulations in the electricity sector: Market interactions, profits implications, and policy redundancy

    International Nuclear Information System (INIS)

    Tsao, C.-C.; Campbell, J.E.; Chen, Yihsu

    2011-01-01

    Emission trading programs (C and T) and renewable portfolio standards (RPS) are two common tools used by policymakers to control GHG emissions in the energy and other energy-intensive sectors. Little is known, however, as to the policy implications resulting from these concurrent regulations, especially given that their underlying policy goals and regulatory schemes are distinct. This paper applies both an analytical model and a computational model to examine the short-run implications of market interactions and policy redundancy. The analytical model is used to generate contestable hypotheses, while the numerical model is applied to consider more realistic market conditions. We have two central findings. First, lowering the CO 2 C and T cap might penalize renewable units, and increasing the RPS level could sometimes benefit coal and oil and make natural gas units worse off. Second, making one policy more stringent would weaken the market incentive, which the other policy relies upon to attain its intended policy target. - Highlights: → Lowering the CO 2 C and T cap might penalize renewable units, and increasing the RPS level could sometimes benefit coal and oil and make natural gas units worse off. → Making one policy more stringent would weaken the market incentive, which the other policy relies upon to attain its intended policy target. → The market-wise average emissions could increase when increasing RPS requirement.

  9. Portfolio Analysis of Renewable Energy Opportunities: Preprint

    Energy Technology Data Exchange (ETDEWEB)

    Richards, Allison; Deprizio, Jodi; Anderson, Kate; DiOrio, Nick; Elgqvist, Emma; Simpkins, Travis

    2016-11-01

    Time Warner Cable (TWC), now Charter Communications (CC), partnered with the National Renewable Energy Laboratory (NREL) to assess the technical and economic potential for solar photovoltaic (PV), wind, and ground-source heat-pump systems at 696 TWC facilities. NREL identified 306 sites where adding a renewable energy system would provide cost savings over the project life-cycle. In general, the top sites have some combination of high electricity rates ($0.16-$0.29/kWh), significant state incentives, and favorable net-metering policies. If all projects were implemented via third-party power purchase agreements, TWC/CC would save $37 million over 25 years and meet 10.5% of their energy consumption with renewable energy. This paper describes the portfolio screening methodology used to identify and prioritize renewable energy opportunities across the TWC sites, as well as a summary of the potential cost savings that may be realized by implementing these projects. This may provide a template for other companies interested in identifying and prioritizing renewable energy opportunities across a large number of geographically dispersed sites. Following this initial portfolio analysis, NREL will be conducting in-depth analysis of project development opportunities at ten sites and evaluating off-grid solutions that may enable carbon emission reduction and grid independence at select facilities.

  10. The policy effects of feed-in tariff and renewable portfolio standard: A case study of China's waste incineration power industry.

    Science.gov (United States)

    Xin-Gang, Zhao; Yu-Zhuo, Zhang; Ling-Zhi, Ren; Yi, Zuo; Zhi-Gong, Wu

    2017-10-01

    Among the regulatory policies, feed-in tariffs (FIT) and renewable portfolio standards (RPS) are the most popular to promote the development of renewable energy power industry. They can significantly contribute to the expansion of domestic industrial activities in terms of sustainable energy. This paper uses system dynamics (SD) to establish models of long-term development of China's waste incineration power industry under FIT and RPS schemes, and provides a case study by using scenario analysis method. The model, on the one hand, not only clearly shows the complex logical relationship between the factors but also assesses policy effects of the two policy tools in the development of the industry. On the other hand, it provides a reference for scholars to study similar problems in different countries, thereby facilitating an understanding of waste incineration power's long-term sustainable development pattern under FIT and RPS schemes, and helping to provide references for policy-making institutions. The results show that in the perfect competitive market, the implementation of RPS can promote long-term and rapid development of China's waste incineration power industry given the constraints and actions of the mechanisms of RPS quota proportion, the TGC valid period, and fines, compared with FIT. At the end of the paper, policy implications are offered as references for the government. Copyright © 2017 Elsevier Ltd. All rights reserved.

  11. Renewables portfolio, individual preferences and social values towards RES technologies

    International Nuclear Information System (INIS)

    Kontogianni, Areti; Tourkolias, Christos; Skourtos, Michalis

    2013-01-01

    The massive deployment of renewable energy sources represents a high priority for Greece in order to comply with the Directive 2009/28/EC on the promotion of the use of energy from renewable sources by 2020. In this perspective, Aegean islands especially Lesvos, are endowed with a considerable potential of a portfolio of renewables, a fact that the entrepreneurial interest has already been targeted. However, regulatory attempts for a massive penetration of renewables do not take seriously into account preferences and risk perceptions of local communities where the proposed projects are to be installed. The aim of this study is to investigate individual preferences and social values towards specific technologies of renewables in Lesvos island. We apply an open-ended contingent valuation survey in order to analyze factors shaping public attitudes towards a portfolio of renewable technologies and estimate the economic welfare (Willingness To Pay) of the preferred technologies. We argue that such information is relevant for energy policy design and the establishment of effective measures for the promotion of renewable energy sources. - Highlights: ► We investigate individual preferences and attitudes towards a portfolio of RES technologies. ► We elicit public acceptance for investing in specific RES technologies. ► We analyze factors shaping public preferences of the preferred technologies. ► We estimate the economic welfare of the preferred technologies

  12. Optimal investment portfolio in renewable energy. The Spanish case

    International Nuclear Information System (INIS)

    Munoz, Jose Ignacio; Sanchez de la Nieta, Agustin A.; Contreras, Javier; Bernal-Agustin, Jose L.

    2009-01-01

    This article presents a model for investing in renewable energies in the framework of the Spanish electricity market in a way that risk is minimised for the investor while returns are maximised. The model outlined here is based on an economic model for calculating cash flows intended to obtain the internal rate of return (IRR) of the different energies being studied: wind, photovoltaic, mini hydro and thermo electrical. The IRRs obtained are considered the returns on investments, while their standard deviations are considered associated risks. In order to minimise risk, a comprehensive portfolio of investments is created that includes all of the available energies by means of a system of linear equations. The solution of the linear system is graphically checked using the efficient frontier method for the different financing options. Several case studies within the Renewable Energies Plan (PER is its Spanish abbreviation) that is in force in Spain in the period 2005-2010 are analysed in order to illustrate the method, as are other case studies using different types of financing, helping us to reach the pertinent conclusions. (author)

  13. Portfolio Effects of Renewable Energies - Basics, Models, Exemplary Results

    Energy Technology Data Exchange (ETDEWEB)

    Wiese, Andreas; Herrmann, Matthias

    2007-07-01

    The combination of sites and technologies to so-called renewable energy portfolios, which are being developed and implemented under the same financing umbrella, is currently the subject of intense discussion in the finance world. The resulting portfolio effect may allow the prediction of a higher return with the same risk or the same return with a lower risk - always in comparison with the investment in a single project. Models are currently being developed to analyse this subject and derive the portfolio effect. In particular, the effect of the spatial distribution, as well as the effects of using different technologies, suppliers and cost assumptions with different level of uncertainties, are of importance. Wind parks, photovoltaic, biomass, biogas and hydropower are being considered. The status of the model development and first results are being presented in the current paper. In a first example, the portfolio effect has been calculated and analysed using selected parameters for a wind energy portfolio of 39 sites distributed over Europe. Consequently it has been shown that the predicted yield, with the predetermined probabilities between 75 to 90%, is 3 - 8% higher than the sum of the yields for the individual wind parks using the same probabilities. (auth)

  14. Windfall profit in portfolio diversification? An empirical analysis of the potential benefits of renewable energy investments

    Energy Technology Data Exchange (ETDEWEB)

    Bruns, Frederik

    2013-05-01

    Modern Portfolio Theory is a theory which was introduced by Markowitz, and which suggests the building of a portfolio with assets that have low or, in the best case, negative correlation. In times of financial crises, however, the positive diversification effect of a portfolio can fail when Traditional Assets are highly correlated. Therefore, many investors search for Alternative Asset classes, such as Renewable Energies, that tend to perform independently from capital market performance. 'Windfall Profit in Portfolio Diversification?' discusses the potential role of Renewable Energy investments in an institutional investor's portfolio by applying the main concepts from Modern Portfolio Theory. Thereby, the empirical analysis uses a unique data set from one of the largest institutional investors in the field of Renewable Energies, including several wind and solar parks. The study received the Science Award 2012 of the German Alternative Investments Association ('Bundesverband Alternative Investments e.V.').

  15. Portfolio Standards and the Promotion of Combined Heat And Power

    Science.gov (United States)

    This paper presents the basic portfolio standard design approaches, identifies key CHP-related issues for policymakers to consider, and provides state-specific information on existing standards allowing for CHP.

  16. Indonesia - Green Prosperity: Community-Based Off-Grid Renewable Energy Grant Portfolio

    Data.gov (United States)

    Millennium Challenge Corporation — Taken as a whole, this evaluation aims, to the extent possible, to validate the program logic underlying the portfolio of community-based off-grid renewable energy...

  17. Toward a Low-Carbon Economy : Renewable Energy and Energy Efficiency Portfolio Review

    OpenAIRE

    World Bank

    2013-01-01

    Renewable energy and energy efficiency projects continue to perform strongly in the World Bank Group (WBG) energy portfolio and are increasingly being mainstreamed in the WBG's energy lending. In fiscal 2007 a total of US$1,433 million supported 63 renewable energy and energy efficiency projects in 32 countries. In addition to operational activities, the WBG engages in a variety of economic sector work and technical assistance focused on renewable energy and energy efficiency. This work is an...

  18. Power sector investment risk and renewable energy: A Japanese case study using portfolio risk optimization method

    International Nuclear Information System (INIS)

    Bhattacharya, Anindya; Kojima, Satoshi

    2012-01-01

    The conventional pricing mechanism used for electricity systematically hides huge investment risks which are embedded in the overall cost of production. Although consumers are often unaware of these risks, they present a large financial burden on the economy. This study applies the portfolio optimization concepts from the field of finance to demonstrate the scope of greater utilization of renewable energies (RE) while reducing the embedded investment risk in the conventional electricity sector and its related financial burden. This study demonstrates that RE investment can compensate for the risks associated with the total input costs; such costs being external volatilities of fossil fuel prices, capital costs, operating and maintenance costs and the carbon costs. By means of example, this case study shows that Japan could in theory obtain up to 9% of its electricity supply from green sources, as compared to the present 1.37%, based on the utilization of a portfolio risk-analysis evaluation. Explicit comparison of the monetary values of the investment risks of conventional and renewable energy sources shows that renewable energies have high market competitiveness. The study concludes with a recommendation that, as a business objective, investors would benefit by focusing on electricity supply portfolio risk minimization instead of cost. This could also inherently increase the supply of renewable energy in the market. - Research highlights: ►Energy sector investors should not be bothered only about the absolute cost figures of the input factors like fossil fuels but should also be careful about the fluctuation of their costs while making the investment decisions. ►Inclusion of renewable energy in the investment portfolio can increase the cost apparently but can reduce the risk hedging costs, too. ►International carbon price may not be a good factor to encourage renewable energy investment in the market.

  19. Optimal portfolio selection between different kinds of Renewable energy sources

    Energy Technology Data Exchange (ETDEWEB)

    Zakerinia, MohammadSaleh; Piltan, Mehdi; Ghaderi, Farid

    2010-09-15

    In this paper, selection of the optimal energy supply system in an industrial unit is taken into consideration. This study takes environmental, economical and social parameters into consideration in modeling along with technical factors. Several alternatives which include renewable energy sources, micro-CHP systems and conventional system has been compared by means of an integrated model of linear programming and three multi-criteria approaches (AHP, TOPSIS and ELECTRE III). New parameters like availability of sources, fuels' price volatility, besides traditional factors are considered in different scenarios. Results show with environmental preferences, renewable sources and micro-CHP are good alternatives for conventional systems.

  20. Alternative models for portfolio diversification and renewables development

    Energy Technology Data Exchange (ETDEWEB)

    Morris, G.; Corbett, L.; Pape, A.; Kelly, B.

    1998-04-01

    The question of how to promote renewable energy and demand-side management during the transition to a competitive market was the topic discussed at this session. Gregory Morris, Principal of Future Resource Associates Inc, and Director of the Green Power Institute of Berkeley, California traced the first three years of restructuring experiences in his state. He warned renewable energy suppliers that there is always a slip between polls indicating consumer willingness to pay a premium for green power and actual sales. Nevertheless, deregulation will open the doors for green power producers to market their wares, regardless of the status of other renewable energy programs. Lois Corbett, Executive Director of the Toronto Atmospheric Fund (TAF), described that organization`s efforts over the years to promote a transition to safe, reliable energy supplies. A 20 per cent reduction in CO{sub 2} emission by 2005 was proposed as far back as TAF`s first conference in 1988. Despite dire predictions that even a much more modest goal of CO{sub 2} reduction would cause irreparable harm to the economy, in May 1997, Toronto edged out all of the world`s cities with total CO{sub 2} reductions just a few tonnes higher than Berlin, the previous leader. TAF is now concentrating its efforts on a $4-to-10-million green fleets partnership to try and solve the problem of emissions in the transportation sector, and a $3 million co-op housing revolving fund, to provide loans to retrofit units in need of upgrading. Andrew Pape, a consultant with Compass Resource Management of Vancouver described his analysis of mechanisms that would support renewable energy, emissions reductions and sustainability within the retail electricity market in British Columbia and Alberta.

  1. Renewable energy technology portfolio planning with scenario analysis: A case study for Taiwan

    International Nuclear Information System (INIS)

    Chen, T.-Y.; Yu, Oliver S.; Hsu, George Jyh-yih; Hsu, Fang-Ming; Sung, W.-N.

    2009-01-01

    This paper presents the results of a case study of applying a systematic and proven process of technology portfolio planning with the use of scenario analysis to renewable energy developments in Taiwan. The planning process starts with decision values of technology development based on a survey of society leaders. It then generates, based on expert opinions and literature search, a set of major technology alternatives, which in this study include: wind energy, photovoltaic, bio-energy, solar thermal power, ocean energy, and geothermal energy. Through a committee of technical experts with diversified professional backgrounds, the process in this study next constructs three scenarios ('Season in the Sun', 'More Desire than Energy', and 'Castle in the Air') to encompass future uncertainties in the relationships between the technology alternatives and the decision values. Finally, through a second committee of professionals, the process assesses the importance and risks of these alternative technologies and develops a general strategic plan for the renewable energy technology portfolio that is responsive and robust for the future scenarios. The most important contributions of this paper are the clear description of the systematic process of technology portfolio planning and scenario analysis, the detailed demonstration of their application through a case study on the renewable energy development in Taiwan, and the valuable results and insights gained from the application.

  2. The portfolio of renewable energy sources for achieving the three E policy goals

    International Nuclear Information System (INIS)

    Shen, Yung-Chi; Chou, Chiyang James; Lin, Grace T.R.

    2011-01-01

    Renewable energy is considered by many policy-makers to contribute to achieving at least three major policy goals: the energy goal, the environmental goal, and the economic goal (3E goals). As an innovation-oriented island country with scarce natural resources, Taiwan announced the Sustainable Energy Policy Principles in 2008 that stated that Taiwan's renewable energy policy should accomplish the 3E goals. Several studies point out that specific renewable energy policy goals lead to specific renewable energy sources and technologies because each type of renewable energy has different features. In order to achieve the renewable energy policy goals, this research aims to examine how different policy goals lead to corresponding renewable energy sources. The relative importance of each goal is evaluated by using analytic hierarchy process (AHP). The weight of each policy goal is adjusted separately to construct policy scenarios by the sensitivity analysis. According to the results, non-pumped storage hydropower, wind energy, and solar energy are three sources that could meet the three policy goals at the same time. -- Highlights: →This study aims to propose a portfolio of renewable energy sources to achieve energy, environmental, and economic policy goals for Taiwan. →Non-pumped storage hydropower performs best to achieve energy and environmental goals. →Wind energy performs well to accomplish environmental goal. →Solar energy is the most preferred alternative to achieve economic goal. →The portfolio of non-pumped storage hydropower, wind energy, and solar energy can accomplish the three E policy goals at the same time.

  3. Optimal Scheduling of Biogas-Solar-Wind Renewable Portfolio for Multi-Carrier Energy Supplies

    DEFF Research Database (Denmark)

    Zhou, Bin; Xu, Da; Li, Canbing

    2018-01-01

    the mitigation of renewable intermittency and the efficient utilization of batteries, and a multi-carrier generation scheduling scheme is further presented to dynamically optimize dispatch factors in the coupling matrix for energy-efficient con-version and storage, while different energy demands of end......This paper proposes a multi-source multi-product framework for coupled multi-carrier energy supplies with a biogas-solar-wind hybrid renewable system. In this framework, the biogas-solar-wind complementarities are fully exploited based on digesting thermodynamic effects for the synergetic...... interactions of electricity, gas and heating energy flows, and a coupling matrix is formulated for the modeling of production, conversion, storage, and consumption of different energy carriers. The multi-energy complementarity of biogas-solar-wind renewable portfolio can be utilized to facilitate...

  4. Trendy solutions: Why do states adopt Sustainable Energy Portfolio Standards?

    Energy Technology Data Exchange (ETDEWEB)

    Chandler, Jess [Georgia Institute of Technology, 685 Cherry Street, Atlanta, GA 30332-0345 (United States)], E-mail: jess.chandler@gatech.edu

    2009-08-15

    Thirty-four states had adopted Sustainable Energy Portfolio Standards (SEPS) or similar goals by the end of 2008, with 14 adoptions since 2006. There appears to be something trendy about SEPS and states may adopt SEPS when internal variables would indicate otherwise. This analysis extends the current discussion of SEPS adoption beyond internal variables, relying on innovation and diffusion theory. Logistic regression with SEPS adoption as the dependent variable is used to test internal determinants and diffusion measures for the years 1997-2008. Of the internal determinants variables, affluence and government ideology were found to be positive and significant. The results show that regional and neighbor diffusion variables are significant in SEPS adoption decisions-even when accounting for ideological distance from previous adopters.

  5. Trendy solutions. Why do states adopt Sustainable Energy Portfolio Standards?

    Energy Technology Data Exchange (ETDEWEB)

    Chandler, Jess [Georgia Institute of Technology, 685 Cherry Street, Atlanta, GA 30332-0345 (United States)

    2009-08-15

    Thirty-four states had adopted Sustainable Energy Portfolio Standards (SEPS) or similar goals by the end of 2008, with 14 adoptions since 2006. There appears to be something trendy about SEPS and states may adopt SEPS when internal variables would indicate otherwise. This analysis extends the current discussion of SEPS adoption beyond internal variables, relying on innovation and diffusion theory. Logistic regression with SEPS adoption as the dependent variable is used to test internal determinants and diffusion measures for the years 1997-2008. Of the internal determinants variables, affluence and government ideology were found to be positive and significant. The results show that regional and neighbor diffusion variables are significant in SEPS adoption decisions - even when accounting for ideological distance from previous adopters. (author)

  6. Trendy solutions: Why do states adopt Sustainable Energy Portfolio Standards?

    International Nuclear Information System (INIS)

    Chandler, Jess

    2009-01-01

    Thirty-four states had adopted Sustainable Energy Portfolio Standards (SEPS) or similar goals by the end of 2008, with 14 adoptions since 2006. There appears to be something trendy about SEPS and states may adopt SEPS when internal variables would indicate otherwise. This analysis extends the current discussion of SEPS adoption beyond internal variables, relying on innovation and diffusion theory. Logistic regression with SEPS adoption as the dependent variable is used to test internal determinants and diffusion measures for the years 1997-2008. Of the internal determinants variables, affluence and government ideology were found to be positive and significant. The results show that regional and neighbor diffusion variables are significant in SEPS adoption decisions-even when accounting for ideological distance from previous adopters.

  7. Building a sustainable market for renewables

    Energy Technology Data Exchange (ETDEWEB)

    Rader, N.

    1996-12-31

    Opinions regarding marketing approaches for electricity generation from renewable resources are presented in the paper. The Renewables Portfolio Standard of the California Public Utilities Commission is described. This system is based on renewable energy credits. Other marketing approaches, including surcharges, auctioned renewables credit, green pricing, and green marketing are also assessed. It is concluded that the Renewables Portfolio Standard creates a stable economic environment for the renewable energy industries.

  8. Impacts of compressed air energy storage plant on an electricity market with a large renewable energy portfolio

    International Nuclear Information System (INIS)

    Foley, A.; Díaz Lobera, I.

    2013-01-01

    Renewable energy generation is expected to continue to increase globally due to renewable energy targets and obligations to reduce greenhouse gas emissions. Some renewable energy sources are variable power sources, for example wind, wave and solar. Energy storage technologies can manage the issues associated with variable renewable generation and align non-dispatchable renewable energy generation with load demands. Energy storage technologies can play different roles in each of the step of the electric power supply chain. Moreover, large scale energy storage systems can act as renewable energy integrators by smoothing the variability. Compressed air energy storage is one such technology. This paper examines the impacts of a compressed air energy storage facility in a pool based wholesale electricity market in a power system with a large renewable energy portfolio

  9. Energy efficiency as a resource in state portfolio standards: Lessons for more expansive policies

    International Nuclear Information System (INIS)

    Thoyre, Autumn

    2015-01-01

    In this paper, state electricity portfolio standards in the U.S. are analyzed to examine how energy efficiency is being created as a particular kind of resource through this type of climate change governance. Such policies can incentivize energy efficiency by requiring or encouraging electricity providers to meet a certain percentage of their demand through energy efficiency measures. North Carolina’s portfolio standard is used as an in-depth case study to identify factors that are then compared across all 36 states that include energy efficiency as part of a portfolio requirement or goal. The main finding of this study is that state portfolio standards tend to emphasize demand-side energy efficiency, or energy efficiency on the customer’s side of the electricity meter, and only rarely incentivize a full range of both demand-side and supply-side efficiency changes. As a result, the amount of energy efficiency and climate change mitigation benefits that are likely to result from this type of portfolio standard policy tool are limited. From this analysis, lessons are drawn out for crafting stronger portfolio standards that incentivize a wider range of efficiency changes across electricity networks. - Highlights: • Energy efficiency in 36 U.S. state portfolio standard policies was analyzed. • Such standards were found to incentivize mainly demand-side energy efficiency. • Supply-side energy efficiency was rarely incentivized by portfolio standards. • Such framings likely limit the carbon mitigation potential of these policies. • Recommendations are made for more expansive portfolio standard policies.

  10. Risk-averse portfolio selection of renewable electricity generator investments in Brazil: An optimised multi-market commercialisation strategy

    International Nuclear Information System (INIS)

    Maier, Sebastian; Street, Alexandre; McKinnon, Ken

    2016-01-01

    Investment decisions in renewable energy sources such as small hydro, wind power, biomass and solar are frequently made in the context of enormous uncertainty surrounding both intermittent generation and the highly volatile electricity spot prices that are used for clearing of trades. This paper presents a new portfolio-based approach for selecting long-term investments in small-scale renewable energy projects and matching contracts for the sale of the resulting electricity. Using this approach, we have formulated a stochastic optimisation model that maximises a holding company's risk-averse measure of value. Using an illustrative example representative of investment decisions within the Brazilian electricity system, we investigate the sensitivity of the optimised portfolio composition and commercialisation strategy to contract prices in the free contracting environment and to the decision maker's attitude towards risk. The numerical results demonstrate it is possible to reduce significantly financial risks, such as the price-quantity risk, not only by exploiting the complementarity of the considered renewable sources generation profiles, but also by selecting the optimal mix of commercialisation contracts from different markets. We find that the multi-market strategy generally results in appreciably higher optimal value than single-market strategies and can be applied to a wide range of renewable generators and contracts. - Highlights: • Gives a portfolio-based multi-market, multi-asset approach to renewable investment. • Details how to model currently used contract types in each of the Brazilian markets. • Presents a test case using realistic contract and real renewable data from Brazil. • Shows that the approach controls financial risks and boosts optimal values. • Explains how relative contract prices and attitude to risk affect optimal decisions.

  11. Renewable Electricity Standards: Good Practices and Design Considerations

    Energy Technology Data Exchange (ETDEWEB)

    Cox, Sadie [National Renewable Energy Lab. (NREL), Golden, CO (United States); Esterly, Sean [National Renewable Energy Lab. (NREL), Golden, CO (United States)

    2016-01-02

    In widespread use globally, renewable electricity standards (RES) are one of the most widely adopted renewable energy policies and a critical regulatory vehicle to accelerate renewable energy deployment. This policy brief provides an introduction to key RES design elements, lessons from country experience, and support resources to enable more detailed and country-specific RES policy design.

  12. Study on Planning Standards for Urban Renewal Areas in Shenzhen

    Institute of Scientific and Technical Information of China (English)

    2011-01-01

    The paper starts from the origin and evolution of city planning standards of Shenzhen before analyzing the new demands for the standards by the development of city renewal amid city transition,and establishes a primary framework for the planning standards and requirements.In addition,on the basis of comparing with the formulation of planning standards of Hong Kong,Shanghai,and Changsha,the paper carries out a discussion on the formulation ideas and main contents of the planning standards for the urban renewal areas in Shenzhen.Moreover,the paper also analyzes the standards for renewal objects,scope,mode,functions guidance,development control,and public facilities,all of which are quite heated issues and key elements in the process of formulation and approval of renewal planning,in order to improve the institutional structure of the City Planning Standards and Requirements of Shenzhen and meet the government’s demand in realizing a refined management.

  13. Application of portfolio analysis to the Dutch generating mix. Reference case and two renewables cases, year 2030, SE and GE scenario

    International Nuclear Information System (INIS)

    Jansen, J.C.; Beurskens, L.W.M.; Van Tilburg, X.

    2006-02-01

    This report presents results of an application of Markowitz Portfolio Theory (MPT) to the future portfolio of electricity generating technologies in the Netherlands in year 2030. Projections are made based on two specific scenarios constructed by the Netherlands Bureau for Economic Policy Analysis (CPB), i.e. 'Strong Europe (SE)' and 'Global Economy (GE)'. This study zooms in on the electricity cost risk dimension of the Dutch portfolio of generating technologies. Major results of this study are: (a) In both scenarios, the base variant is not very efficient. Graphical analysis suggests that diversification may yield up to 20% risk reduction at no extra cost; (b) Promotion of renewable energy can greatly decrease the portfolio risk. Defining mixes without renewables results in significantly riskier mixes with relatively small impact on portfolio costs; (c) Because of its relative low risk and high potential, large-scale implementation of offshore wind can reduce cost risk of the Dutch generating portfolio while only in the GE scenario a (small) upward effect on the projected Dutch electricity cost in year 2030 is foreseen. In a SE world large-scale implementation of offshore wind is projected to have a downward effect on Dutch electricity prices by the year 2030

  14. Renewables without limits : moving Ontario to advanced renewable tariffs by updating Ontario's groundbreaking standard offer program

    International Nuclear Information System (INIS)

    Gipe, P.

    2007-11-01

    The Ontario Sustainable Energy Association (OSEA) promotes the development of community-owned renewable energy generation. It was emphasized that in order to achieve OSEA's original objectives of developing as much renewable energy as quickly as possible through community participation, changes are needed to Ontario's groundbreaking standard offer contract (SOC) program. This report examined the status of Ontario's SOC program and proposed changes to the program as part of the program's first two-year review. The report provided a summary of the program and discussed each of the program's goals, notably to encourage broad participation; eliminate barriers to distributed renewable generation; provide a stable market for renewable generation; stimulate new investment in renewable generation; provide a rigorous pricing model for setting the tariffs; create a program applicable to all renewable technologies; provide a simple, streamlined, and cost-effective application process; and provide a dispute resolution process. The program goals as developed by the Ontario Power Authority and Ontario Energy Board were discussed with reference to mixed results to date; simplicity; removing barriers; balancing targets with value to ratepayers; and building on the efforts of OSEA. Advanced renewable tariffs (ART) and tariff determination was also discussed along with ART's in Germany, France, Spain and Ontario. Inflation indexing; tariff degression; proposed new tariffs by technology; and other costs and factors affecting profitability were also reviewed. ref., tabs

  15. Does a renewable fuel standard for biofuels reduce climate costs?

    Energy Technology Data Exchange (ETDEWEB)

    Greaker, Mads; Hoel, Michael; Rosendahl, Knut Einar

    2012-07-01

    Recent contributions have questioned whether biofuels policies actually lead to emissions reductions, and thus lower climate costs. In this paper we make two contributions to the literature. First, we study the market effects of a renewable fuel standard. Opposed to most previous studies we model the supply of fossil fuels taking into account that fossil fuels is a non-renewable resource. Second, we model emissions from land use change explicitly when we evaluate the climate effects of the renewable fuel standard. We find that extraction of fossil fuels most likely will decline initially as a consequence of the standard. Thus, if emissions from biofuels are sufficiently low, the standard will have beneficial climate effects. Furthermore, we find that the standard tends to reduce total fuel (i.e., oil plus biofuels) consumption initially. Hence, even if emissions from biofuels are substantial, climate costs may be reduced. Finally, if only a subset of countries introduce a renewable fuel standard, there will be carbon leakage to the rest of the world. However, climate costs may decline as global extraction of fossil fuels is postponed.(Author)

  16. U.S. Renewable Electricity Market

    Science.gov (United States)

    The US green energy market is broken up into two main groups: the mandatory markets including state Renewable Portfolio Standards (RPS) and voluntary markets, also referred to as green power markets.  This page delineates this two markets.

  17. A Comparative Analysis of Three Proposed Federal Renewable Electricity Standards

    Energy Technology Data Exchange (ETDEWEB)

    Sullivan, Patrick [National Renewable Energy Lab. (NREL), Golden, CO (United States); Logan, Jeffrey [National Renewable Energy Lab. (NREL), Golden, CO (United States); Bird, Lori [National Renewable Energy Lab. (NREL), Golden, CO (United States); Short, Walter [National Renewable Energy Lab. (NREL), Golden, CO (United States)

    2009-05-01

    This paper analyzes potential impacts of proposed national renewable electricity standard (RES) legislation. An RES is a mandate requiring certain electricity retailers to provide a minimum share of their electricity sales from qualifying renewable power generation. The analysis focuses on draft bills introduced individually by Senator Jeff Bingaman and Representative Edward Markey, and jointly by Representative Henry Waxman and Markey. The analysis uses NREL's Regional Energy Deployment System (ReEDS) model to evaluate the impacts of the proposed RES requirements on the U.S. energy sector in four scenarios.

  18. Comparative Analysis of Three Proposed Federal Renewable Electricity Standards

    Energy Technology Data Exchange (ETDEWEB)

    Sullivan, P.; Logan, J.; Bird, L.; Short, W.

    2009-05-01

    This paper analyzes potential impacts of proposed national renewable electricity standard (RES) legislation. An RES is a mandate requiring certain electricity retailers to provide a minimum share of their electricity sales from qualifying renewable power generation. The analysis focuses on draft bills introduced individually by Senator Jeff Bingaman and Representative Edward Markey, and jointly by Representative Henry Waxman and Markey. The analysis uses NREL's Regional Energy Deployment System (ReEDS) model to evaluate the impacts of the proposed RES requirements on the U.S. energy sector in four scenarios.

  19. Biomass energy success stories: a portfolio illustrating current economic uses of renewable biomass energy

    Energy Technology Data Exchange (ETDEWEB)

    None

    1978-03-01

    This second edition of the Biomass Energy Success Stories covers a wide range of examples of organizations which have experienced economic benefits by substituting renewable biomass energy for non-renewable fossil fuels. In addition to the broader spectrum of industry seen to be pursuing this approach, the cases illustrate a move towards innovative and technologically more sophisticated approaches. For example, the Quebec Community's thermal accumulator acts as a buffer to accommodate the variable fuel value of boiler fuel consisting of unpredictable residues of variable moisture content. By this innovative approach, the quality of steam to its year-round customer can be held within the contractual limits. Another unique development appears in the use of the LAMB-CARGATE wet cell burner which is able to cope with wood residue fuels containing up to 70% moisture. Two of the more interesting and promising developments in the race to substitute renewable energy for fossil fuels are Fluidized Bed and Fuel-alcohol on-farm distilleries. For this reason appendices are included giving some useful insights concerning them.

  20. Interactions between California's Low Carbon Fuel Standard and the National Renewable Fuel Standard

    International Nuclear Information System (INIS)

    Whistance, Jarrett; Thompson, Wyatt; Meyer, Seth

    2017-01-01

    This study investigates the economic interactions between a national renewable fuel policy, namely the Renewable Fuel Standard (RFS) in the United States, and a sub-national renewable fuel policy, the Low Carbon Fuel Standard (LCFS) in California. The two policies have a similar objective of reducing greenhouse gas emissions, but the policies differ in the manner in which those objectives are met. The RFS imposes a hierarchical mandate of renewable fuel use for each year whereas the LCFS imposes a specific annual carbon-intensity reduction with less of a fuel specific mandate. We model the interactions using a partial-equilibrium structural model of agricultural and energy markets in the US and Rest-of-World regions. Our results suggest the policies are mutually reinforcing in that the compliance costs of meeting one of the requirements is lower in the presence of the other policy. In addition, the two policies combine to create a spatial shift in renewable fuel use toward California even though overall renewable fuel use remains relatively unchanged. - Highlights: • Results suggest the RFS and LCFS are mutually reinforcing. • Overall level of renewable fuel use is similar across scenarios. • Renewable fuel use shifts toward California in the presence of the LCFS. • Higher ethanol blend (e.g. E85) use also shifts toward California.

  1. 76 FR 37703 - Regulation of Fuels and Fuel Additives: 2012 Renewable Fuel Standards; Public Hearing

    Science.gov (United States)

    2011-06-28

    ... Regulation of Fuels and Fuel Additives: 2012 Renewable Fuel Standards; Public Hearing AGENCY: Environmental... hearing to be held for the proposed rule ``Regulation of Fuels and Fuel Additives: 2012 Renewable Fuel... be proposing amendments to the renewable fuel standard program regulations to establish annual...

  2. 75 FR 37733 - Regulation of Fuels and Fuel Additives: Modifications to Renewable Fuel Standard Program

    Science.gov (United States)

    2010-06-30

    ... Regulation of Fuels and Fuel Additives: Modifications to Renewable Fuel Standard Program AGENCY... direct final rule to amend the Renewable Fuel Standard program requirements on May 10, 2010. Because EPA... Fuel Standard program requirements, published on May 10, 2010. We stated in that direct final rule that...

  3. Strategic technology policy as a supplement to renewable energy standards

    NARCIS (Netherlands)

    Fischer, Carolyn; Greaker, Mads; Rosendahl, Knut Einar

    2018-01-01

    In many regions, renewable energy targets are a primary decarbonization policy. Most of the same jurisdictions also subsidize the manufacturing and/or deployment of renewable energy technologies, some being sufficiently aggressive as to engender WTO disputes. We consider a downstream energy-using

  4. 78 FR 12005 - Regulation of Fuels and Fuel Additives: 2013 Renewable Fuel Standards; Public Hearing

    Science.gov (United States)

    2013-02-21

    ... Regulation of Fuels and Fuel Additives: 2013 Renewable Fuel Standards; Public Hearing AGENCY: Environmental... EPA is announcing a public hearing to be held for the proposed rule ``Regulation of Fuels and Fuel Additives: 2013 Renewable Fuel Standards,'' which was published separately in the Federal Register on...

  5. A Retrospective Analysis of the Benefits and Impacts of U.S. Renewable Portfolio Standards

    Energy Technology Data Exchange (ETDEWEB)

    Wiser, Ryan H. [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Barbose, Galen [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Heeter, Jenny [National Renewable Energy Lab. (NREL), Golden, CO (United States); Mai, Trieu [National Renewable Energy Lab. (NREL), Golden, CO (United States); Bird, Lori [National Renewable Energy Lab. (NREL), Golden, CO (United States); Bolinger, Mark [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Carpenter, Alberta [National Renewable Energy Lab. (NREL), Golden, CO (United States); Heath, Garvin [National Renewable Energy Lab. (NREL), Golden, CO (United States); Keyser, David [National Renewable Energy Lab. (NREL), Golden, CO (United States); Macknick, Jordan [National Renewable Energy Lab. (NREL), Golden, CO (United States); Mills, Andrew [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Millstein, Dev [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States)

    2017-07-31

    This report, the second in the series, analyzes historical benefits and impacts of all state RPS policies, in aggregate, employing a consistent and well-vetted set of methods and data sets. The analysis focuses on three specific benefits: greenhouse gas emissions, air pollution, and water use. It also analyzes three other impacts: gross job additions, wholesale electricity market price suppression, and natural gas price suppression. These are an important subset, but by no means a comprehensive set, of all possible effects associated with RPS policies. These benefits and impacts are also subject to many uncertainties, which are described and, to the extent possible, quantified within the report.

  6. Financial impact of energy efficiency under a federal combined efficiency and renewable electricity standard: Case study of a Kansas 'super-utility'

    International Nuclear Information System (INIS)

    Cappers, Peter; Goldman, Charles

    2010-01-01

    Historically, local, state and federal policies have separately promoted the generation of electricity from renewable technologies and the pursuit of energy efficiency to help mitigate the detrimental effects of global climate change and foster energy independence. Federal policymakers are currently considering and several states have enacted a combined efficiency and renewable electricity standard which proponents argue provides a comprehensive approach with greater flexibility and at lower cost. We examine the financial impacts on various stakeholders from alternative compliance strategies with a Combined Efficiency and Renewable Electricity Standard (CERES) using a case study approach for utilities in Kansas. Our results suggest that an investor-owned utility is likely to pursue the most lucrative compliance strategy for its shareholders-one that under-invests in energy efficiency resources. If a business model for energy efficiency inclusive of both a lost fixed cost recovery mechanism and a shareholder incentive mechanism is implemented, our analysis indicates that an investor-owned utility would be more willing to pursue energy efficiency as a lower-cost CERES compliance strategy. Absent implementing such a regulatory mechanism, separate energy efficiency and renewable portfolio standards would improve the likelihood of reducing reliance on fossil fuels at least-cost through the increased pursuit of energy efficiency.

  7. Economic analysis of biomass power generation schemes under renewable energy initiative with Renewable Portfolio Standards (RPS) in Korea.

    Science.gov (United States)

    Moon, Ji-Hong; Lee, Jeung-Woo; Lee, Uen-Do

    2011-10-01

    An economic analysis of biomass power generation was conducted. Two key technologies--direct combustion with a steam turbine and gasification with a syngas engine--were mainly examined. In view of the present domestic biomass infrastructure of Korea, a small and distributed power generation system ranging from 0.5 to 5 MW(e) was considered. It was found that gasification with a syngas engine becomes more economically feasible as the plant size decreases. Changes in the economic feasibilities with and without RPS or heat sales were also investigated. A sensitivity analysis of each system was conducted for representative parameters. Regarding the cost of electricity generation, electrical efficiency and fuel cost significantly affect both direct combustion and gasification systems. Regarding the internal rate of return (IRR), the heat sales price becomes important for obtaining a higher IRR, followed by power generation capacity and electrical efficiency. Copyright © 2011 Elsevier Ltd. All rights reserved.

  8. Portfolio Optimization

    OpenAIRE

    Issagali, Aizhan; Alshimbayeva, Damira; Zhalgas, Aidana

    2015-01-01

    In this paper Portfolio Optimization techniques were used to determine the most favorable investment portfolio. In particular, stock indices of three companies, namely Microsoft Corporation, Christian Dior Fashion House and Shevron Corporation were evaluated. Using this data the amounts invested in each asset when a portfolio is chosen on the efficient frontier were calculated. In addition, the Portfolio with minimum variance, tangency portfolio and optimal Markowitz portfolio are presented.

  9. Wright meets Markowitz: How standard portfolio theory changes when assets are technologies following experience curves

    OpenAIRE

    Way, Rupert; Lafond, François; Farmer, J. Doyne; Lillo, Fabrizio; Panchenko, Valentyn

    2017-01-01

    This paper considers how to optimally allocate investments in a portfolio of competing technologies. We introduce a simple model representing the underlying trade-off - between investing enough effort in any one project to spur rapid progress, and diversifying effort over many projects simultaneously to hedge against failure. We use stochastic experience curves to model the idea that investing more in a technology reduces its unit costs, and we use a mean-variance objective function to unders...

  10. Collaboration on Renewable Energy Standards, Testing, and Certification under the U.S. China Renewable Energy Partnership: Preprint

    Energy Technology Data Exchange (ETDEWEB)

    Wallace, W.; Kurtz, S.; Lin, W.

    2012-06-01

    During November 2009, the U.S. China Renewable Energy Partnership agreement was authorized in Beijing by Presidents Obama and Hu from the U.S. and China. One of the principle tasks under this new program is the collaboration of the U.S. and China on the topic of renewable energy standards, testing, and certification with an initial focus on solar PV and wind topics. This paper will describe and discuss the activities which have taken place under the bilateral collaboration to date.

  11. 78 FR 37325 - License Renewal of Nuclear Power Plants; Generic Environmental Impact Statement and Standard...

    Science.gov (United States)

    2013-06-20

    ... Nuclear Power Plants; Generic Environmental Impact Statement and Standard Review Plans for Environmental... for Nuclear Power Plants, Supplement 1: Operating License Renewal'' (ESRP). The ESRP serves as a guide... published a final rule, ``Revisions to Environmental Review for Renewal of Nuclear Power Plant Operating...

  12. 76 FR 18066 - Regulation of Fuels and Fuel Additives: Changes to Renewable Fuel Standard Program

    Science.gov (United States)

    2011-04-01

    ... ENVIRONMENTAL PROTECTION AGENCY 40 CFR Part 80 Regulation of Fuels and Fuel Additives: Changes to Renewable Fuel Standard Program CFR Correction In Title 40 of the Code of Federal Regulations, Parts 72 to...-generating foreign producers and importers of renewable fuels for which RINs have been generated by the...

  13. International Standards to Develop and Promote Energy Efficiency and Renewable Energy Sources

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2007-07-01

    International Standards are a powerful tool for disseminating new technologies and good practices, developing global markets and supporting the harmonization of government policies on energy efficiency and renewable sources on a global scale.

  14. Applying Portfolio Theory to EU Electricity Planning and Policy-Making

    Energy Technology Data Exchange (ETDEWEB)

    Awerbuch, Shimon; Berger, Martin

    2003-02-01

    This study introduces mean-variance portfolio theory and evaluates its potential application to the development of efficient (optimal) European Union (EU-15) generating portfolios that enhance energy security and diversification objectives. The analysis extends to European countries the previous work done by Awerbuch in the US, and applies a significantly more detailed portfolio model that reflects the risk of the relevant generating cost streams: fuel, operation and maintenance and construction period costs. It illustrates the portfolio effects of different generating mixes. The study offers preliminary findings on the effects of including more renewable energy sources in the typical EU portfolio mix and suggests interesting directions for further study. The study arises from the perception that these standard, finance-oriented analyses may offer valuable enhancements to energy planning, and concepts of energy security and diversity. Clearly the combination of better portfolio construction and more accurate pricing should lead to more optimal decisions in the round. This study, therefore, represents an effort to complement traditional approaches and point researchers and planners into new territory. The results generally indicate that the existing and projected EU generating mixes are sub optimal - though slightly - from a risk-return perspective, which implies that feasible portfolios with lower cost and risk exist. These can be developed by adjusting the conventional mix and by including larger shares of wind or similar renewable technologies. The results of the portfolio analysis suggest that fixed cost technologies such as renewables must be a part of any efficient generating portfolio. Our assessment of all technologies is limited to risk and cost measures, although other benefits, including low externality costs and sustainability, are often cited for renewables.

  15. 77 FR 72746 - Regulation of Fuels and Fuel Additives: Modifications to Renewable Fuel Standard and Diesel...

    Science.gov (United States)

    2012-12-06

    ... Fuels and Fuel Additives: Modifications to Renewable Fuel Standard and Diesel Sulfur Programs AGENCY... Fuel Standard (``RFS'') program under section 211(o) of the Clean Air Act. The direct final rule also... marine diesel fuel produced by transmix processors, and the fuel marker requirements for 500 ppm sulfur...

  16. Map of the portfolio of projects of energy efficiency and of renewable energies by the AFD group and the FFEM

    International Nuclear Information System (INIS)

    Guillaumie, Koulm; Briand, Claude; Ries, Alain

    2007-09-01

    The AFD (the French Agency for Development) and the FFEM (French Fund for World Environment) are involved in cooperation and partnership projects for the development of energy efficiency, notably, but not only, in developing and emerging countries. This report first proposes a classification of these projects according to a typology which comprises the concerned sectors (urban planning and housing, fuels, hydroelectricity and wind energy, electricity distribution, industries and services, transports and mobility, capacity building, multi-sector), the intervener (AFD, FFEM, and Proparco, an AFD's subsidy), the project evolution in time (number of projects, evolution of funding), the funding type (loan types, subsidy, credit line), and the geographical area. The second part discusses the conditions to start projects in energy management: legal framework, economic conditions, funding, social and environmental factors, and technical factors. Appendices propose a set of ten technical sheets which indicate and discuss conditions of success as well as obstacles for different types of projects: big dams, mini hydroelectric projects, wind energy, biomass/biogas co-generation, bio-fuels, decentralised rural electrification based on renewable energy projects, collective transports and energy efficiency in transports, development of partnerships and institutional support, multi-sector tools of investment, and carbon market

  17. [U.S. renewable fuel standard implementation mechanism and market tracking].

    Science.gov (United States)

    Kang, Liping; Earley, Robert; An, Feng; Zhang, Yu

    2013-03-01

    U.S. Renewable Fuel Standard (RFS) is a mandatory policy for promoting the utilization of biofuels in road transpiration sector in order to reduce the country's dependency on foreign oil and greenhouse gas emissions. U.S. Environmental Protection Agency (EPA) defines the proportion of renewable fuels according to RFS annual target, and requests obligated parties such like fossil fuel refiner, blenders and importer in the U.S. to complete Renewable Volume Obligation (RVO) every year. Obligated parties prove they have achieved their RVO through a renewable fuels certification system, which generates Renewable Identification Numbers (RINs) for every gallon of qualified renewable fuels produced or imported into U.S., RINs is a key for tracking renewable fuel consumption, which in turn is a key for implementing the RFS in the U.S., separated RINs can be freely traded in market and obligated parties could fulfill their RVO through buying RINs from other stakeholders. This briefing paper highlights RFS policy implementing mechanism and marketing tracking, mainly describes importance of RINs, and the method for generating and tracking RINs by both government and fuels industry participants.

  18. Predictive Ability from ePortfolios of Student Achievement Associated with Professional Teaching Standards: An Exploratory Case Study

    Science.gov (United States)

    Payne, Phillip; Burrack, Frederick

    2017-01-01

    This exploratory case study, focused on a music teacher preparation program, examined the coursework ePortfolios of pre-service music teachers to determine if any parts of the ePortfolio process predicted teaching effectiveness in the classroom during the student teaching semester. Sixty-five undergraduate pre-service music teachers made up the…

  19. 78 FR 69628 - Public Hearing for the 2014 Standards for the Renewable Fuel Standard Program

    Science.gov (United States)

    2013-11-20

    ..., biomass-based diesel, advanced biofuel, and renewable fuels that would apply to all gasoline and diesel produced in the U.S. or imported in the year 2014. In addition, the separate proposal includes a proposed...

  20. Environmental Standard Review Plan for the review of license renewal applications for nuclear power plants

    International Nuclear Information System (INIS)

    O'Brien, J.; Kim, T.J.; Reynolds, S.

    1991-08-01

    The Environmental Standard Review Plan for the Review of License Applications for Nuclear Power Plants (ESRP-LR) is to be used by the NRC staff when performing environmental reviews of applications for the renewal of power reactor licenses. The use of the ESRP-LR provides a framework for the staff to determine whether or not environmental issues important to license renewal have been identified and the impacts evaluated and provides acceptance standards to help the reviewers comply with the National Environmental Policy Act

  1. International Standards Development for Marine and Hydrokinetic Renewable Energy - Final Report on Technical Status

    Energy Technology Data Exchange (ETDEWEB)

    Rondorf, Neil E.; Busch, Jason; Kimball, Richard

    2011-10-29

    This report summarizes the progress toward development of International Standards for Marine and Hydrokinetic Renewable Energy, as funded by the U.S. Department of Energy (DOE) under the International Electrotechnical Commission (IEC) Technical Committee 114. The project has three main objectives: 1. Provide funding to support participation of key U.S. industry technical experts in 6 (originally 4) international working groups and/or project teams (the primary standards-making committees) and to attend technical meetings to ensure greater U.S. involvement in the development of these standards. 2. Provide a report to DOE and industry stakeholders summarizing the IEC standards development process for marine and hydrokinetic renewable energy, new international standards and their justifications, and provide standards guidance to industry members. 3. Provide a semi-annual (web-based) newsletter to the marine renewable energy community. The newsletter will educate industry members and stakeholders about the processes, progress, and needs of the US efforts to support the international standards development effort. The newsletter is available at www.TC114.us

  2. Calculation of lifecycle greenhouse gas emissions for the renewable fuel standard

    Science.gov (United States)

    2009-06-25

    The Energy Independence and Security Act of 2007 (EISA, P.L. 110-140), significantly expanded the renewable fuel standard (RFS) established in the Energy Policy Act of 2005 (EPAct 2005, P.L.109-58). The RFS requires the use of 9.0 billion gallons of ...

  3. Teacher Portfolios.

    Science.gov (United States)

    Wolfe-Quintero, Kate; Brown, James Dean

    1998-01-01

    A portfolio of achievements, experiences, and reflections can help English-as-a-Second-Language teachers attain professional development goals and offer administrators greater insight for making informed hiring and job-performance decisions. This paper focuses on what teacher portfolios are, what their contents should be, and what their uses are…

  4. Teaching Portfolio

    DEFF Research Database (Denmark)

    Pedersen, Christian Fischer

    The present teaching portfolio has been submitted for evaluation in partial fulfillment of the requirements of the teacher training programme for Assistant Professors at Department of Engineering, Aarhus University, Denmark.......The present teaching portfolio has been submitted for evaluation in partial fulfillment of the requirements of the teacher training programme for Assistant Professors at Department of Engineering, Aarhus University, Denmark....

  5. Customer portfolios

    DEFF Research Database (Denmark)

    Clarke, Ann Højbjerg; Freytag, Per Vagn; Zolkiewski, Judith

    2017-01-01

    gives managers a tool to help to cope with the dynamic aspects of the customer portfolio. Recognition of the importance of communication to the process, the development of trust and the role of legitimacy also provides areas that managers can focus upon in their relationship management processes......Purpose The purpose of this paper is to extend the discussion about customer portfolios beyond simple identification of models and how they can be used for balanced resource allocation to a discussion about how portfolios should take into account views from relationship partners and how they should...... that helps improve the understanding of how customer portfolio models can actually be applied from a relational perspective. Findings The key aspects of the conceptual framework relate to how alignment of the relationships in the portfolio is achieved. Critical to this are the interaction spaces...

  6. The market for tradable renewable energy credits

    International Nuclear Information System (INIS)

    Berry, David

    2002-01-01

    As states seek to foster the development of renewable energy resources, some have introduced renewable portfolio standards (RPSs) which require retailers of electricity to derive a specified amount of their energy supply from renewable energy resources. RPSs in Texas, Arizona, Wisconsin and Nevada allow for or require the use of tradable renewable energy credits. The price of such credits is expected to reflect the cost premium for generating electricity from renewable resources relative to the market price of conventionally generated electricity. Using the market to trade renewable energy credits exposes buyers and sellers to risks of imperfect information, poor performance, and opportunism. These risks can be managed through contractual arrangements and regulatory requirements pertaining to property rights in credits, pricing, term of the contract, and assurance of performance

  7. Renewable energy policy design and framing influence public support in the United States

    Science.gov (United States)

    Stokes, Leah C.; Warshaw, Christopher

    2017-08-01

    The United States has often led the world in supporting renewable energy technologies at both the state and federal level. However, since 2011 several states have weakened their renewable energy policies. Public opinion will probably be crucial for determining whether states expand or contract their renewable energy policies in the future. Here we show that a majority of the public in most states supports renewable portfolio standards, which require a portion of the electricity mix to come from renewables. However, policy design and framing can strongly influence public support. Using a survey experiment, we show that effects of renewable portfolio standards bills on residential electricity costs, jobs and pollution, as well as bipartisan elite support, are all important drivers of public support. In many states, these bills' design and framing can push public opinion above or below majority support.

  8. Multi-objective regulations on transportation fuels: Comparing renewable fuel mandates and emission standards

    International Nuclear Information System (INIS)

    Rajagopal, D.; Plevin, R.; Hochman, G.; Zilberman, D.

    2015-01-01

    We compare two types of fuel market regulations — a renewable fuel mandate and a fuel emission standard — that could be employed to simultaneously achieve multiple outcomes such as reduction in fuel prices, fuel imports and greenhouse gas (GHG) emissions. We compare these two types of regulations in a global context taking into account heterogeneity in carbon content of both fossil fuels and renewable fuels. We find that although neither the ethanol mandate nor the emission standard is certain to reduce emissions relative to a business-as-usual baseline, at any given level of biofuel consumption in the policy region, a mandate, relative to an emission standard, results in higher GHG emissions, smaller expenditure on fuel imports, lower price of ethanol-blended gasoline and higher domestic fuel market surplus. This result holds over a wide range of values of model parameters. We also discuss the implications of this result to a regulation such as the US Renewable Fuel Standard given recent developments within the US such as increase in shale and tight oil production and large increase in average vehicle fuel economy of the automotive fleet. - Highlights: • Biofuel mandates and fuel GHG emission standards are analyzed from a multiple criteria perspective • An emission-standard always results in lower global emissions while requiring less biofuel relative to a biofuel mandate • An emission-standard results in higher fuel price in the home region relative to a biofuel mandate • Emission standards lead to more shuffling of both fossil fuels and biofuels between home and abroad • The relative impact of the policies on fuel imports depends on the relative cost-effectiveness of domestic & imported biofuel • Recent developments oil production and fuel economy increase the net benefits of an LCFS approach relative to RFS

  9. Using renewables to hedge against future electricity industry uncertainties—An Australian case study

    International Nuclear Information System (INIS)

    Vithayasrichareon, Peerapat; Riesz, Jenny; MacGill, Iain F.

    2015-01-01

    A generation portfolio modelling was employed to assess the expected costs, cost risk and emissions of different generation portfolios in the Australian National Electricity Market (NEM) under highly uncertain gas prices, carbon pricing policy and electricity demand. Outcomes were modelled for 396 possible generation portfolios, each with 10,000 simulations of possible fuel and carbon prices and electricity demands. In 2030, the lowest expected cost generation portfolio includes 60% renewable energy. Increasing the renewable proportion to 75% slightly increased expected cost (by $0.2/MWh), but significantly decreased the standard deviation of cost (representing the cost risk). Increasing the renewable proportion from the present 15% to 75% by 2030 is found to decrease expected wholesale electricity costs by $17/MWh. Fossil-fuel intensive portfolios have substantial cost risk associated with high uncertainty in future gas and carbon prices. Renewables can effectively mitigate cost risk associated with gas and carbon price uncertainty. This is found to be robust to a wide range of carbon pricing assumptions. This modelling suggests that policy mechanisms to promote an increase in renewable generation towards a level of 75% by 2030 would minimise costs to consumers, and mitigate the risk of extreme electricity prices due to uncertain gas and carbon prices. - Highlights: • A generation portfolio with 75% renewables in 2030 is the most optimal in terms of cost, cost risk and emissions. • Investment in CCGT is undesirable compared to renewables given the cost risk due to gas and carbon price uncertainties. • Renewables can hedge against extreme electricity prices caused by high and uncertain carbon and gas prices. • Existing coal-fired plants still play a key role by moving into a peaking role to complement variable renewables. • Policy mechanisms to promote renewable generation are important

  10. Portfolio Management

    Science.gov (United States)

    Duncan, Sharon L.

    2011-01-01

    Enterprise Business Information Services Division (EBIS) supports the Laboratory and its functions through the implementation and support of business information systems on behalf of its business community. EBIS Five Strategic Focus Areas: (1) Improve project estimating, planning and delivery capability (2) Improve maintainability and sustainability of EBIS Application Portfolio (3) Leap forward in IT Leadership (4) Comprehensive Talent Management (5) Continuous IT Security Program. Portfolio Management is a strategy in which software applications are managed as assets

  11. Guidance on Biogas used to Produce CNG or LNG under the Renewable Fuel Standard Program

    Science.gov (United States)

    Provides EPA’s interpretation of biogas quality and RIN generation requirements that apply to renewable fuel production pathways involving the injection into a commercial pipeline of biogas for use in producing renewable CNG or renewable LNG.

  12. Switching portfolios.

    Science.gov (United States)

    Singer, Y

    1997-08-01

    A constant rebalanced portfolio is an asset allocation algorithm which keeps the same distribution of wealth among a set of assets along a period of time. Recently, there has been work on on-line portfolio selection algorithms which are competitive with the best constant rebalanced portfolio determined in hindsight (Cover, 1991; Helmbold et al., 1996; Cover and Ordentlich, 1996). By their nature, these algorithms employ the assumption that high returns can be achieved using a fixed asset allocation strategy. However, stock markets are far from being stationary and in many cases the wealth achieved by a constant rebalanced portfolio is much smaller than the wealth achieved by an ad hoc investment strategy that adapts to changes in the market. In this paper we present an efficient portfolio selection algorithm that is able to track a changing market. We also describe a simple extension of the algorithm for the case of a general transaction cost, including the transactions cost models recently investigated in (Blum and Kalai, 1997). We provide a simple analysis of the competitiveness of the algorithm and check its performance on real stock data from the New York Stock Exchange accumulated during a 22-year period. On this data, our algorithm outperforms all the algorithms referenced above, with and without transaction costs.

  13. From Kyoto to Bonn: implications and opportunities for renewable energy

    International Nuclear Information System (INIS)

    Pugliese, M.; Cameron, J.; Wilder, M.

    2001-01-01

    The article discusses the need for the uptake of renewable energy sources to increase to meet the commitments made in Bonn in July for compliance with the Kyoto Protocol. The article is presented under the sub-headings of: (i) the Bonn Agreement; (ii) implications and opportunities for renewable energy; (iii) the commercialisation and mainstreaming of renewable energy technologies; (iv) greenhouse gas-reducing projects (v) renewable portfolio standards and renewable certificate trading programmes; (vi) increased funding for product and technology development; (vii) emissions trading; (viii) domestic legislation and initiatives; (ix) regulatory effects in Annex I countries specifically impacting renewable energy (UK, Germany, Australia, EU Renewable Energy Law) and (x) US efforts in the absence of a national climate policy

  14. Welfare implications of the renewable fuel standard with an integrated tax-subsidy policy

    International Nuclear Information System (INIS)

    Skolrud, Tristan D.; Galinato, Gregmar I.

    2017-01-01

    This paper derives the optimal integrated tax-subsidy policy where one input is taxed and revenues are used to subsidize the use of a substitute input to reduce greenhouse gas emissions given the existing policies under the Renewable Fuel Standard policies. We measure the welfare effects and impact on cellulosic ethanol production after implementing the tax-subsidy policy using a general equilibrium model. A revenue-neutral integrated tax-subsidy scheme leads to a small positive tax rate for crude oil and a large positive subsidy for cellulosic ethanol because the former has a larger emissions coefficient than the latter. The overall welfare effects of an integrated tax subsidy scheme are less than a 1% increase for the economy but the growth in the cellulosic ethanol industry could range from 28% to 238% because the revenues from taxing crude oil are directly used to subsidize cellulosic ethanol production. - Highlights: • We derive an integrated tax-subsidy interacting with the Renewable Fuel Standard. • The policy is revenue-neutral. • Policy results in a small crude oil tax and a large cellulosic ethanol subsidy. • Simulations indicate a welfare-increasing optimal policy. • Growth in the cellulosic ethanol industry ranges from 28% to 238%.

  15. Examination of the Regional Supply and Demand Balance for Renewable Electricity in the United States through 2015: Projecting from 2009 through 2015 (Revised)

    Energy Technology Data Exchange (ETDEWEB)

    Bird, L.; Hurlbut, D.; Donohoo, P.; Cory, K.; Kreycik, C.

    2010-06-01

    This report examines the balance between the demand and supply of new renewable electricity in the United States on a regional basis through 2015. It expands on a 2007 NREL study that assessed the supply and demand balance on a national basis. As with the earlier study, this analysis relies on estimates of renewable energy supplies compared to demand for renewable energy generation needed to meet existing state renewable portfolio standard (RPS) policies in 28 states, as well as demand by consumers who voluntarily purchase renewable energy. However, it does not address demand by utilities that may procure cost-effective renewables through an integrated resource planning process or otherwise.

  16. 77 FR 61313 - Regulation of Fuels and Fuel Additives: Modifications to Renewable Fuel Standard and Diesel...

    Science.gov (United States)

    2012-10-09

    ... transportation fuels, including gasoline and diesel fuel, or renewable fuels such as ethanol and biodiesel, as... that which arose under RFS1 for certain renewable fuels (in particular biodiesel) that were produced...

  17. Gains from an integrated market for tradable renewable energy credits

    International Nuclear Information System (INIS)

    Mozumder, Pallab; Marathe, Achla

    2004-01-01

    Decoupling the environmental attributes of renewable energy (RE) generation from the physical unit of energy is an innovative mechanism for marketing green or renewable power. The introduction of 'Tradable Renewable Energy Credits' (TRECs) allows the green power attributes of energy to be sold or traded separately from the physical unit of energy. Since the green power certificate system removes potential locational and physical bottlenecks, both suppliers and consumers gain flexibility in the marketplace. The TREC is also an efficient tool to meet 'Renewable Portfolio Standard' (RPS) required by different states in the US. This paper discusses the RPS requirements for different states and examines the implications of an integrated TREC market. It offers a competitive setting to the consumers to pay for renewable energy and a cost effective tool to support renewable energy generation [Grace and Wiser, 2002]. This paper also highlights some practical difficulties that should be addressed in order to establish an efficient integrated TREC market

  18. Climate consequences of low-carbon fuels: The United States Renewable Fuel Standard

    International Nuclear Information System (INIS)

    Hill, Jason; Tajibaeva, Liaila; Polasky, Stephen

    2016-01-01

    A common strategy for reducing greenhouse gas (GHG) emissions from energy use is to increase the supply of low-carbon alternatives. However, increasing supply tends to lower energy prices, which encourages additional fuel consumption. This “fuel market rebound effect” can undermine climate change mitigation strategies, even to the point where efforts to reduce GHG emissions by increasing the supply of low-carbon fuels may actually result in increased GHG emissions. Here, we explore how policies that encourage the production of low-carbon fuels may result in increased GHG emissions because the resulting increase in energy use overwhelms the benefits of reduced carbon intensity. We describe how climate change mitigation strategies should follow a simple rule: a low-carbon fuel with a carbon intensity of X% that of a fossil fuel must displace at least X% of that fossil fuel to reduce overall GHG emissions. We apply this rule to the United States Renewable Fuel Standard (RFS2). We show that absent consideration of the fuel market rebound effect, RFS2 appears to reduce GHG emissions, but once the fuel market rebound effect is factored in, RFS2 actually increases GHG emissions when all fuel GHG intensity targets are met. - Highlights: • Low-carbon fuels partially displace petroleum via fuel market rebound effect. • Synthesis of recent analyses shows incomplete petroleum displacement by biofuels. • Fuel market rebound effect can reduce or reverse climate benefit of low-carbon fuels. • Fossil fuel displacement must exceed relative carbon footprint of a low-carbon fuel. • The Renewable Fuel Standard increases greenhouse gas emissions when mandate is met.

  19. 78 FR 62462 - Regulation of Fuels and Fuel Additives: Modifications to Renewable Fuel Standard Program

    Science.gov (United States)

    2013-10-22

    ... renewable fuel is defined as fuel produced from renewable biomass that is used to replace or reduce the quantity of fossil fuel present in home heating oil or jet fuel.\\3\\ In essence, additional renewable fuel... of ``home heating oil.'' EPA determined that this term was ambiguous, and defined it by incorporating...

  20. Are government policies effective in promoting deployment of renewable electricity resources?

    International Nuclear Information System (INIS)

    Shrimali, Gireesh; Kniefel, Joshua

    2011-01-01

    Using a panel data over 50 US states and years 1991-2007, this paper uses a state fixed-effects model with state-specific time-trends to estimate the effects of state policies on the penetration of various emerging renewable electricity sources, including wind, biomass, geothermal, and solar photovoltaic. Renewable portfolio standards with either capacity or sales requirements have a significant impact on the penetration of all types of renewables-however, this impact is variable depending on the type of renewable source: it is negative for combined renewables, wind, and biomass; and positive for geothermal and solar. Further, clean energy funds and required green power options mostly result in increasing the penetration of all types of renewables. On the other hand, voluntary renewable portfolio standards as well as state green power purchasing programs are found to be ineffective in increasing the penetration of any type of renewable source. Finally, economic variables, such as electricity price, natural gas price, and per capita GDP as well as structural variables, such as league of conservation voters rating and the share of coal-generated electricity are found to be generally insignificant, suggesting the crucial role of policy in increasing the penetration of renewables. - Highlights: → Ascertains the impact of state policies on increasing the renewable capacity. → Renewable portfolio requirements have an (sometimes unexpected) impact. → Clean energy funds and required green power options have a positive impact. → Voluntary renewable standards as well as state green power purchasing requirements are ineffective. → Economics as well as political and structural variables are ineffective.

  1. Procurement Options for New Renewable Electricity Supply

    Energy Technology Data Exchange (ETDEWEB)

    Kreycik, C. E.; Couture, T. D.; Cory, K. S.

    2011-12-01

    State renewable portfolio standard (RPS) policies require utilities and load-serving entities (LSEs) to procure renewable energy generation. Utility procurement options may be a function of state policy and regulatory preferences, and in some cases, may be dictated by legislative authority. Utilities and LSEs commonly use competitive solicitations or bilateral contracting to procure renewable energy supply to meet RPS mandates. However, policymakers and regulators in several states are beginning to explore the use of alternatives, namely feed-in tariffs (FITs) and auctions to procure renewable energy supply. This report evaluates four procurement strategies (competitive solicitations, bilateral contracting, FITs, and auctions) against four main criteria: (1) pricing; (2) complexity and efficiency of the procurement process; (3) impacts on developers access to markets; and (4) ability to complement utility decision-making processes. These criteria were chosen because they take into account the perspective of each group of stakeholders: ratepayers, regulators, utilities, investors, and developers.

  2. Renewable energy promotion in competitive electricity markets

    International Nuclear Information System (INIS)

    Wohlgemuth, Norbert

    1999-01-01

    The opening of electricity markets to competition involves fundamental structural changes in the electricity supply industry. There is, however, doubt that the new industrial organisation will provide the right price signals that will ensure that renewable energy options will be adopted. Therefore, one of the numerous challenges in the energy industry restructuring process is to ensure that renewable energy has a fair opportunity to compete with other supply resources. This paper presents mechanisms to promote the use of renewable energy in competitive electricity markets. These mechanisms include the Non Fossil Fuel Obligation (NFFO), the Renewables Portfolio Standard (RPS) and the Systems Benefit Charge (SBC). The paper discusses merits and disadvantages of these mechanisms, given the experience made in the United States and the United Kingdom. (author)

  3. World Biofuels Production Potential Understanding the Challenges to Meeting the U.S. Renewable Fuel Standard

    Energy Technology Data Exchange (ETDEWEB)

    Sastri, B.; Lee, A.

    2008-09-15

    This study by the U.S. Department of Energy (DOE) estimates the worldwide potential to produce biofuels including biofuels for export. It was undertaken to improve our understanding of the potential for imported biofuels to satisfy the requirements of Title II of the 2007 Energy Independence and Security Act (EISA) in the coming decades. Many other countries biofuels production and policies are expanding as rapidly as ours. Therefore, we modeled a detailed and up-to-date representation of the amount of biofuel feedstocks that are being and can be grown, current and future biofuels production capacity, and other factors relevant to the economic competitiveness of worldwide biofuels production, use, and trade. The Oak Ridge National Laboratory (ORNL) identified and prepared feedstock data for countries that were likely to be significant exporters of biofuels to the U.S. The National Renewable Energy Laboratory (NREL) calculated conversion costs by conducting material flow analyses and technology assessments on biofuels technologies. Brookhaven National Laboratory (BNL) integrated the country specific feedstock estimates and conversion costs into the global Energy Technology Perspectives (ETP) MARKAL (MARKet ALlocation) model. The model uses least-cost optimization to project the future state of the global energy system in five year increments. World biofuels production was assessed over the 2010 to 2030 timeframe using scenarios covering a range U.S. policies (tax credits, tariffs, and regulations), as well as oil prices, feedstock availability, and a global CO{sub 2} price. All scenarios include the full implementation of existing U.S. and selected other countries biofuels policies (Table 4). For the U.S., the most important policy is the EISA Title II Renewable Fuel Standard (RFS). It progressively increases the required volumes of renewable fuel used in motor vehicles (Appendix B). The RFS requires 36 billion (B) gallons (gal) per year of renewable fuels by 2022

  4. Antarctica's Princess Elisabeth research station setting new standards in renewable energy design

    International Nuclear Information System (INIS)

    Anon.

    2009-01-01

    The first zero emission research platform that was recently inaugurated in Antarctica. The Princess Elisabeth research station, which is operated by the International Polar Foundation (IPF), is the only polar base to operate entirely on renewable energy. It was commissioned by the Belgian government to better understand the mechanism of climate change. The research station sets new standards in advanced design methodology. It demonstrates that the techniques and technology being used in extreme conditions could be a model for both commercial and domestic applications in more temperate areas around the world. Renewable energy sources are used along with passive housing techniques, optimization of energy consumption and best waste management practices. Solar energy provides about 30 per cent of the station's electricity supply through PV solar panels. Solar energy also provides hot water through solar thermal panels. Newly developed vacuum tube thermal panels reduce conducted heat loss and convert 70 per cent of the solar energy into useable thermal energy. The station's water treatment unit will recycle 100 per cent of its water and reuse 75 per cent of it using technology developed for future spaceships. After purification and neutralization, the recycled water is allocated to a second use for showers, toilets and washing machines. The research station uses passive building techniques. Its insulation, shape, orientation and window disposition allow comfortable ambient temperature to be maintained inside the building with little energy input. Wind power is responsible for about 70 per cent of the station's total electricity requirement. This is provided by 9 wind turbines that are designed to withstand the harsh conditions in Antarctica. This article also described the advanced power management system at the station, with particular reference to its SCADA human interface, the three-phase AC, the battery grid, evacuation of surplus energy and wiring system. 4 figs

  5. Fuel price impacts and compliance costs associated with the Renewable Fuel Standard (RFS)

    International Nuclear Information System (INIS)

    Christensen, Adam; Siddiqui, Sauleh

    2015-01-01

    US policy instruments concerning vehicle biofuels are currently being revisited. For example, as part of an on-going annual Renewable Fuel Standard (RFS) implementation, the Environmental Protection Agency (EPA) requests stakeholder feedback/analysis of programmatic effects, including impacts on gasoline/diesel prices and compliance costs. Motivated by the need for regulatory-specific feedback, a novel regional market model is developed that quantifies price impacts across different regional markets for a number of market variables, including several types of compliance certificates known as Renewable Identification Numbers (RINs). An analysis of the most recent EPA proposal suggests that the D4 (biodiesel) RIN price could rise to >$1.00/RIN. Sensitivity results show that the D4 RIN price is highly sensitive to soybean oil prices, while D5/D6 RIN prices are most sensitive to the volume of E85 consumed. It was found that the projected costs associated with the RFS in 2017 could be reduced by approximately 50% if an additional 600 million gallons of E85 were consumed. The analysis also suggests that the RFS does not dramatically affect the retail price of either gasoline and diesel fuels paid by consumers. - Highlights: • The most recent EPA could cause the biodiesel RIN price to rise to >$1.00/RIN. • D5/D6 RIN prices are most sensitive to the volume of E85 consumed. • Retail prices for fuel do not change dramatically. • 2017 compliance costs could fall by 50% if more E85 were consumed.

  6. Antarctica's Princess Elisabeth research station setting new standards in renewable energy design

    Energy Technology Data Exchange (ETDEWEB)

    Anon

    2009-07-15

    The first zero emission research platform that was recently inaugurated in Antarctica. The Princess Elisabeth research station, which is operated by the International Polar Foundation (IPF), is the only polar base to operate entirely on renewable energy. It was commissioned by the Belgian government to better understand the mechanism of climate change. The research station sets new standards in advanced design methodology. It demonstrates that the techniques and technology being used in extreme conditions could be a model for both commercial and domestic applications in more temperate areas around the world. Renewable energy sources are used along with passive housing techniques, optimization of energy consumption and best waste management practices. Solar energy provides about 30 per cent of the station's electricity supply through PV solar panels. Solar energy also provides hot water through solar thermal panels. Newly developed vacuum tube thermal panels reduce conducted heat loss and convert 70 per cent of the solar energy into useable thermal energy. The station's water treatment unit will recycle 100 per cent of its water and reuse 75 per cent of it using technology developed for future spaceships. After purification and neutralization, the recycled water is allocated to a second use for showers, toilets and washing machines. The research station uses passive building techniques. Its insulation, shape, orientation and window disposition allow comfortable ambient temperature to be maintained inside the building with little energy input. Wind power is responsible for about 70 per cent of the station's total electricity requirement. This is provided by 9 wind turbines that are designed to withstand the harsh conditions in Antarctica. This article also described the advanced power management system at the station, with particular reference to its SCADA human interface, the three-phase AC, the battery grid, evacuation of surplus energy and wiring

  7. Optimization of China's generating portfolio and policy implications based on portfolio theory

    International Nuclear Information System (INIS)

    Zhu, Lei; Fan, Ying

    2010-01-01

    This paper applies portfolio theory to evaluate China's 2020-medium-term plans for generating technologies and its generating portfolio. With reference to the risk of relevant generating-cost streams, the paper discusses China's future development of efficient (Pareto optimal) generating portfolios that enhance energy security in different scenarios, including CO 2 -emission-constrained scenarios. This research has found that the future adjustment of China's planned 2020 generating portfolio can reduce the portfolio's cost risk through appropriate diversification of generating technologies, but a price will be paid in the form of increased generating cost. In the CO 2 -emission-constrained scenarios, the generating-cost risk of China's planned 2020 portfolio is even greater than that of the 2005 portfolio, but increasing the proportion of nuclear power in the generating portfolio can reduce the cost risk effectively. For renewable-power generation, because of relatively high generating costs, it will be necessary to obtain stronger policy support to promote renewable-power development.

  8. Balancing Cost and Risk: The Treatment of Renewable Energy inWestern Utility Resource Plans

    Energy Technology Data Exchange (ETDEWEB)

    Wiser, Ryan; Bolinger, Mark

    2005-09-01

    Markets for renewable electricity have grown significantly in recent years, motivated in part by federal tax incentives and in part by state renewables portfolio standards and renewable energy funds. State renewables portfolio standards, for example, motivated approximately 45% of the 4,300 MW of wind power installed in the U.S. from 2001 through 2004, while renewable energy funds supported an additional 15% of these installations. Despite the importance of these state policies, a less widely recognized driver for renewable energy market growth is poised to also play an important role in the coming years: utility integrated resource planning (IRP). Formal resource planning processes have re-emerged in recent years as an important tool for utilities and regulators, particularly in regions where retail competition has failed to take root. In the western United States, recent resource plans contemplate a significant amount of renewable energy additions. These planned additions - primarily coming from wind power - are motivated by the improved economics of wind power, a growing acceptance of wind by electric utilities, and an increasing recognition of the inherent risks (e.g., natural gas price risk, environmental compliance risk) in fossil-based generation portfolios. The treatment of renewable energy in utility resource plans is not uniform, however. Assumptions about the direct and indirect costs of renewable resources, as well as resource availability, differ, as do approaches to incorporating such resources into the candidate portfolios that are analyzed in utility IRPs. The treatment of natural gas price risk, as well as the risk of future environmental regulations, also varies substantially. How utilities balance expected portfolio cost versus risk in selecting a preferred portfolio also differs. Each of these variables may have a substantial effect on the degree to which renewable energy contributes to the preferred portfolio of each utility IRP. This article

  9. PEI's perspective on renewable energy development

    International Nuclear Information System (INIS)

    Brown, B.

    2005-01-01

    Approximately 7 per cent of Prince Edward Island's (PEI) energy supply is from renewable sources, acquired mainly from biomass. Wind power accounts for 0.5 per cent of electricity production. This paper discussed issues concerning renewable energy developments in PEI, with particular reference to the PEI Renewable Energy Act as well as the PEI energy framework and renewable energy strategy, which was the result of public consultation sessions held in 2003. The results of these sessions indicated that greater development of indigenous renewable energy resources was desired, particularly in wind power. It was also stated that the government should help to advance renewable energy development in the province. Several development opportunities were highlighted, including: wind; biodiesel; ethanol; biomass; bio-gas; and small-scale hydro. The advantages of wind power were reviewed and wind data was presented. The economic and community benefits of renewable energy include local price stability, development opportunities, diversity of fuel type and security of supply. It was noted that renewable energy fully complemented the energy goals of the PEI government. Several strategies were discussed towards the development of renewable energy, including feasibility studies in biogas and biomass generation. The PEI government's commitment towards developing a regulatory framework acknowledging environmental sustainability was re-stated. Objectives include the promotion of renewable energy sources through the establishment of a Renewable Portfolio Standard for electricity; improvements in the economics of small-scale electricity production from renewable resources through the introduction of net metering; decreases in peak demand; enablement of green credits; the designation of areas for large-scale wind developments; and provision of guaranteed prices paid to producers for medium and large-scale renewable energy generators through feed-in tariffs. tabs, figs

  10. Parametric Portfolio Policies with Common Volatility Dynamics

    DEFF Research Database (Denmark)

    Ergemen, Yunus Emre; Taamouti, Abderrahim

    A parametric portfolio policy function is considered that incorporates common stock volatility dynamics to optimally determine portfolio weights. Reducing dimension of the traditional portfolio selection problem significantly, only a number of policy parameters corresponding to first- and second......-order characteristics are estimated based on a standard method-of-moments technique. The method, allowing for the calculation of portfolio weight and return statistics, is illustrated with an empirical application to 30 U.S. industries to study the economic activity before and after the recent financial crisis....

  11. 75 FR 14669 - Regulation of Fuels and Fuel Additives: Changes to Renewable Fuel Standard Program

    Science.gov (United States)

    2010-03-26

    ... RINs from producers of the renewable fuel. The obligated parties do not need lead time for construction... fuels and new limits on renewable biomass feedstocks. This rulemaking marks the first time that... advanced biofuel and multiple cellulosic-based fuels with their 60% threshold. Additional fuel pathways...

  12. Universal portfolios in stochastic portfolio theory

    OpenAIRE

    Wong, Ting-Kam Leonard

    2015-01-01

    Consider a family of portfolio strategies with the aim of achieving the asymptotic growth rate of the best one. The idea behind Cover's universal portfolio is to build a wealth-weighted average which can be viewed as a buy-and-hold portfolio of portfolios. When an optimal portfolio exists, the wealth-weighted average converges to it by concentration of wealth. Working under a discrete time and pathwise setup, we show under suitable conditions that the distribution of wealth in the family sati...

  13. A State-Based Approach to Building a Liquid National Market for Renewable Energy Certificates: The REC-EX Model

    International Nuclear Information System (INIS)

    Berendt, Christopher B.

    2006-01-01

    RECs are the currency driving the growth of renewable energy markets and the sale of RECs from renewable energy generation projects could promise a predictable return. But the existing REC markets in the U.S. sorely lack the liquidity needed to make good on that promise. The author proposes a Renewable Energy Certificate Exchange program rooted in the construction of a national trading platform for RECs in tandem with the execution of a new agreement among the states with REC-based renewable portfolio standards. (author)

  14. Optimal wind power deployment in Europe. A portfolio approach

    International Nuclear Information System (INIS)

    Roques, Fabien; Hiroux, Celine; Saguan, Marcelo

    2010-01-01

    Geographic diversification of wind farms can smooth out the fluctuations in wind power generation and reduce the associated system balancing and reliability costs. The paper uses historical wind production data from five European countries (Austria, Denmark, France, Germany, and Spain) and applies the Mean-Variance Portfolio theory to identify cross-country portfolios that minimise the total variance of wind production for a given level of production. Theoretical unconstrained portfolios show that countries (Spain and Denmark) with the best wind resource or whose size contributes to smoothing out the country output variability dominate optimal portfolios. The methodology is then elaborated to derive optimal constrained portfolios taking into account national wind resource potential and transmission constraints and compare them with the projected portfolios for 2020. Such constraints limit the theoretical potential efficiency gains from geographical diversification, but there is still considerable room to improve performance from actual or projected portfolios. These results highlight the need for more cross-border interconnection capacity, for greater coordination of European renewable support policies, and for renewable support mechanisms and electricity market designs providing locational incentives. Under these conditions, a mechanism for renewables credits trading could help aligning wind power portfolios with the theoretically efficient geographic dispersion. (author)

  15. The regional electricity generation mix in Scotland: A portfolio selection approach incorporating marine technologies

    International Nuclear Information System (INIS)

    Allan, Grant; Eromenko, Igor; McGregor, Peter; Swales, Kim

    2011-01-01

    Standalone levelised cost assessments of electricity supply options miss an important contribution that renewable and non-fossil fuel technologies can make to the electricity portfolio: that of reducing the variability of electricity costs, and their potentially damaging impact upon economic activity. Portfolio theory applications to the electricity generation mix have shown that renewable technologies, their costs being largely uncorrelated with non-renewable technologies, can offer such benefits. We look at the existing Scottish generation mix and examine drivers of changes out to 2020. We assess recent scenarios for the Scottish generation mix in 2020 against mean-variance efficient portfolios of electricity-generating technologies. Each of the scenarios studied implies a portfolio cost of electricity that is between 22% and 38% higher than the portfolio cost of electricity in 2007. These scenarios prove to be mean-variance 'inefficient' in the sense that, for example, lower variance portfolios can be obtained without increasing portfolio costs, typically by expanding the share of renewables. As part of extensive sensitivity analysis, we find that Wave and Tidal technologies can contribute to lower risk electricity portfolios, while not increasing portfolio cost. - Research Highlights: → Portfolio analysis of scenarios for Scotland's electricity generating mix in 2020. → Reveals potential inefficiencies of selecting mixes based on levelised cost alone. → Portfolio risk-reducing contribution of Wave and Tidal technologies assessed.

  16. The regional electricity generation mix in Scotland: A portfolio selection approach incorporating marine technologies

    Energy Technology Data Exchange (ETDEWEB)

    Allan, Grant, E-mail: grant.j.allan@strath.ac.u [Fraser of Allander Institute, Department of Economics, University of Strathclyde, Sir William Duncan Building, 130 Rottenrow, Glasgow G4 0GE (United Kingdom); Eromenko, Igor; McGregor, Peter [Fraser of Allander Institute, Department of Economics, University of Strathclyde, Sir William Duncan Building, 130 Rottenrow, Glasgow G4 0GE (United Kingdom); Swales, Kim [Department of Economics, University of Strathclyde, Sir William Duncan Building, 130 Rottenrow, Glasgow G4 0GE (United Kingdom)

    2011-01-15

    Standalone levelised cost assessments of electricity supply options miss an important contribution that renewable and non-fossil fuel technologies can make to the electricity portfolio: that of reducing the variability of electricity costs, and their potentially damaging impact upon economic activity. Portfolio theory applications to the electricity generation mix have shown that renewable technologies, their costs being largely uncorrelated with non-renewable technologies, can offer such benefits. We look at the existing Scottish generation mix and examine drivers of changes out to 2020. We assess recent scenarios for the Scottish generation mix in 2020 against mean-variance efficient portfolios of electricity-generating technologies. Each of the scenarios studied implies a portfolio cost of electricity that is between 22% and 38% higher than the portfolio cost of electricity in 2007. These scenarios prove to be mean-variance 'inefficient' in the sense that, for example, lower variance portfolios can be obtained without increasing portfolio costs, typically by expanding the share of renewables. As part of extensive sensitivity analysis, we find that Wave and Tidal technologies can contribute to lower risk electricity portfolios, while not increasing portfolio cost. - Research Highlights: {yields} Portfolio analysis of scenarios for Scotland's electricity generating mix in 2020. {yields} Reveals potential inefficiencies of selecting mixes based on levelised cost alone. {yields} Portfolio risk-reducing contribution of Wave and Tidal technologies assessed.

  17. U.S. state policies for renewable energy: Context and effectiveness

    International Nuclear Information System (INIS)

    Delmas, Magali A.; Montes-Sancho, Maria J.

    2011-01-01

    Over the past decade, state policies on renewable energy have been on the rise in the U.S., providing states with various options for encouraging the generation of renewable electricity. Two promising policies, the Renewable Portfolio Standard (RPS) and the Mandatory Green Power Option (MGPO), have been implemented in many states but the evidence about their effectiveness is mixed. In this paper, we argue that recognizing the natural, social, and policy context under which MGPO and RPS are adopted is necessary in order to measure their true effectiveness. This is because the context rather than the policy might lead to positive outcomes and there is the possibility for sample bias. When controlling for the context in which the policies are implemented, we find that RPS has a negative impact on investments in renewable capacity. However, we find that investor-owned utilities seem to respond more positively to RPS mandates than publicly owned utilities. By contrast, MGPO appears to have a significant effect on installed renewable capacity for all utilities regardless of the context in which it is implemented. - Research highlights: → We assess whether U.S. state renewable policies are effective at generating investments in renewable capacity. → We find that Renewable Portfolio Standard (RPS) is ineffective. → We find that Mandatory Green Power Option (MGPO) is effective. → Investor-owned utilities respond more positively to RPS than publicly owned utilities. → The results differ from previous studies because we control for sample bias.

  18. HEURISTIC APPROACHES FOR PORTFOLIO OPTIMIZATION

    OpenAIRE

    Manfred Gilli, Evis Kellezi

    2000-01-01

    The paper first compares the use of optimization heuristics to the classical optimization techniques for the selection of optimal portfolios. Second, the heuristic approach is applied to problems other than those in the standard mean-variance framework where the classical optimization fails.

  19. Meeting the U.S. renewable fuel standard: a comparison of biofuel pathways

    Directory of Open Access Journals (Sweden)

    Marc Y. Menetrez

    2014-12-01

    Full Text Available The production of renewable energy is undergoing rapid development. Ethanol primarily derived from corn and biodiesel made from recycled cooking oil and agricultural grains are established sources of renewable transportation fuel. Cellulosic ethanol production is increasing substantially, but at a rate below expectations. If future renewable fuel projections are to be accomplished, additional sources will be needed. Ideally, these sources should be independent of competing feedstock use such as food grains, and require a minimal footprint. Although the uses of algae seem promising, a number of demonstrations have not been economically successful in today‟s market. This paper identifies efforts being conducted on ethanol and biodiesel production and how algae might contribute to the production of biofuel in the United States. Additionally, the feedstock and land requirements of existing biofuel pathways are compared and discussed.

  20. On the evolving portfolio of community-standards and data sharing policies: turning challenges into new opportunities

    Directory of Open Access Journals (Sweden)

    Sansone Susanna-Assunta

    2012-07-01

    Full Text Available Abstract There are thousands of biology databases with hundreds of terminologies, reporting guidelines, representations models, and exchange formats to help annotate, report, and share bioscience investigations. It is evident, however, that researchers and bioinformaticians struggle to navigate the various standards and to find the appropriate database to collect, manage, and share data. Further, policy makers, funders, and publishers lack sufficient information to formulate their guidelines. In this paper, we highlight a number of key issues that can be used to turn these challenges into new opportunities. It is time for all stakeholders to work together to reconcile cause and effect and make the data-sharing culture functional and efficient.

  1. 75 FR 26049 - Regulation of Fuels and Fuel Additives: Modifications to Renewable Fuel Standard Program

    Science.gov (United States)

    2010-05-10

    ... comment period on this action. Any parties interested in commenting must do so at this time. For further... Technologies for Renewable Fuel Pathways The final RFS2 rule includes two corn ethanol pathways in Table 1 of... construction of the grandfathered facilities commenced would be contained in Sec. 80.1450(b)(vi), since Sec. 80...

  2. 75 FR 42237 - Regulation of Fuels and Fuel Additives: 2011 Renewable Fuel Standards

    Science.gov (United States)

    2010-07-20

    ... Based on a Thermochemical Platform 3. Hybrid Thermochemical/Biochemical Processes 4. Pyrolysis and Depolymerization a. Pyrolysis Diesel Fuel and Gasoline b. Catalytic Depolymerization 5. Catalytic Reforming of... result would be that additional volumes of conventional renewable fuel, such as corn-starch ethanol...

  3. 75 FR 79964 - Regulation of Fuels and Fuel Additives: Modifications to Renewable Fuel Standard Program

    Science.gov (United States)

    2010-12-21

    ... renewable fuel facility to be considered biogas for purposes of Table 1 to Sec. 80.1426; --Sec. 80.1452(b... explained that many developers of ethanol facilities, including their own, sought to obtain construction permits without going through EPA's New Source Review (NSR) program, and were able to do so by obtaining...

  4. 76 FR 38843 - Regulation of Fuels and Fuel Additives: 2012 Renewable Fuel Standards

    Science.gov (United States)

    2011-07-01

    ... or renewable fuels such as ethanol and biodiesel. Potentially regulated categories include: Examples... Feedstocks To Produce 1.28 Billion Gallons Of Biodiesel 3. Production Capacity 4. Consumption Capacity 5... 5. Transportation Fuel Cost 6. Deliverability And Transport Costs Of Materials, Goods, And Products...

  5. Robust Active Portfolio Management

    National Research Council Canada - National Science Library

    Erdogan, E; Goldfarb, D; Iyengar, G

    2006-01-01

    ... on the portfolio beta, and limits on cash and industry exposure. We show that the optimal portfolios can be computed by solving second-order cone programs -- a class of optimization problems with a worst case complexity (i.e...

  6. Environment: renewable energy, environmental protection and energy efficiency

    International Nuclear Information System (INIS)

    1998-01-01

    The second in the series of IPPSO policy papers for discussion deals with the place of renewable energy sources and environmental protection in relation to the soon-to-be deregulated electricity industry in Ontario. The paper provides a broad statement of principles, defines the issues, identifies the problems, and discusses the various options under consideration. Some of the more important design questions regarding a renewable portfolio standard were discussed, among them the technologies to be included, the treatment of existing generators and expansions, establishment of minimum amounts and targets, responsibility for and means of compliance, compensation for the intermittent nature of some of the renewable resources, mandatory disclosure and labelling, development by the IMO of environmental dispatch protocols, research and development funding for renewable energy technologies, emission caps with tradeable targets, and concerns about the operation of a system benefits fund for energy efficiency. 5 refs

  7. A critical assessment of renewable energy usage in the USA

    International Nuclear Information System (INIS)

    Klass, Donald L.

    2003-01-01

    The displacement of non-renewable fossil fuels by renewable energy resources has occurred at a low rate in the USA. But a large number of drivers is expected to cause significant expansion of the US renewable energy industry in the near future. Included among the extrinsic drivers, or those that are not directly related to renewable energy resources, are reductions in natural gas and crude oil supplies and the OPEC Effect. An assessment of petroleum crude oil and natural gas consumption and reserves supports the position that supply problems and significant cost increases will start to occur in the first and second quarters of this century. Among the intrinsic drivers, or those that are directly related to renewable energy resources, are global warming and specific government incentives and mandates such as Renewable Portfolio and Fuel Standards that require the commercial use of renewable energy resources. The increasing US dependence on imported crude oil and environmental and political issues will drive the growth of the renewable energy industry and result in the gradual phase-out of what can be called the Fossil Fuel Era. By the end of this century, the dominant commercial energy mix in the USA is projected to include major contributions by renewable energy resources to help satisfy energy and fuel demands. Practical solutions to the problems of disposing of spent nuclear fuels and the development of clean coal applications will enable these energy resources to afford major contributions also

  8. Renewable energy policy in South Africa: policy options for renewable electricity

    International Nuclear Information System (INIS)

    Winkler, H.

    2005-01-01

    Investment in renewable energy and energy efficiency is important to reduce the negative economic, social and environmental impacts of energy production and consumption in South Africa. Currently, renewable energy contributes relatively little to primary energy and even less to the consumption of commercial energy. This article examines policy options for promoting renewable electricity. Feed-in tariffs guarantee prices for developers, but lack certainty on the amount of renewable electricity such laws would deliver under local conditions. Portfolio standards set a fixed quantity, which would guarantee diversity of supply. The question is whether the incremental upfront cost to be paid by society may be unacceptably high, compared to future health and environmental benefits. A renewables obligation combines the setting of a target with a tendering process, but may be bureaucratic to administer. Neither setting targets or regulating prices alone, however, will be sufficient. Power purchase agreements, access to the grid and creating markets for green electricity are some supporting activities that should be considered. Given that renewable electricity technologies have to compete with relatively low electricity tariffs, funding will be needed. Possible sources, both locally and internationally, are identified. The extent to which these are utilised will determine the future mix of renewable energy in South Africa. (author)

  9. Renewable energy policy in South Africa: policy options for renewable electricity

    International Nuclear Information System (INIS)

    Winkler, Harald

    2005-01-01

    Investment in renewable energy and energy efficiency is important to reduce the negative economic, social and environmental impacts of energy production and consumption in South Africa. Currently, renewable energy contributes relatively little to primary energy and even less to the consumption of commercial energy. This article examines policy options for promoting renewable electricity. Feed-in tariffs guarantee prices for developers, but lack certainty on the amount of renewable electricity such laws would deliver under local conditions. Portfolio standards set a fixed quantity, which would guarantee diversity of supply. The question is whether the incremental upfront cost to be paid by society may be unacceptably high, compared to future health and environmental benefits. A renewables obligation combines the setting of a target with a tendering process, but may be bureaucratic to administer. Neither setting targets or regulating prices alone, however, will be sufficient. Power purchase agreements, access to the grid and creating markets for green electricity are some supporting activities that should be considered. Given that renewable electricity technologies have to compete with relatively low electricity tariffs, funding will be needed. Possible sources, both locally and internationally, are identified. The extent to which these are utilised will determine the future mix of renewable energy in South Africa

  10. Reference News Release: U.S. Files Complaint, Announces Settlement to Address Alleged Renewable Fuel Standard Violations by NGL Crude Logistics and Western Dubuque Biodiesel

    Science.gov (United States)

    Reference news release on the complaint against NGL Crude Logistics, LLC and Western Dubuque Biodiesel, LLC and a settlement with Western Dubuque to address alleged violations of the Renewable Fuel Standard.

  11. Comprehensive Education Portfolio with a Career Focus

    Science.gov (United States)

    Kruger, Evonne J.; Holtzman, Diane M.; Dagavarian, Debra A.

    2013-01-01

    There are many types of student portfolios used within academia: the prior learning portfolio, credentialing portfolio, developmental portfolio, capstone portfolio, individual course portfolio, and the comprehensive education portfolio. The comprehensive education portfolio (CEP), as used by the authors, is a student portfolio, developed over…

  12. Biomass production from the U.S. forest and agriculture sectors in support of a renewable electricity standard

    International Nuclear Information System (INIS)

    White, Eric M.; Latta, Greg; Alig, Ralph J.; Skog, Kenneth E.; Adams, Darius M.

    2013-01-01

    Production of renewable energy from biomass has been promoted as means to improve greenhouse gas balance in energy production, improve energy security, and provide jobs and income. However, uncertainties remain as to how the agriculture and forest sectors might jointly respond to increased demand for bioelectricity feedstocks and the potential environmental consequences of increased biomass production. We use an economic model to examine how the agriculture and forest sectors might combine to respond to increased demands for bioelectricity under simulated future national-level renewable electricity standards. Both sectors are projected to contribute biomass, although energy crops, like switchgrass, produced on agriculture land are projected to be the primary feedstocks. At the highest targets for bioelectricity production, we project increased conversion of forest to agriculture land in support of agriculture biomass production. Although land conversion takes place in response to renewable electricity mandates, we project only minor increases in forest and agriculture emissions. Similarly, crop prices were projected to generally be stable in the face of increased bioelectricity demand and displacement of traditional agriculture crops. - Highlights: ► We model the response of forest and agriculture to increased bioelectricity demand. ► The agriculture sector, through energy crop production, is the key biomass provider. ► Increased land exchange is projected for the highest bioelectricity demands. ► Land exchange from forest to agriculture yield the greatest changes in GHG flux. ► Agriculture and forestry must be accounted for when considering bioenergy policy

  13. Concurrent credit portfolio losses.

    Science.gov (United States)

    Sicking, Joachim; Guhr, Thomas; Schäfer, Rudi

    2018-01-01

    We consider the problem of concurrent portfolio losses in two non-overlapping credit portfolios. In order to explore the full statistical dependence structure of such portfolio losses, we estimate their empirical pairwise copulas. Instead of a Gaussian dependence, we typically find a strong asymmetry in the copulas. Concurrent large portfolio losses are much more likely than small ones. Studying the dependences of these losses as a function of portfolio size, we moreover reveal that not only large portfolios of thousands of contracts, but also medium-sized and small ones with only a few dozens of contracts exhibit notable portfolio loss correlations. Anticipated idiosyncratic effects turn out to be negligible. These are troublesome insights not only for investors in structured fixed-income products, but particularly for the stability of the financial sector. JEL codes: C32, F34, G21, G32, H81.

  14. The portfolio theory applied to small hydroelectric power plants; Teoria do portfolio aplicada a pequenas centrais hidreletricas

    Energy Technology Data Exchange (ETDEWEB)

    Bastos, Paulo Roberto Ferreira de Moura

    2002-07-01

    The 'Portfolio Theory' has been largely employed on stock markets, aiming to improve the relation between risk and return. This theory identifies many possible investment combinations once it's associated with the idea that increasing investment diversification can lower risk. The objective is, thus identify the portfolio that offers the most efficient diversification of capital. The reforms on the energy sector in Brazil have made investments on both generation and commercialization of electric energy easier for medium sized investors. There have been economic incentives to the exploration of wind and bio-mass energy, and to the construction of small hydro-electric power plants (in Portuguese, PCH), as well as many legal and regulatory mechanisms pursuing the maintenance of elevate rates of participation of renewable source in the production of electrical energy in Brazil. Between these options, the PCH are a specially good opportunity taking account of its minimum environment impact, low operational costs and total technologic control. The decision concerning investment options has been based on standard economic analysis like 'Net Present Value', 'Payback Time' or 'Cost/Benefit Relations'. Other techniques such as scenario and sensitivity have been incorporated and, more recently, there has been a search for other methods consider the uncertainty of happenings within the horizon of study. This dissertation will analyse six possibilities of PCH with standard techniques. Of them, the four possibilities considered viable will constitute our examples for the application of Portfolio Theory techniques. Once the active portfolio is determined, the best option is identified using the 'mean-variance efficient' developed by Markowitz, concluding that the theory can give better support to the decision-making in future enterprises on the electric sector. After considering the optimal return/risk combinations, there was

  15. The portfolio theory applied to small hydroelectric power plants; Teoria do portfolio aplicada a pequenas centrais hidreletricas

    Energy Technology Data Exchange (ETDEWEB)

    Bastos, Paulo Roberto Ferreira de Moura

    2002-07-01

    The 'Portfolio Theory' has been largely employed on stock markets, aiming to improve the relation between risk and return. This theory identifies many possible investment combinations once it's associated with the idea that increasing investment diversification can lower risk. The objective is, thus identify the portfolio that offers the most efficient diversification of capital. The reforms on the energy sector in Brazil have made investments on both generation and commercialization of electric energy easier for medium sized investors. There have been economic incentives to the exploration of wind and bio-mass energy, and to the construction of small hydro-electric power plants (in Portuguese, PCH), as well as many legal and regulatory mechanisms pursuing the maintenance of elevate rates of participation of renewable source in the production of electrical energy in Brazil. Between these options, the PCH are a specially good opportunity taking account of its minimum environment impact, low operational costs and total technologic control. The decision concerning investment options has been based on standard economic analysis like 'Net Present Value', 'Payback Time' or 'Cost/Benefit Relations'. Other techniques such as scenario and sensitivity have been incorporated and, more recently, there has been a search for other methods consider the uncertainty of happenings within the horizon of study. This dissertation will analyse six possibilities of PCH with standard techniques. Of them, the four possibilities considered viable will constitute our examples for the application of Portfolio Theory techniques. Once the active portfolio is determined, the best option is identified using the 'mean-variance efficient' developed by Markowitz, concluding that the theory can give better support to the decision-making in future enterprises on the electric sector. After considering the optimal return/risk combinations, there was a change on the hierarchy concerning the best options

  16. Use of Solar and Wind as a Physical Hedge against Price Variability within a Generation Portfolio

    Energy Technology Data Exchange (ETDEWEB)

    Jenkin, T.; Diakov, V.; Drury, E.; Bush, B.; Denholm, P.; Milford, J.; Arent, D.; Margolis, R.; Byrne, R.

    2013-08-01

    This study provides a framework to explore the potential use and incremental value of small- to large-scale penetration of solar and wind technologies as a physical hedge against the risk and uncertainty of electricity cost on multi-year to multi-decade timescales. Earlier studies characterizing the impacts of adding renewable energy (RE) to portfolios of electricity generators often used a levelized cost of energy or simplified net cash flow approach. In this study, we expand on previous work by demonstrating the use of an 8760 hourly production cost model (PLEXOS) to analyze the incremental impact of solar and wind penetration under a wide range of penetration scenarios for a region in the Western U.S. We do not attempt to 'optimize' the portfolio in any of these cases. Rather we consider different RE penetration scenarios, that might for example result from the implementation of a Renewable Portfolio Standard (RPS) to explore the dynamics, risk mitigation characteristics and incremental value that RE might add to the system. We also compare the use of RE to alternative mechanisms, such as the use of financial or physical supply contracts to mitigate risk and uncertainty, including consideration of their effectiveness and availability over a variety of timeframes.

  17. Reinforcement Learning in Repeated Portfolio Decisions

    OpenAIRE

    Diao, Linan; Rieskamp, Jörg

    2011-01-01

    How do people make investment decisions when they receive outcome feedback? We examined how well the standard mean-variance model and two reinforcement models predict people's portfolio decisions. The basic reinforcement model predicts a learning process that relies solely on the portfolio's overall return, whereas the proposed extended reinforcement model also takes the risk and covariance of the investments into account. The experimental results illustrate that people reacted sensitively to...

  18. Renewable Energy

    DEFF Research Database (Denmark)

    Sørensen, Bent Erik

    Bent Sorensen’s Renewable Energy: Physics, Engineering, Environmental Impacts, Economics and Planning, Fifth Edition, continues the tradition by providing a thorough and current overview of the entire renewable energy sphere. Since its first edition, this standard reference source helped put...... renewable energy on the map of scientific agendas. Several renewable energy solutions no longer form just a marginal addition to energy supply, but have become major players, with the promise to become the backbone of an energy system suitable for life in the sustainability lane. This volume is a problem...... structured around three parts in order to assist readers in focusing on the issues that impact them the most for a given project or question. PART I covers the basic scientific principles behind all major renewable energy resources, such as solar, wind, and biomass. PART II provides in-depth information...

  19. Re-envisioning the renewable fuel standard to minimize unintended consequences: A comparison of microalgal diesel with other biodiesels

    International Nuclear Information System (INIS)

    Soratana, Kullapa; Khanna, Vikas; Landis, Amy E.

    2013-01-01

    Highlights: • Conducted a life cycle assessment (LCA) of microalgal diesel from PBR to combustion. • Compared the results with other existing LCA results of petroleum and other biodiesels. • Assessed the current Renewable Fuel Standard (RFS2). • Proposed an approach to set emission thresholds for eutrophication (EP) and smog formation potentials (PSP). • Future RFS should include a life-cycle emissions threshold for EP and PSP. - Abstract: The Renewable Fuel Standard 2 (RFS2) program under the Energy Independence and Security Act of 2007 set a life-cycle emission reduction threshold to only greenhouse gas (GHG) emissions; this type of single-dimensional threshold could lead to the unintended trading of one environmental problem for another. Many of the environmental impacts resulting over the life cycle of oil-crop biodiesel fuels manifest in the agricultural phase of production in the form of water quality degradation. This study investigated the extent to which different biofuels meet the RFS GHG requirement, and presents alternative strategies for minimizing unintended consequences. In addition to life-cycle global warming potential (GWP), the eutrophication potential (EP) and photochemical smog formation potential (PSP) from microalgal diesel were compared to the impacts resulting from petroleum-based diesel, soybean diesel and canola diesel. The results showed tradeoffs between GWP and eutrophication potential when microalgal diesel was compared to soybean diesel. Future RFS criteria should include EP and PSP metrics, however establishing thresholds like the GHG management approach may not be appropriate for these other impacts. Two possible strategies to setting life-cycle eutrophication standards are to establish a threshold based on first generation biofuels, as opposed to petro-fuels or to set maximum levels of EP loads for major watersheds or coastal areas. To decrease PSP, together with existing standards for tailpipe emissions, future RFSs

  20. The regional electricity generation mix in Scotland. A portfolio selection approach incorporating marine technologies

    Energy Technology Data Exchange (ETDEWEB)

    Allan, Grant; Eromenko, Igor; McGregor, Peter [Fraser of Allander Institute, Department of Economics, University of Strathclyde, Sir William Duncan Building, 130 Rottenrow, Glasgow G4 0GE (United Kingdom); Swales, Kim [Department of Economics, University of Strathclyde, Sir William Duncan Building, 130 Rottenrow, Glasgow G4 0GE (United Kingdom)

    2011-01-15

    Standalone levelised cost assessments of electricity supply options miss an important contribution that renewable and non-fossil fuel technologies can make to the electricity portfolio: that of reducing the variability of electricity costs, and their potentially damaging impact upon economic activity. Portfolio theory applications to the electricity generation mix have shown that renewable technologies, their costs being largely uncorrelated with non-renewable technologies, can offer such benefits. We look at the existing Scottish generation mix and examine drivers of changes out to 2020. We assess recent scenarios for the Scottish generation mix in 2020 against mean-variance efficient portfolios of electricity-generating technologies. Each of the scenarios studied implies a portfolio cost of electricity that is between 22% and 38% higher than the portfolio cost of electricity in 2007. These scenarios prove to be mean-variance 'inefficient' in the sense that, for example, lower variance portfolios can be obtained without increasing portfolio costs, typically by expanding the share of renewables. As part of extensive sensitivity analysis, we find that Wave and Tidal technologies can contribute to lower risk electricity portfolios, while not increasing portfolio cost. (author)

  1. Decentralized portfolio management

    OpenAIRE

    Coutinho, Paulo; Tabak, Benjamin Miranda

    2003-01-01

    We use a mean-variance model to analyze the problem of decentralized portfolio management. We find the solution for the optimal portfolio allocation for a head trader operating in n different markets, which is called the optimal centralized portfolio. However, as there are many traders specialized in different markets, the solution to the problem of optimal decentralized allocation should be different from the centralized case. In this paper we derive conditions for the solutions to be equiva...

  2. Renewable energy resources

    DEFF Research Database (Denmark)

    Ellabban, Omar S.; Abu-Rub, Haitham A.; Blaabjerg, Frede

    2014-01-01

    Electric energy security is essential, yet the high cost and limited sources of fossil fuels, in addition to the need to reduce greenhouse gasses emission, have made renewable resources attractive in world energy-based economies. The potential for renewable energy resources is enormous because...... they can, in principle, exponentially exceed the world's energy demand; therefore, these types of resources will have a significant share in the future global energy portfolio, much of which is now concentrating on advancing their pool of renewable energy resources. Accordingly, this paper presents how...... renewable energy resources are currently being used, scientific developments to improve their use, their future prospects, and their deployment. Additionally, the paper represents the impact of power electronics and smart grid technologies that can enable the proportionate share of renewable energy...

  3. Financing investments in renewable energy: The role of policy design and restructuring

    Energy Technology Data Exchange (ETDEWEB)

    Wiser, R.; Pickle, S. [Lawrence Berkeley National Lab., CA (United States). Environmental Energy Technologies Div.

    1997-03-01

    The costs of electric power projects utilizing renewable energy technologies are highly sensitive to financing terms. Consequently, as the electricity industry is restructured and new renewables policies are created, it is important for policymakers to consider the impacts of renewables policy design on project financing. This report describes the power plant financing process and provides insights to policymakers on the important nexus between renewables policy design and finance. A cash-flow model is used to estimate the impact of various financing variables on renewable energy costs. Past and current renewable energy policies are then evaluated to demonstrate the influence of policy design on the financing process and on financing costs. The possible impacts of electricity restructuring on power plant financing are discussed and key design issues are identified for three specific renewable energy programs being considered in the restructuring process: (1) surcharge-funded policies; (2) renewables portfolio standards; and (3) green marketing programs. Finally, several policies that are intended to directly reduce financing costs and barriers are analyzed. The authors find that one of the key reasons that renewables policies are not more effective is that project development and financing processes are frequently ignored or misunderstood when designing and implementing renewable energy incentives. A policy that is carefully designed can reduce renewable energy costs dramatically by providing revenue certainty that will, in turn, reduce financing risk premiums.

  4. Risk modelling in portfolio optimization

    Science.gov (United States)

    Lam, W. H.; Jaaman, Saiful Hafizah Hj.; Isa, Zaidi

    2013-09-01

    Risk management is very important in portfolio optimization. The mean-variance model has been used in portfolio optimization to minimize the investment risk. The objective of the mean-variance model is to minimize the portfolio risk and achieve the target rate of return. Variance is used as risk measure in the mean-variance model. The purpose of this study is to compare the portfolio composition as well as performance between the optimal portfolio of mean-variance model and equally weighted portfolio. Equally weighted portfolio means the proportions that are invested in each asset are equal. The results show that the portfolio composition of the mean-variance optimal portfolio and equally weighted portfolio are different. Besides that, the mean-variance optimal portfolio gives better performance because it gives higher performance ratio than the equally weighted portfolio.

  5. Essays in renewable energy and emissions trading

    Science.gov (United States)

    Kneifel, Joshua D.

    Environmental issues have become a key political issue over the past forty years and has resulted in the enactment of many different environmental policies. The three essays in this dissertation add to the literature of renewable energy policies and sulfur dioxide emissions trading. The first essay ascertains which state policies are accelerating deployment of non-hydropower renewable electricity generation capacity into a states electric power industry. As would be expected, policies that lead to significant increases in actual renewable capacity in that state either set a Renewables Portfolio Standard with a certain level of required renewable capacity or use Clean Energy Funds to directly fund utility-scale renewable capacity construction. A surprising result is that Required Green Power Options, a policy that merely requires all utilities in a state to offer the option for consumers to purchase renewable energy at a premium rate, has a sizable impact on non-hydro renewable capacity in that state. The second essay studies the theoretical impacts fuel contract constraints have on an electricity generating unit's compliance costs of meeting the emissions compliance restrictions set by Phase I of the Title IV SO2 Emissions Trading Program. Fuel contract constraints restrict a utility's degrees of freedom in coal purchasing options, which can lead to the use of a more expensive compliance option and higher compliance costs. The third essay analytically and empirically shows how fuel contract constraints impact the emissions allowance market and total electric power industry compliance costs. This paper uses generating unit-level simulations to replicate results from previous studies and show that fuel contracts appear to explain a large portion (65%) of the previously unexplained compliance cost simulations. Also, my study considers a more appropriate plant-level decisions for compliance choices by analytically analyzing the plant level decision-making process to

  6. Feasibility Study of Biopower in East Helena, Montana. A Study Prepared in Partnership with the Environmental Protection Agency for the RE-Powering America's Land Initiative: Siting Renewable Energy on Potentially Contaminated Land and Mine Sites

    Energy Technology Data Exchange (ETDEWEB)

    Moriarty, K.

    2013-02-01

    The U.S. Environmental Protection Agency (EPA) developed the RE-Powering America's Land initiative to reuse contaminated sites for renewable energy generation when aligned with the community's vision for the site. The former American Smelting and Refining Company (Asarco) smelter in East Helena, Montana, was selected for a feasibility study under the initiative. Biomass was chosen as the renewable energy resource based on the wood products industry in the area. Biopower was selected as the technology based on Montana's renewable portfolio standard (RPS) requiring utilities to purchase renewable power.

  7. 75 FR 76789 - Regulation of Fuels and Fuel Additives: 2011 Renewable Fuel Standards

    Science.gov (United States)

    2010-12-09

    ... projections as well as assessments of production capability from industry. This action establishes annual... American Industry Classification System (NAICS). \\2\\ Standard Industrial Classification (SIC) system code... facility has a maximum production capacity of 250,000 gallons of ethanol per year and uses an enzymatic...

  8. 77 FR 1319 - Regulation of Fuels and Fuel Additives: 2012 Renewable Fuel Standards

    Science.gov (United States)

    2012-01-09

    ... fuels such as ethanol and biodiesel. Potentially regulated categories include: NAICS \\1\\ Examples of... they are produced as well as the cost associated with transporting these fuels to the U.S. Of the... II.E, we believe that the 1.0 billion gallon standard can indeed be met. Since biodiesel has an...

  9. Role of Energy Storage with Renewable Electricity Generation

    Energy Technology Data Exchange (ETDEWEB)

    Denholm, P.; Ela, E.; Kirby, B.; Milligan, M.

    2010-01-01

    Renewable energy sources, such as wind and solar, have vast potential to reduce dependence on fossil fuels and greenhouse gas emissions in the electric sector. Climate change concerns, state initiatives including renewable portfolio standards, and consumer efforts are resulting in increased deployments of both technologies. Both solar photovoltaics (PV) and wind energy have variable and uncertain (sometimes referred to as intermittent) output, which are unlike the dispatchable sources used for the majority of electricity generation in the United States. The variability of these sources has led to concerns regarding the reliability of an electric grid that derives a large fraction of its energy from these sources as well as the cost of reliably integrating large amounts of variable generation into the electric grid. In this report, we explore the role of energy storage in the electricity grid, focusing on the effects of large-scale deployment of variable renewable sources (primarily wind and solar energy).

  10. PSN: Portfolio Social Network

    DEFF Research Database (Denmark)

    Cortes, Jordi Magrina; Nizamani, Sarwat; Memon, Nasrullah

    2014-01-01

    In this paper we present a web-based information system which is a portfolio social network (PSN) that provides solutions to the recruiters and job seekers. The proposed system enables users to create portfolio so that he/she can add his specializations with piece of code if any specifically...

  11. Using Electronic Portfolios

    Science.gov (United States)

    Page, Deb

    2012-01-01

    The digitized collections of artifacts known as electronic portfolios are creating solutions to a variety of performance improvement needs in ways that are cost-effective and improve both individual and group learning and performance. When social media functionality is embedded in e-portfolios, the tools support collaboration, social learning,…

  12. Households' portfolio choices

    NARCIS (Netherlands)

    Hochgürtel, S.

    1998-01-01

    This thesis presents four topics on households' portfolio choices. Empirically, households do not hold well-diversified wealth portfolios. In particular, they refrain from putting their savings into risky assets. We explore several ways that might help explaining this observation. Using Dutch

  13. Portfolio i erhvervsuddannelserne

    DEFF Research Database (Denmark)

    2008-01-01

    Materialet kombinerer korte film med introducerende tekster og belyser fra forskellige vinkler, hvordan portfolio kan bruges som evalueringsmetode i erhvervsuddannelserne. Udgiver: Undervisningsministeriet Udgivelsessted: Pub.uvm.dk......Materialet kombinerer korte film med introducerende tekster og belyser fra forskellige vinkler, hvordan portfolio kan bruges som evalueringsmetode i erhvervsuddannelserne. Udgiver: Undervisningsministeriet Udgivelsessted: Pub.uvm.dk...

  14. Leptokurtic portfolio theory

    Science.gov (United States)

    Kitt, R.; Kalda, J.

    2006-03-01

    The question of optimal portfolio is addressed. The conventional Markowitz portfolio optimisation is discussed and the shortcomings due to non-Gaussian security returns are outlined. A method is proposed to minimise the likelihood of extreme non-Gaussian drawdowns of the portfolio value. The theory is called Leptokurtic, because it minimises the effects from “fat tails” of returns. The leptokurtic portfolio theory provides an optimal portfolio for investors, who define their risk-aversion as unwillingness to experience sharp drawdowns in asset prices. Two types of risks in asset returns are defined: a fluctuation risk, that has Gaussian distribution, and a drawdown risk, that deals with distribution tails. These risks are quantitatively measured by defining the “noise kernel” — an ellipsoidal cloud of points in the space of asset returns. The size of the ellipse is controlled with the threshold parameter: the larger the threshold parameter, the larger return are accepted for investors as normal fluctuations. The return vectors falling into the kernel are used for calculation of fluctuation risk. Analogously, the data points falling outside the kernel are used for the calculation of drawdown risks. As a result the portfolio optimisation problem becomes three-dimensional: in addition to the return, there are two types of risks involved. Optimal portfolio for drawdown-averse investors is the portfolio minimising variance outside the noise kernel. The theory has been tested with MSCI North America, Europe and Pacific total return stock indices.

  15. Achieving 33% renewable electricity generation by 2020 in California

    International Nuclear Information System (INIS)

    Walmsley, Michael R.W.; Walmsley, Timothy G.; Atkins, Martin J.

    2015-01-01

    This paper investigates the impacts of California, USA reaching its renewable electricity target of 33%, excluding large hydro, by 2020, which is set out in the state's RPS (Renewable Portfolio Standard). The emerging renewable electricity mix in California and surrounding states which form the WECC (Western Electricity Coordination Council) is analysed using the CEPA (Carbon Emission Pinch Analysis) and EROI (Energy Return on Energy Invested) methodologies. The reduction in emissions with increased renewables is illustrated and the challenge of maintaining high EROI levels for renewable generation is examined for low and high electricity demand growth. Results demonstrate that wind and solar PV collectively form an integral part of California reaching the 33% renewables target by 2020. Government interventions of tax rebates and subsidies, net electricity metering and a four tiered electricity price have accelerated the uptake of electricity generation from wind and solar PV. Residential uptake of solar PV is also reducing overall California electricity grid demand. Emphasis on new renewable generation is stimulating development of affordable wind and solar technology in California which has the added benefit of enhancing social sustainability through improved employment opportunities at a variety of technical levels. - Highlights: • CA (California, USA) aims to achieve 33% renewable electricity sales by 2020. • Carbon Emission Pinch Analysis is applied to the case study of CA. • Energy Return on Energy Invested analysis shows impacts of renewable energy uptake. • Solar PV and wind are the most cost and energy efficiency renewable resources in CA. • State government intervention is needed to reach the 33% renewable electricity goal.

  16. Three Essays on Renewable Energy Policy and its Effects on Fossil Fuel Generation in Electricity Markets

    Science.gov (United States)

    Bowen, Eric

    In this dissertation, I investigate the effectiveness of renewable policies and consider their impact on electricity markets. The common thread of this research is to understand how renewable policy incentivizes renewable generation and how the increasing share of generation from renewables affects generation from fossil fuels. This type of research is crucial for understanding whether policies to promote renewables are meeting their stated goals and what the unintended effects might be. To this end, I use econometric methods to examine how electricity markets are responding to an influx of renewable energy. My dissertation is composed of three interrelated essays. In Chapter 1, I employ recent scholarship in spatial econometrics to assess the spatial dependence of Renewable Portfolio Standards (RPS), a prominent state-based renewable incentive. In Chapter 2, I explore the impact of the rapid rise in renewable generation on short-run generation from fossil fuels. And in Chapter 3, I assess the impact of renewable penetration on coal plant retirement decisions.

  17. Optimizing the U.S. Electric System with a High Penetration of Renewables

    Science.gov (United States)

    Corcoran, B. A.; Jacobson, M. Z.

    2013-12-01

    As renewable energy generators are increasingly being installed throughout the U.S., there is growing interest in interconnecting diverse renewable generators (primarily wind and solar) across large geographic areas through an enhanced transmission system. This reduces variability in the aggregate power output, increases system reliability, and allows for the development of the best overall group of renewable technologies and sites to meet the load. Studies are therefore needed to determine the most efficient and economical plan to achieve large area interconnections in a future electric system with a high penetration of renewables. This research quantifies the effects of aggregating electric load together with diverse renewable generation throughout the ten Federal Energy Regulatory Commission (FERC) regions in the contiguous U.S. A deterministic linear program has been built in AMPL (A Mathematical Programming Language) to solve for the least-cost organizational structure and system (generators, transmission, and storage) for a highly renewable electric grid. The analysis will 1) examine a highly renewable 2006 electric system, including various sensitivity cases and additional system components such as additional load from electric vehicles, and 2) create a 'roadmap' from the existing 2006 system to a highly renewable system in 2030, accounting for projected price and demand changes and generator retirements based on age and environmental regulations. Ideally, results from this study will offer insight for a federal renewable energy policy (such as a renewable portfolio standard) and how to best organize U.S. regions for transmission planning.

  18. Optimization of revenues from a distributed generation portfolio: a case study

    NARCIS (Netherlands)

    Geysen, D.; Kessels, K.; Hommelberg, M.; Ghijsen, M.; Tielemans, Y.; Vinck, K.

    2011-01-01

    Many companies are investing in energy production from renewable energy sources and are looking at ways to optimize their portfolio performance. The case study under consideration aims at maximizing the revenues from such a distributed energy generation portfolio, consisting of gas engines and a PV

  19. Large deviations and portfolio optimization

    Science.gov (United States)

    Sornette, Didier

    Risk control and optimal diversification constitute a major focus in the finance and insurance industries as well as, more or less consciously, in our everyday life. We present a discussion of the characterization of risks and of the optimization of portfolios that starts from a simple illustrative model and ends by a general functional integral formulation. A major item is that risk, usually thought of as one-dimensional in the conventional mean-variance approach, has to be addressed by the full distribution of losses. Furthermore, the time-horizon of the investment is shown to play a major role. We show the importance of accounting for large fluctuations and use the theory of Cramér for large deviations in this context. We first treat a simple model with a single risky asset that exemplifies the distinction between the average return and the typical return and the role of large deviations in multiplicative processes, and the different optimal strategies for the investors depending on their size. We then analyze the case of assets whose price variations are distributed according to exponential laws, a situation that is found to describe daily price variations reasonably well. Several portfolio optimization strategies are presented that aim at controlling large risks. We end by extending the standard mean-variance portfolio optimization theory, first within the quasi-Gaussian approximation and then using a general formulation for non-Gaussian correlated assets in terms of the formalism of functional integrals developed in the field theory of critical phenomena.

  20. Utility portfolio diversification

    International Nuclear Information System (INIS)

    Griffes, P.H.

    1990-01-01

    This paper discusses portfolio analysis as a method to evaluate utility supply decisions. Specifically a utility is assumed to increase the value of its portfolio of assets whenever it invests in a new supply technology. This increase in value occurs because the new asset either enhances the return or diversifies the risks of the firm's portfolio of assets. This evaluation method is applied to two supply innovations in the electric utility industry: jointly-owned generating plants and supply contracts with independent power producers (IPPs)

  1. Constant Proportion Portfolio Insurance

    DEFF Research Database (Denmark)

    Jessen, Cathrine

    2014-01-01

    on the theme, originally proposed by Fischer Black. In CPPI, a financial institution guarantees a floor value for the “insured” portfolio and adjusts the stock/bond mix to produce a leveraged exposure to the risky assets, which depends on how far the portfolio value is above the floor. Plain-vanilla portfolio...... insurance largely died with the crash of 1987, but CPPI is still going strong. In the frictionless markets of finance theory, the issuer’s strategy to hedge its liability under the contract is clear, but in the real world with transactions costs and stochastic jump risk, the optimal strategy is less obvious...

  2. Exploring the Project Portfolio Manager's Role : Between a Data Manager and a Strategic Advisor

    NARCIS (Netherlands)

    Filippov, S.; Van der Weg, R.; Van Ogtrop, F.; Beelen, P.; Mooi, H.

    2014-01-01

    Many companies adopt project portfolio management processes to manage multi-project environments effectively and efficiently. One of the key roles in this process is assigned to the project portfolio manager. This role is formally defined in various guidelines and standards of portfolio management.

  3. Students' reflections in a portfolio pilot: highlighting professional issues.

    Science.gov (United States)

    Haffling, Ann-Christin; Beckman, Anders; Pahlmblad, Annika; Edgren, Gudrun

    2010-01-01

    Portfolios are highlighted as potential assessment tools for professional competence. Although students' self-reflections are considered to be central in the portfolio, the content of reflections in practice-based portfolios is seldom analysed. To investigate whether students' reflections include sufficient dimensions of professional competence, notwithstanding a standardized portfolio format, and to evaluate students' satisfaction with the portfolio. Thirty-five voluntary final-year medical students piloted a standardized portfolio in a general practice (GP) attachment at Lund University, Sweden. Students' portfolio reflections were based upon documentary evidence from practice, and aimed to demonstrate students' learning. The reflections were qualitatively analysed, using a framework approach. Students' evaluations of the portfolio were subjected to quantitative and qualitative analysis. Among professional issues, an integration of cognitive, affective and practical dimensions in clinical practice was provided by students' reflections. The findings suggested an emphasis on affective issues, particularly on self-awareness of feelings, attitudes and concerns. In addition, ethical problems, clinical reasoning strategies and future communication skills training were subjects of several reflective commentaries. Students' reflections on their consultation skills demonstrated their endeavour to achieve structure in the medical interview by negotiation of an agenda for the consultation, keeping the interview on track, and using internal summarizing. The importance of active listening and exploration of patient's perspective was also emphasized. In students' case summaries, illustrating characteristic attributes of GP, the dominating theme was 'patient-centred care', including the patient-doctor relationship, holistic modelling and longitudinal continuity. Students were satisfied with the portfolio, but improved instructions were needed. A standardized portfolio in a

  4. Portfolio Management System

    Data.gov (United States)

    US Agency for International Development — PfMS is an implementation of WorkLenz. WorkLenz is USAID's portfolio management system tool. It is a commercially available, off-the-shelf (COTS) package that...

  5. Boosting renewable energies

    International Nuclear Information System (INIS)

    Anon.

    2010-01-01

    Public policy and funding are basically different, but both are needed to develop the renewable energy market. Public policy creates incentives, but also obligations. The setting up of a 'repurchase rate' also called a 'feed-in tariff' or 'clean energy cash back scheme' obliges electric power companies to buy back energy of renewable origin at a fixed, guaranteed rate. The extra-cost generated, although usually low, is passed on to all customers and does not cost the State anything. Funding is characterized by its source, the manner in which it is obtained and who supplies it, whether it be banks, mutual funds, development agencies, electric power companies, local governments or the consumers themselves. Repurchasing yields regular cash flows over a given period at a lower risk and allows banks to provide funding. This is one of the reasons for its success. This solution is also very popular with political leaders because it does not weigh down public funding. Both these reasons explain why repurchasing is so appreciated in Europe and in a growing number of countries, more than seventy having adopted it in 2010. In addition, it is regularly discounted in relation to technological breakthroughs and lower costs. As is the case in Europe, the problem lies in maintaining an acceptable rate while avoiding excessive project profitability. In Europe, for instance, the number of renewable energy projects is such that consumers are starting to complain about seeing their electricity rates rise because of the famous feed-in tariff, even though the cost of renewable energies continues to drop on a regular basis. The United States and a few other countries, including China, prefer the quota system, or RPS (Renewable Portfolio Standards), which requires electric power companies to generate a minimal share of electric power by a renewable energy source. These companies consequently invest in renewable energy projects or purchase this energy from other suppliers. Like the

  6. Designing Modern Equity Portfolios

    OpenAIRE

    Ronald Jean Degen

    2011-01-01

    This aim of this paper is to describe possible ways of investing in equity; choosing the right stocks(among small-cap, large-cap, value, growth, and foreign) using fundamental analysis, defining their appropriate mix in the portfolios according to the desired return-risk profiles based on Markowitz?s modern portfolio theory, and using technical analysis to buy and sell them.

  7. Applying Portfolio Selection: A Case of Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Maria Praptiningsih

    2012-01-01

    Full Text Available This study has three objectives. First, we investigate whether Modern Portfolio Theory can be applied on the financial decisions that made by investors or individual in order to increase their wealth through investment activities. Second, we examine the real behavior of each asset in terms of capital assets pricing models. Third, we determine whether our portfolio is the best model to produce a higher return in a given level of risk or a lowest risk in a particular level of return. It is found that three different stocks listed in the Indonesia Stock Exchange have a positive relationship with market returns. The reactions of the investor regarding these stocks are not influenced by each other. Lastly, the minimum variance portfolio (MVP point which represents the single portfolio with the lowest possible level of standard deviation, occurs when the expected return of portfolio is approximately 2.2 percent at a standard deviation of 8.8 percent.

  8. A comparative analysis of renewable electricity support mechanisms for Southeast Asia

    Energy Technology Data Exchange (ETDEWEB)

    Sovacool, Benjamin K. [National University of Singapore, Energy Governance Program, Centre on Asia and Globalisation, Lee Kuan Yew School of Public Policy, 469C Bukit Timah Road, Singapore 259772 (Singapore)

    2010-04-15

    This study evaluates the applicability of eight renewable electricity policy mechanisms for Southeast Asian electricity markets. It begins by describing the methodology behind 90 research interviews of stakeholders in the electricity industry. It then outlines four justifications given by respondents for government intervention to support renewables in Southeast Asia: unpriced negative externalities, counteracting subsidies for conventional energy sources, the public goods aspect of renewable energy, and the presence of non-technical barriers. The article develops an analytical framework to evaluate renewable portfolio standards, green power programs, public research and development expenditures, systems benefits charges, investment tax credits, production tax credits, tendering, and feed-in tariffs in Southeast Asia. It assesses each of these mechanisms according to the criteria of efficacy, cost effectiveness, dynamic efficiency, equity, and fiscal responsibility. The study concludes that one mechanism, feed-in tariffs, is both the most preferred by respondents and the only one that meets all criteria. (author)

  9. A comparative analysis of renewable electricity support mechanisms for Southeast Asia

    International Nuclear Information System (INIS)

    Sovacool, Benjamin K.

    2010-01-01

    This study evaluates the applicability of eight renewable electricity policy mechanisms for Southeast Asian electricity markets. It begins by describing the methodology behind 90 research interviews of stakeholders in the electricity industry. It then outlines four justifications given by respondents for government intervention to support renewables in Southeast Asia: unpriced negative externalities, counteracting subsidies for conventional energy sources, the public goods aspect of renewable energy, and the presence of non-technical barriers. The article develops an analytical framework to evaluate renewable portfolio standards, green power programs, public research and development expenditures, systems benefits charges, investment tax credits, production tax credits, tendering, and feed-in tariffs in Southeast Asia. It assesses each of these mechanisms according to the criteria of efficacy, cost effectiveness, dynamic efficiency, equity, and fiscal responsibility. The study concludes that one mechanism, feed-in tariffs, is both the most preferred by respondents and the only one that meets all criteria. (author)

  10. Do biofuel blending mandates reduce gasoline consumption? Implications of state-level renewable fuel standards for energy security

    Science.gov (United States)

    Lim, Shinling

    In an effort to keep America's addiction to oil under control, federal and state governments have implemented a variety of policy measures including those that determine the composition of motor gasoline sold at the pump. Biofuel blending mandates known as Renewable Fuel Standards (RFS) are designed to reduce the amount of foreign crude oil needed to be imported as well as to boost the local ethanol and corn industry. Yet beyond looking at changes in gasoline prices associated with increased ethanol production, there have been no empirical studies that examine effects of state-level RFS implementation on gasoline consumption. I estimate a Generalized Least Squares model for the gasoline demand for the 1993 to 2010 period with state and time fixed effects controlling for RFS. States with active RFS are Minnesota, Hawaii, Missouri, Florida, Washington, and Oregon. I find that, despite the onset of federal biofuel mandates across states in 2007 and the lower energy content of blended gasoline, being in a state that has implemented RFS is associated with 1.5% decrease in gasoline consumption (including blended gasoline). This is encouraging evidence for efforts to lessen dependence on gasoline and has positive implications for energy security.

  11. Portfolio optimization by using linear programing models based on genetic algorithm

    Science.gov (United States)

    Sukono; Hidayat, Y.; Lesmana, E.; Putra, A. S.; Napitupulu, H.; Supian, S.

    2018-01-01

    In this paper, we discussed the investment portfolio optimization using linear programming model based on genetic algorithms. It is assumed that the portfolio risk is measured by absolute standard deviation, and each investor has a risk tolerance on the investment portfolio. To complete the investment portfolio optimization problem, the issue is arranged into a linear programming model. Furthermore, determination of the optimum solution for linear programming is done by using a genetic algorithm. As a numerical illustration, we analyze some of the stocks traded on the capital market in Indonesia. Based on the analysis, it is shown that the portfolio optimization performed by genetic algorithm approach produces more optimal efficient portfolio, compared to the portfolio optimization performed by a linear programming algorithm approach. Therefore, genetic algorithms can be considered as an alternative on determining the investment portfolio optimization, particularly using linear programming models.

  12. Study of the main mechanisms for incentive alternative sources of renewable energy for power generation in Chile, Argentina and Brazil; Estudo dos principais mecanismos de incentivo as fontes alternativas de energia para geracao renovavel de eletricidade no Chile, Argentina e Brasil

    Energy Technology Data Exchange (ETDEWEB)

    Nogueira, Larissa Goncalves [Universidade Estadual de Campinas (FEM/UNICAMP), SP (Brazil). Fac. de Engenharia Mecanica. Dept. de Energia; Dedecca, Joao Gorestein; Jannuzzi, Gilberto de Martinno; Gomes, Rodolfo Dourado [Universidade Estadual de Campinas (UNICAMP), SP (Brazil)

    2010-07-01

    From the experience of developed countries, Brazil, Chile and Argentina are implementing some important mechanisms for encouraging alternative sources of renewable energy for power generation and thus manage to incorporate these power sources in their power matrix. However, the obstacles faced are not insignificant. This study will present and analyze the Chilean, Argentinean and Brazilian experience when it comes to implementing programs and policies based on feed-in tariffs, renewable portfolio standard and bidding mechanisms. (author)

  13. Backtesting Portfolio Value-at-Risk with Estimated Portfolio Weights

    OpenAIRE

    Pei Pei

    2010-01-01

    This paper theoretically and empirically analyzes backtesting portfolio VaR with estimation risk in an intrinsically multivariate framework. For the first time in the literature, it takes into account the estimation of portfolio weights in forecasting portfolio VaR and its impact on backtesting. It shows that the estimation risk from estimating the portfolio weights as well as that from estimating the multivariate dynamic model of asset returns make the existing methods in a univariate framew...

  14. China's renewable energy policy: Commitments and challenges

    International Nuclear Information System (INIS)

    Wang Feng; Yin Haitao; Li Shoude

    2010-01-01

    The passing of the Renewable Energy Law (REL) in 2005 demonstrated China's commitment to renewable energy development. In the 3 years after the REL, China's renewable electricity capacity grew rapidly. From 2006 to 2008, China's wind capacity installation more than doubled every year for 3 years in a row. However, three facts prevent us from being optimistic about China's renewable electricity future. First, considered as a share of total capacity, renewable electricity capacity is decreasing instead of increasing. This is due simply to the rapid growth of fossil fuel capacity. Second, a significant amount of renewable generation capacity is wasted because it is not connected to the electricity grid. Finally, renewable electricity plants are running at a low level of efficiency. Based on an in-depth analysis of China's existing renewable energy policy, we suggest that these challenges should be dealt with by introducing a market-based mandatory renewable portfolio requirement coupled with strong regulatory monitoring of grid enterprises.

  15. Decentralized Portfolio Management

    Directory of Open Access Journals (Sweden)

    Benjamin Miranda Tabak

    2003-12-01

    Full Text Available We use a mean-variance model to analyze the problem of decentralized portfolio management. We find the solution for the optimal portfolio allocation for a head trader operating in n different markets, which is called the optimal centralized portfolio. However, as there are many traders specialized in different markets, the solution to the problem of optimal decentralized allocation should be different from the centralized case. In this paper we derive conditions for the solutions to be equivalent. We use multivariate normal returns and a negative exponential function to solve the problem analytically. We generate the equivalence of solutions by assuming that different traders face different interest rates for borrowing and lending. This interest rate is dependent on the ratio of the degrees of risk aversion of the trader and the head trader, on the excess return, and on the correlation between asset returns.

  16. Linearly Adjustable International Portfolios

    Science.gov (United States)

    Fonseca, R. J.; Kuhn, D.; Rustem, B.

    2010-09-01

    We present an approach to multi-stage international portfolio optimization based on the imposition of a linear structure on the recourse decisions. Multiperiod decision problems are traditionally formulated as stochastic programs. Scenario tree based solutions however can become intractable as the number of stages increases. By restricting the space of decision policies to linear rules, we obtain a conservative tractable approximation to the original problem. Local asset prices and foreign exchange rates are modelled separately, which allows for a direct measure of their impact on the final portfolio value.

  17. Linearly Adjustable International Portfolios

    International Nuclear Information System (INIS)

    Fonseca, R. J.; Kuhn, D.; Rustem, B.

    2010-01-01

    We present an approach to multi-stage international portfolio optimization based on the imposition of a linear structure on the recourse decisions. Multiperiod decision problems are traditionally formulated as stochastic programs. Scenario tree based solutions however can become intractable as the number of stages increases. By restricting the space of decision policies to linear rules, we obtain a conservative tractable approximation to the original problem. Local asset prices and foreign exchange rates are modelled separately, which allows for a direct measure of their impact on the final portfolio value.

  18. Agile Project Portfolio Management

    DEFF Research Database (Denmark)

    Andersen, Jesper Rank; Riis, Jens Ove; Mikkelsen, Hans

    2005-01-01

    This paper will provide a preliminary introduction to the application of Agile Thinking in management of project portfolio and company development. At any point in time, companies have a crowd of development initiatives spread around the organisation and managed at different levels...... in the managerial hierarchy. They compete for resources and managerial attention, and they often take too long time - and some do not survive in the rapid changing context. Top man¬agers ask for speed, flexibility and effectiveness in the portfolio of development activities (projects). But which competencies...

  19. Portfolio Analysis for Vector Calculus

    Science.gov (United States)

    Kaplan, Samuel R.

    2015-01-01

    Classic stock portfolio analysis provides an applied context for Lagrange multipliers that undergraduate students appreciate. Although modern methods of portfolio analysis are beyond the scope of vector calculus, classic methods reinforce the utility of this material. This paper discusses how to introduce classic stock portfolio analysis in a…

  20. A portfolio risk analysis on electricity supply planning

    International Nuclear Information System (INIS)

    Huang, Y.-H.; Wu, J.-H.

    2008-01-01

    Conventional electricity planning selects from a range of alternative technologies based on the least-cost method without assessing cost-related risks. The current approach to determining energy generation portfolios creates a preference for fossil fuel. Consequently, this preference results in increased exposure to recent fluctuations in fossil fuel prices, particularly for countries heavily depend on imported energy. This paper applies portfolio theory in conventional electricity planning with Taiwan as a case study. The model objective is to minimize the 'risk-weighted present value of total generation cost'. Both the present value of generating cost and risk (variance of the generating cost) are considered. Risk of generating cost is introduced for volatile fuel prices and uncertainty of technological change and capital cost reduction. The impact of risk levels on the portfolio of power generation technologies is also examined to provide some valuable policy suggestions. Study results indicate that replacing fossil fuel with renewable energy helps reduce generating cost risk. However, due to limited renewable development potential in Taiwan, there is an upper bound of 15% on the maximum share of renewable energy in the generating portfolio. In the meantime, reevaluating the current nuclear energy policy for reduced exposure to fossil fuel price fluctuations is worthwhile

  1. Renewables in Global Energy Supply

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2007-07-01

    Renewable energies are essential contributors to the energy supply portfolio as they contribute to world energy supply security, reducing dependency on fossil fuel resources, and provide opportunities for mitigating greenhouse gases. Differences in definition and lack of adequate data complicated the discussion between participants on these key issues. The International Energy Agency believes that this fact sheet can be of use to all to facilitate the debate on the past, current and future place and role of renewables in total energy supply. Our goal is to present as objectively as possible the main elements of the current renewables energy situation. The definitions and coverage of national statistics vary between countries and organisations. In this fact sheet, the renewables definition includes combustible renewables and waste (CRW), hydro, geothermal, solar, wind, tide and wave energy.

  2. Evaluation of IP Portfolios

    DEFF Research Database (Denmark)

    Søberg, Peder Veng

    2009-01-01

    As a result of an inquiry concerning how to evaluate IP (intellectual property) portfolios in order to enable the best possible use of IP resources within organizations, an IP evaluation approach primarily applicable for patents and utility models is developed. The developed approach is useful...... of the organization owning the IP....

  3. Acreage portfolio management

    International Nuclear Information System (INIS)

    Schneider, Georges

    1994-01-01

    This chapter demonstrates the need for acreage portfolio management at the stage of maturity which has been reached in the UK sector of the North Sea petroleum industry. It outlines the goals, the main features of the deals and the business process. (UK)

  4. Portfolio, refleksion og feedback

    DEFF Research Database (Denmark)

    Hansen, Jens Jørgen; Qvortrup, Ane; Christensen, Inger-Marie F.

    2017-01-01

    Denne leder definerer indledningsvist begrebet portfolio og gør rede for anvendelsesmuligheder i en uddannelseskontekst. Dernæst behandles portfoliometodens kvalitet og effekt for læring og undervisning og de centrale begreber refleksion, progression og feedback præsenteres og diskuteres. Herefter...

  5. When renewable energy met sustainable growth. Regulation, cost reduction, and the rise of renewable energy in the United States

    International Nuclear Information System (INIS)

    Stephens, Samantha

    2016-01-01

    Historically and famously fossil-fuel dependent, the U.S. energy and electricity mixes are evolving quickly as costs fall for renewables, regulations mandate their implementation, and fiscal policy incentivizes their installation. The investment and production tax credits (ITC and PTC) as well as power purchase agreements (PPAs) are well-known for their contributions to the development of solar and wind capacity, and the recent extensions of these credits has led to a positive outlook for continued growth in installations and generation. In addition, the green power market is experiencing record participation, as tracking the positive environmental externalities of renewable power has become important to meet renewable portfolio standards, which mandate implementation of renewable energy by state. Cost reduction is further taking place globally due to technological advances and economies of scale, which serves as another key driver for development. Of course, challenges are still present, particularly due to a plentiful and inexpensive domestic fossil fuel supply, uneven application of regulation and incentives state-by-state, and the uncertainty of continued political support. Even so, a progressive lowering of traditional barriers is leading to the potential for widespread deployment of renewables across the American landscape. (author)

  6. Safety-evaluation report related to the license renewal and power increase for the National Bureau of Standards Reactor (Docket No. 50-184)

    International Nuclear Information System (INIS)

    1983-09-01

    This Safety Evaluation Report for the application filed by the National Bureau of Standards (NBS) for an increase in power from 10 MWt to 20 MWt and for a renewal of the Operating License TR-5 to continue to operate the test reactor has been prepared by the Office of Nuclear Reactor Regulation of the US Nuclear Regulatory Commission. The facility is located in Gaithersburg, Maryland, on the site of the National Bureau of Standards, which is a bureau of the Department of Commerce. The staff concludes that the NBS reactor can operate at the 20 MWt power level without endangering the health and safety of the public

  7. Sparse and stable Markowitz portfolios.

    Science.gov (United States)

    Brodie, Joshua; Daubechies, Ingrid; De Mol, Christine; Giannone, Domenico; Loris, Ignace

    2009-07-28

    We consider the problem of portfolio selection within the classical Markowitz mean-variance framework, reformulated as a constrained least-squares regression problem. We propose to add to the objective function a penalty proportional to the sum of the absolute values of the portfolio weights. This penalty regularizes (stabilizes) the optimization problem, encourages sparse portfolios (i.e., portfolios with only few active positions), and allows accounting for transaction costs. Our approach recovers as special cases the no-short-positions portfolios, but does allow for short positions in limited number. We implement this methodology on two benchmark data sets constructed by Fama and French. Using only a modest amount of training data, we construct portfolios whose out-of-sample performance, as measured by Sharpe ratio, is consistently and significantly better than that of the naïve evenly weighted portfolio.

  8. Portfolio optimization retail investor

    Directory of Open Access Journals (Sweden)

    I. А. Kiseleva

    2016-01-01

    Full Text Available The article notes that the task of the investor's risk management is to, on the one hand, as much as possible to strive to achieve the criterion of risk level, and on the other hand, in any case not exceed it. Since the domestic theory of risk management is under development, the problem of the optimal ratio of "risk-income" becomes now of particular relevance. This article discusses the different distribution areas of the private investor in order to obtain the maximum profit. The analysis showed us the overall economic and political system of the country, as well as the legislative provision of guarantees to the investor. To obtain sufficient income and reduce losses it is important to maintain the optimum value found between the amount of the investor's risk and capital transactions. Model of optimal placement of funds led to the conclusion about inexpediency strong increase in the diversification of the investment portfolio (more than 10 different types of assets in the portfolio, since it increases the complexity of its practical form, while the portfolio characteristics are improved significantly. It is concluded that it is impossible to increase revenue without increasing the risk or reduce risk without reducing income. The analysis shows that there is no single best asset portfolio. It is impossible to increase revenue without increasing the risk or reduce risk without reducing income. Possible combination of the "riskincome" will depend on the objective function. Most diversified and bringing the best return per unit of risk, is a portfolio that contains the most risky assets.

  9. E-PORTFOLIO: BEYOND ASSESSMENT FOR ENGLISH STUDENT TEACHER (a Preliminary Study of E-portfolio Implementation in Micro Teaching Class)

    OpenAIRE

    Sarlita D. Matra

    2017-01-01

    Teacher preparation programs across the country are showing an increased interest in the use of electronic portfolios as valuable authentic assessment tools that can document students‘ abilities and growth related to specific standards. The concept of developing e-portfolios is based on the fact that the reflective practice of creating portfolios enables students to document and track their learning; develop an integrated, coherent picture of their learning experiences; and enhanc...

  10. A market for renewable energy credits in the Indian power sector

    International Nuclear Information System (INIS)

    Singh, Anoop

    2009-01-01

    Electricity generation from renewable energy sources in India has been promoted through a host of fiscal policies and preferential tariff for electricity produced from the same. The fiscal policies include tax incentives and purchase of electricity generated through renewable energy sources. The enactment of the Electricity Act 2003 (the Act) has lent further support to renewable energy by stipulating purchase of a certain percentage of the power procurement by distribution utilities from renewable energy sources. The renewable portfolio obligation as well as the feed-in tariff for power procurement has been specified by a number of State Electricity Regulatory Commissions (SERCs) for the respective state under their jurisdiction. A feed-in tariff determined through a cost-plus approach under a rate of return framework lacks incentive for cost minimisation and does not encourage optimal utilisation of renewable energy resources in the country. Such regulatory provisions differ across states. The prevalent practice of fixing a renewable portfolio obligation along with cost-based feed-in tariffs disregards economic efficiency. The paper proposes nationally tradable renewable energy credits scheme for achieving the targets set by the respective SERCs as renewable portfolio obligation. This would reduce the cost of compliance to a renewable portfolio obligation, and would encourage efficient resource utilisation and investment in appropriate technologies. The paper highlights its advantages and implementation issues. This paper discusses regulatory developments for promotion of renewable energy in various Indian states. The paper also identifies a number of issues related to regulations concerning renewable portfolio obligation. (author)

  11. Renewable Electricity Benefits Quantification Methodology: A Request for Technical Assistance from the California Public Utilities Commission

    Energy Technology Data Exchange (ETDEWEB)

    Mosey, G.; Vimmerstedt, L.

    2009-07-01

    The California Public Utilities Commission (CPUC) requested assistance in identifying methodological alternatives for quantifying the benefits of renewable electricity. The context is the CPUC's analysis of a 33% renewable portfolio standard (RPS) in California--one element of California's Climate Change Scoping Plan. The information would be used to support development of an analytic plan to augment the cost analysis of this RPS (which recently was completed). NREL has responded to this request by developing a high-level survey of renewable electricity effects, quantification alternatives, and considerations for selection of analytic methods. This report addresses economic effects and health and environmental effects, and provides an overview of related analytic tools. Economic effects include jobs, earnings, gross state product, and electricity rate and fuel price hedging. Health and environmental effects include air quality and related public-health effects, solid and hazardous wastes, and effects on water resources.

  12. Mean-Variance Efficiency of the Market Portfolio

    OpenAIRE

    Rafael Falcão Noda; Roy Martelanc; José Roberto Securato

    2014-01-01

    The objective of this study is to answer the criticism to the CAPM based on findings that the market portfolio is far from the efficient frontier. We run a numeric optimization model, based on Brazilian stock market data from 2003 to 2012. For each asset, we obtain adjusted returns and standard deviations such that (i) the efficient frontier intersects with the market portfolio and (ii) the distance between the adjusted parameters and the sample parameters is minimized. We conclude that the a...

  13. Overlapping carbon pricing and renewable support schemes under political uncertainty: Global lessons from an Australian case study

    International Nuclear Information System (INIS)

    Shahnazari, Mahdi; McHugh, Adam; Maybee, Bryan; Whale, Jonathan

    2017-01-01

    Highlights: •Uncertainty over overlapping energy and climate policies affects investment choices. •An integrated real options and portfolio optimisation model is used in a case study. •Interacting carbon pricing and renewable supports can create private and social hedge. •Political uncertainty may justify overlapping carbon pricing and renewable supports. -- Abstract: The translation of a greenhouse gas (GHG) emissions reduction policy objective to the required investment in low emissions technologies may be hindered by political contest over the policy instruments employed to achieve it. Political contest may also result in enactment of overlapping policy instruments which, from a ‘policy purist’ perspective, may not appear well calibrated to a shared GHG emissions reduction objective. This paper reports insights gained from an integrated real options and portfolio optimisation model of electricity generation investment behaviour under political uncertainty over the futures of interacting carbon pricing and renewable portfolio standard (RPS) instruments. We compare modelling results and actual outcomes in Australia, where an emission reduction target has had bipartisan support but the means to achieve it has not, to test the assertion that overlapping policy instruments must always increase the social costs of GHG abatement. Results suggest that overlapping a politically contested carbon pricing policy with an RPS may result in a lower risk, renewable energy (RE) investment environment, as the overlap allows investors to hedge their portfolio against political uncertainty through RE additions. Consequently, GHG abatement objectives may be achieved at lower cost than would be the case without the policy interaction. The policies overlap can provide a ‘safety valve’ or ‘hedge’ to both private investors and policymakers when deep uncertainties over the future of energy and climate policies influence investment strategies.

  14. Strategic innovation portfolio management

    Directory of Open Access Journals (Sweden)

    Stanković Ljiljana

    2015-01-01

    Full Text Available In knowledge-based economy, strategic innovation portfolio management becomes more and more important and critical factor of enterprise's success. Value creation for all the participants in value chain is more successful if it is based on efficient resource allocation and improvement of innovation performances. Numerous researches have shown that companies with best position on the market found their competitiveness on efficient development and exploitation of innovations. In decision making process, enterprise's management is constantly faced with challenge to allocate resources and capabilities as efficiently as possible, in both short and long term. In this paper authors present preliminary results of realized empirical research related to strategic innovation portfolio management in ten chosen enterprises in Serbia. The structure of the paper includes the following parts: theoretical background, explanation of research purpose and methodology, discussion of the results and concluding remarks, including limitations and directions for further research.

  15. Acreage portfolio management

    International Nuclear Information System (INIS)

    Schneider, G.M.

    1992-01-01

    This paper reports that the need for managing the acreage portfolio in the UK North Sea arises from fragmentation of holdings and complex field partnerships. The main concepts are building up the heartlands and balancing cashflow forecasts. This has generated a number of friendly win-win deals, motivated by differences in perception of values. The business process includes identifying, evaluating and negotiating deals. The Petroleum Economist plays a central role throughout this process, seeking value gaps and supporting negotiations. Variations in reserves estimates present a major source of value gaps between buyer and seller. Economists need to work closely with engineers and geologists. Portfolio management is an exciting and challenging task which broadens the traditional role of the Petroleum Economist

  16. On portfolio risk diversification

    Science.gov (United States)

    Takada, Hellinton H.; Stern, Julio M.

    2017-06-01

    The first portfolio risk diversification strategy was put into practice by the All Weather fund in 1996. The idea of risk diversification is related to the risk contribution of each available asset class or investment factor to the total portfolio risk. The maximum diversification or the risk parity allocation is achieved when the set of risk contributions is given by a uniform distribution. Meucci (2009) introduced the maximization of the Rényi entropy as part of a leverage constrained optimization problem to achieve such diversified risk contributions when dealing with uncorrelated investment factors. A generalization of the risk parity is the risk budgeting when there is a prior for the distribution of the risk contributions. Our contribution is the generalization of the existent optimization frameworks to be able to solve the risk budgeting problem. In addition, our framework does not possess any leverage constraint.

  17. Hvorfor anvende portfolio eksamen?

    DEFF Research Database (Denmark)

    Elley, Tina Ninka

    2015-01-01

    from the clinical part. The two topics are weighted according to the distribution of ECTS points between theory and clinic. We implemented the portfolio format in November 2012, and the evaluations from the students have shown that the format is good; the students get less stressed at the exam......In Denmark the Biomedical Laboratory Scientist programme lasts for 3½ years, divided into 14 modules of 10 weeks. Every module concludes with an exam, which can be very stressful for the students. A survey was made among the students, confirming this. How can we change some of the exams in order...... to minimize the students' stress level? Then the pedagogical considerations started – where and how to do this? The conclusion was to work with the portfolio format at module 6 and module 7 and make it the exam form, as it was possible to divide the expected learning outcome for the two modules into topics...

  18. Acreage portfolio management

    International Nuclear Information System (INIS)

    Schneider

    1992-01-01

    This paper reports that the need to manage U.K. North Sea acreage portfolios arises from fragmentation of holdings and complex partnerships. This management has generated friendly rationalization deals motivated by differences in perception of values and aimed at building up heartlands and balancing cash-flow forecasts. The business process includes identifying, evaluating, and negotiating deals. The economist plays a central role within the evaluation team and supports the negotiators

  19. Portfolios in Saudi medical colleges

    Science.gov (United States)

    Fida, Nadia M.; Shamim, Muhammad S.

    2016-01-01

    Over recent decades, the use of portfolios in medical education has evolved, and is being applied in undergraduate and postgraduate programs worldwide. Portfolios, as a learning process and method of documenting and assessing learning, is supported as a valuable tool by adult learning theories that stress the need for learners to be self-directed and to engage in experiential learning. Thoughtfully implemented, a portfolio provides learning experiences unequaled by any single learning tool. The credibility (validity) and dependability (reliability) of assessment through portfolios have been questioned owing to its subjective nature; however, methods to safeguard these features have been described in the literature. This paper discusses some of this literature, with particular attention to the role of portfolios in relation to self-reflective learning, provides an overview of current use of portfolios in undergraduate medical education in Saudi Arabia, and proposes research-based guidelines for its implementation and other similar contexts. PMID:26905344

  20. Parametric Immunization in Bond Portfolio Management

    OpenAIRE

    Bravo, Jorge; Fonseca, José

    2012-01-01

    In this paper, we evaluate the relative immunization performance of the multifactor parametric interest rate risk model based on the Nelson-Siegel-Svensson specification of the yield curve with that of standard benchmark investment strategies, using European Central Bank yield curve data in the period between January 3, 2005 and December 31, 2011. In addition, we examine the role of portfolio design in the success of immunization strategies, particularly the role of the maturit...

  1. Product portfolio optimization based on substitution

    DEFF Research Database (Denmark)

    Myrodia, Anna; Moseley, A.; Hvam, Lars

    2017-01-01

    The development of production capabilities has led to proliferation of the product variety offered to the customer. Yet this fact does not directly imply increase of manufacturers' profitability, nor customers' satisfaction. Consequently, recent research focuses on portfolio optimization through...... substitution and standardization techniques. However when re-defining the strategic market decisions are characterized by uncertainty due to several parameters. In this study, by using a GAMS optimization model we present a method for supporting strategic decisions on substitution, by quantifying the impact...

  2. Portfolio Optimization of Nanomaterial Use in Clean Energy Technologies.

    Science.gov (United States)

    Moore, Elizabeth A; Babbitt, Callie W; Gaustad, Gabrielle; Moore, Sean T

    2018-04-03

    While engineered nanomaterials (ENMs) are increasingly incorporated in diverse applications, risks of ENM adoption remain difficult to predict and mitigate proactively. Current decision-making tools do not adequately account for ENM uncertainties including varying functional forms, unique environmental behavior, economic costs, unknown supply and demand, and upstream emissions. The complexity of the ENM system necessitates a novel approach: in this study, the adaptation of an investment portfolio optimization model is demonstrated for optimization of ENM use in renewable energy technologies. Where a traditional investment portfolio optimization model maximizes return on investment through optimal selection of stock, ENM portfolio optimization maximizes the performance of energy technology systems by optimizing selective use of ENMs. Cumulative impacts of multiple ENM material portfolios are evaluated in two case studies: organic photovoltaic cells (OPVs) for renewable energy and lithium-ion batteries (LIBs) for electric vehicles. Results indicate ENM adoption is dependent on overall performance and variance of the material, resource use, environmental impact, and economic trade-offs. From a sustainability perspective, improved clean energy applications can help extend product lifespans, reduce fossil energy consumption, and substitute ENMs for scarce incumbent materials.

  3. Cluster analysis for portfolio optimization

    OpenAIRE

    Vincenzo Tola; Fabrizio Lillo; Mauro Gallegati; Rosario N. Mantegna

    2005-01-01

    We consider the problem of the statistical uncertainty of the correlation matrix in the optimization of a financial portfolio. We show that the use of clustering algorithms can improve the reliability of the portfolio in terms of the ratio between predicted and realized risk. Bootstrap analysis indicates that this improvement is obtained in a wide range of the parameters N (number of assets) and T (investment horizon). The predicted and realized risk level and the relative portfolio compositi...

  4. Do portfolios have a future?

    Science.gov (United States)

    Driessen, Erik

    2017-03-01

    While portfolios have seen an unprecedented surge in popularity, they have also become the subject of controversy: learners often perceive little gain from writing reflections as part of their portfolios; scholars question the ethics of such obligatory reflection; and students, residents, teachers and scholars alike condemn the bureaucracy surrounding portfolio implementation in competency-based education. It could be argued that mass adoption without careful attention to purpose and format may well jeopardize portfolios' viability in health sciences education. This paper explores this proposition by addressing the following three main questions: (1) Why do portfolios meet with such resistance from students and teachers, while educators love them?; (2) Is it ethical to require students to reflect and then grade their reflections?; (3) Does competency-based education empower or hamper the learner during workplace-based learning? Twenty-five years of portfolio reveal a clear story: without mentoring, portfolios have no future and are nothing short of bureaucratic hurdles in our competency-based education programs. Moreover, comprehensive portfolios, which are integrated into the curriculum and much more diverse in content than reflective portfolios, can serve as meaningful patient charts, providing doctor and patient with useful information to discuss well-being and treatment. In this sense, portfolios are also learner charts that comprehensively document progress in a learning trajectory which is lubricated by meaningful dialogue between learner and mentor in a trusting relationship to foster learning. If we are able to make such comprehensive and meaningful use of portfolios, then, yes, portfolios do have a bright future in medical education.

  5. Project Portfolio Management Applications Testing

    OpenAIRE

    Paul POCATILU

    2006-01-01

    Many IT companies are running project simultaneously. In order to achieve the best results, they have to group to the project in portfolios, and to use specific software that helps to manage them. Project portfolio management applications have a high degree of complexity and they are very important for the companies that are using it. This paper focuses on some characteristics of the testing process for project portfolio management applications

  6. Project Portfolio Management Applications Testing

    Directory of Open Access Journals (Sweden)

    Paul POCATILU

    2006-01-01

    Full Text Available Many IT companies are running project simultaneously. In order to achieve the best results, they have to group to the project in portfolios, and to use specific software that helps to manage them. Project portfolio management applications have a high degree of complexity and they are very important for the companies that are using it. This paper focuses on some characteristics of the testing process for project portfolio management applications

  7. Portfolio insurance using traded options

    OpenAIRE

    Machado-Santos, Carlos

    2001-01-01

    Literature concerning the institutional use of options indicates that the main purpose of option trading is to provide investors with the opportunity to create return distributions previously unavailable, considering that options provide the means to manipulate portfolio returns. In such a context, this study intends to analyse the returns of insured portfolios generated by hedging strategies on underlying stock portfolios. Because dynamic hedging is too expensive, we have hedged the stock po...

  8. Specific patterns in portfolio analysis

    Directory of Open Access Journals (Sweden)

    Gabriela Victoria ANGHELACHE

    2013-11-01

    Full Text Available In the mid-twentieth century, under an unprecedented growth of the business of trading in securities, the need to provide a modern framework for assessing the performance of portfolios of financial instruments was felt. To that effect, it is noted that over this period, more and more economists have attempted to develop statistical mathematical models that ensure the evaluation of profitability and portfolio risk securities. These models are considered to be part of "the modern portfolio theory".

  9. Assessing the role of renewable energy policies in landfill gas to energy projects

    International Nuclear Information System (INIS)

    Li, Shanjun; Yoo, Han Kyul; Macauley, Molly; Palmer, Karen; Shih, Jhih-Shyang

    2015-01-01

    Methane (CH 4 ) is the second most prevalent greenhouse gas and has a global warming potential at least 28 times as high as carbon dioxide (CO 2 ). In the United States, Municipal Solid Waste (MSW) landfills are reported to be the third-largest source of human-made methane emissions, responsible for 18% of methane emissions in 2011. Capturing landfill gas (LFG) for use as an energy source for electricity or heat produces alternative energy as well as environmental benefits. A host of federal and state policies encourage the development of landfill gas to energy (LFGE) projects. This research provides the first systematic economic assessment of the role of these policies on adoption decisions. Results suggest that Renewable Portfolio Standards and investment tax credits have contributed to the development of these projects, accounting for 13 of 277 projects during our data period from 1991 to 2010. These policy-induced projects lead to 10.4 MMTCO 2 e reductions in greenhouse gas emissions and a net benefit of $41.8 million. - Highlights: • Examine the role of renewable energy policies in landfill gas to energy projects • Renewable Portfolio Standards and investment tax credit had impacts. • Investment tax credit policy is cost-effectiveness in promoting these projects. • Policy-induced projects lead to significant environmental benefits

  10. Safety evaluation report related to the license renewal and power increase for the National Bureau of Standards reactor (Docket No. 50-184)

    International Nuclear Information System (INIS)

    Bernard, H.

    1984-03-01

    Supplement 1 to the Safety Evaluation Report (SER) related to the renewal of the operating license and for a power increase (10 MWt to 20 MWt) for the research reactor at the National Bureau of Standards (NBS) facility has been prepared by the Office of Nuclear Reactor Regulation of the US Nuclear Regulatory Commission. This supplement reports on the review of the licensee's emergency plan, which had not been reviewed at the time the Safety Evaluation Report (NUREG-1007) was published, and the review of the NBS application by the Advisory Committee on Reactor Safeguards, which was completed subsequent to the publication of the SER

  11. Financial Advice and Individual Investor Portfolio Performance

    NARCIS (Netherlands)

    Kramer, M.M.

    2012-01-01

    This paper investigates whether financial advisers add value to individual investors portfolio decisions by comparing portfolios of advised and self-directed (execution-only) Dutch individual investors. The results indicate significant differences in characteristics and portfolios between these

  12. Efficient unstructured mesh generation for marine renewable energy applications

    NARCIS (Netherlands)

    Avdis, A.; Candy, A.S.; Hill, J.; Kramer, SC; Piggott, M.D.

    2018-01-01

    Renewable energy is the cornerstone of preventing dangerous climate change whilst main- taining a robust energy supply. Tidal energy will arguably play a critical role in the renewable energy portfolio as it is both predictable and reliable, and can be put in place across the globe. However,

  13. Portfolio langagier en francais (Language Portfolios in French).

    Science.gov (United States)

    Laplante, Bernard; Christiansen, Helen

    2001-01-01

    Suggests that first-year college students learning French should create a language portfolio that contains documents that illustrate what they have learned in French, along with a brief statement of what linguistic skill the document demonstrates. The goal of the portfolio is to make students more aware of their own learning, their strengths, and…

  14. Remarks on the 'Grenelle Environnement' portfolio of measures

    International Nuclear Information System (INIS)

    2009-01-01

    The Boston Consulting Group has presented its remarks on the economic impact of the portfolio of measures issued from the 'Grenelle de l'Environnement' workshop that was held in France and involved people with a variety of backgrounds (government representatives, politicians, companies, professional syndicates, NGOs, scientists and university professors, etc.). These measures (covering sectors such as agriculture, biodiversity, wastes, renewable energies, transport, buildings, risk prevention, etc.) are said to potentially generate 450 billions Euros of economic activities and 600,000 jobs during 12 years. Their direct impacts on the environment would be a 14 percent reduction in greenhouse gases between 2010 and 2020. Concerning renewable energies, investment focusing is suggested

  15. Renewable Energy Technology—Is It a Manufactured Technology or an Information Technology?

    Directory of Open Access Journals (Sweden)

    Kwok L. Shum

    2010-07-01

    Full Text Available Socio-technical or strategic approach to renewable energy deployment all suggests that the uptake of renewable energy technology such as solar photovoltaic is as much a social issue as a technical issue. Among social issues, one most direct and immediate component is the cost of the renewable energy technology. Because renewable electricity provides no new functionality—a clean electron does the same work as a dirty electron does—but is relatively expensive compared with fossil fuel based electricity, there is currently an under-supply of renewable electricity. Policy instruments based on economics approaches are therefore developed to encourage the production and consumption of renewable electricity, aiming to remediate the market inefficiencies that stem from the failure in internalizing the environmental or social costs of fossil fuels. In this vein, the most discussed instruments are renewable portfolio standard or quota based system and the general category of feed-in tariff. Feed-in tariff is to support output or generation of the renewable electricity by subsidizing revenues. The existing discussions have all concerned about the relative effectiveness of these two instruments in terms of cost, prices and implementation efficiency. This paper attempts a different basis of evaluation of these two instruments in terms of cost and (network externality effects. The cost effect is driven by deploying the renewable as a manufactured technology, and the network externality effect is driven by deploying the renewable as an information technology. The deployment instruments are studied in terms of how these two effects are leveraged in the deployment process. Our formulation lends itself to evolutionary policy interpretation. Future research directions associated with this new energy policy framework is then suggested.

  16. UK Household Portfolios

    OpenAIRE

    Banks, James; Smith, Sarah

    2000-01-01

    This paper presents a detailed analysis of the composition of household portfolios, using both aggregate and micro-data. Among the key findings are that: Most household wealth is held in the form of housing and pensions. Over time, there has been a shift away from housing towards financial assets, driven largely by the growth in life and pension funds. Liquid financial wealth (excluding life and pension funds) is not predominantly held in risky form. By far the most commonly held asset is an ...

  17. IT Portfolio Management

    DEFF Research Database (Denmark)

    Hansen, Lars Kristian; Kræmmergaard, Pernille

    2012-01-01

    As public organizations increasingly rely on IT-enabled development to provide faster cycle times and better services, IT Project Portfolio Management (IT PPM) has become a high priority issue. This research adopts engaged scholarship to investigate IT PPM practices within a large local government...... information about internal recourses, (4) Lack of operational goals to hold IT projects accountable, (5) No account of actual IT project costs. These results may be used to inform further research into IT PPM and to help managers improve IT PPM practices in public organizations in their effort of increase...

  18. Portfolios of quantum algorithms.

    Science.gov (United States)

    Maurer, S M; Hogg, T; Huberman, B A

    2001-12-17

    Quantum computation holds promise for the solution of many intractable problems. However, since many quantum algorithms are stochastic in nature they can find the solution of hard problems only probabilistically. Thus the efficiency of the algorithms has to be characterized by both the expected time to completion and the associated variance. In order to minimize both the running time and its uncertainty, we show that portfolios of quantum algorithms analogous to those of finance can outperform single algorithms when applied to the NP-complete problems such as 3-satisfiability.

  19. Æstetik og portfolio

    DEFF Research Database (Denmark)

    Hyldahl, Kirsten Kofod; Sams, Pernille; Egelund, Karen Stine

    2017-01-01

    Nærværende artikel præsenterer resultaterne af udviklingsprojektet ”Portfolio og æstetik” på pædagoguddannelsen i Hjørring. Projektet har til formål, gennem æstetisk formsprog, at stilladsere og fastholde de studerendes læreprocesser samt udvikle og implementere portfolio i studieaktiviteter på...

  20. An unbalanced portfolio.

    Science.gov (United States)

    Federsel, Hans-Jurgen

    2009-06-01

    An excellent demonstration of how meaningful and valuable conferences devoted to the topic of project and portfolio management in the pharmaceutical industry can be, was given at an event organized in Barcelona, September 2008. Thus, over this 2-day meeting the delegates were updated on the state of the art in this wide-reaching area from speakers representing an array of companies; from small, relatively new players, via mid-sized, to established large and big pharmas. One common theme that emerged was the importance of assessing the value of drug projects as correctly as possible, especially under the current financial climate and the many challenges facing the industry. Furthermore, experiences from constructing portfolios with the aim to minimize risk and maximize return on investment were shared alongside mathematical approaches to obtain the data required for this purpose and accounts of the pleasures and hardships working in a global context and in partnership constellations. Copyright 2009 Prous Science, S.A.U. or its licensors. All rights reserved.

  1. Regularizing portfolio optimization

    International Nuclear Information System (INIS)

    Still, Susanne; Kondor, Imre

    2010-01-01

    The optimization of large portfolios displays an inherent instability due to estimation error. This poses a fundamental problem, because solutions that are not stable under sample fluctuations may look optimal for a given sample, but are, in effect, very far from optimal with respect to the average risk. In this paper, we approach the problem from the point of view of statistical learning theory. The occurrence of the instability is intimately related to over-fitting, which can be avoided using known regularization methods. We show how regularized portfolio optimization with the expected shortfall as a risk measure is related to support vector regression. The budget constraint dictates a modification. We present the resulting optimization problem and discuss the solution. The L2 norm of the weight vector is used as a regularizer, which corresponds to a diversification 'pressure'. This means that diversification, besides counteracting downward fluctuations in some assets by upward fluctuations in others, is also crucial because it improves the stability of the solution. The approach we provide here allows for the simultaneous treatment of optimization and diversification in one framework that enables the investor to trade off between the two, depending on the size of the available dataset.

  2. Regularizing portfolio optimization

    Science.gov (United States)

    Still, Susanne; Kondor, Imre

    2010-07-01

    The optimization of large portfolios displays an inherent instability due to estimation error. This poses a fundamental problem, because solutions that are not stable under sample fluctuations may look optimal for a given sample, but are, in effect, very far from optimal with respect to the average risk. In this paper, we approach the problem from the point of view of statistical learning theory. The occurrence of the instability is intimately related to over-fitting, which can be avoided using known regularization methods. We show how regularized portfolio optimization with the expected shortfall as a risk measure is related to support vector regression. The budget constraint dictates a modification. We present the resulting optimization problem and discuss the solution. The L2 norm of the weight vector is used as a regularizer, which corresponds to a diversification 'pressure'. This means that diversification, besides counteracting downward fluctuations in some assets by upward fluctuations in others, is also crucial because it improves the stability of the solution. The approach we provide here allows for the simultaneous treatment of optimization and diversification in one framework that enables the investor to trade off between the two, depending on the size of the available dataset.

  3. The cost of geothermal energy in the western US region:a portfolio-based approach a mean-variance portfolio optimization of the regions' generating mix to 2013.

    Energy Technology Data Exchange (ETDEWEB)

    Beurskens, Luuk (ECN-Energy Research Centre of the Netherland); Jansen, Jaap C. (ECN-Energy Research Centre of the Netherlands); Awerbuch, Shimon Ph.D. (.University of Sussex, Brighton, UK); Drennen, Thomas E.

    2005-09-01

    Energy planning represents an investment-decision problem. Investors commonly evaluate such problems using portfolio theory to manage risk and maximize portfolio performance under a variety of unpredictable economic outcomes. Energy planners need to similarly abandon their reliance on traditional, ''least-cost'' stand-alone technology cost estimates and instead evaluate conventional and renewable energy sources on the basis of their portfolio cost--their cost contribution relative to their risk contribution to a mix of generating assets. This report describes essential portfolio-theory ideas and discusses their application in the Western US region. The memo illustrates how electricity-generating mixes can benefit from additional shares of geothermal and other renewables. Compared to fossil-dominated mixes, efficient portfolios reduce generating cost while including greater renewables shares in the mix. This enhances energy security. Though counter-intuitive, the idea that adding more costly geothermal can actually reduce portfolio-generating cost is consistent with basic finance theory. An important implication is that in dynamic and uncertain environments, the relative value of generating technologies must be determined not by evaluating alternative resources, but by evaluating alternative resource portfolios. The optimal results for the Western US Region indicate that compared to the EIA target mixes, there exist generating mixes with larger geothermal shares at equal-or-lower expected cost and risk.

  4. Power marketing and renewable energy

    International Nuclear Information System (INIS)

    Fang, J.M.

    1997-01-01

    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

  5. Analysis of the Capability Portfolio Review (CPR)

    Science.gov (United States)

    2014-06-01

    10  2.4.1.1.  The Basics of Modern Portfolio Theory ...of Modern Portfolio Theory Much of modern portfolio management has been motivated by the influential work of Harry Markowitz (Markowitz, 1952) and...unsystematic risk associated with individual stocks, leaving only the generally market risk (Walls, 2004). The basic assumption of modern portfolio theory is

  6. 12 CFR 347.108 - Portfolio investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 4 2010-01-01 2010-01-01 false Portfolio investments. 347.108 Section 347.108... INTERNATIONAL BANKING § 347.108 Portfolio investments. (a) Portfolio investments. If a bank, directly or indirectly, acquires or holds an equity interest in a foreign organization as a portfolio investment and the...

  7. The Use of E-Portfolio in a Linear Algebra Course

    Science.gov (United States)

    Torres, Judit Taberna; García-Planas, María Isabel; Domínguez-García, Santiago

    2016-01-01

    The use of e-portfolio becomes a standard tool when it comes to learning and student's assessment. This is due to the teachers need for enhancing their students' autonomy. The use of e-portfolio helps students to focus on their own learning process. Lectures should not be limited only to classes, but must foster active learning, and in this…

  8. Regional allocation of biomass to U.S. energy demands under a portfolio of policy scenarios.

    Science.gov (United States)

    Mullins, Kimberley A; Venkatesh, Aranya; Nagengast, Amy L; Kocoloski, Matt

    2014-01-01

    The potential for widespread use of domestically available energy resources, in conjunction with climate change concerns, suggest that biomass may be an essential component of U.S. energy systems in the near future. Cellulosic biomass in particular is anticipated to be used in increasing quantities because of policy efforts, such as federal renewable fuel standards and state renewable portfolio standards. Unfortunately, these independently designed biomass policies do not account for the fact that cellulosic biomass can equally be used for different, competing energy demands. An integrated assessment of multiple feedstocks, energy demands, and system costs is critical for making optimal decisions about a unified biomass energy strategy. This study develops a spatially explicit, best-use framework to optimally allocate cellulosic biomass feedstocks to energy demands in transportation, electricity, and residential heating sectors, while minimizing total system costs and tracking greenhouse gas emissions. Comparing biomass usage across three climate policy scenarios suggests that biomass used for space heating is a low cost emissions reduction option, while biomass for liquid fuel or for electricity becomes attractive only as emissions reduction targets or carbon prices increase. Regardless of the policy approach, study results make a strong case for national and regional coordination in policy design and compliance pathways.

  9. Applying life-cycle assessment to low carbon fuel standards-How allocation choices influence carbon intensity for renewable transportation fuels

    International Nuclear Information System (INIS)

    Kaufman, Andrew S.; Meier, Paul J.; Sinistore, Julie C.; Reinemann, Douglas J.

    2010-01-01

    The Energy Independence and Security Act (EISA) of 2007 requires life-cycle assessment (LCA) for quantifying greenhouse gas emissions (GHGs) from expanded U.S. biofuel production. To qualify under the Renewable Fuel Standard, cellulosic ethanol and new corn ethanol must demonstrate 60% and 20% lower emissions than petroleum fuels, respectively. A combined corn-grain and corn-stover ethanol system could potentially satisfy a major portion of renewable fuel production goals. This work examines multiple LCA allocation procedures for a hypothetical system producing ethanol from both corn grain and corn stover. Allocation choice is known to strongly influence GHG emission results for corn-ethanol. Stover-derived ethanol production further complicates allocation practices because additional products result from the same corn production system. This study measures the carbon intensity of ethanol fuels against EISA limits using multiple allocation approaches. Allocation decisions are shown to be paramount. Under varying approaches, carbon intensity for corn ethanol was 36-79% that of gasoline, while carbon intensity for stover-derived ethanol was -10% to 44% that of gasoline. Producing corn-stover ethanol dramatically reduced carbon intensity for corn-grain ethanol, because substantially more ethanol is produced with only minor increases in emissions. Regulatory considerations for applying LCA are discussed.

  10. portfolio optimization based on nonparametric estimation methods

    Directory of Open Access Journals (Sweden)

    mahsa ghandehari

    2017-03-01

    Full Text Available One of the major issues investors are facing with in capital markets is decision making about select an appropriate stock exchange for investing and selecting an optimal portfolio. This process is done through the risk and expected return assessment. On the other hand in portfolio selection problem if the assets expected returns are normally distributed, variance and standard deviation are used as a risk measure. But, the expected returns on assets are not necessarily normal and sometimes have dramatic differences from normal distribution. This paper with the introduction of conditional value at risk ( CVaR, as a measure of risk in a nonparametric framework, for a given expected return, offers the optimal portfolio and this method is compared with the linear programming method. The data used in this study consists of monthly returns of 15 companies selected from the top 50 companies in Tehran Stock Exchange during the winter of 1392 which is considered from April of 1388 to June of 1393. The results of this study show the superiority of nonparametric method over the linear programming method and the nonparametric method is much faster than the linear programming method.

  11. Defining Toll Fee of Wheeling Renewable with Reference to a Gas Pipeline in Indonesia

    Science.gov (United States)

    Hakim, Amrullah

    2017-07-01

    Indonesia has a huge number of renewable energy sources (RE) however; the utilization of these is currently very low. The main challenge of power production is its alignment with consumption levels; supply should equal demand at all times. There is a strong initiative from corporations with high energy demand, compared to other sectors, to apply a renewable portfolio standard for their energy input, e.g. 15% of their energy consumption requirement must come from a renewable energy source. To support this initiative, the utilization of power wheeling will help large factories on industrial estates to source firm and steady renewables from remote sites. The wheeling renewable via PLN’s transmission line has been regulated under the Ministry Decree in 2015 however; the tariff or toll fee has not yet been defined. The potential project to apply wheeling renewable will obtain power supply from a geothermal power plant, with power demand from the scattered factories under one company. This is the concept driving the application of power wheeling in the effort to push the growth of renewable energy in Indonesia. Given that the capacity of PLN’s transmission line are normally large and less congested compared to distribution line, the wheeling renewable can accommodate the scattered factories locations which then results in the cheaper toll fee of the wheeling renewable. Defining the best toll fee is the main topic of this paper with comparison of the toll fee of the gas pipeline infrastructure in Indonesia, so that it can be applied massively to achieve COP21’s commitment.

  12. Portfolio optimization and performance evaluation

    DEFF Research Database (Denmark)

    Juhl, Hans Jørn; Christensen, Michael

    2013-01-01

    Based on an exclusive business-to-business database comprising nearly 1,000 customers, the applicability of portfolio analysis is documented, and it is examined how such an optimization analysis can be used to explore the growth potential of a company. As opposed to any previous analyses, optimal...... customer portfolios are determined, and it is shown how marketing decision-makers can use this information in their marketing strategies to optimize the revenue growth of the company. Finally, our analysis is the first analysis which applies portfolio based methods to measure customer performance......, and it is shown how these performance measures complement the optimization analysis....

  13. Parametric Portfolio Selection: Evaluating and Comparing to Markowitz Portfolios

    Directory of Open Access Journals (Sweden)

    Marcelo C. Medeiros

    2014-10-01

    Full Text Available In this paper we exploit the parametric portfolio optimization in the Brazilian market. Our data consists of monthly returns of 306 Brazilian stocks in the period between 2001 and 2013. We tested the model both in and out of sample and compared the results with the value and equal weighted portfolios and with a Markowitz based portfolio. We performed statistical inference in the parametric optimization using bootstrap techniques in order to build the parameters empirical distributions. Our results showed that the parametric optimization is a very efficient technique out of sample. It consistently showed superior results when compared with the VW, EW and Markowitz portfolios even when transaction costs were included. Finally, we consider the parametric approach to be very flexible to the inclusion of constraints in weights, transaction costs and listing and delisting of stocks.

  14. Portfolio i Praksis

    DEFF Research Database (Denmark)

    Saltofte, Margit; Krill, Cecilia

    . Præsentationsfolien fokuserer på at præsentere et færdigt produkt eller resultat, mens arbejdsportfolien har fokus på proces, refleksion og læring. Til denne forskel knytter sig desuden helt naturligt en sondring imellem det delte og det private. Hvor præsentationsportfolio per definition er åben og har en modtager i...... sigte, er arbejdsportfolien i udgangspunktet lukket og privat. Det vil sige at man selv udvælger, hvad der skal ses af fx vejleder eller medstuderende – og hvad, der skal forblive privat. Portfolio i Praksis tilbyder desuden en række håndgribelige øvelser, der kan bruges som hjælp til at understøtte det...

  15. IT Portfolio Management

    DEFF Research Database (Denmark)

    Hansen, Lars Kristian; Kræmmergaard, Pernille

    2012-01-01

    information about internal recourses, (4) Lack of operational goals to hold IT projects accountable, (5) No account of actual IT project costs. These results may be used to inform further research into IT PPM and to help managers improve IT PPM practices in public organizations in their effort of increase......As public organizations increasingly rely on IT-enabled development to provide faster cycle times and better services, IT Project Portfolio Management (IT PPM) has become a high priority issue. This research adopts engaged scholarship to investigate IT PPM practices within a large local government...... on the theory’s distinction between different modes of control five problems in control is identified: (1) weak accountability processes between the political and the administrative level, (2) weak accountability processes between director level and the IT executives, (3) IT projects established on incomplete...

  16. AREVA's nuclear reactors portfolio

    International Nuclear Information System (INIS)

    Marincic, A.

    2009-01-01

    A reasonable assumption for the estimated new build market for the next 25 years is over 340 GWe net. The number of prospect countries is growing almost each day. To address this new build market, AREVA is developing a comprehensive portfolio of reactors intended to meet a wide range of power requirements and of technology choices. The EPR reactor is the flagship of the fleet. Intended for large power requirements, the four first EPRs are being built in Finland, France and China. Other countries and customers are in view, citing just two examples: the Usa where the U.S. EPR has been selected as the technology of choice by several U.S utilities; and the United Kingdom where the Generic Design Acceptance process of the EPR design submitted by AREVA and EDF is well under way, and where there is a strong will to have a plant on line in 2017. For medium power ranges, the AREVA portfolio includes a boiling water reactor and a pressurized water reactor which both offer all of the advantages of an advanced plant design, with excellent safety performance and competitive power generation cost: -) KERENA (1250+ MWe), developed in collaboration with several European utilities, and in particular with Eon; -) ATMEA 1 (1100+ MWe), a 3-loop evolutionary PWR which is being developed by AREVA and Mitsubishi. AREVA is also preparing the future and is deeply involved into Gen IV concepts. It has developed the ANTARES modular HTR reactor (pre-conceptual design completed) and is building upon its vast Sodium Fast Reactor experience to take part into the development of the next prototype. (author)

  17. A Mean variance analysis of arbitrage portfolios

    Science.gov (United States)

    Fang, Shuhong

    2007-03-01

    Based on the careful analysis of the definition of arbitrage portfolio and its return, the author presents a mean-variance analysis of the return of arbitrage portfolios, which implies that Korkie and Turtle's results ( B. Korkie, H.J. Turtle, A mean-variance analysis of self-financing portfolios, Manage. Sci. 48 (2002) 427-443) are misleading. A practical example is given to show the difference between the arbitrage portfolio frontier and the usual portfolio frontier.

  18. Final Environmental Statement related to license renewal and power increase for the National Bureau of Standards Reactor: Docket No. 50-184

    International Nuclear Information System (INIS)

    1982-08-01

    This Final Environmental Statement contains an assessment of the environmental impact associated with renewal of Operating License No. TR-5 for the National Bureau of Standards (NBS) reactor for a period of 20 years at a power level of 20 MW. This reactor is located on the 576-acre NBS site near Gaithersburg in Montgomery County, Maryland, about 20 mi northwest of the center of Washington, DC. The reactor is a high-flux heavy-water-moderated, cooled and reflected test reactor, which first went critical on December 7, 1967. Though the reactor was originally designed for 20-MW operation, it has been operating for 14 years at a maximum authorized power level to 10 MW. Program demand is now great enough to warrant operation at a power level of 20 MW. No additional major changes to the physical plant are required to operate at 20 MW

  19. Renewal processes

    CERN Document Server

    Mitov, Kosto V

    2014-01-01

    This monograph serves as an introductory text to classical renewal theory and some of its applications for graduate students and researchers in mathematics and probability theory. Renewal processes play an important part in modeling many phenomena in insurance, finance, queuing systems, inventory control and other areas. In this book, an overview of univariate renewal theory is given and renewal processes in the non-lattice and lattice case are discussed. A pre-requisite is a basic knowledge of probability theory.

  20. Analysis Of Dynamic Portfolio Allocation Of Indonesian LQ45 During 2005 – 2011 Following The Markowitz Theowry

    Directory of Open Access Journals (Sweden)

    Agustini Hamid

    2016-09-01

    Full Text Available The research observed that equity portfolio and investment managers were facing challenges in determining the optimum portfolio, especially during the turbulent times. As a result, they needed to implement portfolio management strategies to overcome the risk associated with stock return volatility in turbulence periods. This research focused on selecting stocks from the LQ-45 index during 2005-2011 using The Markowitz theory combining the Solver Linear Programming. The portfolio selection method which has been introduced by Markowitz (1952 used variance or standard deviation as a risk measurement. The result of this research proves that the composition of the portfolio is not the same in the different period. In the bearish period, the composition of the optimum portfolio is dominated by the banking sector and manufacture sector. In the bullish period, the optimum portfolio is dominated by the commodity stocks.

  1. Renewable energy

    DEFF Research Database (Denmark)

    Olsen, Birgitte Egelund

    2016-01-01

    Renewable energy projects are increasingly confronted by local opposition, which delays and sometimes even prevents their implementation. This reflects the frequent gap between support for the general idea of renewables as a strategy for reducing carbon emissions, and acceptance of renewable energy...

  2. 78 FR 21045 - Confirmation, Portfolio Reconciliation, Portfolio Compression, and Swap Trading Relationship...

    Science.gov (United States)

    2013-04-09

    ... COMMODITY FUTURES TRADING COMMISSION 17 CFR Part 23 RIN 3038-AC96 Confirmation, Portfolio Reconciliation, Portfolio Compression, and Swap Trading Relationship Documentation Requirements for Swap Dealers... CFTC published final rules setting forth requirements for swap confirmation, portfolio reconciliation...

  3. Optimal Portfolios in Wishart Models and Effects of Discrete Rebalancing on Portfolio Distribution and Strategy Selection

    OpenAIRE

    Li, Zejing

    2012-01-01

    This dissertation is mainly devoted to the research of two problems - the continuous-time portfolio optimization in different Wishart models and the effects of discrete rebalancing on portfolio wealth distribution and optimal portfolio strategy.

  4. Essays on Rational Portfolio Theory

    DEFF Research Database (Denmark)

    Nielsen, Simon Ellersgaard

    market prices, we findonly a very modest improvement in portfolio wealth over the corresponding strategy whichonly trades in bonds and stocks. Optimal Hedge Tracking Portfolios in a Limit Order Book. In this paper we developa control theoretic solution to the manner in which a portfolio manager optimally...... shouldtrack a targeted D, given that he wishes to hedge a short position in European call optionsthe underlying of which is traded in a limit order book. Specifically, we are interested in theinterplay between posting limit and market orders respectively: when should the portfoliomanager do what (and at what......’s theory of optimal portfolio selection for wealth maximisingagents. In this paper we present a systematic analysis of the optimal asset allocation in aderivative-free market for the Heston model, the 3/2 model, and a Fong Vasicek type model.Under the assumption that the market price of risk...

  5. Robust Portfolio Optimization Using Pseudodistances.

    Science.gov (United States)

    Toma, Aida; Leoni-Aubin, Samuela

    2015-01-01

    The presence of outliers in financial asset returns is a frequently occurring phenomenon which may lead to unreliable mean-variance optimized portfolios. This fact is due to the unbounded influence that outliers can have on the mean returns and covariance estimators that are inputs in the optimization procedure. In this paper we present robust estimators of mean and covariance matrix obtained by minimizing an empirical version of a pseudodistance between the assumed model and the true model underlying the data. We prove and discuss theoretical properties of these estimators, such as affine equivariance, B-robustness, asymptotic normality and asymptotic relative efficiency. These estimators can be easily used in place of the classical estimators, thereby providing robust optimized portfolios. A Monte Carlo simulation study and applications to real data show the advantages of the proposed approach. We study both in-sample and out-of-sample performance of the proposed robust portfolios comparing them with some other portfolios known in literature.

  6. Application of Markowitz Portfolio Theory by Building Optimal Portfolio on the US Stock Market

    OpenAIRE

    Širůček, Martin; Křen, Lukáš

    2015-01-01

    ŠIRŮČEK MARTIN, KŘEN LUKÁŠ. 2015. Application of Markowitz Portfolio Theory by Building Optimal Portfolio on the US Stock Market. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 63(4): 1375–1386. This paper is focused on building investment portfolios by using the Markowitz Portfolio Theory (MPT). Derivation based on the Capital Asset Pricing Model (CAPM) is used to calculate the weights of individual securities in portfolios. The calculated portfolios include a po...

  7. Information Acquisition and Portfolio Performance

    OpenAIRE

    Guiso, Luigi; Jappelli, Tullio

    2006-01-01

    Rational investors perceive correctly the value of financial information. Investment in information is therefore rewarded with a higher Sharpe ratio. Overconfident investors overstate the quality of their own information, and thus attain a lower Sharpe ratio. We contrast the implications of the two models using a unique survey of customers of an Italian leading bank with portfolio data and measures of financial information. We find that the portfolio Sharpe ratio is negatively associated with...

  8. Hierarchical model-based predictive control of a power plant portfolio

    DEFF Research Database (Denmark)

    Edlund, Kristian; Bendtsen, Jan Dimon; Jørgensen, John Bagterp

    2011-01-01

    One of the main difficulties in large-scale implementation of renewable energy in existing power systems is that the production from renewable sources is difficult to predict and control. For this reason, fast and efficient control of controllable power producing units – so-called “portfolio...... design for power system portfolio control, which aims specifically at meeting these demands.The design involves a two-layer hierarchical structure with clearly defined interfaces that facilitate an object-oriented implementation approach. The same hierarchical structure is reflected in the underlying...... optimisation problem, which is solved using Dantzig–Wolfe decomposition. This decomposition yields improved computational efficiency and better scalability compared to centralised methods.The proposed control scheme is compared to an existing, state-of-the-art portfolio control system (operated by DONG Energy...

  9. Different Variants of Fundamental Portfolio

    Directory of Open Access Journals (Sweden)

    Tarczyński Waldemar

    2014-06-01

    Full Text Available The paper proposes the fundamental portfolio of securities. This portfolio is an alternative for the classic Markowitz model, which combines fundamental analysis with portfolio analysis. The method’s main idea is based on the use of the TMAI1 synthetic measure and, in limiting conditions, the use of risk and the portfolio’s rate of return in the objective function. Different variants of fundamental portfolio have been considered under an empirical study. The effectiveness of the proposed solutions has been related to the classic portfolio constructed with the help of the Markowitz model and the WIG20 market index’s rate of return. All portfolios were constructed with data on rates of return for 2005. Their effectiveness in 2006- 2013 was then evaluated. The studied period comprises the end of the bull market, the 2007-2009 crisis, the 2010 bull market and the 2011 crisis. This allows for the evaluation of the solutions’ flexibility in various extreme situations. For the construction of the fundamental portfolio’s objective function and the TMAI, the study made use of financial and economic data on selected indicators retrieved from Notoria Serwis for 2005.

  10. Portfolio Evaluation for Professional Competence: Credentialing in Genetics for Nurses.

    Science.gov (United States)

    Cook, Sarah Sheets; Kase, Ron; Middelton, Lindsay; Monsen, Rita Black

    2003-01-01

    Describes the process used by the Credentialing Committee of the International Society of Nurses in Genetics to validate evaluation criteria for nursing portfolios using neural network programs. Illustrates how standards are translated into measurable competencies and provides a scoring guide. (SK)

  11. Universal portfolios generated by the Bregman divergence

    Science.gov (United States)

    Tan, Choon Peng; Kuang, Kee Seng

    2017-04-01

    The Bregman divergence of two probability vectors is a stronger form of the f-divergence introduced by Csiszar. Two versions of the Bregman universal portfolio are presented by exploiting the mean-value theorem. The explicit form of the Bregman universal portfolio generated by a function of a convex polynomial is derived and studied empirically. This portfolio can be regarded as another generalized of the well-known Helmbold portfolio. By running the portfolios on selected stock-price data sets from the local stock exchange, it is shown that it is possible to increase the wealth of the investor by using the portfolios in investment.

  12. RISK LOAN PORTFOLIO OPTIMIZATION MODEL BASED ON CVAR RISK MEASURE

    Directory of Open Access Journals (Sweden)

    Ming-Chang LEE

    2015-07-01

    Full Text Available In order to achieve commercial banks liquidity, safety and profitability objective requirements, loan portfolio risk analysis based optimization decisions are rational allocation of assets.  The risk analysis and asset allocation are the key technology of banking and risk management.  The aim of this paper, build a loan portfolio optimization model based on risk analysis.  Loan portfolio rate of return by using Value-at-Risk (VaR and Conditional Value-at-Risk (CVaR constraint optimization decision model reflects the bank's risk tolerance, and the potential loss of direct control of the bank.  In this paper, it analyze a general risk management model applied to portfolio problems with VaR and CVaR risk measures by using Using the Lagrangian Algorithm.  This paper solves the highly difficult problem by matrix operation method.  Therefore, the combination of this paper is easy understanding the portfolio problems with VaR and CVaR risk model is a hyperbola in mean-standard deviation space.  It is easy calculation in proposed method.

  13. Aspects of manager, portfolio allocation, and fund performance in Brazil

    Directory of Open Access Journals (Sweden)

    Cláudia Olímpia Neves Mamede Maestri

    Full Text Available ABSTRACT This paper intends to contribute to the literature on investment funds in emerging markets by looking at the performance of multimarket funds in Brazil from a manager perspective. The aim of the paper was to analyze whether some characteristics of investment fund managers, as well as their portfolio holdings, can affect fund performance. In emerging countries both portfolio asset allocation and manager characteristics can help explain differences in the fund performance, which increases the relevance of this study. Therefore, the impact of this research lies in its revealing a significant relationship between risk-adjusted return and the portion of portfolios allocated to fixed or variable income, which seems that have not been explored in the context of emerging economies yet. A total of 6,002 multimarket funds were analyzed, covering the period between September 2009 and December 2015, using panel data with robust standard errors clustered by funds. We also employed robust statistics in order to assess some potential biases due to outliers, by analyzing the breakdown point in the estimated models. It should be noted that portfolio composition (allocation of portfolios into variable income and fixed income was the most important factor in explaining a potential change in the performance of Brazilian multimarket funds. Also important were the effectiveness of the management of these funds, that is, the best risk-adjusted returns were delivered by less experienced managers, funds investing more in fixed income, managers with more funds under management, and larger funds.

  14. Renewable enthusiasm

    International Nuclear Information System (INIS)

    Duffin, Tony

    2000-01-01

    A reduction in energy consumption by the energy intensive sectors will be rewarded by a tax credit. The advantages of renewable sources of energy in terms of reducing emissions of carbon dioxide are extolled. The Government will reward the use of renewables through exemption from the Climate Change Levy. Many major companies are now committed to renewables and Shell predict that 50% of world energy will come from renewables by 2050. World-wide there is now 10,000 MW of installed wind power and the annual rate of growth is more than 20%. Other renewables such as biomass, energy from waste, solar power, hydropower, wind power and tidal power are discussed. The Government would like to see 10% of the UK's electricity coming from renewables by 2010. (UK)

  15. Renewable energy

    International Nuclear Information System (INIS)

    Yoon, Cheon Seok

    2009-09-01

    This book tells of renewable energy giving description of environment problem, market of renewable energy and vision and economics of renewable energy. It also deals with solar light like solar cell, materials performance, system and merit of solar cell, solar thermal power such as solar cooker and solar collector, wind energy, geothermal energy, ocean energy like tidal power and ocean thermal energy conversion, fuel cell and biomass.

  16. The impacts of renewable energy policies on renewable energy sources for electricity generating capacity

    Science.gov (United States)

    Koo, Bryan Bonsuk

    Electricity generation from non-hydro renewable sources has increased rapidly in the last decade. For example, Renewable Energy Sources for Electricity (RES-E) generating capacity in the U.S. almost doubled for the last three year from 2009 to 2012. Multiple papers point out that RES-E policies implemented by state governments play a crucial role in increasing RES-E generation or capacity. This study examines the effects of state RES-E policies on state RES-E generating capacity, using a fixed effects model. The research employs panel data from the 50 states and the District of Columbia, for the period 1990 to 2011, and uses a two-stage approach to control endogeneity embedded in the policies adopted by state governments, and a Prais-Winsten estimator to fix any autocorrelation in the panel data. The analysis finds that Renewable Portfolio Standards (RPS) and Net-metering are significantly and positively associated with RES-E generating capacity, but neither Public Benefit Funds nor the Mandatory Green Power Option has a statistically significant relation to RES-E generating capacity. Results of the two-stage model are quite different from models which do not employ predicted policy variables. Analysis using non-predicted variables finds that RPS and Net-metering policy are statistically insignificant and negatively associated with RES-E generating capacity. On the other hand, Green Energy Purchasing policy is insignificant in the two-stage model, but significant in the model without predicted values.

  17. Fuzzy portfolio model with fuzzy-input return rates and fuzzy-output proportions

    Science.gov (United States)

    Tsaur, Ruey-Chyn

    2015-02-01

    In the finance market, a short-term investment strategy is usually applied in portfolio selection in order to reduce investment risk; however, the economy is uncertain and the investment period is short. Further, an investor has incomplete information for selecting a portfolio with crisp proportions for each chosen security. In this paper we present a new method of constructing fuzzy portfolio model for the parameters of fuzzy-input return rates and fuzzy-output proportions, based on possibilistic mean-standard deviation models. Furthermore, we consider both excess or shortage of investment in different economic periods by using fuzzy constraint for the sum of the fuzzy proportions, and we also refer to risks of securities investment and vagueness of incomplete information during the period of depression economics for the portfolio selection. Finally, we present a numerical example of a portfolio selection problem to illustrate the proposed model and a sensitivity analysis is realised based on the results.

  18. 77 FR 55903 - Confirmation, Portfolio Reconciliation, Portfolio Compression, and Swap Trading Relationship...

    Science.gov (United States)

    2012-09-11

    ... Vol. 77 Tuesday, No. 176 September 11, 2012 Part II Commodity Futures Trading Commission 17 CFR Part 23 Confirmation, Portfolio Reconciliation, Portfolio Compression, and Swap Trading Relationship... FUTURES TRADING COMMISSION 17 CFR Part 23 RIN 3038-AC96 Confirmation, Portfolio Reconciliation, Portfolio...

  19. Land-Use Portfolio Modeler, Version 1.0

    Science.gov (United States)

    Taketa, Richard; Hong, Makiko

    2010-01-01

    Natural hazards pose significant threats to the public safety and economic health of many communities throughout the world. Community leaders and decision-makers continually face the challenges of planning and allocating limited resources to invest in protecting their communities against catastrophic losses from natural-hazard events. Public efforts to assess community vulnerability and encourage loss-reduction measures through mitigation often focused on either aggregating site-specific estimates or adopting standards based upon broad assumptions about regional risks. The site-specific method usually provided the most accurate estimates, but was prohibitively expensive, whereas regional risk assessments were often too general to be of practical use. Policy makers lacked a systematic and quantitative method for conducting a regional-scale risk assessment of natural hazards. In response, Bernknopf and others developed the portfolio model, an intermediate-scale approach to assessing natural-hazard risks and mitigation policy alternatives. The basis for the portfolio-model approach was inspired by financial portfolio theory, which prescribes a method of optimizing return on investment while reducing risk by diversifying investments in different security types. In this context, a security type represents a unique combination of features and hazard-risk level, while financial return is defined as the reduction in losses resulting from an investment in mitigation of chosen securities. Features are selected for mitigation and are modeled like investment portfolios. Earth-science and economic data for the features are combined and processed in order to analyze each of the portfolios, which are then used to evaluate the benefits of mitigating the risk in selected locations. Ultimately, the decision maker seeks to choose a portfolio representing a mitigation policy that maximizes the expected return-on-investment, while minimizing the uncertainty associated with that return

  20. Portfolio optimization with mean-variance model

    Science.gov (United States)

    Hoe, Lam Weng; Siew, Lam Weng

    2016-06-01

    Investors wish to achieve the target rate of return at the minimum level of risk in their investment. Portfolio optimization is an investment strategy that can be used to minimize the portfolio risk and can achieve the target rate of return. The mean-variance model has been proposed in portfolio optimization. The mean-variance model is an optimization model that aims to minimize the portfolio risk which is the portfolio variance. The objective of this study is to construct the optimal portfolio using the mean-variance model. The data of this study consists of weekly returns of 20 component stocks of FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBMKLCI). The results of this study show that the portfolio composition of the stocks is different. Moreover, investors can get the return at minimum level of risk with the constructed optimal mean-variance portfolio.

  1. Energy efficiency and renewables policies: Promoting efficiency or facilitating monopsony?

    International Nuclear Information System (INIS)

    Brennan, Timothy J.

    2011-01-01

    The cliche in the electricity sector, the 'cheapest power plant is the one we don't build,' neglects the benefits of the energy that plant would generate. That economy-wide perspective need not apply in considering benefits to only consumers if not building that plant was the exercise of monopsony power. A regulator maximizing consumer welfare may need to avoid rationing demand at monopsony prices. Subsidizing energy efficiency to reduce electricity demand at the margin can solve that problem, if energy efficiency and electricity use are substitutes. Renewable energy subsidies, percentage use standards, or feed in tariffs may also serve monopsony as well with sufficient inelasticity in fossil fuel electricity supply. We may not observe these effects if the regulator can set price as well as quantity, lacks buyer-side market power, or is legally precluded from denying generators a reasonable return on capital. Nevertheless, the possibility of monopsony remains significant in light of the debate as to whether antitrust enforcement should maximize consumer welfare or total welfare. - Research Highlights: → Subsidizing energy efficiency can promote monopsony, if efficiency and use are substitutes. → Renewable energy subsidies, portfolio standards, or feed-in tariffs may also promote monopsony. → Effects require buyer-side market power and ability to deny generators a reasonable return. → Monopsony is significant in light of whether antitrust should maximize consumer or total welfare.

  2. Deformed exponentials and portfolio selection

    Science.gov (United States)

    Rodrigues, Ana Flávia P.; Guerreiro, Igor M.; Cavalcante, Charles Casimiro

    In this paper, we present a method for portfolio selection based on the consideration on deformed exponentials in order to generalize the methods based on the gaussianity of the returns in portfolio, such as the Markowitz model. The proposed method generalizes the idea of optimizing mean-variance and mean-divergence models and allows a more accurate behavior for situations where heavy-tails distributions are necessary to describe the returns in a given time instant, such as those observed in economic crises. Numerical results show the proposed method outperforms the Markowitz portfolio for the cumulated returns with a good convergence rate of the weights for the assets which are searched by means of a natural gradient algorithm.

  3. Sygeplejestuderendes brug af portfolio i klinisk undervisning

    DEFF Research Database (Denmark)

    Hjorth, Anne Charlotte Overgaard; Bruhn, Helle

    2014-01-01

    Brugen af portfolio var mangelfuld, men et udviklingsprojekt i samarbejde med den kommunale sygepleje motiverede både sygeplejestuderende og kliniske vejledere til at anvende læringsdelen af portfolio aktivt.......Brugen af portfolio var mangelfuld, men et udviklingsprojekt i samarbejde med den kommunale sygepleje motiverede både sygeplejestuderende og kliniske vejledere til at anvende læringsdelen af portfolio aktivt....

  4. Dynamic Portfolio Strategy Using Clustering Approach.

    Science.gov (United States)

    Ren, Fei; Lu, Ya-Nan; Li, Sai-Ping; Jiang, Xiong-Fei; Zhong, Li-Xin; Qiu, Tian

    2017-01-01

    The problem of portfolio optimization is one of the most important issues in asset management. We here propose a new dynamic portfolio strategy based on the time-varying structures of MST networks in Chinese stock markets, where the market condition is further considered when using the optimal portfolios for investment. A portfolio strategy comprises two stages: First, select the portfolios by choosing central and peripheral stocks in the selection horizon using five topological parameters, namely degree, betweenness centrality, distance on degree criterion, distance on correlation criterion and distance on distance criterion. Second, use the portfolios for investment in the investment horizon. The optimal portfolio is chosen by comparing central and peripheral portfolios under different combinations of market conditions in the selection and investment horizons. Market conditions in our paper are identified by the ratios of the number of trading days with rising index to the total number of trading days, or the sum of the amplitudes of the trading days with rising index to the sum of the amplitudes of the total trading days. We find that central portfolios outperform peripheral portfolios when the market is under a drawup condition, or when the market is stable or drawup in the selection horizon and is under a stable condition in the investment horizon. We also find that peripheral portfolios gain more than central portfolios when the market is stable in the selection horizon and is drawdown in the investment horizon. Empirical tests are carried out based on the optimal portfolio strategy. Among all possible optimal portfolio strategies based on different parameters to select portfolios and different criteria to identify market conditions, 65% of our optimal portfolio strategies outperform the random strategy for the Shanghai A-Share market while the proportion is 70% for the Shenzhen A-Share market.

  5. Dynamic Portfolio Strategy Using Clustering Approach.

    Directory of Open Access Journals (Sweden)

    Fei Ren

    Full Text Available The problem of portfolio optimization is one of the most important issues in asset management. We here propose a new dynamic portfolio strategy based on the time-varying structures of MST networks in Chinese stock markets, where the market condition is further considered when using the optimal portfolios for investment. A portfolio strategy comprises two stages: First, select the portfolios by choosing central and peripheral stocks in the selection horizon using five topological parameters, namely degree, betweenness centrality, distance on degree criterion, distance on correlation criterion and distance on distance criterion. Second, use the portfolios for investment in the investment horizon. The optimal portfolio is chosen by comparing central and peripheral portfolios under different combinations of market conditions in the selection and investment horizons. Market conditions in our paper are identified by the ratios of the number of trading days with rising index to the total number of trading days, or the sum of the amplitudes of the trading days with rising index to the sum of the amplitudes of the total trading days. We find that central portfolios outperform peripheral portfolios when the market is under a drawup condition, or when the market is stable or drawup in the selection horizon and is under a stable condition in the investment horizon. We also find that peripheral portfolios gain more than central portfolios when the market is stable in the selection horizon and is drawdown in the investment horizon. Empirical tests are carried out based on the optimal portfolio strategy. Among all possible optimal portfolio strategies based on different parameters to select portfolios and different criteria to identify market conditions, 65% of our optimal portfolio strategies outperform the random strategy for the Shanghai A-Share market while the proportion is 70% for the Shenzhen A-Share market.

  6. Deploying Renewables -- principles for effective policies

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2008-09-29

    Renewable energy can play a fundamental role in tackling climate change, environmental degradation and energy security. As these challenges have become ever more pressing, governments and markets are seeking innovative solutions. Yet, what are the key factors that will determine the success of renewable energy policies? How can current policies be improved to encourage greater deployment of renewables? What impact can more effective policies have on renewables' share in the future global energy mix and how soon? This publication addresses these questions. Responding to the Gleneagles G8 call for a clean and secure energy future, it highlights key policy tools to fast-track renewables into the mainstream. This analysis illustrates good practices by applying the combined metrics of effectiveness and efficiency to renewable energy policies in the electricity, heating and transport sectors. It highlights significant barriers to accelerating renewables penetration, and argues that the great potential of renewables can be exploited much more rapidly and to a much larger extent if good practices are adopted. Carefully designed policy frameworks, customised to support technologies at differing stages of maturity, will deliver a strong portfolio of renewable energy technologies. The document provides recommendations on key principles for policy design as a template for decision makers.

  7. Application of Markowitz Portfolio Theory by Building Optimal Portfolio on the US Stock Market

    Directory of Open Access Journals (Sweden)

    Martin Širůček

    2015-01-01

    Full Text Available This paper is focused on building investment portfolios by using the Markowitz Portfolio Theory (MPT. Derivation based on the Capital Asset Pricing Model (CAPM is used to calculate the weights of individual securities in portfolios. The calculated portfolios include a portfolio copying the benchmark made using the CAPM model, portfolio with low and high beta coefficients, and a random portfolio. Only stocks were selected for the examined sample from all the asset classes. Stocks in each portfolio are put together according to predefined criteria. All stocks were selected from Dow Jones Industrial Average (DJIA index which serves as a benchmark, too. Portfolios were compared based on their risk and return profiles. The results of this work will provide general recommendations on the optimal approach to choose securities for an investor’s portfolio.

  8. State-Level Renewable Energy Policy Implementation: How and Why Do Stakeholders Participate?

    Directory of Open Access Journals (Sweden)

    Valerie Rountree

    2018-02-01

    Full Text Available For most of the twentieth century, large-scale, utility-owned power plants dominated electricity generation in the United States. Today, however, a growing share of electricity comes from renewable energy sources such as solar and wind energy, which are often small-scale and distributed. In the absence of significant national policies, the Renewable Portfolio Standard has emerged as the key state-level policy governing the deployment and use of renewable energy sources. While renewable energy offers new possibilities for clean energy generation, it also poses new regulatory and governance challenges as a wide range of stakeholders, such as the utilities, regulatory agencies, environmental and consumer advocacy groups, electricity generators, and private citizens, increasingly seek to influence how Renewable Portfolio Standards are implemented. In this study, we ask how and why do stakeholders participate in decision-making about how these policies are implemented? Given the unique context of renewable energy policy, the long-term and iterative nature of renewable energy policy implementation, and the wide range of actors involved, we look at the suite of participatory opportunities available to stakeholders. We interview stakeholders in two states—Colorado and Nevada—to identify the mechanisms through which stakeholders participate and the incentives (or disincentives that influence their willingness to do so. We find that while decision makers in both the states use a variety of mechanisms to engage stakeholders in decision-making, meaningful participation may be limited to stakeholder groups that are knowledgeable about the issues, have the resources to engage in long-term and sustained participation, and have long-standing relationships with decision makers and other stakeholders. Although many stakeholders participate in multiple types of processes to achieve a broader range of benefits, they often perceive their participation as

  9. Renewables global status report - 2009 Update

    International Nuclear Information System (INIS)

    Sawin, Janet L.; Martinot, Eric; Mastny, Lisa; Lempp, Philippe; Sonntag-O'Brien, Virginia; Lempp, Philippe; Foulon, Samia; Roussell, Jodie; Welker, Bettina

    2009-01-01

    from conventional sources (including gas, coal, oil, and nuclear). Renewable energy industries boomed during most of 2008. Global solar PV production increased by 90 percent to 6.9 GW in 2008. China usurped Japan to become the new world leader in PV cell production and also experienced huge growth in its wind power industry, with many new companies producing wind turbines and components. Globally, the wind industry continued to push turbine sizes higher, with models of 3 MW or larger becoming more widespread. The concentrating solar power (CSP) industry saw many entrants and new manufacturing facilities. The ethanol and bio-diesel industries similarly expanded, particularly in North America and Latin America, and the cellulosic ethanol industry was in the process of booming, with 300 million liters per year of capacity under construction. Although the clean energy sector initially weathered the financial crisis in late 2008 better than many other sectors, renewable investment did experience a downturn after September 2008. However, projects continued to progress and many economic stimulus bills included components for supporting renewable energy. At the same time, development assistance for renewables in developing countries expanded greatly, reaching about $2 billion in 2008. By early 2009, policy targets existed in at least 73 countries, and at least 64 countries had policies to promote renewable power generation, including 45 countries and 18 states/provinces/territories with feed-in tariffs (many of these recently updated). The number of countries/states/ provinces with renewable portfolio standards increased to 49. Policy targets for renewable energy were added, supplemented, revised, or clarified in a large number of countries in 2008. Many forms of policy support for renewables were added, supplemented, or extended in a number of countries during 2008. For example, new solar PV subsidy programs were adopted in Australia, China, Japan, Luxembourg, the Netherlands

  10. License renewal

    International Nuclear Information System (INIS)

    Newberry, S.

    1993-01-01

    This article gives an overview of the process of license renewal for nuclear power plants. It explains what is meant by license renewal, the significance of license renewal, and goes over key elements involved in the process of license renewal. Those key elements are NRC requirements embodied in 10 CFR Part 54 (Reactor Safety) and 10 CFR Part 51 (Environmental Issues). In addition Industry Reports must be developed and reviewed. License renewal is essentially the process of applying for a 20 year extension to the original 40 year operating license granted for the plant. This is a very long term process, which involves a lot of preparation, and compliance with regulatory rules and guidelines. In general it is a process which is expected to begin when plants reach an operating lifetime of 20 years. It has provisions for allowing the public to become involved in the review process

  11. The Role of Policies in Supporting the Diffusion of Solar Photovoltaic Systems: Experiences with Ontario, Canada’s Renewable Energy Standard Offer Program

    Directory of Open Access Journals (Sweden)

    Chris Adachi

    2009-12-01

    Full Text Available Traditionally, high initial capital costs and lengthy payback periods have been identified as the most significant barriers that limit the diffusion of solar photovoltaic (PV systems. In November, 2006, the Ontario Power Authority (OPA introduced the Renewable Energy Standard Offer Program (RESOP, offering owners of solar PV systems with a generation capacity under 10 MW a 20 year contract to sell electricity back to the grid at a guaranteed rate of CAD $0.42/kWh. While it is the intent of incentive programs such as the RESOP to begin to lower financial barriers in order to increase the uptake of solar PV systems, there is no guarantee that the level of participation will in fact rise. The "on-the-ground" manner in which consumers interact with such an incentive program ultimately determines its effectiveness. This paper analyzes the relationship between the RESOP and solar PV system consumers. Experiences of current RESOP participants are presented, wherein the factors that are either hindering or promoting utilization of the RESOP and the adoption of solar PV systems are identified.

  12. Feature selection for portfolio optimization

    DEFF Research Database (Denmark)

    Bjerring, Thomas Trier; Ross, Omri; Weissensteiner, Alex

    2016-01-01

    Most portfolio selection rules based on the sample mean and covariance matrix perform poorly out-of-sample. Moreover, there is a growing body of evidence that such optimization rules are not able to beat simple rules of thumb, such as 1/N. Parameter uncertainty has been identified as one major....... While most of the diversification benefits are preserved, the parameter estimation problem is alleviated. We conduct out-of-sample back-tests to show that in most cases different well-established portfolio selection rules applied on the reduced asset universe are able to improve alpha relative...

  13. Managing the New Product Portfolio

    DEFF Research Database (Denmark)

    Larsson, Flemming

    2008-01-01

    Product development companies are increasingly confronted with an unforgiving global marketplace, which urges the top management to pursue every product development opportunity that appears on the road. This situation incurs an important question: Which product development opportunities should a ....... The contributions encourage an improved understanding of the portfolio management concept and support industry professionals in their efforts to compose and continuously maintain a commercially strong product development portfolio.......Product development companies are increasingly confronted with an unforgiving global marketplace, which urges the top management to pursue every product development opportunity that appears on the road. This situation incurs an important question: Which product development opportunities should...

  14. Portfolios and the market geometry

    Science.gov (United States)

    Eleutério, Samuel; Araújo, Tanya; Vilela Mendes, R.

    2014-09-01

    A geometric analysis of return time series, performed in the past, implied that most of the systematic information in the market is contained in a space of small dimension. Here we have explored subspaces of this space to find out the relative performance of portfolios formed from companies that have the largest projections in each one of the subspaces. As expected, it was found that the best performance portfolios are associated with some of the small eigenvalue subspaces and not to the dominant dimensions. This is found to occur in a systematic fashion over an extended period (1990-2008).

  15. Application of Project Portfolio Management

    Science.gov (United States)

    Pankowska, Malgorzata

    The main goal of the chapter is the presentation of the application project portfolio management approach to support development of e-Municipality and public administration information systems. The models of how people publish and utilize information on the web have been transformed continually. Instead of simply viewing on static web pages, users publish their own content through blogs and photo- and video-sharing slides. Analysed in this chapter, ICT (Information Communication Technology) projects for municipalities cover the mixture of the static web pages, e-Government information systems, and Wikis. So, for the management of the ICT projects' mixtures the portfolio project management approach is proposed.

  16. Purchasing portfolio usage and purchasing sophistication

    NARCIS (Netherlands)

    Gelderman, C.J.; Weele, van A.J.

    2005-01-01

    Purchasing portfolio models have caused considerable controversy in literature. Many advantages and disadvantages have been put forward, revealing a strong disagreement on the merits of portfolio models. This study addresses the question whether or not the use of purchasing portfolio models should

  17. Hierarchical Portfolio Management: Theory and Applications

    NARCIS (Netherlands)

    H. Ning (Haikun)

    2007-01-01

    textabstractUnder his own preference, how should an investor coordinate the asset managers such that his aggregated portfolio is optimized? The efficiency of each managed sub portfolio and the aggregation of all the sub portfolios are the 2 main underlying problems considered in this dissertation.

  18. Modern Portfolio Theory: Some Main Results

    OpenAIRE

    Müller, Heinz H.

    2017-01-01

    This article summarizes some main results in modern portfolio theory. First, the Markowitz approach is presented. Then the capital asset pricing model is derived and its empirical testability is discussed. Afterwards Neumann-Morgenstern utility theory is applied to the portfolio problem. Finally, it is shown how optimal risk allocation in an economy may lead to portfolio insurance

  19. Using Electronic Portfolios for Second Language Assessment

    Science.gov (United States)

    Cummins, Patricia W.; Davesne, Celine

    2009-01-01

    Portfolio assessment as developed in Europe presents a learner-empowering alternative to computer-based testing. The authors present the European Language Portfolio (ELP) and its American adaptations, LinguaFolio and the Global Language Portfolio, as tools to be used with the Common European Framework of Reference for languages and the American…

  20. Household portfolios and implicit risk aversion

    NARCIS (Netherlands)

    Bucciol, A.; Miniaci, R.

    2008-01-01

    We derive from a sample of US households the distribution of the risk aversion implicit in their portfolio choice. Our estimate minimizes the distance between the certainty equivalent return generated with observed portfolios and portfolios that are optimal in a mean-variance framework. Taking into

  1. Quantitative investment strategies and portfolio management

    NARCIS (Netherlands)

    Guo, J.

    2012-01-01

    This book contains three essays on alternative investments and portfolio management. Taking from a portfolio investor’s perspective, the first essay analyzes the portfolio implication of investing in hedge funds when there is a hedge fund lockup period. The second essay studies the investment

  2. Formal Method of Description Supporting Portfolio Assessment

    Science.gov (United States)

    Morimoto, Yasuhiko; Ueno, Maomi; Kikukawa, Isao; Yokoyama, Setsuo; Miyadera, Youzou

    2006-01-01

    Teachers need to assess learner portfolios in the field of education. However, they need support in the process of designing and practicing what kind of portfolios are to be assessed. To solve the problem, a formal method of describing the relations between the lesson forms and portfolios that need to be collected and the relations between…

  3. The Impact of Transaction Costs on Rebalancing an Investment Portfolio in Portfolio Optimization

    OpenAIRE

    B. Marasović; S. Pivac; S. V. Vukasović

    2015-01-01

    Constructing a portfolio of investments is one of the most significant financial decisions facing individuals and institutions. In accordance with the modern portfolio theory maximization of return at minimal risk should be the investment goal of any successful investor. In addition, the costs incurred when setting up a new portfolio or rebalancing an existing portfolio must be included in any realistic analysis. In this paper rebalancing an investment portfolio in the pr...

  4. Delegated Portfolio Management and Optimal Allocation of Portfolio Managers

    DEFF Research Database (Denmark)

    Christensen, Michael; Vangsgaard Christensen, Michael; Gamskjaer, Ken

    2015-01-01

    In this article, we investigate whether the application of the mean-variance framework on portfolio manager allocation offers any out-of-sample benefits compared to a naïve strategy of equal weighting. Based on an exclusive data-set of high-net-worth (HNW) investors, we utilize a wide variety of ...

  5. Efficient power generating portfolio in Brazil: Conciliating cost, emissions and risk

    International Nuclear Information System (INIS)

    Losekann, Luciano; Marrero, Gustavo A.; Ramos-Real, Francisco J.; Fagundes de Almeida, Edmar Luiz

    2013-01-01

    The main purpose of this paper is to assess efficiency of the Brazilian electricity generation mix proposed in the 2020 Decennial Plan for Energy Expansion (DPEE 2020). It evaluates estimated costs, risks and CO 2 emissions following the mean–variance portfolio theory. The efficiency frontier is estimated for three CO 2 prices scenarios: no CO 2 prices, low CO 2 price and high CO 2 price. The planned portfolio in Brazil presented in the DPEE 2020 is relatively close to the efficient frontier, however there is still room for risk mitigation by diversifying the energy portfolio. As there is currently no CO 2 price in Brazil, the tendency is that diversification increases fossil fuel share in the energy mix, but the introduction of a CO 2 price can be an option to promote renewables. This type of large general market framework can contribute to reduce market uncertainties by reducing the level of government′s discretionary activism. -- Highlights: •We use portfolio theory to evaluate Brazilian generation mix expansion. •The Brazilian expansion plan is evaluated in three CO 2 price scenarios. •It is room to efficiency gains through portfolio diversification. •When CO 2 is not priced, fossil fuel increases it shares in the efficient portfolio. •High CO 2 prices increase the share of wind and biomass in the mix

  6. Renewable energy and policy options in an integrated ASEAN electricity market: Quantitative assessments and policy implications

    International Nuclear Information System (INIS)

    Chang, Youngho; Li, Yanfei

    2015-01-01

    Energy market integration (EMI) in the ASEAN region is a promising solution to relieve the current immobilization of its renewable energy resources and would serve the fast increasing demand for electricity in the region. EMI could be further extended with coordinated policies in carbon pricing, renewable energy portfolio standards (RPS), and feed-in-tariffs (FIT) in the ASEAN countries. Using a linear dynamic programming model, this study quantitatively assesses the impacts of EMI and the above-mentioned policies on the development of renewable energy in the power generation sector of the region, and the carbon emissions reduction achievable with these policies. According to our results, EMI is expected to significantly promote the adoption of renewable energy. Along with EMI, FIT appears to be more cost-effective than RPS and is recommended for the ASEAN region, albeit political barriers for policy coordination among the countries might be a practical concern. In addition, an RPS of 30% electricity from renewable sources by 2030, which is considered politically a “low-hanging fruit”, would achieve moderate improvements in carbon emissions reductions and renewable energy development, while incurring negligible increases in the total cost of electricity. -- Highlights: •Energy market integration (EMI), carbon pricing, RPS, and FIT are examined for ASEAN. •EMI is a promising and feasible solution to promote renewable energy for ASEAN. •Along with EMI, FIT appears to be more cost-effective than RPS for ASEAN. •RPS of 30% by 2030 appears to be reasonable and feasible for ASEAN. •Coordinating FIT and RPS policies under EMI among ASEAN is advised

  7. Renewable energy

    International Nuclear Information System (INIS)

    Berghmans, J.

    1994-01-01

    Renewable energy sources have a small environmental impact and can be easily integrated within existing structures. Moreover, the use of renewable energy sources can contribute to achieve a zero emission of carbon dioxide by 2100, provided an efficient environmental policy during the next 40 years. This includes a correct pricing policy of renewable energy sources with respect to nuclear energy and fossil fuel. The latter energy sources have been favoured in the past. In addition, an open market policy, the restructuring or conversion of existing international energy institutes, and international treaties for the protection of the natural environment are needed in view of achieving the zero carbon dioxide emission objective. (A.S.)

  8. A Relationship Strategy Perspective on Relationship Portfolios

    DEFF Research Database (Denmark)

    Ritter, Thomas; Andersen, Henrik

    2014-01-01

    The paper develops a three-dimensional portfolio model for business relationships which distinguishes among six different categories. Based on assessments of customer profitability, customer commitment, and growth potential, the positioning of a given customer relationship in the portfolio allows...... managers to determine appropriate customer relationship strategies and appropriate performance indicators. Results from applying the portfolio model are reported and managerial implications and future research are discussed.......The paper develops a three-dimensional portfolio model for business relationships which distinguishes among six different categories. Based on assessments of customer profitability, customer commitment, and growth potential, the positioning of a given customer relationship in the portfolio allows...

  9. Performance of the reverse Helmbold universal portfolio

    Science.gov (United States)

    Tan, Choon Peng; Kuang, Kee Seng; Lee, Yap Jia

    2017-04-01

    The universal portfolio is an important investment strategy in a stock market where no stochastic model is assumed for the stock prices. The zero-gradient set of the objective function estimating the next-day portfolio which contains the reverse Kullback-Leibler order-alpha divergence is considered. From the zero-gradient set, the explicit, reverse Helmbold universal portfolio is obtained. The performance of the explicit, reverse Helmbold universal portfolio is studied by running them on some stock-price data sets from the local stock exchange. It is possible to increase the wealth of the investor by using these portfolios in investment.

  10. Federal policies for renewable electricity: Impacts and interactions

    International Nuclear Information System (INIS)

    Palmer, Karen; Paul, Anthony; Woerman, Matt; Steinberg, Daniel C.

    2011-01-01

    Three types of policies that are prominent in the federal debate over addressing greenhouse gas emissions in the United States are a cap-and-trade program (CTP) on emissions, a renewable portfolio standard (RPS) for electricity production, and tax credits for renewable electricity producers. Each of these policies would have different consequences, and combinations of these policies could induce interactions yielding a whole that is not the sum of its parts. This paper utilizes the Haiku electricity market model to evaluate the economic and technology outcomes, climate benefits, and cost-effectiveness of three such policies and all possible combinations of the policies. A central finding is that the carbon dioxide (CO 2 ) emissions reductions from CTP can be significantly greater than those from the other policies, even for similar levels of renewable electricity production, since of the three policies, CTP is the only one that distinguishes electricity generated by coal and natural gas. It follows that CTP is the most cost-effective among these approaches at reducing CO 2 emissions. An alternative compliance payment mechanism in an RPS program could substantially affect renewables penetration, and the electricity price effects of the policies hinge partly on the regulatory structure of electricity markets, which varies across the country. - Research highlights: → Climate benefits of cap-and-trade are greater than of tax credits or RPS. → Cap-and-trade is more cost-effective at reducing emissions than tax credits or RPS. → Tax credits are a subsidy to production that raises electricity consumption. → Alternative compliance payment can substantially affect the outcome of RPS.

  11. Portfolios: A Vehicle for Inquiry.

    Science.gov (United States)

    McMackin, Mary C.

    By blending elements of inquiry with the components of portfolios, learning and thinking in teacher preparation courses can be extended and possible tensions between "covering content" and allowing "open-ended investigation" can be mitigated. Over the years, the author mused about how she might nudge graduate students in her…

  12. Dynamic Portfolio Choice with Frictions

    DEFF Research Database (Denmark)

    Garleanu, Nicolae; Heje Pedersen, Lasse

    2016-01-01

    We show how portfolio choice can be modeled in continuous time with transitory and persistent transaction costs, multiple assets, multiple signals predicting returns, and general signal dynamics. The objective function is derived from the limit of discrete-time models with endogenous transaction...

  13. Teaching Sociology through Student Portfolios

    Science.gov (United States)

    Trepagnier, Barbara

    2004-01-01

    After several years of teaching Sociological Thought--an upper division course that focuses on classical, modern, and contemporary sociological theories--the author came across the idea of student portfolios. As a consequence, the course has undergone far-reaching changes. The content remains relatively intact; however, today the theory course…

  14. Adaptation portfolios in water management

    NARCIS (Netherlands)

    Aerts, J.C.J.H.; Botzen, W.J.W.; Werners, S.

    2015-01-01

    This study explores how Modern Portfolio Theory (MPT) can guide investment decisions in integrated water resources management (IWRM) and climate change adaptation under uncertainty. The objectives of the paper are to: (i) explain the concept of diversification to reduce risk, as formulated in MPT;

  15. [New portfolio, a users' manual].

    Science.gov (United States)

    Cougnoux, Nadège; Deken, Éric; Juif, Isabelle; Papas, Anne

    2015-10-01

    The portfolio, a tool for monitoring nursing students throughout their internship period, has now been modified. The new 2015 version can be used to monitor and trace the student's career as well as progress made. One of the major new points is the integration of an intermediate internship assessment. Copyright © 2015 Elsevier Masson SAS. All rights reserved.

  16. Robust Portfolio Optimization Using Pseudodistances

    Science.gov (United States)

    2015-01-01

    The presence of outliers in financial asset returns is a frequently occurring phenomenon which may lead to unreliable mean-variance optimized portfolios. This fact is due to the unbounded influence that outliers can have on the mean returns and covariance estimators that are inputs in the optimization procedure. In this paper we present robust estimators of mean and covariance matrix obtained by minimizing an empirical version of a pseudodistance between the assumed model and the true model underlying the data. We prove and discuss theoretical properties of these estimators, such as affine equivariance, B-robustness, asymptotic normality and asymptotic relative efficiency. These estimators can be easily used in place of the classical estimators, thereby providing robust optimized portfolios. A Monte Carlo simulation study and applications to real data show the advantages of the proposed approach. We study both in-sample and out-of-sample performance of the proposed robust portfolios comparing them with some other portfolios known in literature. PMID:26468948

  17. Portfolio selection with heavy tails

    NARCIS (Netherlands)

    Hyung, N.; Vries, de C.G.

    2007-01-01

    Consider the portfolio problem of choosing the mix between stocks and bonds under a downside risk constraint. Typically stock returns exhibit fatter tails than bonds corresponding to their greater downside risk. Downside risk criteria like the safety first criterion therefore often select corner

  18. Portfolio Selection with Heavy Tails

    NARCIS (Netherlands)

    N. Hyung (Namwon); C.G. de Vries (Casper)

    2004-01-01

    textabstractConsider the portfolio problem of choosing the mix between stocks and bonds under a downside risk constraint. Typically stock returns exhibit fatter tails than bonds corresponding to their greater downside risk. Downside risk criteria like the safety first criterion therefore of ten

  19. Does health affect portfolio choice?

    Science.gov (United States)

    Love, David A; Smith, Paul A

    2010-12-01

    A number of recent studies find that poor health is empirically associated with a safer portfolio allocation. It is difficult to say, however, whether this relationship is truly causal. Both health status and portfolio choice are influenced by unobserved characteristics such as risk attitudes, impatience, information, and motivation, and these unobserved factors, if not adequately controlled for, can induce significant bias in the estimates of asset demand equations. Using the 1992-2006 waves of the Health and Retirement Study, we investigate how much of the connection between health and portfolio choice is causal and how much is due to the effects of unobserved heterogeneity. Accounting for unobserved heterogeneity with fixed effects and correlated random effects models, we find that health does not appear to significantly affect portfolio choice among single households. For married households, we find a small effect (about 2-3 percentage points) from being in the lowest of five self-reported health categories. Copyright © 2009 John Wiley & Sons, Ltd.

  20. Supply contract and portfolio insurance

    Science.gov (United States)

    Runsheng Yin; Bob Izlar

    2001-01-01

    The long-term growth of institutional timberland investments depends on the ability of timberland investment management organizations (TIMO) to deal effectively with securitization, leveraging, arbitraging, supply contracting, portfolio insurance, tax efficiency enhancement, and other issues. Financial engineering holds great promise for many of these issues. This...

  1. Turnover activity in wealth portfolios

    NARCIS (Netherlands)

    Castaldi, C.; Milakovic, M.

    2007-01-01

    We examine several subsets of the wealthiest individuals in the US and the UK that are compiled by Forbes Magazine and the Sunday Times. Since these are named subsets, we can calculate the returns to wealth portfolios, and calibrate a statistical equilibrium model of wealth distribution that

  2. Turnover activity in wealth portfolios

    NARCIS (Netherlands)

    Castaldi, Carolina; Milakovic, Mishael

    We examine several subsets of the wealthiest individuals in the US and the UK that are compiled by Forbes Magazine and the Sunday Times. Since these are named subsets, we can calculate the returns to wealth portfolios, and calibrate a statistical equilibrium model of wealth distribution that

  3. Optimal Portfolio Choice with Annuitization

    NARCIS (Netherlands)

    Koijen, R.S.J.; Nijman, T.E.; Werker, B.J.M.

    2006-01-01

    We study the optimal consumption and portfolio choice problem over an individual's life-cycle taking into account annuity risk at retirement. Optimally, the investor allocates wealth at retirement to nominal, inflation-linked, and variable annuities and conditions this choice on the state of the

  4. Household Portfolios in the Netherlands

    NARCIS (Netherlands)

    Alessie, R.J.M.; Hochgürtel, S.; van Soest, A.H.O.

    2000-01-01

    We describe and analyse the portfolio structure of Dutch households using micro panel data from the CentER Savings Survey, 1993-1998.The data allows for a distinction between many types of assets.Moreover, we have information on mortgage debt, consumer debt, etc.We analyse the composition of

  5. Managing a "N" Securities Portfolio

    Directory of Open Access Journals (Sweden)

    Costică Vlad

    2016-01-01

    For the application that will be described below, namely the management of a portfolio of eightsecurity bonds, a financial analyst should carry more than 10^15 computing operations. Thedemonstration focuses on the analysis of results and on summarizing the concepts used.

  6. AVC/H.264 patent portfolio license

    Science.gov (United States)

    Skandalis, Dean A.

    2006-08-01

    MPEG LA, LLC offers a joint patent license for the AVC (a/k/a H.264) Standard (ISO/IEC IS 14496-10:2004). Like MPEG LA's other licenses, the AVC Patent Portfolio License is offered for the convenience of the marketplace as an alternative enabling users to access essential intellectual property owned by many patent holders under a single license rather than negotiating licenses with each of them individually. The AVC Patent Portfolio License includes essential patents owned by DAEWOO Electronics Corporation; Electronics and Telecommunications Research Institute (ETRI); France Telecom, societe anonyme; Fujitsu Limited; Hitachi, Ltd.; Koninklijke Philips Electronics N.V.; LG Electronics Inc.; Matsushita Electric Industrial Co., Ltd.; Microsoft Corporation; Mitsubishi Electric Corporation; Robert Bosch GmbH; Samsung Electronics Co., Ltd.; Sedna Patent Services, LLC; Sharp Kabushiki Kaisha; Siemens AG; Sony Corporation; The Trustees of Columbia University in the City of New York; Toshiba Corporation; UB Video Inc.; and Victor Company of Japan, Limited. Another is expected also to join as of August 1, 2006. MPEG LA's objective is to provide worldwide access to as much AVC essential intellectual property as possible for the benefit of AVC users. Therefore, any party that believes it has essential patents is welcome to submit them for evaluation of their essentiality and inclusion in the License if found essential.

  7. Renewable energy.

    Science.gov (United States)

    Destouni, Georgia; Frank, Harry

    2010-01-01

    The Energy Committee of the Royal Swedish Academy of Sciences has in a series of projects gathered information and knowledge on renewable energy from various sources, both within and outside the academic world. In this article, we synthesize and summarize some of the main points on renewable energy from the various Energy Committee projects and the Committee's Energy 2050 symposium, regarding energy from water and wind, bioenergy, and solar energy. We further summarize the Energy Committee's scenario estimates of future renewable energy contributions to the global energy system, and other presentations given at the Energy 2050 symposium. In general, international coordination and investment in energy research and development is crucial to enable future reliance on renewable energy sources with minimal fossil fuel use.

  8. Hedging Mexico's Electricity Bets : The Case for Renewable Energy

    OpenAIRE

    Farchy, Daniel

    2007-01-01

    Few investors will risk putting all of their money into a single asset based on a 30-year forecast, yet narrowly-interpreted least-cost energy planning has often done just that. In Mexico, regulatory policies have hindered adoption of renewable energy (RE) and other diversified power options that could reduce portfolio risk. Against this backdrop, this note illustrates the country's growin...

  9. State-level renewable electricity policies and reductions in carbon emissions

    International Nuclear Information System (INIS)

    Prasad, Monica; Munch, Steven

    2012-01-01

    A wide range of renewable electricity policies has been adopted at the state level in the United States, but to date there has been no large-scale, empirical assessment of the effect of these policies on carbon emissions. Such an assessment is important because scholars have pointed out that increases in renewable electricity will not necessarily lead to declines in carbon emissions. We examine the effects of a range of policies across 39 states. We find significant and robust decreases in carbon emissions associated with the introduction of public benefit funds, a form of “carbon tax” adopted by 19 states to date. Our aim in this paper is not to provide a final judgment on these policies, many of which may not have been in place long enough to show strong effects, but to shift the attention of the research community away from proximate measures such as increases in clean electricity generation and onto measurement of lower carbon emissions. - Highlights: ► We ask whether state-level renewable electricity policies in the United States have succeeded in lowering carbon emissions. ► We examine net metering, retail choice, fuel generation disclosure, mandatory green power options, public benefit funds, and renewable portfolio standards. ► The introduction of public benefit funds, a kind of carbon tax, is associated with decreases in carbon emissions.

  10. Comparison of Portfolio Selection and Performance: Shari’ah-Compliant and Socially Responsible Investment Portfolios

    Directory of Open Access Journals (Sweden)

    Mehmet Asutay

    2015-04-01

    Full Text Available This study examines the effect of Islamic screening criteria on Shari’ah-compliant portfolio selection and performance compared to Socially Responsible Investment (SRI portfolio. Each portfolio constructed from 15 stocks based on FTSE 100 using data from year 1997. Mean-variance portfolio optimization is employed with some financial ratios added as constraints for the Shari’ah portfolio. Annual expected return of each portfolio from 2008 to 2013 is used to calculate Sharpe’s ratio, Treynor ratio and Jensen’s alpha as the performance measurement tools. Macroeconomic variables are assessed using ordinary least square to examine whether they influence the portfolios’ expected returns or not. The result finds that Shari’ah portfolio has a better performance than SRI from year 2008 to 2010 shown by higher value of the measurement tools. However, from 2011 to 2013, SRI portfolio has better performance than Shari’ah portfolio

  11. A parametric analysis of future ethanol use in the light-duty transportation sector: Can the US meet its Renewable Fuel Standard goals without an enforcement mechanism?

    International Nuclear Information System (INIS)

    Westbrook, Jessica; Barter, Garrett E.; Manley, Dawn K.; West, Todd H.

    2014-01-01

    The modified Renewable Fuel Standard (RFS2) prescribes a volume of biofuels to be used in the United States transportation sector each year through 2022. As the dominant component of the transportation sector, we consider the feasibility of the light-duty vehicle (LDV) parc to provide enough demand for biofuels to satisfy RFS2. Sensitivity studies show that the fuel price differential between gasoline and ethanol blendstocks, such as E85, is the principal factor in LDV biofuel consumption. The numbers of flex fuel vehicles and biofuel refueling stations will grow given a favorable price differential. However, unless the feedstock price differential becomes extreme (biomass prices below $100 per dry ton and oil prices above $215 per barrel), which deviates from historical price trends, LDV parc biofuel consumption will fall short of the RFS2 mandate without an enforcement mechanism. Additionally, such commodity prices might increase biofuel consumption in the short-term, but discourage use of biofuels in the long-term as other technologies that do not rely on any gasoline blendstock may be preferable. Finally, the RFS2 program goals of reducing fossil fuel consumption and transportation greenhouse gas emissions could be achieved through other pathways, such as notable improvements in conventional vehicle efficiency. - Author-Highlights: • At current commodity prices, the LDV fleet will not use enough biofuel to meet RFS2. • RFS2 can be met through the promotion of flex-fuel vehicles and their use of E85 fuel. • The gasoline-E85 price premium is the key factor in encouraging biofuel consumption. • RFS2 is satisfied at extreme oil prices (at least $215/barrel). • This oil price encourages biofuel use in the RFS2 timeframe, but not in the long run

  12. Consumer preference and willingness to pay for a renewable fuel standard (RFS) policy: Focusing on ex-ante market analysis and segmentation

    International Nuclear Information System (INIS)

    Shin, Jungwoo; Hwang, Won-Sik

    2017-01-01

    Total energy consumption of oil in 2050 is expected to increase to 1.6 times its level in 2005, and greenhouse gas (GHG) emissions in the transportation sector will be second only to the electricity sector. In order to reduce GHG emissions in transportation, leading countries have started to implement renewable fuel standard (RFS) policies. Other countries such as Korea have recently started implementing RFS policies in order to comply with the proposed global GHG reduction target. However, previous research did not consider the impact of RFS policy on consumer acceptance levels. Therefore, this study analyzes consumer preferences and willingness-to-pay (WTP) for RFS. To provide detailed policy strategies, this study conducts additional analysis using market segmentation and sensitivity analysis. The results indicate that consumers generally accept the cost of implementing an RFS policy if the cost falls between KRW 101.78/liter (USD 0.33/gal) and KRW 187.26/liter (USD 0.60/gal). In addition, consumer WTP for implementing an RFS policy changes when the income exceeds KRW 5 million (USD 4229.1) in driver group, and relatively lower-income groups tend not to support RFS policies. Based on the results of this study, we can suggest proper pricing policies for each income group and a public relations strategy to improve the level of policy acceptance. - Highlights: • We analyze consumer preferences and willingness-to-pay for Korea's RFS policy. • We also conduct market segmentation and sensitivity analysis. • Korean consumers will accept the cost between KRW 101.78/liter and KRW 187.26/liter. • Preference structure for RFS policy is changed when income exceeds KRW 5 million. • Relatively lower-income groups tend not to support RFS policies.

  13. The need and necessity of an EU-wide renewable energy target for 2030. Discussion paper

    Energy Technology Data Exchange (ETDEWEB)

    De Vos, R.; Winkel, T.; Klessmann, C. [Ecofys Netherlands, Utrecht (Netherlands)

    2013-04-15

    In 2020, some leading EU energy and climate policies will expire. At present, the EU and its Member States are discussing the design of a post-2020 policy portfolio. In a discussion paper commissioned by the European Copper Institute, Ecofys shows that an EU-wide renewable energy target is a necessary part of a 2030 portfolio. The paper analyses, in detail, two realistic policy portfolio options for renewable energy, target-setting in particular: one 'decarbonisation-only' EU target with voluntary national targets for renewable energy, and one that includes an EU-wide renewable energy target, broken down into binding national targets. The analysis shows that the latter option, when supported by appropriate and improved EU and Member States' policies and measures, is most suitable in facilitating a European low-carbon economy.

  14. Regulatory guidance for license renewal

    International Nuclear Information System (INIS)

    Thoma, John A.

    1991-01-01

    The proposed 10 CFR Part 54 rule proceduralizes the process for license renewal by identifying both the administrative and technical requirements for a renewal application. To amplify and support this regulation, written guidance has been provided in the form of a draft Regulatory Guide (DG 1009) and a draft Standard Review Plan for License Renewal (NUREG 1299). This guidance is scheduled to be finalized in 1992. Similar guidance will be provided for the proposed revisions to 10 CFR Part 51 concerning the environmental aspects of license renewal. (author)

  15. Renewable generation technology choice and policies in a competitive electricity supply industry

    Science.gov (United States)

    Sarkar, Ashok

    portfolio standards (RPS), and enhanced research and development (R&D). RPS would best ensure an appropriate share of renewables, whereas SOsb2 emissions caps would not support a shift to renewables in an era of inexpensive natural gas. The effectiveness of the policies are dependent on the market structure. If market power exists, the analyses indicate that generally higher levels of intervention would be necessary to achieve a shift to renewables.

  16. Sustainable Energy Portfolios for Small Island States

    Directory of Open Access Journals (Sweden)

    Sándor Szabó

    2015-09-01

    Full Text Available The study presents a cost effective electricity generation portfolio for six island states for a 20-year period (2015–2035. The underlying concept investigates whether adding sizeable power capacities of renewable energy sources (RES options could decrease the overall costs and contribute to a more sustainable, indigenous electricity generation at the same time. Often, island states rely on fossil fuels which, apart from dependence on foreign resources, also includes an additional, significant transport cost. This is an extra motive to study the extent in which island states represent primary locations for RES technologies. For the aims of the present study an optimization model has been developed and following numerous runs the obtained results show that installing PV and battery capacities can delay-reduce the huge investments in fossil options in early periods. Thus, investment on RES can have a positive, long-term effect on the overall energy mix. This prompt development can happen without adding new subsidies but there is a need to address the existing socio-economic barriers with intelligent design of financing and economic instruments and capacity building as discussed in the conclusions.

  17. Adaptive Portfolio Optimization for Multiple Electricity Markets Participation.

    Science.gov (United States)

    Pinto, Tiago; Morais, Hugo; Sousa, Tiago M; Sousa, Tiago; Vale, Zita; Praca, Isabel; Faia, Ricardo; Pires, Eduardo Jose Solteiro

    2016-08-01

    The increase of distributed energy resources, mainly based on renewable sources, requires new solutions that are able to deal with this type of resources' particular characteristics (namely, the renewable energy sources intermittent nature). The smart grid concept is increasing its consensus as the most suitable solution to facilitate the small players' participation in electric power negotiations while improving energy efficiency. The opportunity for players' participation in multiple energy negotiation environments (smart grid negotiation in addition to the already implemented market types, such as day-ahead spot markets, balancing markets, intraday negotiations, bilateral contracts, forward and futures negotiations, and among other) requires players to take suitable decisions on whether to, and how to participate in each market type. This paper proposes a portfolio optimization methodology, which provides the best investment profile for a market player, considering different market opportunities. The amount of power that each supported player should negotiate in each available market type in order to maximize its profits, considers the prices that are expected to be achieved in each market, in different contexts. The price forecasts are performed using artificial neural networks, providing a specific database with the expected prices in the different market types, at each time. This database is then used as input by an evolutionary particle swarm optimization process, which originates the most advantage participation portfolio for the market player. The proposed approach is tested and validated with simulations performed in multiagent simulator of competitive electricity markets, using real electricity markets data from the Iberian operator-MIBEL.

  18. Automatic Trading Agent. RMT Based Portfolio Theory and Portfolio Selection

    Science.gov (United States)

    Snarska, M.; Krzych, J.

    2006-11-01

    Portfolio theory is a very powerful tool in the modern investment theory. It is helpful in estimating risk of an investor's portfolio, arosen from lack of information, uncertainty and incomplete knowledge of reality, which forbids a perfect prediction of future price changes. Despite of many advantages this tool is not known and not widely used among investors on Warsaw Stock Exchange. The main reason for abandoning this method is a high level of complexity and immense calculations. The aim of this paper is to introduce an automatic decision-making system, which allows a single investor to use complex methods of Modern Portfolio Theory (MPT). The key tool in MPT is an analysis of an empirical covariance matrix. This matrix, obtained from historical data, biased by such a high amount of statistical uncertainty, that it can be seen as random. By bringing into practice the ideas of Random Matrix Theory (RMT), the noise is removed or significantly reduced, so the future risk and return are better estimated and controlled. These concepts are applied to the Warsaw Stock Exchange Simulator {http://gra.onet.pl}. The result of the simulation is 18% level of gains in comparison with respective 10% loss of the Warsaw Stock Exchange main index WIG.

  19. The role of nuclear plants in portfolio management of CEZ, a. s

    International Nuclear Information System (INIS)

    Svoboda, A. . E-mail : svoboda@mail.cez.cz

    2004-01-01

    CEZ operates a portfolio of power plants with different unit sizes, fuel and flexibility. This portfolio has been extended significantly by launching the Temelin nuclear power plant. CEZ manages its power plants and trades actively around them in the liberalized but relatively small market with limited liquidity and cross-border connections. After the initial testing period, reliable operation of two 1000 MW Temelin units with low variable costs provide an attractive trading opportunity especially in the environment of uncertain fossil fuels, emission regulation and volatile availability of renewable energy. CEZ has learned ho to dampen the negative impact of available capacity changes and monetize on its extended portfolio of nuclear plants. The presentation contains many graphs illustrating the situation in the Czech power sector

  20. VAR Portfolio Optimal: Perbandingan Antara Metode Markowitz Dan Mean Absolute Deviation

    OpenAIRE

    Sartono, R. Agus; Setiawan, Arie Andika

    2006-01-01

    Portfolio selection method which have been introduced by Harry Markowitz (1952) used variance or deviation standard as a measure of risk. Kanno and Yamazaki (1991) introduced another method and used mean absolute deviation as a measure of risk instead of variance. The Value-at Risk (VaR) is a relatively new method to capitalized risk that been used by financial institutions. The aim of this research is compare between mean variance and mean absolute deviation of two portfolios. Next, we attem...

  1. Firefly Algorithm for Cardinality Constrained Mean-Variance Portfolio Optimization Problem with Entropy Diversity Constraint

    Directory of Open Access Journals (Sweden)

    Nebojsa Bacanin

    2014-01-01

    portfolio model with entropy constraint. Firefly algorithm is one of the latest, very successful swarm intelligence algorithm; however, it exhibits some deficiencies when applied to constrained problems. To overcome lack of exploration power during early iterations, we modified the algorithm and tested it on standard portfolio benchmark data sets used in the literature. Our proposed modified firefly algorithm proved to be better than other state-of-the-art algorithms, while introduction of entropy diversity constraint further improved results.

  2. Does the Gold Standard label hold its promise in delivering higher Sustainable Development benefits? A multi-criteria comparison of CDM projects

    International Nuclear Information System (INIS)

    Drupp, Moritz A.

    2011-01-01

    The Clean Development Mechanism (CDM) has a twin objective: to help developed countries reduce GHG emissions, and to support developing countries in achieving Sustainable Development (SD). As a response to the widespread criticism of the CDM's unsatisfactory SD record, initiatives have developed premium labels like the Gold Standard, which applies two additional 'screens' to filter CDM projects for higher SD benefits. In order to determine whether Gold Standard projects can be associated with higher local SD benefits, this paper evaluates the potential benefits of 48 CDM projects using a multi-criteria method and building on existing work. The 18 evaluated Gold Standard projects are compared to a 'representative portfolio' of 30 unlabeled CDM projects in order to capture the 'full' effect of the additional Gold Standard requirements, which is further decomposed into the two 'screen' effects. The results suggest that Gold Standard Certified Emission Reductions can be associated with higher potential local SD benefits when compared to the 'representative portfolio' of unlabeled CDM projects, while the comparison of projects of the same type remains inconclusive. The results support previous findings showing that renewable energy projects may deliver comparatively high SD benefits. - Research highlights: → This study evaluates and compares the potential contribution of unlabeled- and Gold Standard labeled CDM projects to Sustainable Development (SD), extending the previously assessed projects as well as the methodological approach. → Gold Standard labeled Certified Emission Reductions (CER) can be associated with higher potential SD benefits compared to unlabeled projects. → A decomposition analysis shows that the Gold Standard s SD surplus must be primarily attributed to the favorable contribution of renewable energy projects to SD. → Policy makers might thus shift incentives towards renewable energy projects and buyers of CERs may shift their offset

  3. Portfolio optimization in electricity markets

    International Nuclear Information System (INIS)

    Liu, Min; Wu, Felix F.

    2007-01-01

    In a competitive electricity market, Generation companies (Gencos) face price risk and delivery risk that affect their profitability. Risk management is an important and essential part in the Genco's decision making. In this paper, risk management through diversification is considered. The problem of energy allocation between spot markets and bilateral contracts is formulated as a general portfolio optimization problem with a risk-free asset and n risky assets. Historical data of the PJM electricity market are used to demonstrate the approach. (author)

  4. Renewable energy

    DEFF Research Database (Denmark)

    Olsen, Birgitte Egelund

    2016-01-01

    Renewable energy projects are increasingly confronted by local opposition, which delays and sometimes even prevents their implementation. This reflects the frequent gap between support for the general idea of renewables as a strategy for reducing carbon emissions, and acceptance of renewable energy...... installations in the local landscape. A number of countries have introduced financial incentives to promote community acceptance. The tool box of incentives is still limited but in recent years it has been expanded to address local concerns. Certain general characteristics can be identified, suggesting...... that there are at least three distinct categories of incentives: individual compensation, community benefits and ownership measures. Local opposition must be approached with caution, as financial incentives to promote local acceptance can be seen as buying consent or even ‘bribery’, stirring up further opposition....

  5. An innovation management approach for renewable energy deployment. The case of solar photovoltaic (PV) technology

    International Nuclear Information System (INIS)

    Shum, Kwok L.; Watanabe, Chihiro

    2009-01-01

    In the discussion of renewable energy deployment, one key concern is the various types of barriers that renewable energy needs to overcome before it can make its way into the mainstream. These barriers increasingly shift from the technical to the economic and institutional. The most general types of barriers are due to technological 'lock-out' or to carbon 'lock-in' [. Understanding carbon lock-in. Energy Policy 28(12), 817-830 (Elsevier)]. These barriers necessitate the development of a strategic approach to deploy or introduce renewable energy technology. Existing energy policy has mostly relied upon financial subsidies, market-based instruments such as renewable portfolio standards, and production tax credits to stimulate the installation and use of equipment to generate electricity from renewable sources. These strategies target mostly system-level decisions of end users. The purpose of this paper is to present an innovation perspective on the renewable energy deployment process by introducing the innovation value-added chain (IVC) framework. The analytical objective of IVC is to evaluate the impact of a new innovation on the various stakeholders and players in the development and deployment processes. A deployment or innovation strategy that causes minimal disruption, enhances existing competencies, or expedites new learning by the players has a higher chance to succeed. We draw upon two sets of system integration costs data for grid-connected distributed photovoltaic (PV) systems in Japan and the United States and demonstrate conspicuously different dynamic learning behaviors. These two deployment models can be understood in terms of how the IVCs are organized and how PV system integration projects are performed in the field. In addition, IVC-based findings can inform the targeted application of conventional financial subsidies for learning investment not only at the PV system level, but also at the (localized) system integration level. This would involve

  6. Consumers' preference for renewable energy in the southwest USA

    International Nuclear Information System (INIS)

    Mozumder, Pallab; Vásquez, William F.; Marathe, Achla

    2011-01-01

    The southwestern part of the US has abundant supply of renewable energy resources but little is known about the consumers' preferences for renewable energy in this region. This paper investigates households' willingness to pay for a renewable energy program in a southwestern state, New Mexico (NM). Using the contingent valuation method, we provide different scenarios that include provision of 10% and 20% of renewable energy supply, to elicit households' willingness to pay (WTP) for the renewable energy. We estimate the WTP for specific shares of renewable energy in the total energy mix as it is a key factor in affecting the price of the energy portfolio in the market. The survey design also allows us to check the scope sensitivity of renewable energy which can help guide the future renewable energy policy. We hope results from this study will offer useful insights to energy regulators and utility companies and help them increase the share of renewable energy supply. - Highlights: ► We estimate willingness to pay (WTP) for renewable energy in the southwestern US. ► Households' WTP in New Mexico is estimated using the contingent valuation method. ► WTP is estimated for 10% - 20% shares of renewable energy in the total energy mix. ► WTP estimates indicate scope sensitivity for a larger share of renewable energy.

  7. Making sense with ePortfolios

    DEFF Research Database (Denmark)

    Poulsen, Bo Klindt; Dimsits, Miriam

    2017-01-01

    of the statements from the students concerning their understanding of ePortfolio processes are fundamentally questions of how to make sense of the ePortfolio tool, both in their professional and personal lives. This calls for a didactical stance with the teachers who use ePortfolios, based on empowerment through......This article discusses the question of making sense out of working with ePortfolio in adult education. The article presents the results of a small-scale survey among adults in continuing education who have worked with ePortfolio as the central didactic principle. It is argued that many...... meaning-making, in order for ePortfolios to make sense. It is suggested that two relevant didactic perspectives for making sense of the world can be found in theories of biographicity and metaphor work. Moreover, a strong didactic stance that supports sense-making must be based on a strong teacher role...

  8. Bayesian emulation for optimization in multi-step portfolio decisions

    OpenAIRE

    Irie, Kaoru; West, Mike

    2016-01-01

    We discuss the Bayesian emulation approach to computational solution of multi-step portfolio studies in financial time series. "Bayesian emulation for decisions" involves mapping the technical structure of a decision analysis problem to that of Bayesian inference in a purely synthetic "emulating" statistical model. This provides access to standard posterior analytic, simulation and optimization methods that yield indirect solutions of the decision problem. We develop this in time series portf...

  9. Post-modern portfolio theory supports diversification in an investment portfolio to measure investment's performance

    OpenAIRE

    Rasiah, Devinaga

    2012-01-01

    This study looks at the Post-Modern Portfolio Theory that maintains greater diversification in an investment portfolio by using the alpha and the beta coefficient to measure investment performance. Post-Modern Portfolio Theory appreciates that investment risk should be tied to each investor's goals and the outcome of this goal did not symbolize economic of the financial risk. Post-Modern Portfolio Theory's downside measure generated a noticeable distinction between downside and upside volatil...

  10. Renewable electricity generation: supporting documentation for the Renewables Advisory Board submission to the 2006 UK energy review

    International Nuclear Information System (INIS)

    2006-01-01

    The Renewables Advisory Board (RAB) is an independent, non-departmental public body, sponsored by the DTI, which brings together representatives of the renewable sector and the unions. Electricity generation from renewable energy sources offers a range of advantages to the UK electricity-generating sector. This document, prepared as supporting documentation for the RAB submission to the 2006 Energy Review, examines the role of renewable energy in improving security of supply, lowering financial risk for energy portfolios, and reducing electricity cost volatility and fuel costs for the UK. Key topics addressed in this report include: resource security; security of supply; price security; and operational security. Also covered are variability patterns, financial costs and benefits of renewable generation. Maintaining the option and flexibility of future renewables development has a real option value, with overseas evidence showing that this can be significant

  11. Evaluation of an established learning portfolio.

    Science.gov (United States)

    Vance, Gillian; Williamson, Alyson; Frearson, Richard; O'Connor, Nicole; Davison, John; Steele, Craig; Burford, Bryan

    2013-02-01

    The trainee-held learning portfolio is integral to the foundation programme in the UK. In the Northern Deanery, portfolio assessment is standardised through the Annual Review of Competence Progression (ARCP) process. In this study we aimed to establish how current trainees evaluate portfolio-based learning and ARCP, and how these attitudes may have changed since the foundation programme was first introduced. Deanery-wide trainee attitudes were surveyed by an electronic questionnaire in 2009 and compared with perceptions recorded during the pilot phase (2004-2005).  Many trainees continue to view the e-portfolio negatively. Indeed, significantly fewer trainees in 2009 thought that the e-portfolio was a 'good idea' or a 'worthwhile investment of time' than in 2005. Trainees remain unconvinced about the educational value of the e-portfolio: fewer trainees in 2009 regarded it as a tool that might help focus on training or recognise individual strengths and weaknesses. Issues around unnecessary bureaucracy persist. Current trainees tend to understand how to use the e-portfolio, but many did not know how much, or what evidence to collect. Few supervisors were reported to provide useful guidance on the portfolio. ARCP encouraged portfolio completion but did not give meaningful feedback to drive future learning.   Continued support is needed for both trainees and supervisors in portfolio-building skills and in using the e-portfolio as an educational tool. Trainee-tailored feedback is needed to ensure that portfolio-based assessment promotes lifelong, self-directed and reflective learners. © Blackwell Publishing Ltd 2013.

  12. Portfolios with nonlinear constraints and spin glasses

    Science.gov (United States)

    Gábor, Adrienn; Kondor, I.

    1999-12-01

    In a recent paper Galluccio, Bouchaud and Potters demonstrated that a certain portfolio problem with a nonlinear constraint maps exactly onto finding the ground states of a long-range spin glass, with the concomitant nonuniqueness and instability of the optimal portfolios. Here we put forward geometric arguments that lead to qualitatively similar conclusions, without recourse to the methods of spin glass theory, and give two more examples of portfolio problems with convex nonlinear constraints.

  13. Correlation risk and optimal portfolio choice

    OpenAIRE

    Buraschi, Andrea; Porchia, Paolo; Trojani, Fabio

    2010-01-01

    We develop a new framework for multivariate intertemporal portfolio choice that allows us to derive optimal portfolio implications for economies in which the degree of correlation across industries, countries, or asset classes is stochastic. Optimal portfolios include distinct hedging components against both stochastic volatility and correlation risk. We find that the hedging demand is typically larger than in univariate models, and it includes an economically significant covariance hedging...

  14. Optimizing Aggregation Scenarios for Integrating Renewable Energy into the U.S. Electric Grid

    Science.gov (United States)

    Corcoran, B. A.; Jacobson, M. Z.

    2010-12-01

    This study is an analysis of 2006 and 2007 electric load data, wind speed and solar irradiance data, and existing hydroelectric, geothermal, and other power plant data to quantify benefits of aggregating clean electric power from various Federal Energy Regulatory Commission (FERC) regions in the contiguous United States. First, various time series, statistics, and probability methods are applied to the electric load data to determine if there are any desirable demand-side results—specifically reducing variability and/or coincidence of peak events, which could reduce the amount of required carbon-based generators—in combining the electricity demands from geographically and temporally diverse areas. Second, an optimization algorithm is applied to determine the least-cost portfolio of energy resources to meet the electric load for a range of renewable portfolio standards (RPS’s) for each FERC region and for various aggregation scenarios. Finally, the installed capacities, ramp rates, standard deviation, and corresponding generator requirements from these optimization test runs are compared against the transmission requirements to determine the most economical organizational structure of the contiguous U.S. electric grid. Ideally, results from this study will help to justify and identify a possible structure of a federal RPS and offer insight into how to best organize regions for transmission planning.

  15. Mean-Reverting Portfolio With Budget Constraint

    Science.gov (United States)

    Zhao, Ziping; Palomar, Daniel P.

    2018-05-01

    This paper considers the mean-reverting portfolio design problem arising from statistical arbitrage in the financial markets. We first propose a general problem formulation aimed at finding a portfolio of underlying component assets by optimizing a mean-reversion criterion characterizing the mean-reversion strength, taking into consideration the variance of the portfolio and an investment budget constraint. Then several specific problems are considered based on the general formulation, and efficient algorithms are proposed. Numerical results on both synthetic and market data show that our proposed mean-reverting portfolio design methods can generate consistent profits and outperform the traditional design methods and the benchmark methods in the literature.

  16. Renewable Energy

    NARCIS (Netherlands)

    Turkenburg, W.C.; Arent, D.; Bertani, R.; Faaij, A.P.C.; Hand, M.; Krewitt, W.; Larson, E.D.; Lund, J.; Mehos, M.; Merrigan, T.; Mitchell, C.; Moreira, J.R.; Sinke, W.C.; Sonntag-O'Brien, V.; Thresher, B.; Sark, W.G.J.H.M. van; Usher, E.

    2012-01-01

    This chapter presents an in-depth examination of major renewable energy technologies, including their installed capacity and energy supply in 2009 , the current state of market and technology development, their economic and financial feasibility in 2009 and in the near future, as well as major

  17. Low volatility sector-based portfolios: a South African case

    African Journals Online (AJOL)

    Black pointed out that when investors are restricted from using leverage or bor- ..... takes into account the correlation between the sectors in a portfolio. ..... 3The information ratio of a portfolio is the active premium (portfolio annualised return ...

  18. Portfolio Diversification with Commodity Futures: Properties of Levered Futures

    NARCIS (Netherlands)

    Woodard, J.D.; Egelkraut, T.M.; Garcia, P.; Pennings, J.M.E.

    2005-01-01

    Portfolio Diversification with Commodity Futures: Properties of Levered Futures This study extends previous work on the impact of commodity futures on portfolio performance by explicitly incorporating levered futures into the portfolio optimization problem. Using data on nine individual commodity

  19. Reliability of Portfolio: A Closer Look at Findings from Recent Publications

    Science.gov (United States)

    Oskay, Ozge Ozyalcin; Schallies, Michael; Morgil, Inci

    2008-01-01

    In this review article, conventional portfolio assessment and new developments in portfolio assessment are investigated. The concept of portfolio, portfolio building steps, contents of portfolio, evaluation of portfolio, advantages, disadvantages and concerns in using portfolio as well as validity and reliability of portfolio assessment are…

  20. 77 FR 13009 - Regulation of Fuels and Fuel Additives: Identification of Additional Qualifying Renewable Fuel...

    Science.gov (United States)

    2012-03-05

    ... Regulation of Fuels and Fuel Additives: Identification of Additional Qualifying Renewable Fuel Pathways Under the Renewable Fuel Standard Program AGENCY: Environmental Protection Agency (EPA). ACTION: Withdrawal... Renewable Fuel Standard program regulations. Because EPA received adverse comment, we are withdrawing the...

  1. Portfolios for determining initial licensure competency.

    Science.gov (United States)

    Chambers, David W

    2004-02-01

    Because attempts to improve initial licensure examinations have not been grounded in measurement theory, partial and inadequate remedies have led to a cycle of refutations, defenses and political polarization. The author reviewed the psychometric literature, focusing on high-stakes professional decisions. Editorials in the dental literature and position papers of involved organizations often use words from this literature without incorporating its fundamental concepts. The reliability of one-shot initial licensure examinations is estimated to be approximately r = .40, which is a value well under the standard for such tests in other professions. Validity has not been investigated rigorously, but the one-shot format and proposals to remove live patients certainly would reduce validity. The use of portfolios--a small number of evaluations in several realistic task domains--is a viable means of achieving psychometric standards for initial licensure decisions. Boards are charged with making valid and reliable licensure decisions, not with conducting examinations. At a minimum, they must define the competencies of beginning practitioners and establish the psychometric criteria for their decisions (neither of which are done currently). Gathering data then can be delegated to whoever is best qualified to meet these standards.

  2. Academic portfolio in the digital era: organizing and maintaining a portfolio using reference managers.

    Science.gov (United States)

    Bhargava, Puneet; Patel, Vatsal B; Iyer, Ramesh S; Moshiri, Mariam; Robinson, Tracy J; Lall, Chandana; Heller, Matthew T

    2015-02-01

    The academic portfolio has become an integral part of the promotions process. Creating and maintaining an academic portfolio in paper-based or web-based formats can be a cumbersome and time-consuming task. In this article, we describe an alternative way to efficiently organize an academic portfolio using a reference manager software, and discuss some of the afforded advantages. The reference manager software Papers (Mekentosj, Amsterdam, The Netherlands) was used to create an academic portfolio. The article outlines the key steps in creating and maintaining a digital academic portfolio. Using reference manager software (Papers), we created an academic portfolio that allows the user to digitally organize clinical, teaching, and research accomplishments in an indexed library enabling efficient updating, rapid retrieval, and easy sharing. To our knowledge, this is the first digital portfolio of its kind.

  3. Wind, hydro or mixed renewable energy source: Preference for electricity products when the share of renewable energy increases

    International Nuclear Information System (INIS)

    Yang, Yingkui; Solgaard, Hans Stubbe; Haider, Wolfgang

    2016-01-01

    While the share of renewable energy, especially wind power, increases in the energy mix, the risk of temporary energy shortage increases as well. Thus, it is important to understand consumers' preference for the renewable energy towards the continuous growing renewable energy society. We use a discrete choice experiment to infer consumers' preferences when the share of renewable energy increases. The study results indicate that consumers are generally willing to pay extra for an increasing share of renewable energy, but the renewable energy should come from a mixture of renewable energy sources. We also found that consumers prefer to trade with their current supplier rather than another well-known supplier. This study contributes to the energy portfolio theories and the theory of energy diversification in a consumer perspective. The managerial implications of this study are also discussed. - Highlights: • This paper investigates consumer preference for electricity when the share of renewable energy increases in the energy mix. • A total of 7084 choice sets were completed in the survey. • Consumer prefers a high percentage of mixed renewable energy at an affordable price level when the share of renewable increases. • Current electricity supplier was found to be the most favorable supplier for consumers. • Results had implications on energy regulators/policy makers, electricity retailers and renewable energy investors.

  4. Model Risk in Portfolio Optimization

    Directory of Open Access Journals (Sweden)

    David Stefanovits

    2014-08-01

    Full Text Available We consider a one-period portfolio optimization problem under model uncertainty. For this purpose, we introduce a measure of model risk. We derive analytical results for this measure of model risk in the mean-variance problem assuming we have observations drawn from a normal variance mixture model. This model allows for heavy tails, tail dependence and leptokurtosis of marginals. The results show that mean-variance optimization is seriously compromised by model uncertainty, in particular, for non-Gaussian data and small sample sizes. To mitigate these shortcomings, we propose a method to adjust the sample covariance matrix in order to reduce model risk.

  5. Mean-Variance Efficiency of the Market Portfolio

    Directory of Open Access Journals (Sweden)

    Rafael Falcão Noda

    2014-06-01

    Full Text Available The objective of this study is to answer the criticism to the CAPM based on findings that the market portfolio is far from the efficient frontier. We run a numeric optimization model, based on Brazilian stock market data from 2003 to 2012. For each asset, we obtain adjusted returns and standard deviations such that (i the efficient frontier intersects with the market portfolio and (ii the distance between the adjusted parameters and the sample parameters is minimized. We conclude that the adjusted parameters are not significantly different from the sample parameters, in line with the results of Levy and Roll (2010 for the USA stock market. Such results suggest that the imprecisions in the implementation of the CAPM stem mostly from parameter estimation errors and that other explanatory factors for returns may have low relevance. Therefore, our results contradict the above-mentioned criticisms to the CAPM in Brazil.

  6. Portfolio Manager Selection – A Case Study

    DEFF Research Database (Denmark)

    Christensen, Michael

    2017-01-01

    Within a delegated portfolio management setting, this paper presents a case study of how the manager selection process can be operationalized in practice. Investors have to pursue a thorough screening of potential portfolio managers in order to discover their quality, and this paper discusses how...

  7. Purchasing portfolio models: a critique and update

    NARCIS (Netherlands)

    Gelderman, C.J.; Weele, van A.J.

    2005-01-01

    Purchasing portfolio models have spawned considerable discussion in the literature. Many advantages and disadvantages have been put forward, revealing considerable divergence in opinion on the merits of portfolio models. This study addresses the question of whether or not the use of purchasing

  8. Robust portfolio selection under norm uncertainty

    Directory of Open Access Journals (Sweden)

    Lei Wang

    2016-06-01

    Full Text Available Abstract In this paper, we consider the robust portfolio selection problem which has a data uncertainty described by the ( p , w $(p,w$ -norm in the objective function. We show that the robust formulation of this problem is equivalent to a linear optimization problem. Moreover, we present some numerical results concerning our robust portfolio selection problem.

  9. Managing R&D Alliance Portfolios

    DEFF Research Database (Denmark)

    Engel Nielsen, Lars; Mahnke, Volker

    2003-01-01

    be observed in several companies engaged in the cross section of telecommunication and mobile technology where increased complexity magnifies managerial challenges. Drawing on modern portfolio theory, this paper offers a model for managing portfolios of R&D alliances. In particular, an analysis...

  10. Essays on intertemporal consumption and portfolio choice

    NARCIS (Netherlands)

    van Bilsen, Servaas

    2015-01-01

    This dissertation consists of two parts, preceded by an introductory chapter. Part I (Chapters 2, 3 and 4) considers optimal consumption and portfolio choice using preference models. Chapter 2 analyzes optimal consumption and portfolio choice under loss aversion and endogenous updating of the

  11. Portfolios for Majors in Professional Communication.

    Science.gov (United States)

    Killingsworth, M. Jimmie; Sanders, Scott P.

    1987-01-01

    Suggests general principles for developing assignments where students prepare portfolios that reveal their overall communication skills in addition to the usual job search tools. Emphasizes that students should concentrate on including works in the portfolio with the criteria of quality, variety, professionalism, and maturity in mind. (SKC)

  12. Reflection during Portfolio-Based Conversations

    Science.gov (United States)

    Oosterbaan, Anne E.; van der Schaaf, Marieke F.; Baartman, Liesbeth K. J.; Stokking, Karel M.

    2010-01-01

    This study aims to explore the relationship between the occurrence of reflection (and non-reflection) and thinking activities (e.g., orientating, selecting, analysing) during portfolio-based conversations. Analysis of 21 transcripts of portfolio-based conversations revealed that 20% of the segments were made up of reflection (content reflection…

  13. IT Portfolio Selection and IT Synergy

    Science.gov (United States)

    Cho, Woo Je

    2010-01-01

    This dissertation consists of three chapters. The primary objectives of this dissertation are: (1) to provide a methodological framework of IT (Information Technology) portfolio management, and (2) to identify the effect of IT synergy on IT portfolio selection of a firm. The first chapter presents a methodological framework for IT project…

  14. Capstone Portfolios and Geography Student Learning Outcomes

    Science.gov (United States)

    Mossa, Joann

    2014-01-01

    Due to increasing demands regarding student learning outcomes and accreditation, a capstone portfolio was added to assess critical thinking and communication skills of geography majors at a large public university in the USA. The portfolio guidelines were designed to be adaptable to a flexible curriculum where about half of the requirements within…

  15. Predictors and Portfolios Over the Life Cycle

    DEFF Research Database (Denmark)

    Kraft, Holger; Munk, Claus; Weiss, Farina

    In a calibrated consumption-portfolio model with stock, housing, and labor income predictability, we evaluate the welfare effects of predictability on life-cycle consumption-portfolio choice. We compare skilled investors who are able to take advantage of all sources of predictability with unskilled...

  16. Optimal Portfolio Choice with Wash Sale Constraints

    DEFF Research Database (Denmark)

    Astrup Jensen, Bjarne; Marekwica, Marcel

    2011-01-01

    We analytically solve the portfolio choice problem in the presence of wash sale constraints in a two-period model with one risky asset. Our results show that wash sale constraints can heavily affect portfolio choice of investors with unrealized losses. The trading behavior of such investors...

  17. On the Teaching of Portfolio Theory.

    Science.gov (United States)

    Biederman, Daniel K.

    1992-01-01

    Demonstrates how a simple portfolio problem expressed explicitly as an expected utility maximization problem can be used to instruct students in portfolio theory. Discusses risk aversion, decision making under uncertainty, and the limitations of the traditional mean variance approach. Suggests students may develop a greater appreciation of general…

  18. The Use of Portfolios in Leadership Education

    Science.gov (United States)

    Olsen, Paul E.

    2009-01-01

    This paper discusses the benefits of using student portfolios in undergraduate leadership education at Saint Michael's College. There appears to be a natural link between the use of portfolios as a tool to facilitate and document leadership growth and development. The Business Administration and Accounting Department at Saint Michael's College…

  19. Optimal portfolio choice under loss aversion

    NARCIS (Netherlands)

    A.B. Berkelaar (Arjan); R.R.P. Kouwenberg (Roy)

    2000-01-01

    textabstractProspect theory and loss aversion play a dominant role in behavioral finance. In this paper we derive closed-form solutions for optimal portfolio choice under loss aversion. When confronted with gains a loss averse investor behaves similar to a portfolio insurer. When confronted with

  20. Optimization of the bank's operating portfolio

    Science.gov (United States)

    Borodachev, S. M.; Medvedev, M. A.

    2016-06-01

    The theory of efficient portfolios developed by Markowitz is used to optimize the structure of the types of financial operations of a bank (bank portfolio) in order to increase the profit and reduce the risk. The focus of this paper is to check the stability of the model to errors in the original data.

  1. SunShot Initiative Portfolio Book 2014

    Energy Technology Data Exchange (ETDEWEB)

    Solar Energy Technologies Office

    2014-05-01

    The 2014 SunShot Initiative Portfolio Book outlines the progress towards the goals outlined in the SunShot Vision Study. Contents include overviews of each of SunShot’s five subprogram areas, as well as a description of every active project in the SunShot’s project portfolio as of May 2014.

  2. Portfolio Diversification Effects of Downside Risk

    NARCIS (Netherlands)

    N. Hyung (Namwon); C.G. de Vries (Casper)

    2004-01-01

    textabstractRisk managers use portfolios to diversify away the un-priced risk of individual securities. In this paper we compare the benefits of portfolio diversification for downside risk in case returns are normally distributed with the case fat tailed distributed returns. The downside risk of a

  3. The Shapley decomposition for portfolio risk

    OpenAIRE

    Stéphane Mussard; Virginie Terraza

    2006-01-01

    The aim of this paper is to provide an application of the Shapley Value to decompose financial portfolio risk. Decomposing the sample covariance risk measure yields relative measures, which enable securities of a portfolio to be classified according to risk scales.

  4. Development of a web database portfolio system with PACS connectivity for undergraduate health education and continuing professional development.

    Science.gov (United States)

    Ng, Curtise K C; White, Peter; McKay, Janice C

    2009-04-01

    Increasingly, the use of web database portfolio systems is noted in medical and health education, and for continuing professional development (CPD). However, the functions of existing systems are not always aligned with the corresponding pedagogy and hence reflection is often lost. This paper presents the development of a tailored web database portfolio system with Picture Archiving and Communication System (PACS) connectivity, which is based on the portfolio pedagogy. Following a pre-determined portfolio framework, a system model with the components of web, database and mail servers, server side scripts, and a Query/Retrieve (Q/R) broker for conversion between Hypertext Transfer Protocol (HTTP) requests and Q/R service class of Digital Imaging and Communication in Medicine (DICOM) standard, is proposed. The system was piloted with seventy-seven volunteers. A tailored web database portfolio system (http://radep.hti.polyu.edu.hk) was developed. Technological arrangements for reinforcing portfolio pedagogy include popup windows (reminders) with guidelines and probing questions of 'collect', 'select' and 'reflect' on evidence of development/experience, limitation in the number of files (evidence) to be uploaded, the 'Evidence Insertion' functionality to link the individual uploaded artifacts with reflective writing, capability to accommodate diversity of contents and convenient interfaces for reviewing portfolios and communication. Evidence to date suggests the system supports users to build their portfolios with sound hypertext reflection under a facilitator's guidance, and with reviewers to monitor students' progress providing feedback and comments online in a programme-wide situation.

  5. Status and Trends in U.S. Compliance and Voluntary Renewable Energy Certificate Markets (2010 Data)

    Energy Technology Data Exchange (ETDEWEB)

    Heeter, J.; Bird, L.

    2011-10-01

    This report documents the status and trends of 'compliance'--renewable energy certificate (REC) markets used to meet state renewable portfolio standard (RPS) requirements--and 'voluntary' markets--those in which consumers and institutions purchase renewable energy to match their electricity needs on a voluntary basis. Today, 29 states and the District of Columbia have an RPS, 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, and all consumers have the option to purchase RECs. This report documents REC activities and trends in the United States. The compliance REC market analysis includes analysis of REC trading, regional REC markets, REC tracking systems, types of compliance RECs, compliance REC pricing trends, and an overview of compliance with RPS polices. The voluntary REC analysis presents data and analysis on voluntary market sales and customer participation, products and premiums, green pricing marketing and administrative expenses, voluntary REC pricing, and the voluntary carbon offsets market. The report concludes with a discussion of upcoming guidance from the Federal Trade Commission on green marketing claims, the emergence of community solar programs, and the potential impact of Dodd-Frank regulations on the REC market.

  6. Portfolio Assessment: Production and Reduction of Complexity

    DEFF Research Database (Denmark)

    Keiding, Tina Bering; Qvortrup, Ane

    2015-01-01

    Over the last two decades, the education system has witnessed a shift from summative, product-oriented assessment towards formative, process-oriented assessment. Among the different learning and assessment initiatives introduced in the slipstream of this paradigmatic turn, the portfolio seems...... to have become one of the most popular. By re-describing the portfolio from a systems theoretical point of view, this article discusses established expectations of the portfolio in relation to transparency in learning, reflexivity and self-assessment. It shows that the majority of the literature deals...... with what-questions and that the portfolio is expected to handle a number of challenges with regard to the documentation of learning processes and achievements as well as the conditioning of learning activities. Furthermore, is becomes clear that descriptions of how the portfolio works are sparse. Based...

  7. Student evaluations of the portfolio process.

    Science.gov (United States)

    Murphy, John E; Airey, Tatum C; Bisso, Andrea M; Slack, Marion K

    2011-09-10

    To evaluate pharmacy students' perceived benefits of the portfolio process and to gather suggestions for improving the process. A questionnaire was designed and administered to 250 first-, second-, and third-year pharmacy students at the University of Arizona College of Pharmacy. Although the objectives of the portfolio process were for students to understand the expected outcomes, understand the impact of extracurricular activities on attaining competencies, identify what should be learned, identify their strengths and weaknesses, and modify their approach to learning, overall students perceived the portfolio process as having less than moderate benefit. First-year students wanted more examples of portfolios while second- and third-year students suggested that more time with their advisor would be beneficial. The portfolio process will continue to be refined and efforts made to improve students' perceptions of the process as it is intended to develop the self-assessments skills they will need to improve their knowledge and professional skills throughout their pharmacy careers.

  8. Portfolio Optimization and Mortgage Choice

    Directory of Open Access Journals (Sweden)

    Maj-Britt Nordfang

    2017-01-01

    Full Text Available This paper studies the optimal mortgage choice of an investor in a simple bond market with a stochastic interest rate and access to term life insurance. The study is based on advances in stochastic control theory, which provides analytical solutions to portfolio problems with a stochastic interest rate. We derive the optimal portfolio of a mortgagor in a simple framework and formulate stylized versions of mortgage products offered in the market today. This allows us to analyze the optimal investment strategy in terms of optimal mortgage choice. We conclude that certain extreme investors optimally choose either a traditional fixed rate mortgage or an adjustable rate mortgage, while investors with moderate risk aversion and income prefer a mix of the two. By matching specific investor characteristics to existing mortgage products, our study provides a better understanding of the complex and yet restricted mortgage choice faced by many household investors. In addition, the simple analytical framework enables a detailed analysis of how changes to market, income and preference parameters affect the optimal mortgage choice.

  9. Redefining RECs: Additionality in the voluntary Renewable Energy Certificate market

    Science.gov (United States)

    Gillenwater, Michael Wayne

    long-term contracts that would reduce the risk of relying on revenue the voluntary green power market. Although no simple solutions are identified, a proposal for integrating RECs into a load based cap-and-trade system is presented. Keywords: Renewable Energy Certificate (REC); Renewable Portfolio Standard (RPS); emission offset; additionality; attributes

  10. Three essays of economics and policy on renewable energy and energy efficiency

    Science.gov (United States)

    Meng, Yuxi

    In face of the crisis in energy security, environmental contamination, and climate change, energy saving and carbon emission reduction have become the top concerns of the whole human world. To address those concerns, renewable energy and energy efficiency are the two fields that many countries are paying attention to, which are also my research focus. The dissertation consists of three papers, including the innovation behavior of renewable energy producers, the impact of renewable energy policy on renewable innovation, and the market feedback to energy efficient building benchmarking ordinance. Here are the main conclusions I have reached in this dissertation. First, through the study on foreign patenting intention with the case study of Chinese solar PV industry, I looked at the patenting behaviors of 15 non-Chinese solar PV producers in solar PV technologies in China, and pointed out that foreign firms may file patents in the home country or production base of their competitors in order to earn the competitive edge in the global market. The second study is about the "Innovation by Generating" process. I specifically focused on Renewable Portfolio Standard (RPS) in the United States and the innovation performance within each state, and found out that wind power generation in RPS states has developed rapidly after the adoption of RPS, while the "Innovating by Generating" effect is more significant in solar PV technologies. In general, the innovations of the two technology groups are not prominently encouraged by RPS. My last study is about the benchmarking law and market response in the scenario of Philadelphia Benchmarking Law. By comparing the rental rate of LEED/EnergyStar buildings and ordinary buildings in the city of Philadelphia before and after the adoption of the building energy efficiency benchmarking law, I believe that the passage of Philadelphia Benchmarking Law may be helpful in improving the public awareness and understanding of energy efficiency

  11. Renewable Energy and Efficiency Modeling Analysis Partnership: An Analysis of How Different Energy Models Addressed a Common High Renewable Energy Penetration Scenario in 2025

    Energy Technology Data Exchange (ETDEWEB)

    Blair, N.; Jenkin, T.; Milford, J.; Short, W.; Sullivan, P.; Evans, D.; Lieberman, E.; Goldstein, G.; Wright, E.; Jayaraman, K.; Venkatech, B.; Kleiman, G.; Namovicz, C.; Smith, B.; Palmer, K.; Wiser, R.; Wood, F.

    2009-09-30

    and/or different answers in response to a set of focused energy-related questions. The focus was on understanding reasons for model differences, not on policy implications, even though a policy of high renewable penetration was used for the analysis. A group process was used to identify the potential question (or questions) to be addressed through the project. In late 2006, increasing renewable energy penetration in the electricity sector was chosen from among several options as the general policy to model. From this framework, the analysts chose a renewable portfolio standard (RPS) as the way to implement the required renewable energy market penetration in the models. An RPS was chosen because it was (i) of interest and represented the group's consensus choice, and (ii) tractable and not too burdensome for the modelers. Because the modelers and analysts were largely using their own resources, it was important to consider the degree of effort required. In fact, several of the modelers who started this process had to discontinue participation because of other demands on their time. Federal and state RPS policy is an area of active political interest and debate. Recognizing this, participants used this exercise to gain insight into energy model structure and performance. The results are not intended to provide any particular insight into policy design or be used for policy advocacy, and participants are not expected to form a policy stance based on the outcomes of the modeling. The goals of this REMAP project - in terms of the main topic of renewable penetration - were to: (1) Compare models and understand why they may give different results to the same question, (2) Improve the rigor and consistency of assumptions used across models, and (3) Evaluate the ability of models to measure the impacts of high renewable-penetration scenarios.

  12. Deploying Renewables: Principles for Effective Policies. Executive Summary [Russian Version

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2008-07-01

    Renewable energy can play a fundamental role in tackling climate change, environmental degradation and energy security. As these challenges have become ever more pressing, governments and markets are seeking innovative solutions. Yet, what are the key factors that will determine the success of renewable energy policies? How can current policies be improved to encourage greater deployment of renewables? What impact can more effective policies have on renewables’ share in the future global energy mix and how soon? Deploying Renewables: Principles for Effective Policies addresses these questions. Responding to the Gleneagles G8 call for a clean and secure energy future, it highlights key policy tools to fast-track renewables into the mainstream. This analysis illustrates good practices by applying the combined metrics of effectiveness and efficiency to renewable energy policies in the electricity, heating and transport sectors. It highlights significant barriers to accelerating renewables penetration, and argues that the great potential of renewables can be exploited much more rapidly and to a much larger extent if good practices are adopted. Carefully designed policy frameworks, customised to support technologies at differing stages of maturity, will deliver a strong portfolio of renewable energy technologies. Deploying Renewables: Principles for Effective Policies provides recommendations on key principles for policy design as a template for decision makers.

  13. PRODUCT PORTFOLIO ANALYSIS - ARTHUR D. LITTLE MATRIX

    Directory of Open Access Journals (Sweden)

    Curmei Catalin Valeriu

    2011-07-01

    Full Text Available In recent decades we have witnessed an unseen dynamism among companies, which is explained by their desire to engage in more activities that provide a high level of development and diversification. Thus, as companies are diversifying more and more, their managers confront a number of challenges arising from the management of resources for the product portfolio and the low level of resources with which companies can identify, at a time. Responding to these challenges, over time were developed a series of analytical product portfolio methods through which managers can balance the sources of cash flows from the multiple products and also can identify the place and role of products, in strategic terms, within the product portfolio. In order to identify these methods the authors of the present paper have conducted a desk research in order to analyze the strategic marketing and management literature of the last 2 decades. Widely were studied a series of methods that are presented in the marketing and management literature as the main instruments used within the product portfolio strategic planning process. Among these methods we focused on the Arthur D. Little matrix. Thus the present paper has the purpose to outline the characteristics and strategic implications of the ADL matrix within a company’s product portfolio. After conducting this analysis we have found that restricting the product portfolio analysis to the A.D.L. matrix is not a very wise decision. The A.D.L. matrix among with other marketing tools of product portfolio analysis have some advantages and disadvantages and is trying to provide, at a time, a specific diagnosis of a company’s product portfolio. Therefore, the recommendation for the Romanian managers consists in a combined use of a wide range of tools and techniques for product portfolio analysis. This leads to a better understanding of the whole mix of product markets, included in portfolio analysis, the strategic position

  14. Particle Swarm Optimization of Electricity Market Negotiating Players Portfolio

    DEFF Research Database (Denmark)

    Pinto, Tiago; Vale, Zita; Sousa, Tiago

    2014-01-01

    Energy systems worldwide are complex and challenging environments. Multi-agent based simulation platforms are increasing at a high rate, as they show to be a good option to study many issues related to these systems, as well as the involved players at act in this domain. In this scope the authors......, the type of day (business day, weekend, holiday, etc.) and most important, the renewable based distributed generation forecast. The proposed approach is tested and validated using real electricity markets data from the Iberian operator – MIBEL.......’ research group has developed a multi-agent system: MASCEM (Multi- Agent System for Competitive Electricity Markets), which performs realistic simulations of the electricity markets. MASCEM is integrated with ALBidS (Adaptive Learning Strategic Bidding System) that works as a decision support system...... for market players. The ALBidS system allows MASCEM market negotiating players to take the best possible advantages from each market context. However, it is still necessary to adequately optimize the players’ portfolio investment. For this purpose, this paper proposes a market portfolio optimization method...

  15. The renewable and nuclear energies in the basquet of energy supply

    International Nuclear Information System (INIS)

    Martinez Corcoles, F.

    2008-01-01

    The share of nuclear and renewable sources in the energy portfolio yields great benefits to all stake holders and that both sources are not exclusive each other but offer multiple complementary features and synergy's, therefore both technologies should be part of the present and future energy mix. This portfolio should be enough and reliable all the time, guarantee the security of supply, protect the environment and give competitive prices. All these features are to a great extent met by nuclear and renewable technologies and therefore they should play an important role on world and national energy supply. (Author)

  16. VAR Portfolio Optimal: Perbandingan Antara Metode Markowitz dan Mean Absolute Deviation

    Directory of Open Access Journals (Sweden)

    R. Agus Sartono

    2009-05-01

    Full Text Available Portfolio selection method which have been introduced by Harry Markowitz (1952 used variance or deviation standard as a measure of risk. Kanno and Yamazaki (1991 introduced another method and used mean absolute deviation as a measure of risk instead of variance. The Value-at Risk (VaR is a relatively new method to capitalized risk that been used by financial institutions. The aim of this research is compare between mean variance and mean absolute deviation of two portfolios. Next, we attempt to assess the VaR of two portfolios using delta normal method and historical simulation. We use the secondary data from the Jakarta Stock Exchange – LQ45 during 2003. We find that there is a weak-positive correlation between deviation standard and return in both portfolios. The VaR nolmal delta based on mean absolute deviation method eventually is higher than the VaR normal delta based on mean variance method. However, based on the historical simulation the VaR of two methods is statistically insignificant. Thus, the deviation standard is sufficient measures of portfolio risk.Keywords: optimalisasi portofolio, mean-variance, mean-absolute deviation, value-at-risk, metode delta normal, metode simulasi historis

  17. Patent portfolio management: literature review and a proposed model.

    Science.gov (United States)

    Conegundes De Jesus, Camila Kiyomi; Salerno, Mario Sergio

    2018-05-09

    Patents and patent portfolios are gaining attention in the last decades, from the called 'pro-patent era' to the recent billionaire transactions involving patent portfolios. The field is growing in importance, both theoretically and practically and despite having substantial literature on new product development portfolio management, we have not found an article relating this theory to patent portfolios. Areas covered: The paper develops a systematic literature review on patent portfolio management to organize the evolution and tendencies of patent portfolio management, highlighting distinctive features of patent portfolio management. Interview with IP manager of three life sciences companies, including a leading multinational group provided relevant information about patent portfolio management. Expert opinion: Based on the systematic literature review on portfolio management, more specifically, on new product development portfolio theory, and interview the paper proposes the paper proposes a reference model to manage patent portfolios. The model comprises four stages aligned with the three goals of the NPD portfolio management: 1 - Linking strategy of the Company's NPD Portfolio to Patent Portfolio; 2 - Balancing the portfolio in buckets; 3 - Patent Valuation (maximizing valuation); 4 - Regularly reviewing the patent portfolio.

  18. 12 CFR 1252.1 - Enterprise portfolio holding criteria.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Enterprise portfolio holding criteria. 1252.1 Section 1252.1 Banks and Banking FEDERAL HOUSING FINANCE AGENCY ENTERPRISES PORTFOLIO HOLDINGS § 1252.1 Enterprise portfolio holding criteria. The Enterprises are required to comply with the portfolio holdings...

  19. Portfolio Assessment: A Handbook for Educators. Assessment Bookshelf Series.

    Science.gov (United States)

    Barton, James, Ed.; Collins, Angelo, Ed.

    This guide contains practical steps for integrating portfolios into any K-12 classroom and tips for effective classroom management of portfolios. It also contains actual examples of portfolios in action in a variety of subject areas. The chapters are: (1) "Starting Out: Designing Your Portfolio" (James Barton and Angelo Collins); (2) "Preparing…

  20. The Finite and Moving Order Multinomial Universal Portfolio

    International Nuclear Information System (INIS)

    Tan, Choon Peng; Pang, Sook Theng

    2013-01-01

    An upper bound for the ratio of wealths of the best constant -rebalanced portfolio to that of the multinomial universal portfolio is derived. The finite- order multinomial universal portfolios can reduce the implementation time and computer-memory requirements for computation. The improved performance of the finite-order portfolios on some selected local stock-price data sets is observed.

  1. The renewable alternative

    International Nuclear Information System (INIS)

    Anon.

    1992-01-01

    This chapter discusses renewable energy sources as an alternative to a fossil fuel based economy. The topics discussed in the chapter include the historic aspects and current status of use of renewable energy, status of the renewable energy industry, market barriers to renewable energy, research and development and commercialization of renewable energy, the environmental and social costs associated with renewable energy, valuing future costs and benefits of energy use, and the potential market of renewable energy

  2. METHODICAL BASES OF MANAGEMENT OF INSURANCE PORTFOLIO

    Directory of Open Access Journals (Sweden)

    Serdechna Yulia

    2018-01-01

    Full Text Available Introduction. Despite the considerable arsenal of developments in the issues of assessing the management of the insurance portfolio remains unresolved. In order to detail, specify and further systematize the indicators for the indicated evaluation, the publications of scientists are analyzed. The purpose of the study is to analyze existing methods by which it is possible to formulate and manage the insurance portfolio in order to achieve its balance, which will contribute to ensuring the financial reliability of the insurance company. Results. The description of the essence of the concept of “management of insurance portfolio”, as the application of actuarial methods and techniques to the combination of various insurance risks offered for insurance or are already part of the insurance portfolio, allowing to adjust the size and structure of the portfolio in order to ensure its financial stability, achievement the maximum level of income of an insurance organization, preservation of the value of its equity and financial security of insurance liabilities. It is determined that the main methods by which the insurer’s insurance portfolio can be formed and managed is the selection of risks; reinsurance operations that ensure diversification of risks; formation and placement of insurance reserves, which form the financial basis of insurance activities. The method of managing an insurance portfolio, which can be both active and passive, is considered. Conclusions. It is determined that the insurance portfolio is the basis on which all the activities of the insurer are based and which determines its financial stability. The combination of methods and technologies applied to the insurance portfolio is a management method that can be both active and passive and has a number of specific methods through which the insurer’s insurance portfolio can be formed and managed. It is substantiated that each insurance company aims to form an efficient and

  3. Portfolio analysis of layered security measures.

    Science.gov (United States)

    Chatterjee, Samrat; Hora, Stephen C; Rosoff, Heather

    2015-03-01

    Layered defenses are necessary for protecting the public from terrorist attacks. Designing a system of such defensive measures requires consideration of the interaction of these countermeasures. In this article, we present an analysis of a layered security system within the lower Manhattan area. It shows how portfolios of security measures can be evaluated through portfolio decision analysis. Consideration is given to the total benefits and costs of the system. Portfolio diagrams are created that help communicate alternatives among stakeholders who have differing views on the tradeoffs between security and economic activity. © 2014 Society for Risk Analysis.

  4. Does asymmetric correlation affect portfolio optimization?

    Science.gov (United States)

    Fryd, Lukas

    2017-07-01

    The classical portfolio optimization problem does not assume asymmetric behavior of relationship among asset returns. The existence of asymmetric response in correlation on the bad news could be important information in portfolio optimization. The paper applies Dynamic conditional correlation model (DCC) and his asymmetric version (ADCC) to propose asymmetric behavior of conditional correlation. We analyse asymmetric correlation among S&P index, bonds index and spot gold price before mortgage crisis in 2008. We evaluate forecast ability of the models during and after mortgage crisis and demonstrate the impact of asymmetric correlation on the reduction of portfolio variance.

  5. Real Time Investments with Adequate Portfolio Theory

    Directory of Open Access Journals (Sweden)

    Alina Kvietkauskienė

    2015-02-01

    Full Text Available The objective of this paper is to identify investment decision makingschemes using the adequate portfolio model. This approach can be employed to project investment in stocks, using the opportunities offered by the markets and investor intelligence. It was decided to use adequate portfolio theory for investment decision making, simulation of financial markets, and optimisation of utility function. The main conclusion of article suggests investigating return on individual portfolio level. Real investment is a way to make sure of the soundness of applicable strategies.

  6. Technology Audit: Assessment of Innovative Portfolio

    Directory of Open Access Journals (Sweden)

    Kurushina Viktoria

    2016-01-01

    Full Text Available The article discusses the features of the technological audit performing in the companies of oil and gas sector of Russian economy. To measure the innovations quality level the scale was developed based on the Theory of Inventive Problem Solving and the theory of technological structures. Figures of the innovations quantity by levels, volume and quality of the innovative portfolio are offered for assessment the innovative portfolio quality. The method was tested on an example of oil and gas transporting enterprises. The results of the comparative analysis of innovative portfolio are shown.

  7. Measuring Treasury Bond Portfolio Risk and Portfolio Optimization with a Non-Gaussian Multivariate Model

    Science.gov (United States)

    Dong, Yijun

    The research about measuring the risk of a bond portfolio and the portfolio optimization was relatively rare previously, because the risk factors of bond portfolios are not very volatile. However, this condition has changed recently. The 2008 financial crisis brought high volatility to the risk factors and the related bond securities, even if the highly rated U.S. treasury bonds. Moreover, the risk factors of bond portfolios show properties of fat-tailness and asymmetry like risk factors of equity portfolios. Therefore, we need to use advanced techniques to measure and manage risk of bond portfolios. In our paper, we first apply autoregressive moving average generalized autoregressive conditional heteroscedasticity (ARMA-GARCH) model with multivariate normal tempered stable (MNTS) distribution innovations to predict risk factors of U.S. treasury bonds and statistically demonstrate that MNTS distribution has the ability to capture the properties of risk factors based on the goodness-of-fit tests. Then based on empirical evidence, we find that the VaR and AVaR estimated by assuming normal tempered stable distribution are more realistic and reliable than those estimated by assuming normal distribution, especially for the financial crisis period. Finally, we use the mean-risk portfolio optimization to minimize portfolios' potential risks. The empirical study indicates that the optimized bond portfolios have better risk-adjusted performances than the benchmark portfolios for some periods. Moreover, the optimized bond portfolios obtained by assuming normal tempered stable distribution have improved performances in comparison to the optimized bond portfolios obtained by assuming normal distribution.

  8. The Role of Agribusiness Assets in Investment Portfolios

    OpenAIRE

    Johnson, Michael; Malcolm, Bill; O'Connor, Ian

    2006-01-01

    Investment in agribusiness assets has grown significantly in recent years. The question of interest is whether including agribusiness assets in investment portfolios provide benefits. The effects of diversification by including agribusiness assets in two investment portfolios, a mixed asset portfolio and a diversified share portfolio was investigated using Markowitz’s (1952) Modern Portfolio Theory (MPT) of mean-variance optimization. To measure the performance of agribusiness assets, an in...

  9. An Extensive Evaluation of Portfolio Approaches for Constraint Satisfaction Problems

    Directory of Open Access Journals (Sweden)

    Roberto Amadini

    2016-06-01

    Full Text Available In the context of Constraint Programming, a portfolio approach exploits the complementary strengths of a portfolio of different constraint solvers. The goal is to predict and run the best solver(s of the portfolio for solving a new, unseen problem. In this work we reproduce, simulate, and evaluate the performance of different portfolio approaches on extensive benchmarks of Constraint Satisfaction Problems. Empirical results clearly show the benefits of portfolio solvers in terms of both solved instances and solving time.

  10. Optimal Portfolio Rebalancing Strategy : Evidence from Finnish Stocks

    OpenAIRE

    Savage, Akinwunmi

    2010-01-01

    Portfolio rebalancing is an established concept in portfolio management and investing generally. Assets within a portfolio have different return and risk prospects, and this inevitably leads them to drift away from their initial allocation weights overtime. Portfolio rebalancing is arguably the only method by which such assets can be reset to their initial weights, thus ensuring the portfolio reflects the risk appetite of the investor. Like many other concepts and practices in finance, portfo...

  11. The European market of renewable energies

    International Nuclear Information System (INIS)

    Anon.

    2011-09-01

    This market study on renewable energies presents: 1 - the different renewable energy industries for power generation: the field of renewable energies (hydropower, wind power, solar energy, geothermal energy and biomass power plants) and their common points, their characteristics, advantages and constraints; 2 - the political and regulatory context with its ambitious goals: main steps of worldwide negotiations, Europe and the management of CO 2 emissions, stiffening of the environmental regulation, the energy/climate package and the efforts to be borne by the different member states; 3 - Economy of the sector and the necessary public support: investment and production costs by industry, wholesale prices and competitiveness of the different power generation means, government's incentives for projects profitability; 4 - dynamics of the European market of renewable energies: energy-mix and evolution of the renewable energies contribution in the world and in the European Union, key-figures by country and by industry (installed capacity, production, turnover, employment); 5 - medium-term development perspectives: 2020 prospect scenarios, evolution of the energy mix, perspectives of development for each industry; 6 - the strengths in presence in the domain of facilities: main manufacturers, market shares, innovations, vertical integration, external growth; 7 - the strengths in presence in the domain of power facilities operation: main European operators, position and ranking, installed capacities, projects portfolio; 8 - medium-term perspectives of reconfiguration: best-positioned operators in a developing market, future of European manufacturers with respect to Asian ones, inevitable concentration in the operation sector. (J.S.)

  12. Mean-Variance portfolio optimization when each asset has individual uncertain exit-time

    Directory of Open Access Journals (Sweden)

    Reza Keykhaei

    2016-12-01

    Full Text Available The standard Markowitz Mean-Variance optimization model is a single-period portfolio selection approach where the exit-time (or the time-horizon is deterministic. ‎In this paper we study the Mean-Variance portfolio selection problem ‎with ‎uncertain ‎exit-time ‎when ‎each ‎has ‎individual uncertain ‎xit-time‎, ‎which generalizes the Markowitz's model‎. ‎‎‎‎‎‎We provide some conditions under which the optimal portfolio of the generalized problem is independent of the exit-times distributions. Also, ‎‎it is shown that under some general circumstances, the sets of optimal portfolios‎ ‎in the generalized model and the standard model are the same‎.

  13. 13 CFR 107.760 - How a change in size or activity of a Portfolio Concern affects the Licensee and the Portfolio...

    Science.gov (United States)

    2010-01-01

    ... of a Portfolio Concern affects the Licensee and the Portfolio Concern. 107.760 Section 107.760... § 107.760 How a change in size or activity of a Portfolio Concern affects the Licensee and the Portfolio Concern. (a) Effect on Licensee of a change in size of a Portfolio Concern. If a Portfolio Concern no...

  14. The future role of photovoltaics: A learning curve versus portfolio perspective

    International Nuclear Information System (INIS)

    Albrecht, Johan

    2007-01-01

    The current cost disadvantage of photovoltaics (PV) risks to reduce its relevance in climate policy strategies. Depending on the used assumptions, electricity from PV can become competitive between 2015 and 2040. Cost competitiveness is, however, a conditional criterion and as an alternative to the learning curve perspective, the future role of PV in electricity production is assessed from a portfolio theory or Capital Asset Pricing Model perspective. In this analysis, the focus is on the input price risks. Fossil fuel price volatility can strongly reduce the financial return of conventional generating technologies. From a welfare perspective, energy planners should try to minimise this risk by adding risk-neutral or no-risk technologies to their portfolio. With an analysis for the year 2025, we illustrate how the addition of renewable capacity to an existing portfolio can lower total portfolio risk without a significant reduction of profitability. PV then emerges as an attractive technology, especially once the best locations for wind energy are already developed

  15. The future role of photovoltaics: a learning curve versus portfolio perspective

    International Nuclear Information System (INIS)

    Albrecht, J.

    2007-01-01

    The current cost disadvantage of photovoltaics (PV) risks to reduce its relevance in climate policy strategies. Depending on the used assumptions, electricity from PV can become competitive between 2015 and 2040. Cost competitiveness is, however, a conditional criterion and as an alternative to the learning curve perspective, the future role of PV in electricity production is assessed from a portfolio theory or Capital Asset Pricing Model perspective. In this analysis, the focus is on the input price risks. Fossil fuel price volatility can strongly reduce the financial return of conventional generating technologies. From a welfare perspective, energy planners should try to minimise this risk by adding risk-neutral or no-risk technologies to their portfolio. With an analysis for the year 2025, we illustrate how the addition of renewable capacity to an existing portfolio can lower total portfolio risk without a significant reduction of profitability. PV then emerges as an attractive technology, especially once the best locations for wind energy are already developed. (author)

  16. THE MAIN PROBLEMS OF THE STUDENTS’ ELECTRONIC PORTFOLIO FORMATION IN TERMS OF THE HIGHER EDUCATIONAL PROGRAMS

    Directory of Open Access Journals (Sweden)

    Yulia V. Dementieva

    2016-01-01

    Full Text Available The aim of the study is the description of the main problems of formation of the student’s electronic portfolio in the conditions of realization of Federal State Educational Standards of the Higher Education (FSES of HE.Methods.Theoretical analysis of scientific literature concerning the subject under discussion; monitoring of existing practices in modern Russian Universities procedures for the formation and maintenance of students electronic portfolio.Results. The author describes the main problems of the electronic students’ portfolio formation; some ways of solving described problems are offered.Scientific novelty concludes in the formation of key ideas of the electronic students’ portfolio based on the understanding of requirements of Federal State Educational Standards of Higher Education for the results of mastering educational programs. They are the formation of general cultural, general professional and professional competences.Practical significance. The researching results will become the theoretical basis for the systematic organization of the process of creating and maintaining an electronic students’ portfolio during the whole period of their studying at the university; the researching results can become a basis for methodological developments.

  17. E-portfolios in lifelong learning

    NARCIS (Netherlands)

    Brouns, Francis; Vogten, Hubert; Janssen, José; Finders, Anton

    2013-01-01

    Brouns, F., Vogten, H., Janssen, J., & Finders, A. (2013, 14-15 November). E-portfolios in lifelong learning. Presentation given at the 2013 Conference on Technological Ecosystems for Enhancing Multiculturality, TEEM2013, Salamanca, Spain.

  18. Optimal diversification of the securities portfolio

    Directory of Open Access Journals (Sweden)

    Валентина Михайловна Андриенко

    2016-09-01

    Full Text Available The article deals with problems of the theory and methods of forming the optimal portfolio of financial markets. The analytical review of methods in their historical development is given. Recommendations on the use of a particular method depends on the specific conditions are formulated. The classical and alternative methods are considered. The main attention is paid to the analysis of the investment portfolio of derivative securities in B/S-market modelThe article deals with problems of the theory and methods of forming the optimal portfolio of financial markets. The analytical review of methods in their historical development is given. Recommendations on the use of a particular method depends on the specific conditions are formulated. The classical and alternative methods are considered. The main attention is paid to the analysis of the investment portfolio of derivative securities in -market model

  19. Active Multifamily Portfolio-Property Level data

    Data.gov (United States)

    Department of Housing and Urban Development — Multifamily Portfolio datasets (section 8 contracts) - The information has been compiled from multiple data sources within FHA or its contractors. HUD oversees more...

  20. ROMANIAN INVESTORS PORTFOLIO. ONLINE VERSUS ASSISTED TRADING

    Directory of Open Access Journals (Sweden)

    Ioana Ancuţa IANCU

    2017-05-01

    Full Text Available One of the most important aspects in deciding to trade online, alone, without the help of a broker, is the portfolio profitability. In this study, using the personal experience, survey data and secondary sources, we identify some factors that may influence the gain and the loss of investors which trade online. Our study contradicts other results from literature that claim that the transition from assisted to online trading is a big drawback in terms of portfolio profitability. By analyzing the performance of the portfolio when passing from assisted to online trading, we observe that half of the investors achieved identical profitability. We also observed that the efficiency of the portfolios belonging to the online investors that were assisted in the past by a broker for a short period, is lower compared to the ones assisted (in the past for a longer period.

  1. Balancing renewable on intra day electricity markets

    International Nuclear Information System (INIS)

    Sokol, R.; Bems, J.

    2012-01-01

    Intra day electricity markets contribute to facilitate transition from conventional sources to renewable which need to be balanced on real-time basic due to the unpredictable nature of weather. This paper describes the way from regional electricity markets to a single pan-european market model which is target model of the European Commission. Single liquid intra day electricity market where market participants can balance their portfolios is prerequisite to a full utilisation of renewable power sources and a solution for some problems experienced by TSOs with loop and parallel flows from neighbouring countries. Integrated German and French intra day electricity market which uses Flexible Intra day Trading Scheme is described in this paper as a market which could be extended further to the CEE region with very poor liquidity of its local intra day markets. (Authors)

  2. Managing sovereign credit risk in bond portfolios

    OpenAIRE

    Bruder, Benjamin; Hereil, Pierre; Roncalli, Thierry

    2011-01-01

    With the recent development of the European debt crisis, traditional index bond management has been severely called into question. We focus here on the risk issues raised by the classical market-capitalization weighting scheme. We propose an approach to properly measure sovereign credit risk in a fixed-income portfolio. For that, we assume that CDS spreads follow a SABR process and we derive a sovereign credit risk measure based on CDS spreads and duration of portfolio bonds. We then consider...

  3. Online Learning of Commission Avoidant Portfolio Ensembles

    OpenAIRE

    Uziel, Guy; El-Yaniv, Ran

    2016-01-01

    We present a novel online ensemble learning strategy for portfolio selection. The new strategy controls and exploits any set of commission-oblivious portfolio selection algorithms. The strategy handles transaction costs using a novel commission avoidance mechanism. We prove a logarithmic regret bound for our strategy with respect to optimal mixtures of the base algorithms. Numerical examples validate the viability of our method and show significant improvement over the state-of-the-art.

  4. Subjective Life Horizon and Portfolio Choice

    OpenAIRE

    Spaenjers , Christophe; Spira, Sven Michael

    2013-01-01

    Using data from a U.S. household survey, we examine the empirical relation between subjective life horizon (i.e., the self-reported expectation of remaining life span) and portfolio choice. We find that equity portfolio shares are higher for investors with longer horizons, ceteris paribus, in line with theoretical predictions. This result is robust to controlling for optimism and health status, accounting for the endogeneity of equity market participation, or instrumenting subjective life hor...

  5. Portfolio Selection with Jumps under Regime Switching

    Directory of Open Access Journals (Sweden)

    Lin Zhao

    2010-01-01

    Full Text Available We investigate a continuous-time version of the mean-variance portfolio selection model with jumps under regime switching. The portfolio selection is proposed and analyzed for a market consisting of one bank account and multiple stocks. The random regime switching is assumed to be independent of the underlying Brownian motion and jump processes. A Markov chain modulated diffusion formulation is employed to model the problem.

  6. Equity Portfolio Management Using Option Price Information

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Pan, Xuhui (Nick)

    We survey the recent academic literature that uses option-implied information to construct equity portfolios. Studies show that equity managers can earn a positive alpha by using information in individual equity options, by using stocks' exposure to information in market index options, and by using...... stocks' exposure to crude oil option information. Option-implied information can also help construct better mean-variance portfolios and better estimates of market beta....

  7. Systemic risk contributions: a credit portfolio approach

    OpenAIRE

    Düllmann, Klaus; Puzanova, Natalia

    2011-01-01

    We put forward a Merton-type multi-factor portfolio model for assessing banks' contributions to systemic risk. This model accounts for the major drivers of banks' systemic relevance: size, default risk and correlation of banks' assets as a proxy for interconnectedness. We measure systemic risk in terms of the portfolio expected shortfall (ES). Banks' (marginal) risk contributions are calculated based on partial derivatives of the ES in order to ensure a full risk allocation among institutions...

  8. Essays on portfolio choice with Bayesian methods

    OpenAIRE

    Kebabci, Deniz

    2007-01-01

    How investors should allocate assets to their portfolios in the presence of predictable components in asset returns is a question of great importance in finance. While early studies took the return generating process as given, recent studies have addressed issues such as parameter estimation and model uncertainty. My dissertation develops Bayesian methods for portfolio choice - and industry allocation in particular - under parameter and model uncertainty. The first chapter of my dissertation,...

  9. Optimal annuity portfolio under inflation risk

    DEFF Research Database (Denmark)

    Konicz, Agnieszka Karolina; Pisinger, David; Weissensteiner, Alex

    2015-01-01

    The paper investigates the importance of in ation-linked annuities to individuals facing in ation risk. Given the investment opportunities in nominal, real, and variable annuities, as well as cash and stocks, we investigate the consumption and investment decisions under two different objective fu...... and risk aversion, real annuities are a crucial asset in every portfolio. In addition, without investing in real annuities, the retiree has to rebalance the portfolio more frequently, and still obtains the lower and more volatile real consumption....

  10. Testing for structural changes in large portfolios

    OpenAIRE

    Posch, Peter N.; Ullmann, Daniel; Wied, Dominik

    2015-01-01

    Model free tests for constant parameters often fail to detect structural changes in high dimensions. In practice, this corresponds to a portfolio with many assets and a reasonable long time series. We reduce the dimensionality of the problem by looking a compressed panel of time series obtained by cluster analysis and the principal components of the data. Using our methodology we are able to extend a test for a constant correlation matrix from a sub portfolio to whole indices a...

  11. Streamlining the license renewal review process

    International Nuclear Information System (INIS)

    Dozier, J.; Lee, S.; Kuo, P.T.

    2001-01-01

    The staff of the NRC has been developing three regulatory guidance documents for license renewal: the Generic Aging Lessons Learned (GALL) report, Standard Review Plan for License Renewal (SRP-LR), and Regulatory Guide (RG) for Standard Format and Content for Applications to Renew Nuclear Power Plant Operating Licenses. These documents are designed to streamline the license renewal review process by providing clear guidance for license renewal applicants and the NRC staff in preparing and reviewing license renewal applications. The GALL report systematically catalogs aging effects on structures and components; identifies the relevant existing plant programs; and evaluates the existing programs against the attributes considered necessary for an aging management program to be acceptable for license renewal. The GALL report also provides guidance for the augmentation of existing plant programs for license renewal. The revised SRP-LR allows an applicant to reference the GALL report to preclude further NRC staff evaluation if the plant's existing programs meet the criteria described in the GALL report. During the review process, the NRC staff will focus primarily on existing programs that should be augmented or new programs developed specifically for license renewal. The Regulatory Guide is expected to endorse the Nuclear Energy Institute (NEI) guideline, NEI 95-10, Revision 2, entitled 'Industry Guideline for Implementing the Requirements of 10 CFR Part 54 - The License Renewal Rule', which provides guidance for preparing a license renewal application. This paper will provide an introduction to the GALL report, SRP-LR, Regulatory Guide, and NEI 95-10 to show how these documents are interrelated and how they will be used to streamline the license renewal review process. This topic will be of interest to domestic power utilities considering license renewal and international ICONE participants seeking state-of-the-art information about license renewal in the United States

  12. Renewable energy: RD&D priorities. Insights from IEA technology programmes

    Energy Technology Data Exchange (ETDEWEB)

    none

    2006-12-19

    In order to substantially enhance the share of renewable energy technologies in the energy portfolio, it is imperative to accelerate technological advancement and subsequently reduce costs, in combination with novel applications and deployment. This outcome can be significantly supported by a range of RD and D initiatives, if properly designed and implemented. This publication reviews the current status of the renewable energy technologies portfolio and provides guidance on their mid- and long-term development. The study explores the options for the RD&D to achieve breakthroughs that will lead to large-scale markets and identifies what activities should take priority. It also looks at the benefits of increased RD&D funding in terms of technological advancement and cost improvement. It covers renewable energy technologies in the early research stage through to those that have reached a level of maturity. It also lists national renewable energy RD and D trends in IEA member countries.

  13. Utilization of renewable energy in architectural design

    Institute of Scientific and Technical Information of China (English)

    TIAN Lei; QIN Youguo

    2007-01-01

    Renewable energy does not simply equal to using a photovoltaic (PV) board.In addition to heating,ventilation and air conditioning (HVAC) engineering considerations,the design approaches of architects are crucial to the utilization condition and methods of renewable energy.Through profound comprehension of the relationship between renewable energy utilization and design approaches,we can achieve a dual-standard of building environment performance and esthetics.

  14. Renewing governance.

    Science.gov (United States)

    Loos, Gregory P

    2003-01-01

    Globalization's profound influence on social and political institutions need not be negative. Critics of globalization have often referred to the "Impossible Trinity" because decision-making must 1. respect national sovereignty, 2. develop and implement firm regulation, and 3. allow capital markets to be as free as possible. To many, such goals are mutually exclusive because history conditions us to view policy-making and governance in traditional molds. Thus, transnational governance merely appears impossible because current forms of governance were not designed to provide it. The world needs new tools for governing, and its citizens must seize the opportunity to help develop them. The rise of a global society requires a greater level of generality and inclusion than is found in most policy bodies today. Politicians need to re-examine key assumptions about government. States must develop ways to discharge their regulatory responsibilities across borders and collaborate with neighboring jurisdictions, multilateral bodies, and business. Concepts such as multilateralism and tripartism show great promise. Governments must engage civil society in the spirit of shared responsibility and democratic decision-making. Such changes will result in a renewal of the state's purpose and better use of international resources and expertise in governance.

  15. Integrating sustainable generation technologies in the Canadian energy portfolio

    International Nuclear Information System (INIS)

    Saulnier, B.

    2001-01-01

    The structure of the energy industry and the planning of electrical networks are experiencing rapid changes under the combined action of social, technico-economical, environmental and trade pressures. Given the widening diversity of competing (demand and supply) options being offered to consumers, energy policy makers must establish a fair and consistent technico-economic methodology to compare the sustainability and natural synergies of energy options. Such an approach towards energy issues should allow renewable energies, energy efficiency and storage technologies to build strong alliances with information technology and take a major place in the long-term energy portfolio of societies. With examples of recent projects involving significant penetration of wind energy in electrical grids in Canada and abroad, the author presents the rationale for technico-economic comparison indicators that canadian policy makers need to take into account so as to bring the full advantage and value of promising renewable energy technologies to the canadian energy market. The merits of expanding the pace of the current Canadian GHG reduction program by granting all provinces, irrespective of their electricity market structure or generation mix, an equal opportunity to invest in RE projects contributing to the national goal are presented. In this regard, the limitations of the prevailing accounting rules found in the Canadian GHG reduction program are analysed and corrections are proposed. (author)

  16. Validity of the Learning Portfolio: Analysis of a Portfolio Proposal for the University

    Science.gov (United States)

    Gregori-Giralt, Eva; Menéndez-Varela, José Luis

    2015-01-01

    Validity is a central issue in portfolio-based assessment. This empirical study used a quantitative approach to analyse the validity of the inferences drawn from a disciplinary course work portfolio assessment comprising profession-specific and learning competencies. The study also examined the problems involved in the development of the…

  17. Optimization modeling of U.S. renewable electricity deployment using local input variables

    Science.gov (United States)

    Bernstein, Adam

    For the past five years, state Renewable Portfolio Standard (RPS) laws have been a primary driver of renewable electricity (RE) deployments in the United States. However, four key trends currently developing: (i) lower natural gas prices, (ii) slower growth in electricity demand, (iii) challenges of system balancing intermittent RE within the U.S. transmission regions, and (iv) fewer economical sites for RE development, may limit the efficacy of RPS laws over the remainder of the current RPS statutes' lifetime. An outsized proportion of U.S. RE build occurs in a small number of favorable locations, increasing the effects of these variables on marginal RE capacity additions. A state-by-state analysis is necessary to study the U.S. electric sector and to generate technology specific generation forecasts. We used LP optimization modeling similar to the National Renewable Energy Laboratory (NREL) Renewable Energy Development System (ReEDS) to forecast RE deployment across the 8 U.S. states with the largest electricity load, and found state-level RE projections to Year 2031 significantly lower than thoseimplied in the Energy Information Administration (EIA) 2013 Annual Energy Outlook forecast. Additionally, the majority of states do not achieve their RPS targets in our forecast. Combined with the tendency of prior research and RE forecasts to focus on larger national and global scale models, we posit that further bottom-up state and local analysis is needed for more accurate policy assessment, forecasting, and ongoing revision of variables as parameter values evolve through time. Current optimization software eliminates much of the need for algorithm coding and programming, allowing for rapid model construction and updating across many customized state and local RE parameters. Further, our results can be tested against the empirical outcomes that will be observed over the coming years, and the forecast deviation from the actuals can be attributed to discrete parameter

  18. Decision Analysis and Policy Formulation for Technology-Specific Renewable Energy Targets

    Science.gov (United States)

    Okioga, Irene Teshamulwa

    This study establishes a decision making procedure using Analytic Hierarchy Process (AHP) for a U.S. national renewable portfolio standard, and proposes technology-specific targets for renewable electricity generation for the country. The study prioritizes renewable energy alternatives based on a multi-perspective view: from the public, policy makers, and investors' points-of-view, and uses multiple criteria for ranking the alternatives to generate a unified prioritization scheme. During this process, it considers a 'quadruple bottom-line' approach (4P), i.e. reflecting technical "progress", social "people", economic 'profits", and environmental "planet" factors. The AHP results indicated that electricity generation from solar PV ranked highest, and biomass energy ranked lowest. A "Benefits/Cost Incentives/Mandates" (BCIM) model was developed to identify where mandates are needed, and where incentives would instead be required to bring down costs for technologies that have potential for profitable deployment. The BCIM model balances the development of less mature renewable energy technologies, without the potential for rising near-term electricity rates for consumers. It also ensures that recommended policies do not lead to growth of just one type of technology--the "highest-benefit, least-cost" technology. The model indicated that mandates would be suited for solar PV, and incentives generally for geothermal and concentrated solar power. Development for biomass energy, as a "low-cost, low-benefits" alternative was recommended at a local rather than national level, mainly due to its low resource potential values. Further, biomass energy generated from wastewater treatment plants (WWTPs) had the least resource potential compared to other biomass sources. The research developed methodologies and recommendations for biogas electricity targets at WWTPs, to take advantage of the waste-to-energy opportunities.

  19. Catalyzing the potential of renewable energy in the Great Lakes economy

    International Nuclear Information System (INIS)

    Howland, T.

    2003-01-01

    Vision Quest Windelectric builds, owns and operates wind power plants. Its major activities include wind prospecting, development, production, and product marketing. Currently, the facility operates 68 wind turbines with a total installed capacity of 45.7 MW. A joint venture is currently under construction in southern Alberta where a 114 wind turbine array is being installed for operation in 2003 for a total capacity of 75 MW. It will be Canada's largest wind farm. Wind power offers competitive pricing, positive environmental and economic impact, and an incremental supply growth. Worldwide, wind-generated capacity exceeded 24,000 megawatts in 2002. Industry leaders are Europe, with 4,500 MW installed capacity, followed by the United States and India. In the past 5 years, wind power has seen a growth rate of 32 per cent. In the United States, wind farms are generating approximately 10 billion kWh annually. In Canada, there is more wind energy potential than current electricity use. In 2002, wind was being used as a power source in British Columbia, Alberta, Saskatchewan, Ontario, Quebec, Prince Edward Island and the Yukon, for a total installed capacity of 205 MW. Green power marketing promotes the use of renewable energy sources. Green pricing offers customers the option to support investment in renewables by paying a premium on electricity bills to pay for the additional costs related to the development of renewable energy. There are 12 companies offering green power options in Canada. Premiums range from 2 to 7.5 cents per kWh. In the United States, 40 per cent of the customers have access to green power programs, and worldwide, 2 million customers are buying green power. The demand for green power can be stimulated through policy support such as credit emissions for reductions, financial incentives, government purchases, market access, common certification, and renewable portfolio standards. 6 figs

  20. Portfolio choice and asset pricing with endogenous beliefs and skewness preference

    NARCIS (Netherlands)

    Karehnke, P.

    2014-01-01

    This thesis studies portfolio choice and asset pricing with preferences which go beyond the standard expected utility and mean-variance preferences. The first part of this thesis analyses a decision model in which the decision maker forms endogenous beliefs given his anticipation utility and his

  1. Ant colony algorithm for clustering in portfolio optimization

    Science.gov (United States)

    Subekti, R.; Sari, E. R.; Kusumawati, R.

    2018-03-01

    This research aims to describe portfolio optimization using clustering methods with ant colony approach. Two stock portfolios of LQ45 Indonesia is proposed based on the cluster results obtained from ant colony optimization (ACO). The first portfolio consists of assets with ant colony displacement opportunities beyond the defined probability limits of the researcher, where the weight of each asset is determined by mean-variance method. The second portfolio consists of two assets with the assumption that each asset is a cluster formed from ACO. The first portfolio has a better performance compared to the second portfolio seen from the Sharpe index.

  2. Nuclear-Renewable Hybrid Energy Systems: 2016 Technology Development Program Plan

    International Nuclear Information System (INIS)

    Bragg-Sitton, Shannon M.; Boardman, Richard; Rabiti, Cristian; Suk Kim, Jong; McKellar, Michael; Sabharwall, Piyush; Chen, Jun; Cetiner, M. Sacit; Harrison, T. Jay; Qualls, A. Lou

    2016-01-01

    The United States is in the midst of an energy revolution, spurred by advancement of technology to produce unprecedented supplies of oil and natural gas. Simultaneously, there is an increasing concern for climate change attributed to greenhouse gas (GHG) emissions that, in large part, result from burning fossil fuels. An international consensus has concluded that the U.S. and other developed nations have an imperative to reduce GHG emissions to address these climate change concerns. The global desire to reduce GHG emissions has led to the development and deployment of clean energy resources and technologies, particularly renewable energy technologies, at a rapid rate. At the same time, each of the major energy sectors-the electric grid, industrial manufacturing, transportation, and the residential/commercial consumers- is increasingly becoming linked through information and communications technologies, advanced modeling and simulation, and controls. Coordination of clean energy generation technologies through integrated hybrid energy systems, as defined below, has the potential to further revolutionize energy services at the system level by coordinating the exchange of energy currency among the energy sectors in a manner that optimizes financial efficiency (including capital investments), maximizes thermodynamic efficiency (through best use of exergy, which is the potential to use the available energy in producing energy services), reduces environmental impacts when clean energy inputs are maximized, and provides resources for grid management. Rapid buildout of renewable technologies has been largely driven by local, state, and federal policies, such as renewable portfolio standards and production tax credits that incentivize investment in these generation sources. A foundational assumption within this program plan is that renewable technologies will continue to be major contributors to the future U.S. energy infrastructure. While increased use of clean renewable

  3. Nuclear-Renewable Hybrid Energy Systems: 2016 Technology Development Program Plan

    Energy Technology Data Exchange (ETDEWEB)

    Bragg-Sitton, Shannon M. [Idaho National Lab. (INL), Idaho Falls, ID (United States); Boardman, Richard [Idaho National Lab. (INL), Idaho Falls, ID (United States); Rabiti, Cristian [Idaho National Lab. (INL), Idaho Falls, ID (United States); Suk Kim, Jong [Idaho National Lab. (INL), Idaho Falls, ID (United States); McKellar, Michael [Idaho National Lab. (INL), Idaho Falls, ID (United States); Sabharwall, Piyush [Idaho National Lab. (INL), Idaho Falls, ID (United States); Chen, Jun [Idaho National Lab. (INL), Idaho Falls, ID (United States); Cetiner, M. Sacit [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Harrison, T. Jay [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Qualls, A. Lou [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States)

    2016-03-01

    The United States is in the midst of an energy revolution, spurred by advancement of technology to produce unprecedented supplies of oil and natural gas. Simultaneously, there is an increasing concern for climate change attributed to greenhouse gas (GHG) emissions that, in large part, result from burning fossil fuels. An international consensus has concluded that the U.S. and other developed nations have an imperative to reduce GHG emissions to address these climate change concerns. The global desire to reduce GHG emissions has led to the development and deployment of clean energy resources and technologies, particularly renewable energy technologies, at a rapid rate. At the same time, each of the major energy sectors—the electric grid, industrial manufacturing, transportation, and the residential/commercial consumers— is increasingly becoming linked through information and communications technologies, advanced modeling and simulation, and controls. Coordination of clean energy generation technologies through integrated hybrid energy systems, as defined below, has the potential to further revolutionize energy services at the system level by coordinating the exchange of energy currency among the energy sectors in a manner that optimizes financial efficiency (including capital investments), maximizes thermodynamic efficiency (through best use of exergy, which is the potential to use the available energy in producing energy services), reduces environmental impacts when clean energy inputs are maximized, and provides resources for grid management. Rapid buildout of renewable technologies has been largely driven by local, state, and federal policies, such as renewable portfolio standards and production tax credits that incentivize investment in these generation sources. A foundational assumption within this program plan is that renewable technologies will continue to be major contributors to the future U.S. energy infrastructure. While increased use of clean

  4. Minimal investment risk of a portfolio optimization problem with budget and investment concentration constraints

    Science.gov (United States)

    Shinzato, Takashi

    2017-02-01

    In the present paper, the minimal investment risk for a portfolio optimization problem with imposed budget and investment concentration constraints is considered using replica analysis. Since the minimal investment risk is influenced by the investment concentration constraint (as well as the budget constraint), it is intuitive that the minimal investment risk for the problem with an investment concentration constraint can be larger than that without the constraint (that is, with only the budget constraint). Moreover, a numerical experiment shows the effectiveness of our proposed analysis. In contrast, the standard operations research approach failed to identify accurately the minimal investment risk of the portfolio optimization problem.

  5. Teaching portfolios and a competence framework aimed to build faculty teaching competencies

    DEFF Research Database (Denmark)

    Dolin, Jens; Kobayashi, Sofie

    as a need for a common language and reference. Main barriers are scepticism towards the teaching portfolio for assessment of competencies, fear of extra work load, possible use as control measures, and fear that standards will narrow teaching development. In a research intensive university it is very......The University of Copenhagen has decided to introduce teaching portfolios and a competence framework as initiatives aimed to address the relatively low status of teaching compared to research. The two measures have been designed in a bottom-up process and are also backed by university leadership...

  6. Making practice transparent through e-portfolio.

    Science.gov (United States)

    Stewart, Sarah M

    2013-12-01

    Midwives are required to maintain a professional portfolio as part of their statutory requirements. Some midwives are using open social networking tools and processes to develop an e-portfolio. However, confidentiality of patient and client data and professional reputation have to be taken into consideration when using online public spaces for reflection. There is little evidence about how midwives use social networking tools for ongoing learning. It is uncertain how reflecting in an e-portfolio with an audience impacts on learning outcomes. This paper investigates ways in which reflective midwifery practice be carried out using e-portfolio in open, social networking platforms using collaborative processes. Using an auto-ethnographic approach I explored my e-portfolio and selected posts that had attracted six or more comments. I used thematic analysis to identify themes within the textual conversations in the posts and responses posted by readers. The analysis identified that my collaborative e-portfolio had four themes: to provide commentary and discuss issues; to reflect and process learning; to seek advice, brainstorm and process ideas for practice, projects and research, and provide evidence of professional development. E-portfolio using open social networking tools and processes is a viable option for midwives because it facilitates collaborative reflection and shared learning. However, my experience shows that concerns about what people think, and client confidentiality does impact on the nature of open reflection and learning outcomes. I conclude this paper with a framework for managing midwifery statutory obligations using online public spaces and social networking tools. Copyright © 2013 Australian College of Midwives. Published by Elsevier Ltd. All rights reserved.

  7. RISK MANAGEMENT OF INVESTMENT PORTFOLIO BY FUTURE

    Directory of Open Access Journals (Sweden)

    K. Kerimov Alexandr

    2017-01-01

    Full Text Available The article considers the problem of the dynamic risk management of the investment portfolio using future con- tracts. The management starts with the concept of effective inhomogeneous portfolios, which contain futures together with underlying asserts. The effective portfolios are defined as the ones of the minimal dispersion with the expected return greater or equal to the specified value. Risk is measured by the probability of losing of a certain part of the portfolio value. The control parameters are the number of futures for each asset of portfolio, which is defined from the condition of effec- tiveness of portfolio and risk acceptability on each step.The effective adaptive strategies of portfolio risk management together with comparative analysis on a concrete example are presented. The proposed approach provides the forecast correction of the expected income and its variance for the assets with the emergence of new data. The financial time series are determined by volatility clustering, i.e. relative or absolute price changes tend to keep high or low magnitude for some time, with the result that clusters are created - periods of high or low volatility. Then adaptive estimate of correlational relationships between asset prices are essential because the degree of correlational relationship also changes in time. So the correlation of future and spot price changes considerably increases while approaching to performance of contracts. For taking into account of data instability of dispersion and correlation simple methods of volatility forecasting and correlation of relative changes of price data based on exponential smoothing are implemented.

  8. Exploring the role of assessment criteria during teachers' collaborative judgement processes of students' portfolios

    NARCIS (Netherlands)

    Schaaf, van der M.F.; Baartman, L.K.J.; Prins, F.J.

    2012-01-01

    Student portfolios are increasingly used for assessing student competences in higher education, but results about the construct validity of portfolio assessment are mixed. A prerequisite for construct validity is that the portfolio assessment is based on relevant portfolio content. Assessment

  9. Final report. Renewable energy and energy efficiency in Mexico: Barriers and opportunities

    Energy Technology Data Exchange (ETDEWEB)

    Ashford, Mike

    2000-09-28

    The report describes the prospects for energy efficiency and greenhouse gas emissions reductions in Mexico, along with renewable energy potential. A methodology for developing emissions baselines is shown, in order to prepare project emissions reductions calculations. An application to the USIJI program was also prepared through this project, for a portfolio of energy efficiency projects.

  10. Decision-support tool for assessing future nuclear reactor generation portfolios

    International Nuclear Information System (INIS)

    Jain, Shashi; Roelofs, Ferry; Oosterlee, Cornelis W.

    2014-01-01

    Capital costs, fuel, operation and maintenance (O and M) costs, and electricity prices play a key role in the economics of nuclear power plants. Often standardized reactor designs are required to be locally adapted, which often impacts the project plans and the supply chain. It then becomes difficult to ascertain how these changes will eventually reflect in costs, which makes the capital costs component of nuclear power plants uncertain. Different nuclear reactor types compete economically by having either lower and less uncertain construction costs, increased efficiencies, lower and less uncertain fuel cycles and O and M costs etc. The decision making process related to nuclear power plants requires a holistic approach that takes into account the key economic factors and their uncertainties. We here present a decision-support tool that satisfactorily takes into account the major uncertainties in the cost elements of a nuclear power plant, to provide an optimal portfolio of nuclear reactors. The portfolio so obtained, under our model assumptions and the constraints considered, maximizes the combined returns for a given level of risk or uncertainty. These decisions are made using a combination of real option theory and mean–variance portfolio optimization. - Highlights: • Decisions to continue or abandon the construction of NPPs • Mean–variance portfolio of nuclear reactors • Sensitivity study of mean–variance portfolio of nuclear reactors

  11. Firefly Algorithm for Cardinality Constrained Mean-Variance Portfolio Optimization Problem with Entropy Diversity Constraint

    Science.gov (United States)

    2014-01-01

    Portfolio optimization (selection) problem is an important and hard optimization problem that, with the addition of necessary realistic constraints, becomes computationally intractable. Nature-inspired metaheuristics are appropriate for solving such problems; however, literature review shows that there are very few applications of nature-inspired metaheuristics to portfolio optimization problem. This is especially true for swarm intelligence algorithms which represent the newer branch of nature-inspired algorithms. No application of any swarm intelligence metaheuristics to cardinality constrained mean-variance (CCMV) portfolio problem with entropy constraint was found in the literature. This paper introduces modified firefly algorithm (FA) for the CCMV portfolio model with entropy constraint. Firefly algorithm is one of the latest, very successful swarm intelligence algorithm; however, it exhibits some deficiencies when applied to constrained problems. To overcome lack of exploration power during early iterations, we modified the algorithm and tested it on standard portfolio benchmark data sets used in the literature. Our proposed modified firefly algorithm proved to be better than other state-of-the-art algorithms, while introduction of entropy diversity constraint further improved results. PMID:24991645

  12. Firefly algorithm for cardinality constrained mean-variance portfolio optimization problem with entropy diversity constraint.

    Science.gov (United States)

    Bacanin, Nebojsa; Tuba, Milan

    2014-01-01

    Portfolio optimization (selection) problem is an important and hard optimization problem that, with the addition of necessary realistic constraints, becomes computationally intractable. Nature-inspired metaheuristics are appropriate for solving such problems; however, literature review shows that there are very few applications of nature-inspired metaheuristics to portfolio optimization problem. This is especially true for swarm intelligence algorithms which represent the newer branch of nature-inspired algorithms. No application of any swarm intelligence metaheuristics to cardinality constrained mean-variance (CCMV) portfolio problem with entropy constraint was found in the literature. This paper introduces modified firefly algorithm (FA) for the CCMV portfolio model with entropy constraint. Firefly algorithm is one of the latest, very successful swarm intelligence algorithm; however, it exhibits some deficiencies when applied to constrained problems. To overcome lack of exploration power during early iterations, we modified the algorithm and tested it on standard portfolio benchmark data sets used in the literature. Our proposed modified firefly algorithm proved to be better than other state-of-the-art algorithms, while introduction of entropy diversity constraint further improved results.

  13. On the non-stationarity of financial time series: impact on optimal portfolio selection

    International Nuclear Information System (INIS)

    Livan, Giacomo; Inoue, Jun-ichi; Scalas, Enrico

    2012-01-01

    We investigate the possible drawbacks of employing the standard Pearson estimator to measure correlation coefficients between financial stocks in the presence of non-stationary behavior, and we provide empirical evidence against the well-established common knowledge that using longer price time series provides better, more accurate, correlation estimates. Then, we investigate the possible consequences of instabilities in empirical correlation coefficient measurements on optimal portfolio selection. We rely on previously published works which provide a framework allowing us to take into account possible risk underestimations due to the non-optimality of the portfolio weights being used in order to distinguish such non-optimality effects from risk underestimations genuinely due to non-stationarities. We interpret such results in terms of instabilities in some spectral properties of portfolio correlation matrices. (paper)

  14. Reliable Portfolio Selection Problem in Fuzzy Environment: An mλ Measure Based Approach

    Directory of Open Access Journals (Sweden)

    Yuan Feng

    2017-04-01

    Full Text Available This paper investigates a fuzzy portfolio selection problem with guaranteed reliability, in which the fuzzy variables are used to capture the uncertain returns of different securities. To effectively handle the fuzziness in a mathematical way, a new expected value operator and variance of fuzzy variables are defined based on the m λ measure that is a linear combination of the possibility measure and necessity measure to balance the pessimism and optimism in the decision-making process. To formulate the reliable portfolio selection problem, we particularly adopt the expected total return and standard variance of the total return to evaluate the reliability of the investment strategies, producing three risk-guaranteed reliable portfolio selection models. To solve the proposed models, an effective genetic algorithm is designed to generate the approximate optimal solution to the considered problem. Finally, the numerical examples are given to show the performance of the proposed models and algorithm.

  15. A Generalized Measure for the Optimal Portfolio Selection Problem and its Explicit Solution

    Directory of Open Access Journals (Sweden)

    Zinoviy Landsman

    2018-03-01

    Full Text Available In this paper, we offer a novel class of utility functions applied to optimal portfolio selection. This class incorporates as special cases important measures such as the mean-variance, Sharpe ratio, mean-standard deviation and others. We provide an explicit solution to the problem of optimal portfolio selection based on this class. Furthermore, we show that each measure in this class generally reduces to the efficient frontier that coincides or belongs to the classical mean-variance efficient frontier. In addition, a condition is provided for the existence of the a one-to-one correspondence between the parameter of this class of utility functions and the trade-off parameter λ in the mean-variance utility function. This correspondence essentially provides insight into the choice of this parameter. We illustrate our results by taking a portfolio of stocks from National Association of Securities Dealers Automated Quotation (NASDAQ.

  16. Renewable energy investment: Policy and market impacts

    International Nuclear Information System (INIS)

    Reuter, Wolf Heinrich; Szolgayová, Jana; Fuss, Sabine; Obersteiner, Michael

    2012-01-01

    Highlights: ► Feedback of decisions to the market: large companies can have an impact on prices in the market. ► Multiple uncertainties: analysis of uncertainties emanating from both markets and environment. ► Policy analysis: impact of uncertainty about the durability of feed-in tariffs. -- Abstract: The liberalization of electricity markets in recent years has enhanced competition among power-generating firms facing uncertain decisions of competitors and thus uncertain prices. At the same time, promoting renewable energy has been a key ingredient in energy policy seeking to de-carbonize the energy mix. Public incentives for companies to invest in renewable technologies range from feed-in tariffs, to investment subsidies, tax credits, portfolio requirements and certificate systems. We use a real options model in discrete time with lumpy multiple investments to analyze the decisions of an electricity producer to invest into new power generating capacity, to select the type of technology and to optimize its operation under price uncertainty and with market effects. We account for both the specific characteristics of renewables and the market effects of investment decisions. The prices are determined endogenously by the supply of electricity in the market and by exogenous electricity price uncertainty. The framework is used to analyze energy policy, as well as the reaction of producers to uncertainty in the political and regulatory framework. In this way, we are able to compare different policies to foster investment into renewables and analyze their impacts on the market.

  17. Review process for license renewal applications

    International Nuclear Information System (INIS)

    Craig, John W.; Kuo, P.T.

    1991-01-01

    In preparation for license renewal reviews, the Nuclear Regulatory Commission has recently published for public review and comment a proposed rule for license renewal and a draft Standard Review Plan as well as a draft Regulatory Guide relating to the implementation of the proposed rule. In support of future license renewal applications, the nuclear industry has also submitted 11 industry reports for NRC review and approval. This paper briefly describe how these parallel regulatory and industry activities will be factored into the NRC review process for license renewal. (author)

  18. Performance of salmon fishery portfolios across western North America.

    Science.gov (United States)

    Griffiths, Jennifer R; Schindler, Daniel E; Armstrong, Jonathan B; Scheuerell, Mark D; Whited, Diane C; Clark, Robert A; Hilborn, Ray; Holt, Carrie A; Lindley, Steven T; Stanford, Jack A; Volk, Eric C

    2014-12-01

    Quantifying the variability in the delivery of ecosystem services across the landscape can be used to set appropriate management targets, evaluate resilience and target conservation efforts. Ecosystem functions and services may exhibit portfolio-type dynamics, whereby diversity within lower levels promotes stability at more aggregated levels. Portfolio theory provides a framework to characterize the relative performance among ecosystems and the processes that drive differences in performance. We assessed Pacific salmon Oncorhynchus spp. portfolio performance across their native latitudinal range focusing on the reliability of salmon returns as a metric with which to assess the function of salmon ecosystems and their services to humans. We used the Sharpe ratio (e.g. the size of the total salmon return to the portfolio relative to its variability (risk)) to evaluate the performance of Chinook and sockeye salmon portfolios across the west coast of North America. We evaluated the effects on portfolio performance from the variance of and covariance among salmon returns within each portfolio, and the association between portfolio performance and watershed attributes. We found a positive latitudinal trend in the risk-adjusted performance of Chinook and sockeye salmon portfolios that also correlated negatively with anthropogenic impact on watersheds (e.g. dams and land-use change). High-latitude Chinook salmon portfolios were on average 2·5 times more reliable, and their portfolio risk was mainly due to low variance in the individual assets. Sockeye salmon portfolios were also more reliable at higher latitudes, but sources of risk varied among the highest performing portfolios. Synthesis and applications . Portfolio theory provides a straightforward method for characterizing the resilience of salmon ecosystems and their services. Natural variability in portfolio performance among undeveloped watersheds provides a benchmark for restoration efforts. Locally and regionally

  19. Performance of salmon fishery portfolios across western North America

    Science.gov (United States)

    Griffiths, Jennifer R; Schindler, Daniel E; Armstrong, Jonathan B; Scheuerell, Mark D; Whited, Diane C; Clark, Robert A; Hilborn, Ray; Holt, Carrie A; Lindley, Steven T; Stanford, Jack A; Volk, Eric C

    2014-01-01

    Quantifying the variability in the delivery of ecosystem services across the landscape can be used to set appropriate management targets, evaluate resilience and target conservation efforts. Ecosystem functions and services may exhibit portfolio-type dynamics, whereby diversity within lower levels promotes stability at more aggregated levels. Portfolio theory provides a framework to characterize the relative performance among ecosystems and the processes that drive differences in performance. We assessed Pacific salmon Oncorhynchus spp. portfolio performance across their native latitudinal range focusing on the reliability of salmon returns as a metric with which to assess the function of salmon ecosystems and their services to humans. We used the Sharpe ratio (e.g. the size of the total salmon return to the portfolio relative to its variability (risk)) to evaluate the performance of Chinook and sockeye salmon portfolios across the west coast of North America. We evaluated the effects on portfolio performance from the variance of and covariance among salmon returns within each portfolio, and the association between portfolio performance and watershed attributes. We found a positive latitudinal trend in the risk-adjusted performance of Chinook and sockeye salmon portfolios that also correlated negatively with anthropogenic impact on watersheds (e.g. dams and land-use change). High-latitude Chinook salmon portfolios were on average 2·5 times more reliable, and their portfolio risk was mainly due to low variance in the individual assets. Sockeye salmon portfolios were also more reliable at higher latitudes, but sources of risk varied among the highest performing portfolios. Synthesis and applications. Portfolio theory provides a straightforward method for characterizing the resilience of salmon ecosystems and their services. Natural variability in portfolio performance among undeveloped watersheds provides a benchmark for restoration efforts. Locally and regionally

  20. Portfolio optimization with skewness and kurtosis

    Science.gov (United States)

    Lam, Weng Hoe; Jaaman, Saiful Hafizah Hj.; Isa, Zaidi

    2013-04-01

    Mean and variance of return distributions are two important parameters of the mean-variance model in portfolio optimization. However, the mean-variance model will become inadequate if the returns of assets are not normally distributed. Therefore, higher moments such as skewness and kurtosis cannot be ignored. Risk averse investors prefer portfolios with high skewness and low kurtosis so that the probability of getting negative rates of return will be reduced. The objective of this study is to compare the portfolio compositions as well as performances between the mean-variance model and mean-variance-skewness-kurtosis model by using the polynomial goal programming approach. The results show that the incorporation of skewness and kurtosis will change the optimal portfolio compositions. The mean-variance-skewness-kurtosis model outperforms the mean-variance model because the mean-variance-skewness-kurtosis model takes skewness and kurtosis into consideration. Therefore, the mean-variance-skewness-kurtosis model is more appropriate for the investors of Malaysia in portfolio optimization.

  1. Declarative Modeling for Production Order Portfolio Scheduling

    Directory of Open Access Journals (Sweden)

    Banaszak Zbigniew

    2014-12-01

    Full Text Available A declarative framework enabling to determine conditions as well as to develop decision-making software supporting small- and medium-sized enterprises aimed at unique, multi-project-like and mass customized oriented production is discussed. A set of unique production orders grouped into portfolio orders is considered. Operations executed along different production orders share available resources following a mutual exclusion protocol. A unique product or production batch is completed while following a given activity’s network order. The problem concerns scheduling a newly inserted project portfolio subject to constraints imposed by a multi-project environment The answers sought are: Can a given project portfolio specified by its cost and completion time be completed within the assumed time period in a manufacturing system in hand? Which manufacturing system capability guarantees the completion of a given project portfolio ordered under assumed cost and time constraints? The considered problems regard finding a computationally effective approach aimed at simultaneous routing and allocation as well as batching and scheduling of a newly ordered project portfolio subject to constraints imposed by a multi-project environment. The main objective is to provide a declarative model enabling to state a constraint satisfaction problem aimed at multi-project-like and mass customized oriented production scheduling. Multiple illustrative examples are discussed.

  2. Balancing Cost and Risk: The Treatment of Renewable Energy in Western Utility Resource Plans

    Energy Technology Data Exchange (ETDEWEB)

    Bolinger, Mark; Wiser, Ryan

    2005-08-10

    Markets for renewable energy have historically been motivated primarily by policy efforts, but a less widely recognized driver is poised to also play a major role in the coming years: utility integrated resource planning (IRP). Resource planning has re-emerged in recent years as an important tool for utilities and regulators, particularly in regions where retail competition has failed to take root. In the western United States, the most recent resource plans contemplate a significant amount of renewable energy additions. These planned additions--primarily coming from wind power--are motivated by the improved economics of wind power, a growing acceptance of wind by electric utilities, and an increasing recognition of the inherent risks (e.g., natural gas price risk, environmental compliance risk) in fossil-based generation portfolios. This report examines how twelve western utilities treat renewable energy in their recent resource plans. In aggregate, these utilities supply approximately half of all electricity demand in the western United States. Our purpose is twofold: (1) to highlight the growing importance of utility IRP as a current and future driver of renewable energy, and (2) to identify methodological/modeling issues, and suggest possible improvements to methods used to evaluate renewable energy as a resource option. Here we summarize the key findings of the report, beginning with a discussion of the planned renewable energy additions called for by the twelve utilities, an overview of how these plans incorporated renewables into candidate portfolios, and a review of the specific technology cost and performance assumptions they made, primarily for wind power. We then turn to the utilities' analysis of natural gas price and environmental compliance risks, and examine how the utilities traded off portfolio cost and risk in selecting a preferred portfolio.

  3. Implementing portfolio in postgraduate general practice training. Benefits and recommendations.

    Science.gov (United States)

    Alotaibi, Fawaz S

    2012-10-01

    This paper presents a review to explore the literature focusing on portfolio in postgraduate general practice (GP) training, and to examine the impact of implementation of portfolio on learning process, as well as proposing recommendations for its implementation in postgraduate GP training. An electronic search was carried out on several databases for studies addressing portfolio in postgraduate GP training. Six articles were included to address specifically the effectiveness of portfolio in postgraduate GP training. Five of them described successful experiences of portfolio-based learning implementation. Only one article addressed portfolio-based assessment in postgraduate GP training. The existing evidence provides various benefits of professional portfolio-based learning. It does appear to have advantages of stimulating reflective learning, promoting proactive learning, and bridging the hospital experiences of the learners to GP. Moreover, the challenges to implementation of portfolio-based learning are often based on orientation and training of stakeholders.

  4. Minimum Variance Portfolios in the Brazilian Equity Market

    Directory of Open Access Journals (Sweden)

    Alexandre Rubesam

    2013-03-01

    Full Text Available We investigate minimum variance portfolios in the Brazilian equity market using different methods to estimate the covariance matrix, from the simple model of using the sample covariance to multivariate GARCH models. We compare the performance of the minimum variance portfolios to those of the following benchmarks: (i the IBOVESPA equity index, (ii an equally-weighted portfolio, (iii the maximum Sharpe ratio portfolio and (iv the maximum growth portfolio. Our results show that the minimum variance portfolio has higher returns with lower risk compared to the benchmarks. We also consider long-short 130/30 minimum variance portfolios and obtain similar results. The minimum variance portfolio invests in relatively few stocks with low βs measured with respect to the IBOVESPA index, being easily replicable by individual and institutional investors alike.

  5. Application of Portfolio Theory in Recovery Planning for Pacific Salmon.

    Science.gov (United States)

    Ecological applications of portfolio theory demonstrate the utility of this analytical framework for understanding the stability of commercial and indigenous Pacific Salmon fisheries. Portfolio theory also has the potential to aid in recovery planning for threatened and endangere...

  6. Fusion fuel and renewables

    International Nuclear Information System (INIS)

    Entler, Slavomir

    2015-01-01

    It is shown that fusion fuel meets all aspects applied when defining renewables. A table of definitions of renewables is presented. The sections of the paper are as follows: An industrial renewable source; Nuclear fusion; Current situation in research; Definitions of renewable sources; Energy concept of nuclear fusion; Fusion fuel; Natural energy flow; Environmental impacts; Fusion fuel assessment; Sustainable power; and Energy mix from renewables. (P.A.)

  7. Who Owns Renewable Energy Certificates? An Exploration of PolicyOptions and Practice

    Energy Technology Data Exchange (ETDEWEB)

    Holt, Edward A.; Wiser, Ryan; Bolinger, Mark

    2006-04-05

    Renewable energy certificates (RECs) represent the bundle of information that describes the characteristics of renewable electricity generation, and may be (and increasingly are) sold separately from the underlying electricity itself. RECs are a relatively new phenomenon, emerging as a tradable commodity in voluntary markets in the late 1990s, and gaining strength as a means of compliance with various state policy requirements affecting renewable generation in the early 2000s (Holt and Bird 2005). Twenty states and Washington, D.C. now have mandatory renewables portfolio standard (RPS) obligations, and most of these may be satisfied by owning and retiring RECs. Many states also have fuel source and emissions disclosure requirements, for which RECs are useful. Even where state policy does not allow unbundled and fully tradable RECs to meet these requirements, RECs may still be used as an accounting and verification tool (REC tracking systems are in place or under development in many regions of the U.S.). These applications, plus REC trading activity in support of voluntary green claims, give rise to potential ''double counting'' to the extent that the purchaser of the RECs and the purchaser of the underlying electricity both make claims to the renewable energy attributes of the facility in question (Hamrin and Wingate 2003). When renewable electricity is sold and purchased, an important question therefore arises: ''Who owns the RECs created by the generation of renewable energy?'' In voluntary transactions, most agree that the question of REC ownership can and should be negotiated between the buyer and the seller privately, and should be clearly established by contract. Claims about purchasing renewable energy should only be made if REC ownership can be documented. In many other cases, however, renewable energy transactions are either mandated or encouraged through state or federal policy. In these cases, the issue of REC

  8. Political processes and variation in renewable energy policies between U.S. states

    Science.gov (United States)

    Vasseur, Michael

    Over the past forty years federal efforts at renewable energy policy in the United States have been fragmented and are largely stalled. This is much different from U.S. states, which enact a diverse array of renewable energy policies. What factors explain this subnational variation? Addressing this question requires moving past the standard model of binary policy adoption that dominates studies of renewable energy policy. In its place I provide analyses of multifaceted policy outcomes, and also include predictors from a more inclusive view of politics than the standard economic and political interest factors. These additions to the standard energy policy model shed light not just on when states take policy action, but also on the content of the policies states ultimately adopt. In this dissertation I argue that different combinations of state-level political and economic characteristics influence policy adoption and policy content, a fact that is obscured by analysis of only binary policy action. I demonstrate this through three empirical projects that utilize an original longitudinal dataset and a variety of quantitative methods. The first project examines the diffusion of two varieties of a single regulatory policy instrument within a political context. I demonstrate that, contrary to most diffusion studies, policy adoption should be thought of as a multifaceted process, with separate factors determining the impetus for action and others shaping the content of the policy. My second project examines the role of economic, political, institutional, and cultural factors on a state's portfolio of policies. This work extends findings from prior literature on tax policies and incorporates institutional and cultural accounts of policy adoption into the study of renewable energy policy. I show that state economic and political factors, the predictors in traditional energy policy models, predict policy action but not policy content. Instead it is a state's cultural context

  9. Markowitz portfolio optimization model employing fuzzy measure

    Science.gov (United States)

    Ramli, Suhailywati; Jaaman, Saiful Hafizah

    2017-04-01

    Markowitz in 1952 introduced the mean-variance methodology for the portfolio selection problems. His pioneering research has shaped the portfolio risk-return model and become one of the most important research fields in modern finance. This paper extends the classical Markowitz's mean-variance portfolio selection model applying the fuzzy measure to determine the risk and return. In this paper, we apply the original mean-variance model as a benchmark, fuzzy mean-variance model with fuzzy return and the model with return are modeled by specific types of fuzzy number for comparison. The model with fuzzy approach gives better performance as compared to the mean-variance approach. The numerical examples are included to illustrate these models by employing Malaysian share market data.

  10. Teaching ePortfolios in Teacher Education

    Directory of Open Access Journals (Sweden)

    Peter Groißböck

    2012-11-01

    Full Text Available Especially when starting their career in the induction phase, young teachers need personal, profession-related and social support. Young teachers can get personal support with a mentoring system, profession-related support in seminars and social support with peer-learning. E-portfolios offer ways to accompany those learning processes and are a central tool for the documentation of individual student progress in the induction phase of teachers. In this article a concept of teaching e-portfolios for the induction phase is presented, showing a basic structure, essential conditions and possible risks. Additionally this article also includes practical thoughts to the use of e-portfolios in basic teacher education and further teacher training.

  11. Enhanced index tracking modelling in portfolio optimization

    Science.gov (United States)

    Lam, W. S.; Hj. Jaaman, Saiful Hafizah; Ismail, Hamizun bin

    2013-09-01

    Enhanced index tracking is a popular form of passive fund management in stock market. It is a dual-objective optimization problem, a trade-off between maximizing the mean return and minimizing the risk. Enhanced index tracking aims to generate excess return over the return achieved by the index without purchasing all of the stocks that make up the index by establishing an optimal portfolio. The objective of this study is to determine the optimal portfolio composition and performance by using weighted model in enhanced index tracking. Weighted model focuses on the trade-off between the excess return and the risk. The results of this study show that the optimal portfolio for the weighted model is able to outperform the Malaysia market index which is Kuala Lumpur Composite Index because of higher mean return and lower risk without purchasing all the stocks in the market index.

  12. Belief Propagation Algorithm for Portfolio Optimization Problems.

    Science.gov (United States)

    Shinzato, Takashi; Yasuda, Muneki

    2015-01-01

    The typical behavior of optimal solutions to portfolio optimization problems with absolute deviation and expected shortfall models using replica analysis was pioneeringly estimated by S. Ciliberti et al. [Eur. Phys. B. 57, 175 (2007)]; however, they have not yet developed an approximate derivation method for finding the optimal portfolio with respect to a given return set. In this study, an approximation algorithm based on belief propagation for the portfolio optimization problem is presented using the Bethe free energy formalism, and the consistency of the numerical experimental results of the proposed algorithm with those of replica analysis is confirmed. Furthermore, the conjecture of H. Konno and H. Yamazaki, that the optimal solutions with the absolute deviation model and with the mean-variance model have the same typical behavior, is verified using replica analysis and the belief propagation algorithm.

  13. A Bicriteria Approach Identifying Nondominated Portfolios

    Directory of Open Access Journals (Sweden)

    Javier Pereira

    2014-01-01

    Full Text Available We explore a portfolio constructive model, formulated in terms of satisfaction of a given set of technical requirements, with the minimum number of projects and minimum redundancy. An algorithm issued from robust portfolio modeling is adapted to a vector model, modifying the dominance condition as convenient, in order to find the set of nondominated portfolios, as solutions of a bicriteria integer linear programming problem. In order to improve the former algorithm, a process finding an optimal solution of a monocriteria version of this problem is proposed, which is further used as a first feasible solution aiding to find nondominated solutions more rapidly. Next, a sorting process is applied on the input data or information matrix, which is intended to prune nonfeasible solutions early in the constructive algorithm. Numerical examples show that the optimization and sorting processes both improve computational efficiency of the original algorithm. Their limits are also shown on certain complex instances.

  14. Robust Portfolio Optimization using CAPM Approach

    Directory of Open Access Journals (Sweden)

    mohsen gharakhani

    2013-08-01

    Full Text Available In this paper, a new robust model of multi-period portfolio problem has been developed. One of the key concerns in any asset allocation problem is how to cope with uncertainty about future returns. There are some approaches in the literature for this purpose including stochastic programming and robust optimization. Applying these techniques to multi-period portfolio problem may increase the problem size in a way that the resulting model is intractable. In this paper, a novel approach has been proposed to formulate multi-period portfolio problem as an uncertain linear program assuming that asset return follows the single-index factor model. Robust optimization technique has been also used to solve the problem. In order to evaluate the performance of the proposed model, a numerical example has been applied using simulated data.

  15. Portfolio Selection Using Level Crossing Analysis

    Science.gov (United States)

    Bolgorian, Meysam; Shirazi, A. H.; Jafari, G. R.

    Asset allocation is one of the most important and also challenging issues in finance. In this paper using level crossing analysis we introduce a new approach for portfolio selection. We introduce a portfolio index that is obtained based on minimizing the waiting time to receive known return and risk values. By the waiting time, we mean time that a special level is observed in average. The advantage of this approach is that the investors are able to set their goals based on gaining return and knowing the average waiting time and risk value at the same time. As an example we use our model for forming portfolio of stocks in Tehran Stock Exchange (TSE).

  16. Belief Propagation Algorithm for Portfolio Optimization Problems.

    Directory of Open Access Journals (Sweden)

    Takashi Shinzato

    Full Text Available The typical behavior of optimal solutions to portfolio optimization problems with absolute deviation and expected shortfall models using replica analysis was pioneeringly estimated by S. Ciliberti et al. [Eur. Phys. B. 57, 175 (2007]; however, they have not yet developed an approximate derivation method for finding the optimal portfolio with respect to a given return set. In this study, an approximation algorithm based on belief propagation for the portfolio optimization problem is presented using the Bethe free energy formalism, and the consistency of the numerical experimental results of the proposed algorithm with those of replica analysis is confirmed. Furthermore, the conjecture of H. Konno and H. Yamazaki, that the optimal solutions with the absolute deviation model and with the mean-variance model have the same typical behavior, is verified using replica analysis and the belief propagation algorithm.

  17. Construction of uncertainty sets for portfolio selection problems

    OpenAIRE

    Wiechers, Christof

    2011-01-01

    While modern portfolio theory grounds on the trade-off between portfolio return and portfolio variance to determine the optimal investment decision, postmodern portfolio theory uses downside risk measures instead of the variance. Prominent examples are given by the risk measures Value-at-Risk and its coherent extension, Conditional Value-at-Risk. When avoiding distributional assumptions on the process that generates the risky assets' returns, historical return data or expert knowledge remain ...

  18. An Arbitrary Benchmark CAPM: One Additional Frontier Portfolio is Sufficient

    OpenAIRE

    Ekern, Steinar

    2008-01-01

    First draft: July 16, 2008 This version: October 7, 2008 The benchmark CAPM linearly relates the expected returns on an arbitrary asset, an arbitrary benchmark portfolio, and an arbitrary MV frontier portfolio. The benchmark is not required to be on the frontier and may be non-perfectly correlated with the frontier portfolio. The benchmark CAPM extends and generalizes previous CAPM formulations, including the zero beta, two correlated frontier portfolios, riskless augmented frontier, an...

  19. Log-Optimal Portfolio Selection Using the Blackwell Approachability Theorem

    OpenAIRE

    V'yugin, Vladimir

    2014-01-01

    We present a method for constructing the log-optimal portfolio using the well-calibrated forecasts of market values. Dawid's notion of calibration and the Blackwell approachability theorem are used for computing well-calibrated forecasts. We select a portfolio using this "artificial" probability distribution of market values. Our portfolio performs asymptotically at least as well as any stationary portfolio that redistributes the investment at each round using a continuous function of side in...

  20. Asset Allocation and Optimal Contract for Delegated Portfolio Management

    Science.gov (United States)

    Liu, Jingjun; Liang, Jianfeng

    This article studies the portfolio selection and the contracting problems between an individual investor and a professional portfolio manager in a discrete-time principal-agent framework. Portfolio selection and optimal contracts are obtained in closed form. The optimal contract was composed with the fixed fee, the cost, and the fraction of excess expected return. The optimal portfolio is similar to the classical two-fund separation theorem.