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Combined Pool/Bilateral Short-Term Hydrothermal Scheduling Model for Day-Ahead Energy Markets

da Silva, A. L.; da Silva, P. S.; Breda, J. C.; Nepomuceno, L.
Fonte: Institute of Electrical and Electronics Engineers (IEEE) Publicador: Institute of Electrical and Electronics Engineers (IEEE)
Tipo: Artigo de Revista Científica Formato: 2094-2104
POR
Relevância na Pesquisa
66.01%
This paper proposes a combined pool/bilateral short term hydrothermal scheduling model (PDC) for the context of the day-ahead energy markets. Some innovative aspects are introduced in the model, such as: i) the hydraulic generation is optimized through the opportunity cost function proposed; ii) there is no decoupling between physical and commercial dispatches, as is the case today in Brazil; iii) interrelationships between pool and bilateral markets are represented through a single optimization problem; iv) risk exposures related to future deficits are intrinsically mitigated; v) the model calculates spot prices in an hourly basis and the results show a coherent correlation between hydrological conditions and calculated prices. The proposed PDC model is solved by a primal-dual interior point method and is evaluated by simulations involving a test system. The results are focused on sensitivity analyses involving the parameters of the model, in such a way to emphasize its main modeling aspects. The results show that the proposed PDC provides a conceptual means for short term price formation for hydrothermal systems.

Prospecção de mercados regionais de energia, associada a planos energeticos nacionais e projeções estaduais, como contribuição a um planejamento integrado de recursos em bacias hidrograficas; A prospective study of regional energy markets, associated to national plans and state level forecasts, as a contribution to an integrated resources planning in river basins

Alvaro Afonso Furtado Leite
Fonte: Biblioteca Digital da Unicamp Publicador: Biblioteca Digital da Unicamp
Tipo: Tese de Doutorado Formato: application/pdf
Publicado em 21/02/2006 PT
Relevância na Pesquisa
55.96%
Neste trabalho se propõe a realização, no Brasil, de estudos de Planejamento Integrado de Recursos ? PIR, de cunho indicativo, nas bacias hidrográficas do País, centrado em torno da disponibilidade, custo e qualidade da água, energia elétrica e gás canalizado como importantes vetores de desenvolvimento regional. A implantação do tipo de planejamento proposto nesta tese é bastante complexa e inovadora, no Brasil e no mundo. Tais características impedem um tratamento, neste trabalho, ao mesmo tempo abrangente e detalhado em todas as suas múltiplas facetas. Optou-se, então, por definir, como uma contribuição específica da tese, o desenvolvimento, em detalhes, de estudos prospectivos do mercado de energia, incluindo programas de eficiência energética, em bacias hidrográficas, associados a planos nacionais e projeções de mercado estaduais. Para subsidiar estes estudos e se detectar tendências, realizou-se amplas análises retrospectivas sobre a economia e a matriz energética do Estado de São Paulo e da bacia escolhida, dentro do Estado, utilizando várias fontes de informações de uso público restrito e construindo uma base de dados sócio-econômicos e energéticos municipais para a bacia em questão. A bacia hidrográfica escolhida para ilustrar os procedimentos propostos nesta tese foi a da Unidade de Gerenciamento de Recursos Hídricos dos rios Piracicaba...

Competitive electricity markets and investment in new generating capacity

Joskow, Paul L.
Fonte: MIT Center for Energy and Environmental Policy Research Publicador: MIT Center for Energy and Environmental Policy Research
Tipo: Trabalho em Andamento Formato: [i], 61, [11] p
Relevância na Pesquisa
56.12%
Evidence from the U.S. and some other countries indicates that organized wholesale markets for electrical energy and operating reserves do not provide adequate incentives to stimulate the proper quantity or mix of generating capacity consistent with mandatory reliability criteria. A large part of the problem can be associated with the failure of wholesale spot market prices for energy and operating reserves to rise to high enough levels during periods when generating capacity is fully utilized. Reforms to wholesale energy markets, the introduction of well-design forward capacity markets, and symmetrical treatment of demand response and generating capacity resources to respond to market and institutional imperfections are discussed. This policy reform program is compatible with improving the efficiency of spot wholesale electricity markets, the continued evolution of competitive retail markets, and restores incentives for efficient investment in generating capacity consistent with operating reliability criteria applied by system operators. It also responds to investment disincentives that have been associated with volatility in wholesale energy prices, limited hedging opportunities and to concerns about regulatory opportunism.

Status of Energy Efficiency in the Western Balkans : A Stocktaking Report

World Bank
Fonte: World Bank Publicador: World Bank
Relevância na Pesquisa
56%
Across the Western Balkan region, countries exhibit relatively high levels of energy intensity, a high energy savings potential among energy end-users, and heavy dependence on imported hydrocarbons. Energy markets would benefit from enhanced demand-side efforts and integrated energy efficiency measures across all sectors. Since most energy infrastructure was built during the 1960s and 1970s, inadequately maintained since the 1990s, and reaching the end of its useful lifespan, now is a crucial time to consider the way forward in the energy sector. The signing of the Energy Community Treaty in 2003 marked the beginning of systematic energy sector liberalization among Western Balkan countries, allowing them to deal with widespread energy sector problems that included, on the demand side, low energy tariffs, lack of payment discipline and, hence, little incentive for energy users to invest in energy efficiency measures. Building each component of the strong enabling environment required for increased Energy Efficiency (EE) across the Western Balkan countries will need cooperation among decision makers at multiple government levels...

Central American Regional Programmatic Study for the Energy Sector : General Issues and Options - Sector Overview

World Bank
Fonte: World Bank Publicador: World Bank
Relevância na Pesquisa
56%
The six Central American countries of Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama share a long tradition of regional integration, including a common market, substantial intraregional trade, as well as coordinated commercial policies, such as the Central American Free Trade Agreement (CAFTA) with the US. The most significant example of regional integration in the energy subsector consists of the Sistema de Interconexion Electrica para America Central (SIEPAC), an interconnection line that is expected to link the six countries in mid-2010. The creation of the interconnection has been a long-term effort, starting in the early 1990s and culminating in 2010. This report provides an overview of the energy sector in Central America, with a focus on the power subsector, and highlights the key challenges and options for meeting future energy and development goals. One of the main objectives of the study is to identify paths for collective action whereby individual countries, and the region as a whole...

A Review of Solar Energy : Markets, Economics and Policies

Timilsina, Govinda R.; Kurdgelashvili, Lado; Narbel, Patrick A.
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
56.13%
Solar energy has experienced phenomenal growth in recent years due to both technological improvements resulting in cost reductions and government policies supportive of renewable energy development and utilization. This study analyzes the technical, economic and policy aspects of solar energy development and deployment. While the cost of solar energy has declined rapidly in the recent past, it still remains much higher than the cost of conventional energy technologies. Like other renewable energy technologies, solar energy benefits from fiscal and regulatory incentives and mandates, including tax credits and exemptions, feed-in-tariff, preferential interest rates, renewable portfolio standards and voluntary green power programs in many countries. Potential expansion of carbon credit markets also would provide additional incentives to solar energy deployment; however, the scale of incentives provided by the existing carbon market instruments, such as the Clean Development Mechanism of the Kyoto Protocol, is limited. Despite the huge technical potential...

Nuclear Power and Sustainable Energy Policy : Promises and Perils

Kessides, Ioannis N.
Fonte: World Bank Publicador: World Bank
Tipo: Artigo de Revista Científica
Relevância na Pesquisa
55.97%
The author examines the challenges and opportunities of nuclear power in meeting the projected large absolute increase in energy demand, especially electricity, throughout the industrialized and developing world, while helping to mitigate the threat of climate change. A significant global nuclear power deployment would engender serious risks related to proliferation, safety, and waste disposal. Unlike renewable sources of energy, nuclear power is an unforgiving technology because human lapses and errors can have ecological and social impacts that are catastrophic and irreversible. However, according to some analysts, advances in the design of nuclear reactors may have reduced their associated risks and improved their performance. Moreover, while a variety of renewable energy sources (hydro, wind, modern biomass, solar) will play important roles in the transition to a low-carbon economy, some analysts perceive that nuclear power is the only proven technology for generating electricity that is both largely carbon-free, not location specific (as with wind, hydro and solar), and amenable to significant scaling up. Thus given the projections of threats from climate change, and if the considerable strain experienced by world energy markets in recent years is a harbinger of things to come...

Private Participation in Energy

Izaguirre, Ada Karina
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
56.06%
From 1990 to 1999 there were 700 energy projects in developing countries involving private participation. Investment in these projects totaled nearly US$190 billion, and foreign capital was a major source of funds. Global developers were the top ten sponsors of private energy projects in developing countries. Their projects accounted for just over a third of total investment. This Note surveys the trends by region, by country income level, and by type of project. It also explores the consequences of the recent Asian financial crisis for future investment in Asian energy markets.

Measuring the Impact of Energy Reform : Practical Options

Foster, Vivien
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
55.98%
Government interventions in energy markets have many effects on the poor. But there has been little measurement of these effects, making it hard to know exactly what the effects of a project have been, and hard to compare those of different interventions. This could be rectified by building impact indicators into energy projects at the design phase--and doing so consistently and systematically, across countries and over time. This Note discusses the development of suitable indicators. First, agreement is needed on workable definitionsof poverty and what would constitute welfare improvements for the poor. Then there must be explicit hypotheses on how specific elements of energy projects, individually or together, affect the poor. Finally, the indicators must be based on data tha can be realistically be collected in real-life low-income communities, in real-life developing countries.

Vietnam : Framework for Thermal BOT Tenders and Strategy for Gas Coordination and Harmonization with Market Roadmap, Volume 1

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
46.2%
The purpose of this Volume 1 report is to explore how development of the gas andelectricity sectors can be better coordinated within this dynamic environment. In particular,this report aims to: Briefly outline the gas resources and developments in Vietnam, and describe the current institutional arrangements for the gas sector and how they relate to overall gas and electricity planning; Identify key gas sector issues as they relate to gas and electricity sector planning in general and BOT electricity generation project development, and in particular identify the development and operating risks for a BOT electricity generation project developer and suggest mitigation measures for these risks ;Suggest mechanisms to improve gas and electricity planning coordination. Present a case study that illustrates some of the gas and electricity planning issues and how these would be addressed if the suggested planning changes were implemented. This assignment has been undertaken during a period of unprecedented change in Vietnam. The electricity sector is part way through the complex process of introducing a market. In global world energy markets...

Global Economic Prospects : Commodity Markets Outlook, January 2014

Baffes, John; Cosic, Damir
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
46.17%
With the exception of energy, all the key commodity price indices declined significantly in 2013. Fertilizer prices led the decline, down 17.4 percent from 2012, followed by precious metals (down almost 17 percent), agriculture (-7.2 percent), and metals (-5.5 percent). Crude oil prices (World Bank average), which have been remarkably stable during the past three years, averaged $104/barrel (bbl) during 2013, marginally lower than the $105/bbl average of 2012. Most non-energy commodity prices, notably grains, followed a downward path during 2013. Other risks for agricultural markets are mostly on the downside as well. For example, the risk of trade policies impacting agricultural prices is low as evidenced by the absence of any export restrictions during 2011-13, despite several spikes in prices (notably maize and wheat). Finally, production of biofuels experienced a third year of little (or no) growth, as policy makers increasingly realize that the environmental and energy independence benefits from biofuels may not outweigh the costs.

Improving Energy Efficiency in Buildings

Energy Sector Management Assistance Program
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
55.84%
About one-third of global energy is consumed in residential, public, and commercial buildings (collectively referred to as buildings), where it is used for space heating, cooling, ventilating, lighting, cooking, water heating, refrigerating, and operating electric and mechanical devices. Global energy use in buildings is expected to grow as cities in developing countries continue to modernize and per capita income levels continue to increase. Because of their high energy consumption, residential, public, and commercial buildings also offer unparalleled opportunities for energy savings. According to the International Energy Agency, buildings account for some 41 percent of global energy savings potential by 2035, compared with the industrial sector (24 percent) and the transport sector (21 percent). This guidance note outlines how cities can tap into a wide array of proven technologies, policies, and financing mechanisms to improve energy efficiency and capture cost-effective energy savings in buildings. It offers city leaders advice on how to get started in introducing energy efficiency measures...

European Energy Markets Transparency Report  

MICHETTI, Emanuela
Fonte: Instituto Universitário Europeu Publicador: Instituto Universitário Europeu
Tipo: Relatório Formato: application/pdf; digital
EN
Relevância na Pesquisa
46.12%
This report describes the development of transparency in the European wholesale energy markets. Every year starting from 2010, the Florence School of Regulation (FSR) will publish a Transparency Report and assign the Energy Transparency Award. The award aims at promoting transparency best practices and distinguishing a European undertaking, institution or industry association for its particular contribution to the transparency of energy markets. The initiator and the first financing body of the Energy Transparency Award is RWE Supply and Trading. The 2010 Transparency Report focuses on the issue of transparency in wholesale energy markets. Energy trading in Europe has increased considerably since liberalisation and currently involves several hundreds of operators. For instance, figures show that the overall volume of electricity traded via both exchanges and OTC almost tripled between 2000 and 2009, and that the number of total daily transactions in Europe - physical and financial - ranges nowadays between 6,000 and 10,000. In this context, transparency has the important role of allowing the operators to better understand the market and receive correct economic signals, in a “what-you-see-is-what-you-get” fashion. As a result, transparency contributes to create competitive and well-functioning markets...

Global Security Challenges for Europe: Structural and strategic changes in energy markets and major implications

COSTA SILVA, António
Fonte: Instituto Universitário Europeu Publicador: Instituto Universitário Europeu
Tipo: Trabalho em Andamento Formato: application/pdf; digital
EN
Relevância na Pesquisa
55.97%
This paper covers the analysis of the energy markets, emerging trends, oil price evolution and oil shocks and focus on the identification of the major energy game changers. Furthermore the issues of the energy security in the XXI century are introduced and discussed within the framework of supply behavior, stability of prices and economic competitiveness. Special emphasis is given to the interaction between energy security, climate change and environment sustainability. Europe energy security challenges are addressed and discussed with a multidimensional analysis covering the current status, public policies, European energy market, European energy networks, emerging technologies and energy efficiency. Recommendations for future steps to be undertaken to reinforce European energy security will be made.

Risk Management in the Energy Markets and Value-at-Risk Modelling: A hybrid approach

ANDRIOSOPOULOS, Kostas; NOMIKOS, Nikos
Fonte: Instituto Universitário Europeu Publicador: Instituto Universitário Europeu
Tipo: Trabalho em Andamento Formato: application/pdf; digital
EN
Relevância na Pesquisa
55.94%
This paper proposes a set of VaR models appropriate to capture the dynamics of energy prices and subsequently quantify energy price risk by calculating VaR and ES measures. Amongst the competing VaR methodologies evaluated in this paper, besides the commonly used benchmark models, a MC simulation approach and a Hybrid MC with Historical Simulation approach, both assuming various processes for the underlying spot prices, are also being employed. All VaR models are empirically tested on eight spot energy commodities that trade futures contracts on NYMEX and the Spot Energy Index. A two-stage evaluation and selection process is applied, combining statistical and economic measures, to choose amongst the competing VaR models. Finally, both long and short trading positions are considered as it is extremely important for energy traders and risk managers to be able to capture efficiently the characteristics of both tails of the distributions.

Does the Impact Assessment on the 'Third Package' provide the correct economic forecast for the liberalisation of the EU energy markets?

TORRITI, Jacopo
Fonte: Instituto Universitário Europeu Publicador: Instituto Universitário Europeu
Tipo: Trabalho em Andamento Formato: application/pdf
EN
Relevância na Pesquisa
66.04%
The EU proposal on liberalisation of the energy markets has been widely debated in policy, stakeholder and academic circles both for its content and the potential consequences to the gas and electricity markets. However, little has been said about the empirical evidence produced by the European Commission to support this legislative package. Since the Impact Assessment system has been in place, there have been concerns regarding quality and adequateness, especially when quantifying costs, benefits and risks. This paper analyses how these crucial issues were factored into the Impact Assessment on the third legislative package. It investigates the interaction between the legislative proposals on energy liberalisation and its Impact Assessment.

Price discovery and information linkages in the emission allowance and energy markets

Swieringa, John Edward
Fonte: Universidade Nacional da Austrália Publicador: Universidade Nacional da Austrália
Tipo: Thesis (PhD); Doctor of Philosophy (PhD)
EN_AU
Relevância na Pesquisa
66.05%
We provide the first evidence on the catalysts for price discovery in the European Union Emissions Trading System. Short-run return dynamics are analysed using a regression approach similar to Fleming, Ostdiek and Whaley (1996), while the permanent contribution of securities to long-run price equilibrium is examined by calculating Hasbrouck‘s (1995) information shares. By employing high frequency data across a wide range of securities, we find that trading costs are a more important determinant of price discovery than the implicit provision of leverage in securities such as futures and options. Securities with low trading costs display greater price discovery than those with high trading costs. We also examine price discovery within the European markets for coal, natural gas and crude oil. Results show that Brent crude oil futures display greater price discovery than a proxy for the physical Brent market, while there is evidence that West Texas Intermediate futures still dominate price discovery globally. In natural gas markets, UK natural gas futures display greater price discovery than physical trading at North-West Europe‘s main natural gas hubs, though weak links to the crude oil market remain. Due to a lack of liquidity and transparency...

Commodity Markets Outlook, January 2015

World Bank Group
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research :: Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
46.14%
Broad-based commodity price declines occurred in the second half of 2014. Crude oil prices declined the most, down 55 percent to $47 per bbl (barrel) in early January, from a high of $115 per bbl in late-June 2014, bringing an end to a four-year period of high and stable prices. The oil price drop is the third-largest seven-month decline of the past three decades - only the 67 percent drop from November 1985 to March 1986 and the 75 percent drop from July to December 2008 were larger. Agricultural, metal, and precious metal prices weakened as well, down by 6, 8, and 9 percent, respectively, in 2014 fourth quarter (Q4) from the previous quarter. Ample supplies, disappointing global growth prospects, and an appreciating Unites States (U.S.) dollar have all weighed on prices. In oil markets, a sequence of (upward) supply and (downward) demand revisions, along with organization of petroleum exporting countries (OPEC's) abandoning of supply management, have played a pivotal role in the price collapse.

Energy and Emissions : Local and Global Effects of the Rise of China and India

Shalizi, Zmarak
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH
Relevância na Pesquisa
56.16%
Part 1 of the paper reviews recent trends in fossil fuel use and associated externalities. It also argues that the recent run-up in international oil prices reflects growing concerns about supply constraints associated with declining spare capacity in OPEC, refining bottlenecks, and geopolitical uncertainties rather than growing incremental use of oil by China and India. Part 2 compares two business as usual scenarios with a set of alternate scenarios based on policy interventions on the demand for or supply of energy and different assumptions about rigidities in domestic and international energy markets. The results suggest that energy externalities are likely to worsen significantly if there is no shift in China's and India's energy strategies. High energy demand from China and India could constrain some developing countries' growth through higher prices on international energy markets, but for others the "growth retarding" effects of higher energy prices are partially or fully offset by the "growth stimulating" effects of the larger markets in China and India. Given that there are many inefficiencies in the energy system in both China and India...

Oil Price Volatility, Economic Growth and the Hedging Role of Renewable Energy

Rentschler, Jun E.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
46.21%
This paper investigates the adverse effects of oil price volatility on economic activity and the extent to which countries can hedge against such effects by using renewable energy. By considering the Realized Volatility of oil prices, rather than following the standard approach of considering oil price shocks in levels, the effects of factor price uncertainty on economic activity are analyzed. Sample countries represent developed and developing, oil importing and exporting and service/industry-based economies (United States, Japan, Germany, South Korea, India, and Malaysia) and thus complement the standard literature's analysis of Western OECD countries. In a vector auto-regressive setting, Granger causality tests, impulse response functions, and variance decompositions show that oil price volatility has more-adverse effects in all sample countries than oil price shocks alone can explain. The paper finds that the sensitivity to oil price volatility varies widely across countries and discusses various factors which may determine the level of sensitivity (such as sectoral composition and the energy mix). This implies that the standard approach of solely considering net oil importer-exporter status is not sufficient. Simulations of volatility shocks in hypothetical energy mixes (with increased renewable shares) illustrate the potential economic benefits resulting from efforts to disconnect the macroeconomy from volatile commodity markets. It is concluded that expanding renewable energy can in principle reduce an economy's vulnerability to oil price volatility...