Propuestas regulatorias para el diseño de un mercado ibérico a plazo eficiente de la energía = Regulatory proposals for the development of an efficient iberian energy forward market

El mercado ibérico de futuros de energía eléctrica gestionado por OMIP (“Operador do Mercado Ibérico de Energia, Pólo Português”, con sede en Lisboa), también conocido como el mercado ibérico de derivados de energía, comenzó a funcionar el 3 de julio de 2006. Se analiza la eficiencia de este mercado organizado, por lo que se estudia la precisión con la que sus precios de futuros predicen el precio de contado. En dicho mercado coexisten dos modos de negociación: el mercado continuo (modo por defecto) y la contratación mediante subasta. En la negociación en continuo, las órdenes anónimas de compra y de venta interactúan de manera inmediata e individual con órdenes contrarias, dando lugar a operaciones con un número indeterminado de precios para cada contrato. En la negociación a través de subasta, un precio único de equilibrio maximiza el volumen negociado, liquidándose todas las operaciones a ese precio. Adicionalmente, los miembros negociadores de OMIP pueden liquidar operaciones “Over-The-Counter” (OTC) a través de la cámara de compensación de OMIP (OMIClear). Las cinco mayores empresas españolas de distribución de energía eléctrica tenían la obligación de comprar electricidad hasta julio de 2009 en subastas en OMIP, para cubrir parte de sus suministros regulados. De igual manera, el suministrador de último recurso portugués mantuvo tal obligación hasta julio de 2010. Los precios de equilibrio de esas subastas no han resultado óptimos a efectos retributivos de tales suministros regulados dado que dichos precios tienden a situarse ligeramente sesgados al alza. La prima de riesgo ex-post, definida como la diferencia entre los precios a plazo y de contado en el periodo de entrega, se emplea para medir su eficiencia de precio. El mercado de contado, gestionado por OMIE (“Operador de Mercado Ibérico de la Energía”, conocido tradicionalmente como “OMEL”), tiene su sede en Madrid. Durante los dos primeros años del mercado de futuros, la prima de riesgo media tiende a resultar positiva, al igual que en otros mercados europeos de energía eléctrica y gas natural. En ese periodo, la prima de riesgo ex-post tiende a ser negativa en los mercados de petróleo y carbón. Los mercados de energía tienden a mostrar niveles limitados de eficiencia de mercado. La eficiencia de precio del mercado de futuros aumenta con el desarrollo de otros mecanismos coexistentes dentro del mercado ibérico de electricidad (conocido como “MIBEL”) –es decir, el mercado dominante OTC, las subastas de centrales virtuales de generación conocidas en España como Emisiones Primarias de Energía, y las subastas para cubrir parte de los suministros de último recurso conocidas en España como subastas CESUR– y con una mayor integración de los mercados regionales europeos de energía eléctrica. Se construye un modelo de regresión para analizar la evolución de los volúmenes negociados en el mercado continuo durante sus cuatro primeros años como una función de doce indicadores potenciales de liquidez. Los únicos indicadores significativos son los volúmenes negociados en las subastas obligatorias gestionadas por OMIP, los volúmenes negociados en el mercado OTC y los volúmenes OTC compensados por OMIClear. El número de creadores de mercado, la incorporación de agentes financieros y compañías de generación pertenecientes a grupos integrados con suministradores de último recurso, y los volúmenes OTC compensados por OMIClear muestran una fuerte correlación con los volúmenes negociados en el mercado continuo. La liquidez de OMIP está aún lejos de los niveles alcanzados por los mercados europeos más maduros (localizados en los países nórdicos (Nasdaq OMX Commodities) y Alemania (EEX)). El operador de mercado y su cámara de compensación podrían desarrollar acciones eficientes de marketing para atraer nuevos agentes activos en el mercado de contado (p.ej. industrias consumidoras intensivas de energía, suministradores, pequeños productores, compañías energéticas internacionales y empresas de energías renovables) y agentes financieros, captar volúmenes del opaco OTC, y mejorar el funcionamiento de los productos existentes aún no líquidos. Resultaría de gran utilidad para tales acciones un diálogo activo con todos los agentes (participantes en el mercado, operador de mercado de contado, y autoridades supervisoras). Durante sus primeros cinco años y medio, el mercado continuo presenta un crecimento de liquidez estable. Se mide el desempeño de sus funciones de cobertura mediante la ratio de posición neta obtenida al dividir la posición abierta final de un contrato de derivados mensual entre su volumen acumulado en la cámara de compensación. Los futuros carga base muestran la ratio más baja debido a su buena liquidez. Los futuros carga punta muestran una mayor ratio al producirse su menor liquidez a través de contadas subastas fijadas por regulación portuguesa. Las permutas carga base liquidadas en la cámara de compensación ubicada en Madrid –MEFF Power, activa desde el 21 de marzo de 2011– muestran inicialmente valores altos debido a bajos volúmenes registrados, dado que esta cámara se emplea principalmente para vencimientos pequeños (diario y semanal). Dicha ratio puede ser una poderosa herramienta de supervisión para los reguladores energéticos cuando accedan a todas las transacciones de derivados en virtud del Reglamento Europeo sobre Integridad y Transparencia de los Mercados de Energía (“REMIT”), en vigor desde el 28 de diciembre de 2011. La prima de riesgo ex-post tiende a ser positiva en todos los mecanismos (futuros en OMIP, mercado OTC y subastas CESUR) y disminuye debido a la curvas de aprendizaje y al efecto, desde el año 2011, del precio fijo para la retribución de la generación con carbón autóctono. Se realiza una comparativa con los costes a plazo de generación con gas natural (diferencial “clean spark spread”) obtenido como la diferencia entre el precio del futuro eléctrico y el coste a plazo de generación con ciclo combinado internalizando los costes de emisión de CO2. Los futuros eléctricos tienen una elevada correlación con los precios de gas europeos. Los diferenciales de contratos con vencimiento inmediato tienden a ser positivos. Los mayores diferenciales se dan para los contratos mensuales, seguidos de los trimestrales y anuales. Los generadores eléctricos con gas pueden maximizar beneficios con contratos de menor vencimiento. Los informes de monitorización por el operador de mercado que proporcionan transparencia post-operacional, el acceso a datos OTC por el regulador energético, y la valoración del riesgo regulatorio pueden contribuir a ganancias de eficiencia. Estas recomendaciones son también válidas para un potencial mercado ibérico de futuros de gas, una vez que el hub ibérico de gas –actualmente en fase de diseño, con reuniones mensuales de los agentes desde enero de 2013 en el grupo de trabajo liderado por el regulador energético español– esté operativo. El hub ibérico de gas proporcionará transparencia al atraer más agentes y mejorar la competencia, incrementando su eficiencia, dado que en el mercado OTC actual no se revela precio alguno de gas. ABSTRACT The Iberian Power Futures Market, managed by OMIP (“Operador do Mercado Ibérico de Energia, Pólo Português”, located in Lisbon), also known as the Iberian Energy Derivatives Market, started operations on 3 July 2006. The market efficiency, regarding how well the future price predicts the spot price, is analysed for this energy derivatives exchange. There are two trading modes coexisting within OMIP: the continuous market (default mode) and the call auction. In the continuous trading, anonymous buy and sell orders interact immediately and individually with opposite side orders, generating trades with an undetermined number of prices for each contract. In the call auction trading, a single price auction maximizes the traded volume, being all trades settled at the same price (equilibrium price). Additionally, OMIP trading members may settle Over-the-Counter (OTC) trades through OMIP clearing house (OMIClear). The five largest Spanish distribution companies have been obliged to purchase in auctions managed by OMIP until July 2009, in order to partly cover their portfolios of end users’ regulated supplies. Likewise, the Portuguese last resort supplier kept that obligation until July 2010. The auction equilibrium prices are not optimal for remuneration purposes of regulated supplies as such prices seem to be slightly upward biased. The ex-post forward risk premium, defined as the difference between the forward and spot prices in the delivery period, is used to measure its price efficiency. The spot market, managed by OMIE (Market Operator of the Iberian Energy Market, Spanish Pool, known traditionally as “OMEL”), is located in Madrid. During the first two years of the futures market, the average forward risk premium tends to be positive, as it occurs with other European power and natural gas markets. In that period, the ex-post forward risk premium tends to be negative in oil and coal markets. Energy markets tend to show limited levels of market efficiency. The price efficiency of the Iberian Power Futures Market improves with the market development of all the coexistent forward contracting mechanisms within the Iberian Electricity Market (known as “MIBEL”) – namely, the dominant OTC market, the Virtual Power Plant Auctions known in Spain as Energy Primary Emissions, and the auctions catering for part of the last resort supplies known in Spain as CESUR auctions – and with further integration of European Regional Electricity Markets. A regression model tracking the evolution of the traded volumes in the continuous market during its first four years is built as a function of twelve potential liquidity drivers. The only significant drivers are the traded volumes in OMIP compulsory auctions, the traded volumes in the OTC market, and the OTC cleared volumes by OMIClear. The amount of market makers, the enrolment of financial members and generation companies belonging to the integrated group of last resort suppliers, and the OTC cleared volume by OMIClear show strong correlation with the traded volumes in the continuous market. OMIP liquidity is still far from the levels reached by the most mature European markets (located in the Nordic countries (Nasdaq OMX Commodities) and Germany (EEX)). The market operator and its clearing house could develop efficient marketing actions to attract new entrants active in the spot market (e.g. energy intensive industries, suppliers, small producers, international energy companies and renewable generation companies) and financial agents as well as volumes from the opaque OTC market, and to improve the performance of existing illiquid products. An active dialogue with all the stakeholders (market participants, spot market operator, and supervisory authorities) will help to implement such actions. During its firs five and a half years, the continuous market shows steady liquidity growth. The hedging performance is measured through a net position ratio obtained from the final open interest of a month derivatives contract divided by its accumulated cleared volume. The base load futures in the Iberian energy derivatives exchange show the lowest ratios due to good liquidity. The peak futures show bigger ratios as their reduced liquidity is produced by auctions fixed by Portuguese regulation. The base load swaps settled in the clearing house located in Spain – MEFF Power, operating since 21 March 2011, with a new denomination (BME Clearing) since 9 September 2013 – show initially large values due to low registered volumes, as this clearing house is mainly used for short maturity (daily and weekly swaps). The net position ratio can be a powerful oversight tool for energy regulators when accessing to all the derivatives transactions as envisaged by European regulation on Energy Market Integrity and Transparency (“REMIT”), in force since 28 December 2011. The ex-post forward risk premium tends to be positive in all existing mechanisms (OMIP futures, OTC market and CESUR auctions) and diminishes due to the learning curve and the effect – since year 2011 – of the fixed price retributing the indigenous coal fired generation. Comparison with the forward generation costs from natural gas (“clean spark spread”) – obtained as the difference between the power futures price and the forward generation cost with a gas fired combined cycle plant taking into account the CO2 emission rates – is also performed. The power futures are strongly correlated with European gas prices. The clean spark spreads built with prompt contracts tend to be positive. The biggest clean spark spreads are for the month contract, followed by the quarter contract and then by the year contract. Therefore, gas fired generation companies can maximize profits trading with contracts of shorter maturity. Market monitoring reports by the market operator providing post-trade transparency, OTC data access by the energy regulator, and assessment of the regulatory risk can contribute to efficiency gains. The same recommendations are also valid for a potential Iberian gas futures market, once an Iberian gas hub – currently in a design phase, with monthly meetings amongst the stakeholders in a Working Group led by the Spanish energy regulatory authority since January 2013 – is operating. The Iberian gas hub would bring transparency attracting more shippers and improving competition and thus its efficiency, as no gas price is currently disclosed in the existing OTC market.

Acute effects of endurance exercise on jumping and kicking performance in top-class young soccer players

The aim of this study was to examine the acute effects of endurance exercise on jumping and kicking performance in young soccer players. Twenty-one top-class young soccer players (16.1±0.2 years) performed a countermovement jump test and a maximal instep soccer kick test before and after running for 20 min on a treadmill at 80% of their individual maximum heart rate. Two force platforms were used to obtain the following parameters during the countermovement jump: jump height, maximum power, maximum power relative to body mass, maximum vertical ground reaction force, maximum vertical ground reaction force relative to body mass, and maximum vertical ground reaction force applied to each leg. Maximum vertical ground reaction force and maximum vertical ground reaction force relative to body mass applied to the support leg during the kicks were also calculated with a force platform. The kicking motion was recorded using a three-dimensional motion-capture system. Maximum velocity of the ball, maximum linear velocity of the toe, ankle, knee and hip, and linear velocity of the toe at ball contact during the kicks were calculated. Non-significant differences were found in the parameters measured during the countermovement jump and the maximal instep soccer kick test before and after running, suggesting that the jumping and kicking performances of top-class young soccer players were not significantly affected after 20 min treadmill running at 80% of their individual maximum heart rate.

Implementación de ingeniería virtual con Joomla!

El Proyecto Final de Carrera(PFC)Implementación de Ingeniería Virtual con Joomla! tiene como objetivo la creación de una plataforma web. Para desarrollar un proyecto de ingeniería multidisciplinar, basado en el trabajo en red, grupos de trabajo y el trabajo flexible. El trabajo en red es desempeñar el trabajo por medio de las Tecnología de la Información y la comunicación (TIC). Los grupos de trabajo están compuestos por personas multidisciplinares, multirraciales, de diferentes religiones, situados en husos horarios distintos y multiculturales donde la colaboración, flexibilidad y la compartición de recursos están a la orden del día. La flexible es la capacidad de adaptación de los propios trabajadores a la demanda de la productividad, los responsables depositan sobre ellos su confianza, recibiendo el trabajo terminado en forma y fecha. Estos trabajadores no necesitan una supervisión constante ni un sitio fijo donde realizar su trabajo. Todo lo que necesitan esta en la red, la información que necesitan como las herramientas. Convirtiéndose este tipo de trabajador en teletrabajadores. Estos trabajadores utilizan de forma intensiva sus conocimientos, no se puede permitir quedarse obsoletos en su conocimientos, sería su gran desgracia. Por está razón, necesitan estar formándose continuamente, aprendiendo y conociendo las nuevas tecnologías que aparecen. Con el objetivo de conseguir nuevas líneas de negocio, con el fin de lograr nuevos ingresos. Los trabajadores que hacen un uso intensivo en la tecnología de la información y comunicación, se caracterizan por la continua innovación y cambio tecnológico. Estos trabajadores necesitan una red profesional, social amplia con enlaces fuertes y poderosos. Las redes son importantes, para estar actualizado con las innovaciones que se realizan en las empresas, optar a nuevos puesto de trabajo, curso en nuevas tecnologías… Gracias a los servicios actuales en Internet facilitan mantener vivos una gran cantidad de enlaces (contactos), en comparación con otras épocas. La plataforma propuesta en este proyecto final de carrera esta compuesta de todas las herramientas necesarias para que estos trabajadores puedan desarrollar su actividad y mantenimiento de sus redes profesionales. Abstract: The aim of this Final Project of Career, Implementation of Virtual Engineering with Joomla!, is to create a web software application where a multidisciplinary engineering project bases on the networking, working groups and the flexible working can be implemented. The networking is the job through the Information Technology and Communication (ITC) where working groups compounded of multidisciplinary and multiracial professions, different religions and located in different time zones are created. The multicultural environment, collaboration, flexibility and to share resources are the order of the day on this kind of groups. The flexibility is the ability to adaptability of workers to the productivity demand, with the trust which is placed on them by supervisor people who wait to receive the work completed in a specific form and date. These workers do not need either constant supervision or a fixed site where to do the job. Everything the workers need is on the network, as the information as the tools, that is why they become teleworkers. These workers demand a high use of their knowledge, so it can not be allowed to become obsolete. This would be a great misfortune. That is why they need to continue learning and knowing the new technologies emerging with the aim of getting new revenues. Workers do an intensive use of the information technology and communication, characterized by continuous innovation and technological change. These workers need a broad social and professional network with great power. This network is important to keep updated with innovations taking place at the companies, to apply for a new job, a new technology course etc.. Thanks to Internet services a bigger number of contacts are provided compared to earlier times. The software application of this project is compounded with enough tools with the aim of the workers can carry out their activity and maintenance of the links on their professional nets.

Comparison between SAM and Thermoflow for Linear Fresnel Solar Power Plants design

System Advisor Model is a software tool develped by National Renewable Laboratory (NREL), Department Of Energy, USA to design Solar Power Plants.

Analysis of dehidration and strenth in elite badminton players

Background: The negative effects of dehydration on aerobic activities are well established. However, it is unknown how dehydration affects intermittent sports performance. The purpose of this study was to identify the level of dehydration in elite badminton players and its relation to muscle strength and power production. Methodology: Seventy matches from the National Spanish badminton championship were analyzed (46 men?s singles and 24 women?s singles). Before and after each match, jump height and power production were determined during a countermovement jump on a force platform. Participants? body weight and a urine sample were also obtained before and after each match. The amount of liquid that the players drank during the match was also calculated by weighing their individual drinking bottles. Results and Discussion: Sweat rate during the game was 1.1460.46 l/h in men and 1.0260.64 l/h in women. The players rehydrated at a rate of 1.1060.55 l/h and 1.0160.44 l/h in the male and female groups respectively. Thus, the dehydration attained during the game was only 0.3760.50% in men and 0.3260.83% in women. No differences were found in any of the parameters analyzed during the vertical jump (men: from 31.8265.29 to 32.9064.49 W/kg; p.0.05, women: from 26.3664.73 to 27.2564.44 W/kg; p.0.05). Post-exercise urine samples revealed proteinuria (60.9% of cases in men and 66.7% in women), leukocyturia (men = 43.5% and women = 50.0%) and erythrocyturia (men = 50.0% and women = 21.7%). Conclusions: Despite a moderate sweat rate, badminton players adequately hydrated during a game and thus the dehydration attained was low. The badminton match did not cause muscle fatigue but it significantly increased the prevalence of proteinuria, leukocyturia and erythrocyturia.