Evaluation of the trading development in the Iberian Energy Derivatives Market

The efficiency of the Iberian Energy Derivatives Market in its first five and a half years is assessed in terms of volume, open interest and price. The continuous market shows steady liquidity growth. Its volume is strongly correlated to that of the Over The Counter (OTC) market, the amount of market makers, the enrolment of financial agents and generation companies belonging to the integrated group of last resort suppliers, and the OTC cleared volume in its clearing house. The hedging efficiency, measured through the ratio between the final open interest and the cleared volume, shows the lowest values for the Spanish base load futures as they are the most liquid contracts. The ex-post forward risk premium has diminished due to the learning curve and the effect of the fixed price retributing the indigenous coal fired generation. This market is quite less developed than the European leaders headquartered in Norway and Germany. Enrolment of more traders, mainly international energy companies, financial agents, energy intensive industries and renewable generation companies is desired. 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.

Time derivatives in air temperature and enthalpy as non-invasive welfare indicators during long distance animal transport in Spain and Portugal.

High temperatures and relative humidity can compromise animal welfare on the farm level, but less is known about those changes during long distance transport of domestic animals to slaughter. Although upper temperature limits have been established to transport pigs in Europe, few indices include relative or absolute humidity maxima or mention appropriate enthalpy ranges.

Impact on agronomic parameters in Vines and wine quality of foliar treatments with specific fractions of yeast derivatives

In hot Spanish climate, Toledo, Syrah and Sauvignon blanc Vineyard were treated in pre veraison with yeast derivatives RD-LM and RD- LA to stimulate phenolic and aromatic maturity respectively (application of yeast derivatives specifically designed to be used with the patent foliar application technology WO/2014/024039, Lallemand Inc. Canada). For studied effects in berry and wine composition three harvest time had been done. Experimented yeast derivatives had no significant effects on yield components and vegetative growth in both varieties. The Syrah RD-LM variety presented higher total and extractable anthocyanins and also more amount of tannins, although this last ones are not evident in the sensory analysis. The sensory analysis of wine has given very similar results in both varieties but with significant results in favored by phenols and tannins derived RD- LM and RD-LA respectively.