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.

Improving the competitiveness of the Spanish port system by optimising the cargo handling service

Port services, and in particular the cargo handling service, are responsible for the greatest share of costs incurred during the passage of cargo through a port. The provision of these services reliably and efficiently is crucial in a sector in which there is great opacity. This study has provided the responsible administration ? the Port Authority ? with a tool enabling objective decision making both when it comes to issuing the corresponding licenses and during the period of service provision. Furthermore, we have proposed a series of measures whose application would improve the conditions of service provision and reduce the costs incurred by the passage of cargo through the port.

Analysis of the Iberian electricity forward market hedging efficiency

An assessment of the hedging performance in the Iberian Forward Electricity Market is performed. Aggregated data from the Portuguese and Spanish clearing houses for energy derivatives are considered. The hedging performance is measured through the ratio of 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 show initially large values due to low registered volumes, as this clearing house is mainly used for short maturity (daily and weekly swaps). This hedging ratio can be a powerful oversight tool for energy regulators when accessing to all the derivatives transactions as envisaged by European regulation.

Analysis of the Iberian Power Forward Price Formation

The price formation of the Iberian Energy Derivatives Market-the power futures market-starting in July 2006, is assessed until November 2011, through the evolution of the difference between forward and spot prices in the delivery period (“ex-post forward risk premium”) and the comparison with the forward generation costs from natural gas (“clean spark spread”). The premium tends to be positive in all existing mechanisms (futures, Over-the-Counter and auctions for catering part of the last resort supplies). Since year 2011, the values are smaller due to regulatorily recognized prices for coal power plants. The power futures are strongly correlated with European gas prices. The spreads built with prompt contracts tend also to be positive. The biggest ones 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.

An Empirical Analysis of the Spanish Gas Price Structure

We can say without hesitation that in energy markets a throughout data analysis is crucial when designing sophisticated models that are able to capture most of the critical market drivers. In this study we will attempt to investigate into Spanish natural gas prices structure to improve understanding of the role they play in the determination of electricity prices and decide in the future about price modelling aspects. To further understand the potential for modelling, this study will focus on the nature and characteristics of the different gas price data available. The fact that the existing gas market in Spain does not incorporate enough liquidity of trade makes it even more critical to analyze in detail available gas price data information that in the end will provide relevant information to understand how electricity prices are affected by natural gas markets. In this sense representative Spanish gas prices are typically difficult to explore given the fact that there is not a transparent gas market yet and all the gas imported in the country is negotiated and purchased by private companies at confidential terms.

The Economic Value of Residential Land in Historical Areas: An Application of the Residual Method to the Secondary Market

Land value bears significant weight in house prices in historical town centers. An essential aim for regulating the mortgage market, particularly in the financial and property crisis that countries such as Spain are undergoing, is to have at hand objective procedures for its valuation, whatever the conditions (location, construction, planning). Of all the factors contributing to house price make-up, the land is the only one whose value does not depend on acquisition cost, but rather on the location-time binomial. That is to say, the specific circumstances at that point and at the exact moment of valuation. For this reason, the most commonly applied procedure for land valuation in town centers is the use of the residual method: once the selling price of new housing in a district is known, the other necessary costs and expenses of development are deducted, including those of building and the developer’s profit. The value left is that of the land. To apply these procedures it is vital to have figures such as building costs, technical fees, tax costs, etc. But, above all, it is essential to obtain the selling price of the new housing. This is not always feasible, on account of the lack of newbuild development in this location. This shortage of information occurs in historical town cities, where urban renewal is slight due to the heritage-protection policies, and where, nevertheless there is substantial activity in the secondary market. In these circumstances, as an alternative for land valuation in consolidated urban areas, we have the adaptation of the residual method to the particular characteristics of the secondary market. To these ends, there is the proposal for the appreciation of the dwelling which follows, in a backwards direction, the application of traditional depreciation methods proposed by the various valuation manuals and guidelines. The reliability of the results obtained is analyzed by contrasting it with published figures for newly-built properties, according to different rules applied in administrative appraisals in Spain and the incidence of an eventual correction due to conservation state.

How varies optimal welfare pricing with income distribution? The case of the untolled alternative.

In some countries, such as Spain, it is very common that in the same corridor there are two roads with the same origin and destination but with some differences. The most important contrast is that one is a toll highway which offers a better quality than the parallel road in exchange of a price. The users decide if the price of the toll is worth to pay for the advantages offered. This problem is known as the untolled alternative and it has been largely studied in the academic literature, particularly related to economic efficiency and the optimal welfare toll. However, there is a gap in the literature academic regarding how it affects income distribution to the optimal toll. The main objective of the paper is to fill this gap. In this paper a theoretical model in order to obtain the optimal welfare price in a toll highway that competes for capturing the traffic with a conventional road is developed. This model is done for non-usual users who decide over the expectation of free flow conditions. This model is finally applied to the variables we want to focus on: average value of travel time (VTT) which is strongly related with income, dispersion of this VTT and traffic levels, from free flow to congestion. Derived from the results, we conclude that the higher the average VTT the higher the optimal price, the higher the dispersion of this VTT the lower the optimal price and finally, the more the traffic the higher the optimal toll.

Use of Headed Reinforcement Bars in Contruction. A Theoretical Approach to Determine the Dimensions of Anchorage Plates and Experimental Tests on Knee Joints Subjected to a Closing Moment

In order to reduce costs and time while improving quality, durability and sustainability in structural concrete constructions, a widely used material nowadays, special care must be taken in some crucial phases of the project and execution, including the structure design and calculation, the dosage, dumping and curing of concrete: another important aspect is the proper design and execution of assembly plans and construction details. The framework, a name designating the whole reinforcement bars cage already assembled as shown in the drawings, can be made up of several components and implies higher or lower industrialization degree. The framework costs constitute about one third of the price per cubic meter placed in concrete works. The best solutions from all points of view are clearly those involving an easier processing to achieve the same goal, and consequently carrying a high degree of industrialization, meaning quality and safety in the work. This thesis aims to provide an indepth analysis of a relatively new type of anchoring by plate known as headed reinforcement bars, which can potentially replace standard or L-shaped hooks, improving the cleaning of construction details and enabling a faster, more flexible, and therefore a more economical assembly. A literature review on the topic and an overview of typical applications is provided, followed by some examples of specific applications in real projects. Since a strict theoretical formulation used to provide the design plate dimensions has not yet been put forward, an equation is proposed for the side-face blowout strength of the anchorage, based on the capacity of concrete to carry concentrated loads in cases in which no transverse reinforcement is provided. The correlation of the calculated ultimate load with experimental results available in the literature is given. Besides, the proposed formulation can be expanded to cases in which a certain development length is available: using a software for nonlinear finite element analysis oriented to the study of reinforced concrete, numerical tests on the bond-bearing interaction are performed. The thesis ends with a testing of eight corner joints subjected to a closing moment, held in the Structures Laboratory of the Polytechnic University of Madrid, aiming to check whether the design of such plates as stated is adequate for these elements and whether an element with plate-anchored reinforcement is equivalent to one with a traditional construction detail.

How varies optimal welfare pricing with income distribution? The case of the untolled alternative

In some countries, such as Spain, it is very common that in the same corridor there are two roads with the same origin and destination but with some differences. The most important contrast is that one is a toll highway which offers a better quality than the parallel road in exchange of a price. The users decide if the price of the toll is worth paying for the advantages offered. This problem is known as the untolled alternative and it has been largely studied in the academic literature, particularly related to economic efficiency and the optimal welfare toll. However, there is a gap in the academic literature regarding how income distribution affects the optimal toll. The main objective of the paper is to fill this gap. In this paper a theoretical model is developed in order to obtain the optimal welfare price in a toll highway that competes with a conventional road for capturing the traffic. This model is done for non-usual users who decide over the expectation of free flow conditions. This model is finally applied to the variables we want to focus on: average value of travel time (VTT) which is strongly related with income, dispersion of this VTT and traffic levels, from free flow to congestion. Derived from the results, we conclude that the higher the average VTT the higher the optimal price, the higher the dispersion of this VTT the lower the optimal price and finally, the more the traffic the higher the optimal toll