Monte Carlo Valuation of natural gas investments

This paper deals with the valuation of energy assets related to natural gas. In particular, we evaluate a baseload Natural Gas Combined Cycle (NGCC) power plant and an ancillary instalation, namely a Liquefied Natural Gas (LNG) facility, in a realistic setting; specifically, these investments enjoy a long useful life but require some non-negligible time to build. Then we focus on the valuation of several investment options again in a realistic setting. These include the option to invest in the power plant when there is uncertainty concerning the initial outlay, or the option's time to maturity, or the cost of CO2 emission permits, or when there is a chance to double the plant size in the future. Our model comprises three sources of risk. We consider uncertain gas prices with regard to both the current level and the long-run equilibrium level; the current electricity price is also uncertain. They all are assumed to show mean reversion. The two-factor model for natural gas price is calibrated using data from NYMEX NG futures contracts. Also, we calibrate the one-factor model for electricity price using data from the Spanish wholesale electricity market, respectively. Then we use the estimated parameter values alongside actual physical parameters from a case study to value natural gas plants. Finally, the calibrated parameters are also used in a Monte Carlo simulation framework to evaluate several American-type options to invest in these energy assets. We accomplish this by following the least squares MC approach.

Simulación y automatización del sistema de aceite de una turbina de gas en un almacenamiento de gas natural.

73 p. : il., col.

Households WTP for the Reliability of Gas Supply

26 p.

Cogeneración con gas natural en una empresa de tratamientos térmicos

[ES]Diseño de una instalación de cogeneración basada en un motor de combustible gas natural para una empresa de tratamientos térmicos y superficiales. Para satisfacer las necesidades energéticas de la planta, la potencia eléctrica la suministrará un alternador conectado al motor y, a su vez, la entalpía de los humos de escape del motor se aprovechará para la producción de vapor de agua, necesario para la actividad industrial de la empresa. Por otro lado, el calor que es necesario disipar de dicho motor se recuperará para el calentamiento de agua de red, con la finalidad de limpiar la taladrina de las piezas tratadas.

Turbomáquinas térmicas: 1. Turbomáquinas térmicas. 2. Estudio y diseño de turbinas de gas. 3. Problemas

Contenido: - Instalaciones de turbina de gas. - Análisis de los procesos termodinámicos. - Conceptos básicos para el análisis de turbinas de gas: a) Instalación de turbina de gas. b) Turbina como máquina térmica. - Análisis mediante el software Turgas.

El precio de la gasolina en España: distribución con restricciones verticales

[ES] Hemos realizado un análisis estructural del mercado de la gasolina en España para conocer la manera en la que se establecen los precios de la gasolina en comparación con los de la Unión Europea. Para ello analizamos la cadena de valor de las empresas más destacadas del mercado, así como las distintas barreras de entrada que limitan la competencia. Por último, destacamos las restricciones verticales que estas imponen a sus distribuidores minorista y su incidencia en el precio final del producto.

Motores térmicos de vapor, gas y de combustión interna a través de PBL (Project Based Learning)

Nivel educativo: Grado. Duración (en horas): De 31 a 40 horas

The Environmental, Social, Governance, and Financial Performance Effects on Companies that Adopt the United Nations Global Compact

This paper aims to investigate companies' environmental, social, governance (ESG), and financial implications of their commitment to the United Nations Global Compact (UNGC). The focus is placed on companies operating in the three countries with the highest number of UNGC participants: Spain, France, and Japan. The results clearly reveal that adoption of the UNGC often requires an organizational change that fosters stakeholder engagement, ultimately resulting in improvements in companies' ESG performance. Additionally, the results reveal that ESG performance has a significant impact on financial performance for companies that adopted the principles of the UNGC. These findings provide both non-financial and financial incentives to companies to commit to this voluntary corporate social responsibility (CSR) initiative, which will have important implications on companies' strategic management policies that aim to foster sustainable businesses and community development. Finally, the linkages between the UNGC-committed companies' ESG and financial performance may be influenced by geographical spread, mainly due to the appearance of differences in the institutional, societal, and cultural settings.