Does the price of oil interact with clean energy prices in the stock market?

In this paper, we analyze the relationships among oil prices, clean energy stock prices, and technology stock prices, endogenously controlling for structural changes in the market. To this end, we apply Markov-switching vector autoregressive models to the economic system consisting of oil prices, clean energy and technology stock prices, and interest rates. The results indicate that there was a structural change in late 2007, a period in which there was a significant increase in the price of oil. In contrast to the previous studies, we find a positive relationship between oil prices and clean energy prices after structural breaks. There also appears to be a similarity in terms of the market response to both clean energy stock prices and technology stock prices. © 2013 Elsevier B.V.

A dual inverter with integrated energy storage for wind power systems

This paper explores the possibility of using grid side inverter as an interface to connect energy storage systems. A dual inverter system, formed by cascading two 2-level inverters through a coupling transformer, is used as the testing model. The inverters are named as “main inverter” and “auxiliary inverter”. The main inverter is powered by the rectified output of the wind generator while the auxiliary inverter is attached to a Battery Energy Storage System (BESS). If there is a surplus of wind power compared to the demand, then that would be stored in BESS while if there is a deficit in wind power then the demand will be satisfied by supplying power from the BESS. This enables constant power dispatch to the grid irrespective of wind changes. Novel modulation and control techniques are proposed to address the problem of non-integer, dynamically-varying dc-link voltage ratio, which is due to random wind changes. Furthermore, a maximum power tracking controller for this unique system is explained in detail. Simulation results verify the efficacy of proposed modulation and control techniques in suppressing random power fluctuations.

Design of a wind turbine - battery energy storage scheme to achieve power dispatchability

Battery energy storage system (BESS) is to be incorporated in a wind farm to achieve constant power dispatch. The design of the BESS is based on the forecasted wind speed, and the technique assumes the distribution of the error between the forecasted and actual wind speeds is Gaussian. It is then shown that although the error between the predicted and actual wind powers can be evaluated, it is non-Gaussian. With the known distribution in the error of the predicted wind power, the capacity of the BESS can be determined in terms of the confident level in meeting specified constant power dispatch commitment. Furthermore, a short-term power dispatch strategy is also developed which takes into account the state of charge (SOC) of the BESS. The proposed approach is useful in the planning of the wind farm-BESS scheme and in the operational planning of the wind power generating station.

Environmental information provision, market valuation, and firm incentives: An empirical study of the Japanese PRTR system

The environmental performance of a listed firm could affect its level of investment in pollution prevention and its access to financial markets. Previous studies using Tobin's q that explore market response to environmental performance do not distinguish between the impact of performance on investment and market response, which may mislead conclusions. To overcome this problem, we simultaneously estimate the functions of the intangible asset, the replacement cost, and the toxic chemical risk. We find that the Japanese financial market does not value risk associated with toxic chemical releases. Nevertheless, even without market valuation, firms increase investment to reduce pollution. © 2010 by the Board of Regents of the University of Wisconsin System.

Further investigations of framing effects on cooperative choices in a provision point mechanism

We investigate whether framing effects of voluntary contributions are significant in a provision point mechanism. Our results show that framing significantly affects individuals of the same type: cooperative individuals appear to be more cooperative in the public bads game than in the public goods game, whereas individualistic subjects appear to be less cooperative in the public bads game than in the public goods game. At the aggregate level of pooling all individuals, the data suggests that framing effects are negligible, which is in contrast with the established result.

Stock prices of clean energy firms, oil and carbon markets : a vector autoregressive analysis

Recent discussions of energy security and climate change have attracted significant attention to clean energy. We hypothesize that rising prices of conventional energy and/or placement of a price on carbon emissions would encourage investments in clean energy firms. The data from three clean energy indices show that oil prices and technology stock prices separately affect the stock prices of clean energy firms. However, the data fail to demonstrate a significant relationship between carbon prices and the stock prices of the firms.

Does energy substitution affect carbon dioxide emissions : income relationship?

Considerable discussion has taken place during the last decade regarding the role of economic growth in determining environmental quality. Using data from 30 OECD countries for the period 1960-2003 and the nonparametric method of generalized additive models, which enables us to use flexible functional forms, this paper examines the environmental Kuznets curve hypothesis for carbon dioxide (CO2). We find that the reduction of coal share in energy use has a significant effect on CO2. Our results imply that economic growth is not sufficient to decrease CO2 emissions.

Energy price-induced and exogenous technological change : Assessing the economic and environmental outcomes

In this paper, we distinguish between factor/output substitution and shifts in the production technology frontier. Our model includes the by-products of carbon dioxide and sulfur dioxide emissions where the function requires the simultaneous expansion of good outputs and reductions in emissions. We estimate a directional output distance function for 80 countries over the period 1971-2000 to measure the exogenous and oil price-induced technological change. On average, we find substantial oil price-induced technological progress at the world level when long-term oil prices are rising, although the growth rate is more volatile in developed countries than in developing countries. The results also show that developed countries experience higher exogenous technological progress in comparison with developing countries, and the gap between the two has increased during the period of our study.

Dual inverter based battery energy storage system for grid connected photovoltaic systems

This paper explores a new breed of energy storage system interfacing for grid connected photovoltaic (PV) systems. The proposed system uses the popular dual inverter topology in which one inverter is supplied by a PV cell array and the other by a Battery Energy Storage System (BESS). The resulting conversion structure is controlled in a way that both demand matching and maximum power point tracking of the PV cell array are performed simultaneously. This dual inverter topology can produces 2, 3, 4 and 5 level inverter voltage waveforms at the dc-link voltage ratios of 0:1, 1:1, 2:1 and 3:2 respectively. Since the output voltage of the PV cell array and the battery are uncorrelated and dynamically change, the resulting dc-link voltage ratio can take non-integer values as well. These noninteger dc-link voltage ratios produce unevenly distributed space vectors. Therefore, the main issue with the proposed system is the generation of undistorted current even in the presence of unevenly distributed and dynamically changing space vectors. A modified space vector modulation method is proposed in this paper to address this issue and its efficacy is proved by simulation results. The ability of the proposed system to act as an active power source is also verified.

Exploring the properties of macroscopic fundamental diagram : analysing Brisbane urban network

This thesis explored traffic characteristics at the aggregate level for area-wide traffic monitoring of large urban area. It focused on three aspects: understanding a macroscopic network performance under real-time traffic information provision, measuring traffic performance of a signalised arterial network using available data sets, and discussing network zoning for monitoring purposes in the case of Brisbane, Australia. This work presented the use of probe vehicle data for estimating traffic state variables, and illustrated dynamic features of regional traffic performance of Brisbane. The results confirmed the viability and effectiveness of area-wide traffic monitoring.

A dual inverter based supercapacitor direct integration scheme for wind energy conversion systems

This paper presents a new direct integration scheme for supercapacitors that are used to mitigate short term power fluctuations in wind power systems. The proposed scheme uses the popular dual inverter topology for grid connection as well as interfacing a supercapacitor bank. The dual inverter system is formed by cascading two 2-level inverters named as the “main inverter” and the “auxiliary inverter”. The main inverter is powered by the rectified output of a wind turbine coupled permanent magnet synchronous generator. The auxiliary inverter is directly connected to a super capacitor bank. This approach eliminates the need for an interfacing dc-dc converter for the supercapacitor bank and thus improves the overall efficiency. A detailed analysis on the effects of non-integer dynamically changing voltage ratio is presented. The concept of integrated boost rectifier is used to carry out the Maximum Power Point Tracking (MPPT) of the wind turbine generator. Another novel feature of this paper is the power reference adjuster which effectively manages capacitor charging and discharging at extreme conditions. Simulation results are presented to verify the efficacy of the proposed system in suppressing short term wind power fluctuations.

Energy storage systems in distributed generation schemes

An overview is given of the various energy storage technologies which can be used in distributed generation (DG) schemes. Description of the recent photovoltaic DG initiative in Singapore is included, in which several of the storage systems can find ready applications. Schemes pertaining to the use of solid oxide fuel cell for power quality enhancement and battery energy storage system used in conjunction with wind power generation are also described.

Examining the potential for design and renewable energy to contribute to zero energy housing in Queensland

This was a comparative study of the possibility of a net zero energy house in Queensland, Australia. It examines the actual energy use and thermal comfort conditions of an occupied Brisbane home and compares performance with the 10 star scale rating scheme for Australian residential buildings. An adaptive comfort psychometric chart was developed for this analysis. The house's capacity for the use of the natural ventilation was studied by CFD modelling. This study showed that the house succeeded in achieving the definition of net zero energy on an annual and monthly basis for lighting, cooking and space heating / cooling and for 70% of days for lighting, hot water and cooking services.

Improving voltage profile of residential distribution systems using rooftop PVs and Battery Energy Storage systems

Large number of rooftop Photovoltaics (PVs) have turned traditional passive networks into active networks with intermittent and bidirectional power flow. A community based distribution network grid reinforcement process is proposed to address technical challenges associated with large integration of rooftop PVs. Probabilistic estimation of intermittent PV generation is considered. Depending on the network parameters such as the R/X ratio of distribution feeder, either reactive control from PVs or coordinated control of PVs and Battery Energy Storage (BES) has been proposed. Determination of BES capacity is one of the significant outcomes from the proposed method and several factors such as variation in PV installed capacity as well as participation from community members are analyzed. The proposed approach is convenient for the community members providing them flexibility of managing their integrated PV and BES systems

Reduced resting skeletal muscle protein synthesis is rescued by resistance exercise and protein ingestion following short-term energy deficit

The myofibrillar protein synthesis (MPS) response to resistance exercise (REX) and protein ingestion during energy deficit (ED) is unknown. We determined, in young men (n=8) and women (n=7), protein signaling, resting post-absorptive MPS during energy balance [EB: 45 kcal∙(kg FFM∙d)-1] and after 5d of ED [30 kcal∙(kg FFM∙d)-1] as well as MPS while in ED after acute REX in the fasted state and with the ingestion of whey protein (15 and 30 g). Post-absorptive rates of MPS were 27% lower in ED than EB (P<0.001), but REX stimulated MPS to rates equal to EB. Ingestion of 15 and 30 g of protein after REX in ED increased MPS ~16 and ~34% above resting EB, (P<0.02). p70 S6Kthr389 phosphorylation increased above EB only with combined exercise and protein intake (~2-7 fold; P<0.05). In conclusion, short-term ED reduces post-absorptive MPS, however, a bout of REX in ED restores MPS to values observed at rest in EB. The ingestion of protein after REX further increases MPS above resting EB in a dose-dependent manner. We conclude that combining REX with increased protein availability after exercise enhances rates of skeletal muscle protein synthesis during short term ED and could, in the long term, preserve muscle mass.