A short-term risk management tool applied to OMEL electricity market using particle swarm optimization

Short-term risk management is highly dependent on long-term contractual decisions previously established; risk aversion factor of the agent and short-term price forecast accuracy. Trying to give answers to that problem, this paper provides a different approach for short-term risk management on electricity markets. Based on long-term contractual decisions and making use of a price range forecast method developed by the authors, the short-term risk management tool presented here has as main concern to find the optimal spot market strategies that a producer should have for a specific day in function of his risk aversion factor, with the objective to maximize the profits and simultaneously to practice the hedge against price market volatility. Due to the complexity of the optimization problem, the authors make use of Particle Swarm Optimization (PSO) to find the optimal solution. Results from realistic data, namely from OMEL electricity market, are presented and discussed in detail.

Os Gestores, as empresas, e as estratégias empreendedoras: O caso das empresas industriais e da construção na região do Vale do Sousa

In the present paper, entrepreneurship strategies and its relations with managers and management are analysed in order to evaluate who are the real entrepreneurs. This study was done in a region of northern Portugal (Vale do Sousa) and focus on Industrial and Construction sectors. The region is composed of six concelhos in some of which it is possible to identify some industrial districts. In order to get a valid sample, a group of 251 firms were analysed. The results present a high level of risk aversion and some findings that go with literature on innovation, such as higher levels of education lead to more innovative managers, or young managers are more innovative. It was concluded, that those managers that were able to search and explore opportunities in the past, present better levels of entrepreneurship in their firms.