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Analyzing the Effects of the New Renewable Energy Policy in Russia on Investments into Wind, Solar and Small Hydro Power

This thesis presents an analysis of recently enacted Russian renewable energy policy based on capacity mechanism. Considering its novelty and poor coverage by academic literature, the aim of the thesis is to analyze capacity mechanism influence on investors’ decision-making process. The current research introduces a number of approaches to investment analysis. Firstly, classical financial model was built with Microsoft Excel® and crisp efficiency indicators such as net present value were determined. Secondly, sensitivity analysis was performed to understand different factors influence on project profitability. Thirdly, Datar-Mathews method was applied that by means of Monte Carlo simulation realized with Matlab Simulink®, disclosed all possible outcomes of investment project and enabled real option thinking. Fourthly, previous analysis was duplicated by fuzzy pay-off method with Microsoft Excel®. Finally, decision-making process under capacity mechanism was illustrated with decision tree. Capacity remuneration paid within 15 years is calculated individually for each RE project as variable annuity that guarantees a particular return on investment adjusted on changes in national interest rates. Analysis results indicate that capacity mechanism creates a real option to invest in renewable energy project by ensuring project profitability regardless of market conditions if project-internal factors are managed properly. The latter includes keeping capital expenditures within set limits, production performance higher than 75% of target indicators, and fulfilling localization requirement, implying producing equipment and services within the country. Occurrence of real option shapes decision-making process in the following way. Initially, investor should define appropriate location for a planned power plant where high production performance can be achieved, and lock in this location in case of competition. After, investor should wait until capital cost limit and localization requirement can be met, after that decision to invest can be made without any risk to project profitability. With respect to technology kind, investment into solar PV power plant is more attractive than into wind or small hydro power, since it has higher weighted net present value and lower standard deviation. However, it does not change decision-making strategy that remains the same for each technology type. Fuzzy pay-method proved its ability to disclose the same patterns of information as Monte Carlo simulation. Being effective in investment analysis under uncertainty and easy in use, it can be recommended as sufficient analytical tool to investors and researchers. Apart from described results, this thesis contributes to the academic literature by detailed description of capacity price calculation for renewable energy that was not available in English before. With respect to methodology novelty, such advanced approaches as Datar-Mathews method and fuzzy pay-off method are applied on the top of investment profitability model that incorporates capacity remuneration calculation as well. Comparison of effects of two different RE supporting schemes, namely Russian capacity mechanism and feed-in premium, contributes to policy comparative studies and exhibits useful inferences for researchers and policymakers. Limitations of this research are simplification of assumptions to country-average level that restricts our ability to analyze renewable energy investment region wise and existing limitation of the studying policy to the wholesale power market that leaves retail markets and remote areas without our attention, taking away medium and small investment into renewable energy from the research focus. Elimination of these limitations would allow creating the full picture of Russian renewable energy investment profile.

Net working capital estimation model in project business

The objective of this Master’s thesis is to develop a model which estimates net working capital (NWC) monthly in a year period. The study is conducted by a constructive research which uses a case study. The estimation model is designed in the need of one case company which operates in project business. Net working capital components should be linked together by an automatic model and estimated individually, including advanced components of NWC for example POC receivables. Net working capital estimation model of this study contains three parts: output template, input template and calculation model. The output template gets estimate values automatically from the input template and the calculation model. Into the input template estimate values of more stable NWC components are inputted manually. The calculate model gets estimate values for major affecting components automatically from the systems of a company by using a historical data and made plans. As a precondition for the functionality of the estimation calculation is that sales are estimated in one year period because the sales are linked to all NWC components.

Tietojohtamista tukevan toiminnanohjausjärjestelmän vaatimuksia erityistoimialalla: tapaustutkimus eläinterveydenhuollon toimialalla

Veterinary Health Services are following in many areas the practices and medical direction of human medicine and health services. They are reaching for improved efficiency, quality and precision. Competitive position may be improved and productivity increased by specializing and focusing efforts at the practice. This thesis focuses in small animal practices and their needs for ERP (Enterprise Resource Planning) systems in Germany. As a result requirements for ERP solution supporting knowledge management in the small animal practice is presented. Veterinary Health Services is knowledge-intensive business, where written information and tacit knowledge is increasingly bound together with deepening expertise and specialization. Veterinarian is even legally obliged to develop and maintain her professional skills. The current ERP solutions concentrate in the treatment process of veterinary practice. Customer relationship management is left aside. As the competitive situation is getting tighter in veterinary services also the customer relationship management needs to get into the focus and interest to the wider network support in knowledge sharing should take steps forward. Taking into account the requirement of continuous development of professional skills ERP system at the veterinary practice should also be seen as knowledge management tool. It should provide the possibility to create, store, share and use knowledge. The study is conducted first by studying the AS-IS situation of ERP use and market in veterinary health services and then drawing the requirements of TO-BE situation by studying literature and the results of semi qualitative study conducted for German veterinary practices. A group of veterinarians were interviewed, market and network analysis was done and the understanding of market was deepened in two veterinary conferences in Germany. This theses work is requested by Finnish software company Finnish Net Solutions, which is the leading supplier of Veterinary Practice Management software in Finland. The company plans to expand to European market with Cloud based service. Target of the theses is to create understanding of the requirements of German veterinary market to develop ERP solution supporting Knowledge Management in Veterinary Practice.