60 resultados para Fuel trade


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In this doctoral thesis, a power conversion unit for a 10 kWsolid oxide fuel cell is modeled, and a suitable control system is designed. The need for research was identified based on an observation that there was no information available about the characteristics of the solid oxide fuel cell from the perspective of power electronics and the control system, and suitable control methods had not previously been studied in the literature. In addition, because of the digital implementation of the control system, the inherent characteristics of the digital system had to be taken into account in the characteristics of the solid oxide fuel cell (SOFC). The characteristics of the solid oxide fuel cell as well the methods for the modeling and control of the DC/DC converter and the grid converter are studied by a literature survey. Based on the survey, the characteristics of the SOFC as an electrical power source are identified, and a solution to the interfacing of the SOFC in distributed generation is proposed. A mathematical model of the power conversion unit is provided, and the control design for the DC/DC converter and the grid converter is made based on the proposed interfacing solution. The limit cycling phenomenon is identified as a source of low-frequency current ripple, which is found to be insignificant when connected to a grid-tied converter. A method to mitigate a second harmonic originating from the grid interface is proposed, and practical considerations of the operation with the solid oxide fuel cell plant are presented. At the theoretical level, the thesis discusses and summarizes the methods to successfully derive a model for a DC/DC converter, a grid converter, and a power conversion unit. The results of this doctoral thesis can also be used in other applications, and the models and methods can be adopted to similar applications such as photovoltaic systems. When comparing the results with the objectives of the doctoral thesis, we may conclude that the objectives set for the work are met. In this doctoral thesis, theoretical and practical guidelines are presented for the successful control design to connect a SOFC-based distributed generation plant to the utility grid.

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Oxy-fuel combustion in a circulating fluidized bed (CFB) boiler appears to be a promising option for capturing CO2 in power plants. Oxy-fuel combustion is based on burning of fuel in the mixture of oxygen and re-circulated flue gas instead of air. Limestone (CaCO3) is typically used for capturing of SO2 in CFB boilers where limestone calcines to calcium oxide (CaO). Because of high CO2 concentration in oxy-fuel combustion, calcination reaction may be hindered or carbonation, the reverse reaction of calcination, may occur. Carbonation of CaO particles can cause problems especially in the circulation loop of a CFB boiler where temperature level is lower than in the furnace. The aim of the thesis was to examine carbonation of CaO in a fluidized bed heat exchanger of a CFB boiler featuring oxy-fuel combustion. The calculations and analyzing were based on measurement data from an oxy-fuel pilot plant and on 0-dimensional (0D) gas balance of a fluidized bed heat exchanger. Additionally, the objective was to develop a 1-dimensional (1D) model of a fluidized bed heat exchanger by searching a suitable pre-exponential factor for a carbonation rate constant. On the basis of gas measurement data and the 0D gas balance, it was found that the amount of fluidization gas decreased as it flew through the fluidized bed heat exchanger. Most likely the reason for this was carbonation of CaO. It was discovered that temperature has a promoting effect on the reaction rate of carbonation. With the 1D model, a suitable pre-exponential factor for the equation of carbonation rate constant was found. However, during measurements there were several uncertainties, and in the calculations plenty of assumptions were made. Besides, the temperature level in the fluidized bed heat exchanger was relatively low during the measurements. Carbonation should be considered when fluidized bed heat exchangers and the capacity of related fans are designed for a CFB boiler with oxy-fuel combustion.

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Avsikten med studien är att producera den första rekonstruktionen av det västafrikanska klimatet mellan 1750 och 1798. Kunskapen om det västafrikanska klimatet före 1800-talet är till dags dato bristfällig, vilket gör det svårare att förstå framtida klimatvariationer. Det är bristen på instrumentell meteorologisk data (temperatur, regnmängd, och lufttryck), vilket i princip bara täcker det senaste århundradet, som är orsaken till att tidigare klimat är bristfälligt kartlagda. Klimatet och miljön är även sådana att proxydata från ’naturens arkiv’ (såsom t.ex. trädringar) har begränsad användning. Således är historiska dokument, främst från gästande kulturer/nationer/intressenter, innehållande deskriptiv information om vädret och klimatet, klimatforskarens viktigaste källa. Genom att använda tidigare, för det här syftet, oanvända källor påvisade den här undersökningen att klimatet i västra Afrika och Guldkusten (Ghana) har ändrats sedan 1700-talet. Monsunregnen var svagare och kortvarigare, speciellt den sekundära regnperioden under hösten var betydligt svagare än idag. Det förekom kraftiga årliga variationer i monsunregnen, men sett ur längre tidsperspektiv utmärktes torrare och blötare perioder. Studien kunde också visa en viss korrelation mellan det globala väderfenomenet El Niño och regnperiodens intensitet längs med kusten. Flera torrperioder sammanföll med tidigare registrerade El Niño sekvenser. Speciellt slutet av 1760-talet påverkades kraftigt av El Niño och även det globala klimatet verkar ha genomgått graftiga förändringar just dessa år. På basis av den nya klimatrekonstruktionen genomfördes också en jämförelse av klimatets inverkan på den transatlantiska slavhandeln från 1750 till 1798, en fråga som historikerna gjort anspelningar på i över 30 år. Utförseln av slavar från västra Afrika var som kraftigast under 1700-talets andra hälft. Analysen visade att slavhandeln delvis tilltog i samband med klimatanomalierna.

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A trade-off between return and risk plays a central role in financial economics. The intertemporal capital asset pricing model (ICAPM) proposed by Merton (1973) provides a neoclassical theory for expected returns on risky assets. The model assumes that risk-averse investors (seeking to maximize their expected utility of lifetime consumption) demand compensation for bearing systematic market risk and the risk of unfavorable shifts in the investment opportunity set. Although the ICAPM postulates a positive relation between the conditional expected market return and its conditional variance, the empirical evidence on the sign of the risk-return trade-off is conflicting. In contrast, autocorrelation in stock returns is one of the most consistent and robust findings in empirical finance. While autocorrelation is often interpreted as a violation of market efficiency, it can also reflect factors such as market microstructure or time-varying risk premia. This doctoral thesis investigates a relation between the mixed risk-return trade-off results and autocorrelation in stock returns. The results suggest that, in the case of the US stock market, the relative contribution of the risk-return trade-off and autocorrelation in explaining the aggregate return fluctuates with volatility. This effect is then shown to be even more pronounced in the case of emerging stock markets. During high-volatility periods, expected returns can be described using rational (intertemporal) investors acting to maximize their expected utility. During lowvolatility periods, market-wide persistence in returns increases, leading to a failure of traditional equilibrium-model descriptions for expected returns. Consistent with this finding, traditional models yield conflicting evidence concerning the sign of the risk-return trade-off. The changing relevance of the risk-return trade-off and autocorrelation can be explained by heterogeneous agents or, more generally, by the inadequacy of the neoclassical view on asset pricing with unboundedly rational investors and perfect market efficiency. In the latter case, the empirical results imply that the neoclassical view is valid only under certain market conditions. This offers an economic explanation as to why it has been so difficult to detect a positive tradeoff between the conditional mean and variance of the aggregate stock return. The results highlight the importance, especially in the case of emerging stock markets, of noting both the risk-return trade-off and autocorrelation in applications that require estimates for expected returns.

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Användning av biomassa som energikälla för produktion av el och värme är ett sätt att minska beroendet av fossila bränslen och höja självförsörjningen av energi. Fossila bränslen är den främsta källan till koldioxid utsläpp förorsakad av människan. Biomassa, å andra sidan, betraktas som en koldioxidneutral energikälla. Svavlet och kvävet i biomassan bildar dock föroreningar såsom kväveoxider (NOX) och svaveldioxid (SO2), som bidrar till försurning av mark och sjöar. Svavlet i bränslet kan även både förorsaka och förhindra korrosion i en förbränningsanläggning, beroende på förbränningen och bränslet. Huvudsyftet med detta arbete var att få en bättre förståelse om hur utsläppen av NOX och SO2 bildas från bränslebundet kväve och svavel vid förbränning av olika biobränslen. Mätkampanjer i fullskaliga förbränningsanläggningar utfördes, där gassammansättningen mättes i eldstaden och rökgasen. Förståelsen om gaskemin i eldstaden är viktig, för att möjliggöra utvecklandet av renare och effektivare förbränningsanläggningar. Ett annat syfte med arbetet var att klargöra om sulfatering av askkomponenter vid förbränning av biobränslen med olika askegenskaper. Alkaliklorider som bildas vid biomassaförbränning kan orsaka korrosion av värmeöverföringsytor. Svavlet i bränslet visade sig ha en viktig roll i att sulfatera alkaliklorider till mindre korrosiva alkalisulfater. Närvaron av gasformig svavelsyra i rökgaskanalen av förbränningsanläggningar studerades även. Kondensering av svavelsyra leder till korrosion av rökgaskanalen och dess delar. Om svavelsyrakoncentrationen i rökgasen är känd, kan daggpunktstemperaturen beräknas och kondensering av svavelsyra förhindras. I arbetet utvecklades en mätmetod för att mäta låga koncentrationer av gasformig svavelsyra i rökgaser. Denna metod användes för att undersöka risken av lågtemperaturkorrosion orsakad av svavelsyra i förbränningsanläggningar. ------------------------------------------------------------------------------------------------------------ Käyttämällä biomassaa energianlähteenä voidaan vähentää sähkön- ja lämmöntuotannon riippuvuutta fossiilisiin polttoaineisiin. Biomassan käytöllä voidaan myös lisätä energiantuotannon omavaraisuutta. Fossiiliset polttoaineet ovat pääasiallinen syy ihmisen aiheuttamiin hiilidioksidipäästöihin. Biomassa sen sijaan luetaan hiilidioksidineutraaleihin energianlähteisiin. Biopolttoaineiden käytössä tosin vapautuu typpi- ja rikkioksideja, jotka edesauttavat maaperän ja merien happamoitumista. Lisäksi biopolttoaineen rikki voi sekä vähentää että aiheuttaa laitteiden korroosiota energiantuotannossa riippuen biopolttoaineesta ja palamisesta. Tämän työn päätavoitteena oli selvittää mitä biopolttoaineeseen sitoutuneelle typelle ja rikille tapahtuu teollisissa polttolaitoksissa. Kyseisten oksidien muodostumista tutkittiin polttamalla eri biomassoja polttolaitoksissa. Tutkimukset toteutettiin mittauskampanjoilla useissa polttolaitoksissa. Kaasujen koostumusta mitattiin sekä tulipesässä, että savukaasuista. Kaasujen koostumus varsinkin tulipesässä on tärkeää, jotta tulevaisuudessa voidaan rakentaa puhtaampia ja tehokkaampia polttolaitoksia. Työn toisena tavoitteena oli selvittää biomassan polton yhteydessä tapahtuvaa tuhkan sulfatoitumista. Alkalikloridit, joita muodostuu biomassan poltossa, voivat aiheuttaa lämmönsiirtopintojen korroosiota. Rikki osoittautui tärkeäksi osaksi prosessia, jossa korroosiota aiheuttavat alkalikloridit sulfatoituivat vähemmän korrosoiviksi alkalisulfaateiksi. Myös kaasumaisen rikkihapon läsnäoloa savukaasuissa tutkittiin. On todettu, että kaasumuotoinen rikkihappo johtaa korroosioon savukaasukanavan kylmässä päässä ja sen eri osissa rikkihapon tiivistyessä lämpötilan laskiessa. Mikäli rikkihapon pitoisuus savukaasussa tiedetään, sen kastepiste voidaan laskea ja tiivistyminen estää. Tässä työssä kehitettiin mittausmenetelmä rikkihapon alhaisten pitoisuuksien mittaamiseen. Menetelmää hyödynnettiin polttolaitoksissa, joissa tutkittiin rikkihapon tiivistymisestä johtuvaa korroosiota.

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Kaukolämpöliiketoiminnan kehittämistarve korostuu jatkuvasti alan rakennemuutosten ja markkinoiden muutoksien seurauksena. Turku Energian tavoitteena on uudistaa ja kehittää kaukolämmön hinnoitteluaan vastaamaan energian tuotannon, jakelun, loppukäytön ja muihin alan muutoksiin. Tässä opinnäytetyössä tutkitaan kaukolämmön hinnoittelun optimointi ja kehittämistä nykyisessä sekä tulevaisuuden markkina- ja tuotantorakenteessa. Nykyisen hinnoittelumallin lisäksi tutkitaan vaihtoehtoisia tapoja hinnoitella myytävä kaukolämpöenergia, kuten vuodenaikojen mukaan määriteltävä muuttuva energianhinta. Työn kirjallisuusosassa esitellään kaukolämmön tuotanto, siirto ja jakelu sekä liiketoiminta Suomessa ja Turun seudulla. Tutkittavat hinnoittelumallit perustuvat todellisiin ja arvioituihin liiketoiminnan kustannuksiin, sekä esitettyihin laskentaperiaatteisiin. Turku Energian nykyistä perusmaksun hintatasoa tulee korottaa, jotta se vastaa lämmönhankinnan kiinteitä kustannuksia tarkemmin ja minimoi liiketoiminnan markkinariskiä. Nykyisen hinnoittelun verokomponentin kehittämisellä lisätään hinnoittelun läpinäkyvyyttä. Kausihinnoittelun avulla energianhinta noudattaa tuotannon kustannuksia vuoden aikana ja ohjaa asiakkaiden lämmönkulutusta nykyistä tarkemmin. Uusiutuvilla energianlähteillä tuotettua kaukolämpöä voidaan myydä erillisillä tuotteilla, joiden avulla liiketoiminnalle saadaan lisäarvoa.

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This study examines the excess returns provided by G10 currency carry trading during the Euro era. The currency carry trade has been a popular trade throughout the past decades offering excess returns to investors. The thesis aims to contribute to existing research on the topic by utilizing a new set of data for the Euro era as well as using the Euro as a basis for the study. The focus of the thesis is specifically on different carry trade strategies’ performance, risk and diversification benefits. The study finds proof of the failure of the uncovered interest rate parity theory through multiple regression analyses. Furthermore, the research finds evidence of significant diversification benefits in terms of Sharpe ratio and improved return distributions. The results suggest that currency carry trades have offered excess returns during 1999-2014 and that volatility plays an important role in carry trade returns. The risk, however, is diversifiable and therefore our results support previous quantitative research findings on the topic.

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Hydrothermal carbonization (HTC) is a thermochemical process used in the production of charred matter similar in composition to coal. It involves the use of wet, carbohydrate feedstock, a relatively low temperature environment (180 °C-350 °C) and high autogenous pressure (up to 2,4 MPa) in a closed system. Various applications of the solid char product exist, opening the way for a range of biomass feedstock materials to be exploited that have so far proven to be troublesome due to high water content or other factors. Sludge materials are investigated as candidates for industrial-scale HTC treatment in fuel production. In general, HTC treatment of pulp and paper industry sludge (PPS) and anaerobically digested municipal sewage sludge (ADS) using existing technology is competitive with traditional treatment options, which range in price from EUR 30-80 per ton of wet sludge. PPS and ADS can be treated by HTC for less than EUR 13 and 33, respectively. Opportunities and challenges related to HTC exist, as this relatively new technology moves from laboratory and pilot-scale production to an industrial scale. Feedstock materials, end-products, process conditions and local markets ultimately determine the feasibility of a given HTC operation. However, there is potential for sludge materials to be converted to sustainable bio-coal fuel in a Finnish context.

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The aim of this thesis is to study whether the use of biomethane as a transportation fuel is reasonable from climate change perspective. In order to identify potentials and challenges for the reduction of greenhouse gas (GHG) emissions, this dissertation focuses on GHG emission comparisons, on feasibility studies and on the effects of various calculation methodologies. The GHG emissions calculations are carried out by using life cycle assessment (LCA) methodologies. The aim of these LCA studies is to figure out the key parameters affecting the GHG emission saving potential of biomethane production and use and to give recommendations related to methodological choices. The feasibility studies are also carried out from the life cycle perspective by dividing the biomethane production chain for various operators along the life cycle of biomethane in order to recognize economic bottlenecks. Biomethane use in the transportation sector leads to GHG emission reductions compared to fossil transportation fuels in most cases. In addition, electricity and heat production from landfill gas, biogas or biomethane leads to GHG reductions as well. Electricity production for electric vehicles is also a potential route to direct biogas or biomethane energy to transportation sector. However, various factors along the life cycle of biomethane affect the GHG reduction potentials. Furthermore, the methodological selections have significant effects on the results. From economic perspective, there are factors related to different operators along the life cycle of biomethane, which are not encouraging biomethane use in the transportation sector. To minimize the greenhouse gas emissions from the life cycle of biomethane, waste feedstock should be preferred. In addition, energy consumption, methane leakages, digestate utilization and the current use of feedstock or biogas are also key factors. To increase the use of biomethane in the transportation sector, political steering is needed to improve the feasibility for the operators. From methodological perspective, it is important to recognize the aim of the life cycle assessment study. The life cycle assessment studies can be divided into two categories: 1.) To produce average GHG information of biomethane to evaluate the acceptability of biomethane use compared to fossil transportation fuels. 2.) To produce GHG information of biomethane related to actual decision-making situations. This helps to figure out the actual GHG emission changes in cases when feedstock, biogas or biomethane are already in other use. For example directing biogas from electricity production to transportation use does not necessarily lead to additional GHG emission reductions. The use of biomethane seems to have a lot of potential for the reduction of greenhouse gas emissions as a transportation fuel. However, there are various aspects related to production processes, to the current use of feedstock or biogas and to the feasibility that have to be taken into account.

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Kartta kuuluu A. E. Nordenskiöldin kokoelmaan

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The international recovered paper trade serves two important functions: increasing raw material availability in the paper and board industry and providing economic incentives to recycle. The purpose of this paper is to shed further light on emerging patterns in this trade by empirically analysing the changes in the bilateral trade flows of recycled paper between 1992 and 2008. According to our estimations, two important changes have taken place in the 1990s and 2000s. First, the growing importance of developing economies in global recycled paper trade plays a significant role in import demand as a determinant of trade flows. Second, the changes in global trade patterns necessitate investigating the transportation cost measures used in applied research.

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The pulp and paper industry is currently facing broad structural changes due to global shifts in demand and supply. These changes have significant impacts on national economies worldwide. In this paper, we describe the recent trends in the pulp and recovered paper (RP) production, and estimate augmented gravity models of bilateral trade for chemical pulp and RP exports with panel data. According to our results, there is some variation in the effects of the traditional gravity-model variables between pulp grades and RP. The results imply also that, in comparison to export supply, import demand plays a larger role in determining the volume of exports. Finally, it is evident that Asia, particularly China, is the most important driver of chemical pulp and RP trade: China is hungry for fiber, and must import to satisfy its growing needs. Moreover, the speed of China’s growth in chemical pulp and RP imports has been driving the increased significance of planted forests in the exports of hardwood pulp (BHKP) as well.

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The reduction of greenhouse gas emissions in the European Union promotes the combustion of biomass rather than fossil fuels in energy production. Circulating fluidized bed (CFB) combustion offers a simple, flexible and efficient way to utilize untreated biomass in a large scale. CFB furnaces are modeled in order to understand their operation better and to help in the design of new furnaces. Therefore, physically accurate models are needed to describe the heavily coupled multiphase flow, reactions and heat transfer inside the furnace. This thesis presents a new model for the fuel flow inside the CFB furnace, which acknowledges the physical properties of the fuel and the multiphase flow phenomena inside the furnace. This model is applied with special interest in the firing of untreated biomass. An experimental method is utilized to characterize gas-fuel drag force relations. This characteristic drag force approach is developed into a gas-fuel drag force model suitable for irregular, non-spherical biomass particles and applied together with the new fuel flow model in the modeling of a large-scale CFB furnace. The model results are physically valid and achieve very good correspondence with the measurement results from large-scale CFB furnace firing biomass. With the methods and models presented in this work, the fuel flow field inside a circulating fluidized bed furnace can be modeled with better accuracy and more efficiently than in previous studies with a three-dimensional holistic model frame.

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Negotiating trade agreements is an important part of government trade policies, economic planning and part of the globally operating trading system of today. European Union and the United States have been active in the formation of trade agreements in global comparison. Now these two economic giants are engaged in negotiations to form their own trade agreement, the so called Transnational Trade and Investment Partnership (TTIP). The purpose of this thesis is to understand the reasons for making a trade agreement between two economic areas and understanding the issues it may include in the case of the TTIP. The TTIP has received a great deal of attention in the media. The opinions towards the partnership have been extreme, and the debate has been heated. The purpose of this study is to introduce the nature of the public discussion regarding the TTIP from Spring 2013 until 2014. The research problem is to find out what are the main issues in the agreement and what are the values influencing them. The study was conducted applying methods of critical discourse analysis to the chosen data. This includes gathering the issues from the data based on the attention each has received in the discussion. The underlying motives for raising different issues were analysed by investigating the authors’ position in the political, economic and social circuits. The perceived economic impacts of the TTIP are also under analysis with the same criteria. Some of the most respected economic newspapers globally were included in the research material as well as papers or reports published by the EU and global organisations. The analysis indicates a clear dichotomy of the attitudes towards the TTIP. Key problems include lack of transparency in the negotiations, the misunderstood investor-state dispute settlement, the constantly expanding regulatory issues and the risk of protectionism. The theory and data does suggest that the removal of tariffs is an effective tool for reaching economic gains in the TTIP and even more effective would be the reducing of non-tariff barriers, such as protectionism. Critics are worried over the rising influence of corporations over governments. The discourse analysis reveals that the supporters of the TTIP have values related to increasing welfare through economic growth. Critics do not deny the economic benefits but raise the question of inequality as a consequence. Overall they represent softer values such as sustainable development and democracy as a counter-attack to the corporate values of efficiency and the maximising of profits.