Foreign exchange exposure management in a fuel procurement company operating in the commodity markets

Fluctuating commodity prices, foreign exchange rates and interest rates are causing changes in cash flows, market value and the companies’ profit. Most of the commodities are quoted in US dollar. Companies with non-dollar accounting face a double risk in the form of the commodity price risk and foreign exchange risk. The objective of this Master’s thesis is to find out how companies under commodity should manage foreign exchange exposure. The theoretical literature is based on foreign exchange risk, commodity risk and foreign exchange exposure management. The empirical research is done by using constructive modelling of a case company in the oil industry. The exposure is model with foreign exchange net cash flow and net working capital. First, the factors affecting foreign exchange exposure in case company are analyzed, then a model of foreign exchange exposure is created. Finally, the models are compared and the most suitable method is defined. According to the literature, foreign exchange exposure is the foreign exchange net cash flow. However, the results of the study show that foreign exchange risk can be managed also with net working capital. When the purchases, sales and storage are under foreign exchange risk, the best way to manage foreign exchange exposure is with combined net cash flow and net working capital method. The foreign exchange risk policy of the company defines the appropriate way to manage foreign exchange risk.

Rankahakkeen laadunhallinta aumavarastoinnissa

Diplomityössä selvitettiin rankahakeaumojen peittämisen vaikutuksia laatuun voimalaitoksen polttoaineena. Selvityksen kohteena olivat aumojen sisälämpötilat eri kohdissa aumoja sekä hakkeen kosteuden muutos ja kuiva-ainetappiot varastoinnin aikana. Tutkimuksen kohteena olivat Etelä-Savon Energian polttoaineterminaaliin kootut hakeaumat. Aumojen sisäistä lämpötilaa asennettiin mittaamaan yhdeksän lämpötilasensoria kuhunkin aumaan. Hakkeiden kokonaismassat tutkimuksen alussa laskettiin aumoihin purettujen kuormien massoista. Kuormista määritettiin kosteudet ja lämpöarvot standardien mukaisesti. Näytteiden käsittely tapahtui terminaalilla ja niiden kosteus selvitettiin uunikuivausmenetelmällä. Käyttöpaikalle kuljetuksen yhteydessä kuormat punnittiin ja kosteudet mitattiin uudestaan. Tutkimuksen aikana havaittiin langattomien lämpötilasensorien lukemisen hakeaumojen sisältä olevan vaikeaa. Sensorit olivat kuitenkin pääsääntöisesti säilyneet toimintakuntoisina varastoinnin aikana ja niiden sisältämät lämpötilatiedot päästiin lukemaan aumojen purkamisen jälkeen. Tutkimuksen perusteella hakeaumojen peittäminen on kannattavaa. Hake säilyi tutkimuksen ajankohtana peitetyssä aumassa kuivempana kuin peittämättömässä. Hake ei myöskään jäädy peitteen alla yhtä paljon kuin peittämättömänä, mikä parantaa hakkeen käsiteltävyyttä kuormaa tehdessä ja voimalaitoksella. Kuiva-ainetappioista ei voitu esittää luotettavia tuloksia kokeen keskeydyttyä sään takia.

Remote Observation of Radioactive Permit-Required Confined Spaces – Case: Posiva Oy’s Fuel Handling Cell

Posiva Oy’s final disposal facility’s encapsulation plant will start to operate in the 2020s. Once the operation starts, the facility is designed to run more than a hundred years. The encapsulation plant will be first of its kind in the world, being part of the solution to solve a global issue of final disposal of nuclear waste. In the encapsulation plant’s fuel handling cell the spent nuclear fuel will be processed to be deposited into the Finnish bedrock, into ONKALO. In the fuel handling cell, the environment is highly radioactive forming a permit-required enclosed space. Remote observation is needed in order to monitor the fuel handling process. The purpose of this thesis is to map (Part I) and compare (Part II) remote observation methods to observe Posiva Oy’s fuel handling cell’s process, and provide a possible theoretical solution for this case. Secondary purpose for this thesis is to provide resources for other remote observation cases, as well as to inform about possible future technology to enable readiness in the design of the encapsulation plant. The approach was to theoretically analyze the mapped remote observation methods. Firstly, the methods were filtered by three environmental challenges. These are the high levels of radiation, the permit-required confined space and the hundred year timespan. Secondly, the most promising methods were selected by the experts designing the facility. Thirdly, a customized feasibility analysis was created and performed on the selected methods to rank the methods with scores. The results are the mapped methods and the feasibility analysis scores. The three highest scoring methods were radiation tolerant camera, fiberscope and audio feed. A combination of these three methods was given as a possible theoretical solution for this case. As this case is first in the world, remote observation methods for it had not been thoroughly researched. The findings in this thesis will act as initial data for the design of the fuel handling cell’s remote observation systems and can potentially effect on the overall design of the facility by providing unique and case specific information. In addition, this thesis could provide resources for other remote observation cases.