Characterisation of waste for combustion : with special reference to the role of zinc

Waste combustion has gone from being a volume reducing discarding-method to an energy recovery process for unwanted material that cannot be reused or recycled. Different fractions of waste are used as fuel today, such as; municipal solid waste, refuse derived fuel, and solid recovered fuel. Furthermore, industrial waste, normally a mixture between commercial waste and building and demolition waste, is common, either as separate fuels or mixed with, for example, municipal solid waste. Compared to fossil or biomass fuels, waste mixtures are extremely heterogeneous, making it a complicated fuel. Differences in calorific values, ash content, moisture content, and changing levels of elements, such as Cl and alkali metals, are common in waste fuel. Moreover, waste contains much higher levels of troublesome trace elements, such as Zn, which is thought to accelerate a corrosion process. Varying fuel quality can be strenuous on the boiler system and may cause fouling and corrosion of heat exchanger surfaces. This thesis examines waste fuels and waste combustion from different angles, with the objective of giving a better understanding of waste as an important fuel in today’s fuel economy. Several chemical characterisation campaigns of waste fuels over longer time periods (10-12 months) was used to determine the fossil content of Swedish waste fuels, to investigate possible seasonal variations, and to study the presence of Zn in waste. Data from the characterisation campaigns were used for thermodynamic equilibrium calculations to follow trends and determine the effect of changing concentrations of various elements. The thesis also includes a study of the thermal behaviour of Zn and a full—scale study of how the bed temperature affects the volatilisation of alkali metals and Zn from the fuel. As mixed waste fuel contains considerable amounts of fresh biomass, such as wood, food waste, paper etc. it would be wrong to classify it as a fossil fuel. When Sweden introduced waste combustion as a part of the European Union emission trading system in the beginning of 2013 there was a need for combustion plants to find a usable and reliable method to determine the fossil content. Four different methods were studied in full-scale of seven combustion plants; 14Canalysis of solid waste, 14C-analysis of flue gas, sorting analysis followed by calculations, and a patented balance method that is using a software program to calculate the fossil content based on parameters from the plant. The study showed that approximately one third of the coal in Swedish waste mixtures has fossil origins and presented the plants with information about the four different methods and their advantages and disadvantages. Characterisation campaigns also showed that industrial waste contain higher levels of trace elements, such as Zn. The content of Zn in Swedish waste fuels was determined to be approximately 800 mg kg-1 on average, based on 42 samples of solid waste from seven different plants with varying mixtures between municipal solid waste and industrial waste. A review study of the occurrence of Zn in fuels confirmed that the highest amounts of Zn are present in waste fuels rather than in fossil or biomass fuels. In tires, Zn is used as a vulcanizing agent and can reach concentration values of 9600-16800 mg kg-1. Waste Electrical and Electronic Equipment is the second Zn-richest fuel and even though on average Zn content is around 4000 mg kg-1, the values of over 19000 mg kg-1 were also reported. The increased amounts of Zn, 3000-4000 mg kg-1, are also found in municipal solid waste, sludge with over 2000 mg kg-1 on average (some exceptions up to 49000 mg kg-1), and other waste derived fuels (over 1000 mg kg-1). Zn is also found in fossil fuels. In coal, the average level of Zn is 100 mg kg-1, the higher amount of Zn was only reported for oil shale with values between 20-2680 mg kg-1. The content of Zn in biomass is basically determined by its natural occurrence and it is typically 10-100 mg kg-1. The thermal behaviour of Zn is of importance to understand the possible reactions taking place in the boiler. By using thermal analysis three common Zn-compounds were studied (ZnCl2, ZnSO4, and ZnO) and compared to phase diagrams produced with thermodynamic equilibrium calculations. The results of the study suggest that ZnCl2(s/l) cannot exist readily in the boiler due to its volatility at high temperatures and its conversion to ZnO in oxidising conditions. Also, ZnSO4 decomposes around 680°C, while ZnO is relatively stable in the temperature range prevailing in the boiler. Furthermore, by exposing ZnO to HCl in a hot environment (240-330°C) it was shown that chlorination of ZnO with HCl gas is possible. Waste fuel containing high levels of elements known to be corrosive, for example, Na and K in combination with Cl, and also significant amounts of trace elements, such as Zn, are demanding on the whole boiler system. A full-scale study of how the volatilisation of Na, K, and Zn is affected by the bed temperature in a fluidised bed boiler was performed parallel with a lab-scale study with the same conditions. The study showed that the fouling rate on deposit probes were decreased by 20 % when the bed temperature was decreased from 870°C to below 720°C. In addition, the lab-scale experiments clearly indicated that the amount of alkali metals and Zn volatilised depends on the reactor temperature.

Suomen ensimmäiset mormonit

Kirjallisuusarvostelu

Pohjanmaan lestadiolaiset naiset tutkimuskohteena

Kirjallisuusarvostelu

Currency Carry Trades – Excess Returns and Performance Optimization of G10 Currency Carry Trade Strategies during the Euro Era

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.

Irtoamispäivän kurssilaskusuhteet, epänormaalit tuotot sekä epänormaalit kaupankäyntivolyymit vuosina 2005-2013

Tutkielman tavoitteena on tutkia osingon irtoamispäivän tapahtumia OMX Helsinki 25:n yrityksillä vuosina 2005–2013. Vallitsevan käsityksen mukaan osakkeen hinta laskee irtoamispäivänä osingon verran +/- markkinoiden yleisestä hintamuutoksesta johtuva nousu/lasku. Käsitystä on pyritty murtamaan vuosien saatossa neljän eri teorian avulla, jotka ovat veroasiakaskuntateoria, lyhytaikaisen vaihdon hypoteesi, dynaaminen malli sekä mikrorakenneteoria. Osingon irtoamispäivää tarkastellaan kolmen eri tutkimuksen avulla ja saatuja tuloksia verrataan teoriaan sekä aikaisempiin löydöksiin. Tutkimusosuudet ovat kurssilaskusuhteet, epänormaalit tuotot sekä epänormaalit kaupankäyntivolyymit. Kurssilaskusuhdetta tarkastellaan vertaamalla cum-päivän ja irtoamispäivän osakkeiden hintojen erotusta maksetun osingon määrään. Epänormaaleja tuottoja ja epänormaaleja kaupankäyntivolyymejä tarkastellaan tapahtumatutkimus-menetelmällä viisi päivää ennen ja viisi päivää jälkeen osingon irtoamisen. Kurssilaskusuhteet olivat eri tavoilla laskettuina 77 – 94 %. Irtoamispäivän ympärillä oli havaittavissa 1,5 %:n negatiivisia epänormaaleja tuottoja. Epänormaalit kaupankäyntivolyymit kasvoivat tasaisesti lähestyttäessä irtoamispäivää ja olivat voimakkaimmillaan irtoamispäivänä. Irtoamispäivän jälkeen kaupankäyntivolyymit palautuivat hiljalleen normaalille tasolle. Tulokset vastaavat aikaisempia löydöksiä kurssilaskusuhteita ja epänormaaleja volyymejä tarkasteltaessa, mutta eroavat epänormaaleissa tuotoissa.

Achieving EU energy targets – Impacts of evolutionary and revolutionary transition paths on power systems

Ambitious energy targets set by EU put pressures to increase share of renewable electricity supply in this and next decades and therefore, some EU member countries have boosted increasing renewable energy generation capacity by implementing subsidy schemes on national level. In this study, two different change approaches to increase renewable energy supply and increase self-sufficiency of supply are assessed with respect to their impacts on power system, electricity market and electricity generation costs in Finland. It is obtained that the current electricity generation costs are high compared to opportunities of earnings from present-day investor’s perspective. In addition, the growth expectations of consumptions and the price forecasts do not stimulate investing in new generation capacity. Revolutionary transition path is driven by administrative and political interventions to achieve the energy targets. Evolutionary transition path is driven by market-based mechanisms, such as market itself and emission trading scheme. It is obtained in this study that in the revolutionary transition path operation of market-based mechanisms is distorted to some extent and it is likely that this path requires providing more public financial resources compared to evolutionary transition path. In the evolutionary transition path the energy targets are not achieved as quickly but market-based mechanisms function better and investment environment endures more stable compared to revolutionary transition path.

The European Union and Assembling Biofuel Development – topological investigations concerning the associations between law, policy and space

Biofuels for transport are a renewable source of energy that were once heralded as a solution to multiple problems associated with poor urban air quality, the overproduction of agricultural commodities, the energy security of the European Union (EU) and climate change. It was only after the Union had implemented an incentivizing framework of legal and political instruments for the production, trade and consumption of biofuels that the problems of weakening food security, environmental degradation and increasing greenhouse gases through land-use changes began to unfold. In other words, the difference between political aims for why biofuels are promoted and their consequences has grown – which is also recognized by the EU policy-makers. Therefore, the global networks of producing, trading and consuming biofuels may face a complete restructure if the European Commission accomplishes its pursuit to sideline crop-based biofuels after 2020. My aim with this dissertation is not only to trace the manifold evolutions of the instruments used by the Union to govern biofuels but also to reveal how this evolution has influenced the dynamics of biofuel development. Therefore, I study the ways the EU’s legal and political instruments of steering biofuels are coconstitutive with the globalized spaces of biofuel development. My analytical strategy can be outlined through three concepts. I use the term ‘assemblage’ to approach the operations of the loose entity of actors and non-human elements that are the constituents of multi-scalar and -sectorial biofuel development. ‘Topology’ refers to the spatiality of this European biofuel assemblage and its parts whose evolving relations are treated as the active constituents of space, instead of simply being located in space. I apply the concept of ‘nomosphere’ to characterize the framework of policies, laws and other instruments that the EU applies and construes while attempting to govern biofuels. Even though both the materials and methods vary in the independent articles, these three concepts characterize my analytical strategy that allows me to study law, policy and space associated with each other. The results of my examinations underscore the importance of the instruments of governance of the EU constituting and stabilizing the spaces of producing and, on the other hand, how topological ruptures in biofuel development have enforced the need to reform policies. This analysis maps the vast scope of actors that are influenced by the mechanism of EU biofuel governance and, what is more, shows how they are actively engaging in the Union’s institutional policy formulation. By examining the consequences of fast biofuel development that are spatially dislocated from the established spaces of producing, trading and consuming biofuels such as indirect land use changes, I unfold the processes not tackled by the instruments of the EU. Indeed, it is these spatially dislocated processes that have pushed the Commission construing a new type of governing biofuels: transferring the instruments of climate change mitigation to land-use policies. Although efficient in mitigating these dislocated consequences, these instruments have also created peculiar ontological scaffolding for governing biofuels. According to this mode of governance, the spatiality of biofuel development appears to be already determined and the agency that could dampen the negative consequences originating from land-use practices is treated as irrelevant.

Sisäpiirikaupankäynnin motiivit ja vaikutukset

Tutkimuksessa tarkastellaan sisäpiirikaupankäyntiä, sen syitä ja siihen johtavia motiiveja, sisäpiirikaupankäyntiä rajoittavan lainsäädännön vaikutuksia, sisäpiirikaupankäynnin havaitsemiskeinoja sekä sisäpiirikaupankäynnin käyttöä tulevaisuuden näkymien ja tuottojen ennustamisessa.

Suomen kasvihuonekaasupäästöt Kioton pöytäkirjan ensimmäisen sopimuskauden lopussa – kokonaistilanne ja vähentämistoimenpiteet

Tämä diplomityö on läpileikkaus kasvihuonekaasupäästöistä sekä niitä koskevista vähennystoimenpiteistä Suomessa Kioton pöytäkirjan ensimmäisen sopimuskauden lopussa. Työ on toteutettu kirjallisuustutkimuksena ja siihen on käytetty painettuja sekä sähköisiä lähteitä. Huoli ilmastonmuutoksesta on saanut aikaan sen, että kasvihuonekaasupäästöjä rajoitetaan tänä päivänä kansainvälisillä sopimuksilla. Vaikka kaikki suuretkaan päästäjämaat eivät ole sopimuksia ratifioineet, ovat EU-maat Suomi mukaan lukien sitoutuneet YK:n ilmastonmuutosta koskevaan puitesopimukseen ja sen noudattamiseen. Puitesopimusta tarkentavassa Kioton pöytäkirjassa EU sitoutui vähentämään kuuden eri kasvihuonekaasun kokonaispäästöjä yhteensä 8 prosenttia ajanjaksolla 2008–2012 vuoteen 1990 verrattuna. Kasvihuonekaasut, joita rajoitukset koskivat, olivat hiilidioksidi, metaani, dityppioksidi, fluorihiilivedyt, perfluorihiilivedyt ja rikkiheksafluoridi. EU:n sisäisessä taakanjaossa Suomen tavoite oli pitää päästöt vertailuvuoden 1990 tasossa ja Suomi alitti tämän noin viidellä prosentilla. Vuoden 2012 jälkeen Suomen kasvihuonekaasupäästöjen vähennystavoite on kiristynyt. Vuosille 2013–2020 Suomen tavoite on vähentää kasvihuonekaasupäästöjä 20 prosenttia alle perusvuoden 1990 tason. Työssä tutustutaan myös keinoihin, joilla aiempien ja tulevien päästöjenvähennystavoitteiden saavuttaminen on mahdollista. Näitä keinoja on mm. erilaisten biopolttoaineiden sekoittaminen fossiilisten polttoaineiden sekaan, energiatehokkuuden parantaminen ja biokaasun käytön lisääminen. Lisäksi työssä käsitellään eräitä merkityksellisiä käsitteitä, kuten EU:n päästökauppajärjestelmä ja hiilidioksidin talteenotto ja varastointi.

Päästökauppa Yhdysvalloissa

Tässä kandidaatin työssä tutkitaan päästökauppaa Yhdysvalloissa. Työssä käydään läpi päästökaupan historia ja Yhdysvaltojen nykyiset päästökauppaohjelmat. Lisäksi työssä pohditaan, millainen Yhdysvaltojen pakollisen kasvihuonekaasuja rajoittavan päästökauppaohjelman tulisi olla.

Do retail investors use technical analysis? Evidence from Stuttgart stock exchange.

Tutkielma käyttää automaattista kuviontunnistusalgoritmia ja yleisiä kahden liukuvan keskiarvon leikkauspiste –sääntöjä selittääkseen Stuttgartin pörssissä toimivien yksityissijoittajien myynti-osto –epätasapainoa ja siten vastatakseen kysymykseen ”käyttävätkö yksityissijoittajat teknisen analyysin menetelmiä kaupankäyntipäätöstensä perustana?” Perusolettama sijoittajien käyttäytymisestä ja teknisen analyysin tuottavuudesta tehtyjen tutkimusten perusteella oli, että yksityissijoittajat käyttäisivät teknisen analyysin metodeja. Empiirinen tutkimus, jonka aineistona on DAX30 yhtiöiden data vuosilta 2009 – 2013, ei tuottanut riittävän selkeää vastausta tutkimuskysymykseen. Heikko todistusaineisto näyttää kuitenkin osoittavan, että yksityissijoittajat muuttavat kaupankäyntikäyttäytymistänsä eräiden kuvioiden ja leikkauspistesääntöjen ohjastamaan suuntaan.

EU:n päästökaupan historia ja nykytila

Tässä työssä selvitetään, miten Euroopan Unionin päästökauppajärjestelmä on toiminut sen alusta vuodesta 2005 sen nykytilaan vuonna 2014. Erityisesti huomiota kiinnitetään päästöoikeuksien hintakehitykseen sekä käyttämättömien päästöoikeuksien kertymiseen. Työssä havaitaan, että ylimääräiset jaetut päästöoikeudet ovat aiheuttaneet päästöoikeuksien hinnan laskemista. Liian matalan hinnan seurauksena päästökauppa ei kannusta yrityksiä tekemään investointeja vihreään teknologiaan, vaikka se on yksi päästökauppajärjestelmän päätarkoitus YK:n ilmastosopimuksen täyttymisen varmistamisen ohella. Suurin syy käyttämättömien päästöoikeuksien kertymiseen on vuoden 2008 talouskriisi. Tätä ongelmaa korjataan väliaikaisesti siirtämällä päästöoikeuksia myöhemmin jaettavaksi. Lisää ratkaisuja odotetaan neljännelle päästökauppakaudelle.

Issues in the Transatlantic Trade and Investment Partnership: A critical discourse analysis

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.

Excavation-drier method of energy-peat extraction reduces long-term climatic impact

Climatic impacts of energy-peat extraction are of increasing concern due to EU emissions trading requirements. A new excavation-drier peat extraction method has been developed to reduce the climatic impact and increase the efficiency of peat extraction. To quantify and compare the soil GHG fluxes of the excavation drier and the traditional milling methods, as well as the areas from which the energy peat is planned to be extracted in the future (extraction reserve area types), soil CO2, CH4 and N2O fluxes were measured during 2006–2007 at three sites in Finland. Within each site, fluxes were measured from drained extraction reserve areas, extraction fields and stockpiles of both methods and additionally from the biomass driers of the excavation-drier method. The Life Cycle Assessment (LCA), described at a principal level in ISO Standards 14040:2006 and 14044:2006, was used to assess the long-term (100 years) climatic impact from peatland utilisation with respect to land use and energy production chains where utilisation of coal was replaced with peat. Coal was used as a reference since in many cases peat and coal can replace each other in same power plants. According to this study, the peat extraction method used was of lesser significance than the extraction reserve area type in regards to the climatic impact. However, the excavation-drier method seems to cause a slightly reduced climatic impact as compared with the prevailing milling method.

Return and Volatility spillovers among stock and Foreign Exchange Markets: Empirical Evidence from selected African Markets

Return and volatility dynamics in financial markets across the world have recently become important for the purpose of asset pricing, portfolio allocation and risk management. However, volatility, which come about as a result of the actions of market participants can help adapt to different situations and perform when it really matters. With recent development and liberalization among financial markets in emerging and frontier markets, the need for how the equity and foreign exchange markets interact and the extent to which return and volatility spillover are spread across countries is of importance to investors and policy makers at large. Financial markets in Africa have received attention leading to investors diversifying into them in times of crisis and contagion effects in developed countries. Regardless of the benefits these markets may offer, investors must be wary of issues such as thin trading, volatility that exists in the equity and currency markets and its related fluctuations. The study employs a VAR-GARCH BEKK model to study the return and volatility dynamics between the stock and foreign exchange sectors and among the equity markets of Egypt, Kenya, Nigeria, South Africa and Tunisia. The main findings suggest a higher dependence of own return in the stock markets and a one way return spillover from the currencies to the equity markets except for South Africa which has a weaker interrelation among the two markets. There is a relatively limited integration among the equity markets. Return and volatility spillover is mostly uni-directional except for a bi-directional relationship between the equity markets of Egypt and Tunisia. The study implication still proves a benefit for portfolio managers diversifying in these African equity markets, since they are independent of each other and may not be highly affected by the influx of negative news from elsewhere. However, there is the need to be wary of return and volatility spillover between the equity and currency markets, hence devising better hedging strategies to curb them.