Electricity derivatives pricing with forward-looking information

In order to increase overall transparency on key operational information, power transmission system operators publish an increasing amount of fundamental data, including forecasts of electricity demand and available capacity. We employ a fundamental model for electricity prices which lends itself well to integrating such forecasts, while retaining ease of implementation and tractability to allow for analytic derivatives pricing formulae. In an extensive futures pricing study, the pricing performance of our model is shown to further improve based on the inclusion of electricity demand and capacity forecasts, thus confirming the general importance of forward-looking information for electricity derivatives pricing. However, we also find that the usefulness of integrating forecast data into the pricing approach is primarily limited to those periods during which electricity prices are highly sensitive to demand or available capacity, whereas the impact is less visible when fuel prices are the primary underlying driver to prices instead.

Applications of electrified dust and dust devil electrodynamics to Martian atmospheric electricity

Atmospheric transport and suspension of dust frequently brings electrification, which may be substantial. Electric fields of 10 kVm-1 to 100 kVm-1 have been observed at the surface beneath suspended dust in the terrestrial atmosphere, and some electrification has been observed to persist in dust at levels to 5 km, as well as in volcanic plumes. The interaction between individual particles which causes the electrification is incompletely understood, and multiple processes are thought to be acting. A variation in particle charge with particle size, and the effect of gravitational separation explains to, some extent, the charge structures observed in terrestrial dust storms. More extensive flow-based modelling demonstrates that bulk electric fields in excess of 10 kV m-1 can be obtained rapidly (in less than 10 s) from rotating dust systems (dust devils) and that terrestrial breakdown fields can be obtained. Modelled profiles of electrical conductivity in the Martian atmosphere suggest the possibility of dust electrification, and dust devils have been suggested as a mechanism of charge separation able to maintain current flow between one region of the atmosphere and another, through a global circuit. Fundamental new understanding of Martian atmospheric electricity will result from the ExoMars mission, which carries the DREAMS (Dust characterization, Risk Assessment, and Environment Analyser on the Martian Surface)-MicroARES (Atmospheric Radiation and Electricity Sensor) instrumentation to Mars in 2016 for the first in situ measurements.

The impact of location and type on the performance of Low-Voltage network connected Battery Energy Storage Systems

This paper assesses the impact of the location and configuration of Battery Energy Storage Systems (BESS) on Low-Voltage (LV) feeders. BESS are now being deployed on LV networks by Distribution Network Operators (DNOs) as an alternative to conventional reinforcement (e.g. upgrading cables and transformers) in response to increased electricity demand from new technologies such as electric vehicles. By storing energy during periods of low demand and then releasing that energy at times of high demand, the peak demand of a given LV substation on the grid can be reduced therefore mitigating or at least delaying the need for replacement and upgrade. However, existing research into this application of BESS tends to evaluate the aggregated impact of such systems at the substation level and does not systematically consider the impact of the location and configuration of BESS on the voltage profiles, losses and utilisation within a given feeder. In this paper, four configurations of BESS are considered: single-phase, unlinked three-phase, linked three-phase without storage for phase-balancing only, and linked three-phase with storage. These four configurations are then assessed based on models of two real LV networks. In each case, the impact of the BESS is systematically evaluated at every node in the LV network using Matlab linked with OpenDSS. The location and configuration of a BESS is shown to be critical when seeking the best overall network impact or when considering specific impacts on voltage, losses, or utilisation separately. Furthermore, the paper also demonstrates that phase-balancing without energy storage can provide much of the gains on unbalanced networks compared to systems with energy storage.

Bayesian analysis of uncertainty in the GlobCover 2009 land cover product at climate model grid scale

Land cover data derived from satellites are commonly used to prescribe inputs to models of the land surface. Since such data inevitably contains errors, quantifying how uncertainties in the data affect a model’s output is important. To do so, a spatial distribution of possible land cover values is required to propagate through the model’s simulation. However, at large scales, such as those required for climate models, such spatial modelling can be difficult. Also, computer models often require land cover proportions at sites larger than the original map scale as inputs, and it is the uncertainty in these proportions that this article discusses. This paper describes a Monte Carlo sampling scheme that generates realisations of land cover proportions from the posterior distribution as implied by a Bayesian analysis that combines spatial information in the land cover map and its associated confusion matrix. The technique is computationally simple and has been applied previously to the Land Cover Map 2000 for the region of England and Wales. This article demonstrates the ability of the technique to scale up to large (global) satellite derived land cover maps and reports its application to the GlobCover 2009 data product. The results show that, in general, the GlobCover data possesses only small biases, with the largest belonging to non–vegetated surfaces. In vegetated surfaces, the most prominent area of uncertainty is Southern Africa, which represents a complex heterogeneous landscape. It is also clear from this study that greater resources need to be devoted to the construction of comprehensive confusion matrices.

Simultaneous activities in the household and residential electricity demand in Spain

Recent research and policy studies on the low-carbon future highlight the importance of flexible electricity demand. This might be problematic particularly for residential electricity demand, which is related to simultaneous consumers’ practices in the household. This paper analyses issues of simultaneity in residential electricity demand in Spain. It makes use of the 2011 Spanish Time Use Survey data with comparisons from the previous Spanish Time Use Survey and the Harmonised European Time Use Surveys. Findings show that media activities are associated the highest levels of continuity and simultaneity, particularly in the early and late parts of the evening during weekdays.