105 resultados para electricity derivatives
Resumo:
Lord Kelvin (William Thomson) made important contributions to the study of atmospheric elec- tricity during a brief but productive period from 1859–1861. By 1859 Kelvin had recognised the need for “incessant recording” of atmospheric electrical parameters, and responded by inventing both the water dropper equaliser for measuring the atmospheric potential gradient (PG), and photographic data logging. The water dropper equaliser was widely adopted internationally and is still in use today. Following theoretical consid- erations of electric field distortion by local topography, Kelvin developed a portable electrometer, using it to investigate the PG on the Scottish island of Arran. During these environmental measurements, Kelvin may have unwittingly detected atmospheric PG changes during solar activity in August / September 1859 associated with the “Carrington event”, which is interesting in the context of his later statements that solar magnetic influ- ence on the Earth was impossible. Kelvin’s atmospheric electricity work presents an early representative study in quantitative environmental physics, through the application of mathematical principles to an environmental problem, the design and construction of bespoke instrumentation for real world measurements and recognising the limitations of the original theoretical view revealed by experimental work
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In the present paper we study the approximation of functions with bounded mixed derivatives by sparse tensor product polynomials in positive order tensor product Sobolev spaces. We introduce a new sparse polynomial approximation operator which exhibits optimal convergence properties in L2 and tensorized View the MathML source simultaneously on a standard k-dimensional cube. In the special case k=2 the suggested approximation operator is also optimal in L2 and tensorized H1 (without essential boundary conditions). This allows to construct an optimal sparse p-version FEM with sparse piecewise continuous polynomial splines, reducing the number of unknowns from O(p2), needed for the full tensor product computation, to View the MathML source, required for the suggested sparse technique, preserving the same optimal convergence rate in terms of p. We apply this result to an elliptic differential equation and an elliptic integral equation with random loading and compute the covariances of the solutions with View the MathML source unknowns. Several numerical examples support the theoretical estimates.
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The growing energy consumption in the residential sector represents about 30% of global demand. This calls for Demand Side Management solutions propelling change in behaviors of end consumers, with the aim to reduce overall consumption as well as shift it to periods in which demand is lower and where the cost of generating energy is lower. Demand Side Management solutions require detailed knowledge about the patterns of energy consumption. The profile of electricity demand in the residential sector is highly correlated with the time of active occupancy of the dwellings; therefore in this study the occupancy patterns in Spanish properties was determined using the 2009–2010 Time Use Survey (TUS), conducted by the National Statistical Institute of Spain. The survey identifies three peaks in active occupancy, which coincide with morning, noon and evening. This information has been used to input into a stochastic model which generates active occupancy profiles of dwellings, with the aim to simulate domestic electricity consumption. TUS data were also used to identify which appliance-related activities could be considered for Demand Side Management solutions during the three peaks of occupancy.
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Academic and industrial literature concerning the energy use of commercial kitchens is scarce. Electricity consumption data were collected from distribution board current transformers in a sample of fourteen UK public house-restaurants. This was set up to identify patterns of appliance use as well as to assess the total energy consumption of these establishments. The electricity consumption in the selected commercial kitchens was significantly higher than current literature estimates. On average, 63% of the premises’ electricity consumption was attributed to the catering activity. Key appliances that contributed to the samples average daily electricity consumption of the kitchen were identified as refrigeration (70 kWh, 41%), fryers (11 kWh, 13%), combination ovens (35 kWh, 12%), bain maries (27 kWh, 9%) and grills (37 kWh, 12%). Behavioural factors and poor maintenance were identified as major contributors to excessive electricity usage with potential savings of 70% and 45% respectively. Initiatives are required to influence operator behaviour, such as the expansion of mandatory energy labelling, improved feedback information and the use of behaviour change campaigns. Strict maintenance protocols and more appropriate sizing of refrigeration would be of great benefit to energy reduction.
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This article reports the results of an experiment that examined how demand aggregators can discipline vertically-integrated firms - generator and distributor-retailer holdings-, which have a high share in wholesale electricity market with uniform price double auction (UPDA). We initially develop a treatment where holding members redistribute the profit based on the imposition of supra-competitive prices, in equal proportions (50%-50%). Subsequently, we introduce a vertical disintegration (unbundling) treatment with holding-s information sharing, where profits are distributed according to market outcomes. Finally, a third treatment is performed to introduce two active demand aggregators, with flexible interruptible loads in real time. We found that the introduction of responsive demand aggregators neutralizes the power market and increases market efficiency, even beyond what is achieved through vertical disintegration.
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The Complex Adaptive Systems, Cognitive Agents and Distributed Energy (CASCADE) project is developing a framework based on Agent Based Modelling (ABM). The CASCADE Framework can be used both to gain policy and industry relevant insights into the smart grid concept itself and as a platform to design and test distributed ICT solutions for smart grid based business entities. ABM is used to capture the behaviors of diff erent social, economic and technical actors, which may be defi ned at various levels of abstraction. It is applied to understanding their interactions and can be adapted to include learning processes and emergent patterns. CASCADE models ‘prosumer’ agents (i.e., producers and/or consumers of energy) and ‘aggregator’ agents (e.g., traders of energy in both wholesale and retail markets) at various scales, from large generators and Energy Service Companies down to individual people and devices. The CASCADE Framework is formed of three main subdivisions that link models of electricity supply and demand, the electricity market and power fl ow. It can also model the variability of renewable energy generation caused by the weather, which is an important issue for grid balancing and the profi tability of energy suppliers. The development of CASCADE has already yielded some interesting early fi ndings, demonstrating that it is possible for a mediating agent (aggregator) to achieve stable demandfl attening across groups of domestic households fi tted with smart energy control and communication devices, where direct wholesale price signals had previously been found to produce characteristic complex system instability. In another example, it has demonstrated how large changes in supply mix can be caused even by small changes in demand profi le. Ongoing and planned refi nements to the Framework will support investigation of demand response at various scales, the integration of the power sector with transport and heat sectors, novel technology adoption and diffusion work, evolution of new smart grid business models, and complex power grid engineering and market interactions.
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Residential electricity demand in most European countries accounts for a major proportion of overall electricity consumption. The timing of residential electricity demand has significant impacts on carbon emissions and system costs. This paper reviews the data and methods used in time use studies in the context of residential electricity demand modelling. It highlights key issues which are likely to become more topical for research on the timing of electricity demand following the roll-out of smart metres.
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Nowadays the electricity consumption in the residential sector attracts policy and research efforts, in order to propose saving strategies and to attain a better balance between production and consumption, by integrating renewable energy production and proposing suitable demand side management methods. To achieve these objectives it is essential to have real information about household electricity demand profiles in dwellings, highly correlated, among other aspects, with the active occupancy of the homes and to the personal activities carried out in homes by their occupants. Due to the limited information related to these aspects, in this paper, behavioral factors of the Spanish household residents, related to the electricity consumption, have been determined and analyzed, based on data from the Spanish Time Use Surveys, differentiating among the Autonomous Communities and the size of municipalities, or the type of days, weekdays or weekends. Activities involving a larger number of houses are those related to Personal Care, Food Preparation and Washing Dishes. The activity of greater realization at homes is Watching TV, which together with Using PC, results in a high energy demand in an aggregate level. Results obtained enable identify prospective targets for load control and for efficiency energy reduction recommendations to residential consumers.
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Smart meters are becoming more ubiquitous as governments aim to reduce the risks to the energy supply as the world moves toward a low carbon economy. The data they provide could create a wealth of information to better understand customer behaviour. However at the household, and even the low voltage (LV) substation level, energy demand is extremely volatile, irregular and noisy compared to the demand at the high voltage (HV) substation level. Novel analytical methods will be required in order to optimise the use of household level data. In this paper we briefly outline some mathematical techniques which will play a key role in better understanding the customer's behaviour and create solutions for supporting the network at the LV substation level.
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This paper reviews extant research on commodity price dynamics and commodity derivatives pricing models. In the first half, we provide an overview of stylized facts of commodity price behavior that have been explored and documented in the theoretical and empirical literature. In the second half, we review existing derivatives pricing models and discuss how the peculiarities of commodity markets have been integrated in these models. We conclude the paper with a brief outlook on important research questions that need to be addressed in the future.
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Data on electricity consumption patterns relating to different end uses in domestic houses in Botswana is virtually non-existent, despite the fact that the total electricity consumption patterns are available. This can be attributed to the lack of measured and quantified data and in other instances the lack of modern technology to perform such investigations. This paper presents findings from initial studies that are envisaged to bridge the gap. Electricity consumption patterns of 73 domestic households across three cities have been studied. This was carried out through a questionnaire survey, calculated national metering data and electricity measurements. All together nine appliance groups were identified. The results showed the mean electricity consumption for the households considering the calculated consumption from bills and the survey to be t = 4.23; p < 0.000067, two-tailed. The findings of this paper focus on a relatively small sample size (73). It would therefore not be wise to draw sweeping conclusions from the analysis or to make statements that would be aimed at influencing policies. However, the results presented forms a formidable base for further research, which is currently on going.
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Electricity load shifting is becoming a big topic in the world of ‘green’ retail. Marks & Spencer (M&S) aim to become the world’s most sustainable retailer (1) and part of that commitment means contributing to the future electricity network. While intelligent operation of fridges and Heating, Ventilation and Air Conditioning (HVAC) systems are a wide area of research, standby generators should be considered too, as they are the most widely adopted form of distributed generation. In this paper, the experience of using standby generators in Northern Ireland to support the grid is shared and the logistics of future projects are discussed. Interactions with maintenance schedules, electricity costs, grid code, staffing and store opening times are discussed as well as the financial implications associated with running generators for grid support.
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he perspective European Supergrid would consist of an integrated power system network, where electricity demands from one country could be met by generation from another country. This paper makes use of a bi-linear fixed-effects model to analyse the determinants for trading electricity across borders among 34 countries connected by the European Supergrid. The key question that this paper aims to address is the extent to which the privatisation of European electricity markets has brought about higher cross-border trade of electricity. The analysis makes use of distance, price ratios, gate closure times, size of peaks and aggregate demand as standard determinants. Controlling for other standard determinants, it is concluded that privatisation in most cases led to higher power exchange and that the benefits are more significant where privatisation measures have been in place for a longer period.
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The study examines the impact of liquidity risk on freight derivatives returns. The Amihud liquidity ratio and bid–ask spreads are utilized to assess the existence of liquidity risk in the freight derivatives market. Other macroeconomic variables are used to control for market risk. Results indicate that liquidity risk is priced and both liquidity measures have a significant role in determining freight derivatives returns. Consistent with expectations, both liquidity measures are found to have positive and significant effects on the returns of freight derivatives. The results have important implications for modeling freight derivatives, and consequently, for trading and risk management purposes.