Aplicação da moderna teoria do Portfólio em ativos não financeiros

The Markowitz's objective functions, Value-at-Risk and Conditional Value-at-Risk, are largely used tools in the financial Market for portfolio optimization. This paper tries to analyze these functions having as a target to adapt them for application in non-financial assets portfolios. The paper uses as an example the Electricity Market to analyze and optimize a fictitious investment portfolio of a possible electric power utility. Showing that, besides being possible, which considerations must be taken and which analysis must be made to apply the Modern Portfolio Theory in the non-financial universe

Mathematical analysis of maximum power generated by photovoltaic systems and fitting curves for standard test conditions

The rural electrification is characterized by geographical dispersion of the population, low consumption, high investment by consumers and high cost. Moreover, solar radiation constitutes an inexhaustible source of energy and in its conversion into electricity photovoltaic panels are used. In this study, equations were adjusted to field conditions presented by the manufacturer for current and power of small photovoltaic systems. The mathematical analysis was performed on the photovoltaic rural system I- 100 from ISOFOTON, with power 300 Wp, located at the Experimental Farm Lageado of FCA/UNESP. For the development of such equations, the circuitry of photovoltaic cells has been studied to apply iterative numerical methods for the determination of electrical parameters and possible errors in the appropriate equations in the literature to reality. Therefore, a simulation of a photovoltaic panel was proposed through mathematical equations that were adjusted according to the data of local radiation. The results have presented equations that provide real answers to the user and may assist in the design of these systems, once calculated that the maximum power limit ensures a supply of energy generated. This real sizing helps establishing the possible applications of solar energy to the rural producer and informing the real possibilities of generating electricity from the sun.

ECONOMIC ANALYSIS of AMAZON RIVER PRAWN FARMING TO THE MARKETS FOR LIVE BAIT and JUVENILES IN PANTANAL, BRAZIL

The implementation of a hypothetical aquaculture facility with hatchery, nursery and grow-out earthen ponds for raising the Amazon River Prawn Macrobrachium amazonicum in the Pantanal was considered. Eight larviculture cycles per year were projected: four to produce post-larvae for stocking in grow-out bait ponds, and four to stock nursery tanks to sell juveniles as seed to grow-out farms, which produce prawns for human consumption. Annual production would be 146,880 dozen bait prawns and 2,938 thousand juveniles. The assumed sale prices were US$ 1.38 per dozen baits and US$ 15.39 per thousand juveniles. The net present value was US$ 555,890.79, internal rate of return was 48% per year, payback period was 2.4 years and benefit-cost ratio was 3.90. The breakeven price to cover total costs per dozen baits was US$ 0.70 and per thousand juveniles was US$ 17.00, indicating that the selling price assumed for juveniles in base scenario is not realistic. Net return was US$ 84,773.80. The results indicate that this activity would be a lucrative and attractive investment in the Pantanal.

Optimisation of environmental gas cleaning routes for solid wastes cogeneration systems. Part II - Analysis of waste incineration combined gas/steam cycle

In the first paper of this paper (Part I), conditions were presented for the gas cleaning technological route for environomic optimisation of a cogeneration system based in a thermal cycle with municipal solid waste incineration. In this second part, an environomic analysis is presented of a cogeneration system comprising a combined cycle composed of a gas cycle burning natural gas with a heat recovery steam generator with no supplementary burning and a steam cycle burning municipal solid wastes (MSW) to which will be added a pure back pressure steam turbine (another one) of pure condensation. This analysis aims to select, concerning some scenarios, the best atmospheric pollutant emission control routes (rc) according to the investment cost minimisation, operation and social damage criteria. In this study, a comparison is also performed with the results obtained in the Case Study presented in Part I. (c) 2007 Elsevier Ltd. All rights reserved.

Electricity, hot water and cold water production from biomass. Energetic and economical analysis of the compact system of cogeneration run with woodgas from a small downdraft gasifier

Wood gasification technologies to convert the biomass into fuel gas stand out. on the other hand, producing electrical energy from stationary engine is widely spread, and its application in rural communities where the electrical network doesn't exist is very required. The recovery of exhaust gases (engine) is a possibility that makes the system attractive when compared with the same components used to obtain individual heat such as electric power. This paper presents an energetic alternative to adapt a fixed bed gasifier with a compact cogeneration system in order to cover electrical and thermal demands in a rural area and showing an energy solution for small social communities using renewable fuels. Therefore, an energetic and economical analysis from a cogeneration system producing electric energy, hot and cold water, using wooden gas as fuel from a small-sized gasifier was calculated. The energy balance that includes the energy efficiency (electric generation as well as hot and cold water system; performance coefficient and the heat exchanger, among other items), was calculated. Considering the annual interest rates and the amortization periods, the costs of production of electrical energy, hot and cold water were calculated, taking into account the investment, the operation and the maintenance cost of the equipments. Crown Copyright (C) 2010 Published by Elsevier Ltd. All rights reserved.

Influence of Different Base Thicknesses on Maxillary Complete Denture Processing: Linear and Angular Graphic Analysis on the Movement of Artificial Teeth

Objective: The purpose of this study was to compare the dental movement that occurs during the processing of maxillary complete dentures with 3 different base thicknesses, using 2 investment methods, and microwave polymerization.Methods: A sample of 42 denture models was randomly divided into 6 groups (n = 7), with base thicknesses of 1.25, 2.50, and 3.75 mm and gypsum or silicone flask investment. Points were demarcated on the distal surface of the second molars and on the back of the gypsum cast at the alveolar ridge level to allow linear and angular measurement using AutoCAD software. The data were subjected to analysis of variance with double factor, Tukey test and Fisher (post hoc).Results: Angular analysis of the varying methods and their interactions generated a statistical difference (P = 0.023) when the magnitudes of molar inclination were compared. Tooth movement was greater for thin-based prostheses, 1.25 mm (-0.234), versus thick 3.75 mm (0.2395), with antagonistic behavior. Prosthesis investment with silicone (0.053) showed greater vertical change compared with the gypsum investment (0.032). There was a difference between the point of analysis, demonstrating that the changes were not symmetric.Conclusions: All groups evaluated showed change in the position of artificial teeth after processing. The complete denture with a thin base (1.25 mm) and silicone investment showed the worst results, whereas intermediate thickness (2.50 mm) was demonstrated to be ideal for the denture base.

The Effect of Coating Patterns with Spinel-Based Investment on the Castability and Porosity of Titanium Cast into Three Phosphate-Bonded Investments

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

The effect of mold temperature on castability of CPTi and Ti-6Al-4V castings into phosphate bonded investment materials

Objective. The aim of this study was to evaluate the castability of CP titanium and Ti-6Al-4V alloy castings into Rematitan Plus investment at three different mold temperatures.Methods. A nylon mesh pattern (20 mm with 64 squares and wire of 0.7 mm in diameter) was used for the castability testing. Initially, an image of the wax pattern was obtained by means of a digital camera and the total extension of filaments (mm) was then measured, using the Leica Qwin image analysis system. The mesh sprued was placed in the Rematitan Plus investment material and the castings were made in a Discovery Plasma machine at three different mold temperatures: 430 degrees C (control group), 480 degrees C or 530'C. Ten castings were made for each temperature. The images of the castings were analyzed (Leica Qwin) and the castability index determined by the number of the completely cast segments as a percentage of the wax pattern. Data were analyzed by two-way ANOVA and Tukey's multiple comparison test (a = 0.05) using materials and temperatures as discriminating variables.Results. The Ti-6Al-4V alloy (60.86%) presented a better castability index than CP Ti (48.44%) (p < 0.000001). For CP Ti, the temperature of 530 degrees C (23.96%) presented better castability than at other temperatures, 480 degrees C (14.66%) and 430 degrees C (12.54%), with no difference between them (p < 0.001). For Ti-6Al-4V alloy, there was a statistically significant difference among the three temperatures: 530 degrees C (28.36%) > 480 degrees C (19.66%) > 430 degrees C (15.97%) (p < 0.002).Significance. Within the limitations of this study, the increase in the mold temperature of the Rematitan Plus investment resulted in a better castability index for both materials, and Ti-6Al-4V presented a better castability index than CP Ti. (c) 2005 Academy of Dental Materials. Published by Elsevier Ltd. All rights reserved.

Influence of the final temperature of investment healting on the tensile strength and Vickers hardness of CP TI and TI-6AL-4V alloy

The aim of the work was to evaluate the influence of the temperature of investment healting on the tensile strength and Vickers hardness of CP Ti and Ti-6Al-4V alloy casting. Were obtained for the tensile strength test dumbbell rods that were invested in the Rematitan Plus investment and casting in the Discovery machine cast. Thirty specimens were obtained, fiftten to the CP Titanium and fifteen to the Ti-6Al-4V alloy, five samples to each an of the three temperatures of investment: 430°C (control group), 480°C and 530°C. The tensile test was measured by means of a universal testing machine, MTS model 810, at a strain of 1.0 mm/min. After the tensile strenght test the specimens were secctioned, embedded and polished to hardness measurements, using a Vickers tester, Micromet 2100. The means values to tensile tests to the temperatures 430°C, 480 and 530: CP Ti (486.1 - 501.16 - 498.14 -mean 495.30 MPa) and Ti-6Al-4V alloy (961.33 - 958.26 - 1005.80 - mean 975.13 MPa) while for the Vickers hardness the values were (198.06, 197.85, 202.58 - mean 199.50) and (352.95, 339.36, 344.76 - mean 345.69), respectively. The values were submitted to Analysis of Variance (ANOVA) and Tukey' s Test that indicate differences significant only between the materials, but not between the temperature, for both the materias. It was conclued that increase of the temperature of investment its not chance the tensile strength and the Vickers hardness of the CP Titanium and Ti-6Al-4V alloy.

Risk/investment-driven transmission expansion planning with multiple scenarios

This study presents a new methodology based on risk/investment to solve transmission network expansion planning (TNEP) problem with multiple future scenarios. Three mathematical models related to TNEP problems considering multiple future generation and load scenarios are also presented. These models will provide planners with a meaningful risk assessment that enable them to determine the necessary funding for transmission lines at a permissible risk level. The results using test and real systems show that the proposed method presents better solutions compared with scenario analysis method. ©The Institution of Engineering and Technology 2013.

Hydrogen production by biogas steam reforming: A technical, economic and ecological analysis

Fuel cells are electrochemical energy conversion devices that convert fuel and oxidant electrochemically into electrical energy, water and heat. Compared to traditional electricity generation technologies that use combustion processes to convert fuel into heat, and then into mechanical energy, fuel cells convert the hydrogen and oxygen chemical energy into electrical energy, without intermediate conversion processes, and with higher efficiency. In order to make the fuel cells an achievable and useful technology, it is firstly necessary to develop an economic and efficient way for hydrogen production. Molecular hydrogen is always found combined with other chemical compounds in nature, so it must be isolated. In this paper, the technical, economical and ecological aspects of hydrogen production by biogas steam reforming are presented. The economic feasibility calculation was performed to evaluate how interesting the process is by analyzing the investment, operation and maintenance costs of the biogas steam reformer and the hydrogen production cost achieved the value of 0.27 US$/kWh with a payback period of 8 years. An ecological efficiency of 94.95%, which is a good ecological value, was obtained. The results obtained by these analyses showed that this type of hydrogen production is an environmentally attractive route. © 2013 Elsevier Ltd.

Indicadores para gestão empresarial no setor sucroalcooleiro

Pós-graduação em Agronomia (Energia na Agricultura) - FCA

A Quality Assessment of Titanium Castings Produced in an Experimental Short-Heating-Cycle Investment

The aim of this study was to evaluate the quality of casting produced in an experimental short-term heating-cycle investment. Thus, reaction layer and castability of titanium casting using an experimental spinel-based investment (VR) with short heating cycle were compared with the commercial short-heating-cycle spinel-based investment Trinell (TR), the silica-phosphate-based investment Rematitan Plus ( RP), and the conventional spinel-based investment Rematitan Ultra (RU). VR has polymeric fibers added to inorganic particles. Reaction layer assessments were carried out using Vickers hardness and elemental analysis using dispersive X-ray microanalysis (EDX). Mesh patterns were used for castability test, and powder characterization was made by scanning electron microscopy (SEM). Hardness evaluation showed no difference among the investments between 100 and 200 mu m. The most important contaminant element for VR, TR, and RU was oxygen. Higher levels of mold filling were found for TR, VR, and RU compared with that obtained with RP. The quality of castings, characterized by means of the assessments of reaction layer and castability, made from the VR was similar to the commercial investments TR and RU but superior to the RP.

Feeding, body condition and reproductive investment of Astyanax intermedius (Characiformes, Characidae) in relation to rainfall and temperature in a Brazilian Atlantic Forest stream

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Numerical analysis of a modified evacuated tubes solar collector

The need for renewable energy sources, facing the consequences of Climate Change, results in growing investment for solar collectors’ use. Research in this field has accompanied this expansion and evacuated tube solar collector stands as an important study focus. Thus, several works have been published for representing the stratification of the fluid inside the tubes and the reservoir, as well as analytical modeling for the heat flow problem. Based on recent publications, this paper proposes the study of solar water heating with evacuated tubes, their operation characteristics and operating parameters. To develop this work, a computational tool will be used - in this case, the application of computational fluid dynamics (CFD) software. In possession of the implemented model, a numerical simulation will be performed to evaluate the behavior of the fluid within this solar collector and possible improvements to be applied in the model.