An Analysis of Colombian Power Market Price Behavior from an Industrial Organization Perspective

We analyze the behavior of spot prices in the Colombian wholesale power market, using a series of models derived from industrial organization theory -- We first create a Cournot-based model that simulates the strategic behavior of the market-leader power generators, which we use to estimate two industrial organization variables, the Index of Residual Demand and the Herfindahl-Hirschman Index (HHI) -- We use these variables to create VAR models that estimate spot prices and power market impulse-response relationships -- The results from these models show that hydroelectric generators can use their water storage capability strategically to affect off-peak prices primarily, while the thermal generators can manage their capacity strategically to affect on-peak prices -- In addition, shocks to the Index of Residual Capacity and to the HHI cause spot price fluctuations, which can be interpreted as the generators´ strategic response to these shocks

Short-Term Trading for a Wind-PV Power Producer in an Electricity Market

This paper deals with the problem of coordinated trading of wind and photovoltaic systems in order to find the optimal bid to submit in a pool-based electricity market. The coordination of wind and photovoltaic systems presents uncertainties not only due to electricity market prices, but also with wind and photovoltaic power forecast. Electricity markets are characterized by financial penalties in case of deficit or excess of generation. So, the aim o this work is to reduce these financial penalties and maximize the expected profit of the power producer. The problem is formulated as a stochastic linear programming problem. The proposed approach is validated with real data of pool-based electricity market of Iberian Peninsula.

The exploration of consumer power in online brand communities : a comparison case study in Australia and China

Aided by the development of information technology, the balance of power in the market place is rapidly shifting from marketers towards consumers and nowhere is this more obvious than in the online environment (Denegri-Knott, Zwick, & Schroeder, 2006; Moynagh & Worsley, 2002; Newcomer, 2000; Samli, 2001). From the inception and continuous development of the Internet, consumers are becoming more empowered. They can choose what they want to click on the Internet, they can shop and transact payments, watch and download video, chat with others, be it friends or even total strangers. Especially in online communities, like-minded consumers share and exchange information, ideas and opinions. One form of online community is the online brand community, which gathers specific brand lovers. As with any social unit, people form different roles in the community and exert different effects on each other. Their interaction online can greatly influence the brand and marketers. A comprehensive understanding of the operation of this special group form is essential to advancing marketing thought and practice (Kozinets, 1999). While online communities have strongly shifted the balance of power from marketers to consumers, the current marketing literature is sparse on power theory (Merlo, Whitwell, & Lukas, 2004). Some studies have been conducted from an economic point of view (Smith, 1987), however their application to marketing has been limited. Denegri-Knott (2006) explored power based on the struggle between consumers and marketers online and identified consumer power formats such as control over the relationship, information, aggregation and participation. Her study has built a foundation for future power studies in the online environment. This research project bridges the limited marketing literature on power theory with the growing recognition of online communities among marketing academics and practitioners. Specifically, this study extends and redefines consumer power by exploring the concept of power in online brand communities, in order to better understand power structure and distribution in this context. This research investigates the applicability of the factors of consumer power identified by Denegri-Knott (2006) to the online brand community. In addition, by acknowledging the model proposed by McAlexander, Schouten, & Koenig (2002), which emphasized that community study should focus on the role of consumers and identifying multiple relationships among the community, this research further explores how member role changes will affect power relationships as well as consumer likings of the brand. As a further extension to the literature, this study also considers cultural differences and their effect on community member roles and power structure. Based on the study of Hofstede (1980), Australia and China were chosen as two distinct samples to represent differences in two cultural dimensions, namely individualism verses collectivism and high power distance verses low power distance. This contribution to the research also helps answer the research gap identified by Muñiz Jr & O'Guinn (2001), who pointed out the lack of cross cultural studies within the online brand community context. This research adopts a case study methodology to investigate the issues identified above. Case study is an appropriate research strategy to answer “how” and “why” questions of a contemporary phenomenon in real-life context (Yin, 2003). The online brand communities of “Haloforum.net” in Australia and “NGA.cn” in China were selected as two cases. In-depth interviews were used as the primary data collection method. As a result of the geographical dispersion and the preference of a certain number of participants, online synchronic interviews via MSN messenger were utilized along with the face-to-face interviews. As a supplementary approach, online observation was carried over two months, covering a two week period prior to the interviews and a six week period following the interviews. Triangulation techniques were used to strengthen the credibility and validity of the research findings (Yin, 2003). The findings of this research study suggest a new definition of power in an online brand community. This research also redefines the consumer power types and broadens the brand community model developed by McAlexander et al. (2002) in an online context by extending the various relationships between brand and members. This presents a more complete picture of how the perceived power relationships are structured in the online brand community. A new member role is discovered in the Australian online brand community in addition to the four member roles identified by Kozinets (1999), in contrast however, all four roles do not exist in the Chinese online brand community. The research proposes a model which links the defined power types and identified member roles. Furthermore, given the results of the cross-cultural comparison between Australia and China showed certain discrepancies, the research suggests that power studies in the online brand community should be country-specific. This research contributes to the body of knowledge on online consumer power, by applying it to the context of an online brand community, as well as considering factors such as cross cultural difference. Importantly, it provides insights for marketing practitioners on how to best leverage consumer power to serve brand objective in online brand communities. This, in turn, should lead to more cost effective and successful communication strategies. Finally, the study proposes future research directions. The research should be extended to communities of different sizes, to different extents of marketer control over the community, to the connection between online and offline activities within the brand community, and (given the cross-cultural findings) to different countries. In addition, a greater amount of research in this area is recommended to determine the generalizability of this study.

The open kimono: How Intel balances trust and power to maintain platform leadership

A small group of companies including Intel, Microsoft, and Cisco have used "platform leadership" with great effect as a means for driving innovation and accelerating market growth within their respective industries. Prior research in this area emphasizes that trust plays a critical role in the success of this strategy. However, many of the categorizations of trust discussed in the literature tend to ignore or undervalue the fact that trust and power are often functionally equivalent, and that the coercion of weaker partners is sometimes misdiagnosed as collaboration. In this paper, I use case study data focusing on Intel's shift from ceramic/wire-bonded packaging to organic/C4 packaging to characterize the relationships between Intel and its suppliers, and to determine if these links are based on power in addition to trust. The case study shows that Intel's platform leadership strategy is built on a balance of both trust and a relatively benevolent form of power that is exemplified by the company's "open kimono" principle, through which Intel insists that suppliers share detailed financial data and highly proprietary technical information to achieve mutually advantageous objectives. By explaining more completely the nature of these inter-firm linkages, this paper usefully extends our understanding of how platform leadership is maintained by Intel, and contributes to the literature by showing how trust and power can be used simultaneously within an inter-firm relationship in a way that benefits all of the stakeholders.

Unit commitment in power systems with plug-in hybrid electric vehicles

With the continued development of renewable energy generation technologies and increasing pressure to combat the global effects of greenhouse warming, plug-in hybrid electric vehicles (PHEVs) have received worldwide attention, finding applications in North America and Europe. When a large number of PHEVs are introduced into a power system, there will be extensive impacts on power system planning and operation, as well as on electricity market development. It is therefore necessary to properly control PHEV charging and discharging behaviors. Given this background, a new unit commitment model and its solution method that takes into account the optimal PHEV charging and discharging controls is presented in this paper. A 10-unit and 24-hour unit commitment (UC) problem is employed to demonstrate the feasibility and efficiency of the developed method, and the impacts of the wide applications of PHEVs on the operating costs and the emission of the power system are studied. Case studies are also carried out to investigate the impacts of different PHEV penetration levels and different PHEV charging modes on the results of the UC problem. A 100-unit system is employed for further analysis on the impacts of PHEVs on the UC problem in a larger system application. Simulation results demonstrate that the employment of optimized PHEV charging and discharging modes is very helpful for smoothing the load curve profile and enhancing the ability of the power system to accommodate more PHEVs. Furthermore, an optimal Vehicle to Grid (V2G) discharging control provides economic and efficient backups and spinning reserves for the secure and economic operation of the power system

An assessment for cost effective maintenance and operation of the Callide Power Station electrical system, using reliability evaluation

The reliable operation of the electrical system at Callide Power Station is of extreme importance to the normal everyday running of the Station. This study applied the principles of reliability to do an analysis on the electrical system at Callide Power Station. It was found that the level of expected outage cost increased exponentially with a declining level of maintenance. Concluding that even in a harsh economic electricity market where CS Energy tries and push their plants to the limit, maintenance must not be neglected. A number of system configurations were found to increase the reliability of the system and reduce the expected outage costs. A number of other advantages were identified as a result of using reliability principles to do this study on the Callide electrical system configuration.

Power system stability enhancement in a deregulated environment using FACTS devices

In deregulated versions of free-market electricity, producers will be free to send power along other utilities. The price of power strongly depends and fluctuates according to mutual benefit index of both supplier and consumer. In such a situation, strong interaction among utilities may cause instabilities in the system. As the frequency of market-based dispatch increases market forces tend to destabilize the stable system dynamics depending on the value of Ks/τλ(market dependent parameter) ratio. This tends to destabilize the coupled dynamics. The implementation of TCSC can effectively damp the inter area modes of oscillations of the coupled market system.

Changes in profit as market conditions change : an historical study of a building firm

This paper analyses the profits from 221 construction projects undertaken by an Australian building firm in the period 1910–1938 and examines the factors that influence the firm's profit levels. This involves a series of multiple regression analyses with three dependent variables representing profit and 26 independent variables representing economic conditions and project characteristics. From these, 11 models are derived of which two are chosen as having the best explanatory power in explaining approximately 72% of the variability in profit levels movements. The results show that unemployment, interest rates, level of construction activity in the state, change of wage level, inflation rate of building material and project value significantly influenced the firm's profit level during the period.

International stock market linkages : are overnight returns on the U.S. Market informative?

Based on the theory of international stock market co-movements, this study shows that a profitable trading strategy can be developed. The U.S. market return is considered as overnight information by ordinary investors in the Asian and the European stock markets, and opening prices in local markets reflect the U.S. overnight return. However, smart traders would either judge the impact of overnight information more correctly, or predict unreleased information. Thus, the difference between expected opening prices based on the U.S. return and actual opening prices is counted as smart traders’ prediction power, which is either a buy or a sell signal. Using index futures price data from 12 countries from 2000 to 2011, cumulative returns on the trading strategy are calculated with taking into account transaction costs. The empirical results show that the proposed trading strategy generates higher riskadjusted returns than that of the benchmarks in 12 sample countries. The trading performances for the Asian markets surpass those for the European markets because the U.S. return is the only overnight information for the Asian markets whereas the Asian markets returns are additional information to the European investors.

Leveraging power of learning capability upon manufacturing operations

Learning capability (LC) is a special dynamic capability that a firm purposefully builds to develop a cognitive focus, so as to enable the configuration and improvement of other capabilities (both dynamic and operational) to create and respond to market changes. Empirical evidence regarding the essential role of LC in leveraging operational manufacturing capabilities is, however, limited in the literature. This study takes a routine-based approach to understand capability, and focuses on demonstrating leveraging power of LC upon two essential operational capabilities within the manufacturing context, i.e., operational new product development capability (ONPDC), and operational supplier integration capability (OSIC). A mixed-methods research framework was used, which combines sources of evidence derived from a survey study and a multiple case study. This study identified high-level routines of LC that can be designed and controlled by managers and practitioners, to reconfigure underlying routines of ONPDC and OSIC to achieve superior performance in a turbulent environment. Hence, the study advances the notion of knowledge-based dynamic capabilities, such as LC, as routine bundles. It also provides an impetus for managing manufacturing operations from a capability-based perspective in the fast changing knowledge era.

China’s new creative strategy : the utilization of cultural soft power and new markets

This book examines different aspects of Asian popular culture, including films, TV, music, comedy, folklore, cultural icons, the Internet and theme parks. It raises important questions such as – What are the implications of popularity of Asian popular culture for globalization? Do regional forces impede the globalizing of cultures? Or does the Asian popular culture flow act as a catalyst or conveying channel for cultural globalization? Does the globalization of culture pose a threat to local culture? It addresses two seemingly contradictory and yet parallel processes in the circulation of Asian popular culture: the interconnectedness between Asian popular culture and western culture in an era of cultural globalization that turns subjects such as Pokémon, Hip Hop or Cosmopolitan into truly global phenomena, and the local derivatives and versions of global culture that are necessarily disconnected from their origins in order to cater for the local market. It thereby presents a collective argument that, whilst local social formations, and patterns of consumption and participation in Asia are still very much dependent on global cultural developments and the phenomena of modernity, yet such dependence is often concretized, reshaped and distorted by the local media to cater for the local market. Contents: Introduction: Asian Popular Culture: The Global (Dis)continuity Anthony Y.H. Fung Part 1: The Dominance of Global Continuity: Cultural Localization and Adaptation 1. One Region, Two Modernities: Disneyland in Tokyo and Hong Kong Micky Lee and Anthony Y.H. Fung 2. Comic Travels: Disney Publishing in the People’s Republic of China Jennifer Altehenger 3. When Chinese Youth Meet Harry Potter: Translating Consumption and Middle Class Identification John Nguyet Erni 4.New Forms of Transborder Visuality in Urban China: Saving Face for Magazine Covers Eric Kit-Wai Ma 5. Cultural Consumption and Masculinity: A Case Study of GQ Magazine Covers in Taiwan Hong-Chi Shiau Part 2: Global Discontinuity: The Local Absorption of Global Culture 6. An Unlocalized and Unglobalized Subculture: English Language Independent Music in Singapore Kai Khiun Liew and Shzr Ee Tan 7. The Localized Production of Jamaican Music in Thailand Viriya Sawangchot 8. Consuming Online Games in Taiwan: Global Games and Local Market Lai-Chi Chen 9. The Rise of the Korean Cinema in Inbound and Outbound Globalization Shin Dong Kim Part 3: Cultural Domestication: A New Form of Global Continuity 10. Pocket Capitalism and Virtual Intimacy: Pokémon as a Symptom of Post-Industrial Youth Culture Anne Allison 11. Playing the Global Game: Japan Brand and Globalization Kukhee Choo Part 4: China as a Rising Market: Cultural Antagonism and Globalization 12. China’s New Creative Strategy: The Utilization of Cultural Soft Power and New Markets Michael Keane and Bonnie Liu 13. Renationalizing Hong Kong Cinema: The Gathering Force of the Mainland Market Michael Curtin

Impacts of vehicle-to-grid (V2G) technologies on electricity market operations

The Vehicle-to-Grid (V2G) concept is based on the newly developed and marketed technologies of hybrid petrol-electric vehicles, most notably represented by the Toyota Prius, in combination with significant structural changes to the world's energy economy, and the growing strain on electricity networks. The work described in this presentation focuses on the market and economic impacts of grid connected vehicles. We investigate price reduction effects and transmission system expansion cost reduction. We modelled a large numbers of plug-in-hybrid vehicle batteries by aggregating them into a virtual pumped-storage power station at the Australian national electricity market's (NEM) region level. The virtual power station concept models a centralised control for dispatching (operating) the aggregated electricity supply/demand capabilities of a large number of vehicles and their batteries. The actual level of output could be controlled by human or automated agents to either charge or discharge from/into the power grid. As previously mentioned the impacts of widespread deployments of this technology are likely to be economic, environmental and physical.

The impact of the clean development mechanism (CDM) on the cost price of wind power electricity : a China study

As a renewable energy source, wind power is playing an increasingly important role in China’s electricity supply. Meanwhile, China is also the world’s largest market for Clean Development Mechanism (CDM) wind power projects. Based on the data of 27 wind power projects of Inner Mongolia registered with the Executive Board of the United Nations (EB) in 2010, this paper constructs a financial model of Net Present Value (NPV) to analyze the cost of wind power electricity. A sensitivity analysis is then conducted to examine the impact of different variables with and without Certified Emission Reduction (CER) income brought about by the CDM. It is concluded that the CDM, along with static investment and annual wind electricity production, is one of the most significant factors in promoting the development of wind power in China. Additionally, wind power is envisaged as a practical proposition for competing with thermal power if the appropriate actions identified in the paper are made.