Demand Response Programs Definition Using Demand Price Elasticity to Define Consumers Aggregation for an Improved Remuneration Structure

The positioning of the consumers in the power systems operation has been changed in the recent years, namely due to the implementation of competitive electricity markets. Demand response is an opportunity for the consumers’ participation in electricity markets. Smart grids can give an important support for the integration of demand response. The methodology proposed in the present paper aims to create an improved demand response program definition and remuneration scheme for aggregated resources. The consumers are aggregated in a certain number of clusters, each one corresponding to a distinct demand response program, according to the economic impact of the resulting remuneration tariff. The knowledge about the consumers is obtained from its demand price elasticity values. The illustrative case study included in the paper is based on a 218 consumers’ scenario.

European Union emissions trading scheme impact on the Spanish electricity price during phase II and phase III implementation

The European Union Emissions Trading Scheme (EU ETS) is a cornerstone of the European Union's policy to combat climate change and its key tool for reducing industrial greenhouse gas emissions cost-effectively. The purpose of the present work is to evaluate the influence of CO2 opportunity cost on the Spanish wholesale electricity price. Our sample includes all Phase II of the EU ETS and the first year of Phase III implementation, from January 2008 to December 2013. A vector error correction model (VECM) is applied to estimate not only long-run equilibrium relations, but also short-run interactions between the electricity price and the fuel (natural gas and coal) and carbon prices. The four commodities prices are modeled as joint endogenous variables with air temperature and renewable energy as exogenous variables. We found a long-run relationship (cointegration) between electricity price, carbon price, and fuel prices. By estimating the dynamic pass-through of carbon price into electricity price for different periods of our sample, it is possible to observe the weakening of the link between carbon and electricity prices as a result from the collapse on CO2 prices, therefore compromising the efficacy of the system to reach proposed environmental goals. This conclusion is in line with the need to shape new policies within the framework of the EU ETS that prevent excessive low prices for carbon over extended periods of time.

Asymmetric dynamic price competition with uncertainty

We consider a dynamic setting-price duopoly model in which a dominant (leader) firm moves first and a subordinate (follower) firm moves second. We suppose that each firm has two different technologies, and uses one of them according to a certain probability distribution. The use of either one or the other technology affects the unitary production cost. We analyse the effect of the production costs uncertainty on the profits of the firms, for different values of the intercept demand parameters.

A green future for European electricity? :Energy sources, policies and further determinants of the household price of electricity

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Economics from the NOVA – School of Business and Economics

The influence of price changes on consumers' purchase decisions

The development of an effective pricing strategy requires the acquaintance of consumers’ price perception as well as the range of elements that influence the price sensitivity. This paper analyses the relationships between product features, individual characteristics and the level of price increase/decrease that induces the consumers to change their purchase decisions. The results of a dedicated survey show, that price sensitivity, individual preferences, type of product and direction of price change and individual characteristics of consumers (gender, age, professional situation) have a significant impact on a threshold at which people are willing to choose the less attractive, but cheaper alternative to their favorite product or give up the variety in consumption. From a consumer behavior perspective, these findings play a fundamental role in pricing.

Measuring the effects of price movements on private consumption

This paper studies how shocks in the prices of Food, Energy and Financial Assets affect private consumption using a VAR Model. Then, the total effects are broken into direct and indirect effects, using the coefficients taken from the previous model. We use quarterly data for the Portuguese economy from the last 20 years. We found that energy prices and financial assets have a strong connection with consumption, suggesting that the economy may be too exposed to shocks in these markets.

The price of honour: The corporate governance of Banco Espirito Santo

The Price of Honour is a case study, supported with teaching notes, which describes the events and circumstances surrounding the implosion of one of Portugal’s most systemically important banks - Banco Espírito Santo (BES). The case focuses on BES’s corporate governance and how the Espírito Santo family’s tight control of the bank led to its exploitation. Although the situation caught the attention of the bank’s supervisors, their untimely actions could not prevent BES’s financial health from crumbling only two months after a rights issue. With little leeway, the supervisors put forward a resolution which dramatically ended the bank’s centennial legacy.

« Traittié de la forme et devis comme on fait les tournois », par « RENE D'ANJOU ».

Commençant par : « A tres hault et puissant prince, mon tres chier, tres amé, mon seul frere germain Charles d'Anjou,...Je René d'Anjou,... » et finissant par : «... Item ceulz qui ont gaignié le pris sont tenuz de donner aulcune chose aux trompettes et menestrelz, et les deux princes chiefz du tournoy aussi» . En tête de l'ouvrage, au fol. 7, on trouve la mention d'un tournoi « fait en la ville de Bruges par tres haut et puissant seigneur monseigneur de La Gruthuse », le 11 mars 1392; avec les armoiries des combattants.

[Lettre de Renée Sémery à Jules Massenet, non datée] (photocopie)

Lettre sur papier à en-tête : M. Senart, B. Roudanez & Cie

Manuscrits de la bibliothèque de l'Arsenal. Archives de la Bastille. TROISIÈME SECTION — ADMINISTRATION INTÉRIEURE DE LA BASTILLE ET DE QUELQUES AUTRES PRISONS. BASTILLE. Papiers concernant les affaires privées des gouverneurs, officiers et autres fonctionnaires employés au château de la B. Titres et papiers de famille de Bernard-René Jourdan DE LAUNEY, nommé gouverneur de la B. le 21 sept. 1776, massacré le 14 juill. 1789. Son père, René Jourdan DE LAUNEY, cidevant lieutenant de Roi à Vincennes, avait été nommé lieutenant de Roi à la B. le 10 août 1710 et gouverneur le 9 déc. 1718 ; il était décédé le 5 août 1749. Papiers de famille de Bernard-René Jourdan de Launey, dernier gouverneur de la B., fils de René Jourdan de Launey, seigneur de La Bretonnière gouverneur de la B. du 9 déc. 1718 au 5 août 1749, — et de Renée Aubry d'Armanville. Documents relatifs à la gestion de la fortune de Bernard-René Jourdan et d'Adrien-Jean-Charles Jourdan, enfants mineurs de René Jourdan, seigneur de Launey, gouverneur de la B., mort le 5 août 1749, par Nicolas-Pierre Bazille, ancien conseiller du Roi, greffier à la Cour des aides

Actes et sentences du Châtelet de Paris concernant la tutelle des mineurs Jourdan de Launey, par Nicolas-Pierre Bazille (1749, 26 août-1761, 7 août).

Dits des philosophes, de GUILLAUME DE TIGNONVILLE, et Mortifiement de vaine plaisance, par le roi RENE D'ANJOU.

Contient : I (fol. 1-199). « Cy commencent les croniques de plusieurs saiges philosophes, lesquelx enseignent plusieurs belles et notables doctrines, lesquelles s'ensuivent. Sedechias fu philosophe le premier... » « ... dont on a aultreffois esté deçeu. Cy fine le livre des saiges philosophes, avecques pluseurs enseignemens qu'ilz mettent et enseignent. » — C'est l'ouvrage de GUILLAUME DE TIGNONVILLE, intitulé le plus souvent : Dits des philosophes ; II (fol. 201-285). « S'ensuit ung petit traictié d'entre l'âme dévote et le cueur, lequel s'appelle le Mortiffiement de vaine plaisance, faict et composé par REGNE, roy de Cecille, duc D'ANJOU... » Imprimé par Quatrebarbes, OEuvres complètes du roi René, t. IV, pp. 1-61