Comparing the sustainability of an innovative dry sanitation (Ecosan) system in China to a conventional waterborne sanitation system

The use of sustainability indicators for evaluating sanitation systems is applied to the Erdos Eco- Town Project (EETP) in China for illustration. The EETP is the largest urban settlement in the world employing ecological sanitation, which incorporates separation of waste streams, dry toilets, and resource recovery. The EETP’s dry sanitation system is compared against the Dongsheng District’s conventional sewer and centralised STP. The two systems are compared based on technological, environmental, economic, and societal indicators. Overall, the two systems perform reasonably well from a technological perspective. The conventional system performs significantly better than the dry system with regards to land and energy requirements, and global warming potential; it also performs better based on freshwater aquatic and terrestrial ecotoxicity potentials, but by a smaller margin. The dry system has superior environmental performance based on water consumption, eutrophication potential, and nutrient and organic matter recovery. The dry system is a more costly system as it requires greater infrastructure and higher operational costs, and does not benefit from economies of scale. The waterborne system performs better based on the societal indicators largely because it is a well-established system.

Long Term Dynamics in CO2 Allowance Prices and Carbon Capture Investments

In this paper we analyse the behaviour of the EU market for CO2 emission allowances; specifically, we focus on the contracts maturing in the Kyoto Protocol's second period of application (2008 to 2012). We calibrate the underlying parameters for the allowance price in the long run and we also calibrate those from the Spanish wholesale electricity market. This information is then used to assess the option to install a carbon capture and storage (CCS) unit in a coal-fired power plant. We use a two-dimensional binomial lattice where costs and profits are valued and the optimal investment time is determined. In other words, we study the trigger allowance prices above which it is optimal to install the capture unit immediately. We further analyse the impact of several variables on the critical prices, among them allowance price volatility and a hypothetical government subsidy. We conclude that, at current permit prices, from a financial point of view, immediate installation does not seem justified. This need not be the case, though, if carbon market parameters change dramatically and/or a specific policy to promote these units is adopted.

Monte Carlo Valuation of natural gas investments

This paper deals with the valuation of energy assets related to natural gas. In particular, we evaluate a baseload Natural Gas Combined Cycle (NGCC) power plant and an ancillary instalation, namely a Liquefied Natural Gas (LNG) facility, in a realistic setting; specifically, these investments enjoy a long useful life but require some non-negligible time to build. Then we focus on the valuation of several investment options again in a realistic setting. These include the option to invest in the power plant when there is uncertainty concerning the initial outlay, or the option's time to maturity, or the cost of CO2 emission permits, or when there is a chance to double the plant size in the future. Our model comprises three sources of risk. We consider uncertain gas prices with regard to both the current level and the long-run equilibrium level; the current electricity price is also uncertain. They all are assumed to show mean reversion. The two-factor model for natural gas price is calibrated using data from NYMEX NG futures contracts. Also, we calibrate the one-factor model for electricity price using data from the Spanish wholesale electricity market, respectively. Then we use the estimated parameter values alongside actual physical parameters from a case study to value natural gas plants. Finally, the calibrated parameters are also used in a Monte Carlo simulation framework to evaluate several American-type options to invest in these energy assets. We accomplish this by following the least squares MC approach.

Innovative reaction systems for acetal (1,1 diethoxy butane) production from renewable sources

370 p.: il., graf.