Optimal dividend strategies for a compound Poisson risk process under transaction costs and power utility

We characterize the value function of maximizing the total discounted utility of dividend payments for a compound Poisson insurance risk model when strictly positive transaction costs are included, leading to an impulse control problem. We illustrate that well known simple strategies can be optimal in the case of exponential claim amounts. Finally we develop a numerical procedure to deal with general claim amount distributions.

Improving the efficiency of PV low-power processing circuits by selecting an optimal inductor current of the DC/DC converter

In the context of autonomous sensors powered by small-size photovoltaic (PV) panels, this work analyses how the efficiency of DC/DC-converter-based power processing circuits can be improved by an appropriate selection of the inductor current that transfers the energy from the PV panel to a storage unit. Each component of power losses (fixed, conduction and switching losses) involved in the DC/DC converter specifically depends on the average inductor current so that there is an optimal value of this current that causes minimal losses and, hence, maximum efficiency. Such an idea has been tested experimentally using two commercial DC/DC converters whose average inductor current is adjustable. Experimental results show that the efficiency can be improved up to 12% by selecting an optimal value of that current, which is around 300-350 mA for such DC/DC converters.

Optimal trading of wind power in the short term market

The energy reform, which is happening all over the world, is caused by the common concern of the future of the humankind in our shared planet. In order to keep the effects of the global warming inside of a certain limit, the use of fossil fuels must be reduced. The marginal costs of the renewable sources, RES are quite high, since they are new technology. In order to induce the implementation of RES to the power grid and lower the marginal costs, subsidies were developed in order to make the use of RES more profitable. From the RES perspective the current market is developed to favor conventional generation, which mainly uses fossil fuels. Intermittent generation, like wind power, is penalized in the electricity market since it is intermittent and thus diffi-cult to control. Therefore, the need of regulation and thus the regulation costs to the producer differ, depending on what kind of generation market participant owns. In this thesis it is studied if there is a way for market participant, who has wind power to use the special characteristics of electricity market Nord Pool and thus reach the gap between conventional generation and the intermittent generation only by placing bids to the market. Thus, an optimal bid is introduced, which purpose is to minimize the regulation costs and thus lower the marginal costs of wind power. In order to make real life simulations in Nord Pool, a wind power forecast model was created. The simulations were done in years 2009 and 2010 by using a real wind power data provided by Hyötytuuli, market data from Nord Pool and wind forecast data provided by Finnish Meteorological Institute. The optimal bid needs probability intervals and therefore the methodology to create probability distributions is introduced in this thesis. In the end of the thesis it is shown that the optimal bidding improves the position of wind power producer in the electricity market.

Optimal processing chain for waste power plant

This study is done to examine waste power plant’s optimal processing chain and it is important to consider from several points of view on why one option is better than the other. This is to insure that the right decision is made. Incineration of waste has devel-oped to be one decent option for waste disposal. There are several legislation matters and technical options to consider when starting up a waste power plant. From the tech-niques pretreatment, burner and flue gas cleaning are the biggest ones to consider. The treatment of incineration residues is important since it can be very harmful for the envi-ronment. The actual energy production from waste is not highly efficient and there are several harmful compounds emitted. Recycling of waste before incineration is not very typical and there are not many recycling options for materials that cannot be easily re-cycled to same product. Life cycle assessment is a good option for studying the envi-ronmental effect of the system. It has four phases that are part of the iterative study process. In this study the case environment is a waste power plant. The modeling of the plant is done with GaBi 6 software and the scope is from gate-to-grave. There are three different scenarios, from which the first and second are compared to each other to reach conclusions. Zero scenario is part of the study to demonstrate situation without the power plant. The power plant in this study is recycling some materials in scenario one and in scenario two even more materials and utilize the bottom ash more ways than one. The model has the substitutive processes for the materials when they are not recycled in the plant. The global warming potential results show that scenario one is the best option. The variable costs that have been considered tell the same result. The conclusion is that the waste power plant should not recycle more and utilize bottom ash in a number of ways. The area is not ready for that kind of utilization and production from recycled materials.

High power N2 laser with a modified gas flow system and discharge geometry

A high power Nz laser of the double-Blumlein type having a modified gas flow system, electrode configuration, and discharge geometry with minimum inductance is described. By incorporating a triggere’d-pressurized spark gap switch, arc-free operation was achieved for a wide E/P range. The device gives a peak power in excess of 700 kW with a FWHM of 3 ns and an efficiency of 0.51%, which is remarkably high for a pulsed nitrogen laser system. The dependence of output power on parameters such as operating pressure, voltage, and repetition rate are discussed.

A general basis for quarter-power scaling in animals

It has been known for decades that the metabolic rate of animals scales with body mass with an exponent that is almost always <1, >2/3, and often very close to 3/4. The 3/4 exponent emerges naturally from two models of resource distribution networks, radial explosion and hierarchically branched, which incorporate a minimum of specific details. Both models show that the exponent is 2/3 if velocity of flow remains constant, but can attain a maximum value of 3/4 if velocity scales with its maximum exponent, 1/12. Quarterpower scaling can arise even when there is no underlying fractality. The canonical “fourth dimension” in biological scaling relations can result from matching the velocity of flow through the network to the linear dimension of the terminal “service volume” where resources are consumed. These models have broad applicability for the optimal design of biological and engineered systems where energy, materials, or information are distributed from a single source.