Measuring market power in electricity generation: A long-term perspective using a programming model

This paper focuses on measuring the extent to which market power has been exercised in a recently deregulated electricity generation sector. Our study emphasises the need to consider the concept of market power in a long-run dynamic context. A market power index is constructed focusing on differences between actual market returns and long-run competitive returns, estimated using a programming model devised by the authors. The market power implications of hedge contracts are briefly considered. The state of Queensland Australia is used as a context for the analysis. The results suggest that generators have exercised significant market power since deregulation.

Visualising energy data

The Australian energy market is in the final stages of deregulation. These changes have created a dynamic environment which is highly volatile and competitive with respect to both demand and price. Our current research seeks to visualise aspects of the National Energy Market with a view to developing techniques which may be useful in identifying significant characteristics and/or drivers of these characteristics. In order to capture the complexity of the problem we explore a suite of different visualisation techniques, which, when combined into a unified package, highlight aspects of the problem. The particular problem visualised here is "Does the date exhibit characteristics which suggest that the time of day, day of the week, or the season, aflect the variation in demand and/or price?" © Austral. Mathematical Soc. 2005.

Using extreme value theory to measure value-at-risk for daily electricity spot prices

The recent deregulation in electricity markets worldwide has heightened the importance of risk management in energy markets. Assessing Value-at-Risk (VaR) in electricity markets is arguably more difficult than in traditional financial markets because the distinctive features of the former result in a highly unusual distribution of returns-electricity returns are highly volatile, display seasonalities in both their mean and volatility, exhibit leverage effects and clustering in volatility, and feature extreme levels of skewness and kurtosis. With electricity applications in mind, this paper proposes a model that accommodates autoregression and weekly seasonals in both the conditional mean and conditional volatility of returns, as well as leverage effects via an EGARCH specification. In addition, extreme value theory (EVT) is adopted to explicitly model the tails of the return distribution. Compared to a number of other parametric models and simple historical simulation based approaches, the proposed EVT-based model performs well in forecasting out-of-sample VaR. In addition, statistical tests show that the proposed model provides appropriate interval coverage in both unconditional and, more importantly, conditional contexts. Overall, the results are encouraging in suggesting that the proposed EVT-based model is a useful technique in forecasting VaR in electricity markets. (c) 2005 International Institute of Forecasters. Published by Elsevier B.V. All rights reserved.

Calcium transport and signaling in the mammary gland: Targets for breast cancer

The mammary gland is subjected to extensive calcium loads during lactation to support the requirements of milk calcium enrichment. Despite the indispensable nature of calcium homeostasis and signaling in regulating numerous biological functions, the mechanisms by which systemic calcium is transported into milk by the mammary gland are far from completely understood. Furthermore, the implications of calcium signaling in terms of reaulating proliferation, differentiation and apoptosis in the breast are currently uncertain. Deregulation of calcium homeostasis and signaling is associated with mammary gland pathophysiology and as such, calcium transporters, channels and binding proteins represent potential drug targets for the treatment of breast cancer. (c) 2005 Elsevier B.V. All rights reserved.

Transcriptome analysis of a cnidarian-dinoflagellate mutualism reveals complex modulation of host gene expression

Background: Cnidarian - dinoflagellate intracellular symbioses are one of the most important mutualisms in the marine environment. They form the trophic and structural foundation of coral reef ecosystems, and have played a key role in the evolutionary radiation and biodiversity of cnidarian species. Despite the prevalence of these symbioses, we still know very little about the molecular modulators that initiate, regulate, and maintain the interaction between these two different biological entities. In this study, we conducted a comparative host anemone transcriptome analysis using a cDNA microarray platform to identify genes involved in cnidarian - algal symbiosis. Results: We detected statistically significant differences in host gene expression profiles between sea anemones ( Anthopleura elegantissima) in a symbiotic and non-symbiotic state. The group of genes, whose expression is altered, is diverse, suggesting that the molecular regulation of the symbiosis is governed by changes in multiple cellular processes. In the context of cnidarian dinoflagellate symbioses, we discuss pivotal host gene expression changes involved in lipid metabolism, cell adhesion, cell proliferation, apoptosis, and oxidative stress. Conclusion: Our data do not support the existence of symbiosis- specific genes involved in controlling and regulating the symbiosis. Instead, it appears that the symbiosis is maintained by altering expression of existing genes involved in vital cellular processes. Specifically, the finding of key genes involved in cell cycle progression and apoptosis have led us to hypothesize that a suppression of apoptosis, together with a deregulation of the host cell cycle, create a platform that might be necessary for symbiont and/or symbiont-containing host cell survival. This first comprehensive molecular examination of the cnidarian - dinoflagellate associations provides critical insights into the maintenance and regulation of the symbiosis.

Transmission planning in a deregulated environment

The worldwide trend for the deregulation of the electricity generation and transmission industries has led to dramatic changes in system operation and planning procedures. The optimum approach to transmission-expansion planning in a deregulated environment is an open problem especially when the responsibilities of the organisations carrying out the planning work need to be addressed. To date there is a consensus that the system operator and network manager perform the expansion planning work in a centralised way. However, with an increasing input from the electricity market, the objectives, constraints and approaches toward transmission planning should be carefully designed to ensure system reliability as well as meeting the market requirements. A market-oriented approach for transmission planning in a deregulated environment is proposed. Case studies using the IEEE 14-bus system and the Australian national electricity market grid are performed. In addition, the proposed method is compared with a traditional planning method to further verify its effectiveness.

Neoliberalism, Gender Inequality and the Australian Labour Market

Over the past 25 years neoliberal philosophies have increasingly informed labour market policies in Australia that have led to increasing levels of wage decentralization. The most recent industrial relations changes aim to decentralize wage setting significantly further than has previously been the case. We argue that this is problematic for gender equity as wage decentralization will entrench rather than challenge the undervaluation of feminized work. In this article we provide an overview of key neoliberal industrial relations policy changes pertinent to gender equity and examine the current state of gender equity in the labour market. Results show that women's labour force participation has steadily increased over time but that a number of negative trends exclude women with substantial caring responsibilities from pursuing a career track. The implications of increasing levels of wage deregulation are that gender wage inequality and the potential for discrimination will grow.

Probabilistic cost benefit analysis of generation investment in a deregulated electricity market

A new methodology is proposed for the analysis of generation capacity investment in a deregulated market environment. This methodology proposes to make the investment appraisal using a probabilistic framework. The probabilistic production simulation (PPC) algorithm is used to compute the expected energy generated, taking into account system load variations and plant forced outage rates, while the Monte Carlo approach has been applied to model the electricity price variability seen in a realistic network. The model is able to capture the price and hence the profitability uncertainties for generator companies. Seasonal variation in the electricity prices and the system demand are independently modeled. The method is validated on IEEE RTS system, augmented with realistic market and plant data, by using it to compare the financial viability of several generator investments applying either conventional or directly connected generator (powerformer) technologies. The significance of the results is assessed using several financial risk measures.

Energy derivative market and derivative pricing via simulation

The deregulation of power industry worldwide has delivered the efficiency gains to the society; meanwhile, the intensity of competition has increased uncertainty and risks to market participants. Consequently, market participants are keen to hedge the market risks and maintain a competitive edge in the market; and this is a good explanation to the flourish of electricity derivative market. In this paper, the authors gave a comprehensive review of derivative contract pricing methods and proposed a new framework for energy derivative pricing to suit the needs of a deregulated electricity market

Power generation investment opportunities evaluation: A comparison between net present value and real options approach

To evaluate an investment project in the competitive electricity market, there are several key factors that affects the project's value: the present value that the project could bring to investor, the possible future course of actions that investor has and the project's management flexibility. The traditional net present value (NPV) criteria has the ability to capture the present value of the project's future cash flow, but it fails to assess the value brought by market uncertainty and management flexibility. By contrast with NPV, the real options approach (ROA) method has the advantage to combining the uncertainty and flexibility in evaluation process. In this paper, a framework for using ROA to evaluate the generation investment opportunity has been proposed. By given a detailed case study, the proposed framework is compared with NPV and showing a different results

Comparing the conditions for small business and entrepreneurship in Sweden and Australia: Lessons for the European Charter for Small Enterprises

A growing body of literature is concerned with explaining cross-national performance of small business and entrepreneurs in advanced economies. This literature has considered a range of policy and institutional variables which create an environment supportive of small firms and entrepreneurial activities including macroeconomic variables such as taxation, labour market regulation, social security and income policy; regulatory factors such as establishment legislation, bankruptcy policy, administrative burdens, compliance costs, deregulation and competition policy; and cultural factors such as social and cultural norms that support entrepreneurship. However, this literature has not always distinguished between the policy environment of small firms operating in different industry sectors. The purpose of this paper is to examine the institutional and policy environment of small firms in knowledge intensive sectors. The characteristics of the business environment of particular relevance to knowledge intensive firms are somewhat different from the conditions for entrepreneurship and small business success more generally. This paper compares the science, technology and industry infrastructure of Australia, Denmark, Sweden with other OECD countries. The purpose of the paper is to identify cross-national differences in the business environment of small knowledge intensive firms. The paper seeks to explore whether particular institutional environments appear to be more supportive of small firms in knowledge intensive sectors.

ESCOLHAS E DECISÕES: ESTUDO DO PROCESSO PARTICIPATIVO EM ORGANIZAÇÕES DA ECONOMIA SOLIDÁRIA

As últimas décadas, no caso brasileiro, foram marcadas pela predominância da estabilidade econômica e desregulamentação estatal no campo da economia, desconsiderando o impacto na vida das pessoas. Quebras e falências são constatadas como resultado desse processo. Aos trabalhadores surge a oportunidade, com muito esforço, de modelos alternativos nas relações de trabalho. Aparece nesse contexto, o novo discurso da Economia Solidária que preza por práticas autogestionadas. As Empresas Recuperadas são enquadradas dentro desse novo discurso. Entretanto, nas Empresas Recuperadas e nos empreendimentos da Economia Solidária, o espaço fértil proporcionado no campo da subjetividade enfrenta um dilema objetivo. Em sua batalha pela sobrevivência e sustentação, a organização deverá adotar práticas burocráticas e poderá desencantar o espaço da participação. Resulta disso, um dilema entre a objetividade, que a gestão demanda, e a subjetividade que o discurso da Economia Solidária exige. Nessa dissertação, propõe-se que a participação permite um efeito psicológico na medida em que assegura uma inter-relação contínua entre o funcionamento das instituições e as qualidades e atitudes das pessoas que atuam em seu interior. Escolhas e decisões, dessa forma, se colocam como processo que compõe a categoria da participação. Como os trabalhadores das Organizações da Economia Solidária participam do processo de escolhas e decisões em um sistema coletivo e cooperativo de trabalho? Essa é a pergunta central desta pesquisa, que tem por objetivo analisar o processo de escolhas e decisões em organizações da Economia Solidária. Nesse intuito realizou-se um estudo de caso por meio da metodologia da pesquisa-ação de uma empresa recuperada no interior de São Paulo. A pesquisa-ação é um tipo de pesquisa social, com base empírica, que é concebida e realizada em estreita associação com uma ação ou resolução de um problema. Esse problema, no contexto do estudo de caso, foi a concepção de um processo de formação de funcionários para futuros cooperados. A trajetória da discussão foi realizada com acompanhamento de um Grupo Tarefa composto por membros (celetistas e cooperados) da organização. A análise dos resultados foi construída a partir da fundamentação teórica convergindo em três categorias, que compõe o processo de participação, dentro de uma organização da Economia Solidária: Eu comigo (EUCMG), Eu com o(s) outro(s) (EUCOU) e Eu na Organização (EUORG). Os resultados mostram que a Empresa estudada não pode ser considerada como autogestionada e está fundamentada em práticas elitizadas. Há poucas práticas coletivas e se divide em classes internas (chão-defábrica e staff). Contudo, reconhece-se um grande esforço para chegar a uma nova prática de gestão coletiva. A participação se dá dentro de aspectos formais (assembléia) com predominância de assuntos burocráticos que não passaram por apropriação coletiva em sua construção. A educatividade ilumina o caminho processual, rompendo com visões finalísticas e alcançando uma sustentabilidade para a organização.(AU)

Retrotransposon expression profiling: Unveiling the hidden SINE transcriptome through Next-Generation Sequencing data analysis

Of the ~1.7 million SINE elements in the human genome, only a tiny number are estimated to be active in transcription by RNA polymerase (Pol) III. Tracing the individual loci from which SINE transcripts originate is complicated by their highly repetitive nature. By exploiting RNA-Seq datasets and unique SINE DNA sequences, we devised a bioinformatic pipeline allowing us to identify Pol III-dependent transcripts of individual SINE elements. When applied to ENCODE transcriptomes of seven human cell lines, this search strategy identified ~1300 Alu loci and ~1100 MIR loci corresponding to detectable transcripts, with ~120 and ~60 respectively Alu and MIR loci expressed in at least three cell lines. In vitro transcription of selected SINEs did not reflect their in vivo expression properties, and required the native 5’-flanking region in addition to internal promoter. We also identified a cluster of expressed AluYa5-derived transcription units, juxtaposed to snaR genes on chromosome 19, formed by a promoter-containing left monomer fused to an Alu-unrelated downstream moiety. Autonomous Pol III transcription was also revealed for SINEs nested within Pol II-transcribed genes raising the possibility of an underlying mechanism for Pol II gene regulation by SINE transcriptional units. Moreover the application of our bioinformatic pipeline to both RNA-seq data of cells subjected to an in vitro pro-oncogenic stimulus and of in vivo matched tumor and non-tumor samples allowed us to detect increased Alu RNA expression as well as the source loci of such deregulation. The ability to investigate SINE transcriptomes at single-locus resolution will facilitate both the identification of novel biologically relevant SINE RNAs and the assessment of SINE expression alteration under pathological conditions.

Unions:rent creators or extractors?

This paper proposes a model of workplace-specific unions that integrates two views of what unions do. One view holds that unions mainly engage in rent extraction. Another view holds that unions mainly engage in rent creation by providing agency services that increase workplace productivity. We demonstrate that the choice between the two activities is systematically related to the economic and regulatory environment in which the union operates. Product market competition encourages rent creation, while labor market deregulation encourages rent extraction. Moreover, we provide a rationale for why firms may want to subsidize unions. © The editors of the Scandinavian Journal of Economics 2005.

A study of the role of the community pharmacist in responding to symptons

Factors affecting the current role of the community pharmacist in responding to symptoms are investigated. Communication and collaboration with general medical practitioners (GPs), and the competency of pharmacists and counter assistants to perform the role of responding to symptoms, are examined. A national survey of GPs, conducted by postal questionnaire, explores attitudes towards the role of the community pharmacist in the treatment of patients' symptoms, and towards future extension of such a role. A majority (over 90%) of respondents thought that the counter prescribing activities of the pharmacist should be maintained or increased. Doctors supported treatment of most minor illnesses by pharmacists, but there was relatively little support for the deregulation of selected Prescription Only Medicines. Three quarters of respondents were in favour of joint educational meetings for pharmacists and doctors. Most GPs (85%) expressed support for a formal referral route from pharmacists to doctors, using a "notification card". A pilot study of the use of a notification card was conducted . Two thirds of the patients who were advised to see their doctor by the pharmacist subsequently did so. In most cases , the GP rated the patients' symptoms " significant" and the card "helpful". Pharmacists' and counter assistants' competency in responding to symptoms was assessed by a programme of pharmacy visits, where previously-defined symptoms were presented. Some pharmacists' questioning skills were found to be inadequate, and their knowledge not sufficiently current. Counter assistants asked fewer and less appropriate questions than did pharmacists, and assistants ' knowledge base was shown to be inadequate. Recommendations are made in relation to the education and training of pharmacists and counter assistants in responding to symptoms .