The effects of corporate and country sustainability characteristics on the cost of debt: an international investigation

We investigate the relationship between corporate and country sustainability on the cost of bank loans. We look into 470 loan agreements signed between 2005 and 2012 with borrowers based in 28 different countries across the world and operating in all major industries. Our principal findings reveal that country sustainability, relating to both social and environmental frameworks, has a statistically and economically impactful effect on direct financing of economic activity. An increase of one unit in a country's sustainability score is associated with an average decrease in the cost of debt by 64 basis points. Our international analysis shows that the environmental dimension of a country's institutional framework is approximately twice as impactful as the social dimension, when it comes to determining the cost of corporate loans. On the other hand, we find no conclusive evidence that firm-level sustainability influences the interest rates charged to borrowing firms by banks. Our main findings survive a battery of robustness tests and additional analyses concerning subsamples, alternative sustainability metrics and the effects of financial crisis.

Simulation of the energy performance of maize production integrated to pig farming

Foi avaliado o desempenho energético da suinocultura integrada à produção de milho em grão em sistema de plantio direto mecanizado. Nesta concepção de integração proposta, os dejetos suínos são utilizados como fertilizantes na produção de milho. O sistema foi delimitado envolvendo as atividades associadas ao manejo dos suínos e de produção do milho (manejo do solo, cultivo e colheita). O período de análise considerado foi de um ano, o que possibilita a produção de três lotes de suínos e duas safras de milho. Para avaliar o desempenho energético, foram criados três indicadores: eficiência energética, eficiência de uso de fontes não renováveis e o custo de energia não renovável para a produção de proteína. As entradas energéticas são compostas pelos insumos e pela infraestrutura, utilizados na criação dos suínos e na produção de milho, e pela radiação solar incidente no agrossistema. Já as saídas são representadas pelos seus produtos (suínos terminados e o milho). Os resultados obtidos nas simulações apontam que a integração melhora o desempenho energético das granjas suinícolas, aumentando a eficiência energética (186%) e a eficiência não renovável (352%), além de reduzir o custo de energia não renovável para a produção de proteína (‑58%).

Energetic cost of predation: Aerobic metabolism during prey ingestion by juvenile rattlesnakes, Crotalus durissus

We investigated the cost of prey ingestion in the South American rattlesnake, Crotalus durissus, to see if the capacity to generate energy aerobically could be a constraint on the size of the prey that can be ingested. To accomplish this goal, we measured time and aerobic metabolism (inferred from oxygen consumption) of juvenile C. durissus ingesting prey ranging from 10 to 50% of their own body mass. Time needed for prey ingestion increased with prey size, with prey representing 10 and 20% of snake size being ingested with the same effort. Whole animal rates of oxygen consumption increased linearly with prey size, but at a slower pace for snakes ingesting prey larger than 30% of their body mass. Aerobic factorial power input necessary for prey ingestion increased with prey size, and for snakes ingesting prey representing 50% of their body mass it equaled the aerobic factorial scope for exercise. For the maximum prey size tested, the aerobic derived energy necessary for prey ingestion represented 0.02% of the total energy content of the prey. Within the prey size range we studied, the cost of ingestion did not constitute any constraint on the size of the prey that can be ingested. These constraints are set by morphological (gape size), ecological (predation risk), and, probably, by physiological parameters, as suggested by the tendency of V̇O2 during ingestion to increase at a slower pace at relative larger prey sizes.

Allocation of the cost of transmission losses in a multimarket framework

The paper addresses the issue of apportioning of the cost of transmission losses to generators and demands in a multimarket framework. Line flows are unbundled using equivalent bilateral exchanges on a DC-network model and allocated to generators and demands. Losses are then calculated based on unbundled flows and straightforwardly apportioned to generators and demands. The proposed technique is particularly useful in a multimarket framework, where all markets have a common grid operator with complete knowledge of all network data, as is the case of the Brazilian electric-energy system. The methodology proposed is illustrated using the IEEE Reliability Test System and compared numerically with an alternative technique. Appropriate conclusions are drawn. © The Institution of Engineering and Technology 2006.

The energetic cost of maintenance in ruminants: From classical to new concepts and prediction systems

The cost of maintenance makes up a large part of total energy costs in ruminants. Metabolizable energy (ME) requirement for maintenance (MEm) is the daily ME intake that exactly balances heat energy (HE). The net energy requirement for maintenance (NEm) is estimated subtracting MEm from the HE produced by the processing of the diet. Men cannot be directly measured experimentally and is estimated by measuring basal metabolism in fasted animals or by regression measuring the recovered energy in fed animals. MEm and NEm usually, but not always, are expressed in terms of BW0.75. However, this scaling factor is substantially empirical and its exponent is often inadequate, especially for growing animals. MEm estimated by different feeding systems (AFRC, CNCPS, CSIRO, INRA, NRC) were compared by using dairy cattle data. The comparison showed that these systems differ in the approaches used to estimate MEm and for its quantification. The CSIRO system estimated the highest MEm, mostly because it includes a correction factor to increase ME as the feeding level increases. Relative to CSIRO estimates, those of NRC, INRA, CNCPS, and AFRC were on average 0.92, 0.86, 0.84, and 0.78, respectively. MEm is affected by the previous nutritional history of the animals. This phenomenon is best predicted by dynamic models, of which several have been published in the last decades. They are based either on energy flows or on nutrient flows. Some of the different approaches used were described and discussed.

Improving the grid operation and reliability cost of distribution systems with dispersed generation

In this work, a mathematical model to analyze the impact of the installation and operation of dispersed generation units in power distribution systems is proposed. The main focus is to determine the trade-off between the reliability and operational costs of distribution networks when the operation of isolated areas is allowed. In order to increase the system operator revenue, an optimal power flow makes use of the different energy prices offered by the dispersed generation connected to the grid. Simultaneously, the type and location of the protective devices initially installed on the protection system are reconfigured in order to minimize the interruption and expenditure of adjusting the protection system to conditions imposed by the operation of dispersed units. The interruption cost regards the unsupplied energy to customers in secure systems but affected by the normal tripping of protective devices. Therefore, the tripping of fuses, reclosers, and overcurrent relays aims to protect the system against both temporary and permanent fault types. Additionally, in order to reduce the average duration of the system interruption experienced by customers, the isolated operation of dispersed generation is allowed by installing directional overcurrent relays with synchronized reclose capabilities. A 135-bus real distribution system is used in order to show the advantages of using the mathematical model proposed. © 1969-2012 IEEE.

Sex and reproductive stage differences in the growth, metabolism, feed, fecal production, excretion and energy budget of the Amazon River prawn (Macrobrachium amazonicum)

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Pareto Frontier for the time-energy cost vector to an Earth-Moon transfer orbit using the patched-conic approximation

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Energy demands in taekwondo athletes during combat simulation

The purpose of this study was to investigate energy system contributions and energy costs in combat situations. The sample consisted of 10 male taekwondo athletes (age: 21 +/- 6 years old; height: 176.2 +/- 5.3 cm; body mass: 67.2 +/- 8.9 kg) who compete at the national or international level. To estimate the energy contributions, and total energy cost of the fights, athletes performed a simulated competition consisting of three 2 min rounds with a 1 min recovery between each round. The combats were filmed to quantify the actual time spent fighting in each round. The contribution of the aerobic (WAER), anaerobic alactic (W-PCR), and anaerobic lactic (Wleft perpendicularLA-right perpendicular) energy systems was estimated through the measurement of oxygen consumption during the activity, the fast component of excess post-exercise oxygen consumption, and the change in blood lactate concentration in each round, respectively. The mean ratio of high intensity actions to moments of low intensity (steps and pauses) was similar to 1:7. The W-AER, W-PCR and (Wleft perpendicularLA-right perpendicular) system contributions were estimated as 120 +/- 22 kJ (66 +/- 6%), 54 +/- 21 kJ (30 +/- 6%), 8.5 kJ (4 +/- 2%), respectively. Thus, training sessions should be directed mainly to the improvement of the anaerobic alactic system (responsible by the highintensity actions), and of the aerobic system (responsible by the recovery process between high- intensity actions).

Economic Cost of Air Pollution in Cubatao - SP Based on Health Expenses Related to Diseases of the Respiratory and Circulatory Systems

The aim of this research was to evaluate economic costs of respiratory and circulatory diseases in the municipality of Cubatao, in the state of Sao Paulo, Brazil. Data on hospital admissions and on missed working days due to hospitalization (for age group 14 to 70 years old) from the database of Sistema Unico de Sa de (SUS - Brazilian National Health System) were used. Results: Based on these data, it was calculated that R$ 22.1 million were spent in the period 2000 to 2009 due to diseases of the respiratory and circulatory systems. Part of these expenses can be directly related to the emission of atmospheric pollutants in the city. In order to estimate the costs related to air pollution, data on Cubatao were compared to data from two other municipalities that are also located at the coast side (Guaruja and Peru be), but which have little industrial activity in comparison to Cubatao. It was verified that, in both, average per capita costs were lower when compared to Cubatao, but that this difference has been decreasing in recent years.

Second law analysis and simulation techniques for the energy optimization of buildings

The research activity described in this thesis is focused mainly on the study of finite-element techniques applied to thermo-fluid dynamic problems of plant components and on the study of dynamic simulation techniques applied to integrated building design in order to enhance the energy performance of the building. The first part of this doctorate thesis is a broad dissertation on second law analysis of thermodynamic processes with the purpose of including the issue of the energy efficiency of buildings within a wider cultural context which is usually not considered by professionals in the energy sector. In particular, the first chapter includes, a rigorous scheme for the deduction of the expressions for molar exergy and molar flow exergy of pure chemical fuels. The study shows that molar exergy and molar flow exergy coincide when the temperature and pressure of the fuel are equal to those of the environment in which the combustion reaction takes place. A simple method to determine the Gibbs free energy for non-standard values of the temperature and pressure of the environment is then clarified. For hydrogen, carbon dioxide, and several hydrocarbons, the dependence of the molar exergy on the temperature and relative humidity of the environment is reported, together with an evaluation of molar exergy and molar flow exergy when the temperature and pressure of the fuel are different from those of the environment. As an application of second law analysis, a comparison of the thermodynamic efficiency of a condensing boiler and of a heat pump is also reported. The second chapter presents a study of borehole heat exchangers, that is, a polyethylene piping network buried in the soil which allows a ground-coupled heat pump to exchange heat with the ground. After a brief overview of low-enthalpy geothermal plants, an apparatus designed and assembled by the author to carry out thermal response tests is presented. Data obtained by means of in situ thermal response tests are reported and evaluated by means of a finite-element simulation method, implemented through the software package COMSOL Multyphysics. The simulation method allows the determination of the precise value of the effective thermal properties of the ground and of the grout, which are essential for the design of borehole heat exchangers. In addition to the study of a single plant component, namely the borehole heat exchanger, in the third chapter is presented a thorough process for the plant design of a zero carbon building complex. The plant is composed of: 1) a ground-coupled heat pump system for space heating and cooling, with electricity supplied by photovoltaic solar collectors; 2) air dehumidifiers; 3) thermal solar collectors to match 70% of domestic hot water energy use, and a wood pellet boiler for the remaining domestic hot water energy use and for exceptional winter peaks. This chapter includes the design methodology adopted: 1) dynamic simulation of the building complex with the software package TRNSYS for evaluating the energy requirements of the building complex; 2) ground-coupled heat pumps modelled by means of TRNSYS; and 3) evaluation of the total length of the borehole heat exchanger by an iterative method developed by the author. An economic feasibility and an exergy analysis of the proposed plant, compared with two other plants, are reported. The exergy analysis was performed by considering the embodied energy of the components of each plant and the exergy loss during the functioning of the plants.

Real-World Energy Measurements of a Wireless Mesh Network

Over the past several years the topics of energy consumption and energy harvesting have gained significant importance as a means for improved operation of wireless sensor and mesh networks. Energy-awareness of operation is especially relevant for application scenarios from the domain of environmental monitoring in hard to access areas. In this work we reflect upon our experiences with a real-world deployment of a wireless mesh network. In particular, a comprehensive study on energy measurements collected over several weeks during the summer and the winter period in a network deployment in the Swiss Alps is presented. Energy performance is monitored and analysed for three system components, namely, mesh node, battery and solar panel module. Our findings cover a number of aspects of energy consumption, including the amount of load consumed by a mesh node, the amount of load harvested by a solar panel module, and the dependencies between these two. With our work we aim to shed some light on energy-aware network operation and to help both users and developers in the planning and deployment of a new wireless (mesh) network for environmental research.

The energy expenditure of 2 Holstein cow strains in an organic grazing system

Until recently, measurements of energy expenditure (EE; herein defined as heat production) in respiration chambers did not account for the extra energy requirements of grazing dairy cows on pasture. As energy is first limiting in most pasture-based milk production systems, its efficient use is important. Therefore, the aim of the present study was to compare EE, which can be affected by differences in body weight (BW), body composition, grazing behavior, physical activity, and milk production level, in 2 Holstein cow strains. Twelve Swiss Holstein-Friesian (HCH; 616 kg of BW) and 12 New Zealand Holstein-Friesian (HNZ; 570 kg of BW) cows in the third stage of lactation were paired according to their stage of lactation and kept in a rotational, full-time grazing system without concentrate supplementation. After adaption, the daily milk yield, grass intake using the alkane double-indicator technique, nutrient digestibility, physical activity, and grazing behavior recorded by an automatic jaw movement recorder were investigated over 7d. Using the (13)C bicarbonate dilution technique in combination with an automatic blood sampling system, EE based on measured carbon dioxide production was determined in 1 cow pair per day between 0800 to 1400 h. The HCH were heavier and had a lower body condition score compared with HNZ, but the difference in BW was smaller compared with former studies. Milk production, grass intake, and nutrient digestibility did not differ between the 2 cow strains, but HCH grazed for a longer time during the 6-h measurement period and performed more grazing mastication compared with the HNZ. No difference was found between the 2 cow strains with regard to EE (291 ± 15.6 kJ) per kilogram of metabolic BW, mainly due to a high between-animal variation in EE. As efficiency and energy use are important in sustainable, pasture-based, organic milk production systems, the determining factors for EE, such as methodology, genetics, physical activity, grazing behavior, and pasture quality, should be investigated and quantified in more detail in future studies.

The economic cost of type 2 diabetes attributable to physical inactivity in the United States and Texas in 2007

Type 2 diabetes has grown to epidemic proportions in the U.S., and its prevalence has been steadily increasing in Texas. The physical activity levels in the population have remained low despite it being one of the primary preventive strategies for type 2 diabetes. The objectives of this study were to estimate the direct medical costs of type 2 diabetes attributable to not meeting physical activity Guidelines and to physical inactivity in the U.S. and Texas in 2007. This was a cross sectional study that used physical activity prevalence data from the 2007 Behavioral Risk Factor Surveillance System (BRFSS) to estimate the population attributable risk percentage (PAR%) for type 2 diabetes. These data were combined with the prevalence and cost data of type 2 diabetes to estimate the cost of type 2 diabetes attributable to not meeting Guidelines and to inactivity in the U.S. and Texas in 2007.^ The cost of type 2 diabetes in the U.S. in 2007, attributable to not meeting physical activity Guidelines was estimated to be $13.29 billion, and that attributable to physical inactivity (no leisure time physical activity) was estimated to be $3.32 billion. Depending on various assumptions, these estimates ranged from $7.61 billion to $41.48 billion for not meeting Guidelines, and $1.90 billion to $13.20 billion for physical inactivity in the U.S. in 2007. The cost of type 2 diabetes in Texas in 2007 attributable to not meeting physical activity Guidelines was estimated to be $1.15 billion, and that attributable to physical inactivity (no leisure time physical activity) was estimated to be $325 million. Depending on various assumptions, these estimates ranged from $800 million to $3.47 billion for not meeting Guidelines, and $186 million to $1.28 billion for physical inactivity in Texas in 2007. These results illustrate how much money could be saved annually just in terms of type 2 diabetes cost in the U.S. and Texas, if the entire adult population was active enough to meet physical activity Guidelines. Physical activity promotion, particularly at the environmental and policy level should be a priority in the population. ^

Impact of long-term moderate hypercapnia and elevated temperature on the energy budget of isolated gills and branchial in vivo and in vitro enzyme capacities of Atlantic cod (Gadus morhua)

Effects of severe hypercapnia have been extensively studied in marine fishes, while knowledge on the impacts of moderately elevated CO2 levels and their combination with warming is scarce. Here we investigate ion regulation mechanisms and energy budget in gills from Atlantic cod acclimated long-term to elevated PCO2 levels (2500 µatm) and temperature (18 °C). Isolated perfused gill preparations established to determine gill thermal plasticity during acute exposures (10-22 °C) and in vivo costs of Na+/K+-ATPase activity, protein and RNA synthesis. Maximum enzyme capacities of F1Fo-ATPase, H+-ATPase and Na+/K+-ATPase were measured in vitro in crude gill homogenates. After whole animal acclimation to elevated PCO2 and/or warming, branchial oxygen consumption responded more strongly to acute temperature change. The fractions of gill respiration allocated to protein and RNA synthesis remained unchanged. In gills of fish CO2-exposed at both temperatures, energy turnover associated with Na+/K+-ATPase activity was reduced by 30% below rates of control fish. This contrasted in vitro capacities of Na+/K+-ATPase, which remained unchanged under elevated CO2 at 10 °C, and earlier studies which had found a strong upregulation under severe hypercapnia. F1Fo-ATPase capacities increased in hypercapnic gills at both temperatures, whereas Na+/K+ATPase and H+-ATPase capacities only increased in response to elevated CO2 and warming indicating the absence of thermal compensation under CO2. We conclude that in vivo ion regulatory energy demand is lowered under moderately elevated CO2 levels despite the stronger thermal response of total gill respiration and the upregulation of F1Fo-ATPase. This effect is maintained at elevated temperature.