A comparative study of alternative approaches for common factors identification

Preliminary version

The role of an illiquidity factor in the Portuguese stock market

This study examines the role of illiquidity (proxied by the proportion of zero returns) as an additional risk factor in asset pricing. We use Portuguese monthly data, covering the period between January 1988 and December 2008. We compute an illiquidity factor using the Fama and French [Fama, E. F., and K. R. French (1993), "Common risk factors in the returns on stocks and bonds", Journal of Financial Economics, Vol. 33, Nº. 1, pp. 3-56] procedure and analyze the performance of CAPM, Fama-French three-factor model and illiquidity-augmented versions of these models in explaining both the time-series and the cross-section of returns. Our results reveal that the effect of characteristic liquidity is subsumed by the models considered, but the risk of illiquidity is not priced in the Portuguese stock market.

El estrato socioeconómico como factor predictor del uso constante de condón en adolescentes

OBJETIVO: El estrato socioeconómico juega un rol importante en las desigualdades en salud. En México, la prevalencia más alta de casos de SIDA se encuentra en población de estratos más bajos. El propósito de lo estudio fue describir el estrato socioeconómico (ajustado por variables psicosociales, situacionales y demográficas) como un factor predictor del uso consistente del condón, en adolescentes. MÉTODOS: Se incluyó en el estudio una muestra de una encuesta previa aplicada a 1.410 adolescentes de 15 a 19 años y estratificada por edad, género y estrato socioeconómico de Guadalajara, México. El análisis fue aplicado sobre los 251 adolescentes que reportaron actividad sexual. El análisis estadístico se realizó mediante Ji Cuadrada, t-test, ANOVA y regresión logística. RESULTADOS: La frecuencia de uso consistente de condón fue 30,7% y hubo una prevalencia de uso irregular. El estrato socioeconómico alto fue el principal predictor (OR= 11,1, CI95%= 2,6-47,6). Otros predictores significativos fueron el género masculino, el soporte de los pares y el nivel alto de conocimientos sobre VIH/SIDA. CONCLUSIÓN: El estrato socioeconómico es un importante factor predictor del uso consistente del condón.

Folk culture and political power: practices and representations of moliceiro culture in Portugal, cultural sociology

This article analyses the painted panels of the moliceiro boat, a traditional working boat of the Ria de Aveiro region of Portugal. The article examines how the painted panels have been invented and reinvented over time. The boat and its panels are contextualized both within the changing socio-economic conditions of the Ria de Aveiro region, and the changing socio-political conditions of Portugal throughout the 20th century and until the present day. The article historically analyses the social significance of ‘moliceiro culture’, examining in particular the power relations it expresses and its ambiguous past and present relationships with the political and the economic powers of the Portuguese state. The article unpacks some of the complexity of the relations that have pertained between public and private, local and national, folk culture and ‘art’, and popular and institutional in the Ria de Aveiro region in particular, and Portugal more generally.

A DC-DC Step-Up mu-Power Converter for Energy Harvesting Applications, Using Maximum Power PointTracking, Based on Fractional Open Circuit Voltage

A DC-DC step-up micro power converter for solar energy harvesting applications is presented. The circuit is based on a switched-capacitorvoltage tripler architecture with MOSFET capacitors, which results in an, area approximately eight times smaller than using MiM capacitors for the 0.131mu m CMOS technology. In order to compensate for the loss of efficiency, due to the larger parasitic capacitances, a charge reutilization scheme is employed. The circuit is self-clocked, using a phase controller designed specifically to work with an amorphous silicon solar cell, in order to obtain themaximum available power from the cell. This will be done by tracking its maximum power point (MPPT) using the fractional open circuit voltage method. Electrical simulations of the circuit, together with an equivalent electrical model of an amorphous silicon solar cell, show that the circuit can deliver apower of 1132 mu W to the load, corresponding to a maximum efficiency of 66.81%.

A Step-up mu-Power Converter for Solar Energy Harvesting Applications, using Hill Climbing Maximum Power Point Tracking

This paper presents a step-up micro-power converter for solar energy harvesting applications. The circuit uses a SC voltage tripler architecture, controlled by an MPPT circuit based on the Hill Climbing algorithm. This circuit was designed in a 0.13 mu m CMOS technology in order to work with an a-Si PV cell. The circuit has a local power supply voltage, created using a scaled down SC voltage tripler, controlled by the same MPPT circuit, to make the circuit robust to load and illumination variations. The SC circuits use a combination of PMOS and NMOS transistors to reduce the occupied area. A charge re-use scheme is used to compensate the large parasitic capacitors associated to the MOS transistors. The simulation results show that the circuit can deliver a power of 1266 mu W to the load using 1712 mu W of power from the PV cell, corresponding to an efficiency as high as 73.91%. The simulations also show that the circuit is capable of starting up with only 19% of the maximum illumination level.

Application of adaptive neuro-fuzzy inference for wind power short-term forecasting

The increased integration of wind power into the electric grid, as nowadays occurs in Portugal, poses new challenges due to its intermittency and volatility. Hence, good forecasting tools play a key role in tackling these challenges. In this paper, an adaptive neuro-fuzzy inference approach is proposed for short-term wind power forecasting. Results from a real-world case study are presented. A thorough comparison is carried out, taking into account the results obtained with other approaches. Numerical results are presented and conclusions are duly drawn. (C) 2011 Institute of Electrical Engineers of Japan. Published by John Wiley & Sons, Inc.

Comparative study of power converter topologies and control strategies for the harmonic performance of variable-speed wind turbine generator systems

Power converters play a vital role in the integration of wind power into the electrical grid. Variable-speed wind turbine generator systems have a considerable interest of application for grid connection at constant frequency. In this paper, comprehensive simulation studies are carried out with three power converter topologies: matrix, two-level and multilevel. A fractional-order control strategy is studied for the variable-speed operation of wind turbine generator systems. The studies are in order to compare power converter topologies and control strategies. The studies reveal that the multilevel converter and the proposed fractional-order control strategy enable an improvement in the power quality, in comparison with the other power converters using a classical integer-order control strategy. (C) 2010 Elsevier Ltd. All rights reserved.

Operação e planeamento de redes de energia eléctrica com recurso ao trânsito optimizado de energia

Esta dissertação tem como objectivo explorar as potencialidades de aplicação do trânsito optimizado de energia (Optimal Power Flow - OPF), no contexto da operação e planeamento de redes de energia eléctrica. Para o efeito, são ilustradas diferentes funções objectivo, nomeadamente, a minimização: dos custos de combustível, da potência activa de perdas, da potência reactiva de perdas, do ajuste de carga, do ajuste da reactância das linhas e da inserção das reactâncias shunt e/ou baterias de condensadores. São ainda propostas duas abordagens, que recorrem ao OPF, para efectuar a resolução do problema da compensação do factor de potência, em redes de distribuição de energia eléctrica. Em cada abordagem, são inseridas baterias de condensadores comutáveis na rede, com o objectivo de conduzir a uma redução dos custos de geração de energia eléctrica. Na primeira abordagem, dimensionam-se as baterias de condensadores para o nível de carga mais elevado, enquanto na segunda abordagem proposta, o valor e localização dos condensadores, tem em conta o conjunto dos níveis de carga considerados para o qual se pretende efectuar o dimensionamento. As duas abordagens apresentam resultados distintos para a potência reactiva das baterias de condensadores adicionadas em cada barramento, bem como para a selecção dos escalões, que devem estar em funcionamento em diferentes níveis de carga. De forma a avaliar a qualidade das soluções efectua-se, uma avaliação técnico-económica para diferentes níveis admissíveis de compensação do factor de potência, tendo em conta cenários de carga considerados na óptica do planeamento. É proposta uma metodologia, com o objectivo de obter a solução do problema em função dos seguintes factores: orçamento disponível, nível de perdas considerado satisfatório, VAL e tan das cargas da rede. As abordagens propostas são aplicadas à rede de distribuição de energia eléctrica de São Vicente. São ainda efectuadas sensibilidades em relação à natureza da carga, mediante a variação da sua tan . Verifica-se que os resultados obtidos são robustos e que a segunda abordagem é mais vantajosa.

DITRANS - a multi-agent system for integrated diagnosis of power transformers

This paper describes the development and the implementation of a multi-agent system for integrated diagnosis of power transformers. The system is divided in layers which contain a number of agents performing different functions. The social ability and cooperation between the agents lead to the final diagnosis and to other relevant conclusions through integrating various monitoring technologies, diagnostic methods and data sources, such as the dissolved gas analysis.

Virtual power producers integration into MASCEM

All over the world Distributed Generation is seen as a valuable help to get cleaner and more efficient electricity. Under this context distributed generators, owned by different decentralized players can provide a significant amount of the electricity generation. To get negotiation power and advantages of scale economy, these players can be aggregated giving place to a new concept: the Virtual Power Producer. Virtual Power Producers are multi-technology and multi-site heterogeneous entities. Virtual Power Producers should adopt organization and management methodologies so that they can make Distributed Generation a really profitable activity, able to participate in the market. In this paper we address the integration of Virtual Power Producers into an electricity market simulator –MASCEM – as a coalition of distributed producers.

A real time pricing approach to deal with excessive wind power situations

The introduction of wind power generation in several countries around the world, including in European countries, where energy policy directives have encouraged the use of renewables, led to several changes in market and power systems operation. The intensive integration of these sources has led to situations in which the demand is lower than the available renewable resources. In these situations a part of the available generation is wasted if not used for storage or to supply additional demand. This paper proposes a real time demand response methodology based on changing the electricity price for the consumers expecting an increase in the demand in the periods in which that demand is lower than the available renewable generation. The consumers response to the changes in electricity price is characterized by their price elasticity of demand considered distinct for each consumer type. The proposed methodology is applied to the Portuguese power system, in the context of the Iberian electricity market (MIBEL). The renewable-based producers are considered as special producers, with special tariffs, and so it is important to use the energy available as it will be paid anyway. In this context, consumers are entities actively participating in the operation of the market.

Virtual power players demand response programs management based on locational marginal prices

Power systems have been suffering huge changes mainly due to the substantial increase of distributed generation and to the operation in competitive environments. Virtual power players can aggregate a diversity of players, namely generators and consumers, and a diversity of energy resources, including electricity generation based on several technologies, storage and demand response. Resource management gains an increasing relevance in this competitive context, while demand side active role provides managers with increased demand elasticity. This makes demand response use more interesting and flexible, giving rise to a wide range of new opportunities.This paper proposes a methodology for managing demand response programs in the scope of virtual power players. The proposed method is based on the calculation of locational marginal prices (LMP). The evaluation of the impact of using demand response specific programs on the LMP value supports the manager decision concerning demand response use. The proposed method has been computationally implemented and its application is illustrated in this paper using a 32 bus network with intensive use of distributed generation.

Energy resource scheduling in a real distribution network managed by several virtual power players

Smart Grids (SGs) appeared as the new paradigm for power system management and operation, being designed to integrate large amounts of distributed energy resources. This new paradigm requires a more efficient Energy Resource Management (ERM) and, simultaneously, makes this a more complex problem, due to the intensive use of distributed energy resources (DER), such as distributed generation, active consumers with demand response contracts, and storage units. This paper presents a methodology to address the energy resource scheduling, considering an intensive use of distributed generation and demand response contracts. A case study of a 30 kV real distribution network, including a substation with 6 feeders and 937 buses, is used to demonstrate the effectiveness of the proposed methodology. This network is managed by six virtual power players (VPP) with capability to manage the DER and the distribution network.