Performance Determinants of Renewable Energy Companies

The purpose of this thesis is to identify the Performance Determinants (PD) of Renewable Energy (RE) companies. It analyzes the background of the RE industry while reflecting simultaneous developments in the fossil based industries. I divided the determinants into two groups: market level and firm level and established hypotheses based on the existing literature. Data from public companies was gathered to construct a Panel Data structure. This is then tested by using a Linear Regression with Fixed Effects model. The model specification was efficient at reflecting the analyzed phenomena. My results showed that both market level and firm level determinants are significant in the RE Industry but the firm level determinants had higher explanatory power (R2). The determinants' relationships were found to follow those from the manufacturing industry more than the utilities' industry. Out of the market level determinants Consumer Price Index (CPI), Interest Rates and Oil prices were significant. Out of the firm level determinants Debt to Assets, Net Investments, Cash flows from operations, Sales and Earnings Before Interests and Taxes (EBIT) were significant. I concluded that this information is valuable for key industry players as they can achieve their objectives faster by elaborating better strategies using these results.

Mitigation possibilities to Greenhouse gas emissions from power production in India

Global warming is assertively the greatest environmental challenge for humans of 21st century. It is primarily caused by the anthropogenic greenhouse gas (GHG) that trap heat in the atmosphere. Because of which, the GHG emission mitigation, globally, is a critical issue in the political agenda of all high-profile nations. India, like other developing countries, is facing this threat of climate change while dealing with the challenge of sustaining its rapid economic growth. India’s economy is closely connected to its natural resource base and climate sensitive sectors like water, agriculture and forestry. Due to Climate change the quality and distribution of India’s natural resources may transform and lead to adverse effects on livelihood of its people. Therefore, India is expected to face a major threat due to the projected climate change. This study proposes possible solutions for GHG emission mitigation that are specific to the power sector of India. The methods discussed here will take Indian power sector from present coal dominant ideology to a system, centered with renewable energy sources. The study further proposes a future scenario for 2050, based on the present Indian government policies and global energy technologies advancements.

The many faces of strikes : attitudes towards industrial action by labour, management and human resources

Strikes provide a current, fresh but also a seldom-addressed issue to study from economic sciences perspective. This study provides to filling this research gap by trying to identify attitudes towards strikes that can be found inside organizations. The research problem this study then sets out to answer is: “What kinds of attitudes exist inside organizations towards industrial actions and how attitudes vary between labour, management and human resources?” This study has been planned with a view to test how qualitative attitudinal research, as a method, is suited to studying a phenomenon such as strike. At the heart of this research approach lies an assumption linked to rhetoric social psychology, that attitude is a phenomenon that can be identified in argumentation. For this research 10 semi-structured interviews in 4 organizations were conducted utilizing statements and pictures as stimulants for discussion. The material was transcribed and analysed following the two levels, categorical and interpretive, demanded by the chosen method. Altogether five attitudes were discovered; three of them negative, one indifferent and one positive by nature. The negative attitudes of unfairness, failure and personification towards strikes represented the side of strikes that was perhaps the most anticipated, portraying the contradictions between employees and employer. The attitude of ordinariness, which portrayed indifference, and the positive attitude of change however, were more unanticipated findings. They reflect shared understanding and trust between conflict parties. The utilization of qualitative attitudinal approach to study strikes was deemed successful. The results of this study support prior literature on workplace conflicts for example in regards of the definition of conflict and typologies conflicts. In addition the multifaceted nature of strikes can be perceived as one statement supported by this study. It arises in the nature of the attitudes, the diversity of discussion themes during the interviews as well as in the extent of possible theories to apply.

Targeted Annotation of Scientific Literature and Data Resources in Invenio Digital Libraries

Presentation at Open Repositories 2014, Helsinki, Finland, June 9-13, 2014

Integration of JINR Information Resources

Presentation at Open Repositories 2014, Helsinki, Finland, June 9-13, 2014

Bringing Together Resources Using Fedora 4

Presentation at Open Repositories 2014, Helsinki, Finland, June 9-13, 2014

Achieving EU energy targets – Impacts of evolutionary and revolutionary transition paths on power systems

Ambitious energy targets set by EU put pressures to increase share of renewable electricity supply in this and next decades and therefore, some EU member countries have boosted increasing renewable energy generation capacity by implementing subsidy schemes on national level. In this study, two different change approaches to increase renewable energy supply and increase self-sufficiency of supply are assessed with respect to their impacts on power system, electricity market and electricity generation costs in Finland. It is obtained that the current electricity generation costs are high compared to opportunities of earnings from present-day investor’s perspective. In addition, the growth expectations of consumptions and the price forecasts do not stimulate investing in new generation capacity. Revolutionary transition path is driven by administrative and political interventions to achieve the energy targets. Evolutionary transition path is driven by market-based mechanisms, such as market itself and emission trading scheme. It is obtained in this study that in the revolutionary transition path operation of market-based mechanisms is distorted to some extent and it is likely that this path requires providing more public financial resources compared to evolutionary transition path. In the evolutionary transition path the energy targets are not achieved as quickly but market-based mechanisms function better and investment environment endures more stable compared to revolutionary transition path.

Deoxygenation of fatty acids for production of fuels and chemicals

The decreasing fossil fuel resources combined with an increasing world energy demand has raised an interest in renewable energy sources. The alternatives can be solar, wind and geothermal energies, but only biomass can be a substitute for the carbon–based feedstock, which is suitable for the production of transportation fuels and chemicals. However, a high oxygen content of the biomass creates challenges for the future chemical industry, forcing the development of new processes which allow a complete or selective oxygen removal without any significant carbon loss. Therefore, understanding and optimization of biomass deoxygenation processes are crucial for the future bio–based chemical industry. In this work, deoxygenation of fatty acids and their derivatives was studied over Pd/C and TiO2 supported noble metal catalysts (Pt, Pt–Re, Re and Ru) to obtain future fuel components. The 5 % Pd/C catalyst was investigated in semibatch and fixed bed reactors at 300 °C and 1.7–2 MPa of inert and hydrogen–containing atmospheres. Based on extensive kinetic studies, plausible reaction mechanisms and pathways were proposed. The influence of the unsaturation in the deoxygenation of model compounds and industrial feedstock – tall oil fatty acids – over a Pd/C catalyst was demonstrated. The optimization of the reaction conditions suppressed the formation of by–products, hence high yields and selectivities towards linear hydrocarbons and catalyst stability were achieved. Experiments in a fixed bed reactor filled with a 2 % Pd/C catalyst were performed with stearic acid as a model compound at different hydrogen–containing gas atmospheres to understand the catalyst stability under various conditions. Moreover, prolonged experiments were carried out with concentrated model compounds to reveal the catalyst deactivation. New materials were proposed for the selective deoxygenation process at lower temperatures (~200 °C) with a tunable selectivity to hydrodeoxygenation by using 4 % Pt/TiO2 or decarboxylation/decarbonylation over 4 % Ru/TiO2 catalysts. A new method for selective hydrogenation of fatty acids to fatty alcohols was demonstrated with a 4 % Re/TiO2 catalyst. A reaction pathway and mechanism for TiO2 supported metal catalysts was proposed and an optimization of the process conditions led to an increase in the formation of the desired products.

Floral resources used by insects in a grassland community in Southern Brazil

The goal of the present study was to identify plant species used as food source, the floral resources utilized, and the insects that visit flowers in a grassland community in southern Brazil. The study was carried out in an area of one hectare, located in a grassland formation in the Parque Estadual de Itapuã, State of Rio Grande do Sul, Brazil. The flowering pattern was seasonal, and richness and abundance of insects was higher during the period of high resource availability. Flowers of 106 species of angiosperms (73 genera and 34 families) were used as source of floral resources for 219 species (2,767 specimens) of insects. A total of 91.5% of plant species were visited by bees, 53.8% by flies, 34.9% by wasps, 22.6% by butterflies, and 12.3% by beetles. Nectar was the main resource consumed by the visitors (41.1%). Asteraceae was the richest (38 spp.) and most visited family, with 63.1% of the species and 49.5% of all specimens of recorded insects. Bees were the most representative insects (33.2% spp., 65% indiv.), followed by flies (26.9% spp., 16.5% indiv.), wasps, butterflies and beetles. 40 plant species were considered important resources for the floral visitors' community, due to high number of, both, species and individuals recorded in their flowers. The family Asteraceae as a species set was the main floral resource used by insect visitors through the year and has great importance for the maintenance of populations of many species of bees, flies, wasps and butterflies in the studied area.

AQUAREL CONCEPT Aquatic resources for green energy realization

The AQUAREL project studied the availability and optional utilization methods for fish processing side streams and other aquatic biomaterial in the Republic of Karelia. Additionally processing aquatic biomaterial with manure and sewage sludge was studied. Based on the results, the most feasible option today is to process fish side streams to fish oil and dewatered oil-free residue and to use them for fish or animal feed production. However, it is necessary to highlight, that changes in e.g. economic environment, energy prices and demand may require re-evaluating the results and conclusions made in the project. Producing fish oil from fish processing side streams is an easy and relatively simple production process generating a valuable end product. The functionality of the process was confirmed in a pilot conducted in the project. The oil and solids are separated from the heated fish waste based on gravity. The fish oil separating on top of the separator unit is removed. Fish oil can as such be utilized for heating purposes, fish meal or animal feed production, but it can also be further processed to biodiesel. However, due to currently moderate energy prices in Russia, biodiesel production is not economically profitable. Even if the fish oil production process is not complicated, the operative management of small-scale fish oil production unit requires dedicated resources and separate facilities especially to meet hygiene requirements. Managing the side streams is not a core business for fish farmers. Efficient and economically profitable fish oil production requires a centralized production unit with bigger processing capacity. One fish processing unit needs to be designed to manage side streams collected from several fish farms. The optimum location for the processing unit is in the middle of the fish farms. Based on the transportation cost analysis in the Republic of Karelia, it is not economically efficient to transport bio-wastes for more than 100 km since the transportation costs start increasing substantially. Another issue to be considered is that collection of side streams, including the dead fish, from the fish farms should be organized on a daily basis in order to eliminate the need for storing the side streams at the farms. Based on AQUAREL project studies there are different public funding sources available for supporting and enabling profitable and environmentally sustainable utilization, research or development of fish processing side streams and other aquatic biomaterial. Different funding programmes can be utilized by companies, research organizations, authorities and non-governmental organizations.

From emerging opportunities to successful business networks – evidence from bioenergy

Increasing renewable energy utilization is a challenge that is tried to be solved in different ways. One of the most promising options for renewable energy is different biomasses, and the bioenergy field offers numerous emerging business opportunities. The actors in the field have rarely all the needed know-how and resources for exploiting these opportunities, and thus it is reasonable to seize them in cooperation. Networking is not an easy task to carry out, however, and in addition to its advantages for the firms engaged, it sets numerous challenges as well. The development of a network is a result of several steps firms need to take. In order to gain optimal advantage of their networks, firms need to weigh out with whom, why and how they should cooperate. In addition, everything does not depend on the firms themselves, as several factors in the external environment set their own enablers and barriers for cooperation. The formation of a network around a business opportunity is thus a multiphase process. The objective of this thesis is to depict this process via a step-by-step analysis and thus increase understanding on the whole development path from an entrepreneurial opportunity to a successful business network. The empirical evidence has been gathered by discussing the opportunities of animal manure refinement to biogas and forest biomass utilization for heating in Finland. The thesis comprises two parts. The first part provides an overview of the study, and the second part includes five research publications. The results reveal that it is essential to identify and analyze all the steps in the development process of a network, and several frameworks are used in the thesis to analyze these steps. The frameworks combine the views of theory and practical experiences of empirical study, and thus give new multifaceted views for the discussion on SME networking. The results indicate that the ground for cooperation should be investigated adequately by taking account of the preconditions in all the three contexts in which the actors operate: the social context, the region and the institutional environment. In case the project advances to exploitation, the assets and objectives of the actors should be paired off, which sets a need for relationships and sub-networks differing in breadth and depth. Different relationships and networks require different kinds of maintenance and management. Moreover, the actors should have the capability to change the formality or strategy of the relationships if needed. The drivers for these changes come along with the changing environment, which causes changes in the objectives of the actors and this way in the whole network. Bioenergy as the empirical field of the study represents well an industrial field with many emerging opportunities, a motley group of actors, and sensitivity for fast changes.

Working fluid selection and design of small-scale waste heat recovery systems based on organic Rankine cycles

Demand for the use of energy systems, entailing high efficiency as well as availability to harness renewable energy sources, is a key issue in order to tackling the threat of global warming and saving natural resources. Organic Rankine cycle (ORC) technology has been identified as one of the most promising technologies in recovering low-grade heat sources and in harnessing renewable energy sources that cannot be efficiently utilized by means of more conventional power systems. The ORC is based on the working principle of Rankine process, but an organic working fluid is adopted in the cycle instead of steam. This thesis presents numerical and experimental results of the study on the design of small-scale ORCs. Two main applications were selected for the thesis: waste heat re- covery from small-scale diesel engines concentrating on the utilization of the exhaust gas heat and waste heat recovery in large industrial-scale engine power plants considering the utilization of both the high and low temperature heat sources. The main objective of this work was to identify suitable working fluid candidates and to study the process and turbine design methods that can be applied when power plants based on the use of non-conventional working fluids are considered. The computational work included the use of thermodynamic analysis methods and turbine design methods that were based on the use of highly accurate fluid properties. In addition, the design and loss mechanisms in supersonic ORC turbines were studied by means of computational fluid dynamics. The results indicated that the design of ORC is highly influenced by the selection of the working fluid and cycle operational conditions. The results for the turbine designs in- dicated that the working fluid selection should not be based only on the thermodynamic analysis, but requires also considerations on the turbine design. The turbines tend to be fast rotating, entailing small blade heights at the turbine rotor inlet and highly supersonic flow in the turbine flow passages, especially when power systems with low power outputs are designed. The results indicated that the ORC is a potential solution in utilizing waste heat streams both at high and low temperatures and both in micro and larger scale appli- cations.

Entry Modes for Finnish Firms into the Zambian Renewable Energy Industry

The renewable energy industry in Zambia is poised for growth and offers many possibilities for Finnish firms willing to enter the market. The Zambian government’s deliberate policy measures aim at attracting foreign direct investment (FDI) into this sector. This study rationalises that this could be the pull factor for Finnish firms. The thesis gives an overview of the industry and investigates an appropriate mode of entry, basing its arguments on the comparison analysis of the two economies with the use of the world forum’s stages of economic development as a framework. The theoretical part of the study examines internationalisation theories, entry mode choice and factors influencing the choice. The multiple case study approach is implored, analysing four case companies from Finland with the use of extant literature on internationalisation relevant to the study. The research design involves the use of documentation, secondary data, interviews and observation. The results of the case analyses show that the Finnish firm’s most preferred entry mode initially is exporting because it is considered to be less risky. Additionally, the findings also reveal that the selection of a suitable mode of entry is dependent on the firms’ size, orientation and international experience and could therefore be considered to be subjective. Paramount is the act of gaining market knowledge. The study shows that only hydro-electrical, solar energies and biomass are by far the most used and known forms of renewable energy in Zambia, while other alternative sources still remain un-exploited thus highlighting a growth potential. However, policy formulation and the regulatory framework in the renewable energy sector were found to be wanting.