Valuation of Wind Energy Projects: A Real Options Approach

We address the valuation of an operating wind farm and the finite-lived option to invest in it under different reward/support schemes: a constant feed-in tariff, a premium on top of the electricity market price (either a fixed premium or a variable subsidy such as a renewable obligation certificate or ROC), and a transitory subsidy, among others. Futures contracts on electricity with ever longer maturities enable market-based valuations to be undertaken. The model considers up to three sources of uncertainty: the electricity price, the level of wind generation, and the certificate (ROC) price where appropriate. When analytical solutions are lacking, we resort to a trinomial lattice combined with Monte Carlo simulation; we also use a two-dimensional binomial lattice when uncertainty in the ROC price is considered. Our data set refers to the UK. The numerical results show the impact of several factors involved in the decision to invest: the subsidy per MWh generated, the initial lump-sum subsidy, the maturity of the investment option, and electricity price volatility. Different combinations of variables can help bring forward investments in wind generation. One-off policies, e.g., a transitory initial subsidy, seem to have a stronger effect than a fixed premium per MWh produced.

Review of NRA tracking projects on salmon, Salmo salar L., and sea trout, Salmo trutta L

The report briefly outlines the programme of the National Rivers Authority (NRA), placing the Fisheries programme in the context of the work of the NRA as a whole, and viewing the tracking work against the broader requirements of the NRA Fisheries research programme. All regions of England and Wales are considered. Two techniques currently exist for studying the detailed timing and extent of movements of adult salmon: tracking of individually identifiable fish, and counting the numbers of fish moving past a fixed point in the river. The development of tracking techniques and the integrated use of tracking and fish counters is briefly reviewed in Section 3. Further details of these techniques are given in Appendices. Section 4 summarises and assesses completed and current NRA tracking studies. Section 5 discusses the scientific content of these studies in relation to similar work carried out elsewhere in the UK. The NRA programme of tracking studies is evaluated in Section 6. Section 7 discusses future fisheries projects and Section 8 details the future development of tracking techniques. Finally, recommendations arising out of this review are summarised in Section 9.

Guidelines for the scoping and environmental assessment of water resources projects. The environment and water resources projects - Volume 1

The following brief is to ensure standard criteria and format are used for the scoping and environmental assessment of water resources projects leading to the production of an environmental report or Environmental Statement. This volume is one of a series giving guidance on water resources projects. The water resources projects will predominantly comprise drought orders and permits, time limited and permanent licences. Smaller projects, such as spray irrigation licences, will not require an environmental assessment. This document forms the basis for discussions between the Environment Agency North East Region, consultees and the applicant. The process aims to produce a thorough assessment. Each section addresses consecutive elements of the assessment process. Section 2 outlines the structure for a scoping document, section 3 outlines the structure for an Environmental Statement and section 4 gives guidance on the role of an Environmental Action Plan. Appendices 1 and 2 should be used in conjunction with the scoping process and cover a wide range of aspects. However, some projects may not require all of them to be included, whilst for others, the inclusion of additional factors may be appropriate.

Guidelines for the scoping and environmental assessment of water resources projects. The environment and water resources projects - Volume 2

In its role as protector of the water environment, the Environment Agency requires significant water resources abstraction applications and schemes such as drought orders, drought permits, time limited licences, and river transfers to be environmentally assessed leading to the production of an environmental report or statement. This may not take the form of a formal Environmental Assessment, but is required to provide environmental information to support applications. (See Volume 1 - Guidance for Scoping and Environmental Assessment for Water Resources Projects in North East Region). This second volume concentrates on the environmental monitoring component of environmental assessments.

Evaluation of NRA tracking studies. Future projects and technical development

Fish tracking is a valuable technique for the provision of detailed information on the behaviour patterns of individual fish especially during estuarine and riverine migration. 2. Tracking studies help in the provision of a comprehensive description of the variety offish behaviour patterns in response to factors such as water flow, obstructions and water quality. 3. There are advantages to be gained by complementing fish tracking studies with data collected from fish counters and vice versa. 4. An overall evaluation of NRA fish tracking projects is presented in the wider context of NRA strategic research objectives. 5. The requirement for future development of tracking equipment, improved data analysis techniques, better communication and more immediate report preparation is identified. 6. Individual project evaluation is given for NRA (or the appropriate Water Authority predecessor) tracking studies conducted on the Ribble estuary, the River Tamar, River Torridge, Rivers Test and Itchen, River Lodden, the Welsh River Dee, River Glaslyn, River Taff, River Tawe, River Tywi, River Usk, Rivers Avon and Stour and the River Frome. 7. An outline for future strategic research is provided which identifies particular areas for study:- i) Identification of environmental factors which control the entry of fish into rivers. ii) Improvement of the understanding of the relationship between water flow and upstream movement of salmonids. iii) Examination of the detailed movements and behaviour of fish in relation to obstructions. iv) Closer definition of water quality requirements for salmonid fish. v) Definition of habitat preferences of salmonids in rivers. vi) Subsidiary topics such as the movements of non-salmonid fish and the downstream migration of kelts and juvenile salmonids.

Standard and routine metabolic rates of juvenile sandbar sharks (Carcharhinus plumbeus), including the effects of body mass and acute temperature change*

Standard and routine metabolic rates (SMRs and RMRs, respectively) of juvenile sandbar sharks (Carcharhinus plumbeus) were measured over a range of body sizes (n=34) and temperatures normally associated with western Atlantic coastal nursery areas. The mean SMR Q10 (increase in metabolic rate with temperature) was 2.9 ±0.2. Heart rate decreased with increasing body mass but increased with temperature at a Q10 of 1.8−2.2. Self-paired measures of SMR and RMR were obtained for 15 individuals. Routine metabolic rate averaged 1.8 ±0.1 times the SMR and was not correlated with body mass. Assuming the maximum metabolic rate of sandbar sharks is 1.8−2.75 times the SMR (as is observed in other elasmobranch species), sandbar sharks are using between 34% and 100% of their metabolic scope just to sustain their routine continuous activity. This limitation may help to explain their slow individual and population growth rates, as well as the slow recoveries from overfishing of many shark stocks worl

ICLARM software projects: back to the future

The different computer softwares developed by the International Center for Living Aquatic Resources (ICLARM) and its functions and uses in fisheries science are presented.