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.

Évaluation de la production primaire et de la chlorophylle à partir des données hydrologiques. Application au Golfe de Guinée

Quantitative relationships between nitrate distribution, chlorophyll and primary integrated values have been used to evaluate the phytoplankton abundance in the Gulf of Guinea. Data of Guinee I cruise (May-July 1968) of the R.V. Jean Charcot have been used. They show a large oligotrophic convergence area (< 250 mg C/m2/J). A relationship previously found between the depth of the nitracline (first level where the nitrate appears) and the depth of the thermal maximum gradient is confirmed. From a practical point of view, this relationship is very useful since it allows, when the biological or chemical data are not available, a rough estimation of phytoplankton integrated biomass and production in the water column, from a temperature profile.

Résultats du groupe de travail FAO/COPACE sur l'évaluation des stocks démerseaux côtiers du secteur Côte d'Ivoire - Congo

The exploitation rate of demersal stocks in the Côte d'Ivoire-Congo area is in most cases below the level permitting maximum sustainable yield. Any increase in total catch would be achieved through an increase in catch per effort which implies bigger mesh sizes than those in use now (40-45 mm). A first step would be to fix the minimum legal mesh size to 60 mm. New, probably limited resources (crab, squids, benthic sharks) are to be sought along the continental slope.

Temperature-and pH-Sensitive Nanohydrogels of Poly(N-Isopropylacrylamide) for Food Packaging Applications: Modelling the Swelling-Collapse Behaviour

Temperature-sensitive poly(N-isopropylacrylamide) (PNIPA) nanohydrogels were synthesized by nanoemulsion polymerization in water-in-oil systems. Several cross-linking degrees and the incorporation of acrylic acid as comonomer at different concentrations were tested to produce nanohydrogels with a wide range of properties. The physicochemical properties of PNIPA nanohydrogels, and their relationship with the swelling-collapse behaviour, were studied to evaluate the suitability of PNIPA nanoparticles as smart delivery systems (for active packaging). The swelling-collapse transition was analyzed by the change in the optical properties of PNIPA nanohydrogels using ultraviolet-visible spectroscopy. The thermodynamic parameters associated with the nanohydrogels collapse were calculated using a mathematical approach based on the van't Hoff analysis, assuming a two-state equilibrium (swollen to collapsed). A mathematical model is proposed to predict both the thermally induced collapse, and the collapse induced by the simultaneous action of two factors (temperature and pH, or temperature and organic solvent concentration). Finally, van't Hoff analysis was compared with differential scanning calorimetry. The results obtained allow us to solve the problem of determining the molecular weight of the structural repeating unit in cross-linked NIPA polymers, which, as we show, can be estimated from the ratio of the molar heat capacity (obtained from the van't Hoff analysis) to the specific heat capacity (obtained from calorimetric measurements).