Linkages among the US energy futures markets

This study investigates the price linkage among the US major energy sources, considering structural breaks in time series, to provide information for diversifying the US energy sources. We find that only a weak linkage sustains among crude oil, gasoline, heating oil, coal, natural gas, uranium and ethanol futures prices. This implies that the US major energy source markets are not integrated as one primary energy market. Our tests also reveal that uranium and ethanol futures prices have very weak linkages with other major energy source prices. This indicates that the US energy market is still at a stage where none of the probable alternative energy source markets are playing the role as substitute or complement markets for the fossil fuel energy markets.

Does the price of oil interact with clean energy prices in the stock market?

In this paper, we analyze the relationships among oil prices, clean energy stock prices, and technology stock prices, endogenously controlling for structural changes in the market. To this end, we apply Markov-switching vector autoregressive models to the economic system consisting of oil prices, clean energy and technology stock prices, and interest rates. The results indicate that there was a structural change in late 2007, a period in which there was a significant increase in the price of oil. In contrast to the previous studies, we find a positive relationship between oil prices and clean energy prices after structural breaks. There also appears to be a similarity in terms of the market response to both clean energy stock prices and technology stock prices. © 2013 Elsevier B.V.

Willingness-to-pay for infrastructure investments for alternative fuel vehicles

This study investigates potential demand for infrastructure investment for alternative fuel vehicles by applying stated preference methods to a Japanese sample. The potential demand is estimated on the basis of how much people are willing to pay for alternative fuel vehicles under various refueling scenarios. Using the estimated parameters, the economic efficiency of establishing battery-exchange stations for electric vehicles is examined. The results indicate that infrastructural development of battery-exchange stations can be efficient when electric vehicle sales exceed 5.63% of all new vehicle sales. Further, we find a complementary relationship between the cruising ranges of alternative fuel vehicles and the infrastructure established.

Stock prices of clean energy firms, oil and carbon markets : a vector autoregressive analysis

Recent discussions of energy security and climate change have attracted significant attention to clean energy. We hypothesize that rising prices of conventional energy and/or placement of a price on carbon emissions would encourage investments in clean energy firms. The data from three clean energy indices show that oil prices and technology stock prices separately affect the stock prices of clean energy firms. However, the data fail to demonstrate a significant relationship between carbon prices and the stock prices of the firms.

Issues associated with using trash as a cogeneration fuel

Considerable work has been undertaken to determine an economical process to provide sugarcane trash as a fuel for cogeneration. This paper reviews efforts to provide that trash fuel by harvesting, transporting and processing the trash with the cane. Harvesting trash with the cane has the advantage that cane that would otherwise be lost by extracting it with the trash is captured and sugar can be produced from that cane. Transporting trash with the cane significantly reduces the bulk density of the cane, requiring substantial changes and costs to cane transport. Shredding the trash at the harvester and compacting the cane in the bin prior to transport are possible methods to increase the bulk density but both have considerable cost. Processing trash through the sugar factory with the cane significantly reduces sugar recovery and sugar quality. Although considerable knowledge has been gained of these effects and further analysis has provided insights into their causes, much more work is required before whole crop harvesting and transport is an economically viable means of trash recovery.

The impact of infrastructure charges on house prices in Australia

Developer paid fees or charges are a commonly used mechanism for local governments to pay for new infrastructure. However, property developers claim that these costs are merely passed on to home buyers, with adverse effects to housing affordability. Despite numerous government reports and many years of industry advocacy, there remains no empirical evidence in Australia to confirm or quantify this passing on effect to home buyers. Hence there remains no data from which governments can base policy decision on, and the debate continues. This paper examines the question of the impact of infrastructure charges on housing affordability in Australia. It presents the findings of a hedonic house price model that provides the first empirical evidence that infrastructure charges do increase house prices in Australia. This research is consistent with international findings, that support the proposition that developer paid infrastructure charges are passed on to home buyers and are a significant contributor to increasing house prices and reduced housing affordability.

Co-movements in commodity prices : a note based on network analysis

This article analyses co-movements in a wide group of commodity prices during the time period 1992–2010. Our methodological approach is based on the correlation matrix and the networks inside. Through this approach we are able to summarize global interaction and interdependence, capturing the existing heterogeneity in the degrees of synchronization between commodity prices. Our results produce two main findings: (a) we do not observe a persistent increase in the degree of co-movement of the commodity prices in our time sample, however from mid-2008 to the end of 2009 co-movements almost doubled when compared with the average correlation; (b) we observe three groups of commodities which have exhibited similar price dynamics (metals, oil and grains, and oilseeds) and which have increased their degree of co-movement during the sampled period.

Porous versus porthole fuel injection in a radical farming scramjet: A numerical analysis

Numerically computed engine performance of a nominally two-dimensional radical farming scramjet with porous (permeable C/C ceramic) and porthole fuel injection is presented. Inflow conditions with Mach number, stagnation pressure, and enthalpy of 6.44, 40.2MPa, and 4.31 MJ/kg respectively, and fuel/air equivalence ratio of 0.44 were maintained, along with engine geometry. Hydrogen fuel was injected at an axial location of 92.33mm downstream of the leading edge for each investigated injection method. Results from this study show that porous fuel injection results in enhanced mixing and combustion compared to porthole fuel injection. This is particularly evident within the first half of the combustion chamber where porous fuel injection resulted in mixing and combustion efficiencies of 76% and 63% respectively. At the same location, porthole fuel injection resulted in efficiencies respectively of 58% and 46%. Key mechanisms contributing to the observed improved performance were the formation of an attached oblique fuel injection shock and associated stronger shock-expansion train ingested by the engine, enhanced spreading of the fuel in all directions and a more rapidly growing mixing layer.

Porous fuel injection with oxygen enrichment in a viable scramjet engine

Oxygen enriched, porous fuel injection has been numerically investigated in this study with the aim of understanding mixing and combustion enhancements achievable in a viable scramjet engine. Four injection configurations were studied: a fuel only case, a pre-mixed case and two staged injection cases where fuel and oxidiser were injected independently. All simulations were performed on a flight scale vehicle at Mach 8 flow conditions. Results show that the addition of oxygen with the fuel increases the mixing efficiency of the engine, however, is less sensitive to the method of oxygen addition: premixed versus staged. When the fuel-oxidiser-air mixture was allowed to combust, the method of additional oxygen delivery had a more significant impact. For pre-mixed fuel and oxidiser, the engine was found to choke, whereas in contrast, in the staged enrichment cases the engine failed to ignite. This result indicates that there exists an optimised configuration between pre-mixed and staged oxygen enrichment which results in a started, and combusting engine.

Numerical investigation of upstream fuel injection through porous media for scramjet engines via surrogate-assisted evolutionary algorithms

A multi-objective design optimization study has been conducted for upstream fuel injection through porous media applied to the first ramp of a two-dimensional scramjet intake. The optimization has been performed by coupling evolutionary algorithms assisted by surrogate modeling and computational fluid dynamics with respect to three design criteria, that is, the maximization of the absolute mixing quantity, total pressure saving, and fuel penetration. A distinct Pareto optimal front has been obtained, highlighting the counteracting behavior of the total pressure against the mixing efficiency and fuel penetration. The injector location and size have been identified as the key design parameters as a result of a sensitivity analysis, with negligible influence of the porous properties in the configurations and conditions considered in the present study. Flowfield visualization has revealed the underlying physics associated with the effects of these dominant parameters on the shock structure and intensity.

Acoustic emission activity from the two main types of small multi-cylinder diesel engine fuel injection systems

Effective fuel injector operation and efficient combustion are two of the most critical aspects when Diesel engine performance, efficiency and reliability are considered. Indeed, it is widely acknowledged that fuel injection equipment faults lead to increased fuel consumption, reduced power, greater levels of exhaust emissions and even unexpected engine failure. Previous investigations have identified fuel injector related acoustic emission activity as being caused by mechanisms such as fuel line pressure build-up; fuel flow through injector nozzles, injector needle opening and closing impacts and premixed combustion related pulses. Few of these investigations however, have attempted to categorise the close association and interrelation that exists between fuel injection equipment function and the acoustic emission generating mechanisms. Consequently, a significant amount of ambiguity remains in the interpretation and categorisation of injector related AE activity with respect to the functional characteristics of specific fuel injection equipment. The investigation presented addresses this ambiguity by detailing a study in which AE signals were recorded and analysed from two different Diesel engines employing the two commonly encountered yet fundamentally different types of fuel injection equipment. Results from tests in which faults were induced into fuel injector nozzles from both indirect-injection and direct-injection engines show that functional differences between the main types of fuel injection equipment results in acoustic emission activity which can be specifically related to the type of fuel injection equipment used.

Combustion enhancement in a scramjet engine using oxygen enrichment and porous fuel injection

This paper reports on the experimental testing of oxygen-enriched porous fuel injection in a scramjet engine. Fuel was injected via inlet mounted, oxide-based ceramic matrix composite (CMC) injectors on both flow path surfaces that covered a total of 9.2 % of the intake surface area. All experiments were performed at an enthalpy of 3.93−4.25±3.2% MJ kg−1, flight Mach number 9.2–9.6 and an equivalence ratio of 0.493±3%. At this condition, the engine was shown to be on the verge of achieving appreciable combustion. Oxygen was then added to the fuel prior to injection such that two distinct enrichment levels were achieved. Combustion was found to increase, by as much as 40 % in terms of combustion-induced pressure rise, over the fuel-only case with increasing oxygen enrichment. Further, the onset of combustion was found to move upstream with increasing levels of oxygen enrichment. Thrust, both uninstalled and specific, and specific impulse were found to be improved with oxygen enrichment. Enhanced fuel–air mixing due to the pre-mixing of oxygen with the fuel together with the porous fuel injection are believed to be the main contributors to the observed enhanced performance of the tested engine.

Investigation of the effects of the fatty acid profile on fuel properties using a Multi-Criteria Decision Analysis

The structural features of fatty acids in biodiesel, including degree of unsaturation, percentage of saturated fatty acids and average chain length, influence important fuel properties such as cetane number, iodine value, density, kinematic viscosity, higher heating value and oxidation stability. The composition of fatty acid esters within the fuel should therefore be in the correct ratio to ensure fuel properties are within international biodiesel standards such as ASTM 6751 or EN 14214. This study scrutinises the influence of fatty acid composition and individual fatty acids on fuel properties. Fuel properties were estimated based on published equations, and measured according to standard procedure ASTM D6751 and EN 14214 to confirm the influences of the fatty acid profile. Based on fatty acid profile-derived calculations, the cetane number of the microalgal biodiesel was estimated to be 11.6, but measured 46.5, which emphasises the uncertainty of the method used for cetane number calculation. Multi-criteria decision analysis (MCDA), PROMETHEE-GAIA, was used to determine the influence of individual fatty acids on fuel properties in the GAIA plane. Polyunsaturated fatty acids increased the iodine value and had a negative influence on cetane number. Kinematic viscosity was negatively influenced by some long chain polyunsaturated fatty acids such as C20:5 and C22:6 and some of the more common saturated fatty acids C14:0 and C18:0. The positive impact of average chain length on higher heating value was also confirmed in the GAIA plane