Le scelte di investimento delle aziende agricole e la PAC post-2013: valutazione di scenari mediante un modello real options

Negli ultimi decenni la Politica Agricola Comune (PAC) è stata sottoposta a diverse revisioni, più o meno programmate, che ne hanno modificato gli obiettivi operativi e gli strumenti per perseguirli. In letteratura economica agraria sono state eseguite diverse ricerche che affrontano analisi ex-ante sui possibili impatti delle riforme politiche, in particolare al disaccoppiamento, riguardo all’allocazione dei terreni alle diverse colture e all’adozione di tecniche di coltivazione più efficienti. Ma tale argomento, nonostante sia di grande importanza, non è stato finora affrontato come altri temi del mondo agricolo. Le principali lacune si riscontrano infatti nella carenza di analisi ex-ante, di modelli che includano le preferenze e le aspettative degli agricoltori. Questo studio valuta le scelte di investimento in terreno di un’azienda agricola di fronte a possibili scenari PAC post-2013, in condizioni di incertezza circa le specifiche condizioni in cui ciascuno scenario verrebbe a verificarsi. L’obiettivo è di ottenere indicazioni utili in termini di comprensione delle scelte di investimento dell’agricoltore in presenza di incertezza sul futuro. L’elemento maggiormente innovativo della ricerca consiste nell’applicazione di un approccio real options e nell’interazione tra la presenza di diversi scenari sul futuro del settore agricolo post-2013, e la componente di incertezza che incide e gravita su di essi. La metodologia adottata nel seguente lavoro si basa sulla modellizzazione di un’azienda agricola, in cui viene simulato il comportamento dell’azienda agricola in reazione alle riforme della PAC e alla variazione dei prezzi dei prodotti in presenza di incertezza. Mediante un modello di Real Option viene valutata la scelta della tempistica ottimale per investire nell’acquisto di terreno (caratterizzato da incertezza e irreversibilità). Dai risultati emerge come in presenza di incertezza all’agricoltore convenga rimandare la decisione a dopo il 2013 e in base alle maggiori informazioni disponibili eseguire l’investimento solo in presenza di condizioni favorevoli. La variazione dei prezzi dei prodotti influenza le scelte più dell’incertezza dei contributi PAC. Il Real Option sembra interpretare meglio il comportamento dell’agricoltore rispetto all’approccio classico del Net Present Value.

Carbon sequestration in Himalaya's alpine meadows: Mitigating cropping encroachment on pastures in Northern Pakistan

Rangelands store about 30% of the world’s carbon and support over 120 million pastoralists globally. Adjusting the management of remote alpine pastures bears a substantial climate change mitigation potential that can provide livelihood support for marginalized pastoralists through carbon payment. Landless pastoralists in Northern Pakistan seek higher income by cropping potatoes and peas over alpine pastures. However, tilling steep slopes without terracing exposes soil to erosion. Moreover, yields decline rapidly requiring increasing fertilizer inputs. Under these conditions, carbon payment could be a feasible option to compensate pastoralists for renouncing hazardous cropping while favoring pastoral activities. The study quantifies and compares C on cropped and grazed land. The hypothesis was that cropping on alpine pastures reduces former carbon storage. The study area located in the Naran valley of the Pakistani Himalayas receives an annual average of 819 mm of rain and 764 mm of snow. Average temperatures remain below 0°C from November to March while frost may occur all year round. A total of 72 soil core samples were collected discriminating land use (cropping, pasture), aspect (North, South), elevation (low 3000, middle 3100, and high 3200 m a.s.l.), and soil depth (shallow 0-10, deep 10-30 cm). Thirty six biomass samples were collected over the same independent variables (except for soil depth) using a 10x10x20 cm steal box inserted in the ground for each sample. Aboveground biomass and coarse roots were separated from the soil aggregate and oven-dried. Soil organic carbon (SOC) and biomass carbon (BC) were estimated through a potassium dichromate oxidation treatment. The samples were collected during the second week of October 2010 at the end of the grazing and cropping season and before the first snowfall. The data was statistically analyzed by means of a one-way analysis of variance. Results show that all variables taken separately have a significant effect on mean SOC [%]: crop/pasture 1.33/1.6, North/South 1.61/1.32, low/middle/high 1.09/1.62/1.68, shallow/deep 1.4/1.53. However, for BC, only land use has a significant effect with more than twice the amount of carbon in pastures [g m-2]: crop/pasture 127/318. These preliminary findings suggest that preventing the conversion of pastures into cropping fields in the Naran valley avoids an average loss of 12.2 t C ha-1 or 44.8 t CO2eq ha-1 representing a foreseeable compensation of 672 € ha-1 for the Naran landless pastoralists who would renounce cropping. The ongoing study shall provide a complete picture for carbon payment integrating key aspects such as the rate of cropping encroachment over pastures per year, the methane leakage from the system due to livestock enteric fermentation, the expected cropping income vs. livestock income and the transaction costs of implementing the mitigation project, certifying it, and verifying carbon credits. A net present value over an infinite time horizon for the mitigation scenario shall be estimated on an iterative simulation to consider weather and price uncertainties. The study will also provide an estimate of the minimum price of carbon at which pastoralists would consider engaging in the mitigation activity.

Methodik zur Bewertung von Effizienzgewinnen durch erhöhte Flexibilität selbstorganisierter Systeme in der Intralogistik

Der steigenden Dynamik und Komplexität von Materialflusssystemen kann durch die Einführung selbstorganisierter Systeme – dem Internet der Dinge in der Intralogistik – begegnet werden. Diese versprechen insbesondere durch eine erhöhte Flexibilität deutliche Effizienzgewinne über den Lebenszyklus. Der vorliegende Artikel schlägt eine Methodik zur Bewertung der erhöhten Flexibilität vor, illustriert diese anhand eines einfachen Beispiels und zeigt weiteren Forschungsbedarf auf. Die vorgeschlagene Methodik beruht auf einer Betrachtung der durch Flexibilität beeinflussten Auszahlungen im Lebenszyklus mit Hilfe einer dynamischen Optimierung.

Economic efficiency analysis of different strategies to control post-weaning multi-systemic wasting syndrome and porcine circovirus type 2 subclinical infection in 3-weekly batch system farms.

The study assessed the economic efficiency of different strategies for the control of post-weaning multi-systemic wasting syndrome (PMWS) and porcine circovirus type 2 subclinical infection (PCV2SI), which have a major economic impact on the pig farming industry worldwide. The control strategies investigated consisted on the combination of up to 5 different control measures. The control measures considered were: (1) PCV2 vaccination of piglets (vac); (2) ensuring age adjusted diet for growers (diets); (3) reduction of stocking density (stock); (4) improvement of biosecurity measures (bios); and (5) total depopulation and repopulation of the farm for the elimination of other major pathogens (DPRP). A model was developed to simulate 5 years production of a pig farm with a 3-weekly batch system and with 100 sows. A PMWS/PCV2SI disease and economic model, based on PMWS severity scores, was linked to the production model in order to assess disease losses. This PMWS severity scores depends on the combination post-weaning mortality, PMWS morbidity in younger pigs and proportion of PCV2 infected pigs observed on farms. The economic analysis investigated eleven different farm scenarios, depending on the number of risk factors present before the intervention. For each strategy, an investment appraisal assessed the extra costs and benefits of reducing a given PMWS severity score to the average score of a slightly affected farm. The net present value obtained for each strategy was then multiplied by the corresponding probability of success to obtain an expected value. A stochastic simulation was performed to account for uncertainty and variability. For moderately affected farms PCV2 vaccination alone was the most cost-efficient strategy, but for highly affected farms it was either PCV2 vaccination alone or in combination with biosecurity measures, with the marginal profitability between 'vac' and 'vac+bios' being small. Other strategies such as 'diets', 'vac+diets' and 'bios+diets' were frequently identified as the second or third best strategy. The mean expected values of the best strategy for a moderately and a highly affected farm were £14,739 and £57,648 after 5 years, respectively. This is the first study to compare economic efficiency of control strategies for PMWS and PCV2SI. The results demonstrate the economic value of PCV2 vaccination, and highlight that on highly affected farms biosecurity measures are required to achieve optimal profitability. The model developed has potential as a farm-level decision support tool for the control of this economically important syndrome.

Production of Ethanol from Hardwood

Diminishing crude oil and natural gas supplies, along with concern about greenhouse gas are major driving forces in the search for efficient renewable energy sources. The conversion of lignocellulosic biomass to energy and useful chemicals is a component of the solution. Ethanol is most commonly produced by enzymatic hydrolysis of complex carbohydrates to simple sugars followed by fermentation using yeast. C6Hl0O5 + H2O −Enxymes→ C6H12O6 −Yeast→ 2CH3CH2OH + 2C02 In the U.S. corn is the primary starting raw material for commercial ethanol production. However, there is insufficient corn available to meet the future demand for ethanol as a gasoline additive. Consequently a variety of processes are being developed for producing ethanol from biomass; among which is the NREL process for the production of ethanol from white hardwood. The objective of the thesis reported here was to perform a technical economic analysis of the hardwood to ethanol process. In this analysis a Greenfield plant was compared to co-locating the ethanol plant adjacent to a Kraft pulp mill. The advantage of the latter case is that facilities can be shared jointly for ethanol production and for the production of pulp. Preliminary process designs were performed for three cases; a base case size of 2205 dry tons/day of hardwood (52 million gallons of ethanol per year) as well as the two cases of half and double this size. The thermal efficiency of the NREL process was estimated to be approximately 36%; that is about 36% of the thermal energy in the wood is retained in the product ethanol and by-product electrical energy. The discounted cash flow rate of return on investment and the net present value methods of evaluating process alternatives were used to evaluate the economic feasibility of the NREL process. The minimum acceptable discounted cash flow rate of return after taxes was assumed to be 10%. In all of the process alternatives investigated, the dominant cost factors are the capital recovery charges and the cost of wood. The Greenfield NREL process is not economically viable with the cost of producing ethanol varying from $2.58 to $2.08/gallon for the half capacity and double capacity cases respectively. The co-location cases appear more promising due to reductions in capital costs. The most profitable co-location case resulted in a discounted cash flow rate of return improving from 8.5% for the half capacity case to 20.3% for the double capacity case. Due to economy of scale, the investments become more and more profitable as the size of the plant increases. This concept is limited by the amount of wood that can be delivered to the plant on a sustainable basis as well as the demand for ethanol within a reasonable distance of the plant.

Some Law and Economics of Historic Shipwrecks

This paper examines how US and proposed international law relate to the recovery of archaeological data from historic shipwrecks. It argues that US federal admiralty law of salvage gives far less protection to historic submerged sites than do US laws protecting archaeological sites on US federal and Indian lands. The paper offers a simple model in which the net present value of the salvage and archaeological investigation of an historic shipwreck is maximized. It is suggested that salvage law gives insufficient protection to archaeological data, but that UNESCO's Convention on the Protection of the Underwater Cultural Heritage goes too far in the other direction. It is also suggested that a move towards maximizing the net present value of a wreck would be promoted if the US admiralty courts explicitly tied the size of salvage awards to the quality of the archaeology performed.

Rentabilidad del engorde a corral de bovinos de carne en la provincia de Mendoza, Argentina

Se determinó la rentabilidad del feedlot bajo distintos escenarios productivos y económicos para la situación de precios del ganado vigentes en 2009 y 2010. La información básica provino de encuestas en feedlots, entrevistas con informantes clave y consulta bibliográfica. La tasa interna de retorno y el valor actual neto se estimaron considerando un costo de oportunidad del capital del 12% anual. El capital total varió en función de la adquisición total o producción parcial de alimentos para el ganado. Los ingresos para 3.000 animales año-1 se incrementaron 50% en 2010 respecto de 2009. Durante 2009, sin compensaciones, no existió rentabilidad al adquirir los alimentos. Se obtuvo rentabilidad sin compensaciones con aumentos del 5, 10 y 15% en inversiones y gastos operativos con producciones de 4.466, 6.214 y 9.670 animales año-1, respectivamente, al adquirir el alimento y con 2.110, 2.430 y 2.880 animales año-1 con producción del mismo. Los precios de la hacienda de 2010 con respecto a los de 2009 aumentaron la rentabilidad tanto al adquirir como al producir alimentos sin dependencia del cobro de compensaciones. Con 2.300 y 1.500 animales año-1 para las situaciones de alimento adquirido y producido, respectivamente, se alcanza rentabilidad con los precios del ganado de 2010. Se comprobó la hipótesis que la rentabilidad depende de la escala productiva y su interrelación con los escenarios contemplados.

Determinación de la rentabilidad de la recría de bovinos de carne en la provincia de Mendoza, Argentina

Se determinó la rentabilidad de la recría bovina en la provincia de Mendoza para distintos escenarios productivos y económicos, postulando la hipótesis que aquélla depende de la escala productiva y su interrelación con los escenarios contemplados. La información de base provino de entrevistas a emprendimientos y a referentes clave, y de publicaciones especializadas. Se estimaron la tasa interna de retorno (TIR) y el valor actual neto (VAN) para el análisis de los distintos escenarios productivos. La cantidad de animales año-1 para alcanzar una TIR mayor al 12% fue siempre menor en la recría con tierra alquilada que con tierra propia. La recría en la provincia de Mendoza sería factible desde el punto de vista técnico y económico. De los escenarios productivos considerados influyeron en grado de importancia decreciente sobre la cantidad de animales necesarios para alcanzar rentabilidad, el rango de peso vivo de ingreso - egreso de los animales; aumento de las inversiones y gastos operativos; precio de compra - venta de los animales y la ganancia diaria de peso vivo. Con los precios de la hacienda a marzo de 2010 la unidad económica en la recría sin usufructo de compensación sería 674 y 772 animales al año en tierra alquilada y propia, respectivamente.

A Methodological model to assist the optimization and risk management of mining investment decisions

Identifying, quantifying, and minimizing technical risks associated with investment decisions is a key challenge for mineral industry decision makers and investors. However, risk analysis in most bankable mine feasibility studies are based on the stochastic modelling of project “Net Present Value” (NPV)which, in most cases, fails to provide decision makers with a truly comprehensive analysis of risks associated with technical and management uncertainty and, as a result, are of little use for risk management and project optimization. This paper presents a value-chain risk management approach where project risk is evaluated for each step of the project lifecycle, from exploration to mine closure, and risk management is performed as a part of a stepwise value-added optimization process.

Valuation of a new entrant in an oligopolistic market, including its option to abandon: A real-life case

The purpose of this paper is to increase current empirical evidence on the relevance of real options for explaining firm investment decisions in oligopolistic markets. We study an actual investment case in the Spanish mobile telephony industry, the entrant in the market of a new operator, Yoigo. We analyze the option to abandon in order to show the relevance of the possibility of selling the company in an oligopolistic market where competitors are not allowed free entrance. The NPV (net present value) of the new entrant is calculated as a starting point. Then, based on the general approach proposed by Copeland and Antikarov (2001), a binomial tree is used to model managerial flexibility in discrete time periods, and value the option to abandon. The strike price of the option is calculated based on incremental EBITDA margins due to selling customers or merging with a competitor.

La cañada termosolar : Generación sustentable en Santiago del Estero

En este proyecto se desarrolla una de las soluciones propuestas del Proyecto PARA el Desarrollo Integral de Santiago del Estero (PARADISE). Se diseña una planta solar térmica de 150 MW como solución a largo plazo. Se calcula la mejor ubicación dentro de la provincia de Santiago del Estero para servir al conjunto de la capital. Se desarrolla el estudio económico de varias alternativas para obtener la potencia indicada. El criterio de elección se relaciona con los valores que obtenidos en los índices de referencia que se calculan, Pay-Back, VAN y TIR. La elección final no solo depende de los valores de los criterios económicos sino también de aquel proyecto que ofrece un buen balance con los aspectos técnicos. ABSTRACT The purpose of the following project is to develop one of the proposed solutions of the Project for the Integral Development of Santiago del Estero (PARADISE). It will be designed a solar thermal plant of 150 MW. The best location it is calculated inside the area of Santiago del Estero to serve the whole capital. There is an economic project of various alternatives to obtain the same indicated power. The selection it is related to the values obtained in the reference index calculated, Pay Back, Net Present Value (NPV), Internal Rate of Return (IRR). The final selection do not depend only on the values of the economic calculations but also the project which offers a good balance with the technical specifications.

Unit Root Analysis of Traffic Time Series in Toll Highways

Concession contracts in highways often include some kind of clauses (for example, a minimum traffic guarantee) that allow for better management of the business risks. The value of these clauses may be important and should be added to the total value of the concession. However, in these cases, traditional valuation techniques, like the NPV (net present value) of the project, are insufficient. An alternative methodology for the valuation of highway concession is one based on the real options approach. This methodology is generally built on the assumption of the evolution of traffic volume as a GBM (geometric Brownian motion), which is the hypothesis analyzed in this paper. First, a description of the methodology used for the analysis of the existence of unit roots (i.e., the hypothesis of non-stationarity) is provided. The Dickey-Fuller approach has been used, which is the most common test for this kind of analysis. Then this methodology is applied to perform a statistical analysis of traffic series in Spanish toll highways. For this purpose, data on the AADT (annual average daily traffic) on a set of highways have been used. The period of analysis is around thirty years in most cases. The main outcome of the research is that the hypothesis that traffic volume follows a GBM process in Spanish toll highways cannot be rejected. This result is robust, and therefore it can be used as a starting point for the application of the real options theory to assess toll highway concessions.

Empirical analysis of traffic volume for the application of the options theory to highway concessions

*************************************************************************************** EL WCTR es un Congreso de reconocido prestigio internacional en el ámbito de la investigación del transporte que hasta el 2010 publicaba sus libros de abstracts con ISBN. Por ello consideramos que debería seguir teníendose en cuenta para los indicadores de calidad ******************************************************************************************* Investment projects in the field of transportation infrastructures have a high degree of uncertainty and require an important amount of resources. In highway concessions in particular, the calculation of the Net Present Value (NPV) of the project by means of the discount of cash flows, may lead to erroneous results when the project incorporates certain flexibility. In these cases, the theory of real options is an alternative tool for the valuation of concessions. When the variable that generates uncertainty (in our case, the traffic) follows a random walk (or Geometric Brownian Motion), we can calculate the value of the options embedded in the contract starting directly from the process followed by that variable. This procedure notably simplifies the calculation method. In order to test the hypothesis of the evolution of traffic as a Geometric Brownian Motion, we have used the available series of traffic in Spanish highways, and we have applied the Augmented Dickey-Fuller approach, which is the most widely used test for this kind of study. The main result of the analysis is that we cannot reject the hypothesis that traffic follows a Geometric Brownian Motion in the majority of both toll highways and free highways in Spain.

Exploring users inter-temporal preferences for measuring transport social equity effects

There exist different ways for defining a welfare function. Traditionally, welfare economic theory foundation is based on the Net Present Value (NPV) calculation where the time dependent preferences of considered agents are taken into account. However, the time preferences, remains a controversial subject. Currently, the traditional approach employs a unique discount rate for various agents. Nevertheless, this way of discounting appears inconsistent with sustainable development. New research work suggests that the discount rate may not be a homogeneous value. The discount rates may change following the individual’s preferences. A significant body of evidence suggests that people do not behave following a constant discount rate. In fact, UK Government has quickly recognized the power of the arguments for time-varying rates, as it has done in its official guidance to Ministries on the appraisal of investments and policies. Other authors deal with not just time preference but with uncertainty about future income (precautionary saving). In a situation in which economic growth rates are similar across time periods, the rationale for declining social optimal discount rates is driven by the preferences of the individuals in the economy, rather than expectations of growth. However, these approaches have been mainly focused on long-term policies where intergenerational risks may appear. The traditional cost-benefit analysis (CBA) uses a unique discount rate derived from market interest rates or investment rates of return for discounting the costs and benefits of all social agents included in the CBA. However, recent literature showed that a more adequate measure of social benefit is possible by using different discount rates including inter-temporal preferences rate of users, private investment discount rate and intertemporal preferences rate of government. Actually, the costs of opportunity may differ amongst individuals, firms, governments, or society in general, as do the returns on savings. In general, the firms or operators require an investment rate linked to the current return on savings, while the discount rate of consumers-users depends on their time preferences with respect of the current and the future consumption, as well as society can take into account the intergenerational well-being, adopting a lower discount rate for today’s generation. Time discount rate of social actors (users, operators, government and society) places a lower value in a future gain, but the uncertainty about future income strongly determines the individual preferences. These time and uncertainty depends on preferences and should be integrated into a transport policy formulation that may have significant social impacts. The discount rate of a user cannot be the same than the operator’s discount rate. The preferences of both are different. In addition, another school of thought suggests that people, such as a social group, may have different attitudes towards future costs and benefits. Particularly, the users have different discount rates related to their income. Some research work tried to modify user discount rates using a compensating weight which represents the inverse of household income level. The inter-temporal preferences are a proxy of the willingness to pay during the time. Its consideration is important in order to make acceptable or not a policy or investment

Evaluación de un sistema de energía solar térmica basado en colectores de tubos de vacío para suministro de agua a alta temperatura

Esta tesis pretende contribuir al fomento y utilización de la energía solar como alternativa para la producción de agua caliente en el sector agroindustrial. La demanda de agua caliente es un aspecto clave en un gran número de agroindustrias y explotaciones agrarias. Esta demanda presenta una gran variabilidad, tanto en los horarios en que se solicita como en la temperatura del agua del depósito requerida (TADr), difiriendo del perfil de demanda habitual para uso doméstico. Existe una necesidad de profundizar en la influencia que tiene la variación de la TADr en la eficiencia y viabilidad de estos sistemas. El objetivo principal de esta tesis es caracterizar el funcionamiento de un sistema solar térmico (SST) con captador de tubos de vacío (CTV) para producir agua a temperaturas superiores a las habituales en estos sistemas. Se pretende determinar la influencia que la TADr tiene sobre la eficiencia energética del sistema, cuantificar el volumen de agua caliente que es capaz de suministrar en función de la TADr y determinar la rentabilidad del SST como sistema complementario de suministro. Para ello, se ha diseñado, instalado y puesto a punto un sistema experimental de calentamiento de agua, monitorizando su funcionamiento a diferentes TADr bajo condiciones ambientales reales. Los resultados cuantifican cómo el aumento de la TADr provoca una disminución de la energía suministrada al depósito, pudiendo superar diferencias de 1000 Wh m-2 d-1 entre 40 ºC y 80 ºC, para valores de irradiación solar próximos a 8000 Wh m-2 d-1 (la eficiencia del sistema oscila entre 73% y 56%). Esta reducción es consecuencia de la disminución de la eficiencia del captador y del aumento de las pérdidas de calor en las tuberías del circuito. En cuanto al agua suministrada, cuanto mayor es la TADr, mayor es la irradiación solar requerida para que tenga lugar la primera descarga de agua, aumentando el tiempo entre descargas y disminuyendo el número de éstas a lo largo del día. A medida que se incrementa la TADr, se produce una reducción del volumen de agua suministrado a la TADr, por factores como la pérdida de eficiencia del captador, las pérdidas en las tuberías, la energía acumulada en el agua que no alcanza la TADr y la mayor energía extraída del sistema en el agua producida. Para una TADr de 80 ºC, una parte importante de la energía permanece acumulada en el depósito sin alcanzar la TADr al final del día. Para aprovechar esta energía sería necesario disponer de un sistema complementario de suministro, ya que las pérdidas de calor nocturnas en el depósito pueden reducir considerablemente la energía útil disponible al día siguiente. La utilización del sistema solar como sistema único de suministro es inviable en la mayoría de los casos, especialmente a TADr elevadas, al no ajustarse la demanda de agua caliente a la estacionalidad de la producción del sistema solar, y al existir muchos días sin producción de agua caliente por la ausencia de irradiación mínima. Por el contrario, la inversión del sistema solar como sistema complementario para suministrar parte de la demanda térmica de una instalación es altamente recomendable. La energía útil anual del sistema solar estimada oscila entre 1322 kWh m-2 y 1084 kWh m-2. La mayor rentabilidad se obtendría suponiendo la existencia de una caldera eléctrica, donde la inversión se recuperaría en pocos años -entre 5.7 años a 40 ºC y 7.2 años a 80 ºC -. La rentabilidad también es elevada suponiendo la existencia de una caldera de gasóleo, con periodos de recuperación inferiores a 10 años. En una industria ficticia con demanda de 100 kWh d-1 y caldera de gasóleo existente, la inversión en una instalación solar optimizada sería rentable a cualquier TADr, con valores de VAN cercanos a la inversión realizada -12000 € a 80 ºC y 15000€ a 40 ºC- y un plazo de recuperación de la inversión entre 8 y 10 años. Los resultados de este estudio pueden ser de gran utilidad a la hora de determinar la viabilidad de utilización de sistemas similares para suministrar la demanda de agua caliente de agroindustrias y explotaciones agropecuarias, o para otras aplicaciones en las que se demande agua a temperaturas distintas de la habitual en uso doméstico (60 ºC). En cada caso, los rendimientos y la rentabilidad vendrán determinados por la irradiación de la zona, la temperatura del agua requerida y la curva de demanda de los procesos específicos. ABSTRACT The aim of this thesis is to contribute to the development and use of solar energy as an alternative for producing hot water in the agribusiness sector. Hot water supply is a key issue for a great many agribusinesses and agricultural holdings. Both hot water demand times and required tank water temperature (rTWT) are highly variable, where the demand profile tends to differ from domestic use. Further research is needed on how differences in rTWT influence the performance and feasibility of these systems. The main objective of this thesis is to characterize the performance and test the feasibility of an evacuated tube collector (ETC) solar water heating (SWH) system providing water at a higher temperature than is usual for such systems. The aim is to determine what influence the rTWT has on the system’s energy efficiency, quantify the volume of hot water that the system is capable of supplying at the respective rTWT and establish whether SWH is feasible as a booster supply system for the different analysed rTWTs. To do this, a prototype water heating system has been designed, installed and commissioned and its performance monitored at different rTWTs under real operating conditions. The quantitative results show that a higher rTWT results in a lower energy supply to the tank, where the differences may be greater than 1000 Wh m-2 d-1 from 40 ºC to 80 ºC for insolation values of around 8000 Wh m-2 d-1 (system efficiency ranges from 73% to 56%). The drop in supply is due to lower collector efficiency and greater heat losses from the pipe system. As regards water supplied at the rTWT, the insolation required for the first withdrawal of water to take place is greater at higher rTWTs, where the time between withdrawals increases and the number of withdrawals decreases throughout the day. As rTWT increases, the volume of water supplied at the rTWT decreases due to factors such as lower collector efficiency, pipe system heat losses, energy stored in the water at below the rTWT and more energy being extracted from the system by water heating. For a rTWT of 80 ºC, much of the energy is stored in the tank at below the rTWT at the end of the day. A booster supply system would be required to take advantage of this energy, as overnight tank heat losses may significantly reduce the usable energy available on the following day. It is often not feasible to use the solar system as a single supply system, especially at high rTWTs, as, unlike the supply from the solar heating system which does not produce hot water on many days of the year because insolation is below the required minimum, hot water demand is not seasonal. On the other hand, investment in a solar system as a booster system to meet part of a plant’s heat energy demand is highly recommended. The solar system’s estimated annual usable energy ranges from 1322 kWh m-2 to 1084 kWh m-2. Cost efficiency would be greatest if there were an existing electric boiler, where the payback period would be just a few years —from 5.7 years at 40 ºC to 7.2 years at 80 ºC—. Cost efficiency is also high if there is an existing diesel boiler with payback periods of under 10 years. In a fictitious industry with a demand of 100 kWh day-1 and an existing diesel boiler, the investment in the solar plant would be highly recommended at any rTWT, with a net present value similar to investment costs —12000 € at 80 ºC and 15000 € at 40 ºC— and a payback period of 10 years. The results of this study are potentially very useful for determining the feasibility of using similar systems for meeting the hot water demand of agribusinesses and arable and livestock farms or for other applications demanding water at temperatures not typical of domestic demand (60ºC). Performance and cost efficiency will be determined by the regional insolation, the required water temperature and the demand curve of the specific processes in each case.