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.

Thorium energy futures

The potential for thorium as an alternative or supplement to uranium in fission power generation has long been recognised, and several reactors, of various types, have already operated using thorium-based fuels. Accelerator Driven Subcritical (ADS) systems have benefits and drawbacks when compared to conventional critical thorium reactors, for both solid and molten salt fuels. None of the four options - liquid or solid, with or without an accelerator - can yet be rated as better or worse than the other three, given today's knowledge. We outline the research that will be necessary to lead to an informed choice. Copyright © 2012 by IEEE.

Global energy futures and the carbon dioxide problem /

Item 856-E

Calculo del valor en riesgo del futuro de energia e internacionalizacion del sector energetico en Colombia

El presente trabajo de grado busca definir cuál es el mejor método para determinar el valor en riesgo del contrato de futuro de energía eléctrica que se transa en Colombia, para cumplir con este objetivo se toma como referencia el marco histórico del VaR y de los futuros seguido de las características de la fijación de precios, la estructura del contrato, que políticas y métodos hay para cubrirse del riesgo y como se realiza en otros países, realizando algunos cálculos de los modelos más tradicionales del Var para luego incorporarlo al marco colombiano y al ente supervisor en este caso la Superintendencia Financiera de Colombia.. Además de revisar las diferentes teorías de internacionalización económicas, de proceso y redes aplicadas al sector energético en Colombia., evaluando su proceso, alcance y posibles mercados futuros.

Volatility spillovers for spot, futures, and ETF prices in energy and agriculture

The agricultural and energy industries are closely related, both biologically and financially. The paper discusses the relationship and the interactions on price and volatility, with special focus on the covolatility spillover effects for these two industries. The interaction and covolatility spillovers or the delayed effect of a returns shock in one asset on the subsequent volatility or covolatility in another asset, between the energy and agricultural industries is the primary emphasis of the paper. Although there has already been significant research on biofuel and biofuel-related crops, much of the previous research has sought to find a relationship among commodity prices. Only a few published papers have been concerned with volatility spillovers. However, it must be emphasized that there have been numerous technical errors in the theoretical and empirical research, which needs to be corrected. The paper not only considers futures prices as a widely-used hedging instrument, but also takes an interesting new hedging instrument, ETF, into account. ETF is regarded as index futures when investors manage their portfolios, so it is possible to calculate an optimal dynamic hedging ratio. This is a very useful and interesting application for the estimation and testing of volatility spillovers. In the empirical analysis, multivariate conditional volatility diagonal BEKK models are estimated for comparing patterns of covolatility spillovers. The paper provides a new way of analyzing and describing the patterns of covolatility spillovers, which should be useful for the future empirical analysis of estimating and testing covolatility spillover effects.

An econometric analysis of ETF and ETF futures in financial and energy markets using generated regressors

It is well known that that there is an intrinsic link between the financial and energy sectors, which can be analyzed through their spillover effects, which are measures of how the shocks to returns in different assets affect each other’s subsequent volatility in both spot and futures markets. Financial derivatives, which are not only highly representative of the underlying indices but can also be traded on both the spot and futures markets, include Exchange Traded Funds (ETFs), which is a tradable spot index whose aim is to replicate the return of an underlying benchmark index. When ETF futures are not available to examine spillover effects, “generated regressors” may be used to construct both Financial ETF futures and Energy ETF futures. The purpose of the paper is to investigate the covolatility spillovers within and across the US energy and financial sectors in both spot and futures markets, by using “generated regressors” and a multivariate conditional volatility model, namely Diagonal BEKK. The daily data used are from 1998/12/23 to 2016/4/22. The data set is analyzed in its entirety, and also subdivided into three subset time periods. The empirical results show there is a significant relationship between the Financial ETF and Energy ETF in the spot and futures markets. Therefore, financial and energy ETFs are suitable for constructing a financial portfolio from an optimal risk management perspective, and also for dynamic hedging purposes.

100 futures now : designing sustainable futures

This presentation tells the story of an initiative in middle schooling at Kelvin Grove State College that begins in the Art studios, but reaches out to other disciplines and approaches, and to community and industry partners. It is inspired by the potential of 'future thinking' to become a compelling focus in contemporary art and design. Ethically it espouses a simple premise": every student in our classrooms now has a stake in creating livable, democratic and creative futures. Every student has the potential to be an active force in making that future. "100 Futures Now" is a project that envisages creative and imaginative students working in collaboration with artists and designers to visualize amazing futures and communicate their vision through art and design. "100 Futures Now" is one in a series of innovative curriculum initiatives at Kelvin Grove State College designed to build sustainable practice in arts education with the support of partners in industry and universities and with resident artists and designers. The model blends elements of art and design methodology to focus on the critical and creative thinking skills prioritised in ACARA and 21st century curriculum. The organisers are developing a sustainable model for working with resident artists that goes beyond a single arts intervention or extension/enrichment experience. In this model artists and designers are collaborators in the design of learning experiences that support future programs. This model also looks to transfer the benefits of residencies to the wider school community (in this case to middle schooling curriculum) and to teachers in other curriculum areas, and not exclusively to the immediate target group. In "100 Futures Now", story-making is the engine that powers the creative process. For this reason the program uses a series of imaginative scenarios, including those of speculative fiction and science, as departure points for inquiry, and applies the methodologies of arts and design practice to explore and express student story telling and story making. The story-making responses of student teams will naturally be expressed multimodally through visual art, design artifacts, installation, performance and digital works. The project’s focus on narratives and its modes of communication (performance/installation) are inspired by the work of experimental contemporary design practices and the speculative scenarios of U.K. based designers Anthony Dunne and Fiona Raby. Thanks to the support of an Arts Queensland Artist-in -Residence grant in 2014, resident artists and designers who work with a diversity of ideas and approaches ranging over science, bio-ethics, biodiversity, behavior and ethics, ambient sound, urbanism, food, and wearable design, will work with middle school students as catalysts for deeper thinking and creative action. All these rich fields for future speculation will become triggers for team inquiry into the deeper connections between the past, the present, and future challenges such as climate, waste, energy, sustainability and resilience. These imagined futures will form the platform for a critical, sustainability/design futures approach that will involve questioning assumptions and empowering students as agents rather than consumers of change.

Privacy in the new era of visible and sharable energy-use information

A new era of visible and sharable electricity information is emerging. Where eco-feedback is installed, households can now visualise many aspects of their energy consumption and share this information with others through Internet platforms such as social media. Despite providing users with many affordances, eco-feedback information can make public previously private actions from within the intimate setting of the family home. This paper represents a study focussing specifically on the privacy aspects of nascent ways for viewing and sharing this new stream of personal information. It explores the nuances of privacy related to eco-feedback both within and beyond the family home. While electricity consumption information may not be considered private itself, the household practices which eco-feedback systems makes visible may be private. We show that breaches of privacy can occur in unexpected ways and have the potential to cause distress. The paper concludes with some suggestions for how to realise the benefits of sharing energy consumption information whist effectively maintaining individuals’ conceptions of adequate privacy.

Crude oil and agricultural futures: An analysis of correlation dynamics

Correlations between oil and agricultural commodities have varied over previous decades, impacted by renewable fuels policy and turbulent economic conditions. We estimate smooth transition conditional correlation models for 12 agricultural commodities and WTI crude oil. While a structural change in correlations occurred concurrently with the introduction of biofuel policy, oil and food price levels are also key influences. High correlation between biofuel feedstocks and oil is more likely to occur when food and oil price levels are high. Correlation with oil returns is strong for biofuel feedstocks, unlike with other agricultural futures, suggesting limited contagion from energy to food markets.

Optimal Investment in Energy Efficiency under Uncertainty

41 p.