We select four important waves of new entrants that knocked on the door of European electricity markets to illustrate how market rules need to be continuously adapted to allow new entrants to come in and push innovation forward. The new entrants that we selected are utilities venturing into neighbouring markets after establishing a strong position in their home market, utility-scale renewables project developers, asset-light software companies aggregating the assets of smaller consumers and producers, and different types of communities. We show that well-intentioned rules designed for certain types of market participants can (unintentionally) become obstacles for new entrants. We conclude that the evolution of market rules illustrates the importance of dynamic regulation. At the start of the liberalisation process the view was that we would deregulate or re-regulate the sector after which the role of regulators could be reduced. But their role has only increased. New players might also present new risks that require intervention by regulators.

Managing a portfolio whose value closely tracks an index by trading only in a subset of the index constituents involves an NP-hard optimisation problem. In the prior literature, it has been suggested to solve this problem using sequential Monte Carlo (SMC, a.k.a. particle filter) methods. However, this literature does not take transaction costs into account, although transaction costs are the primary motivation for attempting to replicate the index by trading in a subset, rather than the full set of index constituents. This paper extends the SMC approach to index tracking to allow for proportional transaction costs and implements this extended method on empirical data for a variety stock indices. In addition to providing a more practically useful tracking strategy by allowing for transaction costs, we find that including a penalty for transaction costs in the optimisation objective can actually lead to better tracking performance.

Marine renewable energy is emerging as one of the fast-growing industry in the last decades, as modern society pushes for technologies that can convert energy contained from winds, waves, tides and stream flows. The implementation of renewable energy technologies impose high demands on both structural and environmental engineering, as the energy converters have to work under extreme conditions where parameters such as sea-bottom configuration, water transparency and depth, sea-states and prevailing winds are harsh. Constant monitoring of the marine environment is crucial in order to keep this sector reliable. Active acoustics is becoming a standard tool to collect multi-dimensional data from physical, geological and biological properties of the marine environment. The Div. of Electricity of Uppsala University have been developing an environmental monitoring platform based on sonar (Sound Navigation And Raging) systems. This platform aims to monitor the installation, operation and decommissioning of marine renewable energy converters. The focus will be given the observations of behaviours of marine animals in vicinity of energy converters but also structural inspection and monitoring of MRETs. This paper describes how this multifunctional environmental monitoring platform come to existence from the design to the deployment phase.

Off-grid electrification planning increasingly recognizes the importance of productive use of electricity (PUE) to promote community value creation and (financial) project sustainability. To ensure a sustainable and efficient integration in the community and energy system, PUE assets must carefully be evaluated to match both the community needs and the residential electricity demand patterns. We propose a novel methodology interlinking qualitative interviews, statistical analysis, and energy system modelling to optimize decision-making for PUE integration in off-grid energy systems in rural Madagascar by aligning relevant PUE effectively with anticipated residential electricity demand patterns based on socio-economic determinants of the community. We find that a possible contribution of the PUE to reducing the electricity costs depends signifi-cantly on three factors: 1. the residential electricity consumption patterns that are influenced by the socio-economic composition of the community, 2. the degree of flexibility of i) PUE assets and ii) operational preferences of the PUE user, and 3. the capacity of community members to finance and operate PUE assets. Our study demonstrates that significant cost reductions for PUE-integrated off-grid energy systems can be achieved by applying our proposed methodology. When matching PUE and residential consumption patterns, the integration of PUE assets in residential community energy system can reduce the financial risk of operators, provided the PUE enterprise operates reliably and sustainably. We highlight that the consideration of local value chains and co-creation approaches are essential to ensure the energy system is addressing the community’s needs, creates value for the community, enhances the project´s financial sustainability, and is achieving the overall objectives of decentralized energy system planning.

This paper draws upon the theory of turbulence in physics to explore the similarities and differences between volatility in financial markets and turbulent phenomena at a statistical physics level. By analogizing the dynamics of financial markets with fluid turbulence, we have developed an innovative analytical framework aimed at deepening the understanding of the complexity inherent in financial markets. Our research methodology includes a comparative analysis of simulated time series data for the Standard & Poor's 500 Index and fully developed turbulent velocity time series. We focus on the similarities in key statistical physical properties, including probability distributions, correlation structures, and power spectral densities. Furthermore, we have established a model of capital flow in financial markets and proposed corresponding solutions. Through computational simulations and data analysis, we find that while financial market volatility shares some statistical characteristics with turbulent phenomena, significant differences exist in the shapes of probability distributions and the temporal scales of correlations. This suggests that although financial markets exhibit patterns akin to turbulence, the behavior of this complex, multi-variable driven system does not completely correspond to natural turbulence, highlighting the limitations of directly applying turbulence theory to financial market analysis. Our study offers a new perspective for the theories of financial markets and the field of econophysics, providing fresh insights into the complexity of financial markets and contributing to the prevention and management of financial risk.

Day-ahead forecasting of electricity prices is important in deregulated electricity markets for all the stakeholders: energy wholesalers, traders, retailers, and consumers. Electricity price forecasting is an inherently difficult problem due to its special characteristic of dynamicity and non-stationarity. In this paper, we present a robust price forecasting mechanism that shows resilience towards aggregate demand response effect and provides highly accurate forecasted electricity prices to the stakeholders in a dynamic environment. We employ an ensemble prediction model in which a group of different algorithms participate in predicting the price for each hour of a day. We propose two different strategies, namely, Fixed Weight Method (FWM) and Varying Weight Method (VWM), for selecting each hour's expert algorithm from the set of participating algorithms. In addition, we utilize a carefully engineered set of features selected from a pool of features derived from information such as past electricity price data, weather data, and calendar data. The proposed ensemble model offers better results than both the Pattern Sequence-based Forecasting (PSF) method and our own previous work using Artificial Neural Networks (ANN) alone do on the datasets for New York, Australian, and Spanish electricity markets.

Sustainable food consumption has attracted a widespread attention during last decades by scholars, policy makers and consumers. In line with this, farmers’ markets (FMs) have the potential to encourage sustainable agricultural production and consumption. By reducing the number of actors and distances along the food chain, these alternative food systems foster the reconnection between farmers and consumers and contribute to different social, economic and environmental sustainable goals. This paper provides insights on the role of consumers' sustainability concerns related to their motivation for shopping at FMs. By means of a choice experiment, we analyze the determinants of consumers’ WTP for buying apples at FMs. We are particularly interested in understanding how attitudes towards the three sustainability dimensions are related to consumer preferences in this context. We find that consumer attitudes towards direct contact with producers, contributing to farmers’ income, and environmental benefits can be directly related to product characteristics that are specific to FMs.

This work presents an innovative application of optimal control theory to the strategic scheduling of battery storage in the day-ahead electricity market, with a focus on enhancing profitability while factoring in battery degradation. The study incorporates in the optimisation framework the cost of battery capacity degradation, the effects of capacity degradation and internal resistance degradation into dynamics. We employ a continuous-time representation of the dynamics, in contrast with many other studies that use a discrete-time approximation with rather coarse intervals. We adopt an equivalent circuit model coupled with empirical degradation parameters to simulate a battery cell’s behaviour and degradation mechanisms with good support from experimental data. Utilising direct collocation methods with mesh refinement allows for precise numerical solutions to the complex, nonlinear dynamics involved. Through a detailed case study of Belgium’s day-ahead electricity market, we determine the optimal charging and discharging schedules under varying objectives: maximizing net revenues, profits considering capacity degradation, and profits considering both capacity degradation and internal resistance increase due to degradation. The results demonstrate the viability of our approach and underscore the significance of integrating degradation costs into the market strategy for battery operators, alongside its effects on the battery’s dynamic behaviour. Our methodology extends previous work by offering a more comprehensive model that empirically captures the intricacies of battery degradation, including a fine and adaptive time domain representation, focusing on the day-ahead market, and utilising accurate direct methods for optimal control. The paper concludes with insights into the potential of optimal control applications in energy markets and suggestions for future research avenues.

Electricity price forecasting has become a crucial element for both private and public decision-making. This importance has been growing since the wave of deregulation and liberalization of energy sector worldwide late 1990s. Given these facts, this paper tries to come up with a precise and flexible forecasting model for the wholesale electricity price for the Italian power market on an hourly basis. We utilize artificial intelligence models such as neural networks and bagged regression trees that are rarely used to forecast electricity prices. After model calibration, our final model is bagged regression trees with exogenous variables. The selected model outperformed neural network and bagged regression with single price used in this paper, it also outperformed other statistical and non-statistical models used in other studies. We also confirm some theoretical specifications of the model. As a policy implication, this model might be used by energy traders, transmission system operators and energy regulators for an enhanced decision-making process.

Aflatoxin M1 (AFM1), a carcinogenic toxin, mainly contaminates cow milk and poses significant challenges to the dairy industry and, thereby, public health in most tropical countries, including Ethiopia. This study aimed to investigate the prevalence and level of AFM1 in raw cow milk collected from Specialized Dairy Farms and Milk Vendors in three Urban Centers: Chiro town, Dire Dawa, and Harar cities in Eastern Ethiopia. 180 milk samples were collected from two major Milk Sources: Specialized Dairy Farms (N=90) and Milk Vendors (N=90) using a simple random sampling technique. AFM1 was analyzed using high-performance liquid chromatography. The study revealed that, 63.9% (115/810) prevalence and 0.179±0.48µg/L mean of AFM1 level in milk, which 39.13% and 26.08% exceed the tolerable limits of EU and FDA respectively. A 40.0% prevalence and 0.344±0.72µg/L average of AFM1 in the milk from Dire Dawa city was significantly higher than the samples from other Urban Centers. However, 30.43% and 29.57% prevalence as well as 0.055±±0.13µg/L and 0.140±0.33µg/L average of AFM1 in milk from Chiro town and Harar city, respectively were not significant. Furthermore, milk samples from Dairy Farms revealed a higher prevalence (57.39%) and level (0.252±0.64µg/L) of AFM1 than Milk Vendors, with a prevalence of 42.61% and an average of 0.107±0.21µg/L. Therefore, this study concludes that substantial milk samples were contaminated by AFM1 and urges the need to enhance farmers' awareness on mitigation.

The Imbalance Cost Pass-Through (ICPT) is a flexible component of the Incentive Regulation (IBR) that empowers power producers to adjust tariffs in response to variable fuel prices, thereby enhancing the economic resilience of electricity generation. However, the cost of electricity generation is significantly influenced by the volatility of commodity prices, including coal, gas and LNG. In Malaysia, the Energy Commission has conducted biannual reviews of fuel and other generation costs. Any cost savings or increases identified during these reviews will be passed on to customers in the form of rebates or surcharges. Due to that reason, this study proposes ICPT price forecasting for the electricity market in Peninsular Malaysia. The study aims to construct an ICPT-related baseline model for the peninsular generation data by employing three forecasting methods. The forecasting performance is analysed by a Mean Absolute Percentage Error (MAPE). In findings, the ARIMA method is one of the most accurate forecasting methods for fuel prices compared to the Moving Average (MA) and LSSVM methods. The observed price differences between the ARIMA and LSSVM models for ICPT are minimal. The ICPT price for July-December 2022 and January-June 2023 is MYR 0.21/ kWh for ARIMA and MYR 0.18/kWh for LSSVM, which are close to the actual TNB’s ICPT tariff. As for the forecasting, the ICPT price is expected to drop for the next announcement. The findings of this study may contribute to a positive impact on the sustainability of the energy sector in Malaysia.

There are many uncertainties and risks in residential electricity consumption during the economic development. Knowledge of the relationship between residential electricity consumption and its key determinant—income—are important to the sustainable development of electric power industry. Using panel data from 30 provinces for the 1995-2012 period, this study investigates how residential electricity consumption changes as incomes increase in China. Previous studies typically used linear or quadratic double-logarithmic models imposing ex ante restrictions on the indistinct relationship between residential electricity consumption and income. Contrary to those models, we employed a reduced piecewise linear model that is self-adaptive and highly flexible and circumvents the problem of “prior restrictions.” Robust tests of different segment specifications and regression methods are performed to ensure the conservatism of the research. The results provide strong evidence that the income elasticity was approximately one, and it remained stable throughout the estimation period. The income threshold at which residential electricity consumption automatically remains stable or slows has not been reached. To ensure the sustainable development of the electric power industry, introducing higher energy efficiency standards for electrical appliances and improving income levels are vital. And government should emphasize electricity conservation in industrial sector rather than in residential sector.

Since the Paris Agreement in 2016, the goals of limiting climate change and moving toward climate resilience stand. With a share of about \SI{80}{\percent} of global \ce{CO2} emissions, the energy sector is an essential driver for these goals. A shift to low-carbon energy production and a decentralized system for more efficient energy transmission distribution is necessary. In this paper, we present our work on Modeling of Power Exchanges, Algorithms for \ac{LEM}, Competitiveness of \ac{CHP} and Energy Feedback Devices. The study was conducted considering technical, economic, social and regulatory framework. For easy integration into energy simulations or a \ac{DEMS}, a model for power exchanges was created that allows flexible input or deterministic price patterns. The algorithm handles the clearing of an \ac{LEM} by a district aggregator using limit orders with the goal of increasing the share of locally consumed electricity using economic incentives. An investigation was conducted into the operation of flexible \acp{CHP} in low-carbon power systems to balance the volatility of renewable energy. An energy signal light was developed as an energy feedback device, which is integrated into the \ac{DEMS} in a living lab and allows individual configuration. In summary, the results presented should be compared with those of other research approaches in the future and require qualitative and quantitative evaluation.

Responding to the influences of climate change, on the one hand, and selected benefits of digital technology, on the other hand, an energy transition of global scale appears to be underway. Many observers project that a significant element of the energy transition will be a growing dependence on electricity, a dependence possibly doubling by 2050. Such a transformation, however, would likely require re-configuring the architecture of complex, centralized electricity grids, an artifact of a context of more than a century ago. In concert with the energy transition, we argue to modify the objective of the electricity grid to enable efficient, pervasive optimization in local service areas that provides incentives for users to be efficient in their energy use. At the core of our argument is the presentation of economic incentives denominated in an electricity-backed commodity currency such that incumbent electricity generators could augment their economic purpose of electricity production and electricity distribution to include financial intermediation. A direct consequence of this institutional transformation is the opportunity for all users to generate wealth. There are others who have been inspired to conjure ways that energy could be a candidate currency. Our argument is distinctive, though, in exploiting how an institution (the power grid system) could be repositioned and how all agents in the system could benefit by the institutionalization of electricity as money.

This paper investigates portfolio optimization methodologies and short-term investment strate-gies in the context of the cryptocurrency market, focusing on ten major cryptocurrencies from January 2020 to November 2023. We employ high frequency data and utilize the Kurtosis Mini-mization methodology, alongside other optimization strategies, to construct and evaluate port-folios under different rebalancing frequencies. The empirical analysis reveals that cryptocurren-cies exhibit significant volatility, skewness, and kurtosis, necessitating sophisticated portfolio management techniques. We find that the Kurtosis Minimization methodology consistently outperforms other optimization strategies, delivering optimal returns to investors, particularly in shorter-term investment horizons. We demonstrate the diversification benefits of integrating cryptocurrencies into multi-asset portfolios and emphasize the importance of regular portfolio rebalancing in the volatile cryptocurrency market. Our findings offer insights for portfolio man-agers and investors seeking to optimize their investment outcomes in the cryptocurrency market, highlighting the importance of risk management, diversification, and dynamic portfolio man-agement strategies.

The flux of opinions in newsletters and social media platforms significantly influences market perceptions regarding corporate entities and their financial instruments. This paper introduces an advanced model, the Sentiment Dynamics Analyzer (SDA), which leverages a refined hierarchical architecture of Transformers to effectively discern the sentiment embedded within financial texts, ranging from news headlines to microblogs. We have enhanced a RoBERTa model with specialized sentiment lexicons and an augmented layer of Transformer models tailored for nuanced sentence-level sentiment detection, aiming to assign a sentiment score from -1 to +1. Our evaluations demonstrate that SDA not only surpasses the previous best methods but also exhibits superior performance over robust baseline models. This success underscores the utility of integrating tailored contextual analyses with sector-specific sentiment insights in improving predictive accuracy.

Real assets in the energy market are subject to ecological uncertainty due to the penetration of renewables. We illustrate this point by analysing electrolysers, a class of assets which recently became the subject of a large interest, as they lead to the production of the desirable green hydrogen and green ammonia. The latter has the advantage of being easily stored and has huge potential in decarbonising both the fertilizer and shipping industries. We consider the optimization of green ammonia production with different types of electricity procurement in the context of stochastic power and ammonia markets, a necessary assumption to translate the features of renewable, hence intermittent, electricity. We emphasise the importance of using stochastic prices to effectively model the volatile nature of the price dynamics, illustrating the project risks that can be mitigated by hedging activities. This study shows the pivotal role of flexibility when dealing with fluctuating renewable production and volatile electricity prices to maximise profits and better manage risks.

We seek to examine effective collaboration when engaging in value cocreation with the customer for mobile financial services in EMs. Our study is a motivation for multi-stakeholder engagement in value cocreation with financial inclusion of all consumers including marginalized populations. Furthermore, our work discovers that social sustainability is a product of social creativity and results in financial inclusion. We apply a qualitative descriptive methodology utilizing exemplars from extant research and phenomenology to analyze the data from the contexts of Ghana and Kenya. The results show that value is co-created for mobile financial services in networks in emerging markets when actors integrate resources for social and environmental sustainability as essential elements for mobile financial inclusion.

Complex models have received significant interest in recent years and are being increasingly used to explain the stochastic phenomenon with upward and downward fluctuation such as the stock market. Different from existing semi-variance methods in traditional integer dimension construction for two variables, this paper proposes a simplified multi-factorized fractional dimension derivation with the exact Excel tool algorithm involving the fractional center moment extension to covariance, which is a complex parameter average that is a multi-factorized extension to Pearson covariance. By examining the peaks and troughs of gold price averages, the proposed algorithm provides more insight into revealing underlying stock market trends to see who is the financial market leader during good economic times. The calculation results demonstrate that the complex covariance is able to distinguish subtle differences among stock market performances and gold prices for the same field that the two variable covariance may overlook. We take the London, Tokyo, Shanghai, Toronto and Nasdaq as the representative examples.

Dirac’s equation depicts electron mass as either positive or negative. Taken as correct description of nature, the equation identifies electron mass as ‘electrically active’ and therefore fundamentally different from the ordinary, ‘electrically passive’ mass. Following this cue, I demonstrate that electron mass (m_e) is the natural elementary mass: positive (m_e⁺) and negative (m_e^–) elementary masses neutralise to an elementary unit of the electrically passive mass (2m_e⁰). Further, I show that electron mass (m_e^± ) and the electrostatic field (e_f^±) surrounding it compose an elementary charge (e^±), thereby relating charge to mass. Two plain principles underlie these findings. 1) Electric charge and gravitational mass have a common root: positive (e⁺) and negative (e^–) charges coexist as neutral charge (2e⁰), which is the quantum of gravitational mass. 2) Charge is a static (nonrelativistic) ‘atom of electricity’ and obeys the laws of electrostatics; electron is the same ‘atom of electricity’ at ultrahigh (relativistic) speed and obeys the laws of electrodynamics. That is, charges are electricity at rest; electrons are electricity in motion – ‘same physical entities two behavioural identities.’ A decisive proof that this paradigm shift correctly portrays is that it verifiably unifies Newton’s law of gravity and Coulomb’s law of electrostatics to: 8G/m_pm_e = K/e²; where G and K are the respective constants, m_p the proton mass, m_e the electron mass, and e the elementary charge. Ultimately, the insights simplify matter to pure ‘atoms’ of positive and negative electricity.

The widespread integration and growing dependence among currency, stock and commodity markets make these markets often very vulnerable to shocks and at risk of collapse at the same time. As a result, these trends threaten the sustainability of the entire financial system. In this study, we explore the spillovers and nonlinear dependences between the seven major foreign ex-change rates, crude oil and gold prices, a global stock price index, and oil and stock implied volatility indices as proxy variables for global risk factors by em-ploying directional spillover network approach. We also use multi-scale de-composition method and nonlinear causality test between these variables to capture multi-level relationships at short and long horizons. Major findings are summarized as follows. First, from the multi-scale decomposition analysis, we identify that Granger causality test results and the direction and strength of return spillovers change with the level of decomposition. Second, the results of nonlinear causality tests show variation in both the significance and direction of Granger causality relationships between the decomposed currency and other series at different timescales, especially for the decomposed oil, gold, and OVX series. Third, the measured directional spillover indices identify the EUR as the largest contributor of connectedness to the other series. The central role of the EUR is a net transmitter of connectedness to gold, oil, the GBP, JPY, and CHF.

Prediction markets are heralded as powerful forecasting tools, but models to describe them often fail to capture the full complexity of the underlying mechanisms that drive price dynamics. To address this issue, we propose a model in which agents belong in a social network, have an opinion about the probability of a particular event to occur, and bet on the prediction market accordingly. Agents update their opinions about the event by interacting with their neighbours in the network, following the Deffuant model of opinion dynamics. Our results suggest that a simple market model that takes into account opinion formation dynamics is capable to replicate the empirical properties of historical prediction market time series, including volatility clustering and fat-tailed distribution of returns. Interestingly, the best results are obtained when there is the right level of variance in the opinions of the agents. Moreover, this paper provides a new way to indirectly validate opinion dynamics models against real data by using historical data obtained from PredictIt, an exchange platform whose data has never been used before to validate models of opinion diffusion.

This paper aims to analyze the effects of Covid-19 on financial markets from the perspective of Complexity. The Covid-19 pandemic has caused turmoil in financial markets and is already one of the most important financial crises in history, causing a fall in several stock markets as well as great volatility. Unlike past crises, which in most cases were caused either by problems of fiscal deficits or in the financial system, this crisis has its origin in an epidemic disease, which occurred in Wuhan, China, and quickly spread across the globe affecting transport networks, commerce and finance, and will affect the public debt of many countries. This is a systemic situation in which there is a need to consider several interconnected systems, financial instability and high financial risk, something that econophysics and some complexity theorists already do. Therefore, this paper intends to show, theoretically, the systemic and complex character of the recent financial crisis caused by Covid-19.

This study proposes a short- and medium-term electricity consumption prediction algorithm by combining the GRU model suitable for long-term forecasting and the Prophet model suitable for seasonality and event handling. (1) Manufacturing Company B's Electricity consumption data and meteorological data in Naju, Jeollanam-do, South Korea are collected and preprocessed. (2) The preprocessed data proposes the Prophet model in the first step for seasonality and event handling prediction. (3) In the second step, seven multivariate data are experimented with GRU. Specifically, the seven multivariate data consist of six meteorological data and the residuals between the predicted data from the proposed Prophet model in Step 1 and the observed data. These are utilized to predict electricity consumption at 15-minute intervals. (4) Electricity consumption is predicted for short-term (2 days and 7 days) and medium-term (15 days and 30 days) scenarios. The experimental results demonstrate that the proposed method outperforms the conventional Prophet model by more than 23 times and the modified GRU model by more than 2 times in terms of MAPE.

This comprehensive review explores the principles, applications, and future directions of human-powered energy generation technologies. It begins by providing a detailed examination of viable human energy sources, elucidating the physical principles behind various energy harvesting devices. The review then compiles and assesses existing products in the field of human power generation, while also outlining the opportunities and challenges it presents. Finally, an innovative concept of an eco-village system is introduced to demonstrate a future potential application scenario for human-generated electricity. It outlines two developmental stages for this system and underscores its significance in the construction of the harmonious and sustainable communities. This forward-thinking approach could pave the way for broader discussions on sustainable living and eco-friendly energy generation in a world increasingly focused on environmental concerns and social stability.

This paper presents a novel improvement of MuSIASEM (Multiscale Integrated Analysis of the Societal and Ecological Metabolism) by incorporating a new regional analysis of the electricity metabolism across levels. An analysis of Mexico illustrates this toolkit and shows that the industry sector had Economic Energy Intensity (EEI) with 40.3 MWh/MMXN reached a higher value than the commerce and services sector with 0.84 MWh/MMXN. Regarding the Economic Labor Productivity (ELP) indicator (AV/h), the industrial sector with 208.5 TMXN/Kh reached a higher value than the Commercial and services sector with 114.3 TMXN/Kh. With reference to the Exosomatic Metabolic Rate (EMR), the Household sector obtained 59.3 KWh/Kh whereas the paid sector reached 2,486.4 KWh/Kh. Disaggregation of the EMR indicator into economic sectors shows that the Industrial sector obtained 8.4 KWh/Kh and the commercial and services sector reached 0.10 KWh/Kh. The lack of complete data for the agricultural sector does not allow us to calculate EEI, ELP, and EMR indicators accurately. Considering the analysis of indicators by regions, regarding the EEI rate, the Central region had the lowest value with 12.7 MWh/MMXN, followed by the Northeast with 21.4 MWh/MMXN and Western with 29.4 MWh/ MMXN, which means that they require less electricity to produce more added value. In terms of the ELP indicator, it was found regions with higher values were Northeast with 182.3 MMXN/Mh, Central with 177.5 MMXN/Mh, and North with 127 MMXN/Mh, which means that these regions produce more added value per hour of work. About the EMR, it is observed that regions in the northern part of the country had higher values: Northwest with 337 KWh/Kh, Baja California Sur with 334 KWh/Kh, Baja California with 328 KWh/Kh, North with 313 KWh/Kh and Northeast with 274 KWh/Kh, which means that these regions consume more electricity per hour. This innovative approach is useful for governance because it helps to understand and reduce asymmetries across regions, resulting in more social equality and a better economic equilibrium across sectors and regions.

The EU’s energy targets are to achieve at least 32% renewables in the energy mix by 2030. Part of the solution is strengthening consumer rights by empowering individuals to generate their own electricity. The study aimed to identify the most suitable energy system for electricity generation of up to 50 kW in the EU residential sector. The Multi-Criteria Decision Analysis was used to compare four systems: proton exchange membrane fuel cell with photovoltaic panels, photovoltaic panels, biomass powered Stirling engine, and solar powered Stirling engine. Based on the results, the most beneficial system for household electricity generation is the Biomass-fueled Stirling engine system due to its affordability, reliability, and low environmental impact. Governments and businesses can use these findings to improve information for the residential sector and enable the transition to renewable energy.

Building electric energy is characterized by a significant increase of its uses (e.g. vehicle charging), a rapidly declining cost of all related data collection and a proliferation of smart grid concepts, including diverse and flexible electricity pricing schemes. Not surprisingly, an increased number of approaches have been proposed for its modeling and forecasting. In this work, we place our emphasis on three forecasting related issues. First, on the forecasting explainability, i.e. the ability to understand and explain to the user what shapes the forecast. To this extent we rely on concepts and approaches that are inherently explainable, such as the evolutionary approach of genetic programming (GP) and its associated symbolic expressions, as well as the so-called SHAP (SHapley Additive eXplanations) values, which is a well established model agnostic approach for explainability, especially in terms of feature importance. Second, we investigate the impact of the training timeframe on the forecasting accuracy; this is driven by the realization that a fast training would allow for faster deployment of forecasting in real life solutions. And third, we explore the concept of counterfactual analysis on actionable features, i.e. features that the user can really act upon and which therefore present an inherent advantage when it comes to decision support. We have found that SHAP values can provide important insights into the model explainability. As for GP models, we have found comparable and in some cases superior accuracy when compared to its neural-network and time-series counterparts but a rather questionable potential to produce crisp and insightful symbolic expressions, allowing a better insight into the model performance. We have also found, and report here on an important potential especially for practical, decision support, solutions of counterfactuals built on actionable features and short training timeframes.

The pace of implementation of renewable electricity storage in Europe is disappointingly slow. Several factors influence it, but there is a need to speed up the rate and increase the volumes in order to promote a 100% transition to renewable energy resources, expand the practice of using renewable energy, and contribute to the improvement of the user's quality of life. Also, an important factor is significantly reducing the global impact on the environment and climate change. Electricity from renewable energy sources such as solar and wind has a seasonal nature that cannot provide the necessary electricity consumption and cover peak loads. Also, the so-called "energy resource crisis" is a very topical problem at the moment, which reinforces the global need to increase the share of renewable energy resources in the overall balance of primary energy resources. It is precisely the wider integration of renewable electricity storage in practice that can help stimulate this. The availability of renewable electricity is constantly increasing and the level of technological innovation is rapidly developing, therefore it is valuable to analyze, look for connections and at the same time the main differences in the ways of accumulation in order to promote its availability from a private house to the national and European scale as a whole. Therefore, this article analyses and compares the different options for renewable electricity storage, from small batteries to large storage systems, arriving at the best solution according to needs, using analysis methods such as multicriteria decision analysis (MCDA) and TOPSIS. After comparing nine criteria, such as the amount of investment required, existing power density, efficiency, duration of operation and others, in both groups, it was concluded that lithium-ion batteries are currently the best solution among batteries, while in the group of large accumulation systems – pumped hydro storage.

Accurate electricity price forecasting has become a substantial requirement since the liberalization of the electricity markets. Due to the challenging nature of the electricity prices, which includes high volatility, sharp price spikes and seasonality, various types of electricity price forecasting models still compete and can not outperform each other consistently. Neural Networks have been successfully used in machine learning problems and Recurrent Neural Networks (RNNs) have been proposed to address time-dependent learning problems. In particular, Long Short Term Memory and Gated Recurrent Units (GRU) are tailor-made for time series price estimation. In this paper, we propose to use Gated Recurrent Units as a new technique for electricity price forecasting. We have trained a variety of algorithms with rolling 3-year window and compared the results with the RNNs. In our experiments, 3-layered GRUs outperformed all other neural network structures and state of the art statistical techniques in a statistically significant manner in the Turkish day-ahead market.

This article provides a comprehensive analysis of the global gas and liquefied natural gas (LNG) markets. The article begins by discussing the increasing demand for gas and LNG, particularly in Asia, as countries aim to transition to cleaner sources of energy. It explores how market volatility has led to energy security interventions and lasting economic and emissions impacts. It then explores the global supply and demand dynamics, highlighting the structural change expected in the market and the competition between Europe and Asia for limited new LNG supply. The article also focuses on Europe's increased flexibility and dependence on LNG imports, which have risen by 60% to 121 million tonnes, offsetting lower Russian pipeline imports. Furthermore, the article delves into global supply and demand dynamics, how the market is expected to remain tight, and how record gas and LNG prices have led to demand reductions. Additionally, it analyzes the future outlook and investment needs, highlighting the continued uptake of gas in heavy-duty transport and the need for further investment to avoid a supply-demand gap. The article concludes with an analysis of the implications for the future of the global gas and LNG markets.

We are currently witnessing a strong global transition towards new, more sustainable models of development and consumption. This transition is both activating and highlighting a series of discrepancies between the various actors in agri-food marketing systems, including the institutions that govern regulatory and trade aspects. These discrepancies highlight how, on a global level, the agri-marketing system is unable to provide adequate responses to the new principles of sustainability that are increasingly expected by civil society. This inability is often linked to the phenomena of opportunism, information asymmetries and lock-in effects (resulting from the slowness or inability of some sectors or actors to evolve technologically and culturally). The control of all these factors is often ineffective and often involves high transaction costs . These conditions lead the global market into an ongoing state of failure, creating structural holes, in which new forms of exchange are born, in response to the principles mentioned above. We identify these as nested markets: hybrid market forms that, thanks to new information technologies, create a new form of proximity that transcends the classical concept of physical proximity. This new proximity directly links producers and consumers in relationships based mainly on two substantial values: reciprocity and reputation. Both of these values significantly reduce transaction costs which today play an increasing role in determining the form and repetition of exchanges. This condition is difficult to interpret from classical and neo-classical economic theories. To do so it is necessary to use a multidisciplinary approach. In this article we combine neo-institutional theory and network analysis to interpret phenomena that are increasingly emerging in all areas of the world. Using these two theories, and case studies from Brasil, North America, China and Europe, we try to highlight how the market is not only the place where the price of products and of their quantities are formed. Market is a complex social spaces, where more-or-less stable relationships are formed, based on the values of reciprocity and reputation that determine behaviour and codes of conduct aimed at containing opportunism and encouraging sustainable, autonomous, forms of self-regulation. These relationships are also the driving forces that ensure the ongoing continuation of the exchanges and the diffusion and preservation of knowledge over time and space. These relationships represent the beating heart of nested markets and their dynamic ability to adapt to the continuous changes that occur in the socio-economic and environmental context in which they are rooted. In this way sustainability is built as an expression of the co-production between different actors (producers, consumers, institutions) and natural resources.

This study estimates the effects of double long memory and structural breaks on the persistence level of six major cryptocurrency markets. We apply the Bai and Perron’s structural break test, Inclán and Tiao’s iterated cumulative sum of squares (ICSS) algorithm, and the fractionally integrated generalized autoregressive conditional heteroscedasticity (FIGARCH) model with different distributions. The results show that long memory and structural breaks characterize the conditional volatility of cryptocurrency markets and confirm our hypothesis that ignoring structural breaks leads to an underestimation of the persistence of volatility modelling. The ARFIMA-FIGARCH model with structural breaks and a skewed Student–t distribution fits the cryptocurrency market’s price dynamics well.

The questions on who is entitled to benefit from REDD+ transactions remains one of the most controversially debated issues around cooperative efforts to reduce deforestation in developing countries. REDD+ has been conceived as international framework for voluntary efforts of developing countries to reduce greenhouse gas emissions and enhance carbon removals from forest activities. Designed as international framework under the UNFCCC that calculates emission reductions and removals (ERRs) at the national -and as an interim step on the subnational level – REDD+ is primarily a creature of international law. However, in defining forest-carbon ERRs the international framework competes with national emission trading systems and domestic REDD+ legislation as well as private standards that define units traded on the voluntary carbon market. The definition of various carbon units is closely linked to the question on who is entitled to participate in REDD+ and benefit from the sale of ERRs under results-based payment schemes or carbon market transactions. This paper applies a legal lens to the various claims to participate in REDD+ transactions. It tries to disentangle the various rights to ERRs, various carbon credits, and payments that come with REDD+ and that almost always create confusion and not seldom conflict around REDD+ implementation. The definition of carbon rights and the legal nature of carbon credits depends on local law and differs between countries. However, there are a number of legal considerations that apply and certain underlying concepts are relevant for the understanding of REDD+ transactions and the allocation of benefits and burdens of conservation activities.

In this work, the Pumped Storage Unit (PSU) is proposed to be integrated with wind-thermal generation system owned by a company whose aim is to maximize its profit through optimal self-scheduling of its units by finding the best bidding strategy in day-ahead energy market. The mathematical formulation of the scenario based unit-commitment and coordinated trading problem is formulated as a stochastic mixed integer linear program. The formulation takes into account several uncertain parameters; such as the wind power generation, energy market prices, and imbalances up/down prices. The expected total profit obtained from energy trading with and without coordinating pumped storage system (PSS) with thermal-wind generation system were compared, and a significant improvement in profit resulted from coordination was observed. Furthermore, coordination between PSS and wind-thermal generation improve the conditional value at risk (CVaR) which monitors the biding risk level.

This paper attempts to assess the economic significance and implications of collateralization in different financial markets, which is essentially a matter of theoretical justification and empirical verification. We present a comprehensive theoretical framework that allows for collateralization adhering to bankruptcy laws. As such, the model can back out differences in asset prices due to collateralized counterparty risk. This framework is very useful for pricing outstanding defaultable financial contracts. By using a unique data set, we are able to achieve a clean decomposition of prices into their credit risk factors. We find empirical evidence that counterparty risk is not overly important in credit-related spreads. Only the joint effects of collateralization and credit risk can sufficiently explain unsecured credit costs. This finding suggests that failure to properly account for collateralization may result in significant mispricing of financial contracts. We also analyze the difference between cleared and OTC markets.

This work investigates how to balance the electricity supply and demand in a carbon-neutral northern Europe. Applying a cost-minimizing electricity system model including options to invest in eleven different flexibility measures, cost-efficient combinations of strategies to manage varia-tions are identified. The results of the model are post-processed using a novel method to map the net load before and after flexibility measures are applied to reveal the contribution of each flexi-bility measure. The net load is mapped in the space spanned by the amplitude, duration, and number of occur-rences. The mapping shows that, depending on cost structure, flexibility measures contribute to reduce the net load in three different ways; 1) by reducing variations of long duration but low amplitude, 2) by reducing variations of high amplitude but short duration and low occurrence or 3) by reducing variations of high amplitude, short duration and high occurrence. It is found that cost-efficient variation management is achieved by combining wind and solar power and by combining strategies (1-3) to manage variations. The cost-efficient combination of strategies de-pends on electricity system context where electricity trade, flexible hydrogen and heat production (1) manage the majority of variations in regions with good conditions for wind power while sta-tionary batteries (3) are the main contributors in regions with good conditions for solar power.

With the year 2020, the world faced a new threat that affects all areas of life, negatively affects production in all areas, and paralyzes social life. The measures and restrictions taken by the country's governments to prevent the epidemic from spreading rapidly in the society with the effect of the Covid-19 virus, which first appeared in China and spread all over the world, brought a new lifestyle. Covid-19 has been much the impact on electricity use and electricity production in the period in Turkey as in other countries. There was a sharp decline in commercial and industrial electricity use. The coronavirus effect has also been reflected in the electricity demand and the consumption amount has undergone a great negative change. Due to the enactment of measures against the new type of coronavirus (COVID-19) epidemic and the partial or full-time curfews, electricity consumption was moved to homes, supermarkets, and hospitals in April 2020 from places where mass consumption is intense, such as industry, workplaces, and educational institutions. In this study, Covid-19 period, the first cases were examined electricity production and consumption in Turkey as of the date it is seen throughout, in comparison with electricity consumption data in the same month of the previous years corresponding to this period, the effects on electricity generation and consumption habits of this period were examined.

Many research work has demonstrated that taken the Combined Cooling Heating and Power system (CCHP) as the core equipment, the integrated energy system (IES) can bring obvious benefit to energy efficiency, CO2 emission reduction and operation economy in urban areas. Compared with isolated IES, integrated energy micro-grid (IEMG) which is formed by connecting multiple regions IES together, through distribution and thermal network, can further improve the reliability, flexibility, cleanliness and economy of regional energy supply. Based on the existing IES model, this paper describes the basic structure of IEMG and built a IEMG planning model. The planning based on the mixed integer linear programming, and economically construction planning scheme are calculated by using known electricity, heating and cooling loads information and the given multiple equipment selection schemes. At last, the model is validated by a case study. The results show that the application of IEMG can effectively improve the economy of regional energy supply.

The European Power Exchange has introduced day-ahead auctions and continuous trading spot markets to facilitate the insertion of renewable electricity. These markets are designed to balance excess or lack of power in short time periods, which leads to a large stochastic variability of the electricity prices. Furthermore, the different markets show different stochastic memory in their electricity price time series, which seem to be the cause for the large volatility. In particular, we show the antithetical temporal correlation in the intraday 15 minutes spot markets in comparison to the day-ahead hourly market. We contrast the results from Detrended Fluctuation Analysis (DFA) to a new method based on the Kramers–Moyal equation in scale. For very short term (< 12 hours), all price time series show positive temporal correlations (Hurst exponent H > 0.5) except for the intraday 15 minute market, which shows strong negative correlations (H < 0.5). For longer term periods covering up to two days, all price time series are anti-correlated (H < 0.5).

In power systems, flow allocation (FA) methods allow to allocate usage and costs of the transmission grid to each single market participant. Based on predefined assumptions, the power flow is split into isolated generator specific or producer specific sub-flows. Two prominent FA methods, Marginal Participation (MP) and Equivalent Bilateral Exchanges (EBE), build upon the linearized power flow and thus on the Power Transfer Distribution Factors (PTDF). Despite their intuitive and computationally efficient concept, they are restricted to networks with \emph{passive} transmission elements only. As soon as a significant number of \emph{controllable} transmission elements, such as High-voltage direct current (HVDC) lines, operate in the system, they loose their applicability. This work reformulates the two methods in terms of Virtual Injection Patters (VIP) which allows to efficiently introduce a shift parameter $q$, tuning contributions of net sources and net sinks in the network. Major properties and differences of the methods are pointed out. Finally, it is shown how the MA and EBE algorithm can be applied to generic meshed AC-DC electricity grids: Introducing a \emph{pseudo-impedance} which reflects the operational state of controllable elements, allows to extend the PTDF matrix under the assumption of knowing the current system's flow. Basic properties from graph theory are used for solving the pseudo-impedance dependent on the position in the network. This directly enables \emph{e.g.} HVDC lines to be considered in the MP and EBE algorithm. The extended methods are applied to a low-carbon European network model (PyPSA-EUR) with a spatial resolution of N=181 and an 18\% transmission expansion. The allocations of VIP and MP, show that countries with high wind potentials profit most from the transmission grid expansion. Based on the average usage of transmission system expansion a method of distributing operational and capital expenditures is proposed. Further it is shown, how injections from renewable resources strongly drive country-to-country allocations and thus cross-border electricity flows.

Peer-to-peer (P2P) energy trading is a new data-driven business model currently being trialed within the energy sector. Introducing P2P transactions to an essential service such as energy could have far-reaching implications for individuals and the grid. This paper raises considerations and questions from social, economic/markets and regulatory points of view, that should be understood and addressed by societies and policymakers. It does this by considering under what circumstances it is reasonable to conceptualize P2P energy trading as part of the sharing economy, and drawing parallels to the sharing economy experience in other sectors. In order to reap the full societal benefits, while avoiding considerable risks to infrastructure and individuals, a policy approach promoting dialogue and innovation is necessary. We suggest the regulatory sandbox is the most appropriate tool to achieve this and would help avoid the breakdown of trust between policymakers and platform companies observed in other sectors.

This paper employs the two-step procedure developed by Cheung and Ng (1996) to analyze the causality-in-mean and causality-in-variance between the housing and stock markets of the UK. The empirical findings make two key contributions. First, although previous studies have indicated a one-way causal relation from the housing market to the stock market in the UK, this paper discovered a two-way causal relation between them. Second, a causality-in-variance as well as a causality-in-mean was detected from the housing market to the stock market.

The cattle sector is strategic sector for both the economic development and food security of Africa. However, the low availability and quality of forage puts the most vulnerable population in the field at risk. Hybrid forages have proven to be a real alternative for enhancing both the food security and sustainability of the sector. They are the product of genetic improvements and combine the superior traits of different materials. In 1987, the International Center for Tropical Agriculture (CIAT) began this line of research and together with the private sector various ma-terials have been released until today. Despite their beforementioned potential, forage hybrid adoption levels are still low in Africa, which is related to various factors among which the availability of seeds and planting material stands out. This document analyzes the potential markets for new forage hybrids adapted to the environmental conditions of eastern Africa and partially western Africa. Likewise, an estimation of the commercial value of these markets is provided. The results show a potential market of 414,388 ha for new interspecific hybrids of Urochloa and 528,409 ha for potential hybrids of Megathyrsus maximus, with approximate values of 73.5 and 101.1 million dollars, respectively. Ethiopia, Tanzania, and Kenya have a 70% market share for Urochloa, while South Sudan, Ethiopia, and Tanzania have a 67% share for Megathyrsus maximus. The results will help different actors in decision-making, i.e., regarding private sector investments in forage seed commercialization or public sector incentives supporting adoption processes, and thus contribute to increasing food security and sustainability in the region.

Markets from Maputo City have been reported to have poorly hygienic premises and sellers unaware of the safest food handling practices. This study aimed to analyze associations between some lettuce (Lactuca sativa) handling features and the levels of total, fecal coliforms and Escherichia coli. Cabbage was purchased in the 3 markets. Just before the acquisition, the researchers recorded the source of water used to wash it, if they were sold in booths or on the floor, if they were sold mixed with other products, and if the sellers were wearing gloves. The cabbage heads (42) were analyzed through the technique of multiple tubes to estimate the most probable number. Average levels were 14.43 MPN/g for total coliforms, 13.9 MPN/g for fecal coliforms and 12.02 MPN/g for E. coli. The highest levels of contamination seemed associated with the use of well water, the food sold on the floor, the lettuce sold together with other products and the lack of gloves. The mixture of products only showed a major impact on the level of E. coli (p < 0.001). Yet, all levels were within the satisfactory range, according to the guidelines from The International Commission on Microbiological Specifications for Foods (ICMSF).

We introduce tools to capture the dynamics of three different pathways, in which the synchronization of human decision making could lead to turbulent periods and contagion phenomena in financial markets. The first pathway is caused when stock market indices, seen as a set of coupled integrate-and-fire oscillators, synchronize in frequency. The integrate-and-fire dynamics happens due to "change blindness", a trait in human decision making where people have the tendency to ignore small changes, but take action when a large change happens. The second pathway happens due to feedback mechanisms between market performance and the use of certain (decoupled) trading strategies. The third pathway occurs through the effects of communication and its impact on human decision making. A model is introduced in which financial market performance has an impact on decision making through communication between people. Conversely, the sentiment created via communication has an impact on financial market performance.

The IPCC’s sixth assessment report projects 15% to 43% (44 EJ/y – 310 EJ/y) of global primary energy to be generated by biomass in 2050 across multiple GHG mitigation scenarios. That report also emphasises the importance of electrification to meet GHG reduction targets. With increased reliance on electric power, and increased appeal to biomass, bioenergy for electricity is expected to play a major role in future energy markets. What makes the bioenergy solution more attractive is its reported reasonable Energy Return on Investment (EROI). However, generation at large scale is projected to be greatly dependent on crops and plantations. This shifts the GHG emissions concern to be concerns over land use and other emissions integrated in the bioenergy lifecycle. It is therefore vital to know whether the potential of electricity generation from biomass outweighs environmental impact of bioenergy. This paper evaluates the potential of biomass electricity mainly generated from short rotation woody crops combustion in generating green energy. This is done using the “Green EROI (EROIg)” quantification methodology, which indicates the net energy generated to society after investing in ecosystem maintenance energy (ESME). ESME is a non-monetary weighting mechanism of an entity’s different lifecycle environmental impacts. This study found that the EROIg of bioelectricity is marginally larger than unity when converted to its primary equivalent form (EROIg-PE) which indicates that the technology is somewhat energetically viable if its production was to be green. Three design options were proposed to improve bioenergy’s EROIg performance, these include adding 20% waste wood in the combustion mix, staggered harvesting and plantation to achieve annual harvest and pelletizing wood. This approach appeared to improve the EROIg especially for pelletizing, due to its simultaneous reduction in storage and transport costs, making the production energetically and environmentally viable even at a 1 : 1 secondary : primary ratio with an EROIg of 1.11 and an EROIg-PE of 3.17. We conclude with the discussion of the multiple indirect advantages of growing crops that can be used for energy generation, and a discussion on how this technique can be used alongside others to help them generate cleaner energy while facing the current global climate, biodiversity and waste issues.

This literature review explores the relationship between energy markets development, environmental concerns, and geopolitics. By presenting a range of sources, we delve into essential themes like carbon emissions, the impact of energy markets deregulation on energy prices, trust in energy-related exchange-traded funds, the correlation between greenhouse gas emissions and global temperature anomalies, and how renewables regulations affect CO2 emissions. We also discuss relevant research on the impact of social and governance (ESG) considerations on financial performance. The geopolitical aspect is thoroughly presented under the energy framework. Topics, such as energy transitions in the Eastern Mediterranean and MENA regions and maritime oil piracy, are discussed. This review highlights the interdependent nature of these subjects and stresses the need for their interdisciplinary examination.

Pearl millet is an important food crop in the arid and semi-arid tropical regions of Africa and Asia. These regions are home to millions of poor smallholder’s households living in harsh agro ecology and reported higher prevalence of malnutrition. Such poor households have few options in terms of food crops, besides the limited markets. Indeed, pearl millet is one of the food crops they continue to grow for their food and nutritional security. Pearl millet is important sources of dietary carbohydrates, energy, protein, and important minerals such as calcium, iron and zinc. Considering inherent high nutritional values and climate resilient nature (drought and heat), demand for pearl millet as food, beside valued for its Stover as a source of livestock fodder, is projected to grow strongly in Asia (India) and Africa (West and Central Africa). Iron (cause anemia) and zinc (cause stunting) deficiencies are widespread and serious public health problems worldwide, including India and Africa. Biofortification is a cost-effective and sustainable agricultural strategy to address this problem. Research on pearl millet has shown that large genetic variability (30-140 mg/kg Fe and 20-90 mg/kg Zn) available in this crop can be effectively utilized to develop high-yielding cultivars with high iron and zinc densities. Both Open –pollinated varieties (Dhanshakti and Chakti) and hybrids (ICMH 1202, ICMH 1203 and ICMH 1301) of pearl millet with high grain yield (>3.5 tons/ha in hybrids) and high levels of iron (70-75 mg/kg) and zinc (35-40 mg/kg) densities have been developed and released. Currently, India growing >70,000 ha of biofortified pearl millet, besides more pipeline hybrids and varieties are under various stage of testing at the national (India) and international (west Africa) trials for possible release. Genomic tools will be an integral part of breeding program particularly for nutritional traits to use diagnostic markers and genomic selection. Clinical studies showed that 200g grains from biofortified cultivar would provide bioavailable Fe to meet full recommended daily allowance (RDA) in children, adult men and 80% of the RDA in women. Till today, no markets to promote biofortified cultivars/grains/products as no incentive price and such products aims to address food and nutritional security challenges simultaneously. The demand is likely to increase only after investment and integration into modern public distribution system, nutritional intervention schemes, private seed and food companies with strong mainstreaming nutritional policies. In the non-traditional regions, this will contribute to livestock and poultry feed industry as spill-over benefits to improve nutrition.

The past few decades have been characterized by a growing body of profit-seeking public service areas with the understanding that profit-seeking organizations will deliver public services more efficiently than government can. These sectors include, but are not limited to, health care, corrections and education. Governments have created quasi markets to attract private providers of services in these sectors, with varying results. Organizational economics has provided the primary explanation for quasi markets, but questions about the sought-for efficiencies actually realized through these markets persist. We integrate resource dependence theory and organizational economics to provide a more comprehensive explanation of the persistence of quasi markets.

Our paper deals with an advanced statistical tool for the volatility prediction problem in financial (crypto) markets. Firstly, we consider the conventional GARCH involved volatility models. We next extend the corresponding GARCH based forecasting and calculate a specific probability associated with the predicted volatility levels. Since the probability evaluation is based on a stochastic model, we next develop an additional data-driven estimation of this probability. The proposed advanced statistical estimation uses real (historical) market data. The obtained theoretic results for the statistical probability of levels are also discussed in the framework of the integrated volatility concept. A possible application of the established probability estimation to the volatility clustering problem is also mentioned. Our paper includes a concrete practical implementation of the resulting (combined) volatility prediction tool and considers a novel module for trading and volatility estimation in crypto markets recently developed by 1ex Trading Board group in collaboration with the GoldenGate Venture. Moreover, we discuss shortly a possible using of the proposed model based and data-driven volatility prediction methodology in the financial risk management.

Hybrid Classical-Quantum computing has already arrived at several commercial quantum computers, offered to researchers and businesses. Here, applications are made to a model of financial options, Statistical Mechanics of Financial Markets (SMFM). These applications were published in many papers since the 1980's. This project only uses Classical (super-)computers to include quantum features of these models. Since 1989, an optimization code, Adaptive Simulated Annealing (ASA), has been to fit parameters in such models. Since 2015, a path-integral algorithm, PATHINT, used previously to accurately describe several systems in several disciplines, has been generalized from 1 dimension to N dimensions, and from classical to quantum systems, qPATHINT. Published papers have described the use of qPATHINT to neocortical interactions and financial options. The classical space by SMFM applies nonlinear nonequilibrium multivariate statistical mechanics to fit parameters in conditional short-time probability distributions, while the quantum space described by qPATHINT deals specifically with quantum systems, e.g., quantum money. This project thereby demonstrates how some hybrid classical-quantum systems may be calculated quite well using only classical (super-)computers.

The paper deals with the problem of choosing the best O&M strategy for wind power plants. Current maintenance theory considers just production opportunities and minimizes the maintenance costs, but with the liberalization of the electricity market also the electricity price has become an important variable to take into account in the O&M scheduling. Another important variables that is often neglected by the existing maintenance theory is the weather condition. This paper proposes a new strategy that takes into account the electricity price and weather conditions, improves the expected profit of the systems, and reduce the overall maintenance and logistic costs. The maintenance schedule is formalized as an optimization problem where the discounted cumulative profit of a wind generation portfolio in a fixed-time horizon (e.g. two years ahead), subject to the technologically-derived maintenance time constraints is optimized. Both the theoretical and computational aspects of the proposed O&M strategy are discussed. Results show that taking into account market and weather opportunities in the design of the maintenance strategy, it is possible to achieve a more complete scheduling for a given set of wind power plants.

This paper investigates the dynamic tail dependence risk between BRICS economies and world energy market in the context of the COVID-19 financial crisis of 2020, to determine optimal investment decisions based on risk metrics. For this purpose, the study employs a combination of novel statistical techniques ranging from Markov Switching, GARCH and Vine copula. Using a dataset consisting of daily stock and world crude oil prices; we find high probability of transition between lower and higher volatility regimes. Furthermore, our results based on the C-Vine copula confirm the existence of two types of tail dependence: - symmetric tail dependence between South Africa and China; South Africa and Russia; and lower tail dependence between South Africa and India; South Africa and Brazil; South Africa and Oil. For the purpose of diversification in these markets, we formulate an asset allocation problem using C-vine copula-based returns and optimize it using Particle Swarm algorithm with a rebalancing strategy. The results show an inverse relationship between the risk contribution and asset allocation of South Africa and oil market supporting the existence of lower tail dependence between them. This suggests that when South African stocks are in distress, investors tend to shift their holdings in oil market. Similar results are found between China and oil. In the upper tail, South African asset allocation is found to have an inverse relationship with that of Brazil, Russia and India suggesting that these three markets might be good investment destinations when things are not good in South Africa and vice-versa.

This paper examines the dynamic dependence structure of crude oil and East Asian stock markets at multiple frequencies using wavelet and copulas. We also investigate risk management implications and diversification benefits of oil-stock portfolios by calculating and comparing risk and tail risk hedging performance. Our results provide strong evidence of time-varying dependence and asymmetric tail dependence between crude oil and East Asian stock markets at different frequencies. The level and fluctuation of their dependencies increase as time scale increases. Furthermore, we find the time-varying hedging benefits differ at investment horizons and reduced over the long run.

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), 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” are useful for constructing both Financial ETF futures and Energy ETF futures. The purpose of the paper is to investigate the co-volatility 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 are also subdivided into three distinct subsets. 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.

Large office buildings are responsible for a substantial portion of energy consumption in urban districts. However, thorough assessments regarding the Nordic countries are still lacking. In this paper we analyse the largest dataset to date for a Nordic office building, by considering a case study located in Stockholm, Sweden, that is occupied by nearly a thousand employees.Distinguishing the lighting and occupants’ appliances energy use from heating and cooling, we can estimate the impact of occupancy without any schedule data. A standard frequentist analysis is compared with Bayesian inference, and the according regression formulas are listed in tables that are easy to implement into building performance simulations (BPS). Monthly as well as seasonal correlations are addressed, showing the critical importance of occupancy.A simple method, grounded on the power drain measurements aimed at generating boundary conditions for the BPS, is also introduced; it shows how, for this type of data and number of occupants, no more complexities are needed in order to obtain reliable predictions. For an average year, we overestimate the measured cumulative consumption by only 4.7%. The model can be easily generalised to a variety of datasets.

In response to ever-increasing concerns regarding ecological degradation and societal impact, numerous stakeholders such as non-governmental organisations, government officials, end-users, the mass media, and community activists have compelled business organizations, particularly multi-national companies to lessen harmful greenhouse gases emissions associated with their production activities. Energy sector is one of the biggest harmful greenhouse gases emission producer, hence, decision-makers within the energy sector are forced to promote and build environmental friendly and sustainable power generation plants. To this end, the concept of sustainability in the electricity sector has attracted so much attention from academics and industrial practitioners over the last three decades. Albeit, an important number of sustainability assessment frameworks for electricity generating technologies are found in the current literatures, three major drawbacks have emerged from those frameworks. Firstly, there is a lack of a holistic and comprehensive sustainability assessment framework for different power generation plants. Secondly, from economic aspect, the most used model (Levelised Cost of Electricity) to measure the cost performance of various electricity generating technologies is biased and is not inclusive enough, because, it only considers the capital, Operations and Maintenance, and fuel costs. Hence, snubbing crucial elements to business decision. Lastly, in the current literature, there is no a single sustainability assessment model that considers all the phases of electrical energy’s lifecycle. Considering these flaws, the novelty of this study is the development of a new, holistic theoretical sustainability assessment framework for power generation plants. The developed theoretical model includes 19 impact categories, 52 potential indictors, and 10 end points environmental, economic, and social aspects.

This paper proposes a game-theoretic framework for quantifying effects of strategic bidding behavior of load aggregators (LAs) on wholesale electricity market equilibrium. The independent system operator (ISO) employs double-sided auction design to settle transactions in the wholesale electricity market. Generating companies (GENCOs) and LAs submit their bids to the ISO in the economic model of supply function equilibrium. Under the smart grid paradigm, a LA participates in the electricity market on behalf of end-consumers to minimize their total payment for purchasing electricity. In this paper, bi-level programming (BLP) method is employed to determine optimal bidding strategy of self-interested market participants. In the upper level, the profit of intended market participant is maximized and in the lower level, the ISO clears the market via a bid-based security constrained economic dispatch (SCED). Also, competition of GENCOs and LAs is modeled as a non-cooperative game. To examine the effects of strategic bidding behavior of LAs on market equilibrium, the proposed model is applied to the IEEE 9-bus and the IEEE 30-bus test systems. According to numerical results, to allow the LAs to behave strategically along with the GENCOs makes the former better off and the latter worse off, while the net effect of this on total social welfare turns out to be case-contingent.

Predicting electricity prices is a very important issue in modern society, because the associated decision process under uncertainty requires accurate forecasts for the economic agents involved. In this paper, we apply the decision tree extension of Random Forests to the prediction of electricity prices in Spain, but with the novelty of modeling prices jointly with demand, with the purpose of achieving greater accuracy than with univariate response Random Forests, particularly in price prediction, as well as understanding the effect of the input variables (lagged values of price and demand, current production levels of available energy sources) on the joint of the two outputs. The results are very encouraging, providing significant increase in price prediction accuracy. Also, interesting methodological challenges appear as far as the appropriate choice of the relative weights of price and demand in the joint modeling is concerned and a new procedure to provide the importance variable ranking is proposed. The partykit (package of R software) library allowing for multivariate Random Forests has been used.

We analyze the upside and downside risk connectedness among international stock markets. We characterize the connectedness among international stock returns using the Diebold and Yilmaz spillover index approach and compute the upside and downside value-at-risk. We document that the connectedness level of the downside risk is higher than that of the upside risk and that stock markets are more sensitive when the stock market declines. We also find that specific periods (e.g., the global financial crisis, the European debt crisis, and the COVID-19 turmoil) intensify the spillover effects across international stock markets. Our results demonstrate that the EU, Ger-many, and the US acted as net transmitters of dynamic connectedness; however, Japan (JP), China (CH), and India (IN) acted as net receivers of dynamic connectedness during the sample period. These findings provide significant new information to policymakers and market participants.

We study in this paper the time evolution of stock markets using a statistical physics approach. We consider an ensemble of agents who sell or buy a good according to several factors acting on them: the majority of the neighbors, the market ambiance, the variation of the price and some specific measure applied at a given time. Each agent is represented by a spin having a number of discrete states q or continuous states, describing the tendency of the agent for buying or selling. The market ambiance is represented by a parameter T which plays the role of the temperature in physics: low T corresponds to a calm market, high T to a turbulent one. We show that there is a critical value of T, say T_c, where strong fluctuations between individual states lead to a disordered situation in which there is no majority: the numbers of sellers and buyers are equal, namely the market clearing. The specific measure, by the government or by economic organisms, is parameterized by $H$ applied on the market at the time t₁ and removed at the time t₂. We have used Monte Carlo simulations to study the time evolution of the price as functions of those parameters. In particular we show that the price strongly fluctuates near T_c and there exists a critical value H_c above which the boosting effect remains after H is removed. Our model replicates the stylized facts in finance (time-independent price variation), volatility clustering (time-dependent dynamics) and persistent effect of a temporary shock. The second party of the paper deals with the price variation using a time-dependent mean-field theory. By supposing that the sellers and the buyers belong to two distinct communities with their characteristics different in both intra-group and inter-group interactions, we find the price oscillation with time. Results are shown and discussed.

We examine the use of deep learning (neural networks) to predict the movement of the S&P 500 Index using past returns of all the stocks in the index. Our analysis finds that the future direction of the S&P 500 index can be weakly predicted by the prior movements of the underlying stocks in the index. Decomposition of the prediction error indicates that most of the lack of predictability comes from randomness and only a little from nonstationarity. We believe this is the first test of S&P500 market efficiency that uses a very large information set, and it extends the domain of weak-form market efficiency tests.

The energy transition is a challenge that affects all sectors, from transport to civil structures and industry. In the industrial sector, the greatest need is the decarbonisation of energy-intensive in-dustries, such as producers of iron and steel, aluminum, cement, petrochemicals, paper, and more. The steel industry, in particular, is a hard-to-abate high-emissivity industry that, due to chemical processes and high thermal demands (often above 500 °C), contributed to 7.4% of global CO2 emissions in 2021. This paper explores the potential applications of hydrogen in these hard-to-abate sectors, highlighting its versatility and significance in decarbonization efforts, especially as a me-dium to facilitate the transition to green electric energy uses. It provides an overview of hydrogen production methods, emphasizing the importance of sustainable and green hydrogen production. It reviews hydrogen production methods, storage, and potential in blended combustion. In the final part of the article, some considerations are introduced on the possible role of hydrogen in the steel sector (both as a supplementary fuel and as a reducing agent in innovative processes), showing that while there is potential for its inclusion as an element for decarbonization, it is necessary to carefully evaluate the energy balances of the various processes and the methods of hydrogen production, in order to avoid achieving only marginal effects.

This review delves into the critical role of automation and sensor technologies in optimizing parameters for thermal treatments within electricity power generation. The demand for efficient and sustainable power generation has led to a significant reliance on thermal treatments in power plants. However, ensuring precise control over these treatments remains challenging, necessitating the integration of advanced automation and sensor systems. This paper evaluates the pivotal aspects of automation, emphasizing its capacity to streamline operations, enhance safety, and optimize energy efficiency in thermal treatment processes. Additionally, it highlights the indispensable role of sensors in monitoring and regulating crucial parameters such as temperature, pressure, and flow rates. These sensors enable real-time data acquisition, facilitating immediate adjustments to maintain optimal operating conditions and prevent system failures. It explores the recent technological advancements, including machine learning algorithms and IoT integration, which have revolutionized automation and sensor capabilities in thermal treatment control. Incorporating these innovations has significantly improved the precision and adaptability of control systems, resulting in heightened performance and reduced environmental impact. This review underscores the imperative nature of automation and sensor technologies in thermal treatments for electricity power generation, emphasizing their pivotal role in enhancing operational efficiency, ensuring reliability, and advancing sustainability in power generation processes.

The Semiconductor and Liquid Assisted Photothermal Effect (SLAPE)” concept was employed for the first time in this study to generate electricity from sunlight. In SLAPE process, a semiconducting material is immersed completely in a stable organic solvent to capture the complete sunlight reaching the earth surface and to turn it into the heat-energy that can be eventually converted into electricity by using Organic Rankine Cycle (ORC) with the help of a heat engine and electric generator. In this investigation, the SLAPE solar panels were fabricated with two top and bottom chambers separated by thin thermally conducting metal sheet (Cu or Al). Multi-crystalline silicon photovoltaic cells (SPVCs) in conjunction with -butyrolactone were employed to capture the sunlight, and a low-boiling point dichloromethane (DCM) solvent was employed as a working fluid to capture the in situ generated heat energy from sunlight. Upon exposure to the natural sunlight, the 21 numbers of SPVCs together with about 2 litres -butyrolactone containing one square meter area SLAPE solar panel has generated about 17 V when integrated with a laboratory model reciprocally moved steam engine and a custom-made electric generator, whereas, a commercial SPVC solar panel with 21 number SPVCs generate a maximum voltage of 11 V. The theoretical background governing the SLAPE solar panels, the necessity for their invention and the proof of concept of SLAPE solar panels have been thoroughly presented and discussed and established in this article.

This paper proposes a method based on genetic algorithm (GA) for the security-constrained optimal dispatch of integrated natural gas and electricity networks, considering operating scenarios in both energy systems. The mathematical formulation of the optimization problem consists of a multi-objective function which aims to minimize both cost of thermal generation (diesel and natural gas) as well as the production and transportation of natural gas. The joint gas-electricity system is modeled by two separate groups of nonlinear equation, which are solved by the combination of Newton's method with the GA. The applicability of the proposed method is tested in the Belgian gas network integrated with the IEEE 14-bus test system and a 15-node natural gas network integrated with the IEEE 118-bus test system. The results demonstrate that the proposed method provides efficient and secure solutions for different operating scenarios in both energy systems.

This study aimed to assess the microbiological quality of set of fruits and vegetables sold on stalls in the streets and open markets of Dakar, the capital city of Senegal. Samples purchased in seven sites were analyzed to isolate E. coli, Salmonella spp. and Vibrio spp. Some primary samples with a positive microbiological culture were subjected to DNA extraction and subsequent metagenomic analysis. A total of 240 fresh fruit and vegetable samples were collected including lettuce (n=40), tomatoes (n=40), mango slices (n=40), onion slices (n=40), mint leaves (n=40), strawberries and grapes (respectively n=20). Of these samples, 50.83% (122/240) and 60.41% (145/240) was contaminated with Escherichia coli and Vibrio spp. respectively, while Salmonella was not isolated in any product. Levels of contamination with both E. coli (1.3 103 to 6 106 CFU/g) and Vibrio spp. (4.55 102 to 8.73 106 CFU/g) were significantly above the thresholds acceptable for human consumption. The most contaminated samples were lettuce with a prevalence of 98% (39/40) for E. coli and for Vibrio spp. followed by mint leaves with 100% (40/40) and 93% (37/40) of the samples containing for E. coli and Vibrio spp. respectively. Out of 46 samples sequenced, metagenomic analysis revealed high contamination rates for E. coli, Vibrio spp. and Salmonella spp. with 100%, 67.39% and 93.47% of prevalence respectively. On the other hand, the alpha diversity analysis shows a high bacterial diversity in lettuce and mint leaf samples while beta diversity analysis highlighted the presence of two major clusters. Our results stress the need of a surveillance system that extends this investigation to a national scale while increasing the number of sampling sites and products analyzed.

Uncertain price movement in staple food commodities puts agrarian economies at risk if not monitored and managed consistently. Hence, an attempt has been made to analyze the price behavior and integration across major wholesale and retail markets for rice and wheat in India. Monthly data (July 2000 to June 2022) on prices viz., wholesale and retail were sourced from the Food and Agriculture Organization and analyzed using growth rate, instability index, seasonal price index, Johansen’s test on cointegration, Granger causality test, and impulse response function. Findings indicated strong evidence of price dynamics in the selected markets in terms of spatial and temporal variation, clear-cut seasonality linking to production, and price divergence between wholesale and retail markets. Johansen’s test indicated a strong integration between wholesale and retail markets exhibiting unidirectional-, bidirectional- and no-causality. Impulse response analysis revealed that the selected wheat and rice markets are efficient in terms of ‘price discovery’ which takes place initially in the wholesale market, and then transmitted to the retail market. The study advocates decision-making information to the producers, traders, and consumers who have a potential interest in getting advantage of the price movement. It is concluded that strengthening market intelligence and reducing the distortion in markets will improve the existing overall performance.

Socially Responsible Investments, also referred to as ethical or sustainable investments, have experienced rapid global growth in recent years. They represent an investment approach that incorporates social, environmental, and ethical considerations into decision-making processes. Consequently, the significance of SRIs has captured the attention of academics, prompting inquiries into the impact of integrating social criteria on portfolio performance. The primary objective of this work was to conduct a comparative study of the performance between socially responsible and non-socially responsible investment funds, using funds domiciled in Portugal and Spain. Various multi-factor models, including the three-factor model of Fama and French (1992), the four-factor model of Carhart (1997), and the five-factor model of Fama and French (2015), were employed to assess performance. The sample comprised 125 investment funds, with 43 identified as socially responsible and 82 as non-socially responsible. The study's findings indicate that there are no significant differences between socially responsible funds and their conventional counterparts. The majority of funds experience performance alterations during periods of crisis compared to crisis-free periods. Additionally, when comparing non-conditional models with conditional models, an improvement in the explanatory power of the latter is observed. This suggests that the inclusion of the dummy variable enhances the quality of fit for the models.

Finnish government's carbon neutrality goal by 2035 requires integration of renewable energy sources into the power grid. Considering the stochasticity of these resources, additional sources of flexibility are necessary to balance supply and demand in the power grid. District heating network (DHN) operators in Finland plan to shut down fossil-fuel-based combined heat and power plants and electrify heating systems by deploying heat pumps (HPs) and electric boilers. Techno-economic analysis and optimal operation of DHN-connected HPs and electric boilers in providing ancillary balancing services considering the 15-minute granularity in the balancing markets in Finland were investigated. The objective was to maximize the potential revenue for DHN operators gained from the day-ahead electricity market and frequency containment reserve (FCR) balancing markets. Three inter-connected DHNs in the Helsinki metropolitan area were optimized considering the reference year 2019 and each operator's decarbonization strategies for 2025. HPs could gain the highest profit from FCR-D up-regulation market, while the electric boiler may gain considerable profits from FCR-D down-regulation market. Compared to other balancing markets studied, the FCR-N market had a limited profit margin. Sensitivity analysis indicated that spot electricity prices and CO2 emission allowance prices have a significant impact on the profit from balancing markets.

We have implemented quantum modeling mainly based on Bohmian Mechanics to study time series that contain strong coupling between their events. Compared to time series with normal densities, such time series are associated with rare events. Hence, employing Gaussian statistics drastically underestimates the occurrence of their rare events. The central objective of this study is to investigate the effects of rare events in the probability densities of time series from the point of view of quantum measurements. For this purpose, we first model the non-Gaussian behavior of time series using the multifractal random walk (MRW) approach. Then, we examine the role of the key parameter of MRW, λ, which controls the degree of non-Gaussianity, in quantum potentials derived for time series. Our Bohmian quantum analysis shows that the derived potential takes some negative values in high frequencies (its mean values), then substantially increases, and the value drops again for rare events. Thus, rare events can generate a potential barrier in the high-frequency region of the quantum potential, and the effect of such a barrier becomes prominent when the system transverses it. Finally, as an example of applying quantum potential beyond the microscopic world, we compute quantum potentials for the S&amp;P financial market time series to verify the presence of rare events in the non-Gaussian densities and demonstrate deviation from the Gaussian case.

COVID-19, a global health crisis, occurred unexpectedly and has led to global transformation over all countries in the world today. While COVID-19 had claimed lives and led to an economic crisis, the impacts on the financial market cannot be overemphasized. Considering the previous financial crisis, which occurred due to poor regulations and unchecked misconduct by financial market stakeholders, COVID-19 is the first to mention an indirect crisis that almost has no direct relationship to the financial system. Thus, this paper explores the impacts of COVID-19 from a stochastic approach on Local markets by applying the GARCH model to measure the level of volatility of two (2) US stock indexes (NASDAQ and NYSE) and a Europe index (EURONEXT). Our results show that volatility existed before COVID-19, but the volatility rate increased after COVID-19, possibly due to the COVID-19 shock. We also explore the Markov-Switching Dynamic Regression (MSDR) model to corroborate our findings. We validated that there is a very high persistent volatility for all the considered local markets at the early stage COVID-19 period.

In an era marked by digitization and automation, extracting relevant information from business documents, like electricity invoices, remains a major challenge. To address this, we need to use machine-learning techniques to automate the process, reduce manual labor, and minimize errors. This work introduces a new method for extracting key values from this type of invoice, including customer personal data, bill breakdown, electricity consumption, or marketer data. We evaluate several machine learning techniques, such as Naive Bayes, Logistic Regression, Random Forests, or Support Vector Machines. Our approach uses a bag-of-words strategy and custom-designed features specifically tailored for electricity data. We tested the method on the IDSEM dataset, which includes 75.000 electricity invoices with eighty-six different fields. The method converts PDF invoices into text and processes each word separately using a context of eleven words. The results of our experiments indicate that Support Vector Machines and Random Forests perform exceptionally well in capturing numerous values with high precision. The study also explores the advantages of our custom features and evaluates the performance of the model on unseen documents. The precision obtained with Support Vector Machines is 91,86%, peaking at 98,47% for one document template. These results demonstrate the effectiveness of our method in accurately extracting key values from invoices.

Load shifting is one of the demand side management (DSM) strategies to support the efficiency in the electricity grid during the peak hours demand. Load shifting at the appliance level is interesting to review since the appliance usage is one of the main inputs in the load profile analysis. More review studies in load shifting at the appliance level are required as it is a specific issue of load profile research body, and still limited studies are available at this moment. It is also essential to focus on the appliance usage patterns to better understand the impacts and characteristics of the individual appliance. The existing studies in load shifting have applied common structured literature reviews, and our study addresses the transparency of each stage and sub-stage of the selection of the final list studies. The finding shows that efficiency has been achieved in the installed capacity reduction, cost including emission reductions, and peak consumption reduction. The most applied method in the load shifting at the appliance level is by developing the load shifting optimisation algorithms. This work contributes to provide a transparent process of applying a systematicity literature review, where it becomes a source of knowledge and grounded theory. It contributes to a limited and specific research of load shifting at the appliance level by highlighting and discussing the key findings for the readers. In specific, it contributes to improve energy efficiency by presenting the load shifting methods at the appliance level and identifying the controllable and uncontrollable appliances. This detail review study at the appliance level can make valuable contributions to support decision and policy-making by illuminating new dynamic system in load shifting area in specific, and demand side management in general for energy efficiency.

The overexploitation of fossil fuels and their negative environmental impact has attracted the attention of researchers worldwide to propose alternatives to produce bioenergy. Microbial fuel cells (MFCs) systems are sustainable biotechnologies that use bacterial activity to break down organic matter while generating bioelectricity. MFCs have bioelectricity from domestic wastewater (DWW), municipal wastewater (MWW), and potato and fruit waste, reducing environmental contamination and decreasing energy consumption and treatment cost. This review focuses on the recent advancements regarding the designs and configurations, the operation mode of MFCs, and their capacity to produce bioelectricity (e.g., 2203 mW/m2) and fuels (i.e., H2: 438.7 mL/g and CH4: 358.7 mL/g, respectively). Besides, this review highlights practical applications, challenges, techno-economic, and life cycle assessments (LCA) of MFCs. Despite MFC's promising biotechnology, great efforts should be made to implement it in real-time and commercialization.

The main objective of this article is to explore the causes of household electricity poverty in Spain from an innovative perspective. Based on evidence of energy inequality across households with different income levels, a quantile regression approach was used to better capture the heterogeneity of determinants of energy poverty across different levels of electricity expenditure. The results illustrate some interesting and counter-intuitive findings about the relationship between household income and electricity poverty, and the technical efficiency of quantile regression compared to the imprecise results of a standard single coefficient/OLS approach.

The deepening of electricity reform results in increasingly frequent auctions and the surge of generators, it becomes difficult to analyze generators’ behaviors. Since it’s hard to find analytical market equilibriums, approximate equilibriums were obtained instead in previous studies by market simulations, which are strict to initial estimations and simulation results are chaotic in some cases. In this paper, a multi-unit power bidding model is proposed to reveal the bidding mechanism under clearing pricing rule by employing auction approach, for which initial estimations are non-essential. Normalized bidding price is introduced to construct generator's price-related bidding strategy. Nash equilibriums are derived depend on the marginal cost and the winning probability which are computed from bidding quantity, transmission cost and demand distribution. Furthermore, we propose a comparative analysis to explore the impact of uncertain elastic demand on the performance of the electricity market. The result indicates that, there exists market power among generators leading to social welfare decreases even under competitive conditions but elastic demand is an effective way to restrain generators’ market power. The feasibility of the models is verified by a case study. Our work provides decision support for generators and a direction for improving market efficiency.

Due to its spatio-temporal variability, the mismatch between the weather and demand patterns challenges the design of highly renewable energy systems. A principal component analysis is applied to a simplified networked European electricity system with a high share of wind and solar power generation. It reveals a small number of important mismatch patterns, which explain most of the system's required backup and transmission infrastructure. Whereas the first principal component is already able to reproduce most of the temporal mismatch variability for a solar dominated system, a few more principal components are needed for a wind dominated system. Due to its monopole structure the first principal component causes most of the system's backup infrastructure. The next few principal components have a dipole structure and dominate the transmission infrastructure of the renewable electricity network.

Futures markets are mainly used as a tool for price discovery and for risk management on the spot markets and enable diversification for international portfolio investments. With this study we aim (1) to investigate the causality relationship between futures markets and spot market and (2) to examine the causality relationship between futures markets and spot markets in different countries. We are interested in both the futures markets - spot market relations and the interactions between the markets at international level. For variables we used the the BIST30 spot index and BIST30 futures contract representing the Borsa Istanbul market and the Dow-Jones 30 index and Dow-Jones 30 futures contract, which are the most important indices representing the US markets. Daily closing price data for the period between 2nd January, 2009 and 18th June, 2018 were analyzed using correlation, unit root test, causality test and regression equations. The results of the study show that the futures markets continue their price discovery role for both the spot markets and futures markets and are influential on other futures and spot markets at international level. These findings are important for investors wanting to invest in Turkey and in similarly considered emerging market economies. It will help investors take informed decisions by providing them with a more efficient price estimations utilizing the futures markets.

This paper is a mini literature review about electromagnetic field’s effects on cells, tissues and new treatment modalities. We have reviewed a papers which have been published in high quality journals in the last 5 years as two authors. This review’s aim is to be a resource for experimental studies about electricity’s effects on cell biology and pathophysiology. As a result of this literature review, we found that especially extremely low electric frequency and intermediate frequency fields have very important pathophysiological effects. We have mentioned four important expressions on this subject; electroporation, electrofusion, electrochemotherapy, gene electrotransference. Two different new treatment approaches have been developed by use of these two important electrical waves. First is tumor treating fields and the other is pulsed electric fields. Most studies in literature have been done with extremely low frequency and pulsed electric fields. In terms of diseases, most studies are about glioblastoma multiforme and malign melanoma.Most studies in literature have been done with extremely low frequency and pulsed electric fields. In terms of diseases, most studies are about glioblastoma and melanoma.

This qualitative study investigates consumer perceptions of price inflation within renewable energy markets. Renewable energy markets have seen significant growth due to global sustainability efforts, yet understanding consumer responses to price inflation remains limited. Through semi-structured interviews and thematic analysis, this research explores consumer awareness, factors influencing perceptions, attitudes towards price fluctuations, and strategies for enhancing acceptance. Findings reveal varied levels of awareness among consumers, with economic, environmental, social, and cultural factors shaping their perceptions. While some view price fluctuations as natural market dynamics, others express concerns about affordability and equity. Strategies to address negative perceptions include enhancing transparency, implementing progressive pricing schemes, and promoting community engagement. Ultimately, this study contributes to a deeper understanding of consumer attitudes towards renewable energy pricing mechanisms, providing insights for policymakers and industry stakeholders to foster greater acceptance and support for renewable energy adoption.

This paper aims to measure the effects of delisting on stock returns for Vietnam stock market. The study employs a sample of 118 stocks that were compulsorily delisted from the market between January 2011 and December 2021. Using an event study methodology, the empirical findings confirm that the delisting has negative effects on stock returns in the Vietnam stock market. Specifically, results derived from tests show that the average abnormal return of delisted stocks continuously declines during three trading days following the announcement of delisting. Moreover, it is found that the differences in cumulative abnormal returns between post-delisting and pre-delisting periods are significantly negative for all tracking periods. Apart from the negative effect of delisting on stock abnormal returns, we also find that the impact of delisting on stock returns for smaller companies is greater than bigger companies.

The phenomenon of Airbnb has significantly permeated the urban housing markets of major U.S. cities. This qualitative analysis meticulously examines its wide-ranging impacts, exploring Airbnb’s operational model, regulatory challenges, and its influence on housing availability, prices, and neighborhood dynamics. The research aggregates insights from various sources, including academic articles, web-based resources, and case studies, providing a nuanced understanding of the intricate balance cities are endeavoring to achieve between the economic opportunities Airbnb presents and the potential strains it places on local housing markets. The paper also scrutinizes the evolving policy frameworks and their effectiveness in mitigating the impacts of short-term rental platforms. Furthermore, it deliberates on future trends in the short-term rental market and the wider implications for the sharing economy. Concluding, the paper acknowledges the limitations of the qualitative method and suggests areas for future in-depth research, aiming to offer insightful contributions to policymakers, researchers, and urban planners engaged in urban housing discourse in the United States.

The health emergency caused by Covid 19 highlighted the food dependency of many cities in the world and Cali and the cities of Valle del Cauca were no exception as they depended on food flows from other regions and countries, so these Entities are part of the corporate food system, to which their rulers delegated food security for their inhabitants. In the same territory and for the last nine years, a second-level organization has been consolidating that brings together 14 peasant agroecological markets and that despite strict confinement measures was able to continue supplying food to consumers in the municipalities of influence that have supported this initiative. The foregoing leads to think that said organization can become a platform for an agroecological food system of regional scope, for which the characteristics that said system should have according to a model based on the principles of agroecology were evaluated.

We examine the profitability of the momentum and contrarian strategies in three South Asian markets i.e. Bangladesh, India and Pakistan. We also analyze, whether credit risk influences momentum and contrarian return for these markets from 2008 to 2014. We use Distance-to-default (DD) of Kealhofer, McQuown and Vasicek (KMV) model as a measure of credit risk. We calculate the credit risk and form the momentum and contrarian strategies of the firms on the basis of high, medium and low risk. We find that in all three markets, the momentum and contrarian returns are significant for medium and high credit risk portfolios and no momentum and contrarian returns for low credit risk portfolios.

Chile faces a serious crisis on housing affordability given that most of the population is unable to secure a house. While housing prices between 2008 increased by 70.96%, wages only increased by 20.43%. This article presents the analysis of the housing prices configuration for the main district in the country: Santiago Centro. The assessment focuses on verticalised housing buildings constructed between 2015 and 2019. The article develops an exploratory study on the price of housing in the city of Santiago de Chile, to generate a diagnosis to identify the role played by expectations of profitability when configuring that price. Based on the information generated, we seek to contribute to the discussion on public policies that advance towards the development of affordable housing for households in central communes with high urban value, as is the case of Santiago Centro. We hypothesize that profitability expectations of real estate developers play a key role in the housing prices and an adjustment in the profit ratios may increase the affordability keeping the housing market over profitable rates. The research is relevant due to the lack of data transparency in the Chilean housing market, where access to investment costs, land values, yields and house price formation are not part of the public discussion, even though this implies that many households are facing severe difficulties in paying for access to decent housing.

This study challenges the prevailing belief in the necessity of complex models for accurate forecasting by demonstrating the effectiveness of parsimonious econometric models, namely ARCH(1) and GARCH(1,1), over deep learning robust approaches, such as LSTM and 1D-CNN neural networks, in modeling historical volatility within pre-emerging stock markets, specifically the Moroccan and Bahraini stock markets. The findings suggest reevaluating the balance between model complexity and predictive accuracy. Future research directions include investigating the potential existence of threshold effects in market capitalization for optimal model performance. This research contributes to a deeper understanding of volatility dynamics and enhances forecasting models’ effectiveness in diverse market conditions.

The accurate prediction of heat load profiles with a daily resolution is required for a broad range of applications such as potential studies, design, or predictive operation of heating systems. If the heat demand of a consumer is mainly caused by (production) processes independent of the ambient temperature, existing load profile prediction methods fail. To close this gap, this study develops two ex post machine learning models for the prediction of the heat demand with a daily resolution. The selected input features are commonly available to each consumer connected to public natural gas and electricity grids or operating an energy monitoring system: Ambient temperature, weekday, electricity consumption, and heat consumption of the last seven days directly before the predicted day. The study’s database covers electricity and natural gas consumption load profiles from 82 German consumers over a period of two years. Electricity and heat consumption correlate strongly with individual patterns for many consumers. Both, shallow and deep learning algorithms are evaluated. The highest accuracy is achieved by a Long Short Term Memory (LSTM) model with a median of R² of 0.94. The ex post model architecture makes the model suitable for automated anomaly detection in energy monitoring systems.

This retrospective begins with Galvani's experiments on frogs at the end of the 18th century and his discovery of ‘animal electricity’. It goes on to illustrate the numerous contributions in the fields of physical chemistry in the second half of the 19th century (Nernst’s equilibrium potential, based on the work of Wilhelm Ostwald, Max Planck's ion electrodiffusion, Einstein's studies of Brownian motion), which led Bernstein to propose his membrane theory in the early 1900s as an explanation of Galvani’s findings and cell excitability. These processes were fully elucidated by Hodgkin and Huxley in 1952, by detailing the ionic basis of resting and action potentials, but without addressing the question of where these ions passed. The emerging question of the existence of ion channels, widely debated over the next two decades, was finally accepted and, a decade later, many of them began to be cloned. This led to the possibility of modelling the activity of individual neurons in the brain and then of simple circuits. Taking advantage of the remarkable advances in computer science in the new millennium, together with a much deeper understanding of brain architecture, more ambitious scientific goals were dreamed of to understand the brain and how it works. The retrospective concludes by reviewing the main efforts in this direction, namely the construction of a digital brain, an in silico copy of the brain that would run on supercomputers and behave just like a real brain.

Zambia recently experienced extended hours of load shedding due to reduced hydroelectricity generation attributed to poor rainfall patterns. The inability to meet energy demand has influenced the government to consider alternative energy sources. This study aims to assess the economic feasibility of the eight sites using a 25-turbine layout for a 4 MW generic wind turbine at 130m hub height. An economic evaluation mathematical model was developed to analyze the economic feasibility using net present value, simple payback period, internal rate of return, and levelized cost of electricity (LCOE). The study shows that the Lusaka wind farm was the most economical with 386 GWh energy yield analysis (EYA), wind speed of 8 m/s, NPV of 316 million dollars, SPP of 2.9 years, IRR of 82%, and LCOE of $0.182/ kWh. The results also show that the other seven sites are economically feasible, with Petauke being the lowest. The study's economic sensitivity analysis conducted by varying the average electricity tariff shows that Lusaka was the most financially viable site. Therefore, policymakers should develop cost-reflective feed-in tariff (FiT) schemes and power purchase agreements for the country to have cost-reflective electricity tariffs that will motivate independent power producers to invest in Zambia.

The forecast of electricity demand has been a recurrent research topic for decades, due to its economical and strategic relevance. Several Machine Learning (ML) techniques have evolved in parallel with the complexity of the electric grid. This paper reviews a wide selection of approaches that have used Artificial Neural Networks (ANN) to forecast electricity demand, aiming to help newcomers and experienced researchers to appraise the common practices and to detect areas where there is room for improvement in the face of the current widespread deployment of smart meters and sensors, which yields an unprecedented amount of data to work with. The review looks at the specific problems tackled by each one of the selected papers, at the results attained by their algorithms, and at the strategies followed to validate and compare the results. This way, it is possible to highlight some peculiarities and algorithm configurations that seem to consistently outperform others in specific settings.

On 2013 the Villonaco wind farm (16.5 MW), the first wind farm in continental Ecuador near the city of Loja, began operations. The power generated is delivered to the National Interconnected System (SNI), which services the city. This research confronts two sets of real data, the electricity use of the urban area of Loja, and the power generated by the Villonaco Wind Farm. Electricity use follows clearly defined daily and weekly cycles, and wind power has a seasonal behaviour. The study shows that wind power integration cannot be a long-term stable power source regardless power or generation surplus. Another essential finding is that time series can be used as a statistical source to determine the need for short- (seconds) and long- (days, weeks) term energy storage. Strategies to further the energy autonomy of the urban area through the expansion of the wind farm by a factor of 2 are discussed.

Electric Vehicles (EVs) are increasing the interdependence of transportation policies and the electricity market. EMMEV (Electricity Market Model with Electric Vehicles) is an experimental agent-based model that analyses how carbon reduction policy in transportation may increase number of Electric Vehicles and how does that would influence on the electricity price. Agents are ESCOs (Energy Service Providers) which can distribute fuels and their objective is to maximize their profit. In this paper, EMMEV is used to analyze the impacts of the LCFS (Low Carbon Fuel Standard), a performance-based policy instrument, on electricity prices and EV sales. The agents in EMMEV/regulated parties in LCFS should meet a certain CI (Carbon Intensity) target for their distributed fuel. In case, they cannot meet the target, they should buy credit to compensate for their shortfall and if they exceed, they can sell their excess. The results, considering the assumptions and limitations of the model, show that the banking strategy of the agents contributing in the LCFS might have negative impact on penetration of EVs, unless there is a regular Credit Clearance to trade credits. It is also shown that the electricity price as result of implementing the LCFS and increasing number of EVs has increased between 2–3 percent depending on banking strategy.

In the present study, a hybrid optimizing algorithm has been proposed using Genetic Algorithm (GA)and Particle Swarm Optimization (PSO) for Artificial Neural Network (ANN) to improve the estimation of electricity demand of the state of Tamil Nadu in India. The GA-PSO model optimizes the coefficients of factors of gross state domestic product (GSDP) , electricity consumption per capita, income growth rate and consumer price index (CPI) that affect the electricity demand. Based on historical data of 25 years from 1991 till 2015 , the simulation results of GA-PSO models are having greater accuracy and reliability than single optimization methods based on either PSO or GA. The forecasting results of ANN-GA-PSO are better than models based on single optimization such as ANN-BP, ANN-GA, ANN-PSO models. Further the paper also forecasts the electricity demand of Tamil Nadu based on two scenarios. First scenario is the "as-it-is" scenario , the second scenario is based on milestones set for achieving goals of "Vision 2023" document for the state. The present research also explores the causality between the economic growth and electricity demand in case of Tamil Nadu. The research indicates that a direct causality exists between GSDP and the electricity demand of the state.

In the present study, a hybrid optimizing algorithm has been proposed using Genetic Algorithm (GA)and Particle Swarm Optimization (PSO) for Artificial Neural Network (ANN) to improve the estimation of electricity demand of the state of Tamil Nadu in India. The GA-PSO model optimizes the coefficients of factors of gross state domestic product (GSDP) , electricity consumption per capita, income growth rate and consumer price index (CPI) that affect the electricity demand. Based on historical data of 25 years from 1991 till 2015, the simulation results of GA-PSO models are having greater accuracy and reliability than single optimization methods based on either PSO or GA. The forecasting results of ANN-GA-PSO are better than models based on single optimization such as ANN-BP, ANN-GA, ANN-PSO models. Further the paper also forecasts the electricity demand of Tamil Nadu based on two scenarios. First scenario is the “as-it-is” scenario, the second scenario is based on milestones set for achieving goals of “Vision 2023” document for the state. The present research also explores the causality between the economic growth and electricity demand in case of Tamil Nadu. The research indicates that a direct causality exists between GSDP and the electricity demand of the state.

The U.S. Energy Information Administration (EIA) provides crucial data on monthly and annual fuel consumption for electricity generation. This data covers significant fuels such as coal, petroleum liquids, petroleum coke, and natural gas. Fuel consumption patterns are highly dynamic, influenced by diverse factors. Understanding these fluctuations is essential for effective energy planning and decision-making. This study outlines a comprehensive analysis of fuel consumption trends in electricity generation. Utilizing advanced statistical methods, including time series analysis and autocorrelation, our objective is to uncover intricate patterns and dependencies within the data. This paper aims to forecast fuel consumption trend for electricity generation using data from 2015 to 2022. Several time-series forecasting models, including all four benchmark methods (Mean, Naïve, Drift, and seasonal Naïve), Seasonal and Trend Decomposition using Loess (STL), Exponential Smoothing (ETS), and Autoregressive Integrated Moving Average (ARIMA) methods, have been applied. The best-performing models are determined based on Root Mean Squared Error (RMSE) values. For Natural Gas (NG) consumption, the ETS model achieves the lowest RMSE of 20,687.46. STL demonstrates the best performance for coal consumption with an RMSE of 5,936.203. The seasonal Naïve (SNaïve) model outperforms others for petroleum coke forecasting, yielding an RMSE of 99.49. Surprisingly, the Mean method has the lowest RMSE of 287.34 for petroleum liquids, but the ARIMA model is reliable for its ability to capture complex patterns. Residual plots are analyzed to assess the models' performance against statistical parameters. Accurate fuel consumption forecasting is very important for effective energy planning and policymaking. The findings from the study help policymakers strategically allocate resources, plan infrastructure development and support economic growth.

Electricity distribution network operators face several operational constraints in the provision of safe and reliable power given that investments for network area reinforcement must be commensurate with improvements in network reliability. This paper provides an integrated approach for assessing the impact of different operational constraints on distribution network reliability by incorporating component lifetime models, time-varying component failure rates as well as the monetary cost of customer interruptions in an all-inclusive probabilistic methodology that applies a time-sequential Monte Carlo simulation. A test distribution network based on the Roy Billinton test system is modelled to investigate the system performance when overloading limits are exceeded as well as when preventive maintenance is performed. Standard reliability indices measuring the frequency and duration of interruptions, and the energy not supplied are complemented with a novel monetary reliability index. The comprehensive assessment includes not only average indices but also their probability distributions to adequately describe the risk of customer interruptions. Results demonstrate the effectiveness of this holistic approach as the impacts of operational decisions are assessed from both reliability and monetary perspectives. This informs network planning decisions through optimum investments and consideration of customer outage costs.

This study investigates the relationship between housing prices and vacancy rates in Hong Kong, offering insights distinct from previous cross-sectional analyses. Addressing limitations in data availability and methodological approaches, the study examines annual data spanning multiple housing size categories to uncover nuanced dynamics in the housing market. Two major contributions emerge: firstly, the analysis reveals the price elasticity of vacancy, elucidating how housing prices respond to changes in vacancy rates over time. Secondly, by considering housing vacancy changes as outcomes of the interactions between supply and demand, the study challenges the conventional independence assumption between these variables. The results support the hypothesis that housing vacancies exert a negative impact on housing prices, holding other factors constant. These findings have significant implications for policymakers, urban planners, and real estate investors, providing valuable insights for crafting targeted interventions and informing investment decisions.

The need for industrial and commercial machinery to maintain high torque while accurately following a variable angular speed is increasing. To meet this demand, induction motors (IMs) are commonly used with variable speed drives (VSDs) that employ a field-oriented control (FOC) scheme. Over the last thirty years, IMs have been replacing independent connection direct current motors due to their cost-effectiveness, reduced maintenance needs, and increased efficiency. However, IMs and VSDs exhibit nonlinear behavior, uncertainties, and disturbances. This paper proposes a robust combined adaptive passivity-based control (CAPBC) for this class of nonlinear systems that applies to angular rotor speed and stator current regulation inside an FOC scheme for IMs´ VSDs. It uses general Lyapunov-based design energy functions and adaptive laws with σ-modification to assure robustness after combining control and monitoring variables. Lyapunov’s second method and Barbalat Lemma prove that the control and identification error tends to be zero over time. Moreover, comparative experimental results with standard Proportional Integer controller (PIC) and direct APBC, show the proposed CAPBC effectiveness and robustness under normal and changing conditions