Comparative study of offshore spar-buoy oscillating water column dynamic models for captured power estimation

The prompt estimation of power and geometrical aspects enables faster and more accurate financial assessment of wave energy converters to be deployed. This may lead to better commercialisation of wave energy technologies, as they require location-based customisation, unlike the mature wind energy technologies with developed benchmark. The adopted approach provides simple and efficient modelling tool allowing the study of the system from different perspective. The aim of this study is to select the optimum dynamic model to predict the captured power of a spar-buoy Oscillating Water Column (OWC) wave energy converter. Four dynamic models were developed to predict the system dynamics and results were validated experimentally. In-depth investigations on the effect of the mass and damping ratios of the oscillating bodies on the accuracy of the adopted models were performed. Such investigations included the proposed one-way coupling model and three two-degree of freedom models and three reduced-scale models, in addition to analytical and numerical solutions. Pneumatic power was calculated for the reduced-scale model where orifices’ covers simulated the power take-off mechanism damping experimentally. Analysis and comparisons between the adopted models are finally provided.

Techno-Economic Feasibility of the Longwall Top Coal Caving Method Based on the FTCD Index: A Parametric Case Study in India

An extraction method for deep-seated thick seam deposits by underground mining with high resource recovery has remained a great challenge for Indian mining engineers, whereas the longwall top coal caving (LTCC) method has evolved as an effective method for various geo mining conditions in China and other counties. The percentage of top coal recovery (TCR) plays a predominant role in determining the feasibility of LTCC, which relies on the First Top Coal Caving Distance (FTCD). In this paper, the critical geotechnical parameters are identified, numerically simulated, and statistically analyzed, and the FTCD for Indian geo-mining conditions is developed and validated. A financial assessment is conducted, considering 70% top coal recovery at 85% performance level, cost of production escalated by 20% and fall in coal grade by two grades. The internal rate of return (IRR) for LTCC is 30.24% as per the sensitivity analysis where it is only 18% in single pass longwall method. This study contributes to evaluating both the technical and economic feasibility of introducing LTCC in Indian geo-mining conditions.

ON THE FINANCIAL ASSESSMENT OF THE NKR ELECTRICITY SYSTEM

The article aims to calculate the separate elements of the financial strategy of the NKR energy system and to carry out a factor analysis. Using the Kaufmann-Calibardi method, the coefficients of flexibility of electricity consumption by GDP were estimated, showing the causes of the shadow economy in the Artsakh Republic depending on the volume of electricity. Based on the annual statistics of electricity consumption and real GDP in the period of 2000-2019, the years were emphasized, as a result of which the fact that it is a calculated value of 1 substantiates the fact that the higher the electricity consumption, the higher the GDP should be, but obtained the results are not equal to 1 (greater than or less than 1), so the size of the shadow was calculated in those years.

Techno-Economic Performance Assessment of a Trigeneration System Operating in a Hospital

The techno-economic performance evaluation of a combined cooling heating and power (CCHP) system installed in a hospital building in Greece is presented. The aim was to verify performance standards and evaluate real behavior, while highlighting the economic gains. In this research, system performance was evaluated using actual and year-round field measurements. The data were used to calculate the recovered heat and the generated electric energy. Furthermore, the performance was modeled and compared to the manufacturer specifications. Financial assessment was conducted through energy cost analysis to verify the operating viability of the system, both for its heating and cooling functions. The results showed that, overall, after eight years of operation, the energy efficiency was still within design standards. Electrical efficiency was constantly above 30%, while thermal efficiency was around 40–45%. Total efficiency was usually above the 75% threshold, characterizing the system as fully CHP operating. The analysis also pointed out the economic effectiveness of the system in the Greek energy market. The results verified the potential of a CCHP system for improving the energy and economic performance of a building.

Measuring of intellectual capital investments in higher education: case of Latvia

Purpose Intellectual capital (IC) investments yield both financial and non-financial outcomes, and several groups of stakeholders are beneficiaries in the process. There are different approaches to appraisal of IC investments; most of them emphasise financial benefits. In turn, non-financial return is difficult to measure because of the lack of measurement indicators, as well as unavailability of accounting data and/or statistical data. The purpose of this paper is to evaluate non-financial return on investments in IC, based on the financial data of Latvian higher education institutions (HEI). Design/methodology/approach The methodology of Social Return on Investments (SROI) was applied. SROI metric is used to measure an expected return, considering the anticipated social benefits of an investment against its costs. The procedure is based on the principles of the “time value of money” concept and stakeholder management theory. Findings Non-financial outcomes (benefits) from investments into implementation of e-learning study process were defined, separately for each stakeholder group. Specific metrics for each outcome were determined, and the result was estimated (expressed in monetary form). Research limitations/implications There are different types of IC investments, but the authors of the given paper focussed on the digitalisation of study process, i.e. investments into the process of implementation and development of on-line studies were analysed. The proposed approach (SROI) is applied for measuring of IC investments, based on financial data of only one Latvian HEI. Originality/value SROI estimation for financial assessment of implemented innovations in Latvian higher education was made. This approach can help organisations to make decisions about IC investments, and the authors’ application of the methodology can be used as a pattern for HEI executives. This paper provides an example of the practical application of the methodology, using HEI real financial data.

Dynamic Cost-Optimal Assessment of Complementary Diurnal Electricity Storage Capacity in High PV Penetration Grid

Solar Photovoltaics (PV) is seen as one of the renewable energy technologies that could help reduce the world’s dependence on fossil fuels. However, since it is dependent on the sun, it can only generate electricity in the daytime, and this restriction is exacerbated in electricity grids with high PV penetration, where solar energy must be curtailed due to the mismatch between supply and demand. This study conducts a techno-economic analysis to present the cost-optimal storage growth trajectory that could support the dynamic integration of solar PV within a planning horizon. A methodology for cost-optimal assessment that incorporates hourly simulation, Monte Carlo random sampling, and a proposed financial assessment is presented. This approach was tested in Japan’s southernmost region since it is continuously increasing its solar capacity and is at the precipice of high PV curtailment scenario. The results show the existence of a cost-optimal storage capacity growth trajectory that balances the cost penalty from curtailment and the additional investment cost from storage. This optimal trajectory reduces the impact of curtailment on the energy generation cost to manageable levels and utilizes more solar energy potential that further reduces CO2 emissions. The results also show that the solar capacity growth rate and storage cost significantly impact the optimal trajectory. The incorporation of the Monte Carlo method significantly reduced the computational requirement of the analysis enabling the exploration of several growth trajectories, and the proposed financial assessment enabled the time-bound optimization of these trajectories. The approach could be used to calculate the optimal growth trajectories in other nations or regions, provided that historical hourly temperature, irradiance, and demand data are available.

Financial Assessment on Designing Inventory Policy by Considering Demand, Lead Time, and Defective Product Uncertainties: A Monte Carlo Simulation

Inventory is one of the main components in supply chain. However, it is not easy to design inventory policy under uncertainties. The frequent occurrence of overstocks increases the company's financial expenditure. Otherwise, stockout decreases customer satisfaction and damage the company's image. This study aims to provide monte carlo model to design inventory policy with the aim of maximizing net income with a variety of uncertainties, one of the uncertainties is defective product because of the travel from suppliers. To handle the complexity and uncertainty of problem, a Monte Carlo simulation is used with spreadsheet-based representation. To test the reliability of the model, guitar company is used as relevant use case with uncertainty adhered ‘the greater number of order quantity, the greater likely the defective guitar will be’. The verification & validation process, experimental design, and alternative selection are also done with statistical tests. Based on the simulation result, it is known that changing the reorder point to 80 and the order quantity to 90 gives the best result which can increase net income by 0.44% compared to the initial net income. In addition, the number of stockouts has decreased.

Characteristics of Financial Analysis in Evaluation of Activity of The Leased Object

The article pays special attention to the assessment of the lessee's performance through a multi-factorial assessment and its creditworthiness. The indicators used in the complex assessment of the financial condition of the lessee, their essence and ways to determine them are given. Foreign experience in the complex financial assessment of the activities of lessees in the leasing market was studied and scientific recommendations for its application in the national leasing market were given.