Volatility and Dispersion of Hourly Electricity Contracts on the German Continuous Intraday Market

Intraday electricity trading on the continuous intraday market of EPEX SPOT is particularly well suited for the rebalancing of energy production. We analyzed the volatility and dispersion of individual hourly contracts, taking into account the particularities of the market, due to which the standard volatility measure from financial time series cannot be applied. We used and analyzed five measures for price fluctuations, which turned out to be similarly well suited for electricity contracts, with small differences. We then identified fundamental drivers of price fluctuations: the relative share of wind in the overall mix increased dispersion. In addition, price dispersion was positively correlated with the traded volume as well as the absolute difference between the day-ahead auction price and the volume-weighted intraday price. We furthermore analyzed the timely structure of price fluctuations to identify forecast indicators for a contract’s peak trading hour before maturity, finding that trading-related variables are more important to forecast price fluctuations than fundamental factors. With lagged realizations and additional external drivers, forecast regressions reached an adjusted R2 of 0.479 for volatility and around 0.3 for the dispersion measures.

An Empirical Study on Forecasting Production and Price of Tea in India

Tea is a very indispensable beverage for Indian population as we rank the world’s largest consumer of black tea. Indian tea industry had been facing many downfalls for the past few years in terms of low price, excess supply, losing flavour and all this as a whole had affected the performance of the tea industry in India. With India being the second largest producer of tea globally, the production of tea in India can be subdivided into North India and South India. The current study focuses on the comparative analysis between North India, South India and India in terms of their trends in area, production, yield, export quantity, export price, auction price and auction quantity of tea. Compounded Annual growth rate (CAGR) was the tool used to find the trends of various variables. This study also focuses on the forecasting the production and auction prices of tea in India till 2023using Autoregressive Integrated Moving Average (ARIMA) model. The results of the present study areindicating that all the variables like area, production, yield, export quantity, export price, auction price and auction quantity of tea had shown a positive trend annually, except for that of North India’s export quantity. Production and auction prices were forecasted till 2023 using different ARIMA models amongst which ARIMA (1,1,0) proved to be the best fit model for study period.

Prospects of state support of the development of the biomethane industry in Ukraine until 2040

The paper considers the prospects for the state support for the development of biomethane industry in Ukraine from 2025 to 2040. The main financial incentives for the use of biomass-derived energy are a special tariff for heat from sources other than natural gas, and a feed-in tariff (the auction price in the future). In the EU, biomethane production is gaining ground due to available financial incentives (premiums to the cost of natural gas, and feed-in premiums). The main obstacle to the large-scale spread of biogas (and, accordingly, biomethane) is the high cost of equipment. The amounts of state support for biogas production with its purification to biomethane and supply of the latter to the gas transmission and gas distribution networks under the conditions of biomethane production in the amounts provided by the draft Roadmap for Bioenergy Development in Ukraine until 2050 were assessed. While maintaining the price of natural gas at 2021 prices (EUR 0.24/m3), the need to subsidize biomethane production from 2025 to 2040 can reach EUR 0.263-3.5 billion, on average EUR 16.5-217 million per year. Infrastructure expenditures were not taken into account in the assessment. The possibility of electricity output from biomethane was not considered, as biogas refining to the quality of biomethane requires additional funds. The statutory auction price may be sufficient only for certain types of feedstock and for large biogas plants. The use of biomethane may be appropriate in the transport sector, as biomethane is an "advanced biofuel", and Ukraine already has a relatively extensive network of methane filling stations. Biomethane production in Ukraine will require state support, particularly in the form of direct subsidies to biomethane producers (in the form of premium to the price of natural gas), and in the form of a premium to the auction price. The use of biomethane will partially reduce dependence on imported fossil fuels, being also an important element in the decarbonization of sectors using natural gas, replacing up to 0.76 billion m3 of the latter in 2040, which is in line with the global leading decarbonization trends.

An Auction Bidding Approach to Balance Performance Bonuses in Vehicle Routing Problems with Time Windows

In the field of operations research, the vehicle routing problem with time windows (VRPTW) has been widely studied because it is extensively used in practical applications. Real-life situations discussed in the relevant research include time windows and vehicle capabilities. Among the constraints in a VRPTW, the practical consideration of the fairness of drivers’ performance bonuses has seldom been discussed in the literature. However, the shortest routes and balanced performance bonuses for all sales drivers are usually in conflict. To balance the bonuses awarded to all drivers, an auction bidding approach was developed to address this practical consideration. The fairness of performance bonuses was considered in the proposed mathematical model. The nearest urgent candidate heuristic used in the auction bidding approach determined the auction price of the sales drivers. The proposed algorithm both achieved a performance bonus balance and planned the shortest route for each driver. To evaluate the performance of the auction bidding approach, several test instances were generated based on VRPTW benchmark data instances. This study also involved sensitivity and scenario analyses to assess the effect of the algorithm’s parameters on the solutions. The results show that the proposed approach efficiently obtained the optimal routes and satisfied the practical concerns in the VRPTW.

PROSPECTS FOR STATE SUPPORT OF THE DEVELOPMENT OF THE BIOMETHANE INDUSTRY IN UKRAINE UNTIL 2040

The paper considers the prospects for the state support for the development of biomethane industry in Ukraine from 2025 to 2040. The main financial incentives for the use of biomass-derived energy are a special tariff for heat from sources other than natural gas, and a feed-in tariff (the auction price in the future). In the EU, biomethane production is gaining ground due to available financial incentives (premiums to the cost of natural gas, and premiums to feed-in tariff). The main obstacle to the large-scale spread of biogas (and, accordingly, biomethane) is the high cost of equipment. The amounts of state support for biogas production with its purification to biomethane and supply of the latter to the gas transmission and gas distribution networks under the conditions of biomethane production in the amounts provided by the draft Roadmap for Bioenergy Development in Ukraine until 2050 were assessed. While maintaining the price of natural gas at the level of prices of 2021 (EUR 0.24/m3), the need to subsidize biomethane production from 2025 to 2040 can reach EUR 0.263-3.5 billion, on average EUR 16.5-217 million per year. Infrastructure expenditures were not taken into account in the assessment. The possibility of electricity output from biomethane was not considered, as biogas refining to the quality of biomethane requires additional funds. The statutory auction price may be sufficient only for certain types of feedstock and for large biogas plants. The use of biomethane may be appropriate in the transport sector, as biomethane is an "advanced biofuel", and Ukraine already has a relatively extensive network of methane filling stations. Biomethane production in Ukraine will require state support, particularly in the form of direct subsidies to biomethane producers (in the form of premium to the price of natural gas), and in the form of a premium to the auction price. The use of biomethane will partially reduce dependence on imported fossil fuels, being also an important element in the decarbonization of sectors using natural gas, replacing up to 0.76 billion m3 of the latter in 2040, which is in line with the global leading decarbonization trends.

Reconstruction Parate Execution of Liability Rights and Roles the Parties in the Determination of Auction Price Limit Value Justice Based Warranty

Determining the Price Limit Value at the Parate Auction for Execution of Collateral Goods Bound to Mortgage, departs from the issues discussed, namely how the parate reconstruction of mortgage execution and the role of the parties in determining the limit value of the auction price of goods justice based guarantees? The purpose of this research is to analyze and find the reconstruction of the execution parate of mortgage rights and the role of the parties in determining the limit value of the auction price of collateral based on justice. The research method uses normative legal research, with a statutory approach (statute approach) and a case approach (case approach). Sources of legal materials used consist of primary, secondary and tertiary legal materials, while the analysis of legal materials is carried out in a descriptive qualitative manner. Based on the results of the research, it can be concluded that the parate reconstruction of mortgage execution must be based on justice, meaning that execution through parate execution based on the provisions of Article 6 of the Mortgage Rights Law, must also be balanced with other prerequisites that must be passed in order to minimize the arising of arbitrariness. The role of the parties in determining the limit value of the collateral auction price will be well realized if in determining the limit value determined based on the results of the appraiser's assessment, where the auction limit value must be as low as the liquidation value so that the auction office has the authority to reject the auction request. submitted by the seller, if it does not comply with the standards specified in the Minister of Finance Regulation No.27 / PMK.06 / 2016.

What Type of Title Would You Put on Your Paintings?: The Impact on the Price of Artwork According to Its Title

This paper investigated the impact of the type of title on the price of the artwork effects using the hammer price of the paintings auctioned in Korea during a two-year period from December 2017 to November 2019. The results of the analysis showed that a descriptive title had a negative effect on the prices fetched, whereas a more elaborate title had a positive effect on auction prices. Also, it was found that elaborate titles for abstract paintings had a significant positive impact on the hammer price. In the case of unknown artists, a descriptive title had a negative effect on the auction price, while the absence of a title had a positive impact. The findings of this study suggest that artists must make careful decisions when titling their work because the title of the work affects the purchase decisions of art collectors.