Zeitschriftenartikel: „Reserve markets“

1

Deman, Laureen, Quentin Boucher, Sonia Djebali, Guillaume Guerard und Cédric Clastres. „Bidding strategy of storage hydropower plants in reserve markets“. ECONOMICS AND POLICY OF ENERGY AND THE ENVIRONMENT, Nr. 2 (November 2023): 77–101. http://dx.doi.org/10.3280/efe2023-002004.

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The increasing share of intermittent sources of energy will increase the need for frequency-control reserves. However, the supply from gas and coal-fired power plants might decrease in the following years. Being the procurement of reserves mostly market-based in Europe, the market design should send price signals to encourage participation in these markets. This pa-per analyses the incentives provided by the French market design for seasonal storage and pumped storage hydropower plants to participate in reserve markets. To that end, a determinis-tic mixed-integer linear optimization model is presented. The objective is to maximize profits in the energy and reserve markets according to 2019 market prices. By optimising the trade-offs between the day-ahead and the reserve markets, the storage hydropower plant increase its profits. The pumped storage hydropower plant sometimes chooses the Frequency Contain-ment Reserve market or the day-ahead market only. The apparition of some hours of FCR par-ticipation with the pumped storage plant is explained by its higher number of generating hours and by the higher volatility of reserve energy prices. These two factors also explain the greater response of the pumped storage plant to the incentive measures on the FCR market.

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Molocchi, Andrea. „Valuing the social cost of carbon: Do economists really care about climate change?“ ECONOMICS AND POLICY OF ENERGY AND THE ENVIRONMENT, Nr. 2 (November 2023): 41–76. http://dx.doi.org/10.3280/efe2023-002003.

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The increasing share of intermittent sources of energy will increase the need for frequency-control reserves. However, the supply from gas and coal-fired power plants might decrease in the following years. Being the procurement of reserves mostly market-based in Europe, the market design should send price signals to encourage participation in these markets. This pa-per analyses the incentives provided by the French market design for seasonal storage and pumped storage hydropower plants to participate in reserve markets. To that end, a determinis-tic mixed-integer linear optimization model is presented. The objective is to maximize profits in the energy and reserve markets according to 2019 market prices. By optimising the trade-offs between the day-ahead and the reserve markets, the storage hydropower plant increase its profits. The pumped storage hydropower plant sometimes chooses the Frequency Contain-ment Reserve market or the day-ahead market only. The apparition of some hours of FCR par-ticipation with the pumped storage plant is explained by its higher number of generating hours and by the higher volatility of reserve energy prices. These two factors also explain the greater response of the pumped storage plant to the incentive measures on the FCR market.

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3

Csercsik, Dávid, Ádám Sleisz und Péter Márk Sőrés. „The Uncertain Bidder Pays Principle and Its Implementation in a Simple Integrated Portfolio-Bidding Energy-Reserve Market Model“. Energies 12, Nr. 15 (01.08.2019): 2957. http://dx.doi.org/10.3390/en12152957.

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One reason for the allocation of reserves in electricity markets is the uncertainty of demand and supply. If the bias of the generation portfolio shifts from controllable generators to renewable sources with significantly higher uncertainty, it is natural to assume that more reserve has to be allocated. The price of reserve allocation in European models is dominantly paid by the independent system operator in the form of long-term paid reserve capacities and reserve demand bids submitted to various reserve markets. However, if we consider a scenario where the significant part of generation is allocated in day-ahead auctions, the power mix is not known in advance, so the required reserves can not be efficiently curtailed for the ratio of renewables. In the current paper we analyze an integrated European-type, portfolio-bidding energy-reserve market model, which aims to (at least partially) put the burden of reserve allocation costs to the uncertain energy bidders who are partially responsible for the amount of reserves needed. The proposed method in addition proposes a more dynamic and adaptive reserve curtailment method compared to the current practice, while it is formulated in a computationally efficient way.

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4

Schularick, Moritz. „Touching the Brakes after the Crash: A Historical View of Reserve Accumulation and Financial Integration“. Global Economy Journal 9, Nr. 4 (Oktober 2009): 1850185. http://dx.doi.org/10.2202/1524-5861.1585.

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Over the past decade emerging markets accumulated foreign currency reserves to insure against the risks of global financial integration. They were wise to do so. Countries with large reserves have fared better in the crisis of 2008/09. Yet collectively reserve accumulation had unintended consequences. It has contributed to the build-up of global imbalances and financial distortions that helped create the macroeconomic backdrop for the crisis. This article looks at recent patterns of global capital flows from the perspective of economic history, trying to set events in a longer term perspective. It argues that the crisis could mark the end of the latest attempt to manage the financial stability risks of capital market integration. Emerging markets will not consent to facing global financial flows without large foreign currency reserves, but a return to currency interventions and reserve accumulation would be equally problematic. Historically, the ups and downs of global capital market integration have been driven by varying assessments of the benefits of capital mobility. With the recent crisis the time for such a reassessment might have come.

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Pandžić, Kristina, Ivan Pavić, Ivan Andročec und Hrvoje Pandžić. „Optimal Battery Storage Participation in European Energy and Reserves Markets“. Energies 13, Nr. 24 (15.12.2020): 6629. http://dx.doi.org/10.3390/en13246629.

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Battery energy storage is becoming an important asset in modern power systems. Considering the market prices and battery storage characteristics, reserve provision is a tempting play fields for such assets. This paper aims at filling the gap by developing a mathematically rigorous model and applying it to the existing and future electricity market design in Europe. The paper presents a bilevel model for optimal battery storage participation in day-ahead energy market as a price taker, and reserve capacity and activation market as a price maker. It uses an accurate battery charging model to reliably represent the behavior of real-life lithium-ion battery storage. The proposed bilevel model is converted into a mixed-integer linear program by using the Karush–Kuhn–Tucker optimality conditions. The case study uses real-life data on reserve capacity and activation costs and quantities in German markets. The reserves activation quantities and activation prices are modeled by a set of credible scenarios in the lower-level problem. Finally, a sensitivity analysis is conducted to comprehend to what extent do battery storage bidding prices affect its overall profit.

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Obstfeld, Maurice, Jay C. Shambaugh und Alan M. Taylor. „Financial Stability, the Trilemma, and International Reserves“. American Economic Journal: Macroeconomics 2, Nr. 2 (01.04.2010): 57–94. http://dx.doi.org/10.1257/mac.2.2.57.

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The rapid growth of international reserves, a development concentrated in the emerging markets, remains a puzzle. In this paper, we suggest that a model based on financial stability and financial openness goes far toward explaining reserve holdings in the modern era of globalized capital markets. The size of domestic financial liabilities that could potentially be converted into foreign currency (M2), financial openness, the ability to access foreign currency through debt markets, and exchange rate policy are all significant predictors of reserve stocks. Our empirical financial-stability model seems to outperform both traditional models and recent explanations based on external short-term debt. (JEL E23, E43, E44, F31, F32, F34)

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Cha, Seong-Hyeon, Sun-Hyeok Kwak und Woong Ko. „A Robust Optimization Model of Aggregated Resources Considering Serving Ratio for Providing Reserve Power in the Joint Electricity Market“. Energies 16, Nr. 20 (12.10.2023): 7061. http://dx.doi.org/10.3390/en16207061.

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As the share of distributed generation increases, so do the opportunities for aggregators to participate in the electricity market. In particular, aggregators participating in both the day-ahead and real-time markets contribute to improving the reliability of the power system. In addition, aggregators seeking additional revenue can benefit from providing reserves in a joint electricity market environment. However, aggregated resources with uncertainty are limited because of the uncertain nature of both reserve provision and the amount of reserves they can provide. Therefore, this study proposes a robust optimization model for an aggregator to formulate a strategy for participation in the day-ahead markets and deploys energy control in the real-time operation. The serving ratio reflects the availability of the aggregator’s reserve participation. Both the deployed up/down power and renewable energy in the real-time operation are considered as uncertain parameters to reflect the uncertainty. In the case study, we analyze the profit-maximization strategy of an aggregator that owns renewable energy resources and energy-storage systems under the variation interval for uncertain parameters and the serving ratio. The bidding strategies vary by the variation interval and the serving ratio.

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Saad, Ahmed, und Mahmoud Elsayed. „Determinants of capital adequacy at the Egyptian investors compensation fund“. Corporate Ownership and Control 13, Nr. 2 (2016): 31–38. http://dx.doi.org/10.22495/cocv13i2p3.

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The purpose of this study is to investigate the protection system of investors in the Egyptian stock markets, using a number of econometric techniques and hand-collected data of Egyptian Investor Protection Fund over the period from 2006 to 2014. We measure the capital adequacy through two variables, which may be a benchmark in it selves or can be compared to similar regimes at developed stock markets, these variables are: the fund reserves as a percentage of market capitalisations and fund reserves available to compensate owners of the market capitalisations, which in turn depend upon the number of customers accounts subject to compensations, number of the market portfolio owners, the value of the investor securities account at every compensation fund member, number of stock traders, number of listed shares and number of transactions. Overall, there is significant positive coefficient/relationship between market capitalisation, retained earnings and reserve. However, there is significant negative coefficient/relationship between Number of listed companies and fund reserves capital.

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9

Mays, Jacob. „Quasi-Stochastic Electricity Markets“. INFORMS Journal on Optimization 3, Nr. 4 (Oktober 2021): 350–72. http://dx.doi.org/10.1287/ijoo.2021.0051.

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With wind and solar becoming major contributors to electricity production in many systems, wholesale market operators have become increasingly aware of the need to address uncertainty when forming prices. Although implementing theoretically ideal stochastic market clearing to address uncertainty may be impossible, the use of operating reserve demand curves allows market designers to inject an element of stochasticity into deterministic market clearing formulations. The construction of these curves, which alter the procurement of reserves and therefore the pricing of both reserves and energy, relies on contentious administrative parameters that lack strong theoretical justification. This paper proposes instead to link their construction to outcomes that would be expected in efficient stochastic markets. The analysis considers the potential of these “quasi-stochastic” market clearing approaches to improve efficiency relative to the deterministic status quo as well as ways in which they are unable to fully replicate the stochastic ideal. Further, the paper argues that efficiently managing uncertainty entails a reexamination of the discriminatory uplift payments and enhanced pricing schemes currently employed to address nonconvexity.

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Fang, Fang. „China’s Monetary Policy Impacts on Money and Stock Markets“. Proceedings of Business and Economic Studies 7, Nr. 2 (28.03.2024): 46–52. http://dx.doi.org/10.26689/pbes.v7i2.6604.

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This study investigated the impact of China’s monetary policy on both the money market and stock markets, assuming that non-policy variables would not respond contemporaneously to changes in policy variables. Monetary policy adjustments are swiftly observed in money markets and gradually extend to the stock market. The study examined the effects of monetary policy shocks using three primary instruments: interest rate policy, reserve requirement ratio, and open market operations. Monthly data from 2007 to 2013 were analyzed using vector error correction (VEC) models. The findings suggest a likely presence of long-lasting and stable relationships among monetary policy, the money market, and stock markets. This research holds practical implications for Chinese policymakers, particularly in managing the challenges associated with fluctuation risks linked to high foreign exchange reserves, aiming to achieve autonomy in monetary policy and formulate effective monetary strategies to stimulate economic growth.

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Jing Wang, N. E. Redondo und F. D. Galiana. „Demand-side reserve offers in joint energy/reserve electricity markets“. IEEE Transactions on Power Systems 18, Nr. 4 (November 2003): 1300–1306. http://dx.doi.org/10.1109/tpwrs.2003.818593.

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12

Cedeno, Enrique B. „Security of Supply and Generation Reserve Management Delegation under Extremely High Load Curtailment Cost“. Applied Mechanics and Materials 799-800 (Oktober 2015): 1257–62. http://dx.doi.org/10.4028/www.scientific.net/amm.799-800.1257.

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Power failures in a number of electric systems worldwide emphasize the importance of security of electric supply. Security of supply involves long term resource adequacy and medium to short term generation reserve management. Generation reserve requirements are usually determined using empirical rules considering the demand as a deterministic quantity. Ignoring randomness could lead to suboptimal decisions. The research presented here differs from that prevailing in the literature by considering the demand as a random variable following a doubly truncated normal distribution this has the advantage of allowing considering day to day and seasonal variations. In this paper two new mathematical models are presented to determine generation reserve requirements for a market in which the regulator imposes an extremely high load curtailment cost in any unmet demand and delegates the role of buying generation reserves on the generators in a secondary market. These models are helpful tools to study analytically or by numerical simulation the interactions between the two markets. A potential scope for application of the proposed models is presented for the Colombian electric market.

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13

俞, 蕙. „Study on Reserve Market Organization Mod-el in Regional Markets“. Smart Grid 07, Nr. 04 (2017): 237–43. http://dx.doi.org/10.12677/sg.2017.74026.

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14

Allen, E. H., und M. D. Ilic. „Reserve markets for power systems reliability“. IEEE Transactions on Power Systems 15, Nr. 1 (2000): 228–33. http://dx.doi.org/10.1109/59.852126.

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15

Campos, Fco Alberto, Antonio Munoz San Roque, Eugenio F. Sanchez-Ubeda und Jose Portela Gonzalez. „Strategic Bidding in Secondary Reserve Markets“. IEEE Transactions on Power Systems 31, Nr. 4 (Juli 2016): 2847–56. http://dx.doi.org/10.1109/tpwrs.2015.2453477.

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16

Nguyen Hong, Nhung, und Huy Nguyen Duc. „Virtual Power Plant’s Optimal Scheduling Strategy in Day-Ahead and Balancing Markets Considering Reserve Provision Model of Energy Storage System“. Applied Sciences 14, Nr. 5 (05.03.2024): 2175. http://dx.doi.org/10.3390/app14052175.

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In recent years, with the rapid increase in renewable energy sources (RESs), a Virtual Power Plant (VPP) concept has been developed to integrate many small-scale RESs, energy storage systems (ESSs), and customers into a unified agent in the electricity market. Optimal coordination among resources within the VPP will overcome their disadvantages and enable them to participate in both energy and balancing markets. This study considers a VPP as an active agent in reserve provision with an upward reserve capacity contract pre-signed in the balancing capacity (BC) market. Based on the BC contract’s requirements and the forecasted data of RESs and demand, a two-stage stochastic optimization model is presented to determine the VPP’s optimal scheduling in the day-ahead (DA) and balancing energy (BE) markets. The probability of reserve activation in the BE market is considered in this model. The ESS’s reserve provision model is proposed so as not to affect its schedule in the DA market. The proposed optimal scheduling model is applied to a test VPP system; then, the effects of the BC contract and the probability of reserve activation on the VPP’s trading schedule are analyzed. The results show that the proposed model has practical significance.

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Efremidze, Levan, Ozan Sula und Thomas Willett. „Capital Flow Reversals, Sudden Stops, and International Reserve Adequacy: Further Evidence From the Global Financial Crisis“. International Journal of Financial Research 10, Nr. 1 (18.11.2018): 52. http://dx.doi.org/10.5430/ijfr.v10n1p52.

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Using a dataset of 39 emerging markets, we examined the role of international reserves during currency and capital flow crises. Our analysis revealed that higher levels of reserves are associated with lower intensity crises where intensity is measured by the magnitude of the change in exchange market pressure (EMP) or size of capital flow reversals. We also find evidence for the cushioning effects of reserves during the crises. When used against capital flow reversals, reserves can help mitigate the negative output effects of the crisis. Finally, our findings show that reserve adequacy should be evaluated based on the nature of the potential crisis. Policy makers may prefer to refrain from using reserves if export competitiveness is more important than potential balance sheet effects of currency depreciation.

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Van den Bergh, Kenneth, Kenneth Bruninx und Erik Delarue. „Cross-border reserve markets: network constraints in cross-border reserve procurement“. Energy Policy 113 (Februar 2018): 193–205. http://dx.doi.org/10.1016/j.enpol.2017.10.053.

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19

Farshad, Mohammad, Habib Rajabi Mashhadi und Javad Sadeh. „Analysis of Interaction Between Energy-spinning Reserve and Replacement Reserve Markets“. Electric Power Components and Systems 39, Nr. 7 (22.04.2011): 660–79. http://dx.doi.org/10.1080/15325008.2010.536810.

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20

Uzum, Paul, Ailemen Ochei Ikpefan, Alexander Ehimare Omankhanlen, Jeremiah Ogaga Ejemeyovwi und Benjamin Ighodalo Ehikioya. „Enabling stock market development in Africa: A review of the macroeconomic drivers“. Investment Management and Financial Innovations 18, Nr. 1 (30.03.2021): 357–64. http://dx.doi.org/10.21511/imfi.18(1).2021.29.

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Africa has underdeveloped stock markets that have failed to meet the continent’s capital needs, such as rapid economic growth. This research analyzes the key drivers of stock market development in Africa from a macroeconomic perspective. The study examines several macroeconomic variables, including credit to the private sector, foreign direct investment, external reserves, money supply, external trade, per capita GDP, inflation, and lending rate to explain stock market development in Africa. The study builds a panel data consisting of eight African countries from 1994 to 2018 and applies the pooled mean group estimation technique. The analysis shows that in the long run, credit to the private sector, external reserves, and inflation are the most important factors that influence stock market development, while in the short run, income and trade openness are significant in explaining stock market development in Africa. The study recommends that policies to develop African stock markets should center on developing the private sector through access to credit, increased per capita income, and effective foreign reserve management to boost local and foreign investors’ confidence.

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Urban, Dariusz. „The Role of Sovereign Wealth Funds in Global Managament of Excess Foreign Exchange Reserves“. Comparative Economic Research. Central and Eastern Europe 14, Nr. 2 (08.11.2011): 143–58. http://dx.doi.org/10.2478/v10103-011-0015-1.

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This paper finds evidence that for many countries Sovereign Wealth Funds are the alternative vehicle for management of excess foreign exchange reserves. These funds can be seen as a substitutes for monetary authorities as well as institutional innovations on global financial markets. Sovereign Wealth Funds offer to countries various economic and financial benefits. They facilitate saving intergenerational transfer of proceeds from nonrenewable resources and help reduce cyclical volatility driven by changes in commodity export prices. These state-run funds help to reduce the opportunity cost of reserves holdings due to greater portfolio diversification of reserve-assets and allow countries to accumulate large capital inflow without negative consequences such as exchange rate appreciations, price distortions, liquidity expansion, domestic asset bubbles, financial sector imbalances and inflations. Sovereign Wealth Funds can support domestic economy during the crises as a investors of last resort and stabilize international financial markets by supplying liquidity and reducing market volatility. Sovereign Wealth Funds are likely to continue growing and increase their relative importance in global financial markets.

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Icton, Mike, und Devan Mescall. „Policy Forum: Establishing an Urban Reserve—Property Tax Challenges and Opportunities“. Canadian Tax Journal/Revue fiscale canadienne 69, Nr. 3 (November 2021): 835–55. http://dx.doi.org/10.32721/ctj.2021.69.3.pf.icton.

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Urban reserves offer a unique economic development tool for First Nation governments by providing access to markets and infrastructure unavailable on most reserve lands in Canada. Asimakiniseekan Askiy is Canada's first urban reserve established on land previously owned by a city. The urban reserve was established in Saskatoon by the Muskeg Lake Cree Nation in 1988. Asimakiniseekan Askiy provides an example of the economic potential of urban reserves for First Nations and their members, as well as municipal governments and their citizens. The urban reserve is currently home to 60 First Nation and non-First Nation businesses and their 700 employees. In 2020, the urban reserve contributed $465,662 to the city of Saskatoon in service fee payments. However, before this economic potential could be realized, property taxation presented a sizable barrier in the path of taking Asimakiniseekan Askiy from an innovative idea to a successful reality. Establishing an urban reserve has significant property tax implications, since the process requires the transfer of property from the taxing authority of a municipal jurisdiction to the tax jurisdiction of a First Nation government. Agreements providing for the transfer of tax authority also include negotiations relating to the continued provision of services to the urban reserve by the municipality. This article first provides a summary of the statutory environment surrounding the formation and taxation of an urban reserve. A case study of the establishment and 33 years of operation of Asimakiniseekan Askiy is then provided, to illustrate the property tax implications and municipal service agreement process necessary for Canadian communities to achieve the economic benefits of urban reserves. The authors identify property tax challenges inherent in the establishment of an urban reserve and offer recommendations to improve access to urban reserves as an innovative economic development tool.

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Alston, Julian, und Richard Sexton. „California almond markets and reserve strategies analyzed“. California Agriculture 45, Nr. 4 (Juli 1991): 18–21. http://dx.doi.org/10.3733/ca.v045n04p18.

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Hayo, Bernd, Ali M. Kutan und Matthias Neuenkirch. „Federal Reserve Communications and Emerging Equity Markets“. Southern Economic Journal 78, Nr. 3 (Januar 2012): 1041–56. http://dx.doi.org/10.4284/0038-4038-78.3.1041.

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25

Soares, T., P. Pinson und H. Morais. „Wind offering in energy and reserve markets“. Journal of Physics: Conference Series 749 (September 2016): 012021. http://dx.doi.org/10.1088/1742-6596/749/1/012021.

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Venkatesh, B., und H. B. Gooi. „Unit commitment incorporating committed∕uncommitted reserve markets“. IEE Proceedings - Generation, Transmission and Distribution 153, Nr. 5 (2006): 560. http://dx.doi.org/10.1049/ip-gtd:20050519.

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27

Tang, Zao, Junyong Liu, Youbo Liu und Lixiong Xu. „Stochastic reserve scheduling of energy storage system in energy and reserve markets“. International Journal of Electrical Power & Energy Systems 123 (Dezember 2020): 106279. http://dx.doi.org/10.1016/j.ijepes.2020.106279.

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Ferruzzi, Gabriella, Giorgio Graditi und Federico Rossi. „A joint approach for strategic bidding of a microgrid in energy and spinning reserve markets“. Energy & Environment 31, Nr. 1 (23.05.2018): 88–115. http://dx.doi.org/10.1177/0958305x18768128.

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In the electricity market, short-term operation is organized in day-ahead and real-time stages. The two stages that are performed in different time intervals have reciprocal effects on each other. The paper shows the strategy of a microgrid that participates to both day-ahead energy and spinning reserve market. It is supposed that microgrid is managed by a prosumer, a decision maker who manages distributed energy sources, storage units, Information and Communication Technologies (ICT) elements, and loads involved in the grid. The strategy is formulated considering that all decisions about the amount of power to sell in both markets and the price links to the offer, must be taken contextually and at the same time, that is through a joint approach. In order to develop an optimal bidding strategy for energy markets, prosumer implements a nonlinear mixed integer optimization model: in this way, by aggregating and coordinating various distributed energy sources, including renewable energy sources, micro-turbines–electricity power plants, combined heat and power plants, heat production plants (boilers), and energy storage systems, prosumer is able to optimally allocate the capacities for energy and spinning reserve market and maximize its revenues from different markets. Moreover, it is considered that both generators and loads can take part in the reserve market. The demand participation happens through both shiftable and curtailable loads. Case studies based on microgrid with various distributed energy sources demonstrate the market behavior of the prosumer using the proposed bidding model.

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Just, Sebastian, und Christoph Weber. „Pricing of reserves: Valuing system reserve capacity against spot prices in electricity markets“. Energy Economics 30, Nr. 6 (November 2008): 3198–221. http://dx.doi.org/10.1016/j.eneco.2008.05.004.

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30

Breithaupt, Timo, Thomas Leveringhaus und Lutz Hofmann. „Heuristic solution of a joint electric control reserve and wholesale market model“. International Journal of Modeling, Simulation, and Scientific Computing 10, Nr. 02 (April 2019): 1940001. http://dx.doi.org/10.1142/s1793962319400014.

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A mixed integer linear programming (MILP) approach for the joint simulation of electric control reserve and electricity wholesale markets is presented. This generation dispatch model extends an existing integrated grid and electricity market (IGEM) model covering the Continental European electric power system. By explicitly incorporating the markets for primary and secondary control reserves (PCR and SCR), the model can reproduce the decisions of generating unit operators on which markets get involved. Besides, the introduction of the integrality conditions allows considering start-up costs and the calculus of generating units to pass through the economically unattractive periods with low or even negative prices in order to avoid another start-up. Since this model is too large to be solved with common MILP solvers for the intended simulation time of one year, temporal and geographical interdependencies are used to solve it heuristically. The heuristic therefore splits the model into various sub-problems so that on the one hand, the number of variables, especially of integer variables, per sub-problem is reduced significantly and on the other hand, the relevant interdependencies remain considered. The heuristic is evaluated in terms of accuracy and computation time by means of two case studies. Both case studies show satisfactory accuracy and significant advantages in computation time.

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ZEIDEMANN, V., K. A. KAINER und C. L. STAUDHAMMER. „Heterogeneity in NTFP quality, access and management shape benefit distribution in an Amazonian extractive reserve“. Environmental Conservation 41, Nr. 3 (28.11.2013): 242–52. http://dx.doi.org/10.1017/s0376892913000489.

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SUMMARYExtractive reserves are conservation units that are concurrently expected to sustain subsistence and cash economies of reserve residents, often through use of non-timber forest products (NTFPs). Brazil nut (Bertholletia excelsa) has been central to many Amazonian reserves and resident livelihoods therein, due to its basin-wide distribution, significance in global markets, and potential for sustainable use and forest conservation. Yet, do the benefits of this and other NTFPs extend to all extractive reserve residents? A livelihood survey, structured interviews, and Brazil nut inventories from 2008 to 2010, randomly sampling the widely dispersed households and corresponding forests across the three regions of Riozinho do Anfrísio Extractive Reserve (RDAER), revealed significant social and ecological heterogeneity among RDAER regions. There were differences in Brazil nut stand access, individual tree characteristics (including crown form and marginally, and fruit production), stand and tree management, multiple household characteristics that shape resident investment and dependence on NTFPs, and the contribution of Brazil nut to forest-based income. If Brazil nut and other NTFPs are to reconcile conservation and development in forest communities, then policies to regulate and promote NTFP use must integrate the socioecological heterogeneity inherent in these forest products and within reserve polygons.

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Facchinetti, Emanuele, Beni Rohrbach, Gerko van der Wel und Andrew Bollinger. „Monetary Value of a District’s Flexibility on the Spot- and Reserve Electricity Markets“. Buildings 8, Nr. 12 (18.12.2018): 181. http://dx.doi.org/10.3390/buildings8120181.

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In the future, advanced multi-energy systems are expected to handle an increasing share of fluctuating renewable energy generation through the management of multiple advanced energy conversion and storage technologies operating across different energy carriers. The market diffusion of such concepts of Local Energy Management—the management of energy supply, demand, and storage within a given geographical area—is expected to provoke a fundamental reorganization of the power generation sector. This work contributes to this topic by estimating the maximum potential economic value attained from using the flexibility of a district to take advantage of operating within multiple electricity markets at the same time. The study is based on the measured demand and production data of a newly built suburban residential district located in Central Switzerland. The actual configuration of the district and the resulting flexibility, as well as an extension with a battery storage system, is used to estimate the economic value of the flexibility. Then, an optimization algorithm manages flexible demand, production, and storage capacities in order to alternatively maximize the revenues/cost savings, self-sufficiency, or share of renewable resources of the district’s energy supply. In this vein, the impact of the way the system operates in the markets regarding the degradation of the battery is assessed and its pay-back-time is estimated. The analysis revealed a considerable profit potential associated with the district thermal and electricity storage flexibility, in particular, when operating on both the spot and reserve electricity markets. Firstly, it was shown that overall energy costs can be minimized through an optimal management of energy conversion and storage systems. Secondly, complementing the infrastructure with batteries and trading flexibility on the spot market would decrease costs by about 43%, while an additional 20% cost decrease could be captured by including trading on the reserve market. Thirdly, it has been shown that operation on the spot- and reserve market does not seem to degrade the battery more than solely operation on the spot market. However, when operating on the spot- and reserve markets, battery amortization would still take about 10 years.

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Novoselov, Alexander, und Alexander Faleev. „Transformation of Money and Financial Instruments of the Market in Conditions of Regionalization of the World Economy“. Spatial Economics 19, Nr. 1 (2023): 168–86. http://dx.doi.org/10.14530/se.2023.1.168-186.

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The problems of transforming the elements of the global monetary and financial system in the direction of regionalization are discussed. The issues of prospects for de-dollarization and possible scenarios for switching to alternative means of payment in regional trade are discussed, five main scenarios for the development of the de-dollarization course are identified. The vulnerabilities of the Jamaican system in the context of global risks are identified. The analysis of the actual conditions for the formation of exchange rates is carried out. The main factors of the US dollar exchange rate formation are considered. A comparative analysis of the euro as a tool for replacing the world reserve currency is carried out, the weak position of the euro as a promising ‘donor’ of the US dollar has been revealed. The main threats to the economies of developing countries with weak national monetary institutions are formulated. An assessment of the structure of the distribution of investment gold among the national banks of the largest holders of reserves in precious metals is given, the dynamics of gold production and the dynamics of increment of reserves by national banks of the largest countries are considered, the prospects of gold mining and its distribution in the system of international finance are assessed. The applicability of futures of the main commodity markets as investment reserves is considered, the volatility of oil futures in terms of gold has been assessed. The prospects of the cryptocurrency market instruments as instruments for replacing the world reserve currency are assessed, the strengths and weaknesses of the processes of formation of crypto-tools markets are revealed

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Reddy, Srikanth, Lokesh Panwar, Bijaya Ketan Panigrahi, Rajesh Kumar, Lalit Goel und Ameena Saad Al-Sumaiti. „A profit-based self-scheduling framework for generation company energy and ancillary service participation in multi-constrained environment with renewable energy penetration“. Energy & Environment 31, Nr. 4 (21.10.2019): 549–69. http://dx.doi.org/10.1177/0958305x19878426.

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This paper presents a profit-based self-scheduling framework for generation company participation in energy and ancillary service markets under multi-constrained environment with renewable energy participation. The participation strategies of generation company include various objectives incorporating economic (profit maximization), environmental (emission minimization), and social (maximum load satisfaction) aspects. The total objective under single, dual and multi-constrained approaches is formulated along with appropriate constraints for energy, spinning reserve, and non-spinning reserve offerings in various markets. In addition, the impact of renewable energy participation in energy market on scheduling decisions of generation company in different markets is also examined. The renewable energy independent power producers namely wind energy and solar photovoltaic energy generators are considered in this study. The sensitivity analysis is also carried out to examine the impact of reserve deployment probability on optimal offerings and generation company surplus in energy as well as ancillary service markets. To solve the proposed framework, binary fireworks algorithm is used, considering the binary natured commitment problem of generation company’s thermal units. The simulation results of proposed framework tested using thermal units, wind energy independent power producer, solar photovoltaic independent power producer are presented for base case and various scenarios involving single, dual and multi objectives. The comparison shows the effectiveness of proposed multi-constrained approach in arriving at optimal offering of generation company under economic, environmental and social constraints. Therefore, this integrated approach can prove to be an effective tool for generation company participation in energy and ancillary service market under renewable participation.

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ORHAN, Mehmet, und Halil Ä°brahim Ã‡ELÄ°KEL . „The Spillover Effects of Fedâ€™s Policies with Emphasis to the Fragile Five“. Journal of Economics and Behavioral Studies 6, Nr. 12 (30.12.2014): 1011–20. http://dx.doi.org/10.22610/jebs.v6i12.557.

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Since the Bretton Woods Agreement, the U.S. dollar has played the role of dominant global currency. As a result, the Federal Reserve Bank has many privileges such as the ability to run trade deficits without foreign exchange reserves. In the world, foreign exchange rates of currencies are quoted against the dollar, and majority of currency trading involves the dollar. Besides, international trade in primary commodities, such as oil, wheat, gold and coffee are bought and sold in U.S. dollar. The central banks of countries hold major positions of their international reserves in dollars. Any changes in its interest rates automatically alter the revenues of all world assets. With deregulated financial markets, the spillover effects of the Federal Reserve Bankâ€™s decisions have increased. In this paper, we examine the impacts of Federal Reserve Bank policies over the Fragile Five that is a sub group of the weaker emerging markets namely Brazil, India, Indonesia, South Africa and Turkey. We are mainly focusing on the consequences of changes in Fedâ€™s policies on the fragile fiveâ€™s basic indicators; exchange rate, interest rate, and the stock exchange indices. All Fragile Five currencies have been depreciated by about 10 to 25% after the Fed tapering decisions. In addition we test for mean and volatility spillover of Wall Street on stock exchange indices of the Fragile Five in GARCH in mean framework and document the existence of such spillovers in almost all cases.

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Kirsch, Laurence D., und Mathew J. Morey. „Efficient Allocation of Reserve Costs in RTO Markets“. Electricity Journal 19, Nr. 8 (Oktober 2006): 43–51. http://dx.doi.org/10.1016/j.tej.2006.09.002.

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37

Rosen, C., und R. Madlener. „An auction design for local reserve energy markets“. Decision Support Systems 56 (Dezember 2013): 168–79. http://dx.doi.org/10.1016/j.dss.2013.05.022.

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38

Al-Abdullah, Yousef, und Mostafa Sahraei-Ardakani. „Analysis of reserve relaxations in electric energy markets“. Electric Power Systems Research 141 (Dezember 2016): 460–66. http://dx.doi.org/10.1016/j.epsr.2016.08.006.

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39

Cañón, Carlos, und Paula Margaretic. „Correlated bank runs, interbank markets and reserve requirements“. Journal of Banking & Finance 49 (Dezember 2014): 515–33. http://dx.doi.org/10.1016/j.jbankfin.2014.03.040.

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40

Li, Zixuan. „The Impact of Federal Reserve Interest Hike: Currency, Stock and Bond Market“. Highlights in Business, Economics and Management 24 (22.01.2024): 2473–79. http://dx.doi.org/10.54097/72mayq10.

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The paper investigates the consequences of interest rate hikes initiated by the Federal Reserve on various financial markets. This comprehensive analysis examines the relationships between interest rate changes and their effects on currency, stock, and bond markets, which also discuss the potential scenario or solutions in respond to the rate hike. By analyzing data from different regions of the world, the paper discusses how these monetary policy decisions influence market dynamics, investor sentiment, and overall economy. Federal Reserve raising interest rate has impacted the world from various aspects, which each’s country government needs to plan strategically to respond to the impact toward currency, stock, and bond market. The findings presented in this paper contribute valuable insights for policymakers, investors, and economists seeking a deeper understanding of the intricate interplay between central bank actions and financial market reactions, which it is important to understand the impacts and apply monetary policy in order to ensure economic stability.

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Rachmad, Sri Hartini, Meilisa Hajriani, Muhammad Basorudin, Muhammad Fajar, Nona Iriana, Kennith G. C. Dillena und Okki Navarone Wibisono. „Boosting Housing Markets: Amplifying Reserve Requirements for Greater Economic Growth, Insights from China and Indonesia“. Jurnal Sains Matematika dan Statistika 10, Nr. 1 (10.04.2024): 95. http://dx.doi.org/10.24014/jsms.v10i1.25895.

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Enhancing the inclusivity, safety, resilience, and sustainability of urban areas, as outlined in Goal 11 of the Sustainable Development Goals (SDGs) to be accomplished by 2030, entails ensuring universal access to adequate, secure, and affordable housing along with essential services, and the enhancement of informal settlements. Consequently, numerous megacities worldwide grapple with burgeoning populations, precipitating a surge in housing costs, particularly exacerbated by volatile financial environments. The post-2013 financial recuperation in the United States precipitated a capital exodus towards Emerging economies, precipitating currency depreciation and imported inflation due to heavy reliance on foreign reserves. In response, the Indonesian central bank augmented reserve requirements to curtail money supply, while its Chinese counterpart reduced such requisites to stimulate economic expansion. This inquiry endeavors to discern the short-term impact of heightened reserve requirements on consumer, investment, and working capital credit pertinent to housing consumption, and in the long run, examines their ramifications on total output within the current account. Employing the Vector Error Correction Model (VECM), this study scrutinizes the central bank's credit policies' influence on overall output over both temporal horizons. Augmenting reserve requirements, integral to banks' balance sheets, impinges on liquidity and credit provisioning capacities, affecting not only consumer and housing credit but also investment and working capital credit, crucial financing conduits bolstering real sector activity and economic growth.

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Haghighi, Yadollah, Bahman Bahmani-Firouzi und Mehdi Nafar. „A Partnership of Virtual Power Plant in Day-Ahead Energy and Reserve Markets Based on Linearized AC Network-Constrained Unit Commitment Model“. International Transactions on Electrical Energy Systems 2022 (06.09.2022): 1–16. http://dx.doi.org/10.1155/2022/5650527.

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This paper presents coordinated energy management as a virtual power plant (VPP) framework with a wind farm, a storage system, and a demand response program in the transmission network according to the cooperation of VPPs in day-ahead energy and reserve markets. This strategy is based on a bilevel method, where it maximizes the expected VPP revenue in the proposed markets subject to constraints of renewable and flexible sources and the VPP reserve model in the upper-level problem. Also, a market-clearing model based on network-constrained unit commitment (NCUC) is explained in the lower-level problem so that it minimizes the expected operating cost of generation units constrained to a linearized AC-NCUC model. The scenario-based stochastic programming (SBSP) models the uncertainties of loads and WF power generation. Then, the master/slave decomposition method solves the bilevel problem to achieve an optimal solution at a low computational time. Also, since the lower-level problem is mixed-integer linear programming, the Benders decomposition algorithm is adopted to solve this problem. Finally, the suggested approach is implemented on IEEE test networks in GAMS software, and numerical results confirm the efficiency of the coordinated VPP management in DA energy and reserve markets and its capabilities in improving network operation.

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Roumkos, Christos, Pandelis N. Biskas und Ilias Marneris. „Manual Frequency Restoration Reserve Activation Clearing Model“. Energies 14, Nr. 18 (14.09.2021): 5793. http://dx.doi.org/10.3390/en14185793.

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The integration of the European markets has started with the successful coupling of spot markets (day-ahead and intra-day) and is expected to continue with the coupling of balancing markets. In this paper, the optimization model for the activation of manual frequency restoration reserve (mFRR) is presented. The model incorporates all order types agreed among the European transmission system operators (TSOs) to be included in the Manually Activated Reserves Initiative (MARI) project. Additionally, the model incorporates the buying curve (demand) of mFRR with the possible tolerance band defined by the TSOs, order clearing constraints and the cross-zonal capacity (CZC) constraints, forming a mixed integer linear programming model. The methodology employs two distinct steps: In the first step, an order conversion process is employed for the markets applying the central-scheduling scheme, and in the second step, the mFRR activation process is executed by solving the presented model. The whole process is tested using a case, including twenty-five European control areas. The attained clearing results indicate that price convergence is achieved among the involved control areas, along with a reduction in the overall balancing costs mainly due to the imbalance netting that is implicitly performed during the joint mFRR balancing energy (BE) clearing process and due to the cross-border exchange of mFRR BE.

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Carlini, Enrico Maria, Mauro Caprabianca, Maria Carmen Falvo, Sara Perfetti, Luca Luzi und Federico Quaglia. „Proposal of a New Procurement Strategy of Frequency Control Reserves in Power Systems: The Italian Case in the European Framework“. Energies 14, Nr. 19 (25.09.2021): 6105. http://dx.doi.org/10.3390/en14196105.

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Over the last few years, a strong penetration of Intermittent Renewable Energy Sources (IRES) has been in progress in the Italian power system. In this new framework, the dispatching activity must improve its efficiency to ensure adequacy and security of the national electricity system. European market integration initiatives are making this goal achievable, provided that the coherency of market price signals and reserve procurement at the European level are guaranteed. For this reason, the Italian Transmission System Operator (TSO), Terna, started to investigate the opportunity to align the Italian reserve-procurement approach to the one adopted in most European countries, procuring Replacement Reserve (RR) in dedicated auctions held in advance of the day-ahead market. The aim of this new methodology is to improve the coherency of price signals arising from the integrated European day-ahead market, anticipating potential scarcity conditions, thus helping to keep adequacy standards high. This paper describes the characteristics of a possible new reserve-procurement model based on the European benchmark. Comparative simulations are presented, estimating the impact of the new approach in terms of outcomes and costs of both the energy and ancillary services markets in Italy. The results of this study suggest activation of the reserve auction only in the cases in which the TSO expects a potential risk of simultaneous reserve scarcity across European countries.

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Zhang, Rufeng, Haihang Sun, Guoqing Li, Tao Jiang, Xue Li, Houhe Chen und He Zou. „Reserve provision of combined-cycle unit in joint day-ahead energy and reserve markets“. Applied Energy 336 (April 2023): 120812. http://dx.doi.org/10.1016/j.apenergy.2023.120812.

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Jung, Kuk, und Hyun Pyun. „Out-of-sample analysis of international reserves for emerging economies with a dynamic panel model“. Panoeconomicus 67, Nr. 5 (2020): 675–74. http://dx.doi.org/10.2298/pan170330001j.

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Using data on 70 emerging countries for 1990-2011, we re-examine the validity of both traditional and recently proposed determinants of international reserves. The dynamic panel model considers panel unit root, endogeneity, and country heterogeneity and reveals that not only traditional determinants but also new financial variables - M2/GDP and foreign capital inflows through over-the-counter markets - have significant effects on reserves hoarding. More importantly, out-of-sample forecasts show that the dynamic model yields the best goodness-of-fit, and its predicted values successfully account for the recent patterns in reserve accumulations.

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Yan, Liangjun. „Explore the Impact of International Monetary Policy Uncertainty on Global Financial Markets“. Advances in Economics, Management and Political Sciences 44, Nr. 1 (10.11.2023): 213–20. http://dx.doi.org/10.54254/2754-1169/44/20232234.

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This article delves into the influence of Feds rate hikes on global financial markets. Being the central bank of the United States, the Federal Reserve wields significant impact in global finance and macroeconomics. The policy of increasing interest rates has sparked extensive debate and apprehension as it profoundly affects the worldwide financial landscape. After thorough examination of relevant literature and research findings, we ascertain that monetary policys impact on global financial markets can be primarily understood through several key aspects: 1) The impact of interest rate hikes on the stock market is predominantly negative, which may lead to capital outflows, dampened consumer sentiment and higher borrowing costs. 2) Interest rate hikes have an impact on changes in interest rates in the bond market, which may lead to increased debt expenses and inversions. 3) The interest rate hike influences the exchange rate changes in the foreign exchange market, attracting funds into the United States, resulting in other countries facing the risk of capital outflow and currency depreciation. This article explores the global impact of the Federal Reserves interest rate hikes on financial markets and provides valuable insights for policymakers and investors. Given the potential negative consequences of rising interest rates on stock and bond markets, investors may find it prudent to adjust their portfolios accordingly. Simultaneously, it is crucial to closely monitor global economic dynamics and monetary policies while maintaining flexibility in responding to market fluctuations. By doing so, informed investment strategies can be crafted based on these observations.

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Siahaan, Antonius, und Julius Peter Panahatan. „ANALYSIS OF IMPACT OF YIELD, INTEREST RATES, U.S FED RATES, AND INFLATION ON PRICE OF GOVERNMENT BONDS IN INDONESIA“. Emerging Markets : Business and Management Studies Journal 6, Nr. 2 (18.04.2020): 59–74. http://dx.doi.org/10.33555/ijembm.v6i2.112.

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Global factors are increasingly important as a cause of international capital flows. It is almost impossible for emerging markets to protect themselves from external influences on their financial markets. Indonesia as emerging market is influenced by some monetary policies adopted by the U.S Federal Reserve Bank. The plan of tapering and Fed rate increase adopted by the Federal Reserve Bank in the last three years made local currencies turned into the depreciation stage, increasing capital outflow from emerging markets. It created huge impact on government bond prices in Indonesia and can be seen through the relationship of some factors with bond prices. This research analyzes the impacts of BI rates, Fed rates, and inflation rates on six government bonds classified into three periods during November 2013 to October 2016 when tapering and Fed rates became critical issues. It finds that in all periods bond prices are significantly influenced by only BI rates, but BI rates, Fed rates and inflation rate have negative effect on bond prices during the observation period.

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Korepanov, Oleksiy S., Iuliia O. Lazebnyk, Tеtyana G. Chala und Vladyslava V. Korniienko. „A Statistical Analysis and Forecasting of the Components of the National Market of Foreign Exchange in the Conditions of the Russian Invasion of Ukraine“. Business Inform 1, Nr. 540 (2023): 31–39. http://dx.doi.org/10.32983/2222-4459-2023-1-31-39.

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The article focuses on determining the impact of the consequences of the russian invasion of Ukraine on macroeconomic stability and the exchange rate of the national currency. The relevance of the chosen topic is substantiated. The problems of assessing the negative consequences of the russian invasion of Ukraine are outlined, including: violation of general macroeconomic stability, significant fluctuations in foreign exchange markets and destabilization of the national currency. The study considers the theoretical and methodological foundations of the study of foreign exchange markets and analyzes global trends in the development of the global currency market. The structure of world currency reserves is analyzed according to the assessment of the currency composition of the official currency reserve (COFER) of the IMF. The analysis of the dynamics of average spreads of purchase and sale of reserve currencies against the US dollar for traditional and non-traditional reserve currencies is carried out. As a result of studying world trends, the main factors that affect fluctuations in the exchange rate of currencies are identified. The main problems regarding the functioning of the national currency market in the context of the hostilities in Ukraine are outlined, in particular, the existing inflationary processes are analyzed. The dynamics of currency interventions of the NBU for 2021-2022 is considered. The features (advantages) of the application and the results of using the singular spectral analysis (SSA) method for predicting fluctuations in the US dollar and Euro in the national foreign exchange market are presented. The practical implementation of this method was carried out using the CaterpillarSSA software product. Evaluation of the accuracy of the forecast is performed using the MAPE method. The obtained forecast errors (less than 6%) suggest that the constructed models are adequate and can be used for further research and recommendations. Thus, it can be concluded that for Ukraine the most important factors affecting the exchange rate are seasonality and successful trade policy of the government, which, in turn, largely depends on resource prices. The carried out research allowed to highlight the features and main aspects of the functioning of the foreign exchange market of Ukraine during the period of ongoing military aggression.

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Probert, W. R. „The availability of gas“. Proceedings of the Royal Society of Edinburgh. Section B. Biological Sciences 92, Nr. 1-2 (1987): 39–49. http://dx.doi.org/10.1017/s0269727000009519.

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SynopsisThis paper considers market fundamentals rather than privatisation, which is largely about organisation. During the last ten years there has been significant growth in the size of the world's remaining proven gas reserves. The proven reserve production ratio has been growing and is now sixty years. Beyond proven reserves there are reserves in the “probable” and “possible” categories. Within Western Europe, gas reserves are principally located in Norway, the Netherlands and the United Kingdom. Additional reserves are accessible to Western Europe. For the United Kingdom, gas supplies are probably ample in the short to medium term. In the longer term there is likely to be a need for imports but there are various potential suppliers. At the Church House debate in 1976 many were obsessed with “energy gaps”; today's conventional wisdom is “market forces”. Energy forecasts have proved inaccurate, but gas demand has been fairly close to projections. Over the last ten years the role of gas in energy markets has been growing, such that gas is now the major fuel in non-transport energy demand. Gas now dominates the domestic market for energy in Britain. Growth in customers continues in Scotland and the rest of Britain. Nevertheless, there is fierce competition in the domestic market with millions of decisions taken on acquiring and replacing appliances each year. The growing role of gas in Scottish and British industrial and commercial markets is discussed, with faster growth overall in demand in Scotland than Britain as a whole. The recession has had its effect but gas suffered less than some other fuels. Growth in gas demand from industry has resumed. Great emphasis is placed upon improving the efficiency of gas use. Used wisely, an availability of gas is foreseen on a long term basis.

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