For the EU to reach its 2050 climate targets the aviation industry that is highly dependent on fossil fuels needs to drastically reduce its emissions. In the decarbonisation of the aviation industry drop-in sustainable aviation fuels (SAFs) have been identified as a promising solution to abate the industry’s emissions. To increase the adoption of SAFs, The EU has announced a proposal called ReFuelEU Aviation, introducing obligated blend mandates for SAFs that airlines and fuel suppliers need to comply with, starting at 2% in 2025 going up to 70% by 2050. A subset of SAFs called electrofuels, made from green hydrogen and carbon dioxide, could become essential in the sustainability transition with an emission abatement potential of up to 95% compared to fossil jet fuel. However, there exist no large scale production of electrofuels and previous research suggests that they will be several times more expensive to produce than their fossil counterparts, highlighting that the production and adoption will be challenging. In this thesis we first study how and under which conditions electrofuel value chains can develop in Sweden and second to which extend locally-produced electrofuels may be economically feasible. The former was studied qualitatively and the latter quantitatively, which together identified challenges and opportunities for electrofuels to decarbonise the aviation industry. The qualitative analysis was researched by conducting semi-structured interviews with industry actors, researching the current policy landscape and analysing the findings from a theoretical lens of ‘complementarity formation mechanisms in technology value chains’. The quantitative analysis was researched by a techno-economic assessment of e-kerosene production in Sweden using an alkaline electrolyser, different carbon capture technologies and a Fischer Tropsch fuel synthesis. In the qualitative analysis we found, in contrast to previous research, that the incremental cost associated with adoption of electrofuels is not necessarily the greatest concern. Instead, the value chain development of electrofuels is dependent on synchronised development of the input sectors renewable energy, hydrogen production and carbon capture technologies. Industry actors may not invest in large scale electrofuel production until they have secured a supply for renewable energy. There is also a liability of limited scalability in these, affected by slow permit processes and construction of new renewable energy, risking that electrofuels are not produced sustainably and at a high cost. We also found that producing bio-electrofuels, utilising lignocellulosic biomass from e.g., forest residue, can become important for Swedish fuel production. In the quantitative analysis the results show a levelised cost of e-kerosene of 3.8-6.1 times higher than the fossil jet fuel price of April 2023, sensitive to changes in energy price and capital expenditures of electrolysers for hydrogen production. We also found that the source of carbon capture affects the price, where direct air capture (DAC) increased total costs by 32% and 25% compared to bioethanol and pulp and paper, respectively. The levelised cost yield emission abatement costs between 457-1,042 €/tonne CO2e, depending on energy scenario and emissions abatement potential. In conclusion, we have found that the production of electrofuels for aviation is contingent on low energy prices, point-source carbon capture and economies of scale in hydrogen production. This highlights that renewable energy in combination with technological developments in hydrogen and carbon production is essential to establish a sustainable value chain. This can become challenging as other industries, such as green steel, will require similar inputs for production, emphasising that the location of electrofuel plants highly impacts the business case and possibility to produce relatively sustainable and cost competitive products. / För att EU ska nå sina klimatmål för 2050 behöver flygindustrin, som är beroende av fossila bränslen, drastiskt minska sina utsläpp. I dekarboniseringen av flygindustrin har hållbara flygbränslen (SAF) identifierats som en potentiell lösning för att minska utsläppen i industrin. EU har tagit fram förslaget ReFuelEU Aviation som inför obligatoriska inblandningskrav av SAF för flygbolag och bränsleleverantörer, med start 2025 på 2% och en ökning till 70% fram till år 2050. En subkategori av SAF kallade elektrobränslen, som tillverkas av grön vätgas och koldioxid, kan bli avgörande i hållbarhetsomställningen med en potential att reducera utsläpp med upp till 95% jämfört med fossilt flygbränsle. Samtidigt finns det idag ingen storskalig produktion av elektrobränslen och forskare och branschexperter tror att produktionskostnaderna kommer att vara flera gånger dyrare än den fossila motsvarigheten, vilket antyder att produktionen av elektrobränslen kommer medföra utmaningar. I denna uppsats studerar vi först hur och under vilka förutsättningar elektrobränsle-värdekedjor kan utvecklas i Sverige, och sedan under vilka förutsättningar produktion av elektrobränslen kan vara ekonomiskt konkurrenskraftigt. Den första frågeställningen studerades kvalitativt och den andra kvantitativt, vilka tillsammans identifierade utmaningar och möjligheter för produktion och användning av elektrobränslen för att dekarbonisera flygindustrin. Den kvalitativa analysen bestod av semistrukturerade intervjuer med aktörer inom branschen och forskning kring det nuvarande policylandskapet. Dessa resultat analyserades sedan utifrån en teoretisk lins av ’komplementära formationsmekanismer i teknologiska värdekedjor’. Den kvantitativa delen analyserades genom en tekno-ekonomisk analys av e-fotogenproduktion i Sverige genom en alkalisk elektrolysör, olika tekniker för koldioxidavskiljning och bränslesyntes via Fischer-Tropsch. I den kvalitativa analysen fann vi, i motsats till tidigare forskning, att de inkrementella kostnaderna för införandet av elektrobränslen inte nödvändigtvis är det största hindret. I stället är utvecklingen av elektrobränsle-värdekedjor beroende av en synkroniserad utveckling av förnybar energi, vätgasproduktion och koldioxidavskiljningstekniker då industriella aktörer kan vara motvilliga att investera i storskalig elektrobränsleproduktion innan de har en säkrat tillgång av förnybar energi. Det finns också en risk för begränsad skalbarhet på grund av långsamma tillståndsprocesser för konstruktion av ny förnybar energi, vilket kan leda till att elektrobränslen inte produceras hållbart och till höga kostnader. Vi fann också att produktion av bio-elektrobränslen, genom att använda lignocellulistisk biomassa från exempelvis skogsrester, kan bli viktigt för den svenska bränsleproduktionen. I den kvantitativa analysen visade resultaten att kostnaden för e-fotogen är 3.8-6.1 gånger högre än den fossila motsvarigheten och att priset var känsligt mot förändringar i energipris och investeringskostnader för elektrolysören för vätgasproduktion. Vi fann också att källan till koldioxidavskiljning påverkar priset, där direktluftsavskiljning (DAC) ökade de totala kostnaderna med 32% respektive 25% jämfört med bioetanol och pappersmassa. Produktionskostnaderna för elektrobränslen indikerarar en utsläppsminskningskostnad mellan 457-1,042 €/ton CO2e, beroende på energiscenario och utsläppsminskningspotential. Slutsatsen är att produktionen av elektrobränslen för flygindustrin är beroende av låga energipriser, källa för koldioxidavskiljning och stordriftsfördelar för vätgasproduktion. Detta påvisar att förnybar energi i kombination med teknologisk utveckling inom vätgas- och koldioxidproduktion är avgörande för att etablera en välfungerande värdekedja. Detta kan bli utmanande då andra industrier, som produktionen av grönt stål, kommer att kräva liknande insatsvaror för produktion och betonar därmed vikten av den geografiska placeringen av elektrobränslefabriker för att ha möjligheten att producera hållbara och kostnadseffektiva bränslen.

「促進民間參與公共建設法」賦予民間機構從事開發交通建設所需用地，藉以提高交通建設之財務自償能力。回顧目前國內所推動之高速鐵路及捷運建設BOT案，均藉由土地開發收入以挹注建設成本，誠然所引發公共論壇的焦點環繞在土地開發利益議題上。惟土地開發收入取決於開發規模及代理人努力效果等因素，在政府與民間機構存在對土地市場價值資訊不對稱下，恐衍生委託代理問題與權力宰制。 審視現行法令賦予私有土地參與捷運場站開發制度，包括政府和所有權人合作開發、政府徵收開發、所有權人申請開發等多樣性之土地開發方式。面對具提高不動產價值之捷運場站土地開發，研究思維理應從單向滿足民間機構對土地開發需求外，亦需同時考量維護所有權人參與之權益，各方最佳的策略與報酬，並非獨立於他人的行動之外，其間之策略組合報酬主要涉及土地開發方式之權益分配率及開發回饋金，捷運場站開發制度存在策略賽局關係。 因此，如何建構兼具代理規範、參與決策及均衡結果為導向的制度經濟分析模型，已成為推動民間參與捷運場站土地開發之關鍵所在。本研究首先，嘗試以代理理論、權力面向及賽局理論分析方法，作為民間參與捷運場站土地開發制度之立論基礎；其次，深入分析土地開發之代理與權力交互效果，重新詮釋資源配置效率問題；其三，研擬民間參與之代理與賽局整合模型，經由制度賽局均衡結果以達成各方自由選擇下之同意；最後，進行案例模擬分析。 本研究所獲致之結論包括：(1)民間參與捷運場站土地開發制度得以代理理論、權力面向及賽局理論一窺全貌；(2)制度的賽局均衡觀得以降低因徵收土地開發之代理與權力交互關係對資源配置效率之衝擊；(3)模擬分析民間參與之代理與賽局整合模型具可操作性並可運用於實務界。再者，本研究所提出之建議包括：(1)建構政府與民間機構之代理模型俾以降低委託代理問題；(2)建構政府與所有權人之制度賽局模型俾以達成自願交易；(3)建構代理規範與制度賽局之整合模型以維護所有權人參與土地開發之權益。 / “Law for Promotion of Private Participation in Public Infrastructure Projects” provides a mechanism for the private sector to develop the land for any public infrastructure project so that the financial self-liquidating ratio may be increased. The financial concept of BOT projects in Taiwan, such as HSR and MRT, is to recoup the cost of the infrastructure project by land development revenues. Indeed, the public concerns focus on the revenues, which depend on the institution and scale of development. However, the revenues depend on the scale of development and effect of the agent’s efforts. While the information asymmetry exists, there may arise the issues of agency and power control. The institution of the MRT station development provides a diversity of land development, including cooperation development, expropriation development and application development. The development issue has switched from government-led development approaches to the interaction between the government and landowners. As for the payoff function of their strategy combination, it depends on the right distribution rate and feedback payment. In the MRT station development institution exists a form of strategic game. Therefore, how to establish an institutional economic analysis model takes agency norm, and involves decision-making and equilibrium, which forms the criterion, serving as a key to promote the private participation in MRT station development. This study attempts: First, to analyze the private participation in MRT station development based on the agency theory, power dimension, and game theory. Second, to explore the allocation efficiency of resources under the interaction effect of agent and power. Third, to establish an integrated model of both the agent and the game, which by equilibrium-of–the-game view of institutions reach a mutual agreement among the government, private sector, and landowners. Finally, case simulation. It is concluded that, (1) the institution of the private participation MRT station development may be fully reviewed by agency theory, power dimension, and game theory. (2) the equilibrium-of–the-game view of institutions may reduce the impact on the allocation efficiency of resources under the interaction effect of agent and power. (3) by case simulation found that the integrated model of both agent and game is available. It is suggested that, (1) to establish an agency model for both the government and private sector serves to solve agency issues. (2) to establish an institutional game model for both the government and landowner functions as voluntary exchanges. (3) to establish an integrated model of both agent and game helps to keep landowner on the rights of participation in MRT station development.

不純正不作為犯與作為其核心架構的「保證人地位」與刑法作為義務，長久以來是困擾德國與我國刑事法研究的深度議題，並是諸多學界重要見解發揮其精微論理的場域。然而，直至本文撰寫的今日而言，對於不純正不作為犯的研究雖已累積近百年的光陰，卻仍然難以跳脫循環論證、缺乏法理基礎的懷疑。 本文立基於我國與德國學說見解長久以來的偉大基礎，先行確認至今為止的所有議題討論都無法達到成功解決問題的高度後，嘗試以最直接的方式給予不純正不作為犯的刑法作為義務最為實際、具有共識的法理基礎，並借用於刑事法較少受到討論的「法律經濟分析」，將刑法作為義務作為一種社會制度的經濟特徵逐一抽出，並建構適合該種制度創造與存在的社會模型，最終就不純正不作為犯的刑法作為義務為何存在、如何存在得出基本假設，並就該種制度給予特定人民積極保護法益的義務，提出具有實際意義、成本合理分配的假設。 為檢驗本文透過個人與社會實際需求所進行之假設是否符合現代社會之實際需求，本文假設刑事法學界所承認之刑法作為義務與保證人地位，若多數吸納原屬於其他社會制度之人際關係，則多數刑法作為義務態樣之原型，應全部得透過本文回溯社會群體、個人需求的最初假設，而得出符合本文觀察之解釋。最後，於本文第四章之結論中，確實得出與本文理想圖像相契合之論證結論。申言之，當代諸多被刑法作為義務吸納之保證人地位，多數均存在本文所稱作為義務人得自履行救助義務直接得利之特徵，而使本文第三章所提之觀察與假設，有其實際論證基礎。至於無法透過本文假設所詮釋之保證人地位，如「危險前行為」、「自願承擔義務」，本文亦指出其法理基礎乃源自於第二章已提及不可論證之先驗性思考，而有斟酌其適當性之必要。 / Germany and Taiwan’s criminal law researching have long troubled derivative Omission Offences with its core “Criminal duty of care”. Until today, the study of derivative Omission Offences has been a hundred years, yet it is still difficult to solve the problem of circular argument and lacking of basis. Based on the great foundation of our country and the German doctrine, this paper has confirmed that the all the discussion so far has failed to achieve the goal of solving the problem successfully. This article tries to give the “Criminal duty of care” the most practical and consistent legal basis through the most direct way, by using “Economic Analysis of law” as Legal method. When we regard criminal law as an obligation as a social system, there are several economic features that can be used to answer our questions. Finally, we have the assumption that why Derivative Omission Offences exists and how it works, and this is a hypothesis that is of practical significance and takes into account cost allocation. In order to test whether our hypothesis is consistent with the current situation, this article one by one to dismantle the existing “state of protection”, and confirm that all “state of protection” are in line with our assumptions. In other words, all the obligors who choose through “Criminal duty of care” are to allocate the cost of fulfilling the obligation to protect. As for the “Criminal duty of care” does not meet the assumptions of this hypothesis, such as the creation of dangerous pre-behavior, voluntary commitment, this article also successfully demonstrated why they can not fit, and they are a lack of basic theory.

"Mémoire présenté à la Faculté des études supérieures En vue de l'obtention du grade de Maîtrise en droit Option recherche (LL.M)" / La corporation est une institution à multiples facettes. Elle est d'abord un outil juridique au service de l'entreprise mais aussi une entité où se rencontrent les intérêts de nombreuses personnes. On nomme de façon générale stakeholders, ces personnes qui ont un intérêt dans la corporation. Plusieurs facteurs ont une influence sur les relations entre une corporation et ses stakeholders; le mode de gouvernance de l'entreprise, les attributs de la corporation ainsi que le contenu du droit corporatif applicable déterminent les échanges entre les stakeholders ct la corporation. Le modèle traditionnel de la corporation, quoique justifiable sur la base de l'efficience, peut être contesté de différentes façons. Pour évaluer la pertinemce de ce modèle, il faut l'analyser du point de vue économique pour chaque type de stakeholders. En isolant chacune des relations impliquant la corporation et l'une des catégories de stakeholders, nous sommes en mesure d'identifier les risques d'externalités et les solutions possibles. De plus, cette analyse permet de prévoir l'effet d'une intervention législative et de mieux comprendre la corporation dans sa dynamique économique. Cet exercice tend à démontrer que la position de chaque stakeholder est dépendante de nombreuses variables sur lesquelles les législations ont parfois peu d'effet. Le contrôle des corporations est essentiellement établi par un processus d'ajustement automatique des intérêts où chacun y trouve son compte. / The corporation is a multifaceted institution. It is first of all a legal tool available to the enterprise but also the junction of the interests of numerous persons. We call stakeholders the people who have interests in the corporation. Many factors play a role in the relation between the corporation and the stakeholders; the corporate governance, the attributes of the corporation as weil as the corporate law applicable will affect the relation between the corporation and the stakeholders. The conventional model of corporation is often criticized although it is arguably the most efficient model from an economic standpoint. To understand the critics and the raison d'ètre of this model, we need ta analyze it under economic terms from the different points of view of the stakeholders. Analyzing one by one the relations between the corporation and each type of stakeholders, we are able to identify the problems related to externalities and possible solutions. Furthermore, this analysis will allow us to foresce the potential effects of a new legislation and understand better the corporation in its economic context. As a result of this analysis, it seems to be that the situation of each stakeholder depends on many variables on which legislation has little impact. The ultimate control of corporations is tinally settled by an automatic process of adjustment where everyone satisfies its own interests.

Information recueillie sur les marchés des drogues de synthèse est beaucoup moins avancée que les études sur d'autres marchés de drogues illicites. La classification relativement récente des drogues de synthèse comme substances illicites, couplée avec ses caractéristiques distinctes qui empêchent son observation, a entravé le développement d’évaluations complètes et fiables des caractéristiques structurelles des marchés. Le but de cet article est de fournir un aperçu fiable sur la dynamique interne du marché des drogues synthétiques, en particulier sur ses caractéristiques structurelles et organisationnelles. En utilisant l'information obtenue à partir de 365 drogues de synthèse saisies par les policiers pendant un an, cette étude sera la fusion de deux techniques, soit la composition des drogues illicites et des analyses économiques, afin de tirer des évaluations fiables des caractéristiques structurelles du marché du Québec de drogues synthétiques. Les résultats concernant l'analyse de la composition des drogues indiquent que le marché des drogues synthétiques au Québec est probablement composé d'un nombre élevé de petites structures, ce qui indique un marché compétitif. L'analyse économique a également fourni des informations complémentaires sur le marché des drogues. Selon la région géographique les couts de la production et les relations entre trafiquant et consommateur influencent le prix des drogues. Les résultats de cette recherche mettent l'accent sur la nécessité de concevoir des politiques qui tient compte des différences régionales dans la production de drogue et reflète la nature compétitive de ce marché. / Research gathered on synthetic drug markets trails behind studies on other illegal drug markets. Synthetic drug's relatively recent classification as an illicit substance, coupled with its distinct characteristics that insulate it from detection has hindered the development of reliable assessments of the markets structural features. The purpose of this study is to provide reliable insight into the inner dynamics of Quebec’s synthetic drug industry, focusing on its organizational features. Using information derived from 365 synthetic drugs seized by law enforcement over a one year period, this study will merge two techniques, drug composition and economic analyses, under a common framework to derive reliable and comprehensive assessments of the structure of Quebec's synthetic drug market. Drug composition analysis examines the drug’s chemical and physical profile to make inferences about the market structure while the economic analysis examines price determinants for the same market, providing further insight into its dynamics and distinctive features. Findings from the drug composition analysis indicate that the synthetic drug market in Quebec is likely to be composed of a high number of small structures, indicating a competitive market. The economic analysis provided complementary information, finding that both differential production costs and trafficker-consumer relations may influence price variations, depending on the region. This study concludes by emphasizing that drug composition analysis should be diligently pursued by both researchers and enforcement organizations alike to effectively target and enhance our understanding of the intricate processes that underlie the synthetic drug market.

This study focused on the management of the red sea urchin Loxechinus albus fishery in Chile. The main objective was to design, construct, implement and assess a computer-based simulation model to analyse the biological effects, socio-economic consequences and spatial dynamics resulting from coastal management plans applied to this resource under the system of AMEBR. This was accomplished by using systems dynamics (SD) and geographical information systems (GIS) modelling, in a process of model development, run, optimisation, sensitivity analysis and risk management, and a series of field-based activities carried out at the cove of Quintay. The GIS model developed for allocating sea urchins restocking sites offered a flexible, cost-effective, user-friendly and descriptive technique for support decision-making on management of this species and other benthic resources. Final site selection for restocking was based on the identification, quantification and selection of higher suitability¦availability combinations (site categories). This map showed 16 different suitability¦availability combinations or site categories, ranging from 4¦100 to 8¦100 (suitability points¦availability %). These had an average of 6.44¦69.37 (covering an area of 82.5 Ha overall equivalent to 81.21% of the study area. This site classification demonstrated high heterogeneity between options, and revealed the full variety of alternatives for decision-making. More importantly, the generally high suitability indexes as well as available area emphasised the prospects for restocking sea urchins in this study area. Over and above of the quantitative outcomes obtained from running the GISRM (suitable and available restocking sites) and the BSESM (alternative strategic management plans), the case study-based analysis made it possible to disclose the wider issues related to the red sea urchin coastal management. These results demonstrated the biological inefficiency of traditional size/seasonal restriction-based approach (macro-scenario 1) for sustainable management of the target species. More importantly, final outcomes strongly suggested that a combination of adaptive restocking-based enhancement activities and flexible exploitation constituted a highly attractive approach (macro-scenario 3) for stock management of this fishery in terms of harvestable stock and related incomes. However from the economic analysis, stocking was also found to be economically unfeasible, being a rather cost intensive exercise negatively affected by high natural mortality rates. A single-variable optimisation analysis demonstrated that a higher survival rate is needed to generate sufficient profits to cover major restocking costs and a positive payment, or a cost reduction is essential to make up for the loss. On top to these practical constraints, based on the distinctive modest economic situation prevailing for most Chilean coves and hence their limited capacity to pay for stocking material, unless adequate and constant funding is available to support artisanal associations, they are very unlikely to develop mass release programmes. Given the economic (i.e.: high operating costs) and technical (i.e.: low survival rates) limitations conditioning stocking-based management cost-effectiveness and applicability, wide implementation of mass releases as a major approach for management of the red sea urchin fishery is very unlikely to take place in Chile. This study presents a methodology and offers a tool to design, evaluate and optimise coastal management plans for the red sea urchin in a dynamic, interactive, systematic, integrated and flexible way. The optional strategic management plans proposed on this study may not be applied equally to any AMEBR, as they are the outputs arising from a single cove-specific analysis. Still, the complete methodological framework and analysis procedures developed may be applied to run the BSESM and optimise management of a red sea urchin fishery at any other AMEBR case of study.

L’analyse de la jurisprudence de l’Union Européenne a trop longtemps fait l’objet de la seule attention des juristes. Mais, si des analyses jurisprudentielles successives ont jusqu’à présent appréhendé les principes structurant de cette jurisprudence et se sont tentés à des conceptualisations, il sera avancé que ces entreprises n’ont été que partielles. En effet, le principe principal, quoiqu’implicite, de l’évolution de la jurisprudence de l’Union Européenne est le principe d’efficience économique. Cette carence, ne rendant l’effort de conceptualisation de la jurisprudence européenne qu’imparfait, est due à l’absence d’analyse économique méthodique et systémique du droit européen et, plus particulièrement, de la jurisprudence européenne. Cette thèse entend combler cette lacune. Au-delà d’entreprendre une analyse économique approfondie de la jurisprudence européenne permettant une conceptualisation renouvelée et précisée de la figure du juge européen, notre étude permettra de s’inscrire dans le débat de la supériorité alléguée des systèmes de Common Law en termes d’efficience économique. De plus, notre thèse, par une grille d’analyse originale renouvelant l’analyse du droit (européen), mettra en exergue les points de convergence et de divergence entre lignes de jurisprudence. La systématisation de notre analyse jurisprudentielle par la perspective du principe d’efficience économique nous permettra, ainsi, d’élaborer une 10 véritable hypothèse scientifique falsifiable et falsifiée. Nous formulerons une hypothèse de l’efficience économique de la jurisprudence européenne. / For too long, lawyers were the only scholars scrutinizing the ECJ case-law. Consequently, numerous jurisprudential analyses have scarcely portrayed the complexity of the underpinning concepts beneath the ECJ case-law. These approaches to the ECJ case-law have only been partial, it will be argued, due to the neglect of the fundamental principle driving the ECJ case-law’s evolution – meaning, the principle of economic efficiency. This neglect can be explained from the absence of thoroughly in-depth economic analyses of European law, and especially of the ECJ case-law. This thesis aims at filling up this gap. Beyond the economic analysis of the ECJ case-law allowing for an original, updated and renewed perspective of the EU judicial reasoning, this thesis shall pave the way for a better grasping of the academic debate pertaining to the alleged economic efficiency of the Common law over civil law traditions. Moreover, this thesis, from this original viewpoint that is an overtly economic perspective of the EU judicial reasoning, shall draw new conclusions on some specific stances of the EU judges. The systemic approach undertaken here from the perspective of the principle of economic efficiency shall lead us to formulate the scientific hypothesis that is falsifiable and falsified. Indeed, the hypothesis of the economic efficiency of the ECJ case-law shall be advanced.

Fjärrvärme är det dominerande uppvärmningssättet för flerbostadshus i Sverige och dess konkurrent är värmepumparna som blivit allt mer effektiva och fått en bättre slagkraft på marknaden. Samtidigt har regeringen satt upp 2020 målen, för att sänka och förbättra Sveriges energianvändning. Eftersom att bostadssektorn står för nästan 40 procent av Sveriges totala energianvändning, är rapportens syfte att studera hur energiförbrukningen för äldre hus kan sänkas genom byte av energisystem eller genom att behålla ett befintligt fjärrvärmesystem men utföra energieffektiviseringsåtgärder. De energisystemen som studeras i denna rapport är fjärrvärme, bergvärme och luft-vatten värmepump. Den data som har använts i rapporten har i huvudsak samlats in från ett flerbostads-hyreshus beläget i Vingåker och som ägs av Sjötorps hus AB. För att resultatet ska vara mer generellt har även två typhus studerats; ett småhus och ett större flerbostadshus. Resultatet av studien visar att den största kostnaden för fjärrvärmen ligger i driften och därmed blir detta alternativ också dyrast för de två större husen. Dock är både investeringskostnaden och underhållskostnaderna betydligt större för värmepumpar och varierar beroende på vart i landet de ska installeras, oförutsedda driftstopp och haverier. Resultatet visar också att det inte är lönsamt för ett småhus att byta från ett befintligt fjärrvärmesystem till värmepump. Slutsatsen är att energieffektivisering bör ske i första hand för att sänka en fastighets energiförbrukning, speciellt eftersom att andelen äldre hus kommer att öka och oavsett hur lite energi de nya husen förbrukar kommer de äldre husen utgöra den största andelen av Sveriges totala bostadsbestånd. Att en värmepump använder mindre energi är ingen långsiktig lösning för att sänka energiförbrukningen. Istället bör energieffektiviseringsåtgärder ligga till grund vid en önskan om sänkt energiförbrukning. / District heating is the dominant heating method for apartment buildings in Sweden, and its competitor is the heat pumps that have become increasingly efficient and have a better impact on the market. At the same time, the government has set the 2020 targets in order to reduce and improve Sweden's energy use. As the housing sector accounts for almost 40 percent of Sweden's total energy use, the report's purpose is to study how energy consumption for older homes can be reduced by changing energy systems or by maintaining an existing district heating system, but performing energy efficiency measures. The energy systems studied in this report are district heating, geothermal heat and air-water heat pump. The data used in the report has been largely collected from a apartment building located in Vingåker, owned by Sjötorps hus AB. In order for the results to be more general, two example houses have also been studied; A small house and a larger apartment building. The result of the study shows that the biggest cost of district heating is in operation, and thus this option is also the most expensive for the two major houses. However, both investment costs and maintenance costs are significantly higher for heat pumps and vary depending on where in the country they are to be installed, unexpected downtime and breakdowns. The result also shows that it is not profitable for a small house to switch from an existing district heating system to a heat pump. The conclusion is that energy efficiency should be the first option to reduce the energy consumption of a property, especially as the stock of older houses will increase. No matter how little the energy consumption for the newly built houses are, the older houses will be the largest part of Sweden's total housing stock. The fact that the heat pump uses less energy is no long-term solution to energy efficiency. Instead, energy efficiency actions should be the first option when the desire is reduced energy consumption.

The master's thesis deals with the fundamental and technical analysis of stock Philip Morris ČR. The aim of the thesis is a specification of investment recommendation. The fundamental analysis specifies an intrinsic value of the stock Philip Morris ČR, compares it with a real stock price and recommends sale or purchase of this stock. Technical analysis uses graphical methods and technical indicators to determine an appropriate time to sale or purchase this stock.

La demande énergétique mondiale continue d’augmenter. Les prix des énergies fossiles sont instables et incertains. La libéralisation du marché électrique et une conscience environnementale des acteurs mondiaux sont des leviers au développement des énergies renouvelables. Ces dernières se développent à un rythme rapide dans le monde. Elles ont atteint une maturité technique qui leur permet de devenir un segment important de l’industrie de l’énergie. Leur insertion dans le mix énergétique pose de nouveaux défis par rapport aux sources d'énergie traditionnelles. Avec un potentiel abondant encore sous-exploité, le photovoltaïque et l'énergie éolienne sont avantageux sur le plan économique et environnemental. Cependant, leur caractère intermittent diminue leur efficacité énergétique lorsqu’elles sont exploitées individuellement. L'utilisation de systèmes hybrides (multi-sources) combinant ces sources d'énergie renouvelables, le réseau de distribution national (réseau électrique historique) et les systèmes de stockage classiques, est généralement considérée par tous comme solution d’avenir, à la fois efficiente et fiable. Il est alors nécessaire de repenser la structure des réseaux électriques et des marchés de l’énergie, ainsi que des changements dans les méthodes de gestion de réseau. Dans ce contexte, l’apport envisagé avec ce travail de thèse est de contribuer à la modélisation et l’optimisation de systèmes multi-sources multi-charges pour alimenter aussi bien des sites isolés « énergie de proximité » (campus, village) que des sites étendus tels que des régions françaises à travers leur interconnexion « pooling ». Différents scenarii de gestion et différentes configurations des systèmes sont modélisés, testés et comparés pour analyser l’efficacité et la robustesse de chaque cas de figure. Une analyse technico-économique complète est réalisée, dans le but d’étudier la faisabilité de chaque système. Pour démontrer la validation de ces modèles, des études ont été réalisées sur un campus Universitaire Français, un micro-réseau au Mali et trois régions Françaises. Ces dernières ont fait l’objet d’application à un modèle original d’interconnexion basé sur les réseaux de Pétri pour l’aide à la décision en termes de configurations du réseau et le contrôle des flux d’énergie échangés entre des territoires producteurs-consommateurs interconnectés sans système de stockage / Global energy demand continues to rise. The fossil fuel prices are unstable and uncertain. The liberalization of the electricity market and environmental awareness of the global leaders are levers for the development of renewable energy. These are growing at a rapid pace in the world. They reached technical maturity that enables them to become an important segment of the energy industry. Their integration in the energy mix poses new challenges compared to traditional energy sources. With an underexploited potential, photovoltaic and wind energy are advantageous economically and environmentally. However, their intermittent decreases their energy efficiency when operated. The use of hybrid systems (multi-sources) combining these renewable energy sources, the national distribution network (historical grid) and conventional storage systems, is generally regarded by all as a future solution, both efficient and reliable. Thereby, it is necessary to rethink the structure of electrical networks and energy markets, and changes in network management methods. In this context, the foreseen intake with this thesis is to contribute to the modeling and optimization of multi- load multi- source systems to power both remote sites “closeness energy” (campus, village) and large sites such as French regions through their interconnection "pooling ". Different scenarios of management and different configurations of the systems are modeled, tested and compared to analyze the effectiveness and robustness of each case. A complete technical and economic analysis is performed in order to study the feasibility of each system. To demonstrate the validation of these models, studies were performed on a French university campus, a Micro-grid in Mali and three French regions. These latter have been applied to an original interconnection model based on Petri nets for decision support in terms of network configuration and control of energy flows exchanged between interconnected producers/consumers territories without storage