Following the privatisation programme of public utilities implemented by the UK government in the 1980s and early 1990s, an interesting debate on the impact of regulation on the cost of equity capital has emerged. While the effects of regulatory announcements have been studied extensively in the USA, there is very little systematic evidence in the UK. This thesis partly redresses this imbalance by analysing the impact of regulatory announcements on the ex-post returns of equity capital and systematic risk of three utility industries in the UK, namely the electricity, telecommunications and water industries. The main objective of this thesis is to test the impact of regulatory announcements that relate to competition, pricing and the quality of services on the return and risk of equity capital. By using an event-study type methodology, the thesis attempts to isolate the effects of regulation from technical and market uncertainties. The methodology normally used in this type of studies is extended to adjust for the well-documented problem in financial time series of volatility clustering and to allow for changes in the systematic risk through time. Overall, the results in the empirical chapters reveal some important issues. While it is clear from the debate in the literature that the cost of capital influences the choice of regulatory parameters, this thesis provides evidence to support the view that regulation in turn alters the cost of equity capital by affecting the ex-post returns and systematic risk of both individual regulated companies and industries. Although the direction and size of these effects of regulation are not always easy to predict, there is evidence to suggest that they may depend crucially on the structure and competitive posture of the industry, as well as technological and market conditions and the parameters of the regulatory system.

Este trabalho analisa as perspectivas regulatórias e os desaos institucionais para a aplicação de elementos e princípios do Planejamento Integrado de Recursos no Brasil. Partindo da experiência norte-americana e da revisão da evolução e da reestruturação em curso no Sistema Elétrico Brasileiro, são discutidas condições e proposições direcionadas à manutenção do equilíbrio entre funções centralizadas e descentralizadas e entre competição e cooperação. Considerando as tendências do novo modelo estrutural e empresarial do setor elétrico, conclui-se que o atendimento de todas as necessidades de serviços energéticos da sociedade, através do desenvolvimento sustentável, exige, além dos mecanismos de mercado, políticas públicas e dispositivos legais e regulatórios apropriados. As alternativas de regulamentação e as proposições discutidas abrangem estrutura dos órgãos reguladores, uso racional da energia, tratamento das questões sociais e ambientais, formas de representação e participação dos cidadãos e de todos os atores envolvidos, estrutura tarifária, apropriação de rendas, qualidade do fornecimento e fontes descentralizadas. Reconhecendo que a implementação dessas propostas dependem de decisões políticas, este trabalho sugere que essas questões sejam incorporadas, de forma sistemática e coerente, ao planejamento e à regulação do Sistema Elétrico Brasileiro. / This paper analyzes the regulatory perspectives and the institutional challenges for the application of elements and principles of the Integrated Planning of Resources in Brazil. The USA IRP experience is reviewed as a reference for the study. From experience of the Brazilian Electric System evolution and restructuring, currently underway, the conditions for the maintenance of an equilibrium between centralized and decentralized functions and between competition and cooperation are discussed. The tendencies of the new structural and managerial model proposed for the electric sector indicate that the satisfaction of societal energy service needs, through sustainable development, requires more than market mechanisms. Approriate public policies and regulatory instruments may be additionally necessary to achieve this goal. The alternatives and propositions involve regulatory structure, rational use of energy, treatment of the social and environment issues, forms of citizens participation and representation, tariff structure, rent appropriation, supply quality and decentralized sources. Recognizing that the introduction of these proposals depends on political decisions, this work suggests the incorporation of these issues, in a systematic and coherent way, in the planning and regulation framework of the Brazilian Electric System.

Chan Chi Wang = 宇宙微波背景輻射中之溫度與偏振各向不同性 / 陳志宏. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2003. / Includes bibliographical references (leaves 94-98). / Text in English; abstracts in English and Chinese. / Chan Chi Wang = Yu zhou wei bo bei jing fu she zhong zhi wen du yu pian zhen ge xiang bu tong xing / Chen Zhihong. / Chapter 1 --- Overviewing modern cosmology --- p.1 / Chapter 1.1 --- Discoveries in Cosmology --- p.1 / Chapter 1.2 --- The Cosmological Model --- p.2 / Chapter 1.2.1 --- Cosmic Expansion --- p.3 / Chapter 1.2.2 --- The Metric and Friedmann Cosmology --- p.4 / Chapter 1.2.3 --- Thermodynamics of Matter and Radiation --- p.7 / Chapter 1.2.4 --- Timeline of the universe --- p.11 / Chapter 1.3 --- Formation of CMB and Its Anisotropics --- p.17 / Chapter 1.3.1 --- CMB --- p.17 / Chapter 1.3.2 --- CMB anisotropics --- p.18 / Chapter 1.4 --- Motivation and Thesis Outline --- p.21 / Chapter 2 --- The Recombination process --- p.23 / Chapter 2.1 --- The Saha approximation --- p.23 / Chapter 2.2 --- The Peebles recombination --- p.25 / Chapter 2.3 --- The RECFAST calculation --- p.28 / Chapter 3 --- The Boltzmann equations --- p.32 / Chapter 3.1 --- Boltzmann Equation for Photons --- p.33 / Chapter 3.1.1 --- Collision Term --- p.36 / Chapter 3.2 --- Boltzmann Equations for Matter --- p.37 / Chapter 3.2.1 --- Cold Dark Matter (CDM) --- p.37 / Chapter 3.2.2 --- Baryons --- p.38 / Chapter 3.3 --- Summary --- p.40 / Chapter 4 --- Formalism of CMB Anisotropies Calculation --- p.42 / Chapter 4.1 --- CMB Temperature Spectrum --- p.42 / Chapter 4.1.1 --- The Tight-coupling Solution --- p.43 / Chapter 4.1.2 --- Silk Damping --- p.45 / Chapter 4.1.3 --- The Free-Streaming Solution for fully decoupled cosmic fluid --- p.45 / Chapter 4.2 --- CMB Polarization Spectrum --- p.47 / Chapter 4.2.1 --- The E-mode and B-mode extractions --- p.48 / Chapter 4.3 --- The CMBFAST code --- p.50 / Chapter 4.4 --- Dependences on ionization history --- p.51 / Chapter 4.4.1 --- Recombination history --- p.53 / Chapter 4.4.2 --- Reionization history --- p.57 / Chapter 5 --- Softening of Equation of State during Recombination --- p.59 / Chapter 5.1 --- Recombination Revisited --- p.60 / Chapter 5.2 --- EOS softening by Recombination --- p.62 / Chapter 5.3 --- Numerical Results --- p.64 / Chapter 5.4 --- Summary and Discussions --- p.72 / Chapter 6 --- Time Varying Fundamental Constants --- p.74 / Chapter 6.1 --- Background --- p.74 / Chapter 6.1.1 --- Validity of time-varying fundamental constants --- p.76 / Chapter 6.1.2 --- The problem of units --- p.77 / Chapter 6.2 --- Theory --- p.78 / Chapter 6.3 --- Results --- p.79 / Chapter 6.3.1 --- Changing the electric charge --- p.80 / Chapter 6.3.2 --- Changing the electron mass --- p.82 / Chapter 6.3.3 --- Changing the cosmological constant --- p.85 / Chapter 6.3.4 --- Changing the speed of light --- p.87 / Chapter 6.4 --- Some concluding notes --- p.90 / Chapter 7 --- Conclusion --- p.92 / Bibliography --- p.94

No passado, os interessados em implantar Pequenas Centrais Hidrelétricas eram proprietários rurais, cooperativas, indústrias, concessionárias estaduais e prefeituras municipais. As Pequenas Centrais Hidrelétricas destinavam-se a serviço público ou a uso exclusivo e sua implementação dependia de concessão federal. Hoje a exploração de energia elétrica através de Pequenas Centrais Hidrelétricas pode ser encarada também como uma alternativa de negócio para investidores privados. Estes investidores, por originalmente não pertenceram ao Setor Elétrico, muitas vezes não tem o necessário conhecimento técnico para avaliar de maneira econômica e financeira o projeto da usina de seu interesse, bem como os mecanismos para a comercialização da energia produzida. Necessitam portanto de instrumentos capazes de auxiliá-los na tomada de decisão em investir numa pequena Central Hidrelétrica. O trabalho apresenta uma proposta metodológica consistente para avaliação dos benefícios energéticos e financeiros auferidos com a inserção de uma Pequena Central Hidrelétrica no Mercado Atacadista de Energia. A metodologia é aplicada na Pequena Central Hidrelétrica Carrapatos localizada numa região do estado de São Paulo denominada Alto Pardo/ Mogi na bacia hidrográfica do rio Pardo. / In the past, people interested in set up Small Hydroelectric Plants were land owners, co-operatives, industries, state concessionaires and municipalities. The Small Hydro Plants were designated to public service or exclude use and their installation depended on federal concession. Today the exploitation of electric energy through Small Hydro Plants can be faced also as an alternative business for private investors. These investor, for originally do not belong to the Electrical Sector, many times do not have the technical background needed to evaluate in an economical and financial way the project of their interest, as well as the mechanisms capable of helping them to make a decision on investing in a Small Hydro Plant. The work presents a proposed consistent methodology for evaluations of the energetic and financial benefits obtained with the insertion of a Small Hydro Plant in the Wholesale Electricity Market. The methodology is applied in the Carrapatos Small Hydro Plant placed in a region of the State of São Paulo called Alto Pardo/ Mogi in the Pardo basin.

A dissertation submitted to the Faculty of Science, University of Witwatersrand, Johannesburg, in fulfilment of the requirements for the degree of Master of Science. / In this dissertation a recipe has been outlined on how thrust can be calculated using the conservation of momentum in continuum form. With the aim of modelling a CORION (corona ionization) like thruster in mind it was then argued using a much simpler system and stochastic calculus why a statistical description of the system is necessary. From this the one-particle distribution emerged as a natural tool for the description of a system su cient for the determination of the system's thrust.This was followed by a short investigation into the background of non-equilibrium statistical mechanics, both classical and quantum, necessary to understand how one-particle distributions could be derived formally and in a physically consistent way. Mass ow and current-voltage experiments of the CORION like thrust system, necessary for characterization of part of the system, were conducted. This led to a proposal for a modelling strategy, consisting of merging di erent modelling approaches and descriptions considered throughout the dissertation.

This research is about the problem of identifying key factors for corporate recovery of electric utilities in New Zealand and the Philippines. Its primary objective is to learn from the experiences of three regulated government utilities and one small private distributor that are involved in the three sectors of electricity business in power generation, transmission and distribution. How these firms survived their decline problems, and managed and sustained their turnaround efforts is the focus of this study. The results indicate the importance of change management, leadership, cost reduction and financial control in reversing the decline of these firms. Also underscored are the crucial role of efficiency improvement and achievement of profit together with winning employee commitment and broad stakeholder support in sustaining the recovery effort.These comparative case studies were undertaken at a time when crises and turbulence affected the management and organisation of electricity businesses in the Asia/Pacific region, particularly New Zealand and the Philippines. Electric utilities in both countries are regulated and less vertically integrated than anywhere else in the region. Significant changes to the ownership and control of these firms and their competitive relationships over the past decade have complicated the way strategic problems and issues have to be resolved. In the meantime, threats and pressures from all stakeholders have made the management and operations of these utilities difficult.Thus, a critical review of their specific circumstances and predicaments is in order for similarly affected enterprises to avoid past errors and to replicate only the strategies that may suit them. In this regard, this work contributes to the enrichment of the existing body of knowledge in business policy and strategic management that has been fast evolving during the ++ / nineties in electric utilities around the world.

<p>This thesis examines if house-owners are prepared to reduce energy use by means of accessing more information on electricity consumption. The goal has been to examine whether house-owners are interested in details such as knowing what impact various installations and electrical appliances have on the overall consumption, and to present examples of various solutions available for solving this task. The aim has also been to present recommendations on what features such a system should hold, and to suggest how it can be designed.</p><p>An orientation has been made on the electricity metering market for electricity trading, to examine what information is available to households today. Research in the topic of electricity feedback suggests that today's public methods are generally not as effective as other solutions with greater saving potential. The concept of Disaggregated Electricity Feedback (DEF) has been introduced and is intended to give effective feedback, contributing to a better understanding of the household electricity consumption. Study's main goal has been to investigate house owner’s interest in what DEF is aiming to achieve. The results show there is a strong interest for house-owners having access to what DEF is supposed to provide. Another result obtained in this work is that a potential product equipped with the DEF may be of interest to other parties. With technology changes taking place in the electricity market, opportunities are created for electricity companies to offer their customers completely new and customized services, where a DEF-product may have a number of possible uses.</p>

In 2009, Ontario’s electricity system is in the midst of redevelopment to be sustainable, competitive and reliable. To advance this goal, conservation and demand management (CDM) is a key part of the plan. For CDM plans to be successful, it is necessary to understand why organizations undertake CDM activities. This thesis presents a case study, from 2001 to 2006, investigating organizations’ motivations, enablers and barriers associated with conservation, efficiency and demand response activities. Participants included general service customers with loads greater than 50 kW in Milton, Ontario (Canada). Interviews with representatives from 17 organizations included industrial, commercial and institutional customers. Observations at Milton Hydro Energy Drill Program events, analyses of participants’ electricity usage data, and investigations of the participants’ public profiles were included in the case study. All participants reported undertaking at least one CDM activity. The primary motivation was financial benefit. Customer satisfaction was also an important motivator for some participants. Adhering to business policies and objectives and environmental benefit were complimentary to these main motivations. The Energy Drill Program, in some cases, led to increased conservation and efficiency by encouraging a focus on internal systems and practices as well as by providing an opportunity for businesses to save on operating costs while benefiting from an associated positive public image. The commercial and industrial participants were interested in CDM activities as long as they fit within their business financial management requirements and/or contributed to their business’s competitiveness through improved image or otherwise. The social and/or environmental benefits were seen as complimentary, yet not enough to drive the activities on their own. Most of the institutional participants emphasized the community contribution as an enabler of their participation in the demand response program, however, two of the four such participants did not appear to participate in the program on a regular basis, based on the program impact reports. This incongruity between reported and actual behaviour in this sector may be an interesting area for further research. The barriers reported were for known opportunities and these included the inadequate and uncertain financial benefits, technological uncertainty, and, particularly for the small to medium sized businesses, the limited capacity to further investigate and pursue opportunities. Future research could investigate each sector and/or CDM activity sub-category independently for more specific insights.

This thesis examines if house-owners are prepared to reduce energy use by means of accessing more information on electricity consumption. The goal has been to examine whether house-owners are interested in details such as knowing what impact various installations and electrical appliances have on the overall consumption, and to present examples of various solutions available for solving this task. The aim has also been to present recommendations on what features such a system should hold, and to suggest how it can be designed. An orientation has been made on the electricity metering market for electricity trading, to examine what information is available to households today. Research in the topic of electricity feedback suggests that today's public methods are generally not as effective as other solutions with greater saving potential. The concept of Disaggregated Electricity Feedback (DEF) has been introduced and is intended to give effective feedback, contributing to a better understanding of the household electricity consumption. Study's main goal has been to investigate house owner’s interest in what DEF is aiming to achieve. The results show there is a strong interest for house-owners having access to what DEF is supposed to provide. Another result obtained in this work is that a potential product equipped with the DEF may be of interest to other parties. With technology changes taking place in the electricity market, opportunities are created for electricity companies to offer their customers completely new and customized services, where a DEF-product may have a number of possible uses.

To carry out the implementation of some type of renewable energy must do a viability study because the weather conditions at all sites are not the same and therefore the profitability of these technologies would not be good. In case of this project, it is taken into account two of the most important technologies which results are very good around of the world. They are photovoltaic and wind power energy. It will be analysed both kind of energy production from how to produce energy with photovoltaic system and with wind power till how much energy is produced by both ways in one year and whether is this ways to produce electricity is profitable in relation of the investment costs, maintenance, etc...