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Thesis (PhD) - Swinburne University of Technology, 2006. / Submitted for the degree of Doctor of Philosophy, Swinburne University of Technology - 2006. Typescript. Includes bibliographical references (p. 193-207).

High and medium-voltage digital substations play an essential role in the energy transition since they are part of the equipment required to deploy smart grids. With the gradual increase of smart grids, energy systems are becoming more flexible with the growing penetration of renewable energies and distributed energy generation. Simultaneously, the energy system’s efficiency increases, with load supply precisely where required and reduced losses. Medium voltage stations have not been upgraded gradually like high voltage stations; therefore, most of Stockholm’s medium voltage stations are considered old and do not include digital remote monitoring or remote-control features. These conventional stations must be retrofitted with digital technology or replaced with new digitized stations. Previous studies show the technical potential of updating non-digitized stations to reduce interruption times. Still, a systematic assessment of these types of projects’ profitability is missing. This project aims to perform a techno-economic assessment for retrofitting conventional urban medium voltage substations with digital technology, modeling different configurations of digitalization (levels 1 and 2) to suggest the most convenient set-up, balancing the technical and economic facets. Furthermore, it investigates the prospect and profitability of reducing interruption times by 50% with the digitization of substations. The methodology proposed used a reference test system based on the most representative type of network for an urban medium voltage network in Stockholm: A Double cable – open loop structure consisting of 5 single cable secondary substations. A calculation method was performed to obtain the expected results evaluating all the possible combinations of digitalized stations in the feeder line. Results suggest that the best outcome is formed by the last station retrofitted with remote control (level 2) and the other four stations with monitoring (level 1). This setup could reduce SAIDI by 71% and the total customer costs by 26.3%. To make this outcome profitable, a reduction in Omexom Labor Costs of 13.6% is required if a discount rate of 7% is used, but if this value is below 4.65%, a reduction in Labor Costs is unnecessary. Furthermore, results show that a set-up of 5 monitoring digitized stations can reduce SAIDI by 56.8%. Thus, it aligns with Ellevio’s objective to reduce by half their interruption times. A reduction of 12.9% in Labor Costs would be required to achieve this as a profitable setup; on the other hand, if the discount rate is below 4.65%, it is unnecessary. / Digitala hög- och medelspänningsstationer spelar en avgörande roll i energiomställningen eftersom de är en del av den utrustning som krävs för att implementera smarta elnät. Med den gradvisa ökningen av smarta elnät blir energisystemen mer flexibla med den ökande penetrationen av förnybar energi och distribuerad energiproduktion. Samtidigt ökar energisystemets effektivitet, med lastförsörjning precis där det behövs och minskade förluster. Medelspänningsstationerna har inte uppgraderats gradvis som högspänningsstationerna; därför anses de flesta av Stockholms medelspänningsstationer vara gamla och inkluderar inte digital fjärrövervakning eller fjärrstyrningsfunktioner. Dessa konventionella stationer måste antingen uppgraderas med digital teknik eller ersättas med nya digitaliserade stationer. Tidigare studier visar den tekniska potentialen att uppdatera icke-digitaliserade stationer för att minska avbrottstiderna, men en systematisk bedömning av lönsamheten för sådana projekt saknas. Detta projekt syftar till att utföra en teknisk-ekonomisk utvärdering för att uppgradera konventionella urbana medelspänningsstationer med digital teknik, genom att modellera olika konfigurationer av digitalisering (nivå 1 och 2) för att föreslå den mest lämpliga uppställningen, där tekniska och ekonomiska aspekter balanseras. Dessutom ska möjligheterna och lönsamheten för att minska avbrottstiderna med 50% genom digitalisering av stationer undersökas. Den föreslagna metoden använder ett referenstestsystem baserat på den mest representativa typen av nätverk för ett urbant medelspänningsnät i Stockholm: en dubbelkabel - öppen slingstruktur bestående av 5 enskilda kabelunderstationer. En beräkningsmetod användes för att få de förväntade resultaten genom att utvärdera alla möjliga kombinationer av digitaliserade stationer i matarledningen. Resultaten antyder att det bästa resultatet uppnås genom att den sista stationen uppgraderas med fjärrstyrning (nivå 2) och de andra fyra stationerna med övervakning (nivå 1). Denna uppställning kan minska SAIDI med 71% och totala kundkostnader med 26.3%. För att göra detta resultat lönsamt krävs en minskning av Omexom arbetskostnader med 13.6% om en diskonteringsränta på 7% används, men om detta värde är under 4.65% behövs ingen minskning av arbetskraftskostnader. Dessutom visar resultaten att en uppställning med 5 övervakningsdigitaliserade stationer kan minska SAIDI med 56.8%. Detta stämmer överens med Ellevios mål att halvera sina avbrottstider. En minskning av arbetskraftskostnader med 12.9% skulle krävas för att uppnå detta som en lönsam uppställning. Å andra sidan, om diskonteringsräntan är under 4.65%, finns det ingen anledning att minska arbetskraftskostnader.

The thesis focuses on an evaluation of an employee motivation scheme in a cold storage at HOPI s.r.o. The main objective is to propose recommendations in order to improve the employee motivation scheme. The thesis predominantly focuses on the ordinary warehouse workers (picker, handler, truck drivers, etc.). The scheme has set objectives that are met in the context of the logistics environment, which itself, is characterised by certain specifics. To reach the objective, I conducted a survey of employee satisfaction, surveys within recruitment agencies and interviews with the HOPI warehouse workers. The practical part of the work is based on the internal documentation of HOPI, as well as the information provided by the representatives of the recruitment agencies.

Syfte: Denna studie avser att undersöka vilka som är de huvudsakliga problemen och riskerna med teckningsoptioner för de anställda och företagen, samt eventuella åtgärder för att öka användbarheten.   Teori: Studien utgår från teorier som kopplas till teckningsoptioner. De teorierna som tillämpas är belöningssystem, optionsprogram, optionsteori, Black-Scholes-modellen, företagsvärdering och principal-agent-teori. Metod: Denna studie utgår från ett kvalitativt angreppssätt och den metod som tillämpas är semistrukturerade intervjuer. Åtta personer som har kompetens inom optionsprogram och/- eller använder teckningsoptioner är respondenter i denna studie. Empiri: Samtliga respondenter kunde nämna olika fördelar med teckningsoptioner och majoriteten anser att det är ett bra och flexibelt instrument. Ett flertal problem och risker belystes och det är problem och risker som drabbar den anställde, företaget eller båda parter. För den anställde handlar det framförallt om att optionerna förfaller värdelösa och att det är problematiskt att finansiera köpet. För företaget krävs det mycket administration och kostnader för att utforma optionsprogrammet. Även ett flertal åtgärder för samtliga risker och problem berördes för att kunna öka användbarheten.   Slutsats: Teckningsoptioner är ett lämpligt instrument men det kan medfölja många risker som bör beaktas och medvetenheten om dem bör vara större. Genom att öka medvetenheten om riskerna ökar chanserna för att kunna minimera dem i tid. / Purpose: This study aims to investigate the main problems and risks of stock warrants for employees and companies and potentially the measures that may increase the usability. Theory: The study is based on theories related to stock warrants as incentive scheme: reward system, option theory, Black-Scholes model, company valuation and principal-agent theory. Method: This study will be based on a qualitative approach through eight semi-structured interviews with people who have expertise in stock warrants and/or use stock warrants as incentive schemes.  Empirics: All respondents could mention various advantages of stock warrants and the majority consider it to be a good and flexible tool to use. A number of problems and risks were highlighted, as well as problems and risks that affect the employee, the company or both parts. For the employees, it is primarily about that the stock warrants expire worthless and it is problematic to finance the purchase. The companies require a lot of administration and it involves large costs to design the incentive schemes. The respondents did also mention some measures to increase the usability of incentive schemes.     Conclusion: Stock warrants are a good instrument but it may entail many problems and risks that should be considered, and the awareness of them should be greater. If the awareness of the risks increases, then the bigger the chances gets to minimize them in time.

Die bestaande belastingaansporingsmaatreels in Suid-Afrika is nagevors. Belastingaansporingsmaatreels wat vroeer in gebruik was, is ook ondersoek. Aandag is gegee aan die kontantaansporingsmaatreels wat vir vervaardigingsondernemings beskikbaar is in Suid-Afrika. Programme wat deur onder andere die Nywerheid-Ontwikkelingskorporasie van Suid-Afrika Beperk en die Kleinsake-Ontwikkelingskorporasie aangebied word is ondersoek. Ondersoek is ingestel na die bevindings van die Margo kommissie Verslag wat in 1986 uitgereik is. Die verslag van die Katz-kommissie wat in 1994 uitgereik is, is ook nagevors. Aandag is gegee aan die 1994, 1995 en 1996 begrotings asook sommige van die aspekte van die Algemene Ooreenkoms op Tariewe en Handel. Die belastingkoerse en aansporingsmaatreelsprogramme wat deur die Verenigde State van Amerika, Verenigde Koninkryk en Kanada beskikbaar gestel word aan ondernemings is ondersoek. Moontlike oplossings vir die probleme wat tans ondervind word in SuidAfrika se aansporingsmaatreelstelsel is geformuleer. / The existing tax incentives in South Africa were researched. Tax incentives that were previously in use, were also investigated. Attention was given to the cash incentives available to manufacturing enterprises in South Africa. Amongst others the programmes offered by the Industrial Development Corporation of South Africa Limited and the Small Business Development Corporation were investigated. The findings of the Margo Commission Report issued in 1986 were investigated. The Katz Report issued in 1994 was also researched. Attention was given to the 1994, 1995 and 1996 budgets as well as some of the aspects of the General Agreement on Tariffs and Trade. The taxation rates and incentive programmes available to enterprises in the United States of America, United Kingdom and Canada were investi gated. Possible solutions for the problems currently experienced in South Africa with regard to incentives have been formulated. / School of Computing / M.Sc (Computer Science)

Die bestaande belastingaansporingsmaatreels in Suid-Afrika is nagevors. Belastingaansporingsmaatreels wat vroeer in gebruik was, is ook ondersoek. Aandag is gegee aan die kontantaansporingsmaatreels wat vir vervaardigingsondernemings beskikbaar is in Suid-Afrika. Programme wat deur onder andere die Nywerheid-Ontwikkelingskorporasie van Suid-Afrika Beperk en die Kleinsake-Ontwikkelingskorporasie aangebied word is ondersoek. Ondersoek is ingestel na die bevindings van die Margo kommissie Verslag wat in 1986 uitgereik is. Die verslag van die Katz-kommissie wat in 1994 uitgereik is, is ook nagevors. Aandag is gegee aan die 1994, 1995 en 1996 begrotings asook sommige van die aspekte van die Algemene Ooreenkoms op Tariewe en Handel. Die belastingkoerse en aansporingsmaatreelsprogramme wat deur die Verenigde State van Amerika, Verenigde Koninkryk en Kanada beskikbaar gestel word aan ondernemings is ondersoek. Moontlike oplossings vir die probleme wat tans ondervind word in SuidAfrika se aansporingsmaatreelstelsel is geformuleer. / The existing tax incentives in South Africa were researched. Tax incentives that were previously in use, were also investigated. Attention was given to the cash incentives available to manufacturing enterprises in South Africa. Amongst others the programmes offered by the Industrial Development Corporation of South Africa Limited and the Small Business Development Corporation were investigated. The findings of the Margo Commission Report issued in 1986 were investigated. The Katz Report issued in 1994 was also researched. Attention was given to the 1994, 1995 and 1996 budgets as well as some of the aspects of the General Agreement on Tariffs and Trade. The taxation rates and incentive programmes available to enterprises in the United States of America, United Kingdom and Canada were investi gated. Possible solutions for the problems currently experienced in South Africa with regard to incentives have been formulated. / School of Computing / M.Sc (Computer Science)

We present three chapters on theoretical issues of banking. These deal with bank runs, risk sharing, lending and profitability. In the first chapter, we examine the agency problem in the bank-depositor relationship. Depositors are the principals and banks are the agents. Banks choose investment portfolios and are subject to moral hazard in that they have incentive to take on more risk than desirable to depositors because they are residual claimants. We study an incentive-compatible mechanism that prompts banks to follow a safe investment policy. This mechanism leaves the bank a profit margin in a similar manner to a CEO being paid a bonus by a company. In the second chapter, we extend Allen and Gale (1998) by adding a long-term riskless investment opportunity to the original portfolio of a short-term liquid asset and a long-term risky illiquid asset. Through portfolio diversification, we identify the risk-sharing deposit contract in a three-period model that maximizes the ex-ante expected utility of depositors. Unlike Allen and Gale, there are no information-based bank runs in equilibrium. In addition, our model can improve consumers' welfare over the Allen and Gale model. I also show that the bank will choose to liquidate the cheaper investments, in terms of the gain-loss ratios for the two types of existing long-term assets, when there is liquidity shortage in some cases. Such a policy reduces the liquidation cost and enables the bank to meet the outstanding liability to depositors without large liquidation losses. In the third chapter, we study the role of banks in providing loans to borrower firms. This paper extends the theory of designing optimal loan contracts (for profits) in the Bolton and Scharfstein (1996) model to a setting where asymmetry of information exists. Based on the verifiability of information structure, we analyze complete and incomplete contracts. Through this analysis, optimal, incentive-compatible loan contracts that maximize the expected profit of the bank are characterized. Our analysis suggests that a bank could be induced to liquidate a borrower's project under specific conditions. Furthermore, we identify implementable mechanisms for the renegotiation game given the bargaining power between a borrower and a bank.