The goal of this thesis is to determine value of the distributor and supplier of natural gas Pražská plynárenská, a.s. as of December 31, 2013. The thesis is divided into two parts - theoretical and practical part. The theoretical part describes the processes and methodology of valuation, while the practical part applies described processes. The practical part starts with a description of the valued company and its business environment, followed by strategic and financial analysis, followed by a financial plan and valuation itself. The valuation is based on the discounted cash flows to entity method. The results from the discounted cash dlows method are further compared to the value based on industry multiplies. The thesis is concluded with discussion and explanation of the estimated value.

Diese Arbeit besteht aus drei zusammengehörigen Essays, die eine theoretische Grundlage für Untersuchungen multilateraler Verhandlungen und strategischer Investitionen in drei unterschiedlichen Umgebungen liefert. Die vorgestellten Methoden werden angewandt um Entwicklungen in der eurasischen Gasversorgung zu analysieren. Der erste analytische Teil befasst sich mit multilateralen Verhandlungen zwischen Russland und den Transitstaaten für sein Gas, namentlich: Ukraine, Weißrussland und Polen. Es wird angenommen dass die beteiligten Länder heterogen sind und dass einige von ihnen nicht die Fähigkeit besitzen langfristige Zusagen zu machen. Wir wenden ein zweistufiges spieltheoretisches Konzept an um Verzerrungen in Investitionen in das Pipeline System, welches russisches Gas nach Westeuropa transportiert, zu analysieren. Unsere qualitative und quantitative Analyse liefert eine strategische Begründung für den Überschuss an gebauten Kapazitäten und erklärt Überinvestitionen in einige Teilstrecken und Unterinvestitionen in andere als ein Versuch ein Kräftegleichgewicht zu erzeugen. Der zweite Teil beschäftigt sich mit multilateralen Verhandlungen und der Etablierung von Bündnissen in der Gegenwart von externen Effekten. Wir untersuchen ob das Szenario zweier konkurrierender Versorgungsketten, nämlich der russischen und der kaspischen, wahrscheinlich ist oder ob sich eher ein Monopol in der Versorgung herausbildet. Im Besonderen gehen wir auf die Fragestellung ein, wie die Verhandlungsmacht der Beteiligten in diesem Netzwerk von der Struktur des bestehenden Netzwerks und seiner möglichen Änderungen abhängt. Wir zeigen auf, warum die Spieler im Gleichgewicht eine große Koalition bilden. Die dritte Studie richtet sich auf die Formation von Koalitionen in einem Umfeld mit verzögerten externen Effekten. Indem wir ein zweistufiges Spiel benutzen, untersuchen wir, wie die Unfähigkeit der Spieler zu einem langfristigen geteilten Gewinn beizutragen zu strategischen Verzerrungen in Investitionen führen kann. Wir finden heraus, dass Unter- und Überinvestitionen in der Zukunft wahrscheinlich sind, wenn die Spieler nicht in der Lage sein werden langfristige Beziehungen miteinander einzugehen. / This thesis consists of three related essays, which develop the framework to study multilateral bargaining and strategic investments under three different environments. The introduced novel methodologies are applied to analyze developments in the Eurasian gas supply chain. The first analytical part of the thesis concerns multilateral bargaining Russia and transiters for its gas, Ukraine, Belarus, and Poland. The players are assumed to be heterogeneous, some lacking the ability to make long--term commitments. We apply a two stage game to analyze distortions of investments into the pipeline system supplying Russian natural gas to Western Europe. Our qualitative and quantitative analysis provides a strategic rational behind excess capacities, which were built, and explains overinvestment on some tracks and underinvestment on others as an attempt to create countervailing power. The second part of the thesis deals with multilateral bargaining and coalition formation issues in the presence of externalities. We study whether two competing supply chains, Russian vs. Caspian, are likely to be formed or monopoly supply will be organized. We quantify the strategic value of different investment options. In particular, we examine how the bargaining power of the network players depends on the architecture of the existing network and its possible extensions. We show why the players form a grand coalition in equilibrium. The third study focuses on coalition formation and bargaining in the environment with externalities under the hold-up. Using a two stage game we study how the inability of players to commit to long-term profit sharing may lead to strategic distortions in investments. We find that underinvestment and overinvestment are likely to happen in the future, if the players will not be able to build stable long-term relation. The main contribution of the work is in developing a new methodology to study multilateral bargaining and strategic investment problems and in confronting the theory with the real world experience.

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This thesis deals with problems of electricity generation and saving at compression stations of magistral gas transporting pipelines in Russia. Russia is a biggest country in the world which faces set of challenges like transporting gas in European part from far North. Average gas travel distance in Russia is over 4000 km which means huge energy demand for transportation. Permanent availability of energy at compression stations is the key for stabile operation of gas transporting system. For satisfying those needs external sources of electricity used, or part of the transported gas used on special “self needs electricity stations” for electricity production. In 2012 in Russia about 655 bln m3 of gas were produced. About 10% of that number doesn’t come to consumer, because this amount spent for gas transport needs (biggest share is electricity production).  It is obvious, that in order to increase income, company should work on transport cost decreasing and on cheap electricity production. Even 10% decrease in transport costs can give economy in about 6-7 bln m3, which is bigger that production of many countries. In this thesis pipeline systems efficiency and reliability, gas turbines in Russian pipeline systems considered. Analysis of renewable energy included and propositions for reconstruction of CS “Russkaya” with help of PV panels for electricity generation and gas usage decreasing included. Also, economical calculations and sensitivity analysis and technological calculation of PV panels installed included. Finally, proposition in area of principal construction of PV panels in hard relief situations on the Black Sea Russian shore included.

The introduction of the theoretical part is devoted to the analysis of threats, another part to the rescue of animals. In the next part, I focused on zoological gardens and evacuation of animals. The last chapter of the theoretical part deals with the evacuation of selected species of animals. When selecting individual species, I focused on those that are most represented in Dvorec Zoo. The aim of my thesis was to create an analysis of the preparedness of the selected zoo to selected crisis situations and to identify the risks of evacuation of the zoo. In order to achieve these goals, I have set research questions - how is the zoo prepared for selected crisis situations? And what are the possible risks associated with evacuating selected species? In the second part of my thesis I focused on the research itself, which included an interview with the director of Dvorec Zoo. Based on the interview and my own observation I processed the KARS method. The KARS method has identified 6 risks that could compromise the operation of Dvorec Zoo. These risks include extreme wind, large-scale gas supply disruption, large-scale electricity supply disruption, snow calamity, and extremely low temperatures. Based on the identified risks, I created a plan for MU solution for Dvorec Zoo. In the MU solution plan, I focused primarily on the impacts on operation, planned measures, procedures and responsible people. Dvorec Zoo will, of course, be provided with this plan.

The thesis focuses on current diversification scenarios in the field of gas supply the Visegrad Group (V4) and the Russian Federation relying on the model of asymmetrical interdependence. Russian Federation, the main supplier of natural gas to this region, has lost its status of a reliable partner due to the gas wars with Ukraine in 2006 and 2009, which have negatively affected the supply of natural gas to the EU countries. The research focuses on the current diversification options of V4 countries related to their suppliers and supply routes with respect to their relationship with the Russian Federation; the diversification options for the purchasing markets of the Russian Federation are also analyzed. The author validates the hypothesis that energy relations among the Visegrad countries and the Russian Federation in the field of gas supply are largely controlled by the asymmetric interdependence that is currently exacerbating tensions among the set actors. Current diversification scenarios are presented and evaluated, with the aim of assessing the importance of the projects with regard to actors' energy security. Keywords: interdependence, energy security, diversification, gas supply, gas interconnector, V4, Energy Union, Russian Federation, Nord Stream II, LNG

[pt] O cenário atual da indústria de gás natural brasileira é caracterizado por baixa maturidade e dinamismo de mercado. O comportamento estocástico da demanda por gás, somado volatilidade do preço de mercado do GNL, motiva a utilização de estocagem subterrânea como forma de inserir flexibilidade no suprimento, além de promover proteção contra flutuação no preço. No entanto, a literatura existente carece de uma uma ferramenta analítica mais robusta para apoiar uma análise quantitativa dos benefícios que a atividade UNGS poderia proporcionar à indústria de gás natural. Nesta tese, propomos um modelo de programação dinâmica estocástica para planejamento de longo/médio prazo, a fim de determinar a política ótima de fornecimento juntamente com a possibilidade de armazenamento de gás. Um modelo markoviano caracteriza a demanda termoelétrica, enquanto o preço de GNL é representado por um processo estocástico temporalmente independente. O modelo proposto é eficientemente resolvido usando o algoritmo de programação dinâmica dual estocástica para o estudo de caso brasileiro, considerando dados dos setores de gás e setor elétrico. Para uma escolha exógena, mas significativa, da localização e tamanho do armazenamento subterrâneo, observamos os benefícios operacionais e econômicos da flexibilidade que esta atividade poderia proporcionar. Além disso, comparando os custos de OPEX e CAPEX de investimentos em infraestrutura de armazenamento em campos depletados e cavernas de sal com as economias proporcionadas pelo armazenamento na operação de fornecimento, é possível observar o benefício econômico da atividade de estocagem. A estrutura proposta fornece suporte quantitativo importante para discussões sobre precificação de infraestrutura e modelo de negócios para Armazenamento Subterrâneo de Gás Natural. / [en] The current scenario of the Brazilian natural gas industry is characterized by low maturity and dynamism of the market.The stochastic behavior of Brazilian demand for natural gas, added to its associated market price volatility, motivates the usage of underground storage due to supply flexibility and protection against price fluctuations. However, the existing literature lacks a more robust analytical tool to support a quantitative analysis of the benefits that the UNGS activity could provide to the natural gas industry. In this thesis, we propose a stochastic dynamic programming model for long/medium term planning to determine the supply optimal policy together with the possibility of storing gas. A markovian model characterizes thermoelectric demand while market price is represented by a stagewise independent stochastic process. The proposed model is efficiently solved using the Stochastic Dual Dynamic Programming algorithm for the Brazilian case study considering realistic data for the actual gas network and electric power system. For an exogenous but meaningful choice of underground storage location and size, we observe the operational and economic benefits of the provided storage flexibility. Additionally, comparing the OPEX and CAPEX costs of investments in storage infrastructure in depleted fields and salt caverns with the savings provided by storage in the supply operation, it is possible to observe the economic benefit of storage. The proposed framework provides an important quantitative support for discussion about Underground Natural Gas Storage infrastructure pricing and business models.

Diploma thesis is aimed to drainage of the sewerage and rain waters, drinkable water and fire-extinguishing water supply and supply of the gas to the gas appliances. Theoretical part is dealing with the sewerage water and its usage. Technical part is dealing with the building water distribution to sanitary installations and gas installations in the chosen solution.

The master thesis focuses on the design of sanitary and gas installations in the particular aparthotel building in Pec pod Sněžkou. It is an aparthotel with two underground and max six above-ground floors incl. a gallery. The upper floors of the towers are used for accommodation. A parking lot and wellness area are situated on the first underground floor. On the second underground floor there is a technical background of the building, shops and a small restaurant for guests. All the roofs and terraces of the aparthotel are made to be green. The calculation part and the project contain the design of the sewerage, water supply, gas pipeline and their connection to the existing engineering networks. The theoretical part deals with increasing the pressure in the indoor plumbing, incl. design of equipment for increasing the pressure in the particular building.

L’analyse du droit applicable aux relations sur l’approvisionnement du gaz russe dans l’UE a démontré l’impuissance du droit international de l’énergie, ainsi que les insuffisances du droit local russe et de celui des pays de l’UE et de l’UE. La solution globale à tous les problèmes pourrait être la fourniture de garanties favorisant les opérations d’achat-vente de gaz entre Gazprom et les entreprises des pays de l’UE et le développement des relations de la participation directe des entreprises russes et de l’UE sur les marchés. Les bases de la réglementation de ces relations pourront être fixées dans le nouvel Accord international entre la Russie et l’UE et dans la législation locale. / The current legal rules restrain the development of both frameworks now existing – that is, long-term contracts and opened-up markets. The solution to this problem could be the maintain of the first group of relations and the development of the second group. Therefore, it is important to suggest an alternative framework. The basis of such alternative framework could be fixed in an international treaty between Russia, EU and the member-states. This new regulation will also require the adjustment of the local legislation.