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Abstract International politics affects the oil trade. But do financial and commercial traders who participate in spot oil trading also respond to changes in international politics? We construct a firm-level dataset for all U.S. oil-importing companies over 1986–2008 to examine how these firms respond to increases in “political distance” between the U.S. and her trading partners, measured by divergence in their UN General Assembly voting patterns. Consistent with previous macro evidence, we first show that individual firms diversify their oil imports politically, even after controlling for unobserved firm heterogeneity. However, the political pattern of oil imports is not entirely driven by the concerns of hold-up risks, which exist when oil transactions via term contracts are associated with backward vertical FDI that is subject to expropriation. In particular, our results indicate that even financial and commercial traders significantly reduce their oil imports from U.S. political enemies. Interestingly, while these traders diversify their oil imports politically immediately after changes in international politics, other oil companies reduce their oil imports with a significant time lag. Our findings suggest that in designing regulations to avoid harmful repercussions on commodity and financial assets, policymakers need to understand the nature of political risk.

Abstract The effects of hCG (CR119) and ethanol (20% in saline, v/v) on the levels of gonadotropin receptor in mature rat testes are studied. The results indicate that 75 I.U. of hCG administered intraperitoneally is capable of depleting testicular tissue of all its gonadotropin binding sites within 24 hrs. after administration, and 11–14 days are required for these binding sites to be fully restored. The disappearance and reappearance patterns of testicular gonadotropin binding sites following in vivo ethanol administration are very similar to those seen after gonadotropin administration, the only difference being that ethanol is much less immediate in its effect. The level of hLH in the serum of these rats is unaffected by the ethanol administered which seems to indicate that reduction of the number of gonadotropin binding sites in testes brought about by ethanol is through membrane-mediated mechanism. For rats receiving gonadotropin injections, no correlation sseems to exist between the concentration of gonadotropin in serum and the level of detectable gonadotropin binding sites in the testis.

Electricity price forecasting is critical to numerous tasks in the power system such as strategic bidding, generation scheduling, optimal scheduling of storage reserves and system analysis. Most existing price forecasting models focus on hourly prediction for the day ahead market. This work focuses on the real-time, 5-minute market, with the goal of developing a model able to capture both the long- and short-term temporal distribution of the data. Extending the recent advances in deep learning models of time series forecasting, the proposed model - named HFnet - is a novel multi-branch Gated Recurrent Unit (GRU) architecture for electricity price forecasting. Extensive empirical analyses using real-time data from the New York Independent System Operator (NYISO) illustrate the value of the proposed model when compared to state-of-art prediction models, with an average reduction in error of 10%.

Mixed transition metal oxides with high theoretical capacity show great potential to replace carbonaceous anode materials in lithium-ion batteries.

New zinc phthalocyanine (ZnPc-TDA), peripherally functionalized with donor-acceptor conjugates was synthesized, and its optical, thermal, electrochemical, and photovoltaic properties were studied. The black ZnPc-TDA exhibited both excellent solubility in common organic solvents, and broad absorption covering the range 300-900 nm. The photovoltaic devices with the configuration of ITO/PEDOT-PSS/ZnPc-TDA:PCBM/LiF/Al produced short circuit current densities of 2.26 mA/cm(2), the open circuit voltage of 0.68 V and power conversion efficiency of 0.4% under AM1.5G illumination. (C) 2010 Elsevier B.V. All rights reserved.

Abstract We demonstrate the importance of stock turnover on industrial energy efficiency through a literature review and a case study of energy-intensive equipment, i.e. the electric arc furnace in the US steel industry. We describe the common methods for assessing stock turnover. We have found that both stock turnover and retrofit are important elements to explain the energy efficiency improvement rates. We investigated the development of electricity use in electric arc furnaces in the United States by tracking the development of individual furnaces over the period 1990–2002. This provides a detailed picture of changes in the stock or fleet of furnaces through turnover and/or retrofit. Our results confirm the results of other empirical studies that there is no clear lifetime of equipment. However, retired furnaces are distinctly less efficient than furnaces remaining in the stock, while new furnaces are distinctly more efficient than the average stock. We found an annual average improvement in specific electricity consumption of 1.3%/year over the studied period, of which 0.7%/year was due to stock turnover and 0.5%/year due to retrofit of stock in service throughout the period.

Structural and physiological changes that occur as trees grow taller are associated with increased hydraulic constraints on leaf gas exchange, yet it is unclear if leaf-level constraints influence whole-tree growth as trees approach their maximum size. We examined variation in leaf physiology, leaf area to sapwood area ratio (L/S), and annual aboveground growth across a range of tree heights in Eucalyptus regnans. Leaf photosynthetic capacity did not differ among upper crown leaves of individuals 61.1-92.4 m tall. Maximum daily and integrated diurnal stomatal conductance (g s) averaged 36 and 34% higher, respectively, in upper crown leaves of ~60-m-tall, 80-year-old trees than in ~90-m-tall, 300-year-old trees, with larger differences observed on days with a high vapor pressure deficit (VPD). Greater stomatal regulation in taller trees resulted in similar minimum daily leaf water potentials (Ψ L) in shorter and taller trees over a broad range of VPDs. The long-term stomatal limitation on photosynthesis, as inferred from leaf δ (13)C composition, was also greater in taller trees. The δ (13)C of wood indicated that the bulk of photosynthesis used to fuel wood production in the main trunk and branches occurred in the upper crown. L/S increased with tree height, especially after accounting for size-independent variation in crown structure across 27 trees up to 99.8 m tall. Despite greater stomatal limitation of leaf photosynthesis in taller trees, total L explained 95% of the variation in annual aboveground biomass growth among 15 trees measured for annual biomass growth increment in 2006. Our results support a theoretical model proposing that, in the face of increasing hydraulic constraints with height, whole-tree growth is maximized by a resource trade-off that increases L to maximize light capture rather than by reducing L/S to sustain g s.

Abstract Many energy-related investments are made without a clear financial understanding of their values, risks, and volatilities. In the face of this uncertainty, the investor—such as a building owner or an energy service company—will often choose to implement only the most certain and thus limited energy-efficiency measures. Conversely, commodities traders and other sophisticated investors accustomed to evaluating investments on a value, risk, and volatility basis often overlook energy-efficiency investments because risk and volatility information are not provided. Fortunately, energy-efficiency investments easily lend themselves to such analysis using tools similar to those applied to supply side risk management. Accurate and robust analysis demands a high level of understanding of the physical aspects of energy-efficiency, which enables the translation of physical performance data into the language of investment. With a risk management analysis framework in place, the two groups—energy-efficiency experts and investment decision-makers—can exchange the information they need to expand investment in demand-side energy projects. In this article, we first present the case for financial risk analysis in energy efficiency in the buildings sector. We then describe techniques and examples of how to identify, quantify, and manage risk. Finally, we describe emerging market-based opportunities in risk management for energy efficiency.

This paper gives a introduction of a SMES unit using 2G HTS wires. A complete SMES system including both superconducting coils and control circuit has been designed to operate at 77 K. Three single-phase H-bridge converters have been used in the control circuit. A loop control signal is sent out by using 32 fixed point Digital Signal Processor (DSP). The complete circuit has been both modelled in simulation and built experimentally. The results validate that this SMES successfully compensates a voltage sag in a power system.