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This study examines the impact of oil price uncertainty on mergers and acquisition (M&A) activity in the oil and gas sector. Analyzing this industry enables us to construct a natural forward-looking measure of oil price uncertainty, namely the implied crude oil volatility. Using a sample of U.S. firms in the oil and gas sector from 1994–2018 containing 4,323 announced transactions, we document that oil price uncertainty is negatively related to future M&A activity. Uncertainty is mainly a driver of horizontal and vertical M&A activity, where upstream firms are more affected by this uncertainty than downstream firms. Our results lend support to a real options explanation of investment under uncertainty where firms choose to defer investments as a response to increased uncertainty.

Funding Information: This work was supported Southeast University (SEU) project 3203002003A1 and National Natural Science Foundation of China (NSFC) under the grant 51772080 and 11604088 . Jiangsu Provincial Innovation and Entrepreneurship Talent program Project No. JSSCRC2021491 . Industry-University-Research Cooperation Project of Jiangsu Province in China , Grant No. BY2021057 . Dr. Asghar thanks the Hubei Talent 100 program and Academy of Finland ( 13329016 , 13322738 ) for their financial support. Publisher Copyright: © 2022 The Authors Electrolytes with high-proton conduction and low activation energy are attractive for reducing the high operating temperature of solid-oxide fuel cells to less than <600 °C. In this work, we have fabricated semiconducting electrolyte SrFeTiO3-δ (SFT) material exhibiting high ionic conduction and exceptionally high protonic conduction at low operating temperature but with low electronic conduction to evade the short-circuiting issue. The prepared fuel cell device exhibited high open-circuit voltage (OCV) and a high-power output of 534 mW/cm2, of which 474 mW/cm2 could be for sure be related to the protonic part. The current study suggests that usage of semiconductor SrFeTiO3-δ facilitates a high concentration of oxygen vacancies on the surface of SFT, which mainly benefits proton conduction. Moreover, lower grain boundary resistance leads to obtain higher performance. Also, the Schottky junction phenomena are proposed to inhibit the e-conduction and excel the ions transportation. The high performance and ionic conductivity suggest that SFT could be a promising electrolyte for protonic ceramic fuel cells. Peer reviewed

This study aims to develop a methodology for identifying predominant pressures on the marine ecosystem, emphasizing the significance of examining these pressures and the necessity for management scenarios. The research focuses on how the Black Sea ecosystem responds to the combined effects of human pressures, climate change, and policies. An in-depth analysis was conducted on environmental pressures affecting the Romanian Black Sea, highlighting dominant pressures such as physical habitat loss, hydrocarbon introduction, and non-indigenous species invasion. The research employs a novel methodological approach to assess the implications of these pressures under different Shared Socioeconomic Pathways (SSPs): SSP1 “Taking the Green Road”, SSP2 “Middle of the Road”, and SSP5 “Taking the Highway”. The findings reveal a complex interplay between economic development and environmental conservation, with each pathway presenting distinct outcomes for marine ecosystems. Recent developments, including beach rehabilitation, maritime transport, and oil and gas exploitation, have overshadowed traditional pressures such as nutrient introduction and fishing. The study identifies the increasing vulnerability of critical habitats to anthropogenic pressures, with the rehabilitation of these ecosystems remaining challenging even under reduced pressures. The results underscore the need for adaptive management strategies to enhance the Black Sea ecosystem’s sustainability and resilience. The study’s insights are important for developing management strategies that address ongoing environmental challenges. This research provides knowledge for policymakers and stakeholders involved in marine management and conservation efforts in the Black Sea region, emphasizing the importance of adaptive strategies to mitigate the adverse effects of human activities and climate change on marine ecosystems.

This research examines the overlooked political implications of energy pricing on voting patterns in manufacturing communities, amidst increasing scholarly interest in the political ramifications of Western industrial decline. We focus specifically on the surge in electricity prices and their effect on electoral choices in manufacturing -dense regions in Sweden during the 2022 general elections. The rise in electricity costs holds particular significance given Europe's reliance on imported energy for competitive manufacturing, coupled with the existing constraints on energy supply. With energy prices being a direct threat to industries and influencing the competitiveness of manufacturing firms and job security, we argue that these factors could significantly influence voting behaviour in affected communities. Our findings show that areas with higher electricity costs witnessed a more robust performance by the incumbent Social Democratic Party, suggesting that economic insecurity may indeed spur greater demand for traditional left-wing policies, such as economic compensation.

Wave power is a potential technology for generating sustainable renewable energy. Several types of wave energy converters (WECs) have been proposed for this purpose. WECs operate in a harsh maritime environment that sets strict limitations on how and when the device can be economically and safely reached for maintenance. Thus, to ensure profitable energy generation over the system life cycle, system reliability is a key aspect to be considered in WEC development. In this article, we describe a reliability analysis approach for WEC development, based on the use of reliability block diagram (RBD) modelling. We apply the approach in a case study involving a submerged oscillating wave surge converter device concept that utilizes hydraulics in its power take-off system. In addition to describing the modelling approach, we discuss the data sources that were used for gathering reliability data for the components used in a novel system concept with very limited historical or experimental data available. This includes considerations of the data quality from various sources. As a result, we present examples of applying the RBD modelling approach in the context of WEC development and discuss the applicability of the approach in supporting the development of new technologies.

Abstract The transition towards zero-carbon energy production is necessary to limit global warming. Smart energy systems have facilitated the control of demand-side resources to maintain the stability of the power grid and to provide balancing power for increasing renewable energy production. Virtual power plants are examples of demand–response solutions, which may also enable greenhouse gas (GHG) emission reductions due to the lower need for fossil-based balancing energy in the grid and the increased share of renewables. The aim of this study is to show how potential GHG emission reductions can be assessed through the carbon handprint approach for a virtual power plant (VPP) in a grid balancing market in Finland. According to our results, VPP can reduce the hourly based GHG emissions in the studied Finnish grid systems compared with the balancing power without the VPP. Typical energy sources used for the balance power are hydropower and fossil fuels. The reduction potential of GHG emissions varies from 68% to 98% depending on the share of the used energy source for the power balancing, thus VPPs have the potential to significantly reduce GHG emissions of electricity production and hence help mitigate climate change.