Search results for: storage costs
Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 4007

Search results for: storage costs

3977 Biogas as a Renewable Energy Fuel: A Review of Biogas Upgrading, Utilization and Storage

Authors: Imran Ullah Khana, Mohd Hafiz Dzarfan Othmanb, Haslenda Hashima, Takeshi Matsuurad, A.F. Ismailb, M. Rezaei-DashtArzhandib, I. Wan Azelee

Abstract:

Biogas upgrading is a widely studied and discussed topic, and its utilization as a natural gas substitute has gained significant attention in recent years. The production of biomethane provides a versatile application in both heat and power generation and as a vehicular fuel. This paper systematically reviews the state of the art of biogas upgrading technologies with upgrading efficiency, methane (CH4) loss, environmental effect, development and commercialization, and challenges in terms of energy consumption and economic assessment. The market situation for biogas upgrading has changed rapidly in recent years, giving membrane separation a significant market share with traditional biogas upgrading technologies. In addition, the potential utilization of biogas, efficient conversion into bio-compressed natural gas (bio-CNG), and storage systems are investigated in depth. Two storing systems for bio-CNG at filling stations, namely buffer and cascade storage systems are used. The best storage system should be selected on the basis of the advantages of both systems. Also, the fuel economy and mass emissions for bio-CNG and CNG-filled vehicles are studied. There is the same fuel economy and less carbon dioxide (CO2) emission for bio-CNG. Based on the results of comparisons between the technical features of upgrading technologies, various specific requirements for biogas utilization and the relevant investment, and operating and maintenance costs, future recommendations are made for biogas upgrading.

Keywords: biogas upgrading, cost, utilization, bio-CNG, storage, energy

Procedia PDF Downloads 19
3976 Investigating the Rate of Migration of Plasticizers from PET Bottles into Salad Oil during Storage

Authors: Simin Asadollahi, Amir H. Soruri, Ali Moghimi

Abstract:

Nowadays, salad oils are used in many countries around the world. Therefore, it is of great importance to ensure the safety of these food products which are usually packaged in Polyethylene terephthalate (PET) bottles and come on the market. This study investigated the effects of storage time and temperature on the migration rate of phthalate compounds from PET bottle to salad oil. In more detail, migration rate of bis (2-ethylhexyl) phthalate from bottles to salad oil samples was measured in 1st, the 30th, and the 60th days of storage at a temperature of either 20 or 40 °C. At both storage temperatures, an increase in the storage time led to a statistically significant increase in the migration rate of phthalate compounds (p<.01). Regarding this, the highest migration rate occurred after 60 days of storage in to the samples. Furthermore, it was revealed bis (2-ethylhexyl) phthalate had a higher migration rate at 40 °C than at 20 °C which showed that an increase in the storage temperature would lead to an increase in the migration rate. The highest migration rate occurred in relation to salad oil stored at 40 °C and after 60 days of storage.

Keywords: salad oil, migration rate, polyethylene terephthalate, bis (2-ethylhexyl) phthalate

Procedia PDF Downloads 330
3975 The Establishment of Probabilistic Risk Assessment Analysis Methodology for Dry Storage Concrete Casks Using SAPHIRE 8

Authors: J. R. Wang, W. Y. Cheng, J. S. Yeh, S. W. Chen, Y. M. Ferng, J. H. Yang, W. S. Hsu, C. Shih

Abstract:

To understand the risk for dry storage concrete casks in the cask loading, transfer, and storage phase, the purpose of this research is to establish the probabilistic risk assessment (PRA) analysis methodology for dry storage concrete casks by using SAPHIRE 8 code. This analysis methodology is used to perform the study of Taiwan nuclear power plants (NPPs) dry storage system. The process of research has three steps. First, the data of the concrete casks and Taiwan NPPs are collected. Second, the PRA analysis methodology is developed by using SAPHIRE 8. Third, the PRA analysis is performed by using this methodology. According to the analysis results, the maximum risk is the multipurpose canister (MPC) drop case.

Keywords: PRA, dry storage, concrete cask, SAPHIRE

Procedia PDF Downloads 189
3974 Multi Cloud Storage Systems for Resource Constrained Mobile Devices: Comparison and Analysis

Authors: Rajeev Kumar Bedi, Jaswinder Singh, Sunil Kumar Gupta

Abstract:

Cloud storage is a model of online data storage where data is stored in virtualized pool of servers hosted by third parties (CSPs) and located in different geographical locations. Cloud storage revolutionized the way how users access their data online anywhere, anytime and using any device as a tablet, mobile, laptop, etc. A lot of issues as vendor lock-in, frequent service outage, data loss and performance related issues exist in single cloud storage systems. So to evade these issues, the concept of multi cloud storage introduced. There are a lot of multi cloud storage systems exists in the market for mobile devices. In this article, we are providing comparison of four multi cloud storage systems for mobile devices Otixo, Unclouded, Cloud Fuze, and Clouds and evaluate their performance on the basis of CPU usage, battery consumption, time consumption and data usage parameters on three mobile phones Nexus 5, Moto G and Nexus 7 tablet and using Wi-Fi network. Finally, open research challenges and future scope are discussed.

Keywords: cloud storage, multi cloud storage, vendor lock-in, mobile devices, mobile cloud computing

Procedia PDF Downloads 378
3973 Time, Uncertainty, and Technological Innovation

Authors: Xavier Everaert

Abstract:

Ever since the publication of “The Problem of Social” cost, Coasean insights on externalities, transaction costs, and the reciprocal nature of harms, have been widely debated. What has been largely neglected however, is the role of technological innovation in the mitigation of negative externalities or transaction costs. Incorporating future uncertainty about negligence standards or expected restitution costs and the profit opportunities these uncertainties reveal to entrepreneurs, allow us to frame problems regarding social costs within the reality of rapid technological evolution.

Keywords: environmental law and economics, entrepreneurship, commons, pollution, wildlife

Procedia PDF Downloads 397
3972 Scheduling of Cross-Docking Center: An Auction-Based Algorithm

Authors: Eldho Paul, Brijesh Paul

Abstract:

This work proposes an auction mechanism based solution methodology for the optimum scheduling of trucks in a cross-docking centre. The cross-docking centre is an important element of lean supply chain. It reduces the amount of storage and transportation costs in the distribution system compared to an ordinary warehouse. Better scheduling of trucks in a cross-docking center is the best way to reduce storage and transportation costs. Auction mechanism is commonly used for allocation of limited resources in different real-life applications. Here, we try to schedule inbound trucks by integrating auction mechanism with the functioning of a cross-docking centre. A mathematical model is developed for the optimal scheduling of inbound trucks based on the auction methodology. The determination of exact solution for problems involving large number of trucks was found to be computationally difficult, and hence a genetic algorithm based heuristic methodology is proposed in this work. A comparative study of exact and heuristic solutions is done using five classes of data sets. It is observed from the study that the auction-based mechanism is capable of providing good solutions to scheduling problem in cross-docking centres.

Keywords: auction mechanism, cross-docking centre, genetic algorithm, scheduling of trucks

Procedia PDF Downloads 386
3971 Effects of Gross Domestic Product and International Trade on Logistic Performance: An Effect Observation Trial

Authors: Ibrahim Halil Korkmaz, Eren Özceylan, Cihan Çetinkaya

Abstract:

Logistics function has great potential for increasing sustainable competitive advantage, profitability, productivity, customer satisfaction and decreasing costs in all sectors. The performance of logistics sector, which has such great influence on the overall performance of the economy, attracts more attention of both researchers and sector representatives day by day. The purpose of this study is to determine the effects of research and development expenditures which spent by enterprises operating in the transportation and storage sectors on Turkey’s logistic performance index (LPI). To do so, research and development investment expenditure among the years 2009-2015 of Turkish transportation and storage firms data from the Turkish Statistical Institute and Turkeys country points in the World Bank logistics performance index in the same years data were examined. As the result of the parametric evaluation, it is seen that the research and development expenditures made have a positive effect on the logistic performance of Turkey.

Keywords: logistics performance index, R&D investments, transportation, storage, Turkey

Procedia PDF Downloads 302
3970 HcDD: The Hybrid Combination of Disk Drives in Active Storage Systems

Authors: Shu Yin, Zhiyang Ding, Jianzhong Huang, Xiaojun Ruan, Xiaomin Zhu, Xiao Qin

Abstract:

Since large-scale and data-intensive applications have been widely deployed, there is a growing demand for high-performance storage systems to support data-intensive applications. Compared with traditional storage systems, next-generation systems will embrace dedicated processor to reduce computational load of host machines and will have hybrid combinations of different storage devices. The advent of flash- memory-based solid state disk has become a critical role in revolutionizing the storage world. However, instead of simply replacing the traditional magnetic hard disk with the solid state disk, it is believed that finding a complementary approach to corporate both of them is more challenging and attractive. This paper explores an idea of active storage, an emerging new storage configuration, in terms of the architecture and design, the parallel processing capability, the cooperation of other machines in cluster computing environment, and a disk configuration, the hybrid combination of different types of disk drives. Experimental results indicate that the proposed HcDD achieves better I/O performance and longer storage system lifespan.

Keywords: arallel storage system, hybrid storage system, data inten- sive, solid state disks, reliability

Procedia PDF Downloads 417
3969 Storage Study of Bael (Aegle marmelos Correa.) Fruit and Pulp of Cv. Pant Sujata

Authors: B. R. Jana, Madhumita Singh

Abstract:

Storage study of bael fruit and pulp were conducted at ICAR-RCER, Research Centre Ranchi to find out suitable storage life to extent the availability of the fruit and produce the value added product in form of fruit. The cultivar under storage is Pant Sujata. CFB box packing resulted in minimum 21 % PLW during 2010-11 during its 28-35 days storage under ambient temperature. CFB box and Gunny bag retains maximum total sugar (17.3-17.4 °B) after 28 days storage. Bael pulp of cultivar Pant Sujata can be stored up to 2 months at 4 °C with good quality condition. Treatments were highly significant in the characters such as T.S.S., acidity, reducing sugar and total sugar. Storage conditions and treatments interaction were insignificant in all characters except acidity. The maximum T.S.S. of 21.87 °B has been found in sample treated with 800 ppm benzoic acid when kept for two months at 4 °C temperature. This treatment also resulted in retaining the maximum reducing sugar (8.09 %) and total sugar content (9.52 %) at same storage condition than other treatments. From the present experiments, it is concluded that CFB box packing and pulp storage with 800 ppm benzoic acid at 4 °C are important to extent the availability of bael for two months.

Keywords: bael, storage, fruits, pulp, benzoic acid

Procedia PDF Downloads 218
3968 Financial Analysis of Feasibility for a Heat Utilization System Using Rice Straw Pellets: Heating Energy Demand and the Collection and Storage Method in Nanporo, Japan

Authors: K.Ishii, T. Furuichi, A. Fujiyama, S. Hariya

Abstract:

Rice straw pellets are a promising fuel as a renewable energy source. Financial analysis is needed to make a utilization system using rise straw pellets financially feasible, considering all regional conditions including stakeholders related to the collection and storage, production, transportation and heat utilization. We conducted the financial analysis of feasibility for a heat utilization system using rice straw pellets which has been developed for the first time in Nanporo, Hokkaido, Japan. Especially, we attempted to clarify the effect of factors required for the system to be financial feasibility, such as the heating energy demand and collection and storage method of rice straw. The financial feasibility was found to improve when increasing the heating energy demand and collecting wheat straw in August separately from collection of rice straw in November because the costs of storing rice straw and producing pellets were reduced. However, the system remained financially unfeasible. This study proposed a contractor program funded by a subsidy from Nanporo local government where a contracted company, instead of farmers, collects and transports rice straw in order to ensure the financial feasibility of the system, contributing to job creation in the region.

Keywords: rice straw, pellets, heating energy demand, collection, storage

Procedia PDF Downloads 381
3967 A Critical Review of Assessments of Geological CO2 Storage Resources in Pennsylvania and the Surrounding Region

Authors: Levent Taylan Ozgur Yildirim, Qihao Qian, John Yilin Wang

Abstract:

A critical review of assessments of geological carbon dioxide (CO2) storage resources in Pennsylvania and the surrounding region was completed with a focus on the studies of Midwest Regional Carbon Sequestration Partnership (MRCSP), United States Department of Energy (US-DOE), and United States Geological Survey (USGS). Pennsylvania Geological Survey participated in the MRCSP Phase I research to characterize potential storage formations in Pennsylvania. The MRCSP’s volumetric method estimated ~89 gigatonnes (Gt) of total CO2 storage resources in deep saline formations, depleted oil and gas reservoirs, coals, and shales in Pennsylvania. Meanwhile, the US-DOE calculated storage efficiency factors using log-odds normal distribution and Monte Carlo sampling, revealing contingent storage resources of ~18 Gt to ~20 Gt in deep saline formations, depleted oil and gas reservoirs, and coals in Pennsylvania. Additionally, the USGS employed Beta-PERT distribution and Monte Carlo sampling to determine buoyant and residual storage efficiency factors, resulting in 20 Gt of contingent storage resources across four storage assessment units in Appalachian Basin. However, few studies have explored CO2 storage resources in shales in the region, yielding inconclusive findings. This article provides a critical and most up to date review and analysis of geological CO2 storage resources in Pennsylvania and the region.

Keywords: carbon capture and storage, geological CO2 storage, pennsylvania, appalachian basin

Procedia PDF Downloads 18
3966 NSBS: Design of a Network Storage Backup System

Authors: Xinyan Zhang, Zhipeng Tan, Shan Fan

Abstract:

The first layer of defense against data loss is the backup data. This paper implements an agent-based network backup system used the backup, server-storage and server-backup agent these tripartite construction, and we realize the snapshot and hierarchical index in the NSBS. It realizes the control command and data flow separation, balances the system load, thereby improving the efficiency of the system backup and recovery. The test results show the agent-based network backup system can effectively improve the task-based concurrency, reasonably allocate network bandwidth, the system backup performance loss costs smaller and improves data recovery efficiency by 20%.

Keywords: agent, network backup system, three architecture model, NSBS

Procedia PDF Downloads 430
3965 Comparison of Risk Analysis Methodologies Through the Consequences Identification in Chemical Accidents Associated with Dangerous Flammable Goods Storage

Authors: Daniel Alfonso Reséndiz-García, Luis Antonio García-Villanueva

Abstract:

As a result of the high industrial activity, which arises from the search to satisfy the needs of products and services for society, several chemical accidents have occurred, causing serious damage to different sectors: human, economic, infrastructure and environmental losses. Historically, with the study of this chemical accidents, it has been determined that the causes are mainly due to human errors (inexperienced personnel, negligence, lack of maintenance and deficient risk analysis). The industries have the aim to increase production and reduce costs. However, it should be kept in mind that the costs involved in risk studies, implementation of barriers and safety systems is much cheaper than paying for the possible damages that could occur in the event of an accident, without forgetting that there are things that cannot be replaced, such as human lives.Therefore, it is of utmost importance to implement risk studies in all industries, which provide information for prevention and planning. The aim of this study is to compare risk methodologies by identifying the consequences of accidents related to the storage of flammable, dangerous goods for decision making and emergency response.The methodologies considered in this study are qualitative and quantitative risk analysis and consequence analysis. The latter, by means of modeling software, which provides radius of affectation and the possible scope and magnitude of damages.By using risk analysis, possible scenarios of occurrence of chemical accidents in the storage of flammable substances are identified. Once the possible risk scenarios have been identified, the characteristics of the substances, their storage and atmospheric conditions are entered into the software.The results provide information that allows the implementation of prevention, detection, control, and combat elements for emergency response, thus having the necessary tools to avoid the occurrence of accidents and, if they do occur, to significantly reduce the magnitude of the damage.This study highlights the importance of risk studies applying tools that best suited to each case study. It also proves the importance of knowing the risk exposure of industrial activities for a better prevention, planning and emergency response.

Keywords: chemical accidents, emergency response, flammable substances, risk analysis, modeling

Procedia PDF Downloads 47
3964 Exploring De-Fi through 3 Case Studies: Transparency, Social Impact, and Regulation

Authors: Dhaksha Vivekanandan

Abstract:

DeFi is a network that avoids reliance on financial intermediaries through its peer-to-peer financial network. DeFi operates outside of government control; hence it is important for us to understand its impacts. This study employs a literature review to understand DeFi and its emergence, as well as its implications on transparency, social impact, and regulation. Further, 3 case studies are analysed within the context of these categories. DeFi’s provision of increased transparency poses environmental and storage costs and can lead to user privacy being endangered. DeFi allows for the provision of entrepreneurial incentives and protection against monetary censorship and capital control. Despite DeFi's transparency issues and volatility costs, it has huge potential to reduce poverty; however, regulation surrounding DeFi still requires further tightening by governments.

Keywords: DeFi, transparency, regulation, social impact

Procedia PDF Downloads 56
3963 Storage Method for Parts from End of Life Vehicles' Dismantling Process According to Sustainable Development Requirements: Polish Case Study

Authors: M. Kosacka, I. Kudelska

Abstract:

Vehicle is one of the most influential and complex product worldwide, which affects people’s life, state of the environment and condition of the economy (all aspects of sustainable development concept) during each stage of lifecycle. With the increase of vehicles’ number, there is growing potential for management of End of Life Vehicle (ELV), which is hazardous waste. From one point of view, the ELV should be managed to ensure risk elimination, but from another point, it should be treated as a source of valuable materials and spare parts. In order to obtain materials and spare parts, there are established recycling networks, which are an example of sustainable policy realization at the national level. The basic object in the polish recycling network is dismantling facility. The output material streams in dismantling stations include waste, which very often generate costs and spare parts, that have the biggest potential for revenues creation. Both outputs are stored into warehouses, according to the law. In accordance to the revenue creation and sustainability potential, it has been placed a strong emphasis on storage process. We present the concept of storage method, which takes into account the specific of the dismantling facility in order to support decision-making process with regard to the principles of sustainable development. The method was developed on the basis of case study of one of the greatest dismantling facility in Poland.

Keywords: dismantling, end of life vehicles, sustainability, storage

Procedia PDF Downloads 245
3962 Storage Assignment Strategies to Reduce Manual Picking Errors with an Emphasis on an Ageing Workforce

Authors: Heiko Diefenbach, Christoph H. Glock

Abstract:

Order picking, i.e., the order-based retrieval of items in a warehouse, is an important time- and cost-intensive process for many logistic systems. Despite the ongoing trend of automation, most order picking systems are still manual picker-to-parts systems, where human pickers walk through the warehouse to collect ordered items. Human work in warehouses is not free from errors, and order pickers may at times pick the wrong or the incorrect number of items. Errors can cause additional costs and significant correction efforts. Moreover, age might increase a person’s likelihood to make mistakes. Hence, the negative impact of picking errors might increase for an aging workforce currently witnessed in many regions globally. A significant amount of research has focused on making order picking systems more efficient. Among other factors, storage assignment, i.e., the assignment of items to storage locations (e.g., shelves) within the warehouse, has been subject to optimization. Usually, the objective is to assign items to storage locations such that order picking times are minimized. Surprisingly, there is a lack of research concerned with picking errors and respective prevention approaches. This paper hypothesize that the storage assignment of items can affect the probability of pick errors. For example, storing similar-looking items apart from one other might reduce confusion. Moreover, storing items that are hard to count or require a lot of counting at easy-to-access and easy-to-comprehend self heights might reduce the probability to pick the wrong number of items. Based on this hypothesis, the paper discusses how to incorporate error-prevention measures into mathematical models for storage assignment optimization. Various approaches with respective benefits and shortcomings are presented and mathematically modeled. To investigate the newly developed models further, they are compared to conventional storage assignment strategies in a computational study. The study specifically investigates how the importance of error prevention increases with pickers being more prone to errors due to age, for example. The results suggest that considering error-prevention measures for storage assignment can reduce error probabilities with only minor decreases in picking efficiency. The results might be especially relevant for an aging workforce.

Keywords: an aging workforce, error prevention, order picking, storage assignment

Procedia PDF Downloads 179
3961 Effects of Storage Methods on Proximate Compositions of African Yam Bean (Sphenostylis stenocarpa) Seeds

Authors: Iyabode A. Kehinde, Temitope A. Oyedele, Clement G. Afolabi

Abstract:

One of the limitations of African yam bean (AYB) (Sphenostylis sternocarpa) is poor storage ability due to the adverse effect of seed-borne fungi. This study was conducted to examine the effects of storage methods on the nutritive composition of AYB seeds stored in three types of storage materials viz; Jute bags, Polypropylene bags, and Plastic Bowls. Freshly harvested seeds of AYB seeds were stored in all the storage materials for 6 months using 2 × 3 factorial (2 AYB cultivars and 3 storage methods) in 3 replicates. The proximate analysis of the stored AYB seeds was carried out at 3 and 6 months after storage using standard methods. The temperature and relative humidity of the storeroom was recorded monthly with Kestrel pocket weather tracker 4000. Seeds stored in jute bags gave the best values for crude protein (24.87%), ash (5.69%) and fat content (6.64%) but recorded least values for crude fibre (2.55%), carbohydrate (50.86%) and moisture content (12.68%) at the 6th month of storage. The temperature of the storeroom decreased from 32.9ºC - 28.3ºC, while the relative humidity increased from 78% - 86%. Decreased incidence of field fungi namely: Rhizopus oryzae, Aspergillus flavus, Geotricum candidum, Aspergillus fumigatus and Mucor meihei was accompanied by the increase in storage fungi viz: Apergillus niger, Mucor hiemalis, Penicillium espansum and Penicillium atrovenetum with prolonged storage. The study showed that of the three storage materials jute bag was more effective at preserving AYB seeds.

Keywords: storage methods, proximate composition, African Yam Bean, fungi

Procedia PDF Downloads 106
3960 Study of Heat Transfer by Natural Convection in Overhead Storage Tank of LNG

Authors: Hariti Rafika, Fekih Malika, Saighi Mohamed

Abstract:

During the period storage of liquefied natural gas, stability is necessarily affected by natural convection along the walls of the tank with thermal insulation is not perfectly efficient. In this paper, we present the numerical simulation of heat transfert by natural convection double diffusion,in unsteady laminar regime in a storage tank. The storage tank contains a liquefied natural gas (LNG) in its gaseous phase. Fluent, a commercial CFD package, based on the numerical finite volume method, is used to simulate the flow. The gas is just on the surface of the liquid phase. This numerical simulation allowed us to determine the temperature profiles, the stream function, the velocity vectors and the variation of the heat flux density in the vapor phase in the LNG storage tank volume. The results obtained for a general configuration, by numerical simulation were compared to those found in the literature.

Keywords: numerical simulation, natural convection, heat gains, storage tank, liquefied natural gas

Procedia PDF Downloads 453
3959 Evaluating the Cost of Quality: A Case Study of a South African Foundry Business

Authors: Chipo Mugova, Zuko Mjobo

Abstract:

The aim of this study was to evaluate the cost of quality (COQ) at a local foundry business to identify the contribution of its units and processes to quality costs within the foundry’s operations. The foundry selected for detailed case study is one of major businesses that have been targeted by the government to produce components for building and re-furbishing wagons and trains. The study aimed at identifying areas in the foundry’s processes in which investment needs to be made to reduce quality costs. This is in alignment with government’s vision of promoting local business to support local markets leading to creation of jobs, and hence reduction of unemployment rate in South Africa. The methodology adopted used cost of quality models. Results from the study indicated that internal failure costs were significantly higher than all other cost of quality categories, taking more than 60% of the business’s income.

Keywords: appraisal costs, cost of quality, failure costs, local content, prevention costs

Procedia PDF Downloads 319
3958 High Power Thermal Energy Storage for Industrial Applications Using Phase Change Material Slurry

Authors: Anastasia Stamatiou, Markus Odermatt, Dominic Leemann, Ludger J. Fischer, Joerg Worlitschek

Abstract:

The successful integration of thermal energy storage in industrial processes is expected to play an important role in the energy turnaround. Latent heat storage technologies can offer more compact thermal storage at a constant temperature level, in comparison to conventional, sensible thermal storage technologies. The focus of this study is the development of latent heat storage solutions based on the Phase Change Slurry (PCS) concept. Such systems promise higher energy densities both as refrigerants and as storage media while presenting better heat transfer characteristics than conventional latent heat storage technologies. This technology is expected to deliver high thermal power and high-temperature stability which makes it ideal for storage of process heat. An evaluation of important batch processes in industrial applications set the focus on materials with a melting point in the range of 55 - 90 °C. Aluminium ammonium sulfate dodecahydrate (NH₄Al(SO₄)₂·12H₂O) was chosen as the first interesting PCM for the next steps of this study. The ability of this material to produce slurries at the relevant temperatures was demonstrated in a continuous mode in a laboratory test-rig. Critical operational and design parameters were identified.

Keywords: esters, latent heat storage, phase change materials, thermal properties

Procedia PDF Downloads 271
3957 The Impact of Transaction Costs on Rebalancing an Investment Portfolio in Portfolio Optimization

Authors: B. Marasović, S. Pivac, S. V. Vukasović

Abstract:

Constructing a portfolio of investments is one of the most significant financial decisions facing individuals and institutions. In accordance with the modern portfolio theory maximization of return at minimal risk should be the investment goal of any successful investor. In addition, the costs incurred when setting up a new portfolio or rebalancing an existing portfolio must be included in any realistic analysis. In this paper rebalancing an investment portfolio in the presence of transaction costs on the Croatian capital market is analyzed. The model applied in the paper is an extension of the standard portfolio mean-variance optimization model in which transaction costs are incurred to rebalance an investment portfolio. This model allows different costs for different securities, and different costs for buying and selling. In order to find efficient portfolio, using this model, first, the solution of quadratic programming problem of similar size to the Markowitz model, and then the solution of a linear programming problem have to be found. Furthermore, in the paper the impact of transaction costs on the efficient frontier is investigated. Moreover, it is shown that global minimum variance portfolio on the efficient frontier always has the same level of the risk regardless of the amount of transaction costs. Although efficient frontier position depends of both transaction costs amount and initial portfolio it can be concluded that extreme right portfolio on the efficient frontier always contains only one stock with the highest expected return and the highest risk.

Keywords: Croatian capital market, Markowitz model, fractional quadratic programming, portfolio optimization, transaction costs

Procedia PDF Downloads 357
3956 Optimal Scheduling for Energy Storage System Considering Reliability Constraints

Authors: Wook-Won Kim, Je-Seok Shin, Jin-O Kim

Abstract:

This paper propose the method for optimal scheduling for battery energy storage system with reliability constraint of energy storage system in reliability aspect. The optimal scheduling problem is solved by dynamic programming with proposed transition matrix. Proposed optimal scheduling method guarantees the minimum fuel cost within specific reliability constraint. For evaluating proposed method, the timely capacity outage probability table (COPT) is used that is calculated by convolution of probability mass function of each generator. This study shows the result of optimal schedule of energy storage system.

Keywords: energy storage system (ESS), optimal scheduling, dynamic programming, reliability constraints

Procedia PDF Downloads 379
3955 Final Costs of Civil Claims

Authors: Behnam Habibi Dargah

Abstract:

The economics of cost-benefit theory seeks to monitor claims and determine their final price. The cost of litigation is important because it is a measure of the efficiency of the justice system. From an economic point of view, the cost of litigation is considered to be the point of equilibrium of litigation, whereby litigation is regarded as a high-risk investment and is initiated when the costs are less than the probable and expected benefits. Costs are economically separated into private and social costs. Private cost includes material (direct and indirect) and spiritual costs. The social costs of litigation are also subsidized-centric due to the public and governmental nature of litigation and cover both types of bureaucratic bureaucracy and the costs of judicial misconduct. Macroeconomic policy in the economics of justice is the reverse engineering of controlling the social costs of litigation by employing selective litigation and working on the judicial culture to achieve rationality in the monopoly system. Procedures for controlling and managing court costs are also circumscribed to economic patterns in the field. Rational cost allocation model and cost transfer model. The rational allocation model deals with cost-tolerance systems, and the transfer model also considers three models of transferability, including legal, judicial and contractual transferability, which will be described and explored in the present article in a comparative manner.

Keywords: cost of litigation, economics of litigation, private cost, social cost, cost of litigation

Procedia PDF Downloads 97
3954 Genetic Algorithm Optimization of the Economical, Ecological and Self-Consumption Impact of the Energy Production of a Single Building

Authors: Ludovic Favre, Thibaut M. Schafer, Jean-Luc Robyr, Elena-Lavinia Niederhäuser

Abstract:

This paper presents an optimization method based on genetic algorithm for the energy management inside buildings developed in the frame of the project Smart Living Lab (SLL) in Fribourg (Switzerland). This algorithm optimizes the interaction between renewable energy production, storage systems and energy consumers. In comparison with standard algorithms, the innovative aspect of this project is the extension of the smart regulation over three simultaneous criteria: the energy self-consumption, the decrease of greenhouse gas emissions and operating costs. The genetic algorithm approach was chosen due to the large quantity of optimization variables and the non-linearity of the optimization function. The optimization process includes also real time data of the building as well as weather forecast and users habits. This information is used by a physical model of the building energy resources to predict the future energy production and needs, to select the best energetic strategy, to combine production or storage of energy in order to guarantee the demand of electrical and thermal energy. The principle of operation of the algorithm as well as typical output example of the algorithm is presented.

Keywords: building's energy, control system, energy management, energy storage, genetic optimization algorithm, greenhouse gases, modelling, renewable energy

Procedia PDF Downloads 231
3953 Techno Economic Analysis of CAES Systems Integrated into Gas-Steam Combined Plants

Authors: Coriolano Salvini

Abstract:

The increasing utilization of renewable energy sources for electric power production calls for the introduction of energy storage systems to match the electric demand along the time. Although many countries are pursuing as a final goal a “decarbonized” electrical system, in the next decades the traditional fossil fuel fed power plant still will play a relevant role in fulfilling the electric demand. Presently, such plants provide grid ancillary services (frequency control, grid balance, reserve, etc.) by adapting the output power to the grid requirements. An interesting option is represented by the possibility to use traditional plants to improve the grid storage capabilities. The present paper is addressed to small-medium size systems suited for distributed energy storage. The proposed Energy Storage System (ESS) is based on a Compressed Air Energy Storage (CAES) integrated into a Gas-Steam Combined Cycle (GSCC) or a Gas Turbine based CHP plants. The systems can be incorporated in an ex novo built plant or added to an already existing one. To avoid any geological restriction related to the availability of natural compressed air reservoirs, artificial storage is addressed. During the charging phase, electric power is absorbed from the grid by an electric driven intercooled/aftercooled compressor. In the course of the discharge phase, the compressed stored air is sent to a heat transfer device fed by hot gas taken upstream the Heat Recovery Steam Generator (HRSG) and subsequently expanded for power production. To maximize the output power, a staged reheated expansion process is adopted. The specific power production related to the kilogram per second of exhaust gas used to heat the stored air is two/three times larger than that achieved if the gas were used to produce steam in the HRSG. As a result, a relevant power augmentation is attained with respect to normal GSCC plant operations without additional use of fuel. Therefore, the excess of output power can be considered “fuel free” and the storage system can be compared to “pure” ESSs such as electrochemical, pumped hydro or adiabatic CAES. Representative cases featured by different power absorption, production capability, and storage capacity have been taken into consideration. For each case, a technical optimization aimed at maximizing the storage efficiency has been carried out. On the basis of the resulting storage pressure and volume, number of compression and expansion stages, air heater arrangement and process quantities found for each case, a cost estimation of the storage systems has been performed. Storage efficiencies from 0.6 to 0.7 have been assessed. Capital costs in the range of 400-800 €/kW and 500-1000 €/kWh have been estimated. Such figures are similar or lower to those featuring alternative storage technologies.

Keywords: artificial air storage reservoir, compressed air energy storage (CAES), gas steam combined cycle (GSCC), techno-economic analysis

Procedia PDF Downloads 189
3952 Hydrogen Storage in Carbonized Coconut Meat (Kernel)

Authors: Viney Dixit, Rohit R. Shahi, Ashish Bhatnagar, P. Jain, T. P. Yadav, O. N. Srivastava

Abstract:

Carbons are being widely investigated as hydrogen storage material owing to their light weight, fast hydrogen absorption kinetics and low cost. However, these materials suffer from low hydrogen storage capacity at room temperature. The aim of the present study is to synthesize carbon based material which shows moderate hydrogen storage at room temperature. For this purpose, hydrogenation characteristics of natural precursor coconut kernel is studied in this work. The hydrogen storage measurement reveals that the as-synthesized materials have good hydrogen adsorption and desorption capacity with fast kinetics. The synthesized material absorbs 8 wt.% of hydrogen at liquid nitrogen temperature and 2.3 wt.% at room temperature. This could be due to the presence of certain elements (KCl, Mg, Ca) which are confirmed by TEM.

Keywords: coconut kernel, carbonization, hydrogenation, KCl, Mg, Ca

Procedia PDF Downloads 388
3951 A Performance Analysis Study for Cloud Based ERP Systems

Authors: Burak Erkayman

Abstract:

The manufacturing and service organizations are in the need of using ERP systems to integrate many functions from purchasing to storage, production planning to calculation of costs. Using ERP systems by the integration in the level of information provides companies remarkable advantages in terms of profitability, productivity and efficiency in processes. Cloud computing is one of the most significant changes in information and communication technology. The developments in Cloud Computing attract business world to take advantage of this field. Cloud Computing means much more storage area, more cost saving and faster data transfer rate. In addition to these, it presents new business models, new field of study and practicable solutions for anyone’s use. These developments make inevitable the implementation of ERP systems to cloud environment. In this study, the performance of ERP systems in cloud environment is analyzed through various performance criteria and a comparison between traditional and cloud-ERP systems is presented. At the end of study the transformation and the future of ERP systems is discussed.

Keywords: cloud-ERP, ERP system performance, information system transformation

Procedia PDF Downloads 504
3950 Integrated Simulation and Optimization for Carbon Capture and Storage System

Authors: Taekyoon Park, Seokgoo Lee, Sungho Kim, Ung Lee, Jong Min Lee, Chonghun Han

Abstract:

CO2 capture and storage/sequestration (CCS) is a key technology for addressing the global warming issue. This paper proposes an integrated model for the whole chain of CCS, from a power plant to a reservoir. The integrated model is further utilized to determine optimal operating conditions and study responses to various changes in input variables.

Keywords: CCS, caron dioxide, carbon capture and storage, simulation, optimization

Procedia PDF Downloads 321
3949 Technologies for Solar Energy Storage and Utilization Using Mixture of Molten Salts and Polymers

Authors: Anteneh Mesfin Yeneneh, Abdul Shakoor, Jimoh Adewole, Safinaz Al Balushi, Sara Al Balushi

Abstract:

The research work focuses on exploring better technologies for solar energy storage. The research has the objective of substituting fossil fuels with renewable solar energy technology. This was the reason that motivated the research team to search for alternatives to develop an eco-friendly desalination process, which fully depends on the solar energy source. The Authors also investigated the potential of using different salt mixtures for better solar energy storage and better pure water productivity. Experiments were conducted to understand the impacts of solar energy collection and storage techniques on heat accumulation, heat storage capacity of various compositions of salt mixtures. Based on the experiments conducted, the economic and technical advantages of the integrated water desalination was assessed. Experiments also showed that the best salts with a higher storage efficiency of heat energy are NaCl, KNO3, and MgCl26H2O and polymers such as Poly Propylene and Poly Ethylene Terephthalate.

Keywords: molten salts, desalination, solar energy storage and utilization, polymers

Procedia PDF Downloads 117
3948 Effects of Packaging Method, Storage Temperature and Storage Time on the Quality Properties of Cold-Dried Beef Slices

Authors: Elif Aykın Dinçer, Mustafa Erbaş

Abstract:

The effects of packaging method (modified atmosphere packaging (MAP) and aerobic packaging (AP)), storage temperature (4 and 25°C) and storage time (0, 15, 30, 45, 60, 75 and 90 days) on the chemical, microbiological and sensory properties of cold-dried beef slices were investigated. Beef slices were dried at 10°C and 3 m/s after pasteurization with hot steam and then packaged in order to determine the effect of different storage conditions. As the storage temperature and time increased, it was determined that the amount of CO2 decreased in the MAP packed samples and that the amount of O2 decreased while the amount of CO2 increased in the AP packed samples. The water activity value of stored beef slices decreased from 0.91 to 0.88 during 90 days of storage. The pH, TBARS and NPN-M values of stored beef slices were higher in the AP packed samples and pH value increased from 5.68 to 5.93, TBARS increased from 25.25 to 60.11 μmol MDA/kg and NPN-M value increased from 4.37 to 6.66 g/100g during the 90 days of storage. It was determined that the microbiological quality of MAP packed samples was higher and the mean counts of TAMB, TPB, Micrococcus/Staphylococcus, LAB and yeast-mold were 4.10, 3.28, 3.46, 2.99 and 3.14 log cfu/g, respectively. As a result of sensory evaluation, it was found that the quality of samples packed MAP and stored at low temperature was higher and the shelf life of samples was 90 days at 4°C and 75 days at 25°C for MAP treatment, and 60 days at 4°C and 45 days at 25°C for AP treatment.

Keywords: cold drying, dried meat, packaging, storage

Procedia PDF Downloads 119