Bryant & Stratton Scholarship Certificate

Scholarship certificate ... This certificate entitles William K. Adams to tuition in either of our Colleges, as above, to the amount of Forty Dollars which is our stipulated price for a full course of instruction in the science of accounts, including book-keeping, lectures, commercial calculations and practical penmanship. Issued and signed by Ezra W. Maso

Market performance and distributional effects on renewable energy markets

A renewable obligation combined with tradable renewable energy certificates is a market-based instrument used to promote the production of electricity from renewable energy sources. A renewable obligation is an alternative for subsidies. A renewable obligation will only be an efficient instrument if certificate markets are efficient. This requires that there is no market power and no anti-competitive behaviour on the certificate market. If the current developments in Dutch renewable energy production continue, market power on a future renewable certificate market in the Netherlands will probably not be an issue, even if the RO should only rest on the retail market instead of on the whole electricity market. A renewable obligation will raise the retail price for consumers, thereby reducing consumer surplus. Simulations show that the retail electricity price increases with € 30 per MWh to a level of € 104 per MWh in case of a 30% renewable target. Consumer surplus is reduced with 19% compared to the baseline scenario. In contrast, a subsidy such as the Dutch SDE which is financed from the state budget has the effect to (slightly) lower the retail electricity price, thereby increasing consumer surplus. It should however be realised that the costs of the subsidy will indirectly affect electricity consumers through their tax payments.

Energy and climate policies to 2020 : the impacts of the european " 20/20/20 " approach

Purpose :The study aims to quantify the possible interactions between the three European objectives in the horizon of 2020 : (i) the reduction of 20% of greenhouse gas emissions (GHG) (2) the saving of 20% of the European energy consumption and (3) a share of 20% of renewable energies in the overall energy consumption. Particular focus is, however, placed on the influence of the CO2 emission reduction targets and on their consequences on the carbon price in 2020. Design/methodology/approach :In order to explore the interactions among the three European objectives and their induced effects, a number of scenarios are tested within a combination of two modeling tools : the POLES world energy model and ASPEN, an auxiliary model dedicated to the analysis of quota trading systems. With reasonable assumptions for the burden sharing among the Member States, the energy efficiency objectives and the renewable energy targets are achieved using national quota systems in each European country (white and green certificate systems and their implicit prices), while the CO2 emission reduction is carried out within the European Emissions Trading Scheme (ETS) in line with the objective of 20% emission reduction.Findings :The paper shows, in particular, that the two quota policies (WC and GC) decrease significantly the European marginal emission reduction cost and consequently, the compliance costs for ETS participants. The high renewable target compliance cost could be reduced significantly if carbon price signal and energy saving policies are in place. The paper also shows that the sole carbon price signal has a limited influence for stimulating renewable energies and energy savings and thus concludes on the need for specific policies targeting these two areas.CO2 emissions ;carbon price ; white certificate price ; green certificate price ; European Union

Price Volatility and Banking in Green Certificate Markets

There is concern that prices in a market for Green Certificates (GCs) primarily based on volatile wind power will fluctuate excessively, leading to corresponding volatility of electricity prices. Applying a rational expectations simulation model of competitive storage and speculation of GCs the paper shows that the introduction of banking of GCs may reduce price volatility considerably and lead to increased social surplus. Banking lowers average prices and is therefore not necessarily to the benefit of “green producers”. Proposed price bounds on GC-prices will reduce the importance of banking and even of the GC system itself.electricity; environment; commodity speculation; green certificates; marketable permits; uncertainty

Price Volatility and Banking in Green Certificate Markets

There is concern that prices in a market for Green Certificates (GCs) primarily based on volatile wind power will fluctuate excessively, leading to corresponding volatility of electricity prices. Applying a rational expectations simulation model of competitive storage and speculation of GCs the paper shows that the introduction of banking of GCs may reduce price volatility considerably and lead to increased social surplus. Banking lowers average prices and is therefore not necessarily to the benefit of “green producers”. Proposed price bounds on GC -prices will reduce the importance of banking and even of the GC system itself.Electricity; Green Certificates; Uncertainty; Commodity Speculation

Methodology for forecasting in the Swedish–Norwegian market for el-certificates

In this paper we describe a novel methodology for forecasting in the Swedish-Norwegian el-certificate market, which is a variant of a tradable green certificate scheme. For the forecasting, the el-certificate market is integrated in the electricity-market model EMPS, which has weekly to hourly time-step length, whereas the planning horizon can be several years. Strategies for the certificate inventory are calculated by stochastic dynamic programming, whereas penalty-rates for non-compliance during the annual settlement of certificates are determined endogenously.In the paper the methodology is described, and we show the performance of the model under different cases that can occur in the el-certificate market. The general results correspond to theoretical findings in previous studies for tradable green certificate markets, in particular that price-scenarios spread out in such a way that the unconditional expected value of certificates is relatively stable throughout the planning period. In addition the presented methodologies allows to assess the actual dynamics of the certificate price due to climatic uncertainty. Finally, special cases are indentified where the certificate price becomes excessively high respectively zero, due the design-specific dynamics of the penalty rate. © 2015 Elsevier Ltd.Methodology for forecasting in the Swedish–Norwegian market for el-certificatesacceptedVersio

Pengaruh Variabel Makroekonomi terhadap Indeks Saham Syariah di Indonesia: Model ECM

The Impact of Macroeconomics Variables to Islamic Stock Index in IndonesiaThis research aim is to analyze the impact of macroeconomics variable to Islamic stock's index in Indonesia. The macroeconomic variables are BI-rate, inflation, foreign exchange, sharia Bank of Indonesia certificate and oil world price. The methods that used in this research is error correction model to analyze the short-run and long-run impact of macroeconomics variables to Islamic stock's index. The result shown that the foreign exchange rate and sharia Bank of Indonesia certificate influence the to Islamic stock's index in short-run. Otherwise the interest rate, shariah Bank of Indonesia certificate, and oil world price influence the to Islamic stock's index in long-runDOI: 10.15408/ess.v6i1.311

Analisis Pasar Obligasi Pemerintah di Indonesia

This article focused on analyze (1) Effect of the budget deficit, official foreign borrowing, certificate of Bank Indonesia (SBI), and demand of the government bonds to the issuances of the government bonds in Indonesia. (2) The influence certificate of Bank Indonesia (SBI), bond price, (Composite Stock Price Index) IHSG, and supply of the government bonds to demand of the government bonds in Indonesia. Data used time series of (I year kuartal 2004 – IV year kuartal 2011). This article use analyzer model equation of simultaneous with method of Two Stage Least Squared (TSLS). The result of research concludes that (1) the budget deficit have a significant and positive impact on supply of the government bonds, official foreign borrowing, certificate of Bank Indonesia (SBI) and demand of the government bonds significantly and negatively influence on issuances of government bonds. (2) The influence certificate of Bank Indonesia (SBI) have a significant and positive impact on demand of government bonds, IHSG and supply of the government bonds significantly and negatively on demand of government bonds in Indonesia. While the bond price is not significant and negative effect on demand of the government bonds in Indonesia

Prognose des CO2-Zertifikatepreisrisikos

Modeling the price risk of CO2 certificates is one important aspect of integral corporate risk management related to emissions trading. The paper presents a risk model which may be the basis for evaluating the risk of emission certificate prices. We assume that the certificate price is determined by the expected marginal CO2 abatement costs prevailing at the current trade period and stochastically fluctuates around the respective level as returned from the mean reversion process. Due to uncertainties about future environmental states we suppose that within one trade period, erratic changes in the expected marginal abatement costs may occur leading to shifts in the price level. The aim of the work is to model the erratic changes of the expected reversion level and to estimate the parameters of the mean reversion process.risk, carbon dioxide, emissions trading, EUA, CO2 certificate price, mean reversion process