Optimisation of electricity energy markets and assessment of CO2 trading on their structure : a stochastic analysis of the greek power sector

Power production was traditionally dominated by monopolies. After a long period of research and organisational advances in international level, electricity markets have been deregulated allowing customers to choose their provider and new producers to compete the former Public Power Companies. Vast changes have been made in the European legal framework but still, the experience gathered is not sufficient to derive safe conclusions regarding the efficiency and reliability of deregulation. Furthermore, emissions' trading progressively becomes a reality in many respects, compliance with Kyoto protocol's targets is a necessity, and stability of the national grid's operation is a constraint of vital importance. Consequently, the production of electricity should not rely solely in conventional energy sources neither in renewable ones but on a mixed structure. Finding this optimal mix is the primary objective of the study. A computational tool has been created, that simulates and optimises the future electricity generation structure based on existing as well as on emerging technologies. The results focus on the Greek Power Sector and indicate a gradual decreasing of anticipated CO2 emissions while the socioeconomic constraints and reliability requirements of the system are met. Policy interventions are pointed out based on the numerical results of the model. (C) 2010 Elsevier Ltd. All rights reserved

Evaluating Incentive Options

We provide an analytical and flexible framework to evaluate incentive options. Our model not only considers vesting periods and trading and hedging restrictions on the holders, but also specifically includes provisions of reloading and resetting to capture the fact that firms tend to grant more options after existing options are either exercised or become deep out of the money. By treating the incentive option as a flow of barrier options, we are able to obtain a near-explicit formula for the option value. Our model allows us to discuss many issues related to incentive options such as their issuing cost, exercising strategies, and induced incentives. Especially, we highlight some significant interactions among different features of incentive optionsExecutive Stock Options, Incentives, Resetting and Reloading, Subjective Valuation

Applications of Singular Perturbation Techniques to Control Problems

Coordinated Science Laboratory was formerly known as Control Systems LaboratoryJoint Services Electronics Program / N00014-79-C-0424National Science Foundation / NSF ECS 82-1763

Estimation and control of non-linear and hybrid systems with applications to air-to-air guidance

Issued as Progress report, and Final report, Project no. E-21-67

A Private Ordering Solution to Blockholder Disclosure

The recent debate over reforming the Securities Exchange Act section 13(d) ten-day filing window demonstrates the importance of balancing the costs and benefits of delayed blockholder disclosure in both consequentialist and deontological terms. While hedge fund activism may create shareholder value, short-termism is a very real problem for firms today. Rather than a rigid mandatory rule, the duration of the blockholder disclosure window should be set through a shareholder amendment to the corporate bylaws that empowers shareholders to set an optimal maximum length for each firm. To internalize the economic and moral costs to society of permitting trading on asymmetric information, the SEC should impose a filing fee on blockholders utilizing the delayed disclosure window and use the proceeds to compensate investors who sold shares while a blockholder engaged in a stealth accumulation

What is the Optimal Trading Frequency in Financial Markets?

This paper studies the impact of increasing trading frequency in financial markets on allocative efficiency. We build and solve a dynamic model of sequential double auctions in which traders trade strategically with demand schedules. Trading needs are generated by time-varying private information about the asset value and private values for owning the asset, as well as quadratic inventory costs. We characterize a linear equilibrium with stationary strategies and its efficiency properties in closed form. Frequent trading (more double auctions per unit of time) allows more immediate asset reallocation after new information arrives, at the cost of a lower volume of beneficial trades in each double auction. Under stated conditions, the trading frequency that maximizes allocative efficiency coincides with the information arrival frequency for scheduled information releases, but can far exceed the information arrival frequency if new information arrives stochastically.Asimple calibration of the model suggests that a moderate market slowdown to the level of seconds or minutes per double auction can improve allocative efficiency for assets with relatively narrow investor participation and relatively infrequent news, such as small- and micro-cap stocks

Analysis of Embedded Controllers Subject to Computational Overruns

Microcontrollers have become an integral part of modern everyday embedded systems, such as smart bikes, cars, and drones. Typically, microcontrollers operate under real-time constraints, which require the timely execution of programs on the resource-constrained hardware. As embedded systems are becoming increasingly more complex, microcontrollers run the risk of violating their timing constraints, i.e., overrunning the program deadlines. Breaking these constraints can cause severe damage to both the embedded system and the humans interacting with the device. Therefore, it is crucial to analyse embedded systems properly to ensure that they do not pose any significant danger if the microcontroller overruns a few deadlines.However, there are very few tools available for assessing the safety and performance of embedded control systems when considering the implementation of the microcontroller. This thesis aims to fill this gap in the literature by presenting five papers on the analysis of embedded controllers subject to computational overruns. Details about the real-time operating system's implementation are included into the analysis, such as what happens to the controller's internal state representation when the timing constraints are violated. The contribution includes theoretical and computational tools for analysing the embedded system's stability, performance, and real-time properties.The embedded controller is analysed under three different types of timing violations: blackout events (when no control computation is completed during long periods), weakly-hard constraints (when the number of deadline overruns is constrained over a window), and stochastic overruns (when violations of timing constraints are governed by a probabilistic process). These scenarios are combined with different implementation policies to reduce the gap between the analysis and its practical applicability. The analyses are further validated with a comprehensive experimental campaign performed on both a set of physical processes and multiple simulations.In conclusion, the findings of this thesis reveal that the effect deadline overruns have on the embedded system heavily depends the implementation details and the system's dynamics. Additionally, the stability analysis of embedded controllers subject to deadline overruns is typically conservative, implying that additional insights can be gained by also analysing the system's performance

A robust vector current controller with negative-sequence current capability for grid-connected inverters

This paper presents a vector current controller (in the synchronous reference, or the dq, frame) with negative-sequence current injection capability for three-phase grid-connected converters. This capability is desired for the operation of the converter during unbalanced conditions and also for a certain type of islanding detection. The proposed controller first determines the double-frequency current references and then uses a sixth-order two-input two-output proportional-integral-resonance (PIR) structure, which is optimally designed. Compared with the existing similar approaches, the proposed controller has a simpler structure and more robust performance, e.g., against system parameter uncertainties and weak grid conditions. The proposed controller is developed for converters with both the L-type and LCL-type filters. For the LCL-type converter, a suboptimal partial state feedback control is also proposed to achieve robust stability and active damping of resonance poles without requiring additional sensors. Detailed experimental results are presented to illustrate the properties and performances of the proposed controller

Techniques for Wideband All Digital Polar Transmission

abstract: Modern Communication systems are progressively moving towards all-digital transmitters (ADTs) due to their high efficiency and potentially large frequency range. While significant work has been done on individual blocks within the ADT, there are few to no full systems designs at this point in time. The goal of this work is to provide a set of multiple novel block architectures which will allow for greater cohesion between the various ADT blocks. Furthermore, the design of these architectures are expected to focus on the practicalities of system design, such as regulatory compliance, which here to date has largely been neglected by the academic community. Amongst these techniques are a novel upconverted phase modulation, polyphase harmonic cancellation, and process voltage and temperature (PVT) invariant Delta Sigma phase interpolation. It will be shown in this work that the implementation of the aforementioned architectures allows ADTs to be designed with state of the art size, power, and accuracy levels, all while maintaining PVT insensitivity. Due to the significant performance enhancement over previously published works, this work presents the first feasible ADT architecture suitable for widespread commercial deployment.Dissertation/ThesisDoctoral Dissertation Electrical Engineering 201

Distributed LQR control of multi-agent systems

The thesis develops optimal control methods for designing distributed cooperative control schemes in multi-agent networks. First, the model of a completely connected multi-agent network is presented, consisting of identical dynamically decoupled agents controlled by a centralized LQR (Linear Quadratic Regulator) based controller. The structure of the solution, as well as controller's spectral and robustness properties are presented. A special case of centralized control where the optimal solution for the whole network can be constructed from the solution of single agent LQR system is given. The problem is extended to distributed control where the special structure is imposed onto the information flow between agents and only local interaction is considered. A systematic method is given for computing the performance loss of various distributed control configurations relative to the performance of the optimal centralized controller. Necessary and sufficient conditions are derived for which a distributed control configuration pattern arising from the optimal centralized solution does not entail loss of performance if the initial state vector lies is a certain subspace of state-space which is identified. It is shown that these conditions are always satisfied for systems with communication/control networks corresponding to complete graphs with a single link removed. The procedure is extended for the purposes of analysing the performance loss of an arbitrary distributed configuration. Cost increase due to decentralisation is quantified by introducing three cost measures corresponding to the worst-case, best-case and average directions in which the initial state of the system lies. Finally, a cooperative scheme is presented for controlling arbitrary formations of low speed experimental UAVs (Unmanned Aerial Vehicles) based on a distributed LQR design methodology. Each UAV acts as an independent agent in the formation and its dynamics are described by a 6-DOF (six degrees-offreedom) nonlinear model. This is linearised for control design purposes around an operating point corresponding to straight flight conditions and simulated for longitudinal motion. It is shown that the proposed controller stabilises the overall formation and can control effectively the nonlinear multi-agent system. Also, it is illustrated via numerous simulations that the system provides reference tracking and that is robust to environmental disturbances such as nonuniform wind gusts acting on a formation of UAVs and to the loss of communication between two neighbouring UAVs