Pathways to Overcoming Natural Gas Dependency on Russia—The German Case

The war in Ukraine has sensitized German policy makers towards the negative economic impact of a curtailment of natural gas flows from Russia. Given its large import dependency, Germany has implemented regulatory measures for mitigating a possible gas shortage and is seeking to diversify from pipeline imports of liquefied natural gas (LNG). In this context, we provide a comprehensive review of the natural gas crisis in Europe and place it in the context of the peculiar role of natural gas in Germany. We critically discuss the economic impact of an embargo, and assess demand and supply factors capable of mitigating a supply shortage. We derive a short-term import substitution potential of 13 bcm, assuming timely installation of Floating Storage and Regasification Units (FSRUs). We discuss the potential for demand reductions in the power sector, in industry consumption, and in households, and estimate a combined maximum of 24.1 bcm. Under decreased industrial demand, the most optimistic scenario indicates an import gap of about 9 bcm for a one-year perspective. Given our findings, we advocate for the delayed phasing out of coal and nuclear power, the accelerated deployment of renewable energy, and caution in the initial execution of storage quotas and restrictions to industrial consumers

Medium-term planning for thermal electricity production

In the present paper, we present a mid-term planning model for thermal power generation which is based on multistage stochastic optimization and involves stochastic electricity spot prices, a mixture of fuels with stochastic prices, the effect of CO $$_2$$ 2 emission prices and various types of further operating costs. Going from data to decisions, the first goal was to estimate simulation models for various commodity prices. We apply Geometric Brownian motions with jumps to model gas, coal, oil and emission allowance spot prices. Electricity spot prices are modeled by a regime switching approach which takes into account seasonal effects and spikes. Given the estimated models, we simulate scenario paths and then use a multiperiod generalization of the Wasserstein distance for constructing the stochastic trees used in the optimization model. Finally, we solve a 1-year planning problem for a fictitious configuration of thermal units, producing against the markets. We use the implemented model to demonstrate the effect of CO $$_2$$ 2 prices on cumulated emissions and to apply the indifference pricing principle to simple electricity delivery contracts

Back to the roots of internal credit risk models: Does risk explain why banks' risk-weighted asset levels converge over time?

The internal ratings-based (IRB) approach maps bank risk profiles more adequately than the standardized approach. After switching to IRB, banks’ risk-weighted asset (RWA) densities are thus expected to diverge, especially across countries with different supervisory strictness and risk levels. However, when examining 52 listed banks headquartered in 14 European countries that adopted the IRB approach, we observe a convergence of their RWA densities over time. We test whether this convergence can be entirely explained by differences in the size of the banks, loss levels, country risk, and/or time of IRB implementation. Our findings indicate that this is not the case. Whereas banks in high-risk countries with lax regulation, reduce their RWA densities, banks elsewhere increase theirs. Especially for banks in high-risk countries, RWA densities underestimate banks’ economic risk. Hence, the IRB approach enables regulatory arbitrage, whereby authorities only enforce strict supervision on capital requirements if they do not jeopardize bank viability

CORRELATION BETWEEN FRESH MASS AND DRY MASS OF SOME MEDICINAL AND AROMATIC PLANT SPECIES GROWN ON SANDY SOILS

From the old times the phytotherapy help  in ameliorating and treating of some ailments, this had highlith some medicinal and aromatic plants species to beeing cultivated to more areas. In Romania, more than 300 medicinal and aromatic plant species are known, the purpose of research from the RDSPCS Dabuleni being  to the promotion of some  medicinal and aromatic plants  species on sandy soils. So, the folllowin medicinal  and aromatic species with therapeutic value was studied: Salvia officinalis, Lavandula angustifolia, Calendula officinalis, Hyssopus officinalis. Salvia officinalis due to its rich vitamin content, is considered a miraculous plant with healing properties. Lavandula angustifolia is used in natural medicine for various teas, oils and tinctures, but also in the cosmetic industry for perfumes, soaps and body lotions. Calendula officinalis is cultivated for its flowers due to its antiinflammatory, antiseptic, antimicrobial action. Hyssopus officinalis is a very precious plant for health due to the volatile oils and flavonoids in its composition. These species are studied to profitably capitalize on the ecopedological conditions specific to sandy soils in terms of production capacities and the active principles they contain compared to the forms existing in other areas of the country. Thus, during the study period, Salvia officinalis has registerred the highest yield of 14052 kg/ha fresh herb compared to the other studied species, with a dry yield of 4:1

The Relationship Between the Environmental Tax Revenues and the Greenhouse Gas Emission in Romania

In order to meet the Paris Agreement target, mankind must reduce greenhouse gas emissions to unprecedented levels by 2030. Major global shifts towards a low-carbon economy and transformations of financial systems in each country are expected, changing new financial structures and processes, involving national governments, central and commercial banks, investors and financial actors. Romania has among the lowest environmental tax revenues as a percentage of GDP, according to Eurostat, and energy taxes are the most important category of environmental taxes, followed by transport taxes, pollution and resource exploitation taxes, etc. In this paper we aim to see the relationship between environmental tax revenues and greenhouse gas emissions in Romania, using correlation and regression analysis. The results of the study validate the main hypothesis, that is a strong inverse significant relationship between the two variables analysed and serve as a basis for further research on environmental taxes and charges in a given country (their amount and percentage of the country's GDP) and the evolution of greenhouse gas emissions (progress towards their reduction)

INDUSTRIAL RESTRUCTURING IN SMALL AND MEDIUM SIZED TOWNS FROM ROMANIA – EVOLUTION BACKGROUND AND POSITIVE PERSPECTIVES WITH CHALLENGES

Small and medium sized industrial towns of Romania faced numerous challenges and difficulties together with the postsocialist transformation processes under the transition to the market economy. The paper analyses small and medium sized industrial towns from Romania through their socioeconomic evolution under the impact of the industrial restructuring process that started in the 1990s. Employing several sets of statistic data, the analysis evidences also several directions for the development of these towns through urban regeneration actions and different economic alternatives