THE APPLICATION OF DERIVATIVES BY ENERGY COMPANIES IN PRICE RISK MANAGEMENT

Proces deregulacije na energetskim tržištima promijenio je prioritete i donio nove obveze u upravljanju rizicima. Porasla je svijest sudionika na tržištu o važnosti i potrebi upravljanja rizikom promjene cijene električne energije. Zbog prirode električne energije postoje značajne razlike u metodama upravljanja cjenovnim rizikom u odnosu na klasične metode korištene na financijskim tržištima. Energetske izvedenice imaju važnu ulogu u davanju cjenovnih signala, dajući prave cijene energije i omogućujući efikasno upravljanje cjenovnim rizikom. U radu su prikazani rezultati istraživanja provedenog na energetskim kompanijama iz uzorka kojeg čine članovi Europskoga udruženja trgovaca energijom (European Federation of Energy Traders EFET). Istraživanje je pokazalo da 75 % poduzeća iz uzorka upravljaju rizikom promjene cijene električne energije koristeći neku vrstu izvedenica. Najčešće korišteni instrumenti su: unaprijednice (forwards) (68,2 %), opcije (options) (52,3 %), ročnice (futures) (50 %) i zamjene (swaps) (43,2 %), poznati pod nazivom plain vanilla izvedenice. Također, dokazano je da je veličina poduzeća utjecajan čimbenik pri donošenju odluke o korištenju izvedenica.The process of deregulation on the energy markets has changed priorities and introduced new responsibilities into risk management. Awareness has increased among market participants regarding the importance and necessity for the risk management of electrical energy prices. Due to the nature of electrical energy, there are significant differences in price risk management in comparison to the classical methods used on financial markets. Energy derivatives have an important role in providing price signals, determining correct energy prices and facilitating effective price risk management. The article presents the results of an investigation conducted on a sample of energy companies comprised of members of the European Federation of Energy Traders (EFET). The investigation demonstrated that 75 % of the enterprises from the sample manage the risk from the variable prices of electrical energy by using some type of derivative. The most frequently used instruments are as follows: forwards (68,2 %), options (52,3 %), futures (50 %) and swaps (43,2 %), known as plain vanilla derivatives. Furthermore, it has been demonstrated that the size of enterprises is an influential factor in deciding whether to use derivatives

THE APPLICATION OF DERIVATIVES BY ENERGY COMPANIES IN PRICE RISK MANAGEMENT

Proces deregulacije na energetskim tržištima promijenio je prioritete i donio nove obveze u upravljanju rizicima. Porasla je svijest sudionika na tržištu o važnosti i potrebi upravljanja rizikom promjene cijene električne energije. Zbog prirode električne energije postoje značajne razlike u metodama upravljanja cjenovnim rizikom u odnosu na klasične metode korištene na financijskim tržištima. Energetske izvedenice imaju važnu ulogu u davanju cjenovnih signala, dajući prave cijene energije i omogućujući efikasno upravljanje cjenovnim rizikom. U radu su prikazani rezultati istraživanja provedenog na energetskim kompanijama iz uzorka kojeg čine članovi Europskoga udruženja trgovaca energijom (European Federation of Energy Traders EFET). Istraživanje je pokazalo da 75 % poduzeća iz uzorka upravljaju rizikom promjene cijene električne energije koristeći neku vrstu izvedenica. Najčešće korišteni instrumenti su: unaprijednice (forwards) (68,2 %), opcije (options) (52,3 %), ročnice (futures) (50 %) i zamjene (swaps) (43,2 %), poznati pod nazivom plain vanilla izvedenice. Također, dokazano je da je veličina poduzeća utjecajan čimbenik pri donošenju odluke o korištenju izvedenica.The process of deregulation on the energy markets has changed priorities and introduced new responsibilities into risk management. Awareness has increased among market participants regarding the importance and necessity for the risk management of electrical energy prices. Due to the nature of electrical energy, there are significant differences in price risk management in comparison to the classical methods used on financial markets. Energy derivatives have an important role in providing price signals, determining correct energy prices and facilitating effective price risk management. The article presents the results of an investigation conducted on a sample of energy companies comprised of members of the European Federation of Energy Traders (EFET). The investigation demonstrated that 75 % of the enterprises from the sample manage the risk from the variable prices of electrical energy by using some type of derivative. The most frequently used instruments are as follows: forwards (68,2 %), options (52,3 %), futures (50 %) and swaps (43,2 %), known as plain vanilla derivatives. Furthermore, it has been demonstrated that the size of enterprises is an influential factor in deciding whether to use derivatives

APPLICATION OF MULTI-AGENT SYSTEMS IN ELECTRICITY MARKET SIMULATORS

Kako procesi liberalizacije i deregulacije tržišta električne energije diljem svijeta uzimaju sve više maha, tako se broj sudionika na tržištu, a ujedno i njihova raznolikost, naglo povećava. U tradicionalnom monopolističkom modelu tržišta svi su procesi, koji se odvijaju u elektroenergetskom sustavu (EES), bili pod nadzorom vertikalno integriranih kompanija. No, kako se tržišna logika mijenja od one usmjerene na što je niže moguće troškove proizvodnje električne energije na težnju k što većem profitu, tako se i rizik raspodjeljuje među svim tržišnim sudionicima podjednako i nije više u potpunosti na leđima krajnjih potrošača. U takvim nesigurnim uvjetima, u kojima se cijena električne energije mijenja iz sata u sat, svaki tržišni sudionik želi se osloniti na pomoć pouzdanog alata koji bi mu pomogao pri donošenju optimalnih i kvalitetnih odluka i strateških nastupa. Gotovo istodobno strelovito napreduje relativno nova znanstvena disciplina – agentsko modeliranje procesa iz stvarnog života. Adaptivnim i inteligentnim agentima, s mogućnošću komunikacije, pokušavaju se predočiti kako pojedinci tako i institucije te njihova djelovanja. Nedvojbeno je da upravo ovakav, agentski pristup može pronaći i već pronalazi svoje mjesto i u simuliranju procesa koji se odvijaju na tržištu električne energije. Što je model kvalitetniji i što je bolje prilagođen stvarnom stanju specifičnog tržišta, to će i rezultati njegovog korisnika biti bolji i njegov profit veći.Since the liberalization and deregulation of the electricity markets throughout the world are in full swing, the number of market participants, as well as their diversity, is sharply increasing. In the traditional monopolistic market model, all the processes that occur in a power system have been supervised by vertically integrated companies. Since market logic is changing from that oriented toward minimizing generation costs for electrical energy to the trend of maximizing profit, the risk is being distributed among all the market participants uniformly and is no longer entirely borne by the final consumers. Under such uncertain conditions, in which the prices of electrical energy change from hour to hour, each market participant wants a reliable tool to facilitate optimal and quality decisions and strategic performance. At practically the same time, a relatively new scientific discipline is making rapid advances agent-based process modeling from real life. Through adaptive and intelligent agents, with the possibility of communication, attempts are being made to depict the activities of individuals and institutions. Just such an agent approach has undoubtedly already found a role in the simulation of processes that occur on the electrical energy market. The better the model and the better its adaptation to the real state of a specific market, the better the results for the user and the greater the profit

TRAINING CENTRE FOR ENERGY TRADING

Reforme energetskog sektora i nove poslovne mogućnosti nametnule su potrebu stjecanja i prenošenja znanja i vještina svim sudionicima koji preuzimaju nove uloge i odgovornosti u energetskom sektoru. Stoga su Fakultet elektrotehnike i računarstva Sveučilišta u Zagrebu (FER), Hrvatska elektroprivreda d.d. (HEP d.d.) i norveška tvrtka Technor Energy AS pokrenule projekt uspostave Trening centra za trgovanje energijom (Training Centre for Energy Trading TCET). U članku je predstavljen rezultat ove suradnje – pisani materijali koji služe kao podloga za učenje i simulator tržišta koji omogućava različitim tržišnim sudionicima, iz raznih zemalja i s različitim tržišnim interesima, da kroz igru iskušaju tržišno natjecanje. Ovo je prvi trening centar takve vrste u Europi, a projekt njegove uspostave financiralo je Ministarstvo vanjskih poslova Kraljevine Norveške i HEP d.d.The current reforms in the energy sector and the resulting new business opportunities have imposed a need for knowledge and skills to be acquired by or imparted to all those who will assume new roles and responsibilities in the energy sector. To this end the Faculty of Electrical Engineering and Computering of the University of Zagreb (FER), Hrvatska elektroprivreda d.d. – The Croatian Electricity Company (HEP d.d.) and the Norwegian company Technor Energy AS launched a project to establish the Training Centre for Energy Trading (TCET). This article presents the results of this co-operation – printed materials to serve as teaching aid and a market simulator to help various market participants from different countries and with different market interests to try their hand at market competition by playing games. This is the first training centre project of this kind in Europe, co-financed by the Ministry for Foreign Affairs of the Kingdom of Norway and HEP d.d

TRAINING CENTRE FOR ENERGY TRADING

Reforme energetskog sektora i nove poslovne mogućnosti nametnule su potrebu stjecanja i prenošenja znanja i vještina svim sudionicima koji preuzimaju nove uloge i odgovornosti u energetskom sektoru. Stoga su Fakultet elektrotehnike i računarstva Sveučilišta u Zagrebu (FER), Hrvatska elektroprivreda d.d. (HEP d.d.) i norveška tvrtka Technor Energy AS pokrenule projekt uspostave Trening centra za trgovanje energijom (Training Centre for Energy Trading TCET). U članku je predstavljen rezultat ove suradnje – pisani materijali koji služe kao podloga za učenje i simulator tržišta koji omogućava različitim tržišnim sudionicima, iz raznih zemalja i s različitim tržišnim interesima, da kroz igru iskušaju tržišno natjecanje. Ovo je prvi trening centar takve vrste u Europi, a projekt njegove uspostave financiralo je Ministarstvo vanjskih poslova Kraljevine Norveške i HEP d.d.The current reforms in the energy sector and the resulting new business opportunities have imposed a need for knowledge and skills to be acquired by or imparted to all those who will assume new roles and responsibilities in the energy sector. To this end the Faculty of Electrical Engineering and Computering of the University of Zagreb (FER), Hrvatska elektroprivreda d.d. – The Croatian Electricity Company (HEP d.d.) and the Norwegian company Technor Energy AS launched a project to establish the Training Centre for Energy Trading (TCET). This article presents the results of this co-operation – printed materials to serve as teaching aid and a market simulator to help various market participants from different countries and with different market interests to try their hand at market competition by playing games. This is the first training centre project of this kind in Europe, co-financed by the Ministry for Foreign Affairs of the Kingdom of Norway and HEP d.d

Annealing of gold nanostructures sputtered on polytetrafluoroethylene

Gold nanolayers sputtered on polytetrafluoroethylene (PTFE) surface and their changes induced by post-deposition annealing at 100°C to 300°C are studied. Changes in surface morphology and roughness are examined by atomic force microscopy, electrical sheet resistance by two point technique, zeta potential by electrokinetic analysis and chemical composition by X-ray photoelectron spectroscopy (XPS) in dependence on the gold layer thickness. Transition from discontinuous to continuous gold coverage takes place at the layer thicknesses 10 to 15 nm and this threshold remains practically unchanged after the annealing at the temperatures below 200°C. The annealing at 300°C, however, leads to significant rearrangement of the gold layer and the transition threshold increases to 70 nm. Significant carbon contamination and the presence of oxidized structures on gold-coated samples are observed in XPS spectra. Gold coating leads to a decrease in the sample surface roughness. Annealing at 300°C of pristine PTFE and gold-coated PTFE results in significant increase of the sample surface roughness

COVID-19 in children and adolescents in Europe: a multinational, multicentre cohort study

Background To date, few data on paediatric COVID-19 have been published, and most reports originate from China. This study aimed to capture key data on children and adolescents with severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) infection across Europe to inform physicians and health-care service planning during the ongoing pandemic. Methods This multicentre cohort study involved 82 participating health-care institutions across 25 European countries, using a well established research network—the Paediatric Tuberculosis Network European Trials Group (ptbnet)—that mainly comprises paediatric infectious diseases specialists and paediatric pulmonologists. We included all individuals aged 18 years or younger with confirmed SARS-CoV-2 infection, detected at any anatomical site by RT-PCR, between April 1 and April 24, 2020, during the initial peak of the European COVID-19 pandemic. We explored factors associated with need for intensive care unit (ICU) admission and initiation of drug treatment for COVID-19 using univariable analysis, and applied multivariable logistic regression with backwards stepwise analysis to further explore those factors significantly associated with ICU admission. Findings 582 individuals with PCR-confirmed SARS-CoV-2 infection were included, with a median age of 5·0 years (IQR 0·5–12·0) and a sex ratio of 1·15 males per female. 145 (25%) had pre-existing medical conditions. 363 (62%) individuals were admitted to hospital. 48 (8%) individuals required ICU admission, 25 (4%) mechanical ventilation (median duration 7 days, IQR 2–11, range 1–34), 19 (3%) inotropic support, and one (<1%) extracorporeal membrane oxygenation. Significant risk factors for requiring ICU admission in multivariable analyses were being younger than 1 month (odds ratio 5·06, 95% CI 1·72–14·87; p=0·0035), male sex (2·12, 1·06–4·21; p=0·033), pre-existing medical conditions (3·27, 1·67–6·42; p=0·0015), and presence of lower respiratory tract infection signs or symptoms at presentation (10·46, 5·16–21·23; p<0·0001). The most frequently used drug with antiviral activity was hydroxychloroquine (40 [7%] patients), followed by remdesivir (17 [3%] patients), lopinavir–ritonavir (six [1%] patients), and oseltamivir (three [1%] patients). Immunomodulatory medication used included corticosteroids (22 [4%] patients), intravenous immunoglobulin (seven [1%] patients), tocilizumab (four [1%] patients), anakinra (three [1%] patients), and siltuximab (one [<1%] patient). Four children died (case-fatality rate 0·69%, 95% CI 0·20–1·82); at study end, the remaining 578 were alive and only 25 (4%) were still symptomatic or requiring respiratory support. Interpretation COVID-19 is generally a mild disease in children, including infants. However, a small proportion develop severe disease requiring ICU admission and prolonged ventilation, although fatal outcome is overall rare. The data also reflect the current uncertainties regarding specific treatment options, highlighting that additional data on antiviral and immunomodulatory drugs are urgently needed. Funding ptbnet is supported by Deutsche Gesellschaft für Internationale Zusammenarbeit