Optimal Strategies for Investment in Generation of Electric Energy through Real Options

The Brazilian electric sector has two market-environments for the energy supply: a regulated pool (ACR), with 64 power distribution companies, and the free market (ACL), including free-consumers and energy wholesalers. In the regulated market, the power generation competition is enforced via energy auctions, where the winning generator has to sign long-term standard power purchase agreements (PPA) simultaneously with all distributors at the bidding-price. In this work we use the Real Options Theory to valuate new hydraulic generation assets, which will be traded in the new energy auction. This approach models the uncertainties in setting up the cash flow for the investments and incorporates some possible managerial flexibility associated with the decision taken along the investment forecast. A real example is presented, in which we incorporated the flexibilities regarding the waiting to invest in a new hydro power plant and an abandon option, representing the transfer of concession rights. Since the project involves a multistage investment consisting of design, construction and operation phases, it can be treated as a sequential compound option. A binomial approach was elaborated to model this investment opportunity analysis

Optimal Strategies for Investment in Generation of Electric Energy through Real Options

The Brazilian electric sector has two market-environments for the energy supply: a regulated pool (ACR), with 64 power distribution companies, and the free market (ACL), including free-consumers and energy wholesalers. In the regulated market, the power generation competition is enforced via energy auctions, where the winning generator has to sign long-term standard power purchase agreements (PPA) simultaneously with all distributors at the bidding-price. In this work we use the Real Options Theory to valuate new hydraulic generation assets, which will be traded in the new energy auction. This approach models the uncertainties in setting up the cash flow for the investments and incorporates some possible managerial flexibility associated with the decision taken along the investment forecast. A real example is presented, in which we incorporated the flexibilities regarding the waiting to invest in a new hydro power plant and an abandon option, representing the transfer of concession rights. Since the project involves a multistage investment consisting of design, construction and operation phases, it can be treated as a sequential compound option. A binomial approach was elaborated to model this investment opportunity analysis

Arbóreas forrageiras: pastagem o ano todo na Caatinga Sergipana

A Caatinga é o bioma predominante no Nordeste do país e o único exclusivamente brasileiro. No estado de Sergipe, a área de influencia desse bioma é conhecida pela forte presença de assentamentos de reforma agrária e se destaca como região produtora de leite. As longas secas vêm prejudicando significativamente a criação de gado nessa região, tornando os agricultores altamente dependentes de insumos externos a suas propriedades. Há, entretanto, espécies arbóreas nativas que podem ser utilizadas como forragem durante o período de seca, objeto deste estudo. O trabalho foi realizado no Assentamento Florestan Fernandes, localizado no Município de Canindé de São Francisco, estado de Sergipe. O estudo da vegetação foi realizado através de levantamento fitossociológico em 30 parcelas de 400m², mensurando-se indivíduos com circunferênciaà altura do peito acima de 6 cm. Registraram-se 2.057 indivíduos, pertencentes a 26 espécies e 16 famílias. A abundância foi de 1.714,2 indivíduos/ha e a área basal de 10,9 m²/ha. As espécies que apresentaram o maior índice de valor de importância ecológica no ambiente estudado foram a Catingueira (28,9%), a Imbura-na-de-cambão (9,7%) e o Pinhão (7,2 %). Nove das 16 espécies apontadas como forrageiras pelos assentados já são apontadas na literatura como forrageiras. Entrevistas realizadas com os assentados revelaram o seu conhecimento dessas espécies como forrageiras, mas ao mesmo tempo evidenciaram que o recurso é pouco utilizado. Assim, o potencial das forrageiras arbóreas contrasta com a sua baixa utilização, o que sugere a oportunidade de programas para promover o uso adequado dessas espécies

Reducing the environmental impact of surgery on a global scale: systematic review and co-prioritization with healthcare workers in 132 countries

Background Healthcare cannot achieve net-zero carbon without addressing operating theatres. The aim of this study was to prioritize feasible interventions to reduce the environmental impact of operating theatres. Methods This study adopted a four-phase Delphi consensus co-prioritization methodology. In phase 1, a systematic review of published interventions and global consultation of perioperative healthcare professionals were used to longlist interventions. In phase 2, iterative thematic analysis consolidated comparable interventions into a shortlist. In phase 3, the shortlist was co-prioritized based on patient and clinician views on acceptability, feasibility, and safety. In phase 4, ranked lists of interventions were presented by their relevance to high-income countries and low–middle-income countries. Results In phase 1, 43 interventions were identified, which had low uptake in practice according to 3042 professionals globally. In phase 2, a shortlist of 15 intervention domains was generated. In phase 3, interventions were deemed acceptable for more than 90 per cent of patients except for reducing general anaesthesia (84 per cent) and re-sterilization of ‘single-use’ consumables (86 per cent). In phase 4, the top three shortlisted interventions for high-income countries were: introducing recycling; reducing use of anaesthetic gases; and appropriate clinical waste processing. In phase 4, the top three shortlisted interventions for low–middle-income countries were: introducing reusable surgical devices; reducing use of consumables; and reducing the use of general anaesthesia. Conclusion This is a step toward environmentally sustainable operating environments with actionable interventions applicable to both high– and low–middle–income countries

Reducing the environmental impact of surgery on a global scale: systematic review and co-prioritization with healthcare workers in 132 countries

Abstract Background Healthcare cannot achieve net-zero carbon without addressing operating theatres. The aim of this study was to prioritize feasible interventions to reduce the environmental impact of operating theatres. Methods This study adopted a four-phase Delphi consensus co-prioritization methodology. In phase 1, a systematic review of published interventions and global consultation of perioperative healthcare professionals were used to longlist interventions. In phase 2, iterative thematic analysis consolidated comparable interventions into a shortlist. In phase 3, the shortlist was co-prioritized based on patient and clinician views on acceptability, feasibility, and safety. In phase 4, ranked lists of interventions were presented by their relevance to high-income countries and low–middle-income countries. Results In phase 1, 43 interventions were identified, which had low uptake in practice according to 3042 professionals globally. In phase 2, a shortlist of 15 intervention domains was generated. In phase 3, interventions were deemed acceptable for more than 90 per cent of patients except for reducing general anaesthesia (84 per cent) and re-sterilization of ‘single-use’ consumables (86 per cent). In phase 4, the top three shortlisted interventions for high-income countries were: introducing recycling; reducing use of anaesthetic gases; and appropriate clinical waste processing. In phase 4, the top three shortlisted interventions for low–middle-income countries were: introducing reusable surgical devices; reducing use of consumables; and reducing the use of general anaesthesia. Conclusion This is a step toward environmentally sustainable operating environments with actionable interventions applicable to both high– and low–middle–income countries