Generation Adequacy and Investment Incentives in Britain: from the Pool to NETA

Three years after the controversial change of the British market design from compulsory Pool with capacity payments to decentralised energy-only New Electricity Trading Arrangements (NETA) market framework, we compare the two designs in terms of investment incentives. We review the biases of the Pool capacity payments design, the drought of investment following the introduction of NETA, and the reaction of the market during the first “stress-test” of NETA during the winter 2003. In an energy-only market such as NETA, it is essential that price signals are right and the system operator has a crucial role in contracting ahead for reserve. We recommend that NETA adopt a single marginal imbalance price as dual imbalance pricing distorts price signals in times of scarcity. The lack of long-term contracting that causes hedging and financing difficulties for power projects can becompensated by vertical and horizontal reintegration at a cost of increased market power

Entrepreneurial Finance and Institutional Logics in an Emerging Economy

Entrepreneurs raise money from multiple funding sources over time, however studies of entrepreneurial finance typically focus on a dyadic view based on Global North institutional scaffolds. Taking a contextualised approach that understands funding as situated in local conditions, this research explores the influence of an emerging economy context on a financing process that incorporates multiple sources. Based on analysis of 36 interviews with entrepreneurs and financiers in Thailand, the research offers a model that identifies emerging entrepreneur-financier relationships, and strategies for navigating multiple logics. Accessing funding involves a process of deal-making that require multiple foci of attention over time. This paper advances institutional theory by reclassifying how entrepreneurs interact with heterogeneous resource holders. Divergent logical pathways of relational formation are found amongst various types of financiers, suggesting an underlying institutional logic is not universal. Instead, it depends on the habitual organising principles of the focal actors and strategies adopted to manage the requirements of multiple funders

Nuclear Power: a Hedge against Uncertain Gas and Carbon Prices?

High fossil fuel prices have rekindled interest in nuclear power. This paper identifies specific nuclear characteristics making it unattractive to merchant generators in liberalised electricity markets, and argues that non-fossil fuel technologies have an overlooked à ¢à  à  option valueà ¢à  à  given fuel and carbon price uncertainty. Stochastic optimisation estimates the company option value of keeping open the choice between nuclear and gas technologies. This option value decreases sharply as the correlation between electricity, gas, and carbon prices rises, casting doubt on whether private investorsà ¢à  à  fuel-mix diversification incentives in electricity markets are aligned with the social value of a diverse fuel-mix

The role of tree size in the leafing phenology of a seasonally dry tropical forest in Belize, Central America

Leafing phenology of two dry-forest sites on soils of different depth (S = shallow, D = deep) at Shipstern Reserve, Belize, were compared at the start of the rainy season (April-June 2000). Trees ≥ 2.5 cm dbh were recorded weekly for 8 wk in three 0.04-ha plots per site. Ten species were analysed individually for their phenological patterns, of which the three most common were Bursera simaruba, Metopium brownei and Jatropha gaumeri. Trees were divided into those in the canopy (> 10 cm dbh) and the subcanopy (≤ 10 cm dbh). Site S had larger trees on average than site D. The proportion of trees flushing leaves at any one time was generally higher in site S than in site D, for both canopy and subcanopy trees. Leaf flush started 2 wk earlier in site S than site D for subcanopy trees, but only 0.5 wk earlier for the canopy trees. Leaf flush duration was 1.5 wk longer in site S than site D. Large trees in the subcanopy flushed leaves earlier than small ones at both sites but in the canopy just at site D. Large trees flushed leaves earlier than small ones in three species and small trees flushed leaves more rapidly in two species. Bursera and Jatropha followed the general trends but Metopium, with larger trees in site D than site S, showed the converse with onset of flushing I wk earlier in site D than site S. Differences in response of the canopy and subcanopy trees on each site can be accounted for by the predominance of spring-flushing or stem-succulent species in site S and a tendency for evergreen species to occur in site D. Early flushing of relatively larger trees in site D most likely requires access to deeper soil water reserves but small and large trees utilize stored tree water in site S

A psychotherapeutic baby clinic in a hostel for homeless families: practice and evaluation

A pilot baby clinic in a hostel for homeless families has been established to address the specific attachment and developmental needs of infants living in temporary accommodation. The aim of this study was to assess whether this clinic model was associated with more positive outcomes than mainstream community services in terms of infant development and parent-infant interactions

A Review of the Monitoring of Market Power The Possible Roles of TSOs in Monitoring for Market Power Issues in Congested Transmission Systems

The paper surveys the literature and publicly available information on market power monitoring in electricity wholesale markets. After briefly reviewing definitions, strategies and methods of mitigating market power we examine the various methods of detecting market power that have been employed by academics and market monitors/regulators. These techniques include structural and behavioural indices and analysis as well as various simulation approaches. The applications of these tools range from spot market mitigation and congestion management through to long-term market design assessment and merger decisions. Various market-power monitoring units already track market behaviour and produce indices. Our survey shows that these units collect a large amount of data from various market participants and we identify the crucial role of the transmission system operators with their access to dispatch and system information. Easily accessible and comprehensive data supports effective market power monitoring and facilitates market design evaluation. The discretion required for effective market monitoring is facilitated by institutional independence

Spatial disparities in SMEs productivity in England

Improving productivity is critical to increasing economic growth and prosperity in the long-run and a key objective for UK national, regional and local policy. However, a long tail of low productivity businesses and significant spatial variations in productivity characterise the UK economy. This report presents an analysis of the determinants of Small and Medium Sized Enterprise (SME) labour productivity, with a particular focus on how place and productivity interact. The analysis draws on data from the UK Government’s Longitudinal Small Business Survey (LSBS) for the years 2015 to 2017. It employs a multilevel regression analysis to understand determinants in enterprise labour productivity in different localities and regions and effectively account for the contextual environment. We applied multilevel analysis to capture the nested structure of our data, modelling a fixed-effects part (at firm level or level one) and a random-effects part at Local Enterprise Partnership (LEP) level (or level two). This allows for the separation of the role of firms’ determinants from LEP (sub-regional) effects. To the best of our knowledge, we are the first to apply multilevel analysis to the productivity of firms located in the UK. Regarding firm-level factors, the results show that microbusinesses and sole traders tend to have lower productivity. In contrast, business capabilities to develop and implement business plans, and obtain external finance, as well as receiving external advice in the previous year, positively contribute to productivity. The sector in which a business operates also matters with health and social work generally associated with lower productivity. Digital capabilities, internal to the SME, as well as some types of network membership contribute to higher productivity. Regarding ownership, after controlling for other factors, the results reveal that family businesses are not more or less productive than non-family ones, but, women-led businesses record significantly lower productivity. At the LEP level, the findings reveal that firms located in LEPs with a more skilled and educated population tend to have higher labour productivity. Improved broadband speeds, in some models, are also associated with higher productivity. Taken together the results give credence, in terms of explaining variations in SME productivity, to industrial organisation theory, the Resource-Based View relating to business capabilities and institutional and network effects. Not surprisingly, our analysis confirms previous findings from the ONS about the regional disparities in the UK, as we find that firms located in London and the South East demonstrate higher labour productivity. However, we find a lack of supporting evidence for agglomeration theories which stress the benefits of urban areas per se in stimulating higher SME productivity, since our analysis shows that firms located in rural areas perform as well as urban firms