NATURAL GAS MARKET DEVELOPMENT - IMPLICATIONS FOR DIVERSIFICATION OPTIONS OF EU: CASE STUDY OF SLOVAKIA

European Union has been exposed to major changes on global natural gas markets since beginning of 21.century. Shale gas, development, liberalization on Russian market accompanied by lower consumption due to economic crises and interconnecting of natural gas network created a matrix of interacting elements which can clearly influence energy security of EU. The aim of this article was to analyze how the global trends on natural gas market from recent years so far affected the EU natural gas market in terms of diversification with special focus being dedicated to Slovakia. We came to conclusion that shale gas has so far only indirect implications, LNG impact is limited and EU will be in the closest future affected mainly by Russian natural gas export politics. As case of Slovakia documents EU diversification efforts have not been successful so far and EU internal energy market suffers from policies distorting market environment

Effect of ozone gas processing on physical and chemical properties of wheat proteins

Purpose: To investigate the effects of ozone treatment on chemical and physical properties of wheat (Triticum aestivum L.) gluten, glutenin and gliadin.Methods: Wheat proteins isolated from wheat flour were treated with ozone gas. The physical and chemical properties of gluten proteins were investigated after treatment with ozone gas, with 5 g/h produced as a function of time (0, 30, and 60 min) in the study. To check whether the process of ozonation promoted changes in the quality of gluten proteins, sulfhydryl groups (SH), differential scanning calorimetry (DSC), secondary structure, SDS-PAGE, and rheology analyses were performed.Results: Sulfhydryl group contents of wheat proteins ranged from 1.1 to 7.12 μmol/g. Sulfhydryl group content for all ozonated proteins was significantly lower than that of the control samples. Gluten proteins showed reduced SDS-PAGE band intensities of both high (HMW) gluten and glutenin subunits with increasing ozone gas treatment. The denaturation temperatures (Td) of ozonated gluten proteins were higher (99.80–106.79 °C) and the enthalpies of the ozonated gluten proteins were lower than those of the control samples. The storage moduli (G') and loss moduli (G”) of gluten and glutenin tended to increase from 7.84 to 10.20 KPa and 43.19 to 48.28 KPa, and from 3.33 to 4.06 KPa and 20.74 to 22.56 KPa, respectively, as ozone exposure increased from 0 to 30 min.Conclusion: Ozone gas can oxidize wheat proteins. Exposing wheat proteins to ozone gas for an extended time (60 min) deteriorated wheat protein quality.Keywords: Ozone treatment, Gluten proteins, Chemical changes, Rheological studies, CD spectroscopy, Thermal propertie

EU Energy Security - Multidimensional Analysis of 2005-2014 Development

Concept of energy security has been subject to multiple attempts for its conceptualization. Nowadays generally accepted approach is based on multiple dimensions and incorporates factors of energy availability, energy affordability, energy efficiency and environmental stewardship. This paper used z-scored standardization methodology in order to empirically examine the development of overall energy security via synthesizing the contributions of individual dimensions. We took into account eleven distinct variables which describes the each dimension. We found out, that most important common denominator that distinguishes the most secured countries from its peers within EU is their ability to generate energy indigenously due to its natural endowments. Our analysis further revealed that dimensions that are covered under common energy policies (energy efficiency and environmental stewardship) show signs growing cohesion across countries. However countries which improved their overall energy security relied primarily on their affordability dimension. We need to add that each dimension contributed its significant share to the total energy security index development. Keywords: Energy Security, European Union, Energy Security Index, Z-score Standardization JEL Classifications: Q2, Q3, Q

How does the Production of Unconventional Resources of Energy Influence Energy Security: Empirical Approach

This paper examines the issue of production of unconventional resources of energy and their impact on energy security. Energy security is influenced by several factors, among them the endowment of natural energy resources, either conventional or unconventional, and the level of their production. A VAR model has been constructed to examine the influence of tight oil production on the price of oil and on other variables, moreover, which variables influence the price of oil most. These findings may be interpreted by generalization as influencing the energy security and by extrapolation the results hold same for the American market than for the rest of the world, as the US largely dictates the price of oil worldwide. Our results inter alia suggest that, unconventional oil Granger causes the price of WTI, and the opposite in not true. We found also that there is a slightly positive correlation between the stocks and tight oil and stocks and oil exports, hence we can conclude that a higher production leads to higher amount of oil stocked and exported. What is more interesting is that tight oil reports greater correlation than conventional oil production. Keywords: Granger Causality, Oil Price, Energy Security, Unconventional Resources JEL Classifications: Q32, Q41, Q43 DOI: https://doi.org/10.32479/ijeep.787

The Crude Oil Price and Speculations: Investigation Using Granger Causality Test

This paper examines the up normal move of crude oil prices in the last two decades and tries to relate it with the speculative trading of crude oil in the future markets. The speculators were in the centre of attention during the recent large price moves on the oil market. In this paper we attempted to empirically examine the way, oil speculators operate using the methodology of granger causality. We worked with 4 variables - the price of oil Brent, number of active oil rigs, weekly changes in crude oil stocks and financial positions of investors. Our results show that, on the time period we covered, there exist bidirectional granger causality between oil price and investment positioning of money managers. However we also found the existence of strong Granger causality running directly and indirectly from the fundamental indicators (number of oil rigs and oil stocks) towards money managers financial positions on the oil markets. This finding suggests that even if financial investors have impact on the price of oil, their actions are fundamentally sound. Keywords: Granger Causality, Oil Price, Speculation JEL Classifications: Q41, Q4