Academic literature on the topic 'Exhaustible Natural Resource'

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Journal articles on the topic "Exhaustible Natural Resource"

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Kumar, Ramesh C. "On optimal domestic processing of exhaustible natural resource exports." Journal of Environmental Economics and Management 15, no. 3 (1988): 341–54. http://dx.doi.org/10.1016/0095-0696(88)90007-1.

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Ploeg, Frederick van der. "Natural Resources: Curse or Blessing?" Journal of Economic Literature 49, no. 2 (2011): 366–420. http://dx.doi.org/10.1257/jel.49.2.366.

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Are natural resources a “curse” or a “blessing”? The empirical evidence suggests that either outcome is possible. This paper surveys a variety of hypotheses and supporting evidence for why some countries benefit and others lose from the presence of natural resources. These include that a resource bonanza induces appreciation of the real exchange rate, deindustrialization, and bad growth prospects, and that these adverse effects are more severe in volatile countries with bad institutions and lack of rule of law, corruption, presidential democracies, and underdeveloped financial systems. Another hypothesis is that a resource boom reinforces rent grabbing and civil conflict especially if institutions are bad, induces corruption especially in nondemocratic countries, and keeps in place bad policies. Finally, resource rich developing economies seem unable to successfully convert their depleting exhaustible resources into other productive assets. The survey also offers some welfare-based fiscal rules for harnessing resource windfalls in developed and developing economies. (JEL O47, Q32, Q33)
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Abu-Kalla, Hala, Ruslana Rachel Palatnik, Ofira Ayalon, and Mordechai Shechter. "Hoard or Exploit? Intergenerational Allocation of Exhaustible Natural Resources." Energies 13, no. 24 (2020): 6657. http://dx.doi.org/10.3390/en13246657.

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In this paper, a “general equilibrium” (GE) model was developed for the allocation of exhaustible natural resources to examine the impact of different extraction scenarios on intergenerational economic welfare. A stylized GE model was applied to Israel’s natural gas (NG) market to evaluate economic indicators resulting from NG-extraction scenarios: a baseline scenario based on current policy in the NG sector, a conservative scenario based on a lower extraction rate, and an intensive scenario based on a faster extraction rate. The impact of various resource income-allocation strategies on intergenerational economic welfare was examined through the mechanism of a “sovereign wealth fund” (SWF). The results indicate that a higher NG-extraction rate combined with an appropriate investment strategy for NG profits is preferable from an economic perspective compared to a conservative rate. Investment of the government take from the NG market in research and development (R&D) of renewable electricity production can sustainably increase economic welfare.
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Reynolds, Douglas B. "Uncertainty in exhaustible natural resource economics: The irreversible sunk costs of Hotelling." Resources Policy 38, no. 4 (2013): 532–41. http://dx.doi.org/10.1016/j.resourpol.2013.09.002.

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Kumar, Ramesh C. "On Optimal Capacity Expansion for Domestic Processing of an Exhaustible, Natural Resource." Journal of Environmental Economics and Management 32, no. 2 (1997): 154–69. http://dx.doi.org/10.1006/jeem.1996.0958.

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Kumar, Ramesh C., and Fadle M. Naqib. "On the determination of optimal time horizon in a control problem in natural resource economics." International Journal of Mathematics and Mathematical Sciences 18, no. 3 (1995): 617–20. http://dx.doi.org/10.1155/s0161171295000780.

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This paper is concerned with issues relating to the determination of optimal time horizon in a typical control problem of optimal extraction of an exhaustible natural resource. The paper extends the recent Highfill-McAsey results to cover all strictly concave utility functions.
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Nguyen, Manh-Hung, and Phu Nguyen-Van. "OPTIMAL ENDOGENOUS GROWTH WITH NATURAL RESOURCES: THEORY AND EVIDENCE." Macroeconomic Dynamics 20, no. 8 (2016): 2173–209. http://dx.doi.org/10.1017/s1365100515000061.

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This paper considers an optimal endogenous growth model where the production function is assumed to exhibit increasing returns to scale and two types of resource (renewable and nonrenewable) are imperfect substitutes. Natural resources, labor, and physical capital are used in the final goods sector and in the accumulation of knowledge. Based on results in the calculus of variations, a direct proof of the existence of an optimal solution is provided. Analytical solutions for the planner case, balanced growth paths, and steady states are found for a specific CRRA utility and Cobb–Douglas production function. It is possible to have long-run growth where both energy resources are used simultaneously along the equilibrium path. As the law of motion of the technological change is not concave, reflecting the increasing returns to scale, so that the Arrow–Mangasarian sufficiency conditions do not apply, we provide a sufficient condition directly. Transitional dynamics to the steady state from the theoretical model are used to derive three convergence equations of output intensity growth rate, exhaustible resource growth rate, and renewable resource growth rate, which are tested based on OECD data on production and energy consumption.
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Cabo, Francisco, Guiomar Martín-Herrán, and María Pilar Martínez-García. "A NOTE ON THE STABILITY OF FULLY ENDOGENOUS GROWTH WITH INCREASING RETURNS AND EXHAUSTIBLE RESOURCES." Macroeconomic Dynamics 20, no. 3 (2015): 819–31. http://dx.doi.org/10.1017/s1365100514000467.

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We analyze a general R&D-based endogenous growth model with a growth-essential natural resource. The economy comprises two separate sectors, final output and R&D, both directly or indirectly dependent on the natural resource. Because the resource is exhaustible and it is an essential productive input, increasing returns to scale to manmade inputs are compatible with nonexplosive sustained growth. The instability problem usually associated with increasing returns is overcome thanks to the existence of imperfect markets in a decentralized economy. We find an admissible range of values for the elasticity of capital in the R&D sector under which growth is fully endogenous and saddlepath stable, with no need of exogenous population growth.
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Patarkalashvili, Tamaz. "Nonuse of Forest Residues is Impermissible Overlook for the Country with Limited Natural Resources." Biotechnology and Bioprocessing 2, no. 4 (2021): 01–05. http://dx.doi.org/10.31579/2766-2314/039.

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In human history forests always satisfied different needs of people like: food, energy, medicine plants, wood materials, fodder. From 20th century wood energy gradually was substituted by fossil fuel. But wood still remained irreplaceable resource for construction, furniture, paper industry. At the same time many new wood products have been developed from wood and agriculture residues, so called engineered wood, like: plywood, chipboards, fiberboards, MDF, etc. Bio-economy today uses biomass for manufacturing bio-based chemicals, plastics, pharmaceutical products as well as, residues for generating bio-energy. Nowadays, when the fossil fuel age declines due to its exhaustible character biomass regains a new importance. Biomass currently is the dominating renewable energy source for multiple use. Gradual substitution of fossil fuel by renewable energies instigates rapid growth of all renewable energy carriers like wind, solar, hydro, geo-thermal and bio-energy. It is the best strategy against climate change too.
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Barbier, Edward B., and Joanne C. Burgess. "Sustainable Use of the Environment, Planetary Boundaries and Market Power." Sustainability 13, no. 2 (2021): 949. http://dx.doi.org/10.3390/su13020949.

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Many of the environment and natural resources that constitute key “safe operating spaces”, as designated by planetary boundaries, are being exploited by a handful of large firms with considerable market share. In this paper, we discuss how the environment and natural resources that occur within a safe operating space can be treated as an exploitable finite stock. We use an optimal depletion model to show how the extraction of these exhaustible assets can be managed optimally, and allow for adjustment in price paths due to technological innovation and environmental externalities. Given the growing market concentration and monopoly power in the key economic sectors that exploit the environment and resources that constitute many safe operating spaces, we then explore how monopoly conditions can alter the extraction and price path of the environmental assets over time compared to that under competitive market conditions. We show that the monopoly may be compatible with more sustainable use, by extending the life of the exploitable, depletable stock, at the expense of firms capturing excessive resource rents from exploitation. This tradeoff means that any policies implemented to tax the excessive monopoly rents need to be designed without compromising the sustainable use of the environment. The tax revenue raised can be channeled into protecting or regenerating natural assets that are essential for global environmental sustainability. If investment in regeneration efforts is sufficiently substantial, or if the wider social and environmental values associated with the exhaustible assets are taken into account, then the safe operating space may be conserved indefinitely. Such policy challenges will become increasingly important as dominant firms exert market power over the planet’s remaining environment and resources that constitute key “safe operating spaces”, as designated by planetary boundaries.
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Dissertations / Theses on the topic "Exhaustible Natural Resource"

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Nili, Farhad. "Economic growth, development and exhaustible natural resources." Thesis, University of York, 2002. http://etheses.whiterose.ac.uk/14160/.

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Mlambo, Courage. "Exhaustible resources and the hotelling rule : an empirical test of the hotelling rule's significance to gold production in South Africa." Thesis, University of Fort Hare, 2017. http://hdl.handle.net/10353/4738.

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The study sought to test the applicability of the Hotelling rule in South Africa. In environmental economics, the Hotelling rule has come to be a pillar of the exhaustible resources framework and in addition to this, it has presented essential insights into the consumption and extraction of non-renewable resources. Hotelling sought to address one important question which had been unanswered regarding the depletion of exhaustible resources: How much of the natural resource in question should be consumed presently and how much of it should be stocked up for future generations? The focus was to find a solution for those involved in the exploitation of natural resources to choose between the current value of the natural resource if extracted and sold and the future increased value of the asset if left unexploited. According to the Hotelling rule, the extraction path in competitive market economies will, under certain circumstances, be socially optimal. An extraction path that is not socially optimal compromises the welfare of future generations. The welfare of South Africa’s present population and more especially in the future will be greatly determined by the stock of natural resources available and the quality of the environment. Currently, the production processes deplete natural resources. Concern with the supposed increasing scarcity of gold in South Africa, and the possibility of running out of gold, has become a source of concern. South Africa’s gold reserves (gold in the ground that can be extracted profitably) are becoming depleted at an alarming rate. Most reserves are already exhausted; and the costs involved in mining lower-grade ore, and deposits located very deep in the ground, are becoming excessive. In light of this, this study sought to test the applicability of the Hotelling rule in South Africa. In order to empirically test the Hotelling rule, the study was guided by previous literature that had sought to test it. In this regard, the study used both descriptive and inferential statistics. The study has three data analysis chapters. The first two presented and examined the time series properties of gold prices, gold production and gold consumption. The third data analysis chapter examined the relationship between gold price and interest rates. In the first two data analysis chapters, visual inspection, growth rates, variance ratio tests and advanced unit root tests were used to examine the time series properties of gold prices, gold production and gold consumption. Results showed that the behaviour of the gold price series and gold production series in South Africa have a behaviour that is socially optimal. This is in line with the Hotelling rule. The rule predicts exponentially increasing resource prices and this result in mineral resources following the path of the positive trend. The positive trend is prompted by the increasing price reflecting the increasing scarcity of the resource. However, consumption trends were seen to be violating the Hotelling rule. The Hotelling rule predicts that the price increases until it eventually reaches the choke price, where the quantity demanded decreases to zero. However, in contrast to this, results showed that the demand for gold has been increasing instead of decreasing. This is not in line with the Hotelling rule. Furthermore the relationship between interest rate and gold price was negative and this suggested that the price of gold was not rising at the rate of the interest rate. The results of the study suggested that gold production is not following a social optimally path. The study recommended that the government come up with measures that prolong the lifespan of the gold reserves. These included research and development to promote technological innovations in the mining sector. This may make it possible for firms to access lower-grade ores. The study also recommended that since the Hotelling rule partly applied in the gold sector, there is a need to adopt some other theoretical measures that can ensure that the proceeds from the gold taxes are used in the most effective way.
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Kakeu, Kengne Justin Johnson. "Essais en économie de l’environnement et des ressources naturelles sous incertitude." Thèse, 2010. http://hdl.handle.net/1866/4745.

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Cette thèse comprend trois essais en économie de l’environnement et des ressources naturelles sous incertitude. Le premier essai propose un modèle de jeu différentiel qui analyse la pollution globale à travers la quête à l’hégémonie politique entre pays. Le second essai utilise des données boursières pour estimer une version stochastique de la règle de Hotelling et ainsi inférer sur le rôle des ressources naturelles non renouvelables dans la diversification du risque. Le troisième essai montre comment la prise en compte des perspectives futures modifie la règle de Hotelling dans un contexte de diversification du risque.<br>My thesis is composed of three essays on environmental and natural resource economics under uncertainty. The first essay proposes a differential game analysis of the quest for hegemony among countries as a generator of global pollution. The second essay uses stock market data on market capitalization to estimate a stochastic version of the Hotelling rule of exhaustible resource exploitation and uses it to infer on the riskiness of investment in nonrenewable resources and its effect on the resource price paths. The third essay shows how uncertainty about future prospects modifies the Hotelling rule in a context of risk diversification.
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Morovati, Sharifabadi Mohammad. "Essays on energy economics : markets, investment and production." Thesis, 2013. http://hdl.handle.net/2152/25927.

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My dissertation consists of three distinct but related chapters on Energy Economics and Finance. My first chapter is an empirical evaluation of market conduct in global crude oil markets. "Hotelling rule" states that even in competitive equilibrium, price of an "exhaustible resource" exceeds its marginal cost due to the opportunity cost of depleting the non-renewable resource. This cost is called "scarcity rent". Oil price exceeds its marginal extraction cost significantly. This can be attributed to two different sources: effect of scarcity of oil on prices or exercising market power by OPEC (collusion). In this paper, I use Porter (1983) approach considering the possibility of "scarcity rent" component involved in the gap between price and marginal extraction cost in the oil market. The novelty of my approach is to empirically estimate scarcity rent using data on cost of production of oil. Two benchmark cases, where scarcity rent is either zero (non-exhaustible resources hypothesis (Adelman 1990)) or equal to minimum price-cost margin are considered. The results show that in both cases OPEC failed to cooperate effectively and in second case, market conduct estimated is closer to Cournot behavior. In the second chapter of my dissertation, we employ a real options approach to evaluate oil and gas companies' investment decisions in an empirical setup. We develop a theoretical model to derive testable predictions. A unique measure of investment costs is obtained from energy industry data vendors. This novel dataset contains details of contract terms and pricing for offshore drilling equipment, which constitute the major share of investment costs in offshore oil field development. The investment database is combined with financial and macroeconomic data, which enables us to perform a panel data analysis of investments' response to variations in investment costs and market variables such as the slope of futures curve, firms' past earnings, cost of capital and implied oil price volatility. Our results show that the larger firms, facing less financial friction, are more forward looking while the smaller firms, who have less access to capital markets, are more dependent on their past earnings. The third chapter of my dissertation is about the effect of recent natural gas production boom on U.S. manufacturing. Natural gas production in North America has increased significantly over the past decade causing the prices to plunge during past 5 years. The purpose of this research is to investigate the effect of low natural gas prices on energy intensive U.S. manufacturing industries using market data. I empirically evaluate the stock market reactions of publicly traded companies in energy intensive industries to arrival of new information about the unexpected price shocks in natural gas futures markets. My results show that the stock market does not react significantly to innovations in the expected price of natural gas, proxied for by monthly changes in natural gas futures contracts with a fixed maturity date. I then split the sample into two groups based on their expenditure on natural gas as a ratio of their total production value. The stock market valuation of companies in high "natural gas intensity" industries were positively affected by unexpected downward shocks in natural gas prices and the results are significant.<br>text
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Books on the topic "Exhaustible Natural Resource"

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Khadr, Ali M. Fiscal regime uncertainty, risk aversion and exhaustible resource depletion. Oxford Institute for Energy Studies, 1987.

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Robinson, T. J. C. Economic theories of exhaustible resources. Routledge, 1989.

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Dasgupta, P. S. Economic theory and exhaustible resources. CUP, 1985.

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Long-term control of exhaustible resources. Harwood Academic Publishers, 1991.

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Economic theory and international trade in natural exhaustible resources. Springer-Verlag, 1985.

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Withagen, Cees. Economic Theory and International Trade in Natural Exhaustible Resources. Springer Berlin Heidelberg, 1985. http://dx.doi.org/10.1007/978-3-642-46558-1.

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Thimrén, Claes. Imperfectly competitive markets for exhaustible resources: A game-theoretic approach. Stockholm School of Economics, the Economic Research Institute, 1986.

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Abid, S. A. Comprehensive & exhaustive commentary on manual of electricity, petroleum, sui gas, mines act and minerals water supply laws. Civil & Criminal Law Publications, 2006.

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M, Heal G., ed. The Economics of exhaustible resources. E. Elgar Pub., 1993.

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Economic Theories of Exhaustible Resources. Taylor & Francis Group, 2017.

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Book chapters on the topic "Exhaustible Natural Resource"

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Epple, Dennis, and John Londregan. "Strategies for Modeling Exhaustible Resource Supply." In Handbook of Natural Resource and Energy Economics. Elsevier, 1993. http://dx.doi.org/10.1016/s1573-4439(05)80009-0.

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Heal, Geoffrey M. "The Optimal Use of Exhaustible Resources." In Handbook of Natural Resource and Energy Economics. Elsevier, 1993. http://dx.doi.org/10.1016/s1573-4439(05)80005-3.

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"Chapter 8. Characterizing Air As An Exhaustible Natural Resource." In Reconciling Environment and Trade. Brill | Nijhoff, 2008. http://dx.doi.org/10.1163/ej.9781571053701.i-716.64.

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"The Theory of Exhaustible Resource Use: A Basic Model." In Economics of Natural & Environmental Resources (Routledge Revivals). Routledge, 2013. http://dx.doi.org/10.4324/9780203760666-9.

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Swierzbinski, J. "Economics of Exploration for and Production of Exhaustible Resources." In Encyclopedia of Energy, Natural Resource, and Environmental Economics. Elsevier, 2013. http://dx.doi.org/10.1016/b978-0-12-375067-9.00162-5.

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Dasgupta, Partha. "Natural Resources in an Age of Substitutability**This is a much-revised version of a non-technical paper titled “Exhaustible Resources”, in: R. Laskey and L. Friday (eds.), The Fragile Environment (Cambridge University Press, Cambridge, 1988)." In Handbook of Natural Resource and Energy Economics. Elsevier, 1993. http://dx.doi.org/10.1016/s1573-4439(05)80010-7.

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Robinson, T. J. C. "The Classification of Natural Resources." In Economic Theories of Exhaustible Resources. Routledge, 2017. http://dx.doi.org/10.4324/9781315112213-2.

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"An Optimistic Theory of Exhaustible Resources." In Economics of Natural & Environmental Resources (Routledge Revivals). Routledge, 2013. http://dx.doi.org/10.4324/9780203760666-10.

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"The Optimal Depletion of Exhaustible Resources." In Economics of Natural & Environmental Resources (Routledge Revivals). Routledge, 2013. http://dx.doi.org/10.4324/9780203760666-11.

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"Some Extensions of the Economic Theory of Exhaustible Resources." In Economics of Natural & Environmental Resources (Routledge Revivals). Routledge, 2013. http://dx.doi.org/10.4324/9780203760666-8.

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Conference papers on the topic "Exhaustible Natural Resource"

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Xu, Xue liu. "Exhaustible Natural Resources and Garbage Dump: What Is Sustainable Development? A Dynamic Model." In 2011 Asia-Pacific Power and Energy Engineering Conference (APPEEC). IEEE, 2011. http://dx.doi.org/10.1109/appeec.2011.5748816.

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Flores, Robert, and Jack Brouwer. "Optimizing Natural Gas Combined Cycle Part Load Operation." In ASME 2019 Power Conference. American Society of Mechanical Engineers, 2019. http://dx.doi.org/10.1115/power2019-1942.

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Abstract The University of California, Irvine (UCI) uses a 19 MW natural gas combined cycle (NGCC) to provide nearly all campus energy requirements. Meanwhile, the University of California system has committed to achieving carbon neutrality at all facilities by 2025. This has resulted in an influx of new energy efficiency and onsite solar generation, increasing the duration of NGCC part load operation. In addition, the shift towards carbon neutrality has resulted in the pursuit of renewable natural gas via anaerobic digestion to replace conventional fossil fuels. The combination of other sources of renewable generation and the shift towards more expensive fuels has created the need to boost NGCC part load performance. This work focuses on the methods used at UCI to explore the NGCC operating space in order to optimize part-load performance. In this work, a physical gas turbine and heat recovery steam generator model are developed and used with an exhaustive search optimization method to predict maximum part load plant efficiency. NGCC control elements considered in this work include gas turbine inlet guide vane modulation and changing combustor outlet temperature. This optimization was also used to explore replacing the current engine with a two-shaft or smaller gas turbine. Results indicate that there are some possible benefits with increased modulation of inlet guide vanes, but the largest efficiency gains are achieved when allowing the compressor to operate at variable speed. Shifting towards a smaller engine could also enable more consistent full power operation, but must be paired with additional resources in order to meet the campus demand.
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Barrera Sánchez, Carlos, Raúl Guanche, Iñigo J. Losada, José A. Armesto, and Daniel de los Dolores. "Numerical and Experimental Modelling of Mooring Systems: Effects of Wave Groupiness on Extreme Loads." In ASME 2018 37th International Conference on Ocean, Offshore and Arctic Engineering. American Society of Mechanical Engineers, 2018. http://dx.doi.org/10.1115/omae2018-77661.

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Mooring systems constitute an important element to secure the stability and survival of floating structures. In the last years, its use has increased potentially linked to the growth of marine renewable energies, about all, offshore wind and waves. Traditionally, fixed foundations such as gravity, monopiles or jackets have been installed. However, new alternatives have been developed based on floating structures looking to take advantage of the potential resource in deep waters. This paper involves an exhaustive mooring system study based on catenary configuration from different points of view. Physical modelling was performed by means of different experimental tests under different loading conditions including prescribed movements and natural forcing (waves and currents) considering two different types of seabed: a rigid seabed using the glass of the flume simulating a rocky bottom and a deformable seabed through sandy seabed. Different types of numerical approaches were implemented and they were validated with laboratory tests. Quasi-static and dynamic models were included. Also, a commercial software called SESAM was used to verify the results. Finally, the effect of wave groupiness on extreme loads was analysed using a Floating Offshore Wind Turbine (FOWT).
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Islam, Mazharul, A. K. M. Sadrul Islam, and M. Ruhul Amin. "Small-Scale Decentralized Renewable Energy Systems for the Remote Communities of the Developing Countries." In ASME 2005 Power Conference. ASMEDC, 2005. http://dx.doi.org/10.1115/pwr2005-50068.

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About 2 billion people of the world, mostly in rural areas of the developing countries, do not have access to grid-based electricity. The most critical factor affecting their livelihoods is access to clean, affordable and reliable energy services for household and productive uses. Under this backdrop, renewable and readily available energy from the nature can be incorporated in several proven renewable energy technology (RET) systems and can play a significant role in meeting crucial energy needs in these remote far flung areas. RETs are ideal as distributed energy source and they can be incorporated in packages of energy services and thus offer unique opportunities to provide improved lighting, health care, drinking water, education, communication, and irrigation. Energy is also vital for most of the income-generating activities, both at the household or commercial levels. Access to energy is strongly connected to the achievement of the Millennium Development Goals (MDGs), which set targets for poverty reduction, improved health, and gender equality as well as environmental sustainability. Environmentally benign renewable energy systems can contribute significantly in the above-mentioned unserved or underserved areas in the developing countries to achieve both local and global environmental benefits. This is important in the context of sustainable development in: (i) poverty alleviation, (ii) education, (iii) gender equity and empowerment, (iv) health including other benefits like improved information access through Information and Communication Technology (ICT) centers, (v) better security, and (vi) increase in social or recreational opportunities. It is evident that proliferation of renewable energy resources through implementing their applications for meeting energy demand will promote all the three dimensions namely, social, economic and environmental of sustainable development in the developing countries. Several small scale enabling RET systems have been suggested in this paper in the light of above-mentioned issues of energy sustainability and they can significantly contribute to the improvement of the livelihood of the remote impoverished rural communities of the developing countries. With the current state of technology development, several RET systems (such as wind, solar photovoltaics, solar thermal, biomass and microhydro) have become successful in different parts of the world. In this paper, an exhaustive literature survey has been conducted and several successful and financially viable small-scale RET systems were analyzed. These systems have relevance to the economies of the developing countries that can be utilized for electrification of domestic houses, micro enterprises, health clinics, educational establishments and rural development centers.
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