NHH Brage (Norges Handelshøyskole)
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The Potential for Energy Arbitrage Using Battery Energy Storage Systems in Norwegian Power Markets : An Economic Viability Study through Financial Valuation
Get PDFarbitrage, the process of storing energy when prices are low and offering it when prices
are high, has, through increased electricity prices and price volatility, shown greater economic
potential over the past couple of years. In light of these developments, this study analyzes the
economic viability, through a financial valuation, of a 10MW/10MWh Battery Energy Storage
System (BESS) performing energy arbitrage in the Norwegian power markets over a 30-year
project. To account for the latest developments in electricity prices and evaluate the economic
viability of the BESS, the study incorporates 2022 electricity price data. Furthermore, the analysis
includes electricity price data from the period of 2016-2019 to assess the BESS's economic
viability in the event of a return to historically “normal” Norwegian electricity prices. The study
aims to present a comprehensive and holistic valuation of the BESS through the inclusion of all
factors affecting the profits generated and the related costs of performing the energy arbitrage. The
optimal energy arbitrage trading pattern is identified through a Mixed-Integer Nonlinear
Programming (MINLP) model, and the resulting trading profits are valued through a Discounted
Cash Flow (DCF) encompassing all relevant expenditures. The discount rate in the DCF is derived
from an estimated Weighted Average Cost of Capital based on a Comparable Companies Analysis.
The results from the analysis show that a BESS performing energy arbitrage in the Norwegian
power markets is not economically viable with the current BESS cost estimations and power
market conditions. The results for the 2022 electricity price scenario show the greatest promise in
the southern price zones of Norway due to the historically high electricity prices and price
volatility. However, the Net Present Value (NPV) of the cash flows for the BESS in the best
performing price zone is still significantly negative. With optimal trading profits of 39.6 MNOK,
the best performing project generates a NPV of -120.4 MNOK when considering all Capital
Expenditure (CAPEX), Operations and Maintenance (O&M) costs, and trading profits. When
utilizing 2016-2019 electricity price data, the results worsen significantly due to the lower
electricity price and price volatility in the period, resulting in a total trading profit of 2.3 MNOK
and a total NPV of -157.7 MNOK for the BESS in the best performing price zone.nhhma
«Jeg tror lederutdanningen vil gi meg styrke, kompetanse i rollen.» En kvalitativ undersøkelse av hvilken innvirkning lederutdanning har på psykologisk trygghet for skoleledere i konteksten av lederteam
Get PDFÅ være psykologisk trygg betyr at man tør å ta sosial risiko uten redsel for negative konsekvenser for selvbilde, status eller karriere. Effekten av dette blir bedre kommunikasjon, læring, innovasjon, kreativitet og prestasjon.
Å være skoleleder er krevende. Oppgavene er mange og komplekse. De omfatter alt fra daglig drift til store utviklings- og endringsprosjekter. Dagsaktuelt er implementering av ny læreplan. Videreutdanning for skoleledere ble etablert i 2009 fordi man den gang så at det var behov for faglig påfyll, kunnskap og ferdigheter.
Målsettingen for lederutdanning initiert av Utdanningsdirektoratet er å gjøre skoleledere tryggere. Dette skjer gjennom kunnskapsheving innenfor bestemte fokusområder, gruppeprosesser og ferdighetstrening: «å gi økt teoretisk kunnskap om ledelse, gi større ledelsesmessige ferdigheter, gi et mer avklart forhold til ledelse og å være en treningsarena hvor du får prøve ut teorier og verktøy» (Utdanningsdirektoratet, 2022).
Det er lite kunnskap om sammenhengen mellom lederutdanning og psykologisk trygghet, derfor har vi valgt å undersøkte følgende: Hvilken innvirkning har lederutdanning på psykologisk trygghet for skoleledere i konteksten av lederteam?
Vi har valgt kvalitativ metode og brukt semistrukturert spørreskjema til å samle inn data. Hensikten med dette designet er at vi ville utforske ledernes oppfatninger, erfaringer, tanker og holdninger omkring lederutdanning.
Syv skoleledere med og uten rektorutdanning i bergensskolen har blitt intervjuet. Begge kjønn er representert og det er tatt hensyn til erfaring, skoleslag og skolestørrelse i utvelgelsen.
Alle våre informanter, uavhengig om de har lederutdanning eller ikke, mener lederutdanning innvirker på følelsen av psykologisk trygghet i positiv retning. Konkret mener de at dette skjer gjennom bedre rolleforståelse, flere lederverktøy, bedre evne til å ta metasperktiv på virksomheten, økt evne til å forstå andres reaksjoner og perspektiver og større bevissthet rundt egen adferd/selvrefleksjon.
Det at våre informanter mener at lederutdanning vil innvirke positivt og føre til en høyere grad av psykologisk trygghet, understreker viktigheten av at skoleledere får mulighet til videreutdanning innen skoleledelse, skolemiljø, digitalisering, fagfornyelsen og ledelse av læreplanarbeid og profesjonsfellesskapet. I så måte er våre funn på linje med rektorutdanningens intensjon om å gjøre skoleledere tryggere.
Datagrunnlaget i studien vår er for svak til å komme med en konklusjon, derfor anbefaler vi videre forskning til å utforske enda dypere omkring hvordan lederutdanning innvirker på den psykologisk tryggheten i kontekst av lederteam, utforske hvilke spesifikke verktøy som skoleleder mener har størst betydning for psykologisk trygghet. Vi vil og anbefale videre forskning til å gjøre en longitudinelle casestudie av flere lederteam i skolen for å undersøke om det er forskjell på psykologisk trygghet i et lederteam der alle har lederutdanning versus et lederteam sammensatt av ledere med og uten lederutdanning.nhhma
Pro-Social Behaviour in Times of Crisis and Uncertainty : An Empirical Study of Local COVID-19 Restrictions and the Donation Rate in the Norwegian Recycling Lottery
Get PDFThe purpose of this thesis is to investigate the relationship between local COVID-19
restrictions and the donation rate in the Norwegian recycling lottery, employing donations
to the lottery as a proxy for pro-social behaviour. The thesis aims to study whether
the enforcement of local restrictions has an impact on the donation rate and if separate
categories of restrictions impact the donation rate differently. Additionally, the thesis
explores whether the effect on the donation rate varies based on the duration of the local
restrictions enforcement and whether there is a long-term impact after their termination.
The final dataset consists of 461,115 observations that contain data on recycling and the
enforcement of local COVID-19 restrictions. The panel dataset also comprises information
on municipal affiliation, total transactions, and infection numbers. Regressions on the
data are conducted with fixed effects estimation with week and store fixed effects, and
total transactions and the infection rate per 100,000 as control variables.
The findings reveal a positive effect of local COVID-19 restrictions on the donation rate.
The results suggest that the enforcement of local restrictions will increase the donation rate
by approximately 0.25 percentage points. Certain categories of restrictions, for instance,
those related to travel and the ban on serving alcohol, are also found to have a greater
effect than other categories. Furthermore, the thesis reveals that the duration of the local
restrictions has a significant and increasing effect from the second week on. There is no
evidence that local restrictions have a long-term impact on the donation rate.
An additional survey conducted on donation motivation demonstrates that there are
diverse motives for contributing to the recycling lottery. Although local restrictions are
found to have a positive effect on the donation rate, it remains undetermined whether
these restrictions in fact have an impact on pro-social behaviour.nhhma
Er det forskjeller i bærekraftsrapporteringen til statlige selskaper og selskaper uten betydelig statlig eierskap? En studie av innhold og kvalitet i bærekraftsrapporteringen hos et utvalg av norske selskaper
Get PDFBærekraftsrapportering har til hensikt å gi informasjon, og øke åpenheten om hvordan
selskaper påvirker og bidrar til bærekraftig utvikling. Den ikke-finansielle rapporteringen
kan bidra til å redusere informasjonsasymmetri mellom selskaper og dens interessenter.
Formålet med denne studien er å undersøke hva selskaper med statlig eierskap og selskaper
uten betydelig statlig eierskap i Norge vektlegger i rapporteringen på bærekraft, og å
diskutere hva som kan være mulige forklaringer på eventuelle forskjeller.
For å vurdere bærekraftsrapporteringen hos utvalget av norske selskaper studerer vi innhold
og kvalitet ved hjelp av rapporteringsprinsipper fra rammeverkene GRI og TCFD. Vi
benytter 23 tester som er basert på GRI sine innholds- og kvalitetsprinsipper, og TCFDs
rapporteringsprinsipper for effektiv rapportering. Vi benytter dokumentanalyse for å studere
bærekraftsrapporteringen for året 2021 hos 30 norske selskaper. Utvalget vårt består av 15
selskaper der staten har minst 1/3 eierandel, og 15 selskaper uten betydelig statlig eierskap.
Våre funn indikerer at statlige selskaper og selskaper uten betydelig statlig eierskap
vektlegger kvalitet og innhold i bærekraftsrapporteringen i omtrent like stor grad. Likevel
finner vi forskjeller i hvilke prinsipper for innhold og kvalitet som vektlegges
i
rapporteringen til de to gruppene med selskaper. Videre finner vi store forskjeller
i
rapporteringspraksis blant de statlige selskapene. Selskaper med delvis statlig eierskap
vektlegger innhold og kvalitet i større grad enn både heleide statlige selskaper og selskaper
uten betydelig statlig eierskap. Funnene fra analysen indikerer at selskapene uten betydelig
statlig eierskap i større grad vektlegger interessenter, vesentlighet, nøyaktighet, og klarhet i
sin bærekraftsrapportering. Felles for de statlige selskapene er at de i større grad vektlegger
FNs bærekraftsmål. Generelt finner vi at selskapene i utvalget vektlegger prinsipper for
innhold i større grad enn kvalitetsprinsipper i sin rapportering.
Mulige forklaringer på observerte forskjeller på hva som vektlegges i
bærekraftsrapporteringen til de statlige selskapene og selskapene uten betydelig statlig
eierskap kan være noteringsstatus, antall rammeverk som benyttes i
bærekraftsrapporteringen, og antall sider i bærekraftsrapporten. For de statlige selskapene
kan grad av statlig eierskap, og hvilket departement som forvalter eierskapet, være mulige
forklaringer på forskjeller i hva som vektlegges i rapporteringen på bærekraft. Studien har en
relativt begrenset utvalgsstørrelse, som gjør det utfordrende å generalisere funnene.nhhma
Industrial Symbiosis in Norwegian Industrial Clusters : A Qualitative Study of Drivers and Barriers Faced by Norwegian Industrial Clusters when Initiating and Implementing Industrial Symbiosis Practices
Get PDFWe are currently facing a global economy in need of becoming more circular and it is necessary for the industry to be a part of this transition. To accomplish this, the industry needs to engage in cross-industrial collaboration through the exchange of excess resources, also recognized as industrial symbiosis. While international research on industrial symbiosis is extensive, limited studies have been conducted on this topic within a Norwegian context specifically. In this master’s thesis, we will therefore investigate how industrial symbiosis practices can be successfully initiated and implemented in Norwegian industrial clusters.
For this thesis, we have chosen an exploratory, qualitative approach to study eleven Norwegian industrial clusters engaging in industrial symbiosis. We have conducted interviews with representatives from the cluster management organizations to gain valuable insight into the perspectives on initiating and implementing industrial symbiosis.
The thesis yields several findings, primarily related to four aspects. Firstly, we have identified the main drivers for the initiation of industrial symbiosis, both internal: economic benefits and environmental responsibility, and external: stakeholder pressure on environmental production practices and upcoming international regulations. Secondly, we have identified ten barriers that Norwegian industrial clusters might face in their implementation of industrial symbiosis, related to technical, organizational, social, economic, and institutional dimensions. Subsequently, we found that these barriers might be overcome through seven suggested solutions: fostering pride and community; establishing a shared vision, strategy, and goals; having a third-party to identify and initiate industrial symbiosis; having a third-party to facilitate negotiations; learning about industrial symbiosis by engaging with other clusters; collaborating with other stakeholders; and influencing policymakers. Furthermore, we related these potential solutions to four identified overarching goals, namely: building a collaborative culture, establishing trust, cultivating knowledge of industrial symbiosis, and finding feasible solutions. Finally, we have explored the significance of the key stakeholders of industrial symbiosis activities, which we have identified as significant companies and individuals, cluster facilitators, research institutions, and governmental actors.
The purpose of this thesis is to contribute to filling the addressed research gap and to serve as a tool for Norwegian clusters that want to initiate or are in the process of implementing industrial symbiosis practices.nhhma
Determinants of Nordic Private Equity: Exploring the Key Factors Shaping Investment Activity : A quantitative study of factors influencing private equity investments in the Nordic countries, examining venture capital, buyouts, and growth & turnaround capital.
Get PDFThis study provides an extensive analysis of the Nordic private equity market and investment
activity. The analysis commenced with a comparative analysis of Nordic countries with
Anglo-Saxon markets and other developed European nations in terms of market conditions
and investment levels. The initial findings indicated that the Nordic private equity market
outperformed most European peers yet fell short of matching the development observed
within Anglo-Saxon markets. This assessment led to the notion that the factors influencing
investment activity in foreign markets may not translate directly to the Nordic context.
Consequently, the primary research question evolved to examine the specific determinants
shaping private equity investments in the Nordic region.
The study analyzed the investment activity of domestic Nordic private equity funds utilizing a
longitudinal dataset for Denmark, Finland, Norway, and Sweden in the period 2007-2019.
The investment activity was measured using the overall private equity investment value in
addition to venture capital, buyout, and growth & turnaround capital. The study was oriented
around five principal dimensions: the investment environment, economic conditions, the labor
market, research & development, and tax rates. The dataset incorporated 13 explanatory
variables, each embodying various facets of these dimensions. The variables were analyzed
using a random effects model with and without time-fixed effects.
The analysis identified ten variables as significant determinants of private equity activity in
the Nordic region. Our findings emphasized the pivotal role of labor market conditions in
shaping private equity activity, with a key driver being fewer regulatory restrictions in the
utilization of temporary workers. Moreover, certain elements within the investment
environment, particularly stock market liquidity, initial public offerings, and the prevalence of
large firms in relation to small and medium-sized enterprises, were recognized as relevant
drivers. Interestingly, the corporate tax rate was positively correlated with private equity
investments, which contradicts common expectations. Research & development typically
exhibited a negative correlation with the dependent variables under consideration. Lastly, the
economic conditions dimension had the least influence on private equity investments, with
only the long-term interest rate demonstrating a significant association.nhhma
Sustainable investment flows during crisis periods : Effects of Russian-Ukrainian war on SRI flows
Get PDFThe thesis focuses on political and military crises, specifically the Russian-Ukrainian war, to
research the war’s effect on monetary Net Flow in European mutual funds. We found that
there are statistically significant positive mutual fund flows in Europe caused by the Russian-
Ukraine war. The study uses different indicators, industries, and factors such as weapon
investments, Oil & Gas Investments among other indicators such as performance, ESG,
screening, risks, and retail investors.
We employ a difference-in-difference regression model to analyze mutual fund net flows
before and after the Russian invasion of Ukraine in February 2022. Additionally, we have
employed matched propensity score techniques to ensure a balance between the treatment and
control groups.
The central insight from this study is the analysis of different factors that impact mutual fund
flows. Where the thesis attempts to understand the effects of war in European markets.
Considering only the statistically significant results obtained in our study, we found that risk
factors and market conditions must be considered when examining the relationship between
mutual fund flows and crisis events. Retail investors were more prone to invest in funds with
an Above Average ESG rating while avoiding sectors associated with weapons investments.
Our study investigates retail investors preference for defensive industry investments, focusing
on weapons and Oil & Gas industries, mutual fund exclusionary screening strategies, and the
role of governance practices during the crisis. We expect that our findings can benefit mutual
fund managers, investors, and regulators in their decision-making processes to give a more
significant focus on sustainable mutual fund drivers.nhhma
Dynamic Causal Forests, with an Application to Payroll Tax Incidence in Norway
Get PDFThis paper develops a machine-learning method that allows researchers to estimate heterogeneous treatment effects with panel data in a setting with many covariates. Our method, which we name the dynamic causal forest (DCF) method, extends the causal-forest method of Wager and Athey (2018) by allowing for the estimation of dynamic treatment effects in a difference-in-difference setting. Regular causal forests require conditional independence to consistently estimate heterogeneous treatment effects. In contrast, DCFs provide a consistent estimate for heterogeneous treatment effects under the weaker assumption of parallel trends. DCFs can be used to create event-study plots which aid in the inspection of pre-trends and treatment effect dynamics. We provide an empirical application, where DCFs are applied to estimate the incidence of payroll tax on wages paid to employees. We consider treatment effect heterogeneity associated with personal- and firm-level variables. We find that on average the incidence of the tax is shifted onto workers through incidental payments, rather than contracted wages. Heterogeneity is mainly explained by firm-and workforce-level variables. Firms with a large and heterogeneous workforce are most effective in passing on the incidence of the tax to workers
Offshore Industries as Growth Sector: The Norwegian Case
Get PDFWriters on Norwegian economic history often claim that marine and maritime industries, i.e., the offshore sector, played a major role for value creation in the Norwegian economy for centuries. However, little has been done to quantify the sector’s contribution to the economy. The present paper seeks to quantify the size of the key offshore industries compared to GDP and exports. To do so it has been necessary to draw on new historical national account calculations in addition to compute several new series.
Based on these calculations we find that the offshore sector made up a significant and important part of Norwegian GDP, and a dominant part of exports, 1816-2021. The key offshore industries were first fishing, thereafter ocean transport, and finally petroleum extraction. The sector’s overall size of the Norwegian economy has been quite stable in a long-term perspective, but with an increasing GDP share after the takeoff of oil and gas extraction from the continental shelf in the 1970s
Cancel the deal? An experimental study on the exploitation of irrational consumers
Get PDFConsumers can sometimes be exploited because they make mistakes in their valuation of products. We present the results from a large-scale experimental study that examines whether third-party spectators from the general population in the United States cancel a deal where a buyer has made a mistake in the valuation of a product and agreed to pay more for the product than the seller knows it is worth. We find that the majority of the spectators cancel such deals even when the seller’s involvement is limited to accepting a proposal made by the buyer. A substantial share of these spectators are also willing to fine the seller. However, a large minority of the spectators are willing to uphold the deal even when the seller has proposed the deal and obfuscated the information provided to the buyer. Our results shed new light on when people view market transactions as acceptable and their attitudes to government regulation of businesses