27 research outputs found
Energy project financing in the GCC region: an empirical investigation
No full textThis paper analyzes the capital structure of energy infrastructure projects in the Gulf Cooperation Council region, where energy project form the bulk of the deal-making backload. The econometric estimation of 108 energy project finance for the period 2005-2014 valued at 258 USD sheds light on the success factors for such projects in the region, confirming the relevant relationships among project size, owner concentration and debt duration.
The analysis illustrates the roles that debt, equity, interest rate and the economic crisis play in the financial structuring of infrastructure projects in rapidly growing emerging markets.
First, it confirms that longer debt duration is correlated with higher debt ratio. Second, it shows that larger project size is correlated with lower debt ownership concentration. Third, the financial crisis had a different effect on debt ratio and debt duration. Fourth, project size and interest rate are negatively correlated, although regional specifics patterns would emerge when comparing the effect of the 2008 financial crisis on interest rates.
These findings have several multi-levels implications for regulators, debt issuers and investors. For regulator, findings amplify the way in which to improve debt issuance in GCC countries. For issuers, findings suggest that they should be more concerned about bond’s security and seniority as the firm-specific characteristics, such as size and debt and equity concentration of finance project, affect the capital structure. For investors, the study offer an analytical framework to investigate structure of bond before to invest
Comparing Renewable Energy Policies in EU-15, U.S. and China: A Bayesian DSGE Model
No full textThe promotion of renewable energy sources (RES) by governments is one way of helping countries to meet their energy needs while lowering greenhouse gas emissions. In this paper, we examine the role of energy policy in RES promotion, based on a carbon tax and RES price subsidy, at a time of technological and demand shocks in the European Union.(E.U.)15 countries, the United States (U.S.) and China, focusing on the macroeconomic implications. Using a dynamic stochastic general equilibrium model for RES and fossil fuels, our results suggest that, in the presence of a total factor productivity shock in the fossil fuel sector, such an energy policy can also be a driving force for smoothing the reduction of RES in the energy market (and vice versa). Additionally, we show that the E.U.15 grouping has a comparative advantage in terms of reaching grid parity compared with the other countries we considered which are more fossil fuel dependent
Electricity demand: Consumption in the Persian Gulf
No full textResidential energy demand per capita in the six countries belonging to the Gulf Cooperation Council (GCC) — Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates — is significantly greater than in the OECD (Organisation for Economic Co-operation and Development) economies and China, and greater than the world average. Several factors might contribute to this remarkable situation, including the specific weather in the region, the fact that the administered nominal price for electricity is set at a level far below market price, and the domestic energy policies. Tarek Atalla from KAPSARC, Saudi Arabia and Lester Hunt from the University of Surrey, UK studied residential electricity consumption in the GCC and found that the estimated long-run price elasticity (a measure of the relationship between change in demand and change in price) for electricity is particularly low in the countries considered, ranging from −0.16 to 0
Modelling residential electricity demand in the GCC countries
No full textAbstractThis paper aims at understanding the drivers of residential electricity demand in the Gulf Cooperation Council countries by applying the structural time series model. In addition to the economic variables of GDP and real electricity prices, the model accounts for population, weather, and a stochastic underlying energy demand trend as a proxy for efficiency and human behaviour. The resulting income and price elasticities are informative for policy makers given the paucity of previous estimates for a region with particular political structures and economies subject to large shocks. In particular, the estimates allow for a sound assessment of the impact of energy-related policies suggesting that if policy makers in the region wish to curtail future residential electricity consumption they would need to improve the efficiency of appliances and increase energy using awareness of consumers, possibly by education and marketing campaigns. Moreover, even if prices were raised the impact on curbing residential electricity growth in the region is likely to be very small given the low estimated price elasticities—unless, that is, prices were raised so high that expenditure on electricity becomes such a large proportion of income that the price elasticities increase (in absolute terms)
Friction Modulation for Endoscopes: A Proof of Concept
No full textEndoscopic instruments are integral components of minimally invasive procedures, widely used for diagnoses and treatment of diseases. When navigating the endoscope, it should experience a minimum of friction, while an increase in friction is beneficial for performing the medical procedure. Friction can be reduced by squeeze film levitation, where air is trapped and pressurized between two surfaces by vibrating one of these surfaces. The squeeze film levitates the two surfaces away from each other, hereby reducing friction. Squeeze film levitation between a rigid curved surface and a soft surface is still poorly understood. Also, a proof of concept of a friction modulation mechanism for endoscopes is not yet available in the research literature. Therefore, this paper describes the design and experimental validation of an ultrasonic vibrating ring that can actively modulate friction by generating a squeeze film. On a steel surface, the friction is reduced considerably. However, on the two soft surfaces described in this paper, the reduction of friction is absent.Mechanical Engineering | BioMechanical Desig
Sleep disordered breathing in chronic heart failure: causes, consequences and treatment
No full textChronic heart failure (HF) is a prevalent clinical syndrome in which both central and obstructive sleep disordered breathing (SDB) have been described. The aim of this research was to investigate the mechanisms causing central SDB, their consequences with reference to sleep and physical activity, and the way in which treatment modalities may modify these.
The first study of this thesis is the SERVE-HF study, a randomised controlled trial of adaptive servoventilation (ASV) to treat central SDB in patients with CHF. This study is ongoing and aims to test the hypothesis that patients randomised to ASV will have a reduction in mortality compared to controls. Data regarding those randomised at the Royal Brompton Hospital are presented alongside data on ventilator compliance in the ASV group.
The second study investigated ventilatory control, in HF patients both with and without SDB. It tested the hypothesis that those with central SDB had heightened chemosensitivity (assessed by the hypercapnic ventilatory response, HCVR) compared to those with no SDB and older healthy controls.
The third study explored the effect of treatment on ventilatory control by testing the hypothesis that the implantation of a cardiac-resynchronisation therapy pacemaker would be associated with a reduction in the HCVR from baseline to 3 months post implantation.
The fourth study investigated the consequences of SDB in CHF. Physical activity, subjective sleepiness and sleep were assessed in patients with CHF and older healthy controls to test the hypothesis that physical activity would be reduced in those with central SDB compared to those without SDB, and reduced in both patient groups compared to the controls.
In summary, this thesis investigated the mechanisms underlying central SDB in patients with HF, to elucidate their consequences, both by day and night and to address the ways in which treatment modalities may modify these pathophysiological mechanisms. [For supplementary files please contact author]
