India is endowed with a lot of solar radiation as a result of its location. The Indian government therefore intends to maximize the usage of its solar energy resources through the development of solar power plants across the country. The concentrated solar power plant (CSP) is one of the technologies that rely on solar energy for its electricity generation. The type of condenser model in the CSP technology has the potential to affect its techno-economic viability. In this paper, a 100 MW solar tower power plant (STPP) with two different condenser models, i.e., the dry-cooled STPP and wet-cooled STPP models, are studied using the System Advisor Model (SAM) at six different geographical areas in India. The study employed the optimization of the thermal energy storage and the solar field size to identify the minimum levelized cost of electricity (LCOE) for all six locations. Results from the simulation show that the LCOE will range between 13 and 17 cents/kWh under the optimization conditions for the STPP dry-cooled condenser model, while that of the wet-cooled condenser model will range between 12.40 and 12.96 USD cents/kWh for the study locations. It was also observed that the optimized solar multiple (SM) for the dry-cooled STPP model ranges between 1.4 and 1.8, whereas that of the wet-cooled model ranges between 1 and 1.8. The study identified Bhopal as the best location for installing the STPP plant for both condenser models. In addition, this paper also discusses major potential barriers and government policies that are needed to develop CSP technologies in India. The outcome of the study is expected to help both government and other stakeholders in decision making and policy formulation for the sector.
This study examines the inner dynamics of multifractality between the carbon market (EU ETS) and four major fossil fuel energy markets: Brent Crude Oil (BRN), Richards Bay Coal (RBC), UK Natural Gas (NGH2), and FTSE350 electricity index (FTSE350) from January 04, 2016, to March 04, 2022. First, we decompose the daily price changes by applying seasonal and trend decomposition using loess (STL). Then, we examine the inner dynamics of multifractality and cross-correlation by employing multifractal detrended fluctuation analysis (MFDFA) and multifractal detrended cross-correlation analysis (MFDCCA) using the remaining components of the return series. Our findings reveal that all series and the cross-correlations of carbon and fossil fuels markets have multifractal characteristics. We find crude oil to be the most efficient market (lowest multifractal), while coal is the least efficient (highest multifractal). Only coal shows persistent, whereas the other markets exhibit antipersistent behavior. Interestingly, the coal and EU ETS pair demonstrates a higher degree of multifractal patterns. In contrast, the pair of natural gas and EU ETS exhibits the lowest multifractal characteristics among the energy markets. Only the crude oil market shows persistent cross-correlations in the multifractality. These findings have important academic and managerial implications for investors and policymakers.
This study provides the first evidence of market efficiency of drug indices, especially cannabis and tobacco, which are known in finance as sin markets. The multifractal detrended fluctuation analysis (MFDFA) is employed on the daily data of six cannabis and one tobacco indices in order to measure efficiency by quantifying the intensity of self-similarity. The findings confirm multifractality in all sample series. Interestingly, Dow Jones Tobacco (DJUSTB) Index shows the highest multifractality, demonstrating the lowest efficiency, whereas S&P/TSX Cannabis (SPTXCAN) Index is the most efficient of all the time series under analysis, with the lowest multifractality levels. Only the North American Marijuana (NAMMAR), Cannabis World Index Gross Total Return (CANWLDGR) and DJUSTB show persistent behavior. These findings could be of interest to policymakers and regulators to establish new reforms to improve the efficiency of these markets, as well as for actual and potential investors.
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