This paper studies the procurement management of carbon financial instruments and the production decisions for an emission-dependent remanufacturing firm under service requirements.In the presence of demand uncertaint...This paper studies the procurement management of carbon financial instruments and the production decisions for an emission-dependent remanufacturing firm under service requirements.In the presence of demand uncertainty,carbon emission options are introduced to hedge risks for the firm who purchases carbon financial instruments under a cap-flexible emission trading scheme(ETS)and then conducts remanufacturing.We develop three optimization models to determine the optimal remanufacturing quantity(procurement quantity of carbon financial instruments)maximizing the firm's expected profit under three contracts:a pure wholesale price contract,a pure carbon option contract,and a portfolio contract.Through analyses and comparisons of optimal solutions,we demonstrate the values of introducing carbon options and committing to service levels for the firm.Compared with the other two pure contracts,the portfolio contract makes the firm better off.However,high service requirements may lead to a profit loss to the firm.We generalize to the cases when the yield rate is dependent on the quality of used products,when the yield is stochastic,and when carbon price performs volatility.Discussion of these extensions illuminates how the variability of used product quality,yield rate and carbon price influences the firm's performances.展开更多
Through the research on several carbonate reservoirs developed in the Middle East, the basic characteristics of different types of carbonate reservoirs are determined, and a set of high-efficiency water injection deve...Through the research on several carbonate reservoirs developed in the Middle East, the basic characteristics of different types of carbonate reservoirs are determined, and a set of high-efficiency water injection development options and strategies are presented. Hidden baffles and barriers exist in carbonate reservoirs in the Middle East, so the reservoirs could be divided into different separated development units based on the baffles and barriers characteristics. Flexible and diverse profile control techniques such as high angle wells and simple and applicative zonal water injection have been introduced to improve the control and development degree of reservoirs. Three principal water injection development methods suitable for different carbonate reservoirs in the Middle East are proposed, including the combination of crestal gas injection and peripheral water injection, bottom interval injection and top interval production(buoyancy underpinning), and "weak point and strong plane" area well pattern. Based on the characteristics of very low shale content, fast and far pressure transmission in the Middle East carbonate reservoirs, a large well-spacing flood pattern is recommended, and reasonable development strategies have been made such as moderate water injection rate and maintaining reasonable production pressure drawdown and voidage replacement ratio, so as to maximize the recovery of reservoirs in the none or low water cut period.展开更多
With the development of the carbon markets(CMs)and electricity markets(EMs),discrepancies in prices between the two markets and between two time periods offer profit opportunities for generation companies(GenCos).Moti...With the development of the carbon markets(CMs)and electricity markets(EMs),discrepancies in prices between the two markets and between two time periods offer profit opportunities for generation companies(GenCos).Motivated by the carbon option and Black-Scholes(B-S)model,GenCos are given the right but not the obligation to trade carbon emission allowances(CEAs)and use instruments to hedge against price risks.To model the strategic behaviors of GenCos that capitalize on these cross-market and cross-time opportunities,a multi-market trading strategy that incorporates option-jointed daily trading and reinforcement learning-jointed weekly continuous trading are modeled.The daily trading is built with a bi-level structure,where a profit-oriented bidding model that jointly considers both the optimal CEA holding shares and the best bidding curves is developed at the upper level.At the lower level,in addition to market clearing models of the day-ahead EM and auction-based CM,a B-S model that considers carbon trading asynchronism and option pricing is constructed.Then,by expanding the daily trading,the weekly continuous trading is modeled and solved using reinforcement learning.Binary expansion and strike-to-spot price ratio are utilized to address the nonlinearity.Finally,case studies on an IEEE 30-bus system are conducted to validate the effectiveness of the proposed trading strategy.Results show that the proposed trading strategy can increase GenCo profits by influencing market prices and leveraging carbon options.展开更多
基金We thank the editor and two anonymous referees for their constructive comments and many valuable suggestions that have significantly improved the quality of this paper.This work has been supported by the National Natural Science Foundation of China(NSFC),under Grant Nos.71971058,71571042,and 71971210.
文摘This paper studies the procurement management of carbon financial instruments and the production decisions for an emission-dependent remanufacturing firm under service requirements.In the presence of demand uncertainty,carbon emission options are introduced to hedge risks for the firm who purchases carbon financial instruments under a cap-flexible emission trading scheme(ETS)and then conducts remanufacturing.We develop three optimization models to determine the optimal remanufacturing quantity(procurement quantity of carbon financial instruments)maximizing the firm's expected profit under three contracts:a pure wholesale price contract,a pure carbon option contract,and a portfolio contract.Through analyses and comparisons of optimal solutions,we demonstrate the values of introducing carbon options and committing to service levels for the firm.Compared with the other two pure contracts,the portfolio contract makes the firm better off.However,high service requirements may lead to a profit loss to the firm.We generalize to the cases when the yield rate is dependent on the quality of used products,when the yield is stochastic,and when carbon price performs volatility.Discussion of these extensions illuminates how the variability of used product quality,yield rate and carbon price influences the firm's performances.
文摘Through the research on several carbonate reservoirs developed in the Middle East, the basic characteristics of different types of carbonate reservoirs are determined, and a set of high-efficiency water injection development options and strategies are presented. Hidden baffles and barriers exist in carbonate reservoirs in the Middle East, so the reservoirs could be divided into different separated development units based on the baffles and barriers characteristics. Flexible and diverse profile control techniques such as high angle wells and simple and applicative zonal water injection have been introduced to improve the control and development degree of reservoirs. Three principal water injection development methods suitable for different carbonate reservoirs in the Middle East are proposed, including the combination of crestal gas injection and peripheral water injection, bottom interval injection and top interval production(buoyancy underpinning), and "weak point and strong plane" area well pattern. Based on the characteristics of very low shale content, fast and far pressure transmission in the Middle East carbonate reservoirs, a large well-spacing flood pattern is recommended, and reasonable development strategies have been made such as moderate water injection rate and maintaining reasonable production pressure drawdown and voidage replacement ratio, so as to maximize the recovery of reservoirs in the none or low water cut period.
基金supported by the National Science Foundation of Jiangsu Province(No.BK20232026).
文摘With the development of the carbon markets(CMs)and electricity markets(EMs),discrepancies in prices between the two markets and between two time periods offer profit opportunities for generation companies(GenCos).Motivated by the carbon option and Black-Scholes(B-S)model,GenCos are given the right but not the obligation to trade carbon emission allowances(CEAs)and use instruments to hedge against price risks.To model the strategic behaviors of GenCos that capitalize on these cross-market and cross-time opportunities,a multi-market trading strategy that incorporates option-jointed daily trading and reinforcement learning-jointed weekly continuous trading are modeled.The daily trading is built with a bi-level structure,where a profit-oriented bidding model that jointly considers both the optimal CEA holding shares and the best bidding curves is developed at the upper level.At the lower level,in addition to market clearing models of the day-ahead EM and auction-based CM,a B-S model that considers carbon trading asynchronism and option pricing is constructed.Then,by expanding the daily trading,the weekly continuous trading is modeled and solved using reinforcement learning.Binary expansion and strike-to-spot price ratio are utilized to address the nonlinearity.Finally,case studies on an IEEE 30-bus system are conducted to validate the effectiveness of the proposed trading strategy.Results show that the proposed trading strategy can increase GenCo profits by influencing market prices and leveraging carbon options.
