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The merit order effect of photovoltaic generation in Slovakia
Koščová, Michaela ; Janda, Karel (advisor) ; Filip, Ondřej (referee)
Photovoltaics in Slovakia have been experiencing a fast development in the last years, benefiting from a large support in various forms - be it generous subsidies and guaranteed feed-in tariff or legal preferential treatment. Due to very low - close to zero marginal costs it may appear that the green energy generated by solar power plants is "free" thus we expect a decrease in the wholesale electricity price. Indeed, in several countries the so- called merit order effect has been proven and the spot price of electricity declines thanks to the generation from the photovoltaics and/or other renewable sources. This thesis evaluates the impact of the solar energy penetration into energy mix on spot prices, seeks evidence of the merit order effect in the Slovak electricity market and quantifies it thanks to publicly available data. The multivariate regression analysis takes into consideration the full years 2011-2016. The merit order effect estimated by an OLS time series model is negative, however, the spot price reduction attributable to the photovoltaics is not sufficient for resulting savings to outweigh the costs of the support scheme borne by end users what implies a consumer loss. Keywords: renewable energy sources, photovoltaics, merit order effect, energy sub sidies, feed-in tariff 1
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Economic impact of shale gas development in the context of energy security of the EU
Kondratenko, Ivan ; Janda, Karel (advisor) ; Mikolášek, Jakub (referee)
The Thesis aims to analyze the possible shale gas development in the EU in context with raising problem of energy security. Based on the experience of shale revolution in the USA and econometric modelling using the method of Ordinary Least Squares with Fixed Effects to test the dependence of price on shale gas production, the transfer of US model to the EU is discussed. The results show that shale production affects the price negatively and that US model is successful due to multiple reasons, primarily presence of experienced companies, geological structure and strong regulation rules. The Thesis shows the unsuitability of the US model for the EU market. After the first enthusiasm for shale plays research in late 2000s the multiple barriers for drilling have risen up; the most significant are the environmental worries; both on governmental and public levels. US companies have lost interest in the EU and moved to other parts of the world. The shale gas development is not able to affect the energy security of the EU on European, international level.
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Impact of energy consumption on economic growth and potential of renewable fuels
Torkhani, Marouan ; Janda, Karel (advisor) ; Havránek, Tomáš (referee)
This master thesis aims to examine the relationship between energy consumption and economic growth and between energy consumption and greenhouse emissions for the EU countries, using a panel time series data from 1996 to 2012 within a multivariate framework for 26 EU countries. The energies are composed from oil consumption, natural gas consumptions, and renewable energies including the biomass as a distinct part. To do that, Unit Root Tests, cointegration test, Pairwise Granger causality tests, and Error Correction Model are employed to find out the type of the causal relationship. The main results to denote are that, there is in the short run, a positive unidirectional causal relationship running from oil consumption to economic growth. We can as well denote a positive bidirectional causal relationship between renewable energies and economic growth and between greenhouse emissions and economic growth. However, there is an unexpected negative bidirectional causal relationship between biomass consumption and gas consumption. From the greenhouse emissions perspective, we can see in the short run, a negative bidirectional causal relationship between greenhouse emissions and renewable energies, and a positive unidirectional causal relationship running from both oil consumption and biomass consumption...
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Influence of renewable energy sources on transmission networks in Central Europe
Málek, Jan ; Janda, Karel (advisor) ; Zeynalov, Ayaz (referee)
This thesis focuses on the influence of renewable energy sources on the transmission networks in Central Europe. Firstly, it gives an overview of the power and transmission systems of Central European states. Based on the analysis, three key causes of congestion and instability of the grid are identified. These include (i) insufficient transmission capacity between northern and southern Germany, (ii) Energiewende policy and (iii) existence of German-Austrian bidding zone. To assess the exact impact on the transmission grid, ELMOD model is employed. Two development scenarios for the year 2025 are evaluated on the basis of four representative weeks of the year 2015. The first scenario focuses on the effect of Energiewende on the transmission networks, the second one drops out nuclear phase-out and thus assesses isolated effect of increased solar and wind feed-in. The results indicate that higher feed-in of solar and wind power increases the exchange balance and total transport of electricity between TSO areas as well as the average load of lines and volatility of flows. Solar power is identified as a key contributor to the volatility increase, wind power is identified as a key loop-flow contributor. Eventually, it is concluded that German nuclear phase-out does not significantly exacerbate mentioned problems.
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Environmental policy and firm financial performance
Horváthová, Eva ; Lízal, Lubomír (advisor) ; Janda, Karel (referee) ; Pavel, Jan (referee)
In my PhD thesis I investigate the relationship between corporates' financial and environmental performances. The concept of quantitative environmental performance measures was introduced to enable to compare and analyse environmental impacts of different socioeconomic units e.g. companies, countries, regions. In my dissertation, I use environmental performance measures to examine their effect on the financial performance of different companies. In the first chapter, I apply a metaanalysis to examine the results of the previous studies which investigate the impact of firms' environmental performance on their financial performance. The outcomes propose that it is important to account for the omitted variable bias such as unobserved firm heterogeneity. The results suggest that it takes time for the environmental regulation to materialize into the financial performance, too. In the subsequent two chapters I study Czech firms over 20042008. First I study the intertemporal effects of corporates' environmental performance on financial ...
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Does solar energy have a future in Central Europe?
Tůma, Ladislav ; Janda, Karel (advisor) ; Benčík, Daniel (referee)
The thesis evaluates the prospects of use of the solar energy in the Czech Republic. The thesis contains the estimation of merit-order effect caused by renewable sources. Its value is 5.74 EUR/MWh in 2014 out of which 2.37 EUR/MWh is attributable to the solar energy. Three hypothetical scenarios about the deployment of new solar power plants are construed. Results indicate that proliferation of such plants would increase the merit-order effect and make solar energy less competitive even if possible decrease in costs of generation is taken into account. Thus the thesis' conclusions do not support solar energy as the reasonable choice in the Czech Republic. In the last part, the effect of photovoltaic output on the system imbalance is examined. Solar production has the influence on the magnitude of the system imbalance but the decisive evidence about the impact on the volatility is not found. Powered by TCPDF (www.tcpdf.org)
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Growth opportunities and financing of renewable energy in Germany and Czech Republic
Tyuleubekov, Sabyrzhan ; Janda, Karel (advisor) ; Chytilová, Julie (referee)
According to Directive 2009/28/EC overall share of RES in EU energy consumption must be 20% and 10% in transport consumption. The 2020 target for Germany is 18% and for the Czech Republic is 13%. The major financial supporting schemes in the Czech Republic and Germany include feed-in tariffs and green bonuses. Likewise, we propose some ways to resolve some flaws of RES, such as intermittency character of RES, free-rider problem in case of quota obligations scheme etc. Though European Commission approved the shift from FIT scheme towards auction scheme, we analyse the dependence between FITs and installed capacities of RES. As a result of this analysis we obtained optimum intervals of FITs for some types of RES. Powered by TCPDF (www.tcpdf.org)
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Sustainable Energy Development in Central Europe and East Asia: Different Scenarios and Options Evaluation
Tan, Tianhao ; Janda, Karel (advisor) ; Krištoufek, Ladislav (referee) ; Espinoza, Raphael (referee)
This research presents an overview of different sustainable energy development scenarios in Central Europe and East Asia, and is aimed to evaluate the efficiency and availability for introducing a specific sustainable energy source. Accordingly: wind, hydropower, solar, bioenergy, geothermal, nuclear energy. By conducting analysis though multi criteria decision analysis (MCDA) and analytic hierarchy process (AHP) models, divergences among energy options in Central Europe and East Asia are emphasised due to its preferences in hierarchy. A short introduction, related to the present energy outlook with a series of relative regressions and a case study based on corresponding statistics, is presented firstly. This gives insights to assess the evaluation of sustainable energy development options. Evaluation results indicating Central Europe and East Asia should introduce different sustainable energy technologies on account of their own strengths and drawbacks in energy judgements and criterions. Keywords Sustainable energy, energy development, Central Europe, East Asia, energy scenario, energy option, evaluation, multi criteria decision analysis (MCDA), analytic hierarchy process (AHP)
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Stability of the Financial System: Systemic Dependencies between Bank and Insurance Sectors
Procházková, Jana ; Šopov, Boril (advisor) ; Janda, Karel (referee)
The central issue of this thesis is investigating the eventuality of systemic break- downs in the international financial system through examining systemic depen- dence between bank and insurance sectors. Standard models of systemic risk often use correlation of stock returns to evaluate the magnitude of intercon- nectedness between financial institutions. One of the main drawbacks of this approach is that it is oriented towards observations occurring along the central part of the distribution and it does not capture the dependence structure of outlying observations. To account for that, we use methodology which builds on the Extreme Value Theory and is solely focused on capturing dependence in extremes. The analysis is performed using the data on stock prices of the EU largest banks and insurance companies. We study dependencies in the pre- crisis and post-crisis period. The objective is to discover which sector poses a higher systemic threat to the international financial stability. Also, we try to find empirical evidence about an increase in interconnections in recent post- crisis years. We find that in both examined periods systemic dependence in the banking sector is higher than in the insurance sector. Our results also in- dicate that extremal interconnections in the respective sectors increased,...
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Does the Shale Gas Revolution Mean the End of Biofuels?
Kouřílek, Jakub ; Janda, Karel (advisor) ; Luňáčková, Petra (referee)
World effort to reduce climate changes drives demand for more environmen- tally friendly alternative fuels, since transport emits quarter of total green- house gas emissions. For many years biofuels were main mean for achieving more green transport. Nevertheless, there are rising concerns that some of biofuels have negative environmental and social impacts sometimes worse than fossil fuels. This work links European Union's biofuels development with expansion of natural gas caused by exploitation from shale formations. We examine relationship between biodiesel, natural gas and relevant com- modities by using the price transmission framework. Results indicate weak slowly increasing negative price relation between biodiesel and natural gas. Our work finds favourable legislation for future application of natural gas vehicles. Nonetheless, we conclude that the expansion will not be driven by exploitation of shale gas at European Union territory. 1
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