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A Comparison of Two Models of the Energy Market Development in Czech Republic from 2015 to 2040
Dvořáková, Jitka ; Zeman, Martin (advisor) ; Lukášová, Tereza (referee)
The bachelor thesis is focused on the prediction of the energy market in the Czech Republic between 2015 and 2040 and on the comparison of potential costs related to two models of energy portfolio management. The first model was created according to the National Energy Concept from 2014, while the other one was designed artificially to simulate usage of the renewable resources in 50% of the electric energy production. The theoretical part of the thesis discusses the recent situation of the Czech energy market, defines types of energy resources and explains terms related to the discussed topic. In the practical part, direct production costs of different kinds of power plants were computed and used to estimate economic demands of the two considered models. The efficiency of both models was compared and evaluated. The aim of the thesis was to decide, which of the two models would be more favourable for the Czech national economy. Key words: energy, energy market, direct costs, economic advantage JEL classification: Q40, Q41, Q43, Q47
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Use of Interest Rate Models for Interest Rate Risk Management in the Czech Financial Market Environment
Cíchová Králová, Dana ; Arlt, Josef (advisor) ; Cipra, Tomáš (referee) ; Witzany, Jiří (referee)
The main goal of this thesis is to suggest an appropriate approach to interest rate risk modeling in the Czech financial market environment in various situations. Three distinct periods are analyzed. These periods, which are the period before the global financial crisis, period during the financial crisis and in the aftermath of the global financial crisis and calming subsequent debt crisis in the eurozone, are characterized by different evaluation of liquidity and credit risk, different relationship between financial variables and market participants and different degree of market regulations. Within this goal, an application of the BGM model in the Czech financial market environment is crucial. Use of the BGM model for the purpose of predicting a dynamics of a yield curve is not very common. This is firstly due to the fact that primary use of this model is a valuation of interest rate derivatives while ensuring the absence of arbitrage and secondly its application is relatively difficult. Nevertheless, I apply the BGM model to obtain predictions of the probability distributions of interest rates in the Czech and eurozone market environment, because its complexity, direct modeling of a yield curve based on market rates and especially a possibility of parameter estimation based on current swaptions volatilities quotations may lead to a significant improvement of predictions. This improvement was also confirmed in this thesis. Use of swaptions volatilities market quotations is especially useful in the period of unprecedented mone- tary easing and increased number of central banks and other regulators interventions into financial markets that occur after the financial crisis, because it reflects current market expectations which also include future interventions. As a consequence of underdevelopment of the Czech financial market there are no market quotations of Czech koruna denominated swaptions volatilities. I suggest their approximations based on quotations of euro denominated swaptions volatilities and also using volatilities of koruna and euro forward rates. Use of this approach ensures that predictions of the Czech yield curve dynamics contain current market expectations. To my knowledge, any other author has not presented similar application of the BGM model in the Czech financial market environment. In this thesis I further predict a Czech and Euro area money market yield curve dynamics using the CIR and the GP models as representatives of various types of interest rates models to compare these predictions with BGM predictions. I suggest a comprehensive system of three criteria, based on comparison of predicti- ons with reality, to describe a predictive power of selected models and an appropria- teness of their use in the Czech market environment during different situations in the market. This analysis shows that predictions of the Czech money market yield curve dynamics based on the BGM model demonstrate high predictive power and the best 8 quality in comparison with other models. GP model also produces relatively good qua- lity predictions. Conversely, predictions based on the CIR model as a representative of short rate model family completely failed when describing reality. In a situation when the economy allows negative rates and there is simultaneously a significant likelihood of their implementation, I recommend to obtain predictions of Czech money market yield curve dynamics using GP model which allows existence of negative interest rates. This analysis also contains a statistical test for validating the predictive power of each model and information on other tests. Berkowitz test rejects a hypothesis of accurate predictions for each model. However, this fact is common in real data testing even when using relatively good model. This fact is especially caused by difficult fulfilment of test conditions in real world. To my knowledge, such an analysis of the predictive power of selected interest rate models moreover in the Czech financial market environment has not been published yet. The last goal of this thesis is to suggest an appropriate approach to obtaining pre- dictions of Czech government bonds risk premium dynamics. I define this risk premium as a difference between government bond yields and fixed rate of CZK IRS with the same length. I apply the GP model to describe the dynamics of this indicator of the Czech Republic credit risk. In order to obtain a time series of the risk premium which are necessary for estimation of GP model parameters I firstly estimate yield curves of Czech government bonds using Svensson model for each trading day since 2005. Resulting si- mulations of risk premium show that the GP model predicts the real development of risk premiums of all maturities relatively well. Hence, the proposed approach is suitable for modeling of Czech Republic credit risk based on the use of information extracted from financial markets. I have not registered proposed approach to risk premium modeling moreover in the Czech financial market environment in other publications.
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Organic vapour sensing and thermoelectric properties of carbon nanotubes/ethylene-octene copolymer composites combined in a thermopile
Slobodian, P. ; Říha, Pavel ; Olejník, R. ; Benlikaya, R.
A novel self-powered thermoelectric vapor sensor, whose thermogenerated voltage was modulated by chemical vapors is presented. The sensor was made of composites of oxidized multi-walled carbon nanotubes within\nethylene-octene copolymer. The multi-walled carbon nanotubes within ethylene-octene copolymer showed that the oxidation with KMnO4 enhanced its p-type electrical conductivity and that the thermoelectric power increase was proportional to the formation of new oxygen-containing\nfunctional groups on the surface of carbon nanotubes. When this composite was subjected to a saturated vapor of either heptane (aliphatic hydrocarbon), toluene (aromatic hydrocarbon) or ethanol (alcohol), its respective relative resistance increased in average by 3.6, 1.1 and 0.05.
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Frequency stabilized semiconductor laser source for high-resolution interferometry
Řeřucha, Šimon ; Hucl, Václav ; Holá, Miroslava ; Čížek, Martin ; Pham, Minh Tuan ; Pravdová, Lenka ; Lazar, Josef ; Číp, Ondřej
We have assembled an experimental iodine stabilized Distributed Bragg Reflector (DBR) diode based laser system lasing at a wavelength that is in a close proximity to the wavelength of a stabilized He-Ne lasers traditionally used for metrological applications (λ=632.9 nm in vacuum). The aim was to verify whether such a system could be used as an alternative to the He-Ne laser while yielding wider optical frequency tuning range, higher output power and high frequency modulation capability. We have measured the basic characteristics of the laser source and then we have compared the performance of the laser system with that of a traditional frequency stabilized He-Ne laser with a series of experimental arrangements similar to those usually found in laser interferometry and displacement metrology applications. The results indicate that DBR diode laser system provides a good laser source for applications in dimensional (nano)metrology since it provides more output power and advanced tunability options than stabilized He-Ne lasers while maintaining fundamental requirements such as the frequency stability, coherence length and also a defined traceability.\n\n
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The Pump with a Diffuser with Stochastic Blades (Runner and Diffuser)
Dobšáková, Lenka ; Melichar, Jan (referee) ; Veselý, Jindřich (referee) ; Haluza, Miloslav (advisor)
This doctoral thesis studies the non-uniform blade cascade for centrifugal pumps. Influence of non-uniform blade cascade is investigated on the impeller and diffuser. A non-uniform blading impeller of pumps in this doctoral thesis was examined in terms of influence on efficiency characteristic. The idea of using non-uniform blading is to obtain a flat efficiency characteristic. Then the centrifugal pump could be used on larger scale of power with achieving a sufficiently high efficiency. The work is based on experimental measurements and numerical simulations of non-uniform hydraulic pump components. Non-uniform impeller and the diffuser were newly designed for this research. A new measuring track of small submersible pumps was needed to design and build for measurements. Different pump combinations with conventional hydraulics on one working point and hydraulics with non-uniform were measured. All measurements were evaluated and characteristics of efficiency, head and power were obtained for each measured combination. Some of pump combinations (which were measured in experiment) were numerically simulated by program Ansys Fluent. Data needed to evaluate the characteristic of efficiency and specific energy were collected from each numerical simulation. A theoretical consideration concerns the influence of non-uniform blade cascade applied on diffuser. The suggestion how to decrease hydraulic losses in canals was done. The theoretical consideration how to make a flat efficiency characteristic was made.
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Právní a zdravotně sociální aspekty činnosti OSPOD jako ustanovených opatrovníků v zámu nezletilých dětí
BORSKÁ, Jana
The Czech Republic as a signatory of the Convention on the Rights of the Child has vested the practice of state administration in the field of care for minor children to municipalities with extended powers, where the protection of the rights and legitimate interests of minor children is safeguarded by state authorities of social and legal protection of children (ASLPC hereinafter). These authorities are incorporated to the extent laid down by the Act on Social and Legal Protection of Children (Act No 359/1999 Coll., as amended). The position and roles of ASLPC and their competence and jurisdiction are also regulated by the same act. The position of workers of these authorities and its legal embodiment is equally important. Regarding professionality, there are high demands on these workers. In the Czech Republic, significant changes in legislature have been made over the past three years. These amendments have led to the strengthening of the rights of minor children and to the establishing of new tools for their protection. In connection with the adoption of new substantive regulation of family law, which is now exhaustively dealt with by the Act No 89/2012 Coll., the Civil Code, new procedural rules have been established regarding protection of rights of minor children. Such procedural legislation includes (apart from the long-existent Act No. 99/1963, the Code of Civil Procedure) the Act No 292/2013 Coll., on Special Civil Proceedings. The decision-making regarding minor children has been vested mainly by the state into the competence of courts. The courts appoint the locally relevant ASLPC as a guardian who then represents the interests of minor children. The purpose, interwoven with and derived from the first one, was to explore the opinions of selected social workers of ASLPC and of district court judges regarding the defined problems occurring during the work of ASLPCs and courts while protecting the interests of minor children. These particularly include: the use of the tool of precautionary measure; problems of different territorial jurisdiction of courts and ASLPCs; processing of complaints regarding bias in various phases of the proceedings; professional training of workers of ASLPC It is evident from the proposals of both judges and ASLPC workers that it is necessary to unify territorial jurisdiction. The courts are suggesting the priority criterion of the address where the child mainly resides. ASLPC workers suggest the official permanent residence as the prime criterion. Bias causes problems in all phases of proceedings. It is obvious that courts take differing approaches towards the solution of this problem (some courts solve the problem of bias complaints filed by the parties while other courts do not) and for ASLPC workers it is difficult to assess how to act when such complaint is raised against them. The training of ASLPC workers - workers are obliged to educate themselves and their employer is obliged to finance such training. Not all ASLPCs are able to provide training in the required extent - due to financial reasons (the average costs of education of one employee pose from 9,169 to 13,400 CZK annually and they cover approximately 6 days of training). The heavy work-load caused by insufficient numbers of ASLPC employees prevents them from completing such compulsory training. As part of the examination of the "participation of a collision guardian in court proceedings" it has been found out that irregular participation of the worker in the proceedings (absence from participation in appeals proceedings); incomplete reports (directed to courts) from surveys in families. Based on comprehensive examination of the problems of territorial jurisdiction, it was recommended that requests are independently recorded and financial compensation is provided for ASLPCs who are requested to represent minors in front of courts, to draft proposals for precautionary measures.
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Comparison of trucks of selected power range
Effenberk, Jan ; Šařec, Petr (advisor) ; Balada, Ivo (referee)
The main purpose of this bachelor thesis is to compare semitrailer trucks made by major European manufacturers. Maximum engine power of compared vehicles is limited to 340 kW. Secondary aim of this thesis is provision of theoretical knowledge of key mechanisms and issues of modern trucks. The thesis is devided into two main parts. The first one includes history and development of road transport and trucks. Basic technical terms and legislation are described there as well. Following chapters are dedicated to brief characteristic of mechanisms and their types. The second part of this thesis focuses on truck comparison according to selected parameters using chosen method of multi-criteria analysis. The thesis is concluded with results evaluation, ranking of each truck and discussion about certain issues.
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Taxonomic review Pinus contorta subsp. Latifolia (Engelm.) on dumps habitats and possibilities its usage
Vanc, Ondřej ; Kunt, Miroslav (advisor) ; Konstantin, Konstantin (referee)
Lodgepole pine is exotic species of pine originating from North America (Canada, United States, United Mexican States), where it occurs along the Pacific coast. This is a very compatible species because, despite a plethora of geomorphological habitats has created a total of five subspecies, while the Czech Republic there are three of them. They are: Shore pine (Pinus contorta subsp. contorta), Lodgepole pine (Pinus contorta subsp. latifolia), Murray pine (Pinus contorta subsp. murrayana). Occurrence of Pinus contorta was recorded in nine counties, twenty and twenty-three districts of municipalities with extended powers. The total stand area was found to 128.66 hectares. When finding that Pinus contorta in our conditions is described as exotic plants. As a gateway for non-native landscape landscape that is post-mining areas. Use of Lodgepole pine was thus deemed appropriate. Uncultured landscape together with wood unoriginal see to it that the uncultured landscape becomes a landscape rich in diversity. Lodgepole pine, of course, is not the only species that was about it all taken care of. Its suitability was chosen because of its low demands on soil, hydrological and climatic conditions, including frost hollows at elevations 2,500 meters above sea level. Which in the Czech Republic or cannot be used because it is our highest point 1,602 meters above sea level. The effort was to map Lodgepole pine throughout the Czech Republic, where it would be clearly seen where the forest vegetation on which the administrative territory of the Lodgepole pine occur. This reliance on the willingness of administrators data information, which for our purposes were considered Institute of Forest Management, where we were given virtually everything to us this institution has been able to provide. Another institution, where we were given also all the military management of forests and farms. Unfortunately, the state enterprise Forestry of the Czech Republic, as majority owner of primary forests in the Czech Republic, was not willing to provide the requested information on the matter on Lodgepole pine, forest management Děčín only the necessary information. Given that this work was originally conceived to Pinus contorta subsp. latifolia, while work was concluded that Pinus contorta subsp. latifolia is a segmentation occurring geographic subspecies that was not able to clearly identify the data that we had available so this work deals with Lodgepole pine at the species level and the resulting map outputs in the results of the work
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were processed in the geographic information systems, which managed to get stand up to the level surface (ha) in the regions of municipalities with extended powers.
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Project of family farm as closed economic unit
Jakubčík, Václav ; Pazderů, Kateřina (advisor) ; Zdeněk, Zdeněk (referee)
The diploma thesis deals with the family farm, which deals with fast growing trees cultivation. Business plan for my firm is the operation of the cogeneration unit and ensuring its self-sufficiency. The intention is that the family farm should produce more than half the biomass for cogeneration units.
Diploma thesis works with providing services in processing of logging residues, removing seeding trees and transportation. All this in order to obtain sufficient quantities of the commodity for the operation of boiler plants with cogeneration unit. Further outputs are addressed including the use of waste heat. Necessary support in planning the boiler room is the SWOT analysis. Conclusion of SWOT analysis clearly support the business plan for hte operation of a family farm.
Another key factor, that motivates me to expand current boiler room is a continuously rising electricity price. I suppose part of the generated electric power will be used for wood drying, the rest of the energy power is supposed to be sold to CEZ. Revenue from electricity sales should improve my Cash-Flow.
An important source of energy is a waste hot water that will be used for heating lumber drying, rabbit slaughterhouses of Rabbit firm. The rest of hot water waste will be used for heating workshops and residential buildings around.
The main incentive for founding a family farm is request to have enough fuel for the cogeneration unit also in case of external source shortage. The target is to ensure fluent economic operation of whole technological equipment.
My target is an overall economic assessment of the project for extracting of biomass from various sources. After an overall assessment we got conclusion, that the project can be profitable especially due to own production. Services provided by my farm creates significant additional value.
For family farm founding motivates me also unemployment of several family members.
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