The document provides an overview of the ICIS European Power Trading Report for the full year of 2014. The report analyzes market developments in European power markets, including established and emerging markets. It covers topics like trading activity and liquidity, price drivers, supply and demand fundamentals, and cross-border trading. The report is intended to help readers understand market changes, identify trading opportunities, and make strategic planning decisions.
The retail sector in Poland is experiencing solid growth supported by strong household spending, however challenges remain. Retail sales have increased as unemployment has fallen and wages have risen, supported by factors like low inflation and interest rates. However, intense competition and a 1.5 year period of deflation have constrained retailer profits. While domestic demand will support continued growth in retail, new taxes on large retailers and ongoing competitive pressures pose risks going forward. Foreign chains remain dominant in grocery stores, which make up the majority of the Polish retail sector.
Highlights:
* Fastest GDP growth in 6 years
* Inflation slightly down
* Dynamic year for retail trade
In Focus.
Four years in the euro area – have the promises come true? author: Egils Kaužēns
"Highlights":
* Inflation stabilizes, main risk stems from oil price fluctuations
* Manufacturing retains high growth momentum
* Exports of goods increase volume and diversity
"In Focus":
* Tax reform, autors: Kārlis Vilerts
"Highlights":
* 2016 passed in expactations of investment and in the environment of weak external demand
* Wages grew at a slower rate last year
* Current account recorded a surplus of 369.5 million euro or 1.6% of GDP in 2016
"In Focus":
* Foreign direct investment globally and in Latvia, autore: Santa Bērziņa
Highlights:
- Broad-based growth drives GDP acceleration
- Inflation has reached its upswing potential
- Increase in external demand accelerates external trade
In Focus:
- "The importance of high value added services exports is growing for Latvia's economy" by Linda Vecgaile
"Highlights"
* Manufacturing growth accelerated in the second half of 2016
* Retail trade reported higher growth at the end of 2016
* Consumer prices pick up reflecting an increase in commodity prices
"In Focus":
* Reshaping of Latvia's energy sector continues, autors: Igors Kasjanovs
Macroeconomic Developments Report, December 2016Latvijas Banka
Based on data from Latvijas Banka, Central Statistical Bureau of Latvia, Ministry of Finance, and Financial and Capital Market Commission, this publication assesses developments of the external sector and exports, financial market, domestic demand and supply, prices and costs, and balance of payments, and provides forecasts for the economic development and inflation.
Alicja Kulka-Kowalska and Marta Kotwis from FORDATA VDR present current trends in M&A in 2016. This global and local overview was presented during business breakfast „Current Trends in M&A” organized by MARSH.
The retail sector in Poland is experiencing solid growth supported by strong household spending, however challenges remain. Retail sales have increased as unemployment has fallen and wages have risen, supported by factors like low inflation and interest rates. However, intense competition and a 1.5 year period of deflation have constrained retailer profits. While domestic demand will support continued growth in retail, new taxes on large retailers and ongoing competitive pressures pose risks going forward. Foreign chains remain dominant in grocery stores, which make up the majority of the Polish retail sector.
Highlights:
* Fastest GDP growth in 6 years
* Inflation slightly down
* Dynamic year for retail trade
In Focus.
Four years in the euro area – have the promises come true? author: Egils Kaužēns
"Highlights":
* Inflation stabilizes, main risk stems from oil price fluctuations
* Manufacturing retains high growth momentum
* Exports of goods increase volume and diversity
"In Focus":
* Tax reform, autors: Kārlis Vilerts
"Highlights":
* 2016 passed in expactations of investment and in the environment of weak external demand
* Wages grew at a slower rate last year
* Current account recorded a surplus of 369.5 million euro or 1.6% of GDP in 2016
"In Focus":
* Foreign direct investment globally and in Latvia, autore: Santa Bērziņa
Highlights:
- Broad-based growth drives GDP acceleration
- Inflation has reached its upswing potential
- Increase in external demand accelerates external trade
In Focus:
- "The importance of high value added services exports is growing for Latvia's economy" by Linda Vecgaile
"Highlights"
* Manufacturing growth accelerated in the second half of 2016
* Retail trade reported higher growth at the end of 2016
* Consumer prices pick up reflecting an increase in commodity prices
"In Focus":
* Reshaping of Latvia's energy sector continues, autors: Igors Kasjanovs
Macroeconomic Developments Report, December 2016Latvijas Banka
Based on data from Latvijas Banka, Central Statistical Bureau of Latvia, Ministry of Finance, and Financial and Capital Market Commission, this publication assesses developments of the external sector and exports, financial market, domestic demand and supply, prices and costs, and balance of payments, and provides forecasts for the economic development and inflation.
Alicja Kulka-Kowalska and Marta Kotwis from FORDATA VDR present current trends in M&A in 2016. This global and local overview was presented during business breakfast „Current Trends in M&A” organized by MARSH.
This report provides updated facts and figures on the evolution of the national energy market. For the oil, gas, coal and power markets, the report details the market organisation, institutions regulating the market, and energy policy of the country. Energy companies active on the market are analysed. Domestic production, capacities, exchanges, consumption by sector and market shares are provided. Energy prices levels and taxes are described. Finally, the driving issues, and the market prospects are proposed.
The document discusses several potential consequences of Brexit:
1. There is a risk that Brexit could encourage similar referendum movements in other EU member states, though a recent election in Spain showed voters may turn to mainstream parties in times of uncertainty. Accordingly, Brexit could lead to stabilization rather than further fragmentation in the EU political landscape.
2. The economic impact of trade and currency effects is expected to be limited and positive for the EU as a whole, but negative for Ireland due to its high level of exports to the UK. The EU only exports around 6% of goods to the UK, so export losses there may be offset by gains elsewhere due to a weaker euro.
3. There is potential for loss of confidence
"Highlights":
* Manufacturing growth supported by nearly all sectors
* Exports regain pace
* Inflation boosted by global food prices growth while oil prices decrease
"In Focus":
* Comparison of the Baltic States' exports, author Daina Pelēce
The Latvian economy experienced its strongest growth since 2012 in the second quarter of 2017, with GDP increasing 4.1% year-on-year. Growth was driven by accelerating construction sector investment and EU structural fund absorption against a backdrop of gradual lending market recovery. Manufacturing continues to be a strong contributor to growth, supported by favorable conditions in major trading partners, while the retail sector also picked up pace in Q2 after moderate growth in late 2016 and early 2017. If current trends persist, GDP growth could be higher than previously expected.
Highlights:
- Current account reflects the recovering investment activity
- Annual inflation continues hovering around 3%
- GDP growth exceeds expectations and leads to revised forecasts
In Focus:
- Latvia 2017: Back to growth and structural reforms, by Mārtiņš Grāvītis
This document provides a quarterly industry report from Dun & Bradstreet for Q2 2016. It includes analysis of the UK and global economic outlooks, payment trends in the UK, business failures, and risk comparisons across industries. The UK economic growth forecast for 2017 is maintained at 0.4% due to Brexit uncertainty potentially lasting 2.5 years. Global growth is projected to slow to 2.2% in 2016 from economic impacts related to the UK's vote to leave the EU. The report also finds that large UK businesses continue to pay suppliers more slowly than small businesses.
"Highlights":
* Healthy growth, but caution warranted
* Inflation growth decelerating
* Recovery of imports increased current account deficit
"In Focus":
* Does the financing from the EU structural funds improve the competitiveness of Latvian businesses?, autors: Oļegs Krasnopjorovs
Macroeconomic Developments Report, June 2017Latvijas Banka
Based on data from Latvijas Banka, Central Statistical Bureau of Latvia, Ministry of Finance, and Financial and Capital Market Commission, this publication assesses developments of the external sector and exports, financial market, domestic demand and supply, prices and costs, and balance of payments, and provides forecasts for the economic development and inflation. The publication is available only in electronic form.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
"Highlights":
* Macroeconomic recovery expected in 2017
* Budget deficit target met; financing of priorities in 2017
* Stable growth in both loans and deposits
"In Focus":
* The tourism industry in Latvia as a Mirror of the Economy, autore: Linda Vecgaile
The document summarizes recent economic developments in Russia. It notes that while external factors like rising oil prices and capital inflows have provided some relief, domestic vulnerabilities remain. The economy contracted sharply in 2009 but the rate of contraction slowed in the third quarter. Expansionary fiscal and monetary policies are mitigating the downturn but risks remain from growing deficits, weak corporate balance sheets, unemployment, and an still recovering banking sector. Growth is forecast to recover to 4.3% in 2010 but the medium term outlook is muted without reforms to address financial imbalances and boost productivity and competition. Domestic demand from households and businesses remains weak.
In February 2013, Latvian exports grew 9.6% year-over-year, led by growth in exports of wood and electrical machinery. Exports to Germany and Russia increased the most month-over-month. While Latvian exporters remained competitive, confidence declined in eurozone countries like Germany and Estonia. However, optimism outside the eurozone and growth in key sectors indicated Latvian exports would continue growing in 2013, albeit at a lower rate than 2012 depending on external demand.
The merchandise trade deficit widened in June, hitting yet another record of $3.6 billion, and much worse than expected. The gap was up from $3.5 billion in May (revised from $3.3 bln). Exports finally managed to rise after a nasty skid in the prior four months, when they dropped by a cumulative 10%.
But even that is not good news, as the modest 0.6% gain was entirely due to higher prices, as volumes fell a
hefty 1.4%.
Meantime, imports rose 0.8% and volumes were up 0.7%. This suggest that trade will drag even more heavily on overall growth in Q2, as we expect real net exports to chop more than 4 percentage points from GDP. We are quite comfortable being on the low side for Q2 GDP—we are now looking for a 2.0% drop in Q2, versus the BoC’s latest assumption of -1.0%, and today’s figures put the risks squarely to the downside.
We do look for some recovery in trade and overall growth in Q3, but suffice it to say that today’s brutal trade results cast some serious doubt on the Bank of Canada’s
This document provides a summary of Bahrain's energy market. It details the country's energy institutions and policy, key energy companies, domestic energy supply and consumption trends. The report contains statistics on energy production, imports/exports, consumption by sector. It analyzes issues facing Bahrain's energy market and prospects for the future. Tables and graphs present data on economic indicators, supply/demand, energy balances, and consumption trends from 1970-2008.
From ELANA Trading: Macroeconomic and Market Outlook 2015 „Bulgaria: Back on ...ELANA Group
This research report offers a thorough view on the major macroeconomic trends in Bulgaria, looking also into all internal and external factors such as crisis in Russia and Ukraine, as well as Greece turmoil. The outlook includes a snapshot of the Bulgarian stock market and its movers & shakers as well as ELANA Trading analysts top picks.
Some analysts points:
- We are cautious for 2015, but looking for a GDP growth pick up in 2016.
- Factors to watch during in 2015 would be the first decisive moves for reforms of the new coalition government, Greece and the crisis in Ukraine.
- The recent capital market decline provides good buying opportunities in various sectors as banks and financial services, electrical equipment, pharmaceuticals, etc.
- Upcoming IT IPO to boost market vitality.
The document discusses the economic impact of Brexit on the global economy. It finds that Brexit will negatively impact UK and EU growth in the short-term due to increased uncertainty from the withdrawal process. UK GDP growth is projected to slow from 2.5% to 1.7% in the coming years as investment and consumption weaken. EU growth will also slow but only modestly given the UK's smaller share of EU trade. The impact on other regions is expected to be small.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
This report provides updated facts and figures on the evolution of the national energy market. For the oil, gas, coal and power markets, the report details the market organisation, institutions regulating the market, and energy policy of the country. Energy companies active on the market are analysed. Domestic production, capacities, exchanges, consumption by sector and market shares are provided. Energy prices levels and taxes are described. Finally, the driving issues, and the market prospects are proposed.
The document discusses the establishment of the Eurasian Economic Union between Russia, Belarus, and Kazakhstan, which aims to integrate their economies and allow free movement of goods, services, capital, and people. Prime Minister Putin hopes this will strengthen economic and trade ties between the former Soviet states. The new union has caused some short-term operational difficulties for freight operators. Looking forward, the union may bring the countries closer economically and politically under Russian influence while expanding the market for Russian and local businesses.
Hub design and third party access in Germany-Stefan MüllerOrkestra
1. The GASPOOL hub connects gas markets in Germany, Poland, the Czech Republic, Denmark, Belgium and the Netherlands, creating a large trading area for over half of Germany's consumed natural gas.
2. Since the launch of the GASPOOL hub, the number of potential trading participants has tripled and trading volumes have increased significantly.
3. Germany uses an entry-exit model for third party access, with non-discriminatory access to transmission networks, a virtual trading point, and standardized rules established through cooperation between system operators.
Institutional Aspects of Gas Hub Design-Frederick BernthalerOrkestra
This document discusses the institutional aspects of gas hub design and the development of the Central European Gas Hub (CEGH). It provides an overview of CEGH's operations, including its OTC market, gas exchange, and role as the operator of Austria's virtual trading point. As virtual trading point operator, CEGH is responsible for electronically recording trades, providing balancing options, and operating the market in a non-discriminatory manner. The document outlines CEGH's independence from vertically integrated energy companies and its obligations around transparency and confidentiality.
This report provides updated facts and figures on the evolution of the national energy market. For the oil, gas, coal and power markets, the report details the market organisation, institutions regulating the market, and energy policy of the country. Energy companies active on the market are analysed. Domestic production, capacities, exchanges, consumption by sector and market shares are provided. Energy prices levels and taxes are described. Finally, the driving issues, and the market prospects are proposed.
The document discusses several potential consequences of Brexit:
1. There is a risk that Brexit could encourage similar referendum movements in other EU member states, though a recent election in Spain showed voters may turn to mainstream parties in times of uncertainty. Accordingly, Brexit could lead to stabilization rather than further fragmentation in the EU political landscape.
2. The economic impact of trade and currency effects is expected to be limited and positive for the EU as a whole, but negative for Ireland due to its high level of exports to the UK. The EU only exports around 6% of goods to the UK, so export losses there may be offset by gains elsewhere due to a weaker euro.
3. There is potential for loss of confidence
"Highlights":
* Manufacturing growth supported by nearly all sectors
* Exports regain pace
* Inflation boosted by global food prices growth while oil prices decrease
"In Focus":
* Comparison of the Baltic States' exports, author Daina Pelēce
The Latvian economy experienced its strongest growth since 2012 in the second quarter of 2017, with GDP increasing 4.1% year-on-year. Growth was driven by accelerating construction sector investment and EU structural fund absorption against a backdrop of gradual lending market recovery. Manufacturing continues to be a strong contributor to growth, supported by favorable conditions in major trading partners, while the retail sector also picked up pace in Q2 after moderate growth in late 2016 and early 2017. If current trends persist, GDP growth could be higher than previously expected.
Highlights:
- Current account reflects the recovering investment activity
- Annual inflation continues hovering around 3%
- GDP growth exceeds expectations and leads to revised forecasts
In Focus:
- Latvia 2017: Back to growth and structural reforms, by Mārtiņš Grāvītis
This document provides a quarterly industry report from Dun & Bradstreet for Q2 2016. It includes analysis of the UK and global economic outlooks, payment trends in the UK, business failures, and risk comparisons across industries. The UK economic growth forecast for 2017 is maintained at 0.4% due to Brexit uncertainty potentially lasting 2.5 years. Global growth is projected to slow to 2.2% in 2016 from economic impacts related to the UK's vote to leave the EU. The report also finds that large UK businesses continue to pay suppliers more slowly than small businesses.
"Highlights":
* Healthy growth, but caution warranted
* Inflation growth decelerating
* Recovery of imports increased current account deficit
"In Focus":
* Does the financing from the EU structural funds improve the competitiveness of Latvian businesses?, autors: Oļegs Krasnopjorovs
Macroeconomic Developments Report, June 2017Latvijas Banka
Based on data from Latvijas Banka, Central Statistical Bureau of Latvia, Ministry of Finance, and Financial and Capital Market Commission, this publication assesses developments of the external sector and exports, financial market, domestic demand and supply, prices and costs, and balance of payments, and provides forecasts for the economic development and inflation. The publication is available only in electronic form.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
"Highlights":
* Macroeconomic recovery expected in 2017
* Budget deficit target met; financing of priorities in 2017
* Stable growth in both loans and deposits
"In Focus":
* The tourism industry in Latvia as a Mirror of the Economy, autore: Linda Vecgaile
The document summarizes recent economic developments in Russia. It notes that while external factors like rising oil prices and capital inflows have provided some relief, domestic vulnerabilities remain. The economy contracted sharply in 2009 but the rate of contraction slowed in the third quarter. Expansionary fiscal and monetary policies are mitigating the downturn but risks remain from growing deficits, weak corporate balance sheets, unemployment, and an still recovering banking sector. Growth is forecast to recover to 4.3% in 2010 but the medium term outlook is muted without reforms to address financial imbalances and boost productivity and competition. Domestic demand from households and businesses remains weak.
In February 2013, Latvian exports grew 9.6% year-over-year, led by growth in exports of wood and electrical machinery. Exports to Germany and Russia increased the most month-over-month. While Latvian exporters remained competitive, confidence declined in eurozone countries like Germany and Estonia. However, optimism outside the eurozone and growth in key sectors indicated Latvian exports would continue growing in 2013, albeit at a lower rate than 2012 depending on external demand.
The merchandise trade deficit widened in June, hitting yet another record of $3.6 billion, and much worse than expected. The gap was up from $3.5 billion in May (revised from $3.3 bln). Exports finally managed to rise after a nasty skid in the prior four months, when they dropped by a cumulative 10%.
But even that is not good news, as the modest 0.6% gain was entirely due to higher prices, as volumes fell a
hefty 1.4%.
Meantime, imports rose 0.8% and volumes were up 0.7%. This suggest that trade will drag even more heavily on overall growth in Q2, as we expect real net exports to chop more than 4 percentage points from GDP. We are quite comfortable being on the low side for Q2 GDP—we are now looking for a 2.0% drop in Q2, versus the BoC’s latest assumption of -1.0%, and today’s figures put the risks squarely to the downside.
We do look for some recovery in trade and overall growth in Q3, but suffice it to say that today’s brutal trade results cast some serious doubt on the Bank of Canada’s
This document provides a summary of Bahrain's energy market. It details the country's energy institutions and policy, key energy companies, domestic energy supply and consumption trends. The report contains statistics on energy production, imports/exports, consumption by sector. It analyzes issues facing Bahrain's energy market and prospects for the future. Tables and graphs present data on economic indicators, supply/demand, energy balances, and consumption trends from 1970-2008.
From ELANA Trading: Macroeconomic and Market Outlook 2015 „Bulgaria: Back on ...ELANA Group
This research report offers a thorough view on the major macroeconomic trends in Bulgaria, looking also into all internal and external factors such as crisis in Russia and Ukraine, as well as Greece turmoil. The outlook includes a snapshot of the Bulgarian stock market and its movers & shakers as well as ELANA Trading analysts top picks.
Some analysts points:
- We are cautious for 2015, but looking for a GDP growth pick up in 2016.
- Factors to watch during in 2015 would be the first decisive moves for reforms of the new coalition government, Greece and the crisis in Ukraine.
- The recent capital market decline provides good buying opportunities in various sectors as banks and financial services, electrical equipment, pharmaceuticals, etc.
- Upcoming IT IPO to boost market vitality.
The document discusses the economic impact of Brexit on the global economy. It finds that Brexit will negatively impact UK and EU growth in the short-term due to increased uncertainty from the withdrawal process. UK GDP growth is projected to slow from 2.5% to 1.7% in the coming years as investment and consumption weaken. EU growth will also slow but only modestly given the UK's smaller share of EU trade. The impact on other regions is expected to be small.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
This report provides updated facts and figures on the evolution of the national energy market. For the oil, gas, coal and power markets, the report details the market organisation, institutions regulating the market, and energy policy of the country. Energy companies active on the market are analysed. Domestic production, capacities, exchanges, consumption by sector and market shares are provided. Energy prices levels and taxes are described. Finally, the driving issues, and the market prospects are proposed.
The document discusses the establishment of the Eurasian Economic Union between Russia, Belarus, and Kazakhstan, which aims to integrate their economies and allow free movement of goods, services, capital, and people. Prime Minister Putin hopes this will strengthen economic and trade ties between the former Soviet states. The new union has caused some short-term operational difficulties for freight operators. Looking forward, the union may bring the countries closer economically and politically under Russian influence while expanding the market for Russian and local businesses.
Hub design and third party access in Germany-Stefan MüllerOrkestra
1. The GASPOOL hub connects gas markets in Germany, Poland, the Czech Republic, Denmark, Belgium and the Netherlands, creating a large trading area for over half of Germany's consumed natural gas.
2. Since the launch of the GASPOOL hub, the number of potential trading participants has tripled and trading volumes have increased significantly.
3. Germany uses an entry-exit model for third party access, with non-discriminatory access to transmission networks, a virtual trading point, and standardized rules established through cooperation between system operators.
Institutional Aspects of Gas Hub Design-Frederick BernthalerOrkestra
This document discusses the institutional aspects of gas hub design and the development of the Central European Gas Hub (CEGH). It provides an overview of CEGH's operations, including its OTC market, gas exchange, and role as the operator of Austria's virtual trading point. As virtual trading point operator, CEGH is responsible for electronically recording trades, providing balancing options, and operating the market in a non-discriminatory manner. The document outlines CEGH's independence from vertically integrated energy companies and its obligations around transparency and confidentiality.
How to Establish a Proper Working Gas Hub-Laurent RemyOrkestra
The document discusses establishing a proper gas trading hub. It provides an overview of the Belgian gas trading landscape and the Zeebrugge hub's development over time. The Zeebrugge hub was established in 1999 and has evolved its services and agreements to increase liquidity and meet market needs. It now includes both physical and notional trading points. Key factors for hub success include sufficient infrastructure, many buyers and sellers, standard contracts, and responsive evolution to the market.
La formación profesional en la especializacion inteligente de las regionesOrkestra
1. El por qué de las estrategias de especialización inteligente
1.1. Del modelo lineal a los sistemas de innovación
1.2. Las estrategias de especialización inteligente
Los centros de FP y las prioridades verticales
Los centros de FP y las prioridades horizontales
3.1. La FP inicial
3.2. La FP para el empleo
3.3. Otras funciones no tradicionales: prestación de servicios, emprendimiento, y cooperación y desarrollo territorial
4. Resumen y conclusiones
This document is a court opinion from the United States Court of Appeals for the District of Columbia Circuit regarding a dispute over the expansion of the Fort Lauderdale-Hollywood International Airport. The Federal Aviation Administration approved Broward County's plan to extend a runway and close another, over objections that an alternative plan would be preferable environmentally. The opinion finds that the FAA approval is a final order, the petitioners have standing, and that the FAA did not act arbitrarily or in violation of relevant statutes in approving the county's plan rather than the alternative.
Dokumen tersebut merupakan laporan analisis website Fulltrek.com yang dilakukan oleh kelompok 1. Laporan ini menganalisis berbagai aspek website seperti konten, tampilan, fitur, dan konektivitasnya. Secara umum ditemukan bahwa website sudah menarik namun masih perlu pengembangan lebih lanjut pada desain, konten, dan jejaring sosialnya.
El documento habla sobre el acoso escolar o bullying y ofrece recomendaciones generales para prevenirlo. Explica que el bullying implica maltrato físico, verbal o psicológico repetido entre estudiantes. Las recomendaciones incluyen mantener buena disciplina y supervisión de estudiantes, establecer claramente las reglas de la escuela y acciones ante bullying, actuar rápido ante sospechas de acoso, estar abiertos a quejas de estudiantes y padres, e impartir educación en valores.
This is the presentation from our workshop during the StartSummit at HSG St. Gallen. Our topic was: Sustainovation – Which innovations are required for corporations to actually become sustainable?
The city of Dania Beach was awarded a $30,000 waterfront revitalization grant from the Florida Department of Environmental Protection, which the city is matching with $80,000. The grant will fund a one-year planning process to develop a concept plan for revitalizing the eastern waterfront area between John U. Lloyd State Park and Hollywood. The planning process will focus on improving aesthetics, functionality, safety, and connectivity while considering climate change impacts and environmental enhancement.
Este documento describe los recursos digitales y su utilidad para la educación. Explica que los recursos digitales pueden ser usados para aprender en cualquier momento y lugar, profundizar el aprendizaje, debatir ideas y colaborar con otros. También presenta seis niveles de integración de las tecnologías de la información y la comunicación en el aula, desde una preintegración básica hasta una integración experta.
The document discusses TIM Participações' industrial plan for 2014-2016. It begins with statements regarding forward-looking projections and uncertainties. It then provides an overview of TIM's 2013 year-to-date financial and operational results, noting consistent performance despite a changing macroeconomic scenario in Brazil. Finally, it outlines TIM's strategic positioning and opportunities in the mobile and fixed markets in Brazil, and provides guidance for total revenues, EBITDA, and CAPEX from 2013-2016.
This document provides a summary of TIM Brasil's performance and strategy. Some key points:
- TIM Brasil showed operational and financial improvements in 3Q 2016, with increasing revenue, EBITDA, and postpaid subscriber additions.
- The company is focusing on improving its customer base mix, growing its postpaid segment while maintaining prepaid leadership.
- TIM Brasil has the largest 4G network in Brazil and is continuing to expand coverage while reducing capex.
- The strategy is to transition from a "cheap brand" to a quality operator that can succeed in high-end segments through improved commercial offerings, customer experience, and efficiency.
The document provides an overview and analysis of TIM Brasil's 2014 results. Some key highlights include:
- TIM Brasil achieved solid financial results in 2014, with growth in EBITDA, EBIT, and net income. EBITDA grew 6.4% year-over-year.
- The company's customer base grew 3.4% to reach 75.7 million customers. Data usage also increased substantially.
- TIM Brasil continued focusing on offering innovative plans centered around data and digital services to drive growth. This included plans like "Controle WhatsApp" and shared data plans.
- Revenue from data and digital services rose significantly and accounted for a growing portion of total revenues
Uniform Resource Locators (URLs) are standardized addresses used to locate resources on the Internet. A URL contains the protocol or scheme being used (such as http or ftp), the domain name or IP address of the server, and the path to the specific file or resource. Well-formed URLs follow a general syntax of <scheme>:<scheme-dependent information>. They allow both humans and software programs to directly access electronic resources over various Internet protocols. Key parts of a URL include the scheme, machine or domain name, and path to the targeted file or resource.
1) Social media use by employees can pose risks to employers such as damage to reputation, disclosure of confidential information, and legal liability. 2) A survey found that some employers have terminated employees for social media policy violations such as using email or social networks inappropriately. 3) Employers should establish clear social media policies to educate employees on appropriate use and potential consequences of misuse. The policies should cover expectations for use on company time and personal time as well as examples of proper and improper online behavior.
This is a very short document that appears to be testing SlideShare. It consists of only 3 pages but does not contain any substantial information to summarize in 3 sentences or less. The document mentions testing SlideShare but does not provide any details about what is being tested or the results of the test.
Güneydoğu Avrupada bir Doğal Gaz Merkezi Omer Senkardes_engÖmer Şenkardeş
This document discusses the possibility of establishing a natural gas trading hub in Turkey. It notes that Turkey's large gas market size, diverse supply options, and planned interconnectors make it well positioned to serve as a hub. However, its low current gas turnover ("churn rate") is a challenge. The document recommends liberalizing Turkey's gas market and integrating it into the European market to increase liquidity and the churn rate. It also identifies Greece, Italy, and Austria as potential competitors for establishing a hub to serve Southeast Europe and notes steps each has taken.
"Macroeconomic Developments Report", January 2014Latvijas Banka
The document provides an overview of macroeconomic developments in Latvia and its major trade partners. Some key points:
- The IMF revised downwards GDP growth forecasts for many countries, particularly Russia, Estonia, and Finland. However, forecasts for the Eurozone were unchanged.
- In Q3 2013, exports and imports of Latvian goods contracted year-over-year due to weakening external demand and a strong base effect from previous years. Nevertheless, Latvia continued to expand its export market shares.
- In response to low inflation, the ECB and Latvijas Banka both unexpectedly lowered interest rates in November. Credit growth remained subdued as banks retained excess liquidity.
Etude PwC/Strategy& sur les fusions-acquisitions dans le secteur de l'énergie...PwC France
http://bit.ly/TransactionsEnergie2015
L'étude « Power & Renewables Deals » comprend une analyse de l’ensemble des transactions mondiales dans les domaines de l’énergie, des énergies renouvelables et des technologies propres. Sont couvertes les transactions portant sur la production d’énergie, son transport et sa distribution ; le transport, la distribution, le stockage et les pipelines de gaz naturel ; la vente au détail d’énergie et le nucléaire. Les transactions portant sur les opérations situées en amont de ces activités, comme l’exploration et la production de gaz, sont en revanche exclues de l’étude. L’analyse des énergies renouvelables englobe pour sa part les biocarburants, la biomasse, la géothermie, l’hydraulique (notamment marin), le solaire et l’éolien. Sont couvertes les transactions portant sur l’acquisition de projets de chantiers ou d’exploitation visant la production d’énergie renouvelable ainsi que des entreprises produisant les équipements destinés au secteur. Les transactions portant sur les technologies propres, enfin, sont celles liées à l’acquisition d’entreprises développant des produits à haute efficacité énergétique destinés aux infrastructures des énergies renouvelables.
Notre analyse se fonde sur les transactions publiées dans la base de données « M&A Global » de Dealogic et portant sur l’ensemble des fusions-acquisitions dans les domaines de l’électricité, du gaz et des énergies renouvelables. Cette base de données englobe les transactions annoncées (celles en attente de clôture financière et juridique) et les opérations terminées. La valeur inscrite est celle de la contrepartie annoncée a priori ou posteriori et tient compte des éventuelles dettes ou autres passifs estimés. Les données de comparaison (années ou trimestres précédents) peuvent présenter des différences avec celles de nos précédentes éditions ou autres publications de l’année en cours en cas de mise à jour des informations ou d’affinements de la méthodologie ayant entraîné des modifications de la base de données.
As Central and Eastern European economies found the growing inflation crisis in early 2022 a major obstacle, the biggest uncertainty came with the unprovoked Russian attack on Ukraine. The increasingly unfavourable conditions have resulted in a decline in M&A activity, but not everywhere, and not to the same extent.
M&A Deals in Eastern European Countries-2013Shiv ognito
This document provides an overview and analysis of mergers and acquisitions (M&A) activity in emerging Europe in 2013. Some of the key points covered include:
- Total M&A deal value in emerging Europe declined slightly from 2012 to 2013, dropping from €138 billion to €112 billion. However, the number of deals only declined slightly, from 2,596 deals in 2012 to 2,555 deals in 2013.
- Russia accounted for over 30% of M&A deals by number and over 60% of total deal value. Poland and Turkey had the second and third highest M&A activity levels by number of deals.
- The mining/oil and gas sector saw the highest M&
M&A activity in the o&g industry is at its lowest point in years. The number of deals in the first half of 2016 was 198, an "extremely low" number compared to what it has been in past years.
The document is ExxonMobil's response to the European Commission's Green Paper on energy strategy. It summarizes ExxonMobil's global energy outlook for the next 25 years and provides comments on 6 priority areas in the Commission's paper. The summary highlights that energy demand will continue growing in Europe, oil and gas will remain primary energy sources, and meeting future needs will require large investments and a diversity of energy sources and suppliers. ExxonMobil supports open, competitive energy markets, stable regulation to attract investment, and the key role of gas in Europe's energy future.
The document discusses the European natural gas market and outlines Eurogas's views on ensuring its sustainable development. It makes three key points:
1) Natural gas reserves are abundant globally and gas can play a major role in a sustainable energy future for Europe if external policy and regulatory frameworks make Europe an attractive market.
2) Growth in global gas demand is strong, especially for power generation, and Europe will need to compete for access to concentrated gas reserves in Russia and the Middle East as its domestic production declines.
3) Achieving a fully integrated and competitive European gas market through effective unbundling, market liberalization, and regulatory harmonization can enhance security of supply and benefit consumers, but will require ongoing efforts
The Future of Trade 2022 is the fourth edition of DMCC’s biennial flagship report on the changing nature of global trade. In it, we examine the impact of technology, global economic trends, and geopolitics on the future of trade,
with a focus on trade growth, supply chains, trade finance, infrastructure, and sustainability. The report presents updated scenarios for how trade will develop in 2022 and
beyond, relevant for any reader involved in trade, trade policy, international investment, and the operation of businesses with global value chains.
Economic and real estate indicators for industrial and logistics markets across EMEA remained positive in the first half of 2018, despite protectionism fears and impending barriers to trade in the overall economy. Demand for Grade A industrial and logistics space remained unabated and would have been higher were it not for constrained availability.
http://www.colliers.com/en-gb/emea/research
The Executive Summary for the IEA's 2015 Annual Medium-Term Gas Market Report. This year's report predicts global demand for natural gas will slightly decrease to 2% per year, down from 2014's prediction of 2.3% per year. Why? Asia's demand for natgas will decrease over the next five years. Implication: Some U.S. LNG export facilities will get delayed or even canceled.
Metso Interim Review January-September 2013Metso Group
Metso's orders received in Q3 2013 totaled EUR 1,249 million, down 17% year-over-year due to lower demand from mining and pulp/paper customers and negative currency effects. Net sales were EUR 1,579 million, down 10% year-over-year. EBITA was EUR 143 million, down 17% due to lower profitability at Valmet Automotive. For the full year 2013, Metso estimates net sales and EBITA will be significantly lower than 2012 due to challenges at Valmet Automotive and weaker demand.
This document provides an overview of Snam Group, a European leader in natural gas infrastructure. It discusses Snam's vision, integrated infrastructure network across Europe, management team, and the evolving European natural gas market landscape. The market is expected to become more dependent on imports from outside Europe, requiring further development of infrastructure to transport gas from southern European entry points to consumption areas in northern Europe. Snam aims to efficiently manage gas systems and promote a more integrated European network to support the changing market.
This document provides an overview of Ireland's electricity market and bills, including how power station prices are set half-hourly and impact variable consumer charges. It also discusses factors influencing the Public Service Obligation levy, outlook for weak global energy prices, trends in Irish wholesale electricity prices, and services offered by SmartPower to help businesses optimize electricity procurement and generation.
This document summarizes Poland's response to the European Commission's Green Paper on energy policy. Some key points:
- Poland agrees that energy security should be the dominant priority over competitiveness and sustainable growth. Security of supply is needed before the other goals can be achieved.
- The internal gas and electricity markets need to be completed, but market liberalization should not threaten any member state's energy security or monopolize markets. Supply source diversification is needed before full liberalization.
- Investments in cross-border infrastructure are important but should not deteriorate conditions for domestic energy customers or operators. Financial support programs should account for infrastructure needs across countries.
- Cooperation is needed to prevent and manage energy
Greece has a low productivity economy and high public sector spending, leading to debt problems when borrowing increased after joining the Euro. Reforms have been resisted. The future of the Euro is uncertain pending events in Greece. Lower expected gas prices may offset potential impacts of Euro weakness on energy costs for procurement groups. The deadline for the EU energy efficiency directive is approaching and penalties for non-compliance are uncertain but expected to be around €5,000.
The majority of respondents expect the following:
1) The EU economy will experience low growth in the next two years, with amend & extend and debt buybacks being the most prevalent forms of debt renegotiation.
2) The volume of European restructurings will peak in the second half of 2015 or first half of 2016.
3) Between 10-20% of sub-investment grade companies will face debt restructurings in 2015, marking an increase over 2014.
4) Most debt restructurings will originate from Southern Europe, particularly Italy and Spain.
The Ukrainian Energy Exchange (UEEX) annual report summarizes their activities and achievements in 2019. Some key points:
- UEEX facilitated the transition to Ukraine's daily natural gas balancing market in line with EU standards. They launched a trading platform to help participants balance portfolios.
- They began holding auctions for electricity trading under bilateral agreements, as mandated by Ukrainian law, and helped create a centralized market for this segment.
- Major developments and events helped create more liquid natural gas and electricity markets, including Naftogaz beginning to trade on UEEX and UEEX prices being recognized in government resolutions.
- UEEX expanded to new markets like coal, oil, timber, and integrated new trading technologies. They
Similar to 20150305 icis european trading report 2015 (20)
This document provides the standard terms of reference for environmental impact assessment reports for projects requiring environmental clearance in India. It discusses key concepts in environmental impact assessment, including sustainable development, pollution control strategies, and tools for preventive environmental management. The introduction aims to guide project proponents in preparing EIA/EMP reports and to streamline the process of obtaining environmental clearance.
This document summarizes a report on greenhouse gas mitigation opportunities in India's electricity sector through 2031. It provides an overview of India's electricity sector, including historical energy consumption and emissions trends. Baseline forecasts predict rising electricity production, energy use, and emissions through 2031. The report evaluates options to mitigate emissions growth in the sector, including deploying renewable energy, improving energy efficiency, and adopting cleaner coal technologies. It constructs a marginal abatement cost curve to assess these options and their costs. The analysis aims to inform India's climate policies and implementation strategies.
Technical guidance manual for thermal pp for moef by ilfsProbodh Mallick
This document provides a technical guidance manual for conducting environmental impact assessments of thermal power plants in India. It was prepared by IL&FS Ecosmart Limited for the Ministry of Environment and Forests. The document outlines key aspects of conducting EIAs for thermal power plants, including describing the industrial processes, potential environmental impacts, applicable regulations, and steps in the EIA and decision making process. It provides guidance on scoping, impact assessment, mitigation measures, reporting, and monitoring. The document is intended to help standardize and strengthen EIA practice for thermal power projects in India.
This document summarizes the results of a nationwide study in India to identify potential sites for pumped storage hydropower projects. It identifies 63 sites totaling 96,500 MW of potential capacity. The western region has the largest potential at 41% of the total. Currently, 9 projects totaling 4,785 MW are in operation, though only 2,600 MW are truly operating in pumping mode. 4 additional projects totaling 2,580 MW are under construction. Tentatively, an additional 8,620 MW at 10 sites are planned to be completed by 2030. An additional proposed 1,350 MW project would be included in planning once officially submitted.
The document appears to be an appendix from the Central Electricity Authority related to India's National Electricity Plan. It likely contains supplementary details and data to support the projections and strategies outlined in the main plan for developing India's power sector. In 3 sentences or less, the appendix aims to provide additional information and analysis to aid in India's national electric grid and generation expansion over the coming years.
A turbomachine is defined as a device that transfers energy to or from a continuously flowing fluid using one or more moving blade rows. Turbomachines are classified into two main categories - those that absorb power to increase fluid pressure like compressors and pumps, and those that produce power by expanding fluid to a lower pressure like turbines. They are further categorized based on the flow path, which can be axial, radial, or mixed, and by the compressibility and pressure changes in the fluid flow through the rotor.
Hydropower harnesses the energy of flowing water to generate electricity. Water is diverted from a river or reservoir through a penstock to spin turbines, which turn generators to produce electricity. Advanced turbine designs aim to minimize environmental impacts like fish injury and mortality. The DOE is funding projects to develop more fish-friendly turbine concepts and test designs that use gradual pressure reduction and minimize contact with blades to reduce stress on fish passing through turbines.
This document outlines the Government of Uttarakhand's policy for harnessing renewable energy sources with private sector participation. It aims to tap the state's significant potential for hydroelectric power (estimated at over 20,000 MW), as well as other renewable sources like biomass, waste-to-energy, solar, wind and geothermal power. Specific targets are set to develop over 1,000 MW of renewable capacity by 2020 through micro, mini and small hydro projects (600 MW), cogeneration (220 MW), biomass/waste (300 MW) and other sources. The policy provides measures like tax incentives to encourage private investment and help meet rural energy needs through decentralized renewable projects.
The document discusses accelerating hydropower development in India. It notes that while India has large hydropower potential, only a small portion has been developed so far. Recent renewable energy targets and expected electricity demand increases necessitate greater reliance on hydropower due to its ability to support the grid and balance the variability of renewables like solar and wind. However, hydropower development in India faces barriers like land acquisition challenges, environmental clearances, and lack of long-term power purchase agreements that increase costs. The document proposes an action plan to address these issues and create a level playing field for hydropower to attract more private sector investment and accelerate its development.
The hydropower sector in India has consistently failed to achieve its capacity addition targets each year since 2008-2009. As of November 2017, around 38 hydropower projects totaling 11,650.5 MW were facing significant delays and cost overruns. The average time overrun for hydropower projects is estimated at six years, with some projects delayed by over 10 years. Issues causing delays include land acquisition challenges, lengthy approval processes, rehabilitation concerns of local communities, and geological surprises. Cost overruns have also been substantial, with the average project seeing a breach of about 18.5 billion rupees. To address these issues, the government needs to streamline approvals, engage local communities, provide incentives for timely completion
Cheniere Energy is developing liquefaction facilities at Sabine Pass and Corpus Christi to export natural gas. At Sabine Pass, Trains 1-4 are under construction with fixed price contracts and are expected to come online between late 2015 and 2017. Trains 5-6 are under development. The facilities will have a total capacity of 27 million tonnes per annum. Cheniere has 20-year contracts with major companies to export the LNG.
The document provides an introduction to a booklet on ocean sciences created by the Geological Society of India. It summarizes that the Department of Ocean Development requested the booklet to educate the general public in multiple languages. The Geological Society took on the project with help from experts. The president expresses gratitude to the contributors and hopes the booklet will increase children's interest in ocean exploration.
This document provides an analysis of electricity trading in the over-the-counter (OTC) market for February 2014. It finds that the volume and number of contracts decreased compared to January, and prices were higher in the OTC market than power exchanges. A forward price curve is presented based on OTC contracts, and post-facto analysis finds the weighted average delivery price of OTC contracts was consistently higher than daily exchange prices. Annexes provide additional details on contract volumes and prices by week and participating traders.
The document summarizes regulatory updates in India's renewable energy and REC markets in March 2016. Key points include:
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- State regulators in Maharashtra, Madhya Pradesh, and Jharkhand issued new regulations related to distribution open access, retail electricity tariffs, and forecasting and scheduling of wind and solar projects.
- REC trading volumes increased in March as obligated entities fulfilled their annual RPO targets, though overall RPO compliance remains low with over 1.3 crore unsold RECs remaining.
This document discusses energy efficiency in coal fired power stations in India. It provides statistics on plant load factors, installed capacity by fuel type, and generation by source over time. It also discusses efforts to improve efficiency through adoption of supercritical technology, renovation and modernization programs, retirement of old units, and training programs like IGEN to promote better plant operation and maintenance practices. Overall, the document outlines India's experience with coal power generation and various strategies to enhance efficiency.
The document discusses operations and maintenance (O&M) practices at thermal power stations to improve efficiency. It provides examples from Kyushu Electric Power Co., which has implemented preventative and condition-based maintenance programs. Key measures taken by Kyushu include periodic inspections and replacements, improving boiler components like soot blowers and burners, and rehabilitating turbines by replacing aged parts to maintain efficiency over the plant lifetime.
This document provides an interim report from the Expert Group on Low Carbon Strategies for Inclusive Growth in India. It summarizes the group's approach and work conducted so far. The group was tasked with developing strategies for India's Twelfth Five Year Plan to pursue low carbon inclusive growth. Initial work focused on identifying options to reduce greenhouse gas emission intensity across key sectors of the Indian economy, including power, transport, industry, buildings and forestry. Preliminary analysis suggests emission intensity could be reduced 23-25% by 2022 through determined efforts and 33-35% through more aggressive efforts. Further analysis of costs and macroeconomic impacts is still needed.
This document provides guidelines for the management and handling of phosphogypsum generated from phosphoric acid plants in India. It discusses the phosphoric acid manufacturing process, which produces phosphogypsum as a byproduct. It outlines the characteristics and environmental impacts of phosphogypsum. The guidelines cover best practices for the storage, management, handling, disposal, and beneficial use of phosphogypsum to minimize environmental impacts. It also provides a monitoring protocol for phosphogypsum storage areas.
This document lists 166 accredited EIA consultant organizations in India as of September 5, 2013. It provides details of each organization such as their name, address, contact information, and scope of accreditation based on the sectors and projects types they are approved to work on according to the National Accreditation Board for Education and Training (NABET) scheme. The sectors range from mining and minerals to industries like thermal power plants, cement, textiles, and chemicals. Some organizations have conditional or provisional accreditation.
India is the second largest cement producer in the world, with production expected to reach 550 million tonnes by 2020. The industry is dominated by private players and large cement plants. The largest markets are in South and West India where 77 of the 188 large plants are located. Cement demand is expected to grow robustly due to infrastructure development and the initiative to build 100 smart cities. The long-term potential remains strong with the market characterized by oligopoly and low substitutes. Emerging regions like the North-East offer attractive investment opportunities. Major players are increasing capacity to meet rising demand.
Storytelling is an incredibly valuable tool to share data and information. To get the most impact from stories there are a number of key ingredients. These are based on science and human nature. Using these elements in a story you can deliver information impactfully, ensure action and drive change.
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The Genesis of BriansClub.cm Famous Dark WEb PlatformSabaaSudozai
BriansClub.cm, a famous platform on the dark web, has become one of the most infamous carding marketplaces, specializing in the sale of stolen credit card data.
Industrial Tech SW: Category Renewal and CreationChristian Dahlen
Every industrial revolution has created a new set of categories and a new set of players.
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Unveiling the Dynamic Personalities, Key Dates, and Horoscope Insights: Gemin...my Pandit
Explore the fascinating world of the Gemini Zodiac Sign. Discover the unique personality traits, key dates, and horoscope insights of Gemini individuals. Learn how their sociable, communicative nature and boundless curiosity make them the dynamic explorers of the zodiac. Dive into the duality of the Gemini sign and understand their intellectual and adventurous spirit.
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How are Lilac French Bulldogs Beauty Charming the World and Capturing Hearts....Lacey Max
“After being the most listed dog breed in the United States for 31
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popular canines. The French Bulldog is the new top dog in the
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During the budget session of 2024-25, the finance minister, Nirmala Sitharaman, introduced the “solar Rooftop scheme,” also known as “PM Surya Ghar Muft Bijli Yojana.” It is a subsidy offered to those who wish to put up solar panels in their homes using domestic power systems. Additionally, adopting photovoltaic technology at home allows you to lower your monthly electricity expenses. Today in this blog we will talk all about what is the PM Surya Ghar Muft Bijli Yojana. How does it work? Who is eligible for this yojana and all the other things related to this scheme?
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This presentation is a curated compilation of PowerPoint diagrams and templates designed to illustrate 20 different digital transformation frameworks and models. These frameworks are based on recent industry trends and best practices, ensuring that the content remains relevant and up-to-date.
Key highlights include Microsoft's Digital Transformation Framework, which focuses on driving innovation and efficiency, and McKinsey's Ten Guiding Principles, which provide strategic insights for successful digital transformation. Additionally, Forrester's framework emphasizes enhancing customer experiences and modernizing IT infrastructure, while IDC's MaturityScape helps assess and develop organizational digital maturity. MIT's framework explores cutting-edge strategies for achieving digital success.
These materials are perfect for enhancing your business or classroom presentations, offering visual aids to supplement your insights. Please note that while comprehensive, these slides are intended as supplementary resources and may not be complete for standalone instructional purposes.
Frameworks/Models included:
Microsoft’s Digital Transformation Framework
McKinsey’s Ten Guiding Principles of Digital Transformation
Forrester’s Digital Transformation Framework
IDC’s Digital Transformation MaturityScape
MIT’s Digital Transformation Framework
Gartner’s Digital Transformation Framework
Accenture’s Digital Strategy & Enterprise Frameworks
Deloitte’s Digital Industrial Transformation Framework
Capgemini’s Digital Transformation Framework
PwC’s Digital Transformation Framework
Cisco’s Digital Transformation Framework
Cognizant’s Digital Transformation Framework
DXC Technology’s Digital Transformation Framework
The BCG Strategy Palette
McKinsey’s Digital Transformation Framework
Digital Transformation Compass
Four Levels of Digital Maturity
Design Thinking Framework
Business Model Canvas
Customer Journey Map
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2. ICIS European Power Trading Report
The ICIS European Power Trading Report provides quarterly analysis of market
developments, as well as an outlook for trading prospects over the next year. The in-depth
report not only covers the established power markets of Europe, but also the emerging
markets of Romania, Serbia, Bulgaria and Greece.
The report is vital for those looking for trading opportunities and tracking developments in
European power markets.
Report features
The ICIS European Power Trading Report covers 14 European power markets and gives
readers access to:
The ICIS Power Tradability Index
Full coverage of activity in established and emerging markets
Analysis of the state of OTC markets, counterparties, price drivers, supply and
demand, trading forums and data transparency
An outlook for trading prospects over the next year
Quarterly updates so you are aware of the latest market developments
How can it help?
The ICIS European Power Trading Report provides an independent and expert view of
European power markets. It enables you to:
Gain a better understanding of the key European power markets
Understand market developments that could affect trading prospects
Read crucial market insights
Make decisions about trading positions and prospects
Create strategic plans using ICIS’ independent view
Identify who the major trading partners are
Determine what growth prospects are like in each of the markets
To find out more about the report please contact energysales@icis.com
3. 3European Gas Hub Report: Qx 2015 Update
Liquidity developing fast despite obstacles
Turkey
Turkey’s fast-developing market has drawn interest as well as doubts
from traders and investors scouring for profit.
Turkey’s surging economic growth has boosted energy demand.
Combined with the liberalisation of the electricity sector, these two
factors have supported the launch of a traded electricity market which
has developed fast since ICIS launched the first assessments of over-the-
counter electricity prices in 2011.
Electricity consumption has been growing at an annual 5-6% rate for
the last ten years, while gas use has increased tenfold between 1992-
2014. As we speak, Turkey’s total installed capacity is 70GW, while its gas
consumption in 2015 is expected to reach 50.8bn cubic metres (bcm).
This has attracted new entrants, with the number of new participants
accelerating last year.
However, obstacles to trading remain.
Firstly, the electricity sector has been trapped in a cumbersome cross-
subsidies system established in the late 1990s and which is expected to
die out naturally by the end of this decade. Under current arrangements
around 50% of the total production is still sold to the regulated market
at set tariffs, and the end of this system in the next five years is expected
to encourage a further surge in liquidity.
Secondly, despite attempts to liberalise the gas market, progress has
been slow. This is largely because natural gas is seen as a political tool
in negotiations with neighbouring states, a characteristic that is strong
across the region, with Turkey close to three-quarters of the world’s con-
ventional oil and gas resources.
Turkey’s energy markets were vulnerable to the Russia-Ukraine con-
flict in 2014, as critical volumes feeding the populous western Marmara
region transit the war-torn eastern part of Ukraine. Gas curtailments,
particularly in the western part of Turkey, tend to lead to extensive shut-
down instructions in the electricity sector as the gas transmission system
operator BOTAS has no other means to balance the system. These af-
fected liquidity in the market.
In October, Russian volumes via the western Malkoclar entry point were
halved until the end of November, inducing panic among Turkey’s private
and public companies. Russia never explained the reasons behind the curtail-
ment, but observers noted that volumes increased to the daily contractual
average of 42m cubic metres (mcm) after Ankara conceded to partner up in
a gas pipeline project that would replace the Moscow-backed South Stream.
Worse yet, 2014 proved one of the driest years in the last decade,
undermining hydroelectricity supply. The prospect of supply shortages
ICIS Tradability Index
Contract Spread Points
Day-ahead €0.50/MWh 0
Week-ahead €0.50/MWh 0
Month-ahead €0.50/MWh 0
Two months ahead €0.50/MWh 0
Three months ahead €0.50/MWh 0
One quarter ahead €0.50/MWh 0
Two quarters ahead €0.50/MWh 0
One year ahead €0.50/MWh 0
Two years ahead €0.50/MWh 0
Three years ahead €0.50/MWh 0
Day-ahead €0.30/MWh 0
Week-ahead €0.30/MWh 0
Month-ahead €0.30/MWh 0
Two months ahead €0.30/MWh 0
Three months ahead €0.30/MWh 0
One quarter ahead €0.30/MWh 0
Two quarters ahead €0.30/MWh 0
One year ahead €0.30/MWh 0
Two years ahead €0.30/MWh 0
Three years ahead €0.30/MWh 0
Total 0
Liquidity TWh
Total trade volume
Q1 2014 1.1
Q2 2014 0.8
Q3 2014 2.1
Q4 2014 1.9
October '14 0.5
November '14 0.8
December '14 0.6
A full history of trades data is available. Please contact sales@icis.com
SAMPLE DATA
SAMPLE DATA
4. 4 European Power Trading Report: Full year 2014
led to greater volatility in the short-term market, which changed the
trading pattern on the OTC market.
Traders had focused more on short-term contracts in previous years,
but in 2014, particularly in the second half of the year, they turned their
attention to the back end of the curve. The winter months were simply
deemed too risky to take a position on.
On the positive side, previous barriers to trade have either been over-
come, or seen as less important.
There is some use of the Turkish version of the EFET contract in use
across Europe, helping to increase trading with more standardisation.
However, many other contract arrangements have proliferated, with Turk-
ish counterparties producing their own versions of master agreements.
Other issues such as Turkey’s 0.948% stamp tax, applied on any con-
tracts which carry a financial element, remain in place – but the OTC mar-
ket has continued to develop, in spite of this additional transaction cost.
Aside from typical market-related uncertainties, liquidity is also tak-
ing time to develop as a cultural shift, as the concept of energy trading
becomes more entrenched.
For example, traders are not dedicated to trading, but are also asked
to deal with administrative work as well as planning and following up
existing contracts.
Finally, trading does not happen as seamlessly as in other markets –
traders often have to check with their managers before taking advantage
of opportunities in the market.
THE STATE OF OTC
OTC activity nearly doubled on 2013, with 793 trades reported to ICIS.
These were concluded across four Turkish and EU-based broker screens.
The overwhelming majority were Baseload trades, with only nine
peak, domestic peak or off-peak deals. Comparatively, there were 438
deals on broker screens in 2013.
Just like in previous years, interest focused on the near curve, although
there was an increase in front-year trading in the second half of 2014.
Nevertheless, the trading pattern of 2014 was rather erratic, and a
direct reflection of the intrinsic risk. March and April were the most active
months of the year, but by December, liquidity ebbed away.
The early surge in liquidity was linked to a regulatory change at the
beginning of 2014 which led to the merging of the wholesale and retail
licences into a single supplier licence.
This allowed wholesale licence holders to tap the retail customer base.
At the same time, the market saw a surge in the number of successful
supplier licences issued by the regulator EPDK, with 40 additional licences
issued in 2014, compared with only 12 wholesale trading licence (as was
previously known before) a year earlier.
Nevertheless, market participants’ enthusiasm was tempered by vola-
tility during the year.
It became clear in the first quarter that the country was facing one of
its worst droughts in a decade, which meant that the supply of cheaper
energy generation used to control potential delivery price spikes was
simply not an alternative.
By April, typically the wettest month of the year, dam levels were
less than 30% of the expected average for the period, which meant
that April Baseload out-turned at an average TL160.61/MWh on the
exchange PMUM, the highest level since the establishment of the day-
ahead market for that month.
Fearing similar bullish out-turns in May, traders’ interest turned to
the OTC market, with strong interest in the front month in particular,
accounting for 30 of the 103 deals.
Most trading has concentrated on the near curve, where the level of
risk was deemed reduced.
But interest in front month trading, as a means to lock in volume
and price, waned later in the year, when fears over a gas supply crisis
triggered by a severe curtailment in Russian flows turned to downright
panic. The number of trades reported on screen dropped to around 50 in
October, November and even lower in December.
Interest switched to long-term trading as prompt products were
deemed too risky. A total of 28 Calendar Year 2015 Baseload trades were
reported to ICIS between August and December 2014, compared to only
13 Cal’14 Baseload deals concluded on broker screens throughout 2013.
COUNTERPARTIES
The number of new entrants in the market has more than tripled, from
12 in 2013 to 40 in 2014, bringing their total to 203. The increase can be
explained on two accounts: the rise in liquidity and a regulatory change
at the beginning of the year that led to the merger of the wholesale and
retail licences into a single supplier licence.
Those actively trading on the Turkish OTC market include genera-
tors and wholesale companies, which are mostly interested in securing
volumes and hedging.
The incumbent EUAS has the most installed capacity, and sells the
biggest part of its generation to the state wholesaler TETAS. It also sells a
smaller portion of generation to the day-ahead market PMUM, operated
by grid operator TEIAS.
However, information about the volumes sold to TETAS and PMUM
in 2014 is not available until summer 2015 when the company releases
information about the previous year’s activity.
The more active counterparties are the wholesale companies
which are either Turkish or Turkey-based, including EFT, Esko Enerji,
2MEnerji, GEN-I, Ezpada, Alpiq, TT Group and Limak. Producers such as
Enerjisa, RWE, Fina, OMV, Akenerji are also active, although typi-
cally they sell generation through bilateral contracts rather than on the
OTC market.
Most of the OTC trading is focused on supply, although there are
some incipient forms of speculative trading. There is also a growing vol-
ume of financial trading.
Larger companies are more likely to engage in some speculative trad-
ing, while smaller companies trade to secure volumes for their customers.
Trading is also boosted by cross-border exchanges with Bulgaria and
Greece. A number of companies have entered the market with a focus
on cross-border trading opportunities.
There are on average 12 companies trading on the Bulgarian-Turkish
border taking part in monthly tenders organized by the grid operator
TEIAS. The number increased almost tenfold since limited commercial
flows started in June 2011.
The most active companies are wholesalers such as GEN-I, TT Group,
Celler Elektrik, Alpiq, Limak and Unit Elektrik.
PRICE DRIVERS
The key driver for electricity prices remains natural gas prices. The 9%
increase in the regulated natural gas tariff from 1 October attracted a
similar hike in regulated electricity tariffs, and therefore OTC prices in
the non-regulated market. In contrast to the reaction from the gas mar-
ket, electricity companies said the rise was hefty and even warned at
the time that the December Baseload price would increase to a record
TL200.00/MWh.
However, disruptions in gas supply have also unsettled participants
during 2014.
The first issues occurred in February when a concomitant drop in
imports from Iran, Azerbaijan and Algerian LNG pushed the day-ahead
price to TL217.49/MWh, the highest last year.
5. 5European Power Trading Report: Full year 2014
Other shocks over the year included the curtailment of Russian gas
flows at the beginning of October, without obvious reason, and dropped
to panic-inducing levels of 20mcm/day at the end of November.
This meant that electricity liquidity, which had been relatively robust
earlier in the year, slowed down visibly.
Hydroelectricity is the other form of flexible supply, and participants
pay close attention to hydro levels as the other main flexible form of
generation.
For example, reduced hydro production had also forced generators to
run thermal plants at full throttle, including during the summer period
when daily demand spiked to an all-time high of 41GW on 14 August.
SUPPLY
In 2014, Turkey’s generation increased to nearly 70GW, which placed the
share of the private sector markedly higher than that of the state-owned
company, EUAS.
Turkey’s thermal capacity including natural gas and coal-fired genera-
tion stands at 41.2GW, split between state generator EUAS and private
operators. Hydro capacity is just under 23.5GW, with EUAS the major
producer. Installed wind capacity was 3.5GW at the end of 2014, and
Turkey offers feed-in tariffs to producers, so this figure is rising.
Part of Turkey’s generation is tied up within a superstructure of
subsidisation, with generators such as EUAS or the so-called Build-Own-
Operate (BO), Build-Own-Transfer (BOT) created under private-public
partnerships, which are required to sell their production to the state
wholesaler TETAS at a regulated price.
TETAS, in turn, sells the electricity to distribution companies, which then
offload the volumes to various types of consumers. The system will naturally
die out within the next five years as BOs and BOTs reach their shelf life.
The supply pattern for 2014 changed compared to 2013, as the bulk
of consumption was covered from costlier thermal rather than cheaper
hydro production because of the ongoing drought.
This, combined with a gas and electricity tariff hike at the beginning
of October, boosted the average 2014 delivery value on the exchange
PMUM by nearly 8.5% compared to the 2013 median out-turn.
Throughout the year, Turkey added 3.1GW of thermal generation
(natural gas and coal/lignite), 1.14GW hydro production, 815MW wind
production and 134.2MW of geothermal production, according to ICIS
calculations.
One of the most important changes to Turkey’s generation profile
was the commissioning of the 882MW gas-fired Egemer power plant in
Erzin, southern Turkey, last summer. The plant is operated by Akenerji.
In response to rising electricity demand, a total of 307 producers re-
ceived a generation licence in 2014, of which 198 were for gas-fired pro-
duction totaling 7.97GW. The second most popular fuel was imported
and domestic coal, where 23 applications were received by the regulator
EPDK totalling 3.04GW.
Renewable generation attracted less interest with 22 applications
for hydro production worth 801MW, and three applications for wind
amounting to 76.2MW.
DEMAND
Demand has been on an upward trend for the last ten years, continued
its ascent in 2014, rising by an average 5-6%. The increase came largely
from the industrial sector – particularly construction, steel and cement
production, although the economy has been slowing down, largely
under the impact of slumping EU markets, traditionally Turkey’s largest
trading partners.
Non-eligible consumers with an annual consumption of 5,000KWh or
less, such as households, are supplied by EUAS. If the regulator scraps the
threshold this year as expected, they will be able to choose their suppli-
ers. However, the regulator has not moved to do this to date.
CROSS-BORDER TRADING
Turkey already has active borders with Bulgaria and Greece , and cross-
border capacity typically provides another source of electricity from
imports. Border capacity is usually oversubscribed, with 12 companies
typically active each month.
Under current arrangements Turkey imports 550MW from Bul-
garia and Greece and has an export capacity in the reverse direction of
400MW. Two-thirds of this covers the Bulgarian interconnection, while a
third is earmarked for the Turkey-Greece link.
Cross-border exchanges remain a favourite with Turkey’s wholesale
companies, who have actively taken positions in the monthly auctions
organised by the grid operator TEIAS for the Greek and Bulgarian bor-
ders. However, as the TEIAS exchanges continue to be conducted in a
trial environment overseen by the European Network of Transmission
System Operators (ENTSO-E), the body overseeing the interconnections,
the cross-border capacities remain limited.
This means that companies did not have enough flexibility in import-
ing and exporting energy to and from Bulgaria and Greece to respond to
demand-supply fluctuations.
On Turkey’s eastern border with Georgia, GSE allocates export capacity
to Turkey for each month a year ahead, with TEIAS nominating any Turkish
exports, and these capacities are agreed in November the year before.
If there is more interest in exporting electricity from Georgia than
allocated capacity on the border into Turkey, such as during the summer
months, then GSE as the exporting grid holds a tender. Bidders attend
the tender in person, which is held in Georgia.
Georgia started delayed exports of energy in July and was expected
to crank up capacities on the Borcka-Akhaltsikhe line to 700MW
throughout the summer. However, the allocated capacities were rather
modest and Turkish traders said Georgia was facing limitations on its
energy generation caused by the regional drought. GSE declined to com-
ment at the time.
However, Georgia can also transit energy to Turkey from Russia,
Azerbaijan or Armenia.
The first of these tenders occurred at the end of November, when
the Georgian transmission system operator held a tender for 300MW
of transit capacity during December, awarding it to Global International
Energy Corporation, an off-shore registered company, for electricity
sourced in Russia and flowing to Turkey.
The Russian seller was state company Inter RAO, while the buyer in
Turkey was Karcal Enerji, an Ankara-based subsidiary of the Georgian
transmission system operator.
The auction was decided via closed-envelope bidding, with the ten-
der announced on Friday evening, the bidding closing on the following
Monday, and the decision announced on Wednesday of the same week.
It was unclear what the selling price was, nor where in Russia the
energy was sourced. ICIS later revealed that less than a third of the pro-
posed capacity was eventually allocated by Georgian grid operator GSE,
as the PMUM price in December was lower than expected.
GSE organised a similar auction on 26 December for the transit of
energy on the same 400kV Borcka-Akhaltsikhe line, but failed to attract
any interest.
TRADING FORUMS
The OTC market is gradually expanding its share as more players are
increasingly attracted by the flexibility granted by this arrangement.
Companies continue to trade on broker screens, the most active be-
6. 6 European Power Trading Report: Full year 2014
ing Turkey-based Balkaner, VOLT and Zen, as well as London-based desks
in Tradition and GFI.
Bids and offers are generally posted on screens by brokers. Traders,
however, like to give bids and offers via phone, e-mail or Yahoo Mes-
senger rather than posting to screen.
A large share of trading activity was carried out on the day-ahead ex-
change, PMUM, thanks to more robust delivery prices, although companies
say that the bulk of trading continues to happen on the bilateral market.
Plans to launch EPIAS, the new day-ahead market, were delayed be-
cause of a bureaucratic process involving the platform’s shareholding and
governance structure as well as the calculation of financial contributions
for each participating shareholder.
MARKET TRANSPARENCY
TEIAS, as the operator of the PMUM exchange, has begun to increase the
volume of data published on its website, bringing more clarity on traded
bilateral volumes as well as code instructions issued to power plants for
operating at any given time.
Real-time demand and supply data, however, are still published with
a day’s delay.
OUTLOOK
Gas supply remains an issue in Turkey, causing volatility which could
affect liquidity.
Pipeline volumes via the Western Line remain critical and any inter-
ruptions or reductions could prompt the electricity grid operator TEIAS to
issue load shedding instructions to temper demand.
However, Russian Western Line supplies should be more secure since
transit country Ukraine has pre-paid its own Russian January imports,
easing concerns over supply disruption, despite tensions between Russia
and Ukraine.
There are also rumours that capacity at the BOTAS and the privately
operated Marmara and Aliaga LNG terminals had been fully booked until
the end of February, meaning that the gas system should be well supplied.
Hydro levels were reduced last year amid a severe drought, but ap-
pear much healthier this year, providing the opportunity to compensate
for any potential gas supply reductions, which could also offset volatility
and maintain trading levels.
At the same time, it is important to note that the electricity incumbent
EUAS would aim to use its hydro capacity to cap prices. EUAS typically
sells the bulk of its generation under long-term contracts, but has previ-
ously ramped up sales of hydro generation on the PMUM Day-ahead
market. Low hydro levels in 2014 prevented this, leading to greater
volatility, although reserves have since recovered.
Turkish regulator EPDK is considering scrapping the eligible consumer
threshold, currently pegged at 5,000KWh/year.
This has been gradually reduced over the years, and is likely to be en-
tirely eliminated, creating a theoretical full market opening and encourag-
ing more market participants.
Offsetting this encouragement, many renewable generators have
switched from the free to the regulated market, potentially removing
more need to hedge production on the market. Last December, the
regulator EPDK said a record 5.57GW of wind, solar, hydro, biomass and
geothermal producers had opted to sell under the regulated incentives
scheme, which offered them a fixed tariff at the dollar-equivalent rate on
the day of payment. The flight was prompted by a record depreciation of
the Turkish lira against a euro-US dollar basket.
In examining potential for new suppliers in Turkey, plans by EUAS to
auction off generation will not materialise. EUAS tested the water last
year when it tendered 100MW worth of production, and was expected
to organise subsequent auctions for more volumes. However, this is un-
likely, at least not in the first three quarters of 2015, as EUAS will retain
its generation to ensure security of supply.
Turkey’s privatisation programme also offers opportunities for more
counterparties and greater trading liquidity. The Turkish privatisation
administration OIB has tendered over 5GW of state-owned thermal
capacity in the last two years, and the plan is to privatise 16.5GW of
state-owned generation in total.
The OIB is looking to sell at least 1.5GW of gas-fired generation and
some of the 6GW of state-owned hydro capacity in the new year.
The 1,442MW Bursa combined-cycle gas plant (CCGT) in the north-
western region and the 50MW Hopa gas-fired plant in the east have
been lined up for immediate privatisation, although a firm date is yet to
be announced.
The OIB is also expecting to offload part of the 6GW of hydro genera-
tion held by the incumbent EUAS. The capacity has been divided into 13
portfolios, the smallest one including 238MW and the largest 759MW.
Despite great hopes pinned on the promised increase in cross-
border capacity with Bulgaria and Greece, which has proved attractive
regional traders in search of profit ever since limited commercial flows
started in June 2011, these are unlikely to be fulfilled, at least not in
Q1 2015.
Turkey is finalising its interconnection tests with the European Network
of Transmission System Operators (ENTSO-E), but there is no definite time-
line for stronger links. Plans to more than double the current capacity to
2GW will come once the membership is achieved. Even if Turkey achieves
this goal, grid operator TEIAS is unlikely to crank up the capacity in one go,
as it still needs to upgrade the system to ensure its stability.
At the opposite end of the country, Georgia started its electricity
exports in July 2014, but will not sell any domestically produced energy
until March when it allocated 43.3MW on the line. However, Georgia
may organise further transit tenders from Russia or even Azerbaijan and
Armenia from February.
Finally, the launch of the much-expected day-ahead market, EPIAS,
which will replace the existing PMUM is likely to happen in the first half
of the year, although this vastly depends on finalising its shareholder and
governance structure as well as the technical transfer of logistics from
the old to the new platform. Aura Sabadus