Modelling locational price spreads in competitive electricity markets; applications for transmission rights valuation and replication

The restructuring of the electric utilities industry has forcedindustry participants to rethink their approach to a numberof decision processes. To manage risk and plan investment ingeneration assets, as well as to examine the efficient expansionof the current transmission grid, one needs to have a clearunderstanding of the interaction between the grid propertiesand the behaviour of the regional power markets. In this paperwe discuss a fundamental modelling approach which extracts thestochastic properties of electricity prices by modelling theimpact of physical and economic drivers affecting the production,delivery, and consumption of electricity. If the fundamentalinputs are directly observable, we can use historical data tocalibrate the model parameters. In the case of electricity,this simple and abundant set of training data can make a crucialdifference. We present the bid-based stochastic model (BSM) and look intoits application to valuing of financial derivatives, especiallyoptions based on the locational spread in electricity pricebetween two markets. The advantage of the bid-based model isthat one is able to link the capacity of the transmission line,in megawatts, directly to the correlation between electricityprices at the end nodes. This leads us to a valuation methodfor a locational spread option, the financial equivalent ofa physical transmission right. The model represents an improvementover standard spread option formulation in that it accountsfor the effect of the nonlinear flows in the transmission networkon the correlation and distribution of locational prices. Wealso address the question of whether financial transmissionrights can be replicated with a dynamic portfolio of forwardcontracts at the end nodes. This poses the possibility of model-based arbitrage betweenexisting forward markets and the emerging transmission rightsmarkets. Furthermore, it allows users to simulate the effectof transmission outages or expansion. For example, a for-profittransmission provider who is contemplating addition of a newtransmission line between two markets needs to know whetherhe will be able to recover the fixed cost of investing in theline by selling transmission rights to market participants.By calibrating the bid-based model according to current pricelevels and adding the capacity of the new transmission line,the transmission owner can simulate future cash flows and estimatethe profitability of the investment.     

TLC Separation and Identification of Heavy Metals Present in Cotton Material

JPC – Journal of Planar Chromatography – Modern TLC - Optimization of the separation and identification of heavy metals present in cotton material has been performed by...     

Synthesis and Structure Investigations of Potential Sedative and Anticonvulsant Hydroxy- and Acetoxy-N-(3-oxobutyl)-pyrido[2,3-d]pyridazinonesa

Summary.  Novel N-(3-oxobutyl)-hydroxy- and acetoxypyrido[2,3-d]pyridazinones were synthesized and tested in vivo for their sedative and anticonvulsant activity. The Michael-type reaction of quinolinic acid hydrazide and methyl vinyl ketone afforded a mixture of two isomers, 5-hydroxy-N ⁷-(3-oxobutyl)-pyrido[2,3-d]pyridazin-8(7H)-one and 8-hydroxy-N ⁶-(3-oxobutyl)-pyrido[2,3,-d]pyridazin-5-(6H)-one, in a ratio of 2:1 which were separated by crystallization. Subsequent acetylation of both isomers yielded the corresponding 5- and 8-acetoxy compounds. The structures of the compounds were proven and completely assigned on the basis of ¹H, ¹³C, ¹⁵N NMR, and 1D NOE difference spectra as well as 2D C,H-correlation experiments. Preliminary pharmacological tests showed low acute toxicity with a LD ₅₀ > 1000 mg/kg in the mouse and sedative activity for the title compounds. 5-Acetoxy-N ⁷- (3-oxobutyl)-pyrido[2,3-d]pyridazin-8(7H)-one displayed a borderline anticonvulsant activity in the metrazole test model. Corresponding author. E-mail: edith.goessnitzer@uni-graz.at Received March 20, 2002; accepted April 3, 2002     

Solid-phase synthesis of amidines by the reduction of amidoximes

Amidines can be prepared on a solid support by reducing polymer-bound amidoximes with SnCl₂·2H₂O. The method has proved to be straightforward and highly efficient. Amidoximes attached to the solid support are readily available by treating resin-bound nitriles with hydroxylamine.     

Computational study on mechanistic details of the aminoethanol rearrangement catalyzed by the vitamin B12-dependent ethanolamine ammonia lyase: His and Asp/Glu acting simultaneously as catalytic auxiliaries

The rearrangement of aminoethanol catalyzed by ethanolamine ammonia lyase is investigated by computational means employing DFT (B3LYP/6-31G) and ab initio molecular orbital theory (QCISD/cc-pVDZ). The study aims at providing a detailed account on various crucial aspects, in particular a distinction between a direct intramolecular migration of the partially protonated NH(2) group vs elimination of NH(4)(+). Three mechanistic scenarios were explored: (i) According to the calculations, irrespective of the nature of the protonating species, intramolecular migration of the NH(3) group is energetically less demanding than elimination of NH(4)(+). However, all computed activation enthalpies exceed the experimentally derived activation enthalpy (15 kcal/mol) associated with the rate-determining step, i.e., the hydrogen abstraction from the 5'-deoxyadenosine by the product radical. For example, when imidazole is used as a model system for His interacting with the NH(3) group of the substrate, the activation enthalpy for the migration process amounts to 27.4 kcal/mol. If acetic acid is employed to mimic Asp or Glu, the activation enthalpy is somewhat lower, being equal to 24.2 kcal/mol. (ii) For a partial deprotonation of the substrate 2 at the OH group, the rearrangement mechanism consists of the dissociation of an NH(2) radical from C(2) and its association at C(1) atom. For all investigated proton acceptors (i.e., OH(-), HCOO(-), CH(3)COO(-), CH(2)NH, imidazole), the activation enthalpy for the dissociation step also exceeds 15 kcal/mol. Typical data are 20.2 kcal/mol for Ac(-) and 23.8 kcal/mol for imidazole. (iii) However, in a synergistic action of partial protonation of the NH(2) group and partial deprotonation of the OH group by the two conceivable catalytic auxiliaries Asp/Glu and His, the activation enthalpy computed is compatible with the experimental data. For imidazole and acetate as model systems, the activation enthalpy is equal to 13.7 kcal/mol. This synergistic action of the two catalytic groups is expected to take place in a physiologically realistic pH range of 6-9.5, and the present computational findings may help to further characterize the yet unknown structural details of the ethanolamine ammonia lyase's active site.     

Carbon-bromine cleavage by dimethyl sulfoxide: the key step of C(5) functionalization of push-pull 2-alkylidene-4-oxothiazolidine vinyl bromides

Push-pull 2-alkylidene-4-oxothiazolidine vinyl bromides undergo efficient C(5) functionalization through DMSO-assisted carbon-bromine cleavage, followed by a bromine transfer-substitution (or elimination) sequence. A mechanism for this novel transformation is proposed.     

Quantitative Felddesorptions-Massenspektrometrie. II

Zusammenfassung Die Molekülionen von Gemischen polycyclischer Kohlenwasserstoffe wurden auf der Photoplatte eines hochauflösenden Felddesorptions-Massenspektrometers registriert. Die erhaltenen Schwärzungsintensitäten wurden mit der relativen Konzentration der eingesetzten Mischungskomponenten verglichen. Proben im Mikrogrammbereich ergaben Abweichungen von etwa ± 5%.Wir danken Herrn Dr. H. Güsten, Karlsruhe, für die uns zur Verfügung gestellten polycyclischen Kohlenwasserstoffe und Herrn Dr. W. D. Lehmann für wertvolle Diskussionen. Der Deutschen Forschungsgemeinschaft, dem Ministerium für Wissenschaft und Forschung des Landes Nordrhein-Westfalen sowie dem Fonds der chemischen Industrie danken wir für die finanzielle Unterstützung.     

Characterisation of humic substances using atmospheric pressure chemical ionisation and electrospray ionisation mass spectrometry combined with size-exclusion chromatography

Humic substances were analysed by atmospheric pressure chemical ionisation (APCI) and electrospray ionisation (ESI) mass spectrometry in positive and negative modes. Using APCI the average m/z range of humic substances was reduced 5-fold compared to ESI. High-resolution time-of-flight mass spectrometry revealed the formation of multiply charged molecules in the ESI mode. Moreover, it was possible to obtain daughter ion mass spectra of humic substances by nanospray tandem mass spectrometry. The size-exclusion chromatography elution profile of humic substances was highly influenced by the pH of the analyte solution. By contrast, the pH had no significant influence on the observed mass spectra of humic substances.     

Über die Extrahierbarkeit des Wolfram(VI)-rhodanids

Zusammenfassung Die Anwendbarkeit des Wolfram(VI)-komplexes mit Rhodanid für die analytische Praxis wurde untersucht; durch seine Löslichkeit in organischen Lösungsmitteln eignet sich der Komplex gut zur Trennung von anderen Elementen.Unter Zuhilfenahme des radioaktiven Wolframisotopes¹⁸⁵W konnten die optimalen Extraktionsbedingungen, wie Säure- und Rhodanidkonzentration, rasch ermittelt werden. Bei der Untersuchung verschiedener organischer Lösungsmittel zeigte Amylalkohol sowohl in reiner Form als auch in Mischungen mit Chloroform die besten Extraktionseigenschaften.Da der Komplex zu den stärksten des Wolframs gehört, stören bei der Durchführung von Analysen nur wenige Anionen, am meisten Fluorid. Von den Kationen werden nach Reduktion des Eisens, wozu Ascorbinsäure empfohlen wird, nur wenige andere mitextrahiert; am störendsten wirkt Molybdän, das mitausgeschüttelt wird und anschließend entfernt werden muß. Zur Bestimmung des Wolframs eignet sich dann am besten die Hydrochinonmethode.

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Summary A study was made of the use of tungsten(VI) complex with thiocyanate in analytical practice. Because of its solubility in organic liquids the complex is well suited for separation from other elements.By using the radioactive isotope¹⁸⁵W, the optimal extraction conditions, such as the acid- and thiocyanate concentration, could be rapidly determined. When various organic solvents were tried, it was found that amyl alcohol, either by itself or mixed with chloroform, had the best extraction characteristics.Since the complex is one of the most stable formed by tungsten, only a few anions interfere in the analysis; fluoride causes the most trouble. Among the cations, only a few interfere after the iron has been reduced (ascorbic acid is recommended for this purpose). The greatest interference comes from molybdenum, which is co-extracted and has to be removed subsequently. The hydroquinone method is then the best procedure for determining the tungsten.

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Résumé On a cherché à appliquer le complexe tungstène-VI-thiocyanate à l'analyse. Grâce à sa solubilité dans les solvants organiques, le complexe se prête bien à la séparation d'avec les autres éléments.Au moyen de l'isotope radioactif du tungstène¹⁸⁵W, on a pu trouver rapidement les conditions optimales d'extraction, ainsi que la concentration en acide et en thiocyanate. Après essai de divers agents de dissolution organiques, l'alcool amylique a montré les meilleures propriétés extractives, aussi bien sous sa forme pure qu'en mélange avec le chloroforme.Etant donné que le complexe est l'un des plus robustes du tungstène, seuls quelques anions gênent pour effectuer les analyses, et surtout les fluorures. Parmi les cations, après réduction du fer pour laquelle l'acide ascorbique est recommandé, seuls quelques autres sont extraits avec lui; le molybdène présente l'action la plus gênante, il doit être masqué et séparé complètement. Pour le dosage du tungstène, la méthode à l'hydroquinone convient alors le mieux.

     

Sample preparation in analysis of pharmaceuticals

Sample preparation is a very important and essential step in environmental analysis. This article presents an overview of extraction methods for environmental samples, focusing especially on pharmaceuticals as there is great concern about them as pollutants.