The dawn of LNG price reviews in Asia Pacific

2016 ◽  
Vol 56 (2) ◽  
pp. 588
Author(s):  
Edward van Geuns
Keyword(s):  
Oil Prices ◽  
Decision Makers ◽  
Asia Pacific ◽  
New Wave ◽  
Legal Principles ◽  
Price Review ◽  
Key Points ◽  
Legal Challenges ◽  
Gas Price

LNG is often sold under long-term contracts with strong volume commitments from both sides, and a cost linked to the oil price. In volatile commodity markets, parties are under pressure to try to review the price under the agreement, either on the basis of price review clauses, hardship clauses, or by relying on general legal principles. This leads to great commercial and legal challenges for both buyers and sellers. The experience in Europe with gas price reviews can be a source of knowledge for companies on how to deal with price reviews. Long-term gas contracts in Europe also used to be linked to oil prices. This led to a great number of price reviews when oil prices started to soar as of 2005. After that, a new wave of price reviews arose when gas prices decoupled from oil prices in 2009. European gas companies are still dealing with the resolution of those reviews. On the basis of a number of case studies, this extended abstract sets out the key points that have been learned from a decade of price reviews in Europe with a focuses on practical advice for commercial and legal decision makers. It discusses how negotiations on price reviews are best approached; whether parties should voluntarily disclose confidential information about prices (also in view of competition law), and how arbitrators deal with a gas price review.

Gas price reviews in long-term contracts—past, present, and future

2014 ◽  
Vol 54 (2) ◽  
pp. 493
Author(s):  
Craig Langford
Keyword(s):  
Market Price ◽  
Future Price ◽  
The Past ◽  
Price Review ◽  
Gas Market ◽  
Current Price ◽  
Legal Concepts ◽  
Commercial Landscape ◽  
Gas Price

Price reviews in long-term gas contracts have been part of the commercial landscape in the Australian gas market. Any industry senior executive who has been heavily involved in a gas price review, in particular a review involving a gas arbitration, usually asks themselves at the end of the process if a better way exists. How can gas price reviews be improved is the basis of this extended abstract. Analysis of the past, present and future gas price reviews assists this objective. The past considers the historical nature and the commercial philosophy of price reviews addresses questions such as: Why do we need them? What price is a price review trying to establish? What is a market price in the Australian gas market context? Do price reviews determine present or future prices ? The present considers current price reviews, covering topics such as what’s good and bad practice in today’s price reviews, including the arbitration process. The future looks issues such as the role and importance of price reviews in the next 10 years, what’s needed to make gas price reviews obsolete, how do price reviews work in a transitional market with both Australian and US oil-linked-contract prices under review and better commercial and legal concepts for future price reviews.

Determinants of Inflation in Vietnam: A VECM Approach

2015 ◽  
Vol 22 (04) ◽  
pp. 26-50
Author(s):  
Ngoc Tran Thi Bich ◽  
Huong Pham Hoang Cam
Keyword(s):  
Interest Rate ◽  
Crude Oil ◽  
Error Correction ◽  
Budget Deficit ◽  
Oil Prices ◽  
Crude Oil Prices ◽  
Domestic Credit ◽  
Short Run ◽  
The Impact

This paper aims to examine the main determinants of inflation in Vietnam during the period from 2002Q1 to 2013Q2. The cointegration theory and the Vector Error Correction Model (VECM) approach are used to examine the impact of domestic credit, interest rate, budget deficit, and crude oil prices on inflation in both long and short terms. The results show that while there are long-term relations among inflation and the others, such factors as oil prices, domestic credit, and interest rate, in the short run, have no impact on fluctuations of inflation. Particularly, the budget deficit itself actually has a short-run impact, but its level is fundamentally weak. The cause of the current inflation is mainly due to public's expectations of the inflation in the last period. Although the error correction, from the long-run relationship, has affected inflation in the short run, the coefficient is small and insignificant. In other words, it means that the speed of the adjustment is very low or near zero. This also implies that once the relationship among inflation, domestic credit, interest rate, budget deficit, and crude oil prices deviate from the long-term trend, it will take the economy a lot of time to return to the equilibrium state.

Research for a sustainable European sugar sector

2010 ◽  
pp. 487-495
Author(s):  
Martin Bruhns ◽  
Peter Glaviè ◽  
Arne Sloth Jensen ◽  
Michael Narodoslawsky ◽  
Giorgio Pezzi ◽  
...  
Keyword(s):  
Sugar Industry ◽  
Research Priorities ◽  
Decision Makers ◽  
Sustainable Chemistry ◽  
Technology Platforms ◽  
Research Themes ◽  
Starting Point ◽  
Manufacturing Applications ◽  
European Technology

The paper is based on the results of international project entitled “Towards Sustainable Sugar Industry in Europe (TOSSIE)”. 33 research topics of major importance to the sugar sector are listed and briefly described, and compared with research priorities of the European Technology Platforms: “Food for Life”, “Sustainable Chemistry”, “Biofuels”, and “Plant for the Future”. Most topics are compatible with the research themes included in the COOPERATION part of the 7th Framework Program of the EU (2007-2013). However, some topics may require long-term R&D with the time horizon of up to 15 years. The list of topics is divided into four parts: Sugar manufacturing, Applications of biotechnology and biorefinery processing, Sugarbeet breeding and growing, Horizontal issues. Apart from possible use of the list by policy- and decision makers with an interest in sugarbeet sector, the description of each research topic can be used as a starting point in setting up a research project or other R&D activities.

scholarly journals Shades between Black and Green Investment: Balance or Imbalance?

2021 ◽  
Vol 13 (9) ◽  
pp. 5024
Author(s):  
 Vítor Manuel de Sousa Gabriel ◽  
María Mar Miralles-Quirós ◽  
José Luis Miralles-Quirós
Keyword(s):  
Risk Factor ◽  
Oil Prices ◽  
Oil Price ◽  
Short Term ◽  
Environmental Indices ◽  
Long Run ◽  
Green Investment ◽  
Bounds Test

This paper analyses the links established between environmental indices and the oil price adopting a double perspective, long-term and short-term relationships. For that purpose, we employ the Bounds Test and bivariate conditional heteroscedasticity models. In the long run, the pattern of behaviour of environmental indices clearly differed from that of the oil prices, and it was not possible to identify cointegrating vectors. In the short-term, it was possible to conclude that, in contemporaneous terms, the variables studied tended to follow similar paths. When the lag of the oil price variable was considered, the impacts produced on the stock market sectors were partially of a negative nature, which allows us to suppose that this variable plays the role of a risk factor for environmental investment.

scholarly journals Integrated Impact Assessment for Sustainable Hydropower Planning in the Vjosa Catchment (Greece, Albania)

2021 ◽  
Vol 13 (3) ◽  
pp. 1514
Author(s):  
Rebecca Peters ◽  
Jürgen Berlekamp ◽  
Ana Lucía ◽  
Vittoria Stefani ◽  
Klement Tockner ◽  
...  
Keyword(s):  
Impact Assessment ◽  
Planning Process ◽  
Renewable Energy Sources ◽  
Decision Makers ◽  
Catchment Scale ◽  
Northern Greece ◽  
Hydropower Plants ◽  
Hydropower Planning

Mitigating climate change, while human population and economy are growing globally, requires a bold shift to renewable energy sources. Among renewables, hydropower is currently the most economic and efficient technique. However, due to a lack of impact assessments at the catchment scale in the planning process, the construction of hydropower plants (HPP) may have unexpected ecological, socioeconomic, and political ramifications in the short and in the long term. The Vjosa River, draining parts of Northern Greece and Albania, is one of the few predominantly free-flowing rivers left in Europe; at the same time its catchment is identified an important resource for future hydropower development. While current hydropower plants are located along tributaries, planned HPP would highly impact the free-flowing main stem. Taking the Vjosa catchment as a case study, the aim of this study was to develop a transferable impact assessment that ranks potential hydropower sites according to their projected impacts on a catchment scale. Therefore, we integrated established ecological, social, and economic indicators for all HPP planned in the river catchment, while considering their capacity, and developed a ranking method based on impact categories. For the Vjosa catchment, ten hydropower sites were ranked as very harmful to the environment as well as to society. A sensitivity analysis revealed that this ranking is dependent upon the selection of indicators. Small HPP showed higher cumulative impacts than large HPP, when normalized to capacity. This study empowers decision-makers to compare both the ranked impacts and the generated energy of planned dam projects at the catchment scale.

scholarly journals COVID-19 and Its Impact on the Indian Economy

2021 ◽  
pp. 097226292198912
Author(s):  
Vikas Barbate ◽  
Rajesh N. Gade ◽  
Shirish S. Raibagkar
Keyword(s):  
Oil Prices ◽  
Economic Activities ◽  
Short Term ◽  
Indian Economy ◽  
The Great Depression ◽  
Windfall Gain ◽  
Crude Oil Prices ◽  
Tree Approach ◽  
Silver Lining

Pessimism looms large all over. COVID-19 has been projected as worse than the Great Depression of 1930. Everyday analyst and agency reports are diving into new bottoms of a fall-down in economic activities. Indian economy, however, has a slightly different story to tell at this hour of crisis. The silver lining for the Indian economy comes from a steep fall in the crude oil prices from around $70 per barrel to a record 18 years low of $22 per barrel. This windfall gain can, to some extent, offset the direct losses due to COVID-19. At the same time, dreams like a $5 trillion economy no longer look even a remote possibility. This article takes stock of the likely impact of COVID-19 on the Indian economy in the short term and the long term. A decision-tree approach has been adopted for doing the projections.

scholarly journals Assessing the Capacity of Adaptive Policy Pathways to Adapt on Time by Mapping Trigger Values to Their Outcomes

2019 ◽  
Vol 11 (6) ◽  
pp. 1716 ◽  
Author(s):  
Luciano Raso ◽  
Jan Kwakkel ◽  
Jos Timmermans
Keyword(s):  
Monitoring System ◽  
Decision Makers ◽  
Level Of Confidence ◽  
Adaptive Policy ◽  
Misclassification Errors ◽  
The Future ◽  
Adaptive Action ◽  
The Face

Climate change raises serious concerns for policymakers that want to ensure the success of long-term policies. To guarantee satisfactory decisions in the face of deep uncertainties, adaptive policy pathways might be used. Adaptive policy pathways are designed to take actions according to how the future will actually unfold. In adaptive pathways, a monitoring system collects the evidence required for activating the next adaptive action. This monitoring system is made of signposts and triggers. Signposts are indicators that track the performance of the pathway. When signposts reach pre-specified trigger values, the next action on the pathway is implemented. The effectiveness of the monitoring system is pivotal to the success of adaptive policy pathways, therefore the decision-makers would like to have sufficient confidence about the future capacity to adapt on time. “On time” means activating the next action on a pathway neither so early that it incurs unnecessary costs, nor so late that it incurs avoidable damages. In this paper, we show how mapping the relations between triggers and the probability of misclassification errors inform the level of confidence that a monitoring system for adaptive policy pathways can provide. Specifically, we present the “trigger-probability” mapping and the “trigger-consequences” mappings. The former mapping displays the interplay between trigger values for a given signpost and the level of confidence regarding whether change occurs and adaptation is needed. The latter mapping displays the interplay between trigger values for a given signpost and the consequences of misclassification errors for both adapting the policy or not. In a case study, we illustrate how these mappings can be used to test the effectiveness of a monitoring system, and how they can be integrated into the process of designing an adaptive policy.

ROBUST INTERVAL-BASED MINIMAX-REGRET ANALYSIS METHOD FOR FILTER MANAGEMENT OF FLUID POWER SYSTEM

2013 ◽  
Vol 30 (06) ◽  
pp. 1350021
Author(s):  
SONGLIN NIE ◽  
HUI JI ◽  
YEQING HUANG ◽  
ZHEN HU ◽  
YONGPING LI
Keyword(s):  
Power System ◽  
Optimal Strategies ◽  
Decision Makers ◽  
Fluid Power ◽  
Maintenance Cost ◽  
Minimax Regret ◽  
Fluid Power System ◽  
System Maintenance ◽  
Management Alternatives

Fluid contamination is one of the main reasons for the wear failure and the related downtime in a hydraulic power system. Filters play an important role in controlling the contamination effectively, increasing the reliability of the system, and maintaining the system economically. Due to the uncertainties of system parameters, the complicated relationship among components, as well as the lack of effective approach, managing filters is becoming one of the biggest challenges for engineers and decision makers. In this study, a robust interval-based minimax-regret analysis (RIMA) method is developed for the filter management in a fluid power system (FPS) under uncertainty. The RIMA method can handle the uncertainties existed in contaminant ingressions of the system and contaminant holding capacity of filters without making assumption on probabilistic distributions for random variables. Through analyzing the system cost of all possible filter management alternatives, an interval element regret matrix can be obtained, which enables decision makers to identify the optimal filter management strategy under uncertainty. The results of a case study indicate that the reasonable solutions generated can help decision makers understand the consequence of short-term and long-term decisions, identify optimal strategies for filter allocation and selection with minimized system-maintenance cost and system-failure risk.

Deep molecular responses achieved in patients with CML-CP who are switched to nilotinib after long-term imatinib

Blood ◽  
2014 ◽  
Vol 124 (5) ◽  
pp. 729-736 ◽  
Author(s):  
Timothy P. Hughes ◽  
Jeffrey H. Lipton ◽  
Nelson Spector ◽  
Francisco Cervantes ◽  
Ricardo Pasquini ◽  
...  
Keyword(s):  
Minimal Residual Disease ◽  
Residual Disease ◽  
Molecular Responses ◽  
Key Points ◽  
Treatment Free Remission ◽  
Minimal Residual

Key Points Nilotinib induced deeper molecular responses than continued imatinib in patients with minimal residual disease on long-term imatinib. These deeper responses may enable more patients to benefit from treatment-free remission trials.

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