Lebanon. More precisely, we consider the conversion of photovoltaic and wind energy to electrical ..... the Lebanese University (Tripoli ² Lebanon). The solar ...
4GPGYCDNG'PGTI[KP.GDCPQP
:
4GPGYCDNG'PGTI[KP.GDCPQP
1D]LK0RXED\HG $OL(O$OL
DQG5DFKLG2XWELE
/HEDQHVH8QLYHUVLW\)DFXOW\RI(QJLQHHULQJ
/HEDQRQ
8QLYHUVLW\RI$L[0DUVHLOOH/6,6
)UDQFH
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
4GPGYCDNG'PGTI[
4GXKGYQPTGPGYCDNGGPGTI[UQWTEGU 7KH KXPDQ FRQVXPSWLRQ RI HQHUJ\ EHFDPH GDQJHURXV IRU WKH HQYLURQPHQW DQG LW LV QHFHVVDU\ WR UHFRQVLGHU RXU UHVRXUFHV QRWDEO\ ZKLOH PDNLQJ DSSHDU WKH SDUW RI WKH UHQHZDEOH7KLVVHFWLRQEULQJVXVWRQRWHWKDWWKHUHQHZDEOHUHVRXUFHV FRPLQJIURPWKHVXQ WKH WHUUHVWULDO FRUH DQG IURP WKH SKHQRPHQD RI WLGHV DUH HQRUPRXV RIWHQ FRPIRUWDEO\ DYDLODEOHIRURXUORQJWHUPQHHGV
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
5QNCTGPGTI[ $ SKRWRYROWDLF FHOO LV D VHPLFRQGXFWRU FRPSRQHQW H[SRVHG WR OLJKW JHQHUDWHV DQ HOHFWULF YROWDJH 9WR9DFFRUGLQJWRWKHXVHG PDWWHU 7KHFHOOVDUHMRLQHGEHWZHHQWKHPWR FRQVWLWXWH D VRODU SDQHO 7KH HQHUJ\ UHFHLYHG DW WKH VXUIDFH RI WKH HDUWK N:K YDULHVE\PEHWZHHQN:KDQGN:K\HDU 0XOWRQHWDO
9KPFGPGTI[ 7KHXVHRIWKHZLQGWRSURGXFHHOHFWULFLW\IURPWKHHQHUJ\RIZLQGZDVDOVRH[SORLWHGIRUD ORQJ WLPH 7KLV HQHUJ\ UHSUHVHQWV DQ HQRUPRXV UHVRXUFH N:K ZKRVH H[SORLWDEOH WHUUHVWULDO SDUW LV HVWLPDWHG WR N:K\HDU 0XOWRQ HW DO 7KH SURGXFHG ZLQG HQHUJ\LQUHSUHVHQWVRIWKHWRWDOHOHFWULFLW\SURGXFWLRQ
$KQOCUU ,Q WKH GRPDLQ RI WKH HQHUJ\ WKH WHUP RI ELRPDVV UHJURXSV WKH VHW RI WKH RUJDQLF PDWWHUV FDSDEOHWREHFRPHVRXUFHVRIHQHUJ\7KHVHRUJDQLFPDWWHUVWKDWFRPHIURPWKHSODQWVDUHD VKDSH RI VWRUDJH RI WKH VRODU HQHUJ\ FDSWXUHG DQG XVHG E\ WKH SODQWV WKDQNV WR WKH FKORURSK\OO 7KH ELRPDVV LV DQ HQHUJ\ WKDW FDQ EH FKHPLFDOO\ SROOXWLQJ ZKHQ LW LV EDGO\ XVHG7KHDQQXDOUHQHZDEOHSDUWUHSUHVHQWVHQHUJ\RIDERXWWR N:KRIZKLFK N:KLVH[SORLWDEOH 0XOWRQHWDO
)TCXKVCVKQPCNKPVGTCEVKQPU/QQP5WP 7KHWLGHGHVLJQDWHVWKHRVFLOODWLQJPRYHPHQWRIWKHVHDOHYHOWKDWUHVXOWVIURPWKHDWWUDFWLRQ RI WKH PRRQ DQG WKH VXQ RQ WKH OLTXLG SDUWLFOHV 7KH \HDUO\ HQHUJ\ RI WKH PDULQH FXUUHQWV UHSUHVHQWVDERXWN:K7KHH[SORLWDEOHSDUWLVEHWZHHQDQG N:K 0XOWRQ HWDO
4GPGYCDNG'PGTI[KP.GDCPQP
5WTIGGPGTI[ ,W LVGXH WR WKH DFWLRQ RI WKHZLQG RQ WKH VXUIDFH RI WKH VHDV DQG RFHDQV ,W LV HVWLPDWHG WR N:KRIZKLFK N:KLVWHFKQLFDOO\XVDEOHSHU\HDU 0XOWRQHWDO
)GQVJGTOCNGPGTI[ 7KHWHUUHVWULDOFRUHJLYHVD\HDUO\HQHUJ\RIDERXWN:K7KHH[SORLWDEOHUHVHUYHVDUH RI DERXW N:K 0XOWRQ HW DO 7KH PRVW LPSRUWDQW JHRWKHUPDO SODQWV DUH *KHLVHUHOH²86$ 0: :DLUDNL1HZ=HHODQG 0: .UDIOD²,FHODQG 0: 2FHDQ WKHUPDO HQHUJ\ FRQYHUVLRQ SODQW H[WUDFWV WKH ZDWHU WHPSHUDWXUH EHWZHHQ R& DW VXUIDFHDQGR&DWDGHSWKRIP &LREDQX
'PGTI[KP.GDCPQP ,Q WKH 0HGLWHUUDQHDQ UHJLRQ WKH HQFRXUDJHPHQW RI WKH ELJ VFDOH XVH RI UHQHZDEOH HQHUJ\ FRQVWLWXWHVWKHDOWHUQDWLYHVROXWLRQIRUSRZHUFRQVXPSWLRQLQUXUDO]RQHVWKDWDUHRFFXSLHG E\WRRIWKHWRWDOSRSXODWLRQ+RZHYHULQXUEDQ]RQHVDYDULHW\RIDSSOLFDWLRQVRI UHQHZDEOHHQHUJ\DUHSXWLQDFWLRQVXFKDV WKHGHVDOLQDWLRQDQGZDWHUWUHDWPHQWWKHVRODU KRW ZDWHU SURGXFWLRQ WKH GRPHVWLF DQG LQGXVWULDO JDUEDJH WUHDWPHQW WKH ELRFOLPDWLF DUFKLWHFWXUH HWF 7KXV DQVZHULQJ WKH QHHGV RI HQHUJ\ ZKLOH UHGXFLQJ WKH WURXEOHV LQ WKH FLWLHV RI KLJK DQG PHGLXP GHQVLW\ 7KH VWUXFWXUDO GHPDQG RI WKH 0HGLWHUUDQHDQ FRXQWULHV LQGLFDWHV UHDOLVWLFDOO\ WKDW XS WR RI WKH HQHUJ\ GHPDQG LQ WKLV DUHD FDQ EH IXOILOOHG E\ UHQHZDEOH HQHUJ\ IURP QRZ WLOO DERXW WLPHV WKH \HDUO\ FRQVXPSWLRQ RI $OJHULD 0RURFFRDQG7XQLVLDWRJHWKHU )UHQQ 7KLVFDQEHDFKLHYHGE\WKHLPSOHPHQWDWLRQRI D FRPPRQ YROXQWDU\ VWUDWHJ\ IRU WKH UHQHZDEOH HQHUJLHV LQ WKH UHJLRQ (IIHFWLYHO\ ZH DUH OXFN\ LQ /HEDQRQ WR KDYH D FOLPDWH DOORZLQJ PRUH WKDQ VXQQ\ GD\V SHU \HDU 7KXV /HEDQRQLVNQRZQIRUEHLQJ¶WKHVXQGD\FRXQWU\·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
4GPGYCDNG'PGTI[
,Q/HEDQRQDQGDFFRUGLQJWRDQLQYHVWLJDWLRQGRQHE\WKHPLQLVWULHVRILQGXVWU\DQGSHWURO WKH K\GUDXOLF DQG HOHFWULF UHVRXUFHV DV ZHOO DV WKH VWDWLVWLFDO DGPLQLVWUDWLRQ LW WDNHV RXW DJDLQRILWWKDW x RIRXUQHHGVLQSULPDU\HQHUJ\KDYHEHHQLPSRUWHG7KHUHQHZDEOHHQHUJLHV VRODU ZLQG HWF LQ VSLWH RI D JHRJUDSKLFDO DQG VRFLRHFRQRPLF FRQWH[W DXVSLFLRXV WR WKHLU GHYHORSPHQWUHSUHVHQWHYHQOHVVRILQWKHJOREDOHQHUJL]LQJEDODQFHRIWKLVFRXQWU\ x 7KH\HDUO\FRQVXPSWLRQLQHQHUJ\SHUSHUVRQUHPDLQHGOHVVWKHQWKHZRUOGDYHUDJHDQG UHSUHVHQWVRIWKHRQHRIWKH(XURSHDQ&RPPXQLW\DQGRIWKHRQHRIWKH86$ x 7KH LQYRLFH RI HQHUJ\ LQFUHDVHG LQ LQ UHODWLRQ WR DQG WKLV IROORZLQJ WKH LQFUHDVLQJLQSULFHVRIRLODQGLWVGHULYDWLYHVRQWKHLQWHUQDWLRQDOPDUNHWV x 7KHDQDO\VLVRIILQDOHOHFWULFLW\LQUHODWLRQWRWKHSULPDU\UHVRXUFHVSHUPLWVWRQRWHWKDW WKHHIILFLHQFLHVRIWKHWKHUPDOSRZHUVWDWLRQVGRQ WSDVVDQGWKDWWKHORVVHVRQWKH QHWZRUNVKLJKYROWDJHDQGRIGLVWULEXWLRQDUHHVWLPDWHGWR x 7KHHOHFWULFFRQVXPSWLRQURVHLQWR*:KHLWKHULQLQFUHDVHRILQUHODWLRQ WREXWUHPDLQVHYHQORZHUWRWKHHIILFLHQWQHHGVDQGHVSHFLDOO\WRWKHOHYHORIWKH VHDVRQDOFUHVWVDQGWKHUHVHUYHSRZHUV7KHHOHFWULFSURGXFWLRQLVWRK\GUDXOLFDQG WKHUPDO x 7KHFRPEXVWLRQRIRXUEDVHGHQHUJ\RQWKHK\GURFDUERQV WRQV DQGRWKHUSULPDU\ UHVRXUFHVJLYHRXWLQDLUKDUPIXOVXEVWDQFHVHVWLPDWHGWRPRUHWKHQWRQVRIGXVWV WRQVRI62DQGDVPDQ\RIRUJDQLFFRPSRXQGV,WDOVRSURGXFHGPLOOLRQVRIWRQVRI &2 ZKLFK LV WRQ SHU SHUVRQ DQG SHU \HDU ,W LV JUHDWHU WKHQ WR WKH DYHUDJH SURGXFWLRQRIWKHFRXQWULHVRIWKHUHJLRQ WRQRI&2SHUSHUVRQDQGSHU\HDU
#UWTXG[QPUQNCTCPFYKPFGPGTI[ 5QNCTGPGTI[ $QFLHQW (J\SWLDQV ZRUVKLSHG *RG 5D· RU WKH 6XQ *RG 7KH\ JUDQWHG 5D· WKH VXSUHPH SRZHUDERYHDOO*RGV0RVWOLNHO\WKH\ZHUHQRWWKLQNLQJRIVRODUSRZHUDWWKHWLPHEXWLI WKH\ GLG WKH\ ZRXOG KDYH HYHU\ JRRG UHDVRQ WR GR VR VLQFH PRVW SRZHU UHVRXUFHV LQ RXU SODQWHDUWKFRPHIURPWKLVVDPH6XQRQFHZRUVKLSHG)RVVLOIXHOWKHDUURJDQWHQHUJ\VRXUFH RI WKH HUD IRU H[DPSOH GHVFHQGHG IURP WKH YHU\ RUJDQLFV HYHQWXDOO\ UDQ RQ VRODU SRZHU :RRGK\GUDXOLFHWFDUHWKHRXWFRPHRI¶6RODUSRZHU·2QHWKLQJLQFRPPRQIRUWKHDERYH UHVRXUFHV LV WKDW WKH\ DOO QDWXUDOO\ DQG ¶LQGLUHFWO\· GLYHUW RU VWRUH WKH VXQ SRZHU IRU RXU ODWHUXWLOL]DWLRQ,WVKRXOGEHZRUWKLQYHVWLJDWLQJKRZHYHULQQRYDWLYHPHWKRGVWKDWFRXOG XWLOL]HVRODUSRZHUDVVRRQDVLWDUULYHVIURPWKHJLJDQWLFQXFOHDUSODQWZHXVHGWRFDOO681
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
4GPGYCDNG'PGTI[KP.GDCPQP
7KXVWKHSKHQRPHQRQQDPHGSKRWRYROWDLFHIIHFWFRQVLVWVPDLQO\LQFRQYHUWLQJWKHVRODU OLJKW LQ HOHFWULF HQHUJ\ E\ PHDQV RI VHPLFRQGXFWRUV GHYLFHV QDPHG SKRWRYROWDLF FHOOV *HUJDXG HW DO 7KH SKRWRYROWDLF JHQHUDWRU LV FRQVWLWXWHG RI D VHULHV DQG SDUDOOHO DVVRFLDWLRQ RI WKH QXPEHU RI QHFHVVDU\ PRGXOHV WR DVVXUH WKH UHTXLVLWH HQHUJ\ WR SURGXFW 'H6RWRHWDO
7KHLQGXVWU\RI39PRGXOHVLVVWLOOLQSURJUHVV%HVLGHVWKH\DUHSURGXFHGLQPDQ\IRUPVRU W\SHV LQFOXGLQJ DPRUSKRXV FU\VWDOOLQH DQG PXOWLFU\VWDOOLQH 7KH\ FDQ EH PDGH RI VRPH SDUWLFXODUVHPLFRQGXFWRUPDWHULDOVEXWWKHPRVWDUHPDGHRI6LOLFRQ
7RJHQHUDWHVXIILFLHQWHOHFWULFDOHQHUJ\OLJKWVRXUFHPXVWEHLQWHQVHHVSHFLDOO\EHFDXVHZLWK WKHFXUUHQW39·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¶(OHFWULFDO6RODU3RZHU6XSSO\·
6XQOLJKWLVIUHHEXWWKHHOHFWULFDOSRZHUSURGXFHGIURPLWLVIDUIURPEHLQJFKHDS,QIDFW VRODU HOHFWULFDOSRZHU LVVWLOO RQH H[SHQVLYH FRQYHQWLRQDO PHWKRGV RI HOHFWULFLW\ JHQHUDWLRQ 1HYHUWKHOHVV LQ PDQ\ FDVHV VRODU SRZHU LV TXLWH MXVWLILDEOH DQG LW KDG D ZLGH UDQJH RI DSSOLFDWLRQVLQUHPRWHSODFHV $ERX6DLG
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
7KHFRPELQDWLRQRIWKHVHPRYHPHQWVH[SODLQVWKHGDLO\FKDQJHVLQWKHUHFHSWLRQRIWKHVRODU OLJKWLQSDUWLFXODUSODFHV %HUQDUG 7KHUHDVRQIRUZKLFKWKHHQHUJL]LQJIOX[UHFHLYHG WR VRLOGRHV QRW SDVV :P LV WKDW WKH DWPRVSKHUH PRGLILHV LQ DQ LPSRUWDQW ZD\ WKH GLUHFWUDGLDQFHRIWKHVXQGXHWRWKHIROORZLQJPHFKDQLVPV ,NHJDPLHWDO x DEVRUSWLRQRIOLJKWE\WKHYDULRXVJDVHVFRQVWLWXHQW x GLIIXVLRQE\WKHLUPROHFXOHV x DEVRUSWLRQDQGGLIIXVLRQE\WKHGXVWV
,QDGGLWLRQWKHVRODUIOX[UHFHLYHGRQDVXUIDFHGHSHQGVRQ %HUQDUG x WKHRULHQWDWLRQDQGWKHVODQWRIWKHVXUIDFH x WKHODWLWXGHRIWKHSODFHDQGLWVGHJUHHRISROOXWLRQ x WKHSHULRGRIWKH\HDU x WKHWLPHFRQVLGHUHGLQWKHGD\ x WKHQDWXUHRIWKHFORXG\OD\HUV
4GPGYCDNG'PGTI[
7KHSODFHRIVRODUSDQHOVKRXOGEHFOHDUHGZHOO7KHRULHQWDWLRQRIWKHSDQHOGHSHQGVRQ x WKHLPSDFWDQJOH ,WLVWKHDQJOHIRUPHGE\WKHVRODUSDQHODQGWKHVRODUUD\V7KHRSWLPDO LPSDFWDQJOHLVDQDQJOHRI x WKHVODQWDQJOH ,WLVWKHDQJOHIRUPHGE\WKHVRODUSDQHODQGWKHKRUL]RQWDO x WKH]HQLWKDQJOH ,WLVWKHDQJOHIRUPHGE\WKHVRODUUD\VDQGWKHKRUL]RQWDO
%HVLGHVLWV JUHDW HFRORJLFDO EHQHILWV PDQ\ DSSOLFDWLRQ GHPDQGV VRODU HQHUJ\ VWDUWLQJ IURP UHPRWH FRPPXQLFDWLRQ UHOD\V UHPRWH KRXVHV ZLQWHU DQG VXPPHU UHVRUWV ELOO ERDUGV OLJKWLQJUHPRWHZDWHUSXPSLQJHWF6RPHRIWKHVHV\VWHPVDUHDOUHDG\LQRSHUDWLRQDWWKH WLPHEHLQJ EXWPRVWRIZKLFKDUHIRXQGLQK\EULGV\VWHPVZKHUHZLQGDQGVRODUSRZHUDUH FRPELQHGWRRQHV\VWHPIRUSUDFWLFDODQGRSWLPL]HGRSHUDWLRQ
9KPFGPGTI[ :LQGLVVLPSOHDLULQPRWLRQ,WLVFDXVHGE\WKHXQHYHQKHDWLQJRIWKHHDUWK·VVXUIDFHE\WKH VXQ6LQFHWKHHDUWK·VVXUIDFHLVPDGHRIYHU\GLIIHUHQWW\SHVRIODQGDQGZDWHULWDEVRUEV WKH VXQ·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
/LNHROGIDVKLRQHGZLQGPLOOVWRGD\·VZLQGPDFKLQHVXVHEODGHVWRFROOHFWWKHZLQG·VNLQHWLF HQHUJ\ :LQGPLOOV ZRUN EHFDXVH WKH\ VORZ GRZQ WKH VSHHG RI WKH ZLQG 7KH ZLQG IORZV RYHUWKHDLUIRLOVKDSHGEODGHVFDXVLQJOLIWOLNHWKHHIIHFWRQDLUSODQHZLQJVFDXVLQJWKHPWR WXUQ 7KH EODGHV DUH FRQQHFWHG WR D GULYH VKDIW WKDW WXUQV DQ HOHFWULF JHQHUDWRU WR SURGXFH HOHFWULFLW\ 7KHUH DUH WZR W\SHV RI ZLQG PDFKLQHV XVHG WRGD\ KRUL]RQWDO²D[LV ZLQG PDFKLQHVDQGYHUWLFDOD[LVZLQGPDFKLQHV /DYHUGXUHHWDO
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
$V D UXOH ZLQG VSHHG LQFUHDVHV ZLWK DOWLWXGH DQG RYHU RSHQ DUHDV ZLWK QR ZLQGEUHDNV *RRGVLWHVIRUZLQGSODQWVDUHWKHWRSVRIVPRRWKURXQGHGKLOOVRSHQSODLQVRUVKRUHOLQHV DQG PRXQWDLQ JDSV WKDW SURGXFH ZLQG IXQQHOLQJ :LQG VSHHG YDULHV WKURXJKRXW WKH FRXQWU\,WDOVRYDULHVIURPVHDVRQWRVHDVRQ &KRZGKXU\ &KHOODSLOOD
1HZWHFKQRORJLHVKDYHGHFUHDVHGWKHFRVWRISURGXFLQJHOHFWULFLW\IURPZLQGDQGJURZWK LQZLQGSRZHUKDVEHHQHQFRXUDJHGE\WD[EUHDNVIRUUHQHZDEOHHQHUJ\
4GPGYCDNG'PGTI[KP.GDCPQP
7KHPDMRUSRWHQWLDOGLVDGYDQWDJHVIRUZLQGWXUELQHVDUHQRLVHHIIHFWRQELUGVRISUH\DQG DHVWKHWLFV 1RLVH LV DQ LVVXH ZLWK ZLQG WXUELQHV DV WKH PHFKDQLFDO EODGH DQG URWRU PRYHPHQWV WHQG WR SURGXFH VRPH QRLVH :LWK WKH GHYHORSPHQW RI EHWWHU HTXLSPHQW WKH QRLVHLVVXHLVEHLQJSURSHUO\KDQGOHGDQGQRLVHOHYHOLVUDSLGO\GHFUHDVLQJ6LQFHPRVWRIWKH DSSURSULDWH VLWHV DUH ORFDWHG LQ XQLQKDELWHG ZLQG VZHSW UHPRWH DUHDV DQG VRPHWLPHV RQ PRXQWDLQWRSV LW LV WR EH H[SHFWHG WKDW WKH QRLVH IDFWRU ZLOO EH RI PLQRU LPSRUWDQFH 5HVHDUFKKDVLQGLFDWHGWKDWPDQ\SHRSOHZKRKDGRULJLQDOO\RSSRVHGWKHSUHVHQFHRIZLQG WXUELQHKDGDPXFKPRUHSRVLWLYHIHHOLQJDIWHUWKHWXUELQHVZHUHLQVWDOOHG$VIRUWKHHIIHFW RQELUGVRISUH\LWKDVEHHQIRXQGWKDWWKHSUREDELOLW\RIDELUGKLWWLQJWKHEODGHVLVPLQRU DQG GRHV QRW SUHVHQW D FUHGLEOH WKUHDW WR ZLOG VSHFLHV )LQDOO\ WKH LVVXH RI DHVWKHWLFV LV D KLJKO\ GHEDWDEOH LVVXH 6RPH SHRSOH DUH VWURQJO\ RSSRVHG WR WKH SUHVHQFH RI ODUJH ZLQG WXUELQHV LQ ODQGVFDSH ZKLOH RWKHUV ILQG LW DWWUDFWLYH 'HVSLWH WKHVH FRQFHUQV LW KDV EHHQ SRVLWLYHO\ DVVXUHG WKDW WKH SUHVHQFH RI ZLQG WXUELQH LV D WRXULVW DWWUDFWLRQ $FWXDOO\ ZLQG HQHUJ\ WHFKQRORJ\ LV GHYHORSHG ZHOO HQRXJK WR FRPSOHWH ZLWK QRQUHQHZDEOH VRXUFHV RI HOHFWULFLW\ +RXUL
5QNCTCPFYKPFGPGTI[KP.GDCPQP $CNCPEGQHUQNCTCPFYKPFGPGTI[ 2XUVWXG\LVDFKLHYHGZLWKLQWKH/DERUDWRU\RIHOHFWULFLW\RIWKH)DFXOW\RI(QJLQHHULQJLQ WKH /HEDQHVH 8QLYHUVLW\ 7ULSROL ²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
0RELOH3DQHO
:LQG7XUELQH
$X JX 6H VW SW HP EH U 2 FW RE HU 1R YH P 'H EH U FH P EH U
-X OO\
-X QH
D\ 0
$S ULO
-D QX D )H U\ EU XD U\ 0 DU FK
)LJ&RPSDULVRQEHWZHHQVRODUDQGZLQGHQHUJ\LQN:K
4GPGYCDNG'PGTI[
)URP WKLV ILJXUH RQH FDQ VHH WKDW WKH VRODU HQHUJ\ LV LQFUHDVLQJ IURP -DQXDU\ WR -XQH DQG GHFUHDVLQJIURP-XQHWR'HFHPEHUZKLFKLVDORJLFYDULDWLRQ5HJDUGLQJWRWKHZLQGHQHUJ\ WKLV RQH WDNHV D QRUPDO YDOXHV LQ ZLQWHU DQG DQ LPSRUWDQW YDOXHV LQ -XQH DQG 6HSWHPEHU 7KHVHWZRPRQWKVDUHWKHPRVWLPSRUWDQWRIWKH\HDU)LJXUHUHSUHVHQWVWKHSHUFHQWDJHRI WKHLQYROYHPHQWRIWKHVHWZRW\SHVRIHQHUJLHVVRODUDQGZLQGLQWKHSURGXFWLRQRIWKHWRWDO UHQHZDEOHHQHUJ\ )L[HG3DQHO
0RELOH3DQHO
:LQG7XUELQH
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
'HHKEKGPE[QHUQNCTCPFYKPFGPGTI[EQPXGTUKQP ([SHULPHQWDOUHVXOWVLQGLFDWHWKDWWKHHIILFLHQF\RIWKHXVHGVRODUSDQHOLVHTXDOWR7KDW RIWKHZLQGWXUELQHLV7KHUHIRUHIURPWKHVHUHVXOWVRQHQRWHVWKDWWKHHIILFLHQF\RIWKH ZLQGHQHUJ\FRQYHUVLRQLVWLPHVWKHRQHRIWKHVRODUSDQHO
2TQHKVCDKNKV[QHUQNCTCPFYKPFGPGTI[EQPXGTUKQP 7RFKRRVHWKHPRVWSURILWDEOHW\SHRIHQHUJ\FRQYHUVLRQLWVKRXOGWDNHVRPHK\SRWKHVHV x 7KHN:KLVWKHPHDVXUHPHQWXQLW x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
4GPGYCDNG'PGTI[KP.GDCPQP
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
4GHGTGPEGU $EX6DLG5 6RODU(QHUJ\YLDSKRWRYROWDLF6RODUDQGUHQHZDEOHHQHUJ\²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· QG ,QWHUQDWLRQDO6\PSRVLXPRQWKH+LVWRU\RIWKH(OHFWULFDO(QJLQHHULQJDQGRI7HUWLDU\/HYHO (QJLQHHULQJ(GXFDWLRQ,$6,²5RXPDQLH2FWREUH9ROSS 'H%URH$0 'URXLOKHW6 *HYRUJLDQ9 $SHDNSRZHUWUDFNHUIRUVPDOOZLQGWXUELQHV LQ EDWWHU\ FKDUJLQJ DSSOLFDWLRQV ,((( 7UDQVDFWLRQV RQ HQHUJ\ FRQYHUVLRQ 9RO 1 'HFHPEHU SS 'H6RWR: .OHLQ6$ %HFNPDQ:$ ,PSURYHPHQWDQGYDOLGDWLRQRIDPRGHO IRUSKRWRYROWDLFDUUD\SHUIRUPDQFH6RODU(QHUJ\(/6(9,(5SS )UHQQ% 5HQHZDEOHHQHUJ\6RODUDQGUHQHZDEOHHQHUJ\²/HEDQRQJXLGHSS *HUJDXG2 0XOWRQ% %HQ$KPHG+ $QDO\VLVDQGH[SHULPHQWDOYDOLGDWLRQRI YDULRXV SKRWRYROWDLF V\VWHP PRGHOV WK ,QWHUQDWLRQDO (/(&75,0$&6 &RQJUHVV 0RQWUpDOSS +RXUL$ :LQGHQHUJ\6RODUDQGUHQHZDEOHHQHUJ\²/HEDQRQ*XLGHSS
4GPGYCDNG'PGTI[
,NHJDPL 7 0DH]RQR 7 1DNDQLVKL )
