Showing posts with label energy. Show all posts
Showing posts with label energy. Show all posts

Offshore Risk Assessment: Principles, Modelling and Applications of QRA Studies (Springer Series in Reliability Engineering) Review

Offshore Risk Assessment: Principles, Modelling and Applications of QRA Studies (Springer Series in Reliability Engineering)
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This book has 15 chapters, everything from basic definitions, such as PLL, frequency of impairment etc, to chapters where explosion risk modelling are described quite in detail. On an overall basis, I am sure every pro- can learn something from this book. However, it is not a guideline, outlining a stepwise QRA-approach. It is rather a collection of chapters (sometimes with varying quality) where different aspects of risk analysis are discussed. Chapter 10 (Collision Risk Modelling) gives detailed information about both the historical ship collision incidents and a model about how to calculate the collision energy & consequences. Obviously, the section about historical incidents is a bit outdated and include a few misleading information. Appendix A gives an overview of the softwares in the market. Some of the softwares in the list are not supported anymore. Furthermore, RiskSpectrum is a PSA tool, pretty much tailored for nuc- business. To conclude: Mr. Vinnem and his team put a lot of effort into this book. I think everybody can find something they may like in the book.

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Offshore Risk Assessment was the first book to deal with quantified risk assessment (QRA) as applied specifically to offshore installations and operations. This book is a major revision of the first edition. It has been informed by a major R&D programme on offshore risk assessment in Norway (2002-2006). Not only does this book describe the state-of-the-art of QRA, it also identifies weaknesses and areas that need development.

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Refinery Process Modeling Review

Refinery Process Modeling
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It's one of the best technical books I have ever bought. It's very easy to read, gives very good advice and covers the whole subjet. I also like that the author does not try to sell any process simulator. I hate it when an author tries to sell products with his/her books. This one is very good, because you're helped regardless of the process simulator you prefer.
I recommend buying this book very much.

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This book is a practical guide to the steady state modeling of petroleum processes (using commercial simulators).The book bridges the gap between theoretical computer simulator programs and real world refinery processes.It is based on the author's practical experience in modeling refining processes for over 35 years and is the outgrowth of hundreds of training courses he has presented.The simulation techniques are general and may be applied to any commercial simulation program that has the necessary features to model petroleum processes.Features include:. Petroleum characteristics and standard laboratory tests. Procedures for estimating incomplete laboratory test information. Development of pseudo-components to represent petroleum. Practical thermodynamic information. Understandable approach to modeling distillation. General technical information for processes. Test data collection and reconciliation for processes. Simulation techniques for refinery reaction systems. Simulation procedures for processes. Processes included are:-Crude and vacuum distillation-FCC processes-Catalytic reforming processes-Hydrogen processes-Thermal processes-Alkylation processes-Miscellaneous processesThe reader will gain a working knowledge of the petroleum refiningprocesses.The tips and tricks presented in this book will help thereader avoid the time consuming pitfalls so often encountered whendeveloping simulation models.The book contains a glossary of petroleum and chemical engineeringterminology and an extensive index.

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Stochastic Modeling of Electricity and Related Markets (Advanced Series on Statistical Science and Applied Probability) Review

Stochastic Modeling of Electricity and Related Markets (Advanced Series on Statistical Science and Applied Probability)
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I am currently working as a quant in one of the larger energy companies.
All in all, I find the book among the most versatile and to the point in day to day challenges for quants in the energy market. It has a really good balance and connection between theory, real life markets and challenges and empirical findings. You should be fairly accustomed to Stochastic calculus (e.g. Ito-calc) to benefit from the technical chapters in the book.
The book is very systematic and pedagogic in its form combined with a very theoretic core. Opposed to many similar books, the text around the mathematics is guiding you in your decisions and literally full of references which will help you further in solving problems in the real world. An especially good thing about the text is all small hints on how you should set up the model to stay out of trouble on a later stage in the modeling. May save you a lot of work and irritations on a later stage.
The book looks at two different model approaches (geometric and arithmetic), and gives good information about each approach throughout the text, such as limitations, advantages and parameter estimation. It also uses three markets as example markets: power, gas and temperature. All markets are modeled and discussed extensively, and at this level of mathematical modeling I believe this is the most concise treatment of weather derivatives publicly available. It has a chapter alone dedicated to modeling of weather derivatives, with empirical results.
The book explains forward curve generation and smoothing principles in details, and also gives estimated parameters for a real life example. It has own sections for the market price of risk, both from the practical and theoretical side, and also shows how to model spikes and the authors success with different approaches catching the heavy tales and spikes.
The book takes you through options and hedging such that it is easy applicable to many of the deal structures containing flex or optionality. It includes theory and empirical results for standard options with jumps, but also spread and Asian options, and a direct approach for spark spread options.


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Commodity Modeling and Pricing: Methods for Analyzing Resource Market Behavior (Wiley Finance) Review

Commodity Modeling and Pricing: Methods for Analyzing Resource Market Behavior (Wiley Finance)
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The book is a collection of research papers by people looking at the pricing behaviour of various commodities. The intent is to look at correlations or even causations between a commodity's price and other factors. The result is an eclectic mixture of topics.
One chapter discusses whether fluctuations in wine stockpiles affect wine prices. Apparently, there had been very little prior work on wine pricing, especially in a global context. Inventory fluctuations in the major wine producing countries are given, along with changes in pricing in those nations. Various statistical tests are done to tease out any correlations.
Other chapters delve into subjects like coal in the US and Indonesia, and scrap metal prices in the US.
A strong background in statistics is required to understand the book.

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Commodity Modeling and Pricing provides extensions and applications of state-of-the-art methods for analyzing resource commodity behavior. Drawing from the seminal work of Professor Walter Labys on the development of econometric methods for forecasting commodity prices, this collection of essays features expert contributors ranging from practitioners in private industry, public sector, and nongovernmental organizations to scholars in higher education–all of whom were Labys's former students or collaborators. Filled with in-depth insights and expert advice, Commodity Modeling and Pricing contains the information you need to excel in this demanding environment.

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Renewable Energy Systems: The Choice and Modeling of 100% Renewable Solutions Review

Renewable Energy Systems: The Choice and Modeling of 100% Renewable Solutions
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This book provides rich, in-depth technical and political detail related to the design and implementation of Renewable Energy Systems (RES). The author writes mostly from his experiences in Denmark, and it's informative that even in Denmark, held by many in the US to be a social democracy utopia, there are plenty of institutional and political barriers to moving toward what the other refers to as "radical technological change". However, just as the reader is thinking that it would be nice to know how this might play out in the rest of the world, the author also includes examples from Thailand, North Carolina and California. (Interestingly enough, California would seem to be the most succesful of all of the examples.)
The book gets into it quickly- there are no attempts to convince the reader that renewable energy is a good thing (thank goodness). It does spend some time on the Change Awareness theory, but it's important to the underlying argument that entities outside of established institutions have to be the ones to propose technological change, and the authors demonstrates in numerous places where institutions have indeed argued that there were no alternatives but the ones that reinforced existing, non-renewable technology.
I was very surprised when reading this to discover that the greatest concern in the energy systems discussed wasn't that renewable energy wouldn't supply enough energy but that it would supply too much. The design of the system to minimize excess energy and to capture what excess one can would seem to be the greatest challenge. Integrating transportation (via electric and battery-operated vehicles) would seem to be one way to solve the problem of excess capacity. A problem of success, I would say.
For all of its conflicts, Denmark has successfully integrated renewable energy systems. The author implies that the back and forth that country has had to engage in is a necessary part of the process toward change. That, in turn, indicates that citizens cannot merely depend on their government, however well-intentioned, to do the right or correct thing, but that all should be constantly aware of and engaged in the process. This book provides examples of tactics used by those who wanted to maintain the status quo and the lessons learned from those battles.
Recommended for all who want to begin the process of crafting a policy of renewable energy systems and radical technological change.

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In this practical guide, globally recognized renewable energy researcher and professor Henrik Lund describes the modeling and simulation techniques that can be utilised to ensure at the outset of any renewable energy project that the resources available will meet supply demands. A clear, comprehensive methodology is set forth for comparing different energy systems' abilities to integrate fluctuating and intermittent renewable energy sources. Dr. Lund offers a freely available accompanying software tool, EnergyPLAN, that automates and simplifies the calculations supporting such detailed comparative analysis. The book further presents concrete design examples derived from a dozen successfully implemented renewable energy systems around the globe. It makes recommendations on the first steps of large-scale integration, focusing on the more immediate issue of conversion, rather than storage technologies. The text also undertakes the socio-political realities governing the implementation of renewable energy systems. Dr. Lund makes clear that it is the work of professionals in the renewables field to raise awareness that alternatives DO exist and that it is indeed economically and technically viable to choose renewable energy systems. To aid readers in that task, the book presents key strategies on how to overcome the inherent lethargy of entrenched institutions that seek to reinforce the status quo when confronted with objectives implying the need for radical technological change. After all, knowing there IS a choice is half the battle.
Provides an introduction to the technical design of renewable energy systems
Demonstrates effective methodologies for analyzing the feasibility and efficiency of large-scale renewable energy systems to help implementers avoid costly trial and error
Contextualizes renewable energy design efforts by addressing the socio-political challenge of implementing the shift to renewables
Free companion analysis software empowers energy professionals to crunch data for their own projects
Features a dozen extensive case studies from around the globe that provide successful real-world templates for new installations


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Modeling and Forecasting Electricity Loads and Prices: A Statistical Approach (The Wiley Finance Series) Review

Modeling and Forecasting Electricity Loads and Prices: A Statistical Approach (The Wiley Finance Series)
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A little disappointed. The book only provides blind statistical models and analysis, no fundamental approaches.

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This book offers an in-depth and up-to-date review of different statistical tools that can be used to analyze and forecast the dynamics of two crucial for every energy company processes—electricity prices and loads. It provides coverage of seasonal decomposition, mean reversion, heavy-tailed distributions, exponential smoothing, spike preprocessing, autoregressive time series including models with exogenous variables and heteroskedastic (GARCH) components, regime-switching models, interval forecasts, jump-diffusion models, derivatives pricing and the market price of risk.
Modeling and Forecasting Electricity Loads and Prices is packaged with a CD containing both the data and detailed examples of implementation of different techniques in Matlab, with additional examples in SAS. A reader can retrace all the intermediate steps of a practical implementation of a model and test his understanding of the method and correctness of the computer code using the same input data.
The book will be of particular interest to the quants employed by the utilities, independent power generators and marketers, energy trading desks of the hedge funds and financial institutions, and the executives attending courses designed to help them to brush up on their technical skills. The text will be also of use to graduate students in electrical engineering, econometrics and finance wanting to get a grip on advanced statistical tools applied in this hot area. In fact, there are sixteen Case Studies in the book making it a self-contained tutorial to electricity load and price modeling and forecasting.

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Energy and Power Risk Management: New Developments in Modeling, Pricing and Hedging Review

Energy and Power Risk Management: New Developments in Modeling, Pricing and Hedging
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The authors have written a very detailed, well structured text on the different models and developments in the power and fuel markets. It's a very complex, mathematical analysis of the different techniques being used, and the text may lose a number of readers in the overly rigorous formulations. For those involved in risk management, market modeling, or asset management, the book would be a good secondary or tertiary read after you've established a sound understanding of stochastic models and current hedging and pricing techniques in the marketplace. For the layman in the industry, the book will be far too heavy and not worth the read.

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Praise for Energy and Power Risk Management"Energy and Power Risk Management identifies and addresses the key issues in the development of the turbulent energy industry and the challenges it poses to market players. An insightful and far-reaching book written by two renowned professionals."-Helyette Geman, Professor of Finance University Paris Dauphine and ESSEC"The most up-to-date and comprehensive book on managing energy price risk in the natural gas and power markets. An absolute imperative for energy traders and energy risk management professionals."-Vincent Kaminski, Managing Director Citadel Investment Group LLC"Eydeland and Wolyniec's work does an excellent job of outlining the methods needed to measure and manage risk in the volatile energy market."-Gerald G. Fleming, Vice President, Head of East Power Trading, TXU Energy Trading"This book combines academic rigor with real-world practicality. It is a must-read for anyone in energy risk management or asset valuation."-Ron Erd, Senior Vice President American Electric Power

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