Stochastic interest rates in the analysis of energy investments: Implications on economic performance and sustainability

A systematic impact assessment of stochastic interest and inflation rates on the analysis of energy investments is presented. A real-options algorithm has been created for this task. Constant interest rates incorporating high risk premium have been extensively used for economic calculations, within the framework of traditional direct cash flow methods, thus favouring immediate, irreversible investments in the expense of, sometimes, insubstantially low anticipated yields. In this article, not only incomes and expenses but also interest and inflation rates are considered stochastically evolving according to specific probabilistic models. The numerical experiments indicated that the stochastic interest rate forecasts fluctuate in such low levels that may signal delayed investment entry in favour of higher expected yields. The implementation of stochastically evolving interest rates in energy investment analysis may have a controversial effect on sustainability. Displacements of inefficient plants may be significantly delayed, thus prolonging high CO₂ emission rates. Under the current CO₂ allowance prices or their medium-term forecasts, this situation may not be improved and flexible policy interventions may be necessitated.     

On the Scarcity Value of Irrigation Water: Juxtaposing Two Market Estimating Approaches

The aim of this paper is to compare the supply-side and demand-side approaches for assessing the scarcity rents of irrigation water. The results obtained from the case study confirm the expectation that the demand-side rationale provides the lower bound estimate of water scarcity rents. Specifically, a hypothetical elimination of water scarcity brings extra benefits to the local farmers, but these benefits cannot compensate the costs of the backstop technology which provide such extra water. Therefore, the lost opportunities, in terms of income forgone due to water scarcity, cannot legitimize supply-side approaches alone. A “soft” sensitivity analysis was included to examine the robustness of such a cost-effective property, while the policy implications of the results are also examined.     

Selenium content in selected foods from the Greek market and estimation of the daily intake

The total selenium content of foods purchased from the North West part of Greece was determined using hydride generation atomic fluorescence spectroscopy. The results of this study were within the range from other countries. The overall mean average of selenium concentration of the foods examined, in decreasing order, was found in sesame seeds (783.1 ng g(-1)), fish (246 ng g(-1)), legumes (162.5 ng g(-1)), eggs (123 ng g(-1)), bread (91.9 ng g(-1)), meat (71.7 ng g(-1)), cheese (69.8 ng g(-1)), yoghurt (23.6 ng g(-1)), nuts (19.6 ng g(-1)), milk (15.4 ng g(-1)), vegetables (6.5 ng g(-1)) and fruits (3.4 ng g(-1)). Considering the average daily individual consumption of these foods by Greeks, the average daily dietary intake of selenium supplied by this source is 39.3 microg per capita.     

A fast and accurate method for controlling the correct labeling of products containing buffalo meat using High Resolution Melting (HRM) analysis

The substitution of high priced meat with low cost ones and the fraudulent labeling of meat products make the identification and traceability of meat species and their processed products in the food chain important. A polymerase chain reaction followed by a High Resolution Melting (HRM) analysis was developed for species specific detection of buffalo; it was applied in six commercial meat products. A pair of specific 12S and universal 18S rRNA primers were employed and yielded DNA fragments of 220 bp and 77 bp, respectively. All tested products were found to contain buffalo meat and presented melting curves with at least two visible inflection points derived from the amplicons of the 12S specific and 18S universal primers. The presence of buffalo meat in meat products and the adulteration of buffalo products with unknown species were established down to a level of 0.1%. HRM was proven to be a fast and accurate technique for authentication testing of meat products.     

Experimental study of combustion noise radiation during transient turbocharged diesel engine operation

Diesel engine noise radiation has drawn increased attention in recent years since it is associated with the passengers’ and pedestrians’ discomfort, a fact that has been acknowledged by the manufacturers and the legislation in many countries. In the current study, experimental tests were conducted on a truck, turbocharged diesel engine in order to investigate the mechanism of combustion noise emission under various transient schedules experienced during daily driving conditions, namely acceleration and load increase. To this aim, a fully instrumented test bed was set up in order to capture the development of key engine and turbocharger variables during the transient events. Analytical diagrams are provided to explain the behavior of combustion noise radiation in conjunction with cylinder pressure (spectrum), turbocharger and governor/fuel pump response. Turbocharger lag was found to be the main cause for the noise spikes during all test cases examined, with the engine injection timing calibration and the slow adjustment of cylinder wall temperature to the new fueling conditions playing a vital role. The analysis was extended with a quasi-steady approximation of transient combustion noise using steady-state maps, in order to better highlight the effect of dynamic engine operation on combustion noise emissions.     

Hydrogen production via sulfur-based thermochemical cycles: Part 3: Durability and post-characterization of silicon carbide honeycomb substrates coated with metal oxide-based candidate catalysts for the sulfuric acid decomposition step

This work is a follow-up of previous efforts reported on the synthesis of various single and mixed oxide materials and their evaluation as catalysts for the sulfuric acid dissociation reaction for the production of SO₂ and O₂. The current work concerns the comparative assessment of Fe₂O₃, CuO, Cu–Fe, Fe–Cr, Cu–Al and Cu–Fe–Al mixed oxides coated as catalysts on silicon carbide monolithic honeycomb structures, with respect to sulfuric acid decomposition reaction conditions for 100 h at 850 °C and ambient pressure, as well as their ex-situ characterization after such operation. The exposure conditions are representative to a potential future real application. The exposure time, although of relatively short-term, is adequate to extract safe conclusions on the stability and therefore to a large extent also on the suitability of the candidate oxide-based catalysts. All catalytic systems tested exhibited high SO₃ conversions reaching or exceeding 70%, for space velocities in the range of 5–35 h⁻¹. For some of the samples, the relatively high initial activity decreased by about 5–10 percentage points in the course of the 100 h testing, reaching stable mean values. It was concluded that Fe₂O₃, CuO and Fe–Cr mixed oxide retained their chemical and structural stability after exposure to reaction conditions, while the other three mixed oxides studied suffered from significant phase decomposition phenomena. Based on the fact that the initial catalytic activity of the Fe–Cr mixed oxide, as identified in a previous comparative study among several materials, was found higher than the ones of Fe₂O₃ and CuO and relatively close to the one of the highly active but costly Pt/Al₂O₃ catalyst, the particular mixed oxide is considered a promising catalyst for the SO₃ dissociation reaction.     

Gas and liquid phase fuels desulphurization for hydrogen production via reforming processes

The present work focuses on the development of efficient desulphurization processes for multi-fuel reformers for hydrogen production. Two processes were studied: liquid hydrocarbon desulphurization and H₂S removal from reformate gases. For each process, materials with various chemical compositions and microporous structures were synthesized and characterized with respect to their physicochemical properties and desulphurization ability. In the case of liquid phase desulphurization, the adsorption of sulphur compounds contained in diesel fuel under ambient conditions was studied employing as sorbents, zeolite-based materials, i.e. NaY, HY and metal ion-exchanged NaY and HY, as well as a high-surface area activated carbon (AC), for three different diesel fuels with sulphur content varying between 5 and 180 ppmw. Among all sorbents studied, AC showed the best desulphurization performance followed by cerium ion-exchanged HY. The gas phase desulphurization experiments involved the evaluation of zinc-based mixed oxides, synthesized by non-conventional (combustion synthesis) techniques on high steam content reformate gas mixtures.     

Essential oil composition of Pistacia lentiscus L. and Myrtus communis L.: Evaluation of antioxidant capacity of methanolic extracts

The seasonal variation of the essential oil composition, the antioxidant activity (DPPH, FRAP assays) and the total phenolic content (Folin-Ciocalteu assay) of two aromatic wild plants, Pistacia lentiscus L. (Anacardiaceae) and Myrtus communis L. (Myrtaceae), grown in Zakynthos, a Greek island, was investigated. The essential oil was obtained by hydrodistillation and subsequently analysed by GC–MS.     

Effect of freeze–dried kefir culture on proteolysis in feta-type and whey-cheeses

The effect of freeze–dried kefir culture on the proteolysis of feta-type and whey-cheese was investigated. All nitrogen fractions increased during ripening. Although no significant differences were observed in total nitrogen (TN), the levels of water-soluble nitrogen (WSN), pH 4.4-soluble nitrogen (SN), 12% trichloroacetic acid-soluble nitrogen (TCA-SN) and phosphotungstic acid-soluble nitrogen (PTA-SN) were significantly higher in cheeses produced by freeze–dried kefir culture during the later stages of ripening. Content of total free amino acids (FAA) was significantly affected by freeze–dried kefir starter culture and it was continuously increased in kefir-cheese while, in rennet-cheese it was increased up to 30 days of ripening and then slightly decreased. On the other hand, FAA content continuously decreased in kefir-whey-cheese whereas it increased in whey-cheese. The cheese samples produced by freeze–dried kefir as starter culture were characterised as high-quality products during the preliminary sensory evaluation and they were accepted by the panel. Overall, the use of freeze–dried kefir suggested acceleration of cheese ripening and resulted in improved sensory characteristics.     

Effect of water,albumen and fat on the quality of gluten‐free bread containing amaranth

The aim of the research was the development of an alternative formula for gluten‐free bread (GFB) containing amaranth flour. GFBs were prepared using a 2³ factorial screening experimental design. The amount of water, albumen and fat varied in order to evaluate their impact on the textural, structural and sensory characteristics of the final product. Water amount had the greatest influence on bread characteristics. For a 33% water content increase (from 0.6 to 0.8 g g^?1 of flour) the firmness of the crumb decreased to 20% of the initial value. Also, for the same water content increase, the average pore size became 2.5‐fold greater. Albumen addition (from 0 to 0.04 g g^?1 of flour) influenced mainly crumb viscoelasticity (20% increase). Variations in fat amount did not significantly influence any of the response variables investigated. However, the combined addition of fat and albumen resulted in breads that received the best rankings in overall acceptance in sensory evaluation.