I NTERNATIONAL J OURNAL OF E NERGY AND E NVIRONMENT Volume 4, Issue 1, 2013 pp.73-84 Journal homepage: www.IJEE.IEEFoundation.org ISSN 2076-2895 (Print), ISSN 2076-2909 (Online) ©2013 International Energy & Environment Foundation. All rights reserved. Design and development of major balance of plant components in solid oxide fuel cell system Wen-Tang Hong 1 , Tzu-Hsiang Yen 2 , Cheng-Nan Huang 1 , Hsueh-I Tan 1 , Yu Chao 1 1 Institute of Nuclear Energy Research Atomic Energy Council, Taoyuan County 32546, Taiwan, ROC. 2 Green Technology Research Institute, CPC Corporation, Chia-Yi City 60036, Taiwan, ROC. Abstract The balance of plant (BOP) of a Solid Oxide Fuel Cell (SOFC) system with a 2 kW stack and an electric efficiency of 40% is optimized using commercial GCTool software. The simulation results provide a detailed understanding of the optimal operating temperature, pressure and mass flow rate in all of the major BOP components, i.e., the gas distributor, the afterburner, the reformer and the heat exchanger. A series of experimental trials are performed to validate the simulation results. Overall, the results presented in this study not only indicate an appropriate set of operating conditions for the SOFC power system, but also suggest potential design improvements for several of the BOP components. Copyright © 2013 International Energy and Environment Foundation - All rights reserved. Keywords: SOFC; gas distributor; afterburner; reformer; heat exchanger. 1. Introduction Due to dwindling oil resources and mounting concerns regarding global warming, the demand for power- generation systems with a high efficiency and low emissions is becoming an increasing concern. Solid oxide fuel cells (SOFCs), which convert the chemical energy in fuels such as hydrogen, methane and butane into electricity via an oxidization process, are regarded as a promising solution for large-scale electrical generation applications. SOFCs have a high efficiency and are almost entirely nonpolluting. Furthermore, they contain no moving parts, and are therefore vibration-free and extremely reliable. Significantly, SOFCs can operate with many different input fuels, and therefore resolve many of the technical challenges associated with proton exchange membrane fuel cells (PEMFCs), which can use only hydrogen as the input fuel. However, SOFCs require an extremely high operating temperature in order to achieve a sufficient power output, and thus the problems of material selection and component design present major challenges [1-3]. In an SOFC system, the fuel oxidization reaction produces two by-products, namely water and heat. In combined heat and power (CHP) systems, the heat energy is captured for downstream heating purposes, i.e., the plant generates both electricity and heat simultaneously. In practice, the gas exiting the anode exhaust of a SOFC system contains a small amount of unreacted fuel since the stack does not have a 100% fuel conversion efficiency. Chung et al. [4, 5] showed that the overall efficiency of a SOFC system could be increased from 50% to 68% by re-circulating the partial fuel and steam exiting the anode exhaust. Lisbona et al. [6] proposed a model for evaluating the performance of a CHP SOFC system and for exploring potential control strategies aimed at improving the system efficiency under part-load operations. International Journal of Energy and Balance of Trade Concerns Balance of Trade Concerns By: OpenStaxCollege In the 1950s and 1960s, and even into the 1970s, openness to global flows of goods, services, and financial capital was often viewed in a negative light by low- and middleincome countries These countries feared that foreign trade would mean both economic losses as their economy was “exploited” by high-income trading partners and a loss of domestic political control to powerful business interests and multinational corporations These negative feelings about international trade have evolved After all, the great economic success stories of recent years like Japan, the East Asian Tiger economies, China, and India, all took advantage of opportunities to sell in global markets The economies of Europe thrive with high levels of trade In the North American Free Trade Agreement (NAFTA), the United States, Canada, and Mexico pledged themselves to reduce trade barriers Many countries have clearly learned that reducing barriers to trade is at least potentially beneficial to the economy Indeed, many smaller economies of the world have learned an even tougher lesson: if they not participate actively in world trade, they are unlikely to join the success stories among the converging economies There are no examples in world history of small economies that remained apart from the global economy but still attained a high standard of living Although almost every country now claims that its goal is to participate in global trade, the possible negative consequences have remained highly controversial It is useful to divide up these possible negative consequences into issues involving trade of goods and services and issues involving flows of international capital These issues are related, but not the same An economy may have a high level of trade in goods and services relative to GDP, but if exports and imports are balanced, the net flow of foreign investment in and out of the economy will be zero Conversely, an economy may have only a moderate level of trade relative to GDP, but find that it has a substantial current account trade imbalance Thus, it is useful to consider the concerns over international trade of goods and services and international flows of financial capital separately Concerns over International Trade in Goods and Services There is a long list of worries about foreign trade in goods and services: fear of job loss, environmental dangers, unfair labor practices, and many other concerns These arguments are discussed at some length in The International Trade and Capital Flows 1/8 Balance of Trade Concerns Of all of the arguments for limitations on trade, perhaps the most controversial one among economists is the infant industry argument; that is, subsidizing or protecting new industries for a time until they become established (Globalization and Protectionism explains this concept in more detail.) Such policies have been used with some success at certain points in time, but in the world as a whole, support for key industries is far more often directed at long-established industries with substantial political power that are suffering losses and laying off workers, rather than potentially vibrant new industries that have yet to be established If government is going to favor certain industries, it needs to so in a way that is temporary and that orients them toward a future of market competition, rather than a future of unending government subsidies and trade protection Concerns over International Flows of Capital Recall from The Macroeconomic Perspective that a trade deficit exists when a nation’s imports exceed its exports In order for a trade deficit to take place, foreign countries must provide loans or investments, which they are willing to because they expect they will be repaid eventually (that the deficit will become a surplus) A trade surplus, you may remember, exists when a nation’s exports exceed its imports So, in order for a trade deficit to switch to a trade surplus, a nation’s exports must rise and its imports must fall Sometimes this happens when the currency decreases in value For example, if the U.S had a trade deficit and the dollar depreciated, imports would become more expensive This would, in turn, benefit the foreign countries who provided the loans or investments The expected pattern of trade imbalances in the world economy has been that highincome economies will run trade surpluses, which means they will experience a net outflow of capital to foreign destinations or export more than they import, while lowand middle-income economies will run trade deficits, which means that they will experience a net inflow of foreign capital This pattern of international investing can benefit all sides Investors in the highincome countries benefit because they can receive high returns on their investments, and also because they can diversify their investments so that they are at less risk of a downturn in their own domestic economy The ... ĐƯỜNG BP (Balance of Payment) Nhóm 1: 1. Lê Hồng Lam 2. Đặng Tâm Ngọc 3. Lưu Đức Thònh 4. Bùi Thiên Sơn 5. Lê Xuân Hà ª Khái niệm đường BP. ª Cách xây dựng đường BP. ª Y nghĩa của đường BP. ª Phương trình đường BP. ª Sự dịch chuyển của đường BP. Nội dung trình bày Khái niệm đường BP Đường BP là tập hợp của các tổ hợp khác nhau giữa lãi suất và sản lượng mà ở đó đảm bảo sự cân bằng của cán cân thanh toán. ª Cán cân thanh toán cân bằng khi: TK vãng lai + TK vốn + Sai số thống kê = 0 ª Giả định: - Không có sai số thống kê. - Trong TK vãng lai chỉ có XK ròng, bỏ qua chuyển nhượng ròng và thu nhập ròng từ nước ngoài. Cách xây dựng đường BP Như vậy, cán cân thanh toán cân bằng khi: TK vãng lai + TK vốn = 0 (X -M) + Ka = 0 Ka + X = M Với X > 0, M > 0 và Ka (+/-/0) Vì M > 0 nên Ka + X > 0 thì pt cân bằng của cán cân thanh toán thoả mãn. Nếu cán cân thanh toán cân bằng thì: Ka + X : lượng ngoại tệ đi vào M: lượng ngoại tệ đi ra Hàm (Ka + X) = f(r). Hàm M = f(Y). Cách xây dựng đường BP Cách xây dựng đường BP M 2 M 1 M Y Y 2 Y r M Ka+X (Ka+X) 2 M = f(Y) Ka+X = f(r) r Ka+X r 1 r 2 A B K H BP 45 0 (Ka+X) 1 Y 1 r 1 r 2 Y nghĩa của đường BP ª Đường BP phản ánh các tổ hợp khác nhau giữa lãi suất và sản lượng mà ở đó đảm bảo sự cân bằng của cán cân thanh toán. Nói cách khác, mọi điểm trên đường BP đều thoả mãn phương trình: Ka + X = M - Các điểm nằm phía trên đường BP (điểm K) thì cán cân thanh toán thặng dư. - Các điểm nằm phía dưới đường BP (điểm H) thì cán cân thanh toán thâm hụt. ª Đường BP dốc lên có nghĩa là khi lãi suất tăng, muốn cho cán cân thanh toán cân bằng thì sản lượng phải tăng. Phương trình của đường BP Đường BP được xây dựng từ sự tác động của lãi suất đối với sản lưộng thông qua phương trình cân bằng cán cân thanh toán. Ka + X = M (1) Trong đó: Ka = Ka0 + Kam.r (2) X = X0 (3) M = M0 + Mm.Y (4) Thay (2), (3) và (4) vào (1), ta có: Y = Ka 0 + X 0 - M + Ka m .r M m M m Sự dịch chuyển của đường BP Nguyên tắc dịch chuyển: Nếu lượng ngoại tệ đi vào trong nước tăng hoặc lượng ngoại tệ đi ra nước ngoài giảm, tức cán cân thanh toán thặng dư thì đường BP dịch chuyển sang phải. Ngược lại, nếu lượng ngoại tệ đi vào trong nước giảm hoặc lượng ngoại tệ đi ra nước ngoài tăng, tức cán cân thanh toán thâm hụt thì đường BP dịch chuyển sang trái. Cám ơn cô giáo và các bạn học viên đã chú ý lắng nghe ! Rất mong nhận được sự góp ý ! Basel Committee on Banking Supervision Treatment of trade finance under the Basel capital framework October 2011 Copies of publications are available from: Bank for International Settlements Communications CH-4002 Basel, Switzerland E-mail: publications@bis.org Fax: +41 61 280 9100 a nd +41 61 280 8100 This publication is available on the BIS website (www.bis.org ). © Bank for International Settlements 2011. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISBN print: 92-9131-890-6 ISBN web: 92-9197-890-6 Treatment of trade finance under the Basel capital framework Contents Executive Summary 1 Introduction 1 Committee’s considerations regarding the issues raised 2 Leverage ratio 2 20% credit conversion factor under the risk-based measure 3 One-year maturity floor 3 Claims on banks 4 Treatment of trade finance under the Basel capital framework Executive Summary Following consultations with the World Bank, the World Trade Organisation and the International Chamber of Commerce, the Basel Committee on Banking Supervision has evaluated the impact of Basel II and III on trade finance in the context of low income countries. As a result of this evaluation, the Committee has adopted two changes to the treatment of trade finance in the Basel II and III capital adequacy framework. These changes respect the integrity of the capital framework and its broader financial stability objectives. The changes to the capital framework agreed by the Committee are as follows: 1. waive the one-year maturity floor for certain trade finance instruments under the advanced internal ratings-based approach (AIRB) for credit risk; and 2. waive the so-called sovereign floor for certain trade-finance related claims on banks using the standardised approach for credit risk. Under the current AIRB rules, capital requirements for credit exposures are subject to a minimum maturity requirement of one year while the average tenor of trade finance transactions is significantly less than one year. Waiving the one-year maturity floor for issued and for confirmed letters of credit – instruments that are particularly relevant for low income countries when they import goods – would reduce capital requirements for banks engaged in trade finance and which use the AIRB. The other change agreed by the Committee is relevant for banks using the standardised approach for credit risk. When a bank confirms a letter of credit, it has an exposure to another bank (the bank that issues the letter of credit – or the “issuing bank”). In the case of a low income country which imports goods, the issuing bank is usually domiciled in the importer’s country (ie the low income country) and typically does not have an external credit rating. Under the regulatory capital framework, where the risk weights are based on the external ratings of bank counterparties, claims on an unrated bank are subject to a risk weighting of 50% or, in the case of short term claims, 20%. The risk weighting applied to this bank exposure cannot, however, be lower than the risk weighting of The Effects of Devaluation on the Trade Balance and the Balance of Payments: Some New Results Marc A. Miles R~itgti, Colltgr, Rntg<r\-Thr Stnte Lrl?r'er\rt\ This paper examines the statistical relationship between de\raluation ant1 both the trade balance and the balance of paymelits for 16 de\raluatio~lsof 14 countries in the 1960s. Using several tests involv- ing both the seemingly u~lrelated and pooled cross-section time- series regression techniques, the paper tests the effect of devaluation hile sta~~dardizirlg for other variables that map affect the foreign accounts. \Yhile the balance of pa)-merits does seem to improve follo\ving devaluation, no evidence is found to support the hypothe- sis that cievaluation improves the trade balance. The paper con- cludes that the acljustment to devaluation is essentially monetary in nature, involving only a portfolio stock adjust~nent. Within the international trade literature, it is not uncommon to find arguments about lvhether devaluation will improve the trade balance or the balance of payments. Each theoretical approach has its own set of arguments. For example, the proponents of the elasticities ap- proach (e.g., Robinson 1947; Metzler 1948) describe the necessary and sufficient conditions for an improvement in the trade balance in terms of elasticities of demand and supply. If the demand elasticities are sufficiently large and the supply elasticities sufficiently small, devaluation should improve the trade balance. Proponents of the absorption approach (e.g., Alexander 1952; Johiison 1967) describe 11on. devaluation nlay change the terms of trade, increase production, l'he author ~vould like to thank Jacob Frenkel, Harr! Johnson, Arthur Laffer, Stephen Slagee, John Bilson. and an anonvmous referee for helpful aclvice and corn- ments. The\- should not be held responsible. holve~er, for any remaining errors. [Joiir~i(il 01 PoJ~IIc(I/ F~orzo~riv, 1979. xol. Xi, no 11 'G 1979 by 1 he Yni\ersii\ of C:hicago. 0022-380817Y~8703-00Oti$01 58 THE ETFECTS OF DEVAI L ATION 60 1 switch expenditure from foreign to domestic goods, or have some other effect in reducing domestic absorption relative to production and thus improving the trade balance. International niorletarists (e.g., Mundell 197 1 ; Dornbusch 1973n; Frenkel and Rodriguez 1975) argue that derraluation reduces the real value of cash balaiices andlor changes the relative price of traded and nontraded goods, thus im- proving both the trade balance and the balance of payments. This article, however, examines the statistical relationship between devaluation and the two foreign accounts. More specifically, the arti- cle tries to determine if, on the average, devaluation improves the trade balance andior the balance of payments. No attempt is niade to show the merits of one theoretical approach over another. While the theoretical discussion is primarily in terms of a monetarist model, the final empirical 111odel is a reduced-form equation that is not inconsis- tent u.ith the other theoretical models. If devaluation causes a significant improvement in the trade balance, this irnprovernent should he statistically observable regardless of ivhich theoretical ap- proach is used. Section I describes empirical studies of the effects of devaluation by other authors and analyzes why their approaches fail to answer the relevant questions completely. Section I1 describes the functional forms used in this study and summarizes the theory behilid the model. Section I11 describes the various tests and their results. Finally. Section IV summarizes the results and drarvs some conclusions. I. Other Empirical Studies In recent years several papers have appeared tvhich have tried to analyze empirically the effect of devaluation on the trade balance and balance of payments. There are three basic objectio~is that one can niake Dynamics of the Trade Balance and the Terms of Trade: The J-Curve? David K Backus; Patrick J Kehoe; Finn E Kydland The American Economic Review, Vol 84, No (Mar., 1994), pp 84-103 Stable URL: http://links.jstor.org/sici?sici=0002-8282%28199403%2984%3A1%3C84%3ADOTTBA%3E2.0.CO%3B2-S The American Economic Review is currently published by American Economic Association Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available at http://www.jstor.org/about/terms.html JSTOR's Terms and Conditions of Use provides, in part, that unless you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive only for your personal, non-commercial use Please contact the publisher regarding any further use of this work Publisher contact information may be obtained at http://www.jstor.org/journals/aea.html Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed page of such transmission JSTOR is an independent not-for-profit organization dedicated to and preserving a digital archive of scholarly journals For more information regarding JSTOR, please contact support@jstor.org http://www.jstor.org Tue Mar 27 12:46:53 2007 ... sentiments of global investors 4/8 Balance of Trade Concerns If economies participate in the global trade of goods and services, they will also need to participate in international flows of financial... growth, the other three main goals of macroeconomic policy—that is, low unemployment, low inflation, and a sustainable balance of 5/8 Balance of Trade Concerns trade all involve situations in which,.. .Balance of Trade Concerns Of all of the arguments for limitations on trade, perhaps the most controversial one among economists is