The paper presents the design and field test of a distributed solar PV system for industrial application （DGPVi）. DGPVi utilizes HyPV （hybrid PV） system which generates solar power for self-consumption in lighting...The paper presents the design and field test of a distributed solar PV system for industrial application （DGPVi）. DGPVi utilizes HyPV （hybrid PV） system which generates solar power for self-consumption in lighting and air conditioning in a production line of a factory when solar energy is available. It does not feed the excess PV power to the grid. HyPV will be switched to grid power supply when solar energy is not available. A 3 kWp DGPVi is installed in a factory for field demonstration. The test results show that the solar PV power generated can be utilized immediately. The solar energy generation efficiency （kWh/day per kWp PV installation） of DGPVi is close to that of grid-tied PV system without self-consumption and battery storage. The yearly return on investment of DGPVi is 2.0% at the present installation cost or 3.3% at further cost-down cost. The payback time will be 14.3 years at the present installation cost or 12.1 years at cost-down cost. The present study verifies the economic feasibility of DGPVi.展开更多
We focus on the asymptotic convergence behavior of the hedging errors of European stock option due to discrete hedging under stochastic interest rates. There are two kinds of BS-type discrete hedging differ in hedging...We focus on the asymptotic convergence behavior of the hedging errors of European stock option due to discrete hedging under stochastic interest rates. There are two kinds of BS-type discrete hedging differ in hedging instruments: one is the portfolio of underlying stock, zero coupon bond, and the money market account (Strategy BSI); the other is the underlying stock, zero coupon bond (Strategy BSII). Similar to the results of the deterministic interest rate case, we show that convergence speed of the discounted hedging errors is 1/2-order of trading frequency for both strategies. Then, we prove each of the BS-type strategy is not only locally optimal, but also globally optimal under the corresponding measure. Finally, we give some numerical examples to illustrate the results. All the discussion is based on non-arbitrage condition and zero transaction cost.展开更多
文摘The paper presents the design and field test of a distributed solar PV system for industrial application （DGPVi）. DGPVi utilizes HyPV （hybrid PV） system which generates solar power for self-consumption in lighting and air conditioning in a production line of a factory when solar energy is available. It does not feed the excess PV power to the grid. HyPV will be switched to grid power supply when solar energy is not available. A 3 kWp DGPVi is installed in a factory for field demonstration. The test results show that the solar PV power generated can be utilized immediately. The solar energy generation efficiency （kWh/day per kWp PV installation） of DGPVi is close to that of grid-tied PV system without self-consumption and battery storage. The yearly return on investment of DGPVi is 2.0% at the present installation cost or 3.3% at further cost-down cost. The payback time will be 14.3 years at the present installation cost or 12.1 years at cost-down cost. The present study verifies the economic feasibility of DGPVi.
基金supported by National Basic Research Program of China (Grant No.2007CB814905)
文摘We focus on the asymptotic convergence behavior of the hedging errors of European stock option due to discrete hedging under stochastic interest rates. There are two kinds of BS-type discrete hedging differ in hedging instruments: one is the portfolio of underlying stock, zero coupon bond, and the money market account (Strategy BSI); the other is the underlying stock, zero coupon bond (Strategy BSII). Similar to the results of the deterministic interest rate case, we show that convergence speed of the discounted hedging errors is 1/2-order of trading frequency for both strategies. Then, we prove each of the BS-type strategy is not only locally optimal, but also globally optimal under the corresponding measure. Finally, we give some numerical examples to illustrate the results. All the discussion is based on non-arbitrage condition and zero transaction cost.
