Performance and design optimisation of oscillating water column ocean wave energy converters. This project will develop an optimised design for ocean wave energy extraction devices, known as oscillating water columns. This will significantly reduce energy conversion losses from oscillating water columns and contribute towards making them internationally competitive with other renewable energy technologies.
Novel wave energy foundation solutions to survive extreme loads. This project aims to develop an economic and efficient anchoring system for taut-moored wave energy converters to enable us to exploit sustainable wave energy resources. Australia’s potential near-shore wave energy resource is four times larger than the current total capacity of our installed power generation. But the development of ocean wave energy is presently hampered by expensive, traditional anchoring systems. Using better es ....Novel wave energy foundation solutions to survive extreme loads. This project aims to develop an economic and efficient anchoring system for taut-moored wave energy converters to enable us to exploit sustainable wave energy resources. Australia’s potential near-shore wave energy resource is four times larger than the current total capacity of our installed power generation. But the development of ocean wave energy is presently hampered by expensive, traditional anchoring systems. Using better estimation of extreme loads, the project will use multidisciplinary approaches to investigate unique anchoring concepts with the aim of developing novel strategies to avoid the most extreme loads and enabling optimum anchor design. The outcomes of the project are intended to help to deliver economically viable wave energy projects.Read moreRead less
Efficiently unlocking full-scale WEC dynamics for industry cost reduction. This project will reduce the cost of ocean wave energy, by uniting leading expertise from academia with cutting-edge know-how and full-scale data from industry to advance the way oceanic forces on wave energy converters are represented in industry models. These models are critical for designing and controlling the next generation of wave energy converters, which have larger motions than ever before. Carefully tested model ....Efficiently unlocking full-scale WEC dynamics for industry cost reduction. This project will reduce the cost of ocean wave energy, by uniting leading expertise from academia with cutting-edge know-how and full-scale data from industry to advance the way oceanic forces on wave energy converters are represented in industry models. These models are critical for designing and controlling the next generation of wave energy converters, which have larger motions than ever before. Carefully tested models will lead to better estimates of power production and loads, which will drive down the cost of wave energy and enable its large-scale utilisation. Broad communication of benefits and sharing of new knowledge will accelerate commercialisation of ocean energy in Australia and pave the way to meeting our future energy needs.Read moreRead less
Oscillating water column efficiency improvement through impedance matching and active latching control techniques. The coastline of southern Australia is recognised as a world-class wave energy resource. This project will play a crucial role in seeing this resource exploited whilst simultaneously keeping Australia at the forefront of wave energy technology. Specifically, this project will develop a high-efficiency turbine technology for wave
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Controlling coastlines while generating power. The Project aims to produce strategies for protecting coasts from storms using farms of wave-energy machines, which also generate electricity. Increasing lengths of coast need protection as the climate changes, but conventional barriers create permanent environmental impacts and are a sunk cost usually borne by the taxpayer. The Project expects to derive a strategy for the setting of each machine in the farm, so that they collectively absorb or refl ....Controlling coastlines while generating power. The Project aims to produce strategies for protecting coasts from storms using farms of wave-energy machines, which also generate electricity. Increasing lengths of coast need protection as the climate changes, but conventional barriers create permanent environmental impacts and are a sunk cost usually borne by the taxpayer. The Project expects to derive a strategy for the setting of each machine in the farm, so that they collectively absorb or reflect damaging waves under severe conditions. Under normal conditions, enough wave energy to sustain environmental processes would pass through. Sales of electricity would help to pay back the capital cost. Outcomes would include reduced coastal-erosion costs and a low-intermittency energy supply.Read moreRead less
Developing a robust model for pricing inter-related volatility-based financial derivative contracts. Volatility-based financial contracts were developed in the late 1990s to provide an easy way for investors to gain exposure to the future level of volatility and thus provide a means by which they could speculate on its future levels and also hedge unpredictable volatility risk. This would potentially save them from losing vast quantities of money. However these products can only be efficient pr ....Developing a robust model for pricing inter-related volatility-based financial derivative contracts. Volatility-based financial contracts were developed in the late 1990s to provide an easy way for investors to gain exposure to the future level of volatility and thus provide a means by which they could speculate on its future levels and also hedge unpredictable volatility risk. This would potentially save them from losing vast quantities of money. However these products can only be efficient products for trading and risk management if they are priced correctly. This project will benefit investors by providing empirically viable models that will be able to be easily implemented to provide accurate and fast pricing solutions.Read moreRead less
Models for Australian Electricity Derivatives. Electricity derivatives, such as electricity futures and options are used to manage the risk associated with volatility in prices of electricity. This project aims to develop models for pricing electricity derivatives specifically suited for Australia. Because of the non-storable nature of electricity the standard option pricing principle of "no-arbitrage" does not apply to electricity options, such as caps and floors, but applies to options on elec ....Models for Australian Electricity Derivatives. Electricity derivatives, such as electricity futures and options are used to manage the risk associated with volatility in prices of electricity. This project aims to develop models for pricing electricity derivatives specifically suited for Australia. Because of the non-storable nature of electricity the standard option pricing principle of "no-arbitrage" does not apply to electricity options, such as caps and floors, but applies to options on electricity futures. Therefore a specific model is needed that takes into account the pricing principle of "no-arbitrage" and combines it with other factors that drive electricity prices. The novel element in this proposal is incorporation of the weather forecasts into the models for electricity options. As a result of this study appropriate models for electricity derivatives for various geographical regions in Australia will be developed.Read moreRead less
Investment Approaches and Applications in Financial Markets: Evolutionary Kernel Based Subset Time-Series Using Semi-Parametric Approaches. The project will develop new investment assessments based on subset time-series modeling. Innovative evolutionary kernel smoothing algorithms using semi-parametric approaches will be introduced. The project will make three important applications of this modeling in financial markets: a) benchmarking and evaluation of inflation-indexed bonds; b) evaluation of ....Investment Approaches and Applications in Financial Markets: Evolutionary Kernel Based Subset Time-Series Using Semi-Parametric Approaches. The project will develop new investment assessments based on subset time-series modeling. Innovative evolutionary kernel smoothing algorithms using semi-parametric approaches will be introduced. The project will make three important applications of this modeling in financial markets: a) benchmarking and evaluation of inflation-indexed bonds; b) evaluation of the performance of global diversified investment funds; and c) prediction to provide early warning of the emergence of destabilising deflation or inflation. These three applications will lead to improved risk management practices and investment performance. Recursive algorithms will provide new statistical methods to study investment asset price movements and market volatility.
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Helping Central Banks Measure Unobserved Variables Using Real-time Forecasts. The project addresses structural measurement problems confronted routinely by central bankers. The techniques developed, and the estimates provided, will aid directly the Partner Organisations (the Reserve Bank of Australia, the Reserve Bank of New Zealand and Norges Bank) and other central banks in formulating monetary policy. The analysis will allow interest rates in Australia and elsewhere to be set with greater pre ....Helping Central Banks Measure Unobserved Variables Using Real-time Forecasts. The project addresses structural measurement problems confronted routinely by central bankers. The techniques developed, and the estimates provided, will aid directly the Partner Organisations (the Reserve Bank of Australia, the Reserve Bank of New Zealand and Norges Bank) and other central banks in formulating monetary policy. The analysis will allow interest rates in Australia and elsewhere to be set with greater precision. The techniques developed in this project will facilitate the understanding and communication of monetary policy within the central banks concerned, and enhance communication of monetary policy strategy to the public.Read moreRead less
Investment approaches and opportunities in renewable energy and financial resource markets, using semi-parametric approaches to evolutionary subset time-series lattice-ladder modelling. The project findings will help Australian exporters and importers understand and manage energy and resource price risks more effectively. The investment community will benefit through selecting optimal asset allocations and enhancing value to investors. It will also benefit many other agencies, particularly in th ....Investment approaches and opportunities in renewable energy and financial resource markets, using semi-parametric approaches to evolutionary subset time-series lattice-ladder modelling. The project findings will help Australian exporters and importers understand and manage energy and resource price risks more effectively. The investment community will benefit through selecting optimal asset allocations and enhancing value to investors. It will also benefit many other agencies, particularly in the service industries. It is not well recognised that in developed countries, including Australia, the financial service and related sectors account for more than 60 percent of economic activity and employment, so it is critical that more sophisticated statistical methods be established, and practical applications conducted, in order to advance the understanding of complexity management in the financial service and related sectors.Read moreRead less