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Net cash is commonly used in evaluating a company's cash flow. More generally, net cash can refer to the amount of cash remaining after a transaction has been completed and all charges and deductions related to the transaction have been subtracted. A component of apparent power volt-amps which does not produce any real power watts. It is measured in VARs volt-amps reactive. A compound consisting of chains of large molecules, or macromolecules, composed of many repeated subunits. A compound having a molecular structure based on a chain of alternate silicon and oxygen atoms, especially as in silicone with organic groups attached to the silicon atoms.

A construction contract that provides for the complete engineering, procurement, construction, and start-up of a facility by a certain date, at a fixed price and at guaranteed performance levels. A contract obligating a party usually the manufacturer of the project's equipment to operate and maintain the project.

A corporation, person, agency, authority, or other legal entity or instrumentality that owns or operates facilities for the generation of electricity for use primarily by the public, and that is not an electric utility. A cross-platform free and open-source desktop geographic information system GIS application that provides data viewing, editing, and analysis capabilities. A CSP technology which is a lower cost version of the parabolic trough collector.

It uses a series of long, flat mirror segments arranged to approximate a parabolic shape. Just like the parablic trough collector, these concentrate solar radiation onto a central receiver tube running along the focal line of the mirror segments to produce high temperatures.

A CSP technology which uses a ground-based field of mirrors to focus and concentrate direct solar irradiation onto a receiver mounted high on a central tower to produce high temperatures. A CSP technology which uses a long, parabolic-shaped mirror to concentrate solar radiation onto a central receiver tube running along the focal line of the parabolic mirror to produce high temperatures.

A data acquisition system which monitors the condition parameters of machinery vibration, temperature, etc. The use of condition monitoring allows maintenance to be scheduled, or other actions to be taken to prevent failure and avoid its consequences.

Condition monitoring CM enables conditions that would shorten normal equipment lifespan can be addressed before they develop into a major failure. Normally used on rotating equipment and other machinery wind turbines, pumps, electric motors, internal combustion engines, presses. A day-ahead market is where power is traded for delivery during the next day usually hourly electricity products.

A decision tree with branches that represent the probability of occurrence. A device for measuring the rate of fluid flow that gives a visual indication Syn. A device for the accurate measuring the rate of fluid flow Syn. A device that converts the energy of a fuel directly to electricity and heat, without combustion. A device that switches an output according to the temperature difference between two input temperatures.

A device to transfer heat between two fluids without the fluids mixing or coming into contact with each other. A device which allows electric current to pass around another point in the circuit. The term is also widely used in photovoltaics to describe an unwanted short circuit between the front and back surface contacts of a solar cell, usually caused by wafer damage.

A diagram that helps identify the probability of events, empirical basis can be a histogram. A diode connected in parallel with a a solar cells to provide an alternate current path in case of module shading or failure. A drop in pressure in a piping system caused by flow resistance due to friction and turbulence same as pressure loss. A facility containing prime movers, electric generators, and other equipment for producing electric energy.

A financial estimate intended to help buyers and owners determine the direct and indirect costs of a product or system. A financial ratio to estimate the ability of the borrowing company to repay an outstanding loan. A fluid which can both transfer and store thermal energy heat.

Examples of heat transfer fluids are water, anti-freeze, thermal oil and molten salts. A fluid with a freezing point lower than water to prevent frozen working fluid. A flywheel is a rotating mechanical device heavy disk or wheel that is used to store rotational energy. Its momentum gives almost uniform rotational speed to the shaft and to all connected machinery.

A form of anaerobic digester that is used for wastewater treatment and uses an anaerobic process whilst forming a blanket of granular sludge which suspends in the tank. Wastewater liquids with relaitvely low organic loads flows upwards through the blanket and is processed degraded by the anaerobic microorganisms.

A form of consumption or sales tax. From the perspective of the buyer, it is a tax on the purchase price. From that of the seller, it is a tax only on the value added to a product, material, or service, from an accounting point of view, by this stage of its manufacture or distribution. The manufacturer remits to the government the difference between these two amounts, and retains the rest for themselves to offset the taxes they had previously paid on the inputs.

Also know as a general Sales tax GST. A formation of layers, e. A galvanic isolation prevents current flows between functional sections of electrical systems. A gaseous compound of hydrogen and nitrogen, NH3, with a pungent smell and taste. A generator connection box or combiner box is a housing for electrical connections.

They are also called PV combiner boxes or PV array combiner boxes. A generator is a device that converts mechanical energy to electrical energy. A graph showing the water flow rate measured at a certain point in a river against time. A graph that shows the percentage of time that flow in a stream is likely to equal or exceed some specified value of interest.

A green bond is a debt security that is issued to raise capital specifically to support climate-related or environmental projects. A turnkey contractor guarantees physical completion achievement of certain operating performance. Alternatively, project sponsors sometimes provide lenders with completion guarantees by agreeing to pay the scheduled debt service in the event the project company does not or cannot pay.

A heating system in which the fluid circulates by natural convection due to the different densities of the fluid at different temperatures. A HVDC electric power transmission system is a system that uses direct current for the bulk transmission of electrical power, in contrast with the more common alternating current AC systems.

For long-distance transmission, HVDC systems may be less expensive and suffer lower electrical losses. A landmark U. Pre-cursor to modern FiTs. A licence granted by the local environmental authority which permits a certain amount of water to be taken from a stream. A 'limited recourse' debt is a debt in which the creditor has limited claims on the loan in the event of default.

Often a limited recourse debt contract is structured so that the debt transitions to unsecured, or 'non-recourse', debt pending the completion of a specific event. That event may be the completion of a project or the establishment of a specific revenue stream for which the debt was issued. There is usually recourse in the event of fraud, misrepresentation, or nondisclosure. For this reason, and because lenders often have some kind of recourse prior to completion, nonrecourse is often described as 'limited-recourse' financing.

A loop in a piping system to compensate for the thermal expansion of the pipe. A machine for converting the heat energy in steam or high temperature gas into mechanical energy. In a turbine, a high velocity flow of steam or gas passes through successive rows of radial blades fastened to a central shaft. A market created by dealer trading as opposed to the auction market prevailing on organized exchanges. A material of recent biological origin, e. The most common form of solid biomass is wood fuel energy content approx.

A material that has a limited capacity for conducting electricity. The silicon used to make PV cells is a semiconductor. A material with a low electrical resistance, which allows for the flow of electrical current through it. Opposite of an insulator. A metallic strip or bar typically copper, brass or aluminium that conducts electricity within a switchboard, distribution board, substation, battery bank, or other electrical apparatus.

Its main purpose is to conduct high currents. Also called bus bar or busbar. Also called bus or busbar. A meter in a grid-connected installation used to measure the amount of electricity fed onto the grid. A method used to calculate a pay-back period and indicate how long it will take to recover the initial investment cost.

A microprocessor-controlled electronic device that interfaces objects in the physical world to a distributed control system or SCADA supervisory control and data acquisition system by transmitting telemetry data to a master system, and by using messages from the master supervisory system to control connected objects. In large PV systems it can be used for remote communication between the PV system and the electric grid; can transmit status information such as actual power production and receive control commands for inverters to reduce power output or activate reactive power.

A natural monopoly is a monopoly in an industry in which it is most efficient involving the lowest long-run average cost for production to be permanently concentrated in a single firm rather than contested competitively. Examples are infrastructures, such as electric power grids or natural gas grids, which cannot be operated in economic competition.

Investment in these infrastructure will not justify parallel setups. A non-binding agreement setting forth the basic terms and conditions under which an investment will be made. A term sheet serves as a template to develop more detailed legal documents. Once the parties involved reach an agreement on the details, a binding agreement or contract is drawn up.

A parameter of some vertical wind profile equations that model the horizontal mean wind speed near the ground; in the log wind profile, it is equivalent to the height at which the wind speed theoretically becomes zero. A part of an engine that moves up and down inside a cylinder and that causes the main shaft of the engine to move.

A party wishing to develop and finance with equity a project. Shareholders of project companies are known as sponsors. A photovoltaic process is a photoelectric process that converts solar energy into electricity. A photovoltaic system that operates independent of the utility grid, an off-grid PV system.

A pocket or sleeve installed in the fluid flow of a system into which the temperature sensor is inserted. Off-grid system. A process for depositing a layer of metal onto an electrode by electrolysis. A process in which there is no energy added or subtracted from a system by heating or cooling. A process where biomass is being converted into liquid biofuel by using gasification and synthesis technologies. A project is profitable if it makes a profit, i. A PV 'array' is a collection of electrically connected photovoltaic PV modules.

A PV combiner box is a junction box where the cables coming from multiple module strings are combined. May also contain fuses, switchgear and surge protection units. Also called a PV junction box. A PV module constructed with sequential layers of thin film semiconductor materials.

A PV module constructed with silicon wafers. A wafer is a rectangularly-shaped rarely round and very thin silicon disc. A PV system which feeds energy onto a national electricity grid. Also called a grid-tied PV system or a utility-interactive PV system.

For any given debt service period, the debt service coverage ratio is defined as the cash available for debt service CADS divided by the total amount of debt service. A random process that has no memory — its result does not depend on earlier steps in the process. This means the next value of the process depends on the current value.

It is independent of the previous values of the process. In probability theory, this property is also called the Markoff property. The higher the D:E Ratio the greater the financial leverage of the company. A reserve account set up to ensure the timely payment of principal and interest.

A salt that is in the liquid phase that is normally a solid at standard temperature and pressure STP. A separate cash account used to meet future payment obligations such as debt service, maintenance, or capital expenditure. A slip ring is an electromechanical device that allows the transmission of power and electrical signals from a stationary to a rotating structure.

A slip ring is used in electromechanical systems that require unrestrained, intermittent or continuous rotation while transmitting power. It is mounted on a rotating part of a machine to provide a continuous electrical connection through brushes on stationary contacts. A solar collector is device that collects solar radiation and converts it to heat. A solar thermal collector made up of a flat absorber plate covered with a sheet of glass and insulated at the back and sides.

A solar thermal collector made up of cylindrical glass tubes which are evacuated to prevent heat losses by conduction and convection. A soluble salt obtained from the ashes of plants and consisting largely of potassium, sodium carbonate, calcium or ammonia. A special coating applied to a surface to improve the radiation absorption, reflection and emission properties of the surface. A special loop in pipe installation to guarantee good distribution of the flow in parrallel branches also known as 'Tichelmann'.

A special loop in pipe installations to guarantee balanced flow in parallel branches also known as 'reverse return'. A statement of results of environmental impact assessment. Can specify measures which should be taken to eliminate or mitigate negative impacts to an acceptable level. A strategy that eliminates a risk through the spot sale of the risk or through a transaction in an instrument that represents an obligation to sell the risk in the future.

The goal is to ensure that any profit or loss on the current sale or purchase will be offset by the loss or profit on the future purchase or sale. A substance produced by a living organism which acts as a catalyst to bring about a specific biochemical reaction. A substance that speeds up a chemical reaction, but is not consumed by the reaction; it can be recovered chemically unchanged at the end of the reaction.

A substance with a high latent heat of fusion which is capable of storing and releasing large amounts of energy as it changes state between liquid and solid, and vice versa. A system sized somehwere between a small laboratory model size bench scale and a full-size system. A systematic deviation that has a non-zero average. Can be caused, for example, by errors in measurement devices. A tank filled with service water which is not consumed also known as buffer storage. A tank between the power canal and the penstock which allows sediment in the water to settle out before the water enters the penstock.

A three-terminal power semiconductor device primarily used as an electronic switch which, as it was developed, came to combine high efficiency and fast switching. A tradable certificate certifying that certain electricity has been generated using renewable energy sources. Typically one certificate represents generation of 1 Megawatt hour MWh of electricity. A transfer of funds with no expectation of a return payment. Grants are used in conjunction with other finance modalities.

A turbine which has a different pressure before and after the impeller. It is fully submerged in water and operates under pressure. A type of internal combustion engine in which the combustion of a fuel normally a fossil fuel occurs with an oxidizer usually air in a combustion chamber. A type of low resistance resistor that acts as a sacrificial device to provide overcurrent and short-circuit protection in an electrical circuit.

A unit used to standardize measurements of radiative forcing. For example, ton for ton, the 'greenhouse effect' of methane is a greenhouse gas that is 21 times more powerful than carbon dioxide. Therefore 1 ton of methane represents 21 tons of CO2 equivalents. A valve that blends hot water with cold water to ensure constant, safe shower and bath outlet temperatures, preventing scalding. A valve that controls fluid flow in a system e.

A valve that limits system pressure by releasing fluid when a certain safe pressure limit has been reached same as pressure relief valve. A valve that limits system pressure by releasing fluid when a certain safe pressure limit has been reached same as safety valve. A valve which is lockable or requires a special key to open to prevent operation by mistake.

A way of ranking available sources of energy, especially electrical generation, based on ascending order of price together with amount of energy that will be generated. In a centralized management, the ranking is so that those with the lowest marginal costs are the first ones to be brought online to meet demand, and the plants with the highest marginal costs are the last to be brought on line. A wind turbine located downstream of the air flow of another wind turbine 'sees' less wind speed than the first one and consequently produces less power.

This is called the 'wake effect'. A valve that normally allows fluid liquid or gas to flow through it in only one direction. Ability of a power plant to help restart the grid after complete breakdown. These power plants receive their electrical supply from an auxiliary generating plant.

Ability of a power system to continue its unrestricted operation in case of failure of any one component. Additional load that can be supplied at the required reliability level when adding VRE variable renewable energy to a system. Additional resistor in the rotor circuit of the doubly-fed induction generator. Air mass defines how many times a ray of sunlight passes the perpendicular thickness of the atmosphere. All components of a PV system, excluding the PV modules.

BoS includes components such as mounting structures, tracking systems, inverters and other electronics, transformers, cabling, connectors, switches, fuses, lightning and surge protection, and storage technologies in the case of off-grid systems. Sometimes even labor costs and land are considered to be a part of the BoS costs of a system. Also known as "Verified Emission Reductions". VERs are commonly understood as tradable emission reductions that have been generated according to defined standards and requirements other than the Kyoto Protocol.

Also known as action turbine. This is a turbine that has the same pressure before and after the impeller. It operates in air at atmospheric pressure. An accounting measure that projects the value of a cash flow that lies in the future into the present, normally by discounting. An accounting methodology that analyses all incoming and outgoing cash-flows to understand the cash flows per year or month and to make sure that a company is solvent at all times.

An actual takedown borrowing of money by a borrower under the terms of a loan facility. An additional amount or percentage to any cash flow item such as capital expenditures that is needed to provide a cushion. An additional heating device which will provide heat when the solar thermal system cannot same as auxiliary system. An additional heating device which will provide heat when the solar thermal system cannot same as back-up system.

An agreement by a borrower to undertake a positive covenant or not to undertake a negative covenant a specific action. Breaching a covenant is considered an event of default. An alternating current machine in which the frequency of the generated voltages and the speed of the machine are in a constant ratio.

An ammeter is a measuring instrument used to measure the electric current in a circuit. An analysis of the ability to complete a project successfully, taking into account legal, economic, technological, scheduling and other factors. Rather than just diving into a project and hoping for the best, a feasibility study allows project managers to investigate the possible negative and positive outcomes of a project before investing too much time and money.

An anode is an electrode through which conventional current flows into a polarized electrical device. Electrons flow out the anode to the outside circuit. The polarity of voltage on an anode with respect to an associated cathode varies depending on the device type and on its operating mode.

This definition is sometimes remembered using the mnemonic ACID for 'anode current into device'. An apparatus by means of which energy can be stored, such as a rechargeable battery. An arrangement in which two entities lend to each other on different terms, for example, in different currencies or at different interest rates, fixed or floating.

An arrangement of power lines connecting power plants and consumers over a large area. An earth house berm also known as an earth house or an earth sheltered home is an architectural style characterized by the use of natural terrain to help form the walls of a house.

An earth house is usually set partially into the ground and covered with thin growth. Modern earth houses are built with concrete walls and insulation. An easily corroded metal rod usually magnesium installed in a water tank to protect the less-easily corroded tank material from corroding. An ecosystem condition in which biodiversity, renewability and resource productivity are maintained over time. An electric battery is a device consisting of two or more electrochemical cells that convert stored chemical energy into electrical energy.

An electrical device by means of which a circuit is automatically controlled by a change in the same or another circuit. An electricity network based on digital technology that is used to supply electricity to consumers via two-way digital communication. Includes a variety of operational and energy measures such as smart meters, smart appliances, renewable energy resources, and energy efficiency resources.

An electromechanical device that converts mechanical energy to electrical energy in the form of alternating current. An electronic device on an off-grid PV system which regulates the voltage applied to the battery system from the PV array, and controls the connection from the PV array to the loads.

Essential for ensuring that batteries are not overdischarged, are not overcharged and longest life. An entitiy is considered 'credit worthy' if the risk of default on a debt obligation by that entity is considered low. Also known as special purpose vehicle SPV. An equilibrium state reached in a solar thermal collector energy captured equals energy lost during periods of continuous high solar irradiation without consumption. An essential component of a pressurised system which takes up the expansion of the system fluid when it gets hot.

An indicator commonly used as a reliability indicator by electric power utilities. SAIDI is the average outage duration for each customer served. It is the sum of all customer interruption durations divided by the total number of customers served. Measured in units of time, hours per year or minutes per year. An induction generator or asynchronous generator is a type of alternating current AC generator that uses the principles of induction motors to produce power.

Induction generators operate by mechanically turning their rotors faster than synchronous speed. Usually draws its excitation power from an electrical grid. An installation of PV modules and other components designed to produce electric power from sunlight. Also called micro-grid. An off-grid renewable energy system is a renewable energry system not connected to the national grid, e. An optical instrument used to establish points in the same horizontal plane.

It is used along with a calibrated staff to measure height difference, i. Anaerobic digesters in the form of a garage in which drier organic material is digested. Commonly there are a minimum of 3 digesters next to each other to allow a semi-continuous batch process. One digester is loaded with fresh organic material, in the second digester organic material is already producing biogas for half of the retention time, while the third digester is almost ready to be unloaded as most of the biogas has been extracted already.

Anergy is the fraction of energy which cannot be transformed into work. It thus corresponds to the waste of heat. Angle measured from directly overhead to the geometric centre of the sun's disc, as described using a horizontal coordinate system.

The solar elevation angle is the altitude of the sun, the angle between the horizon and the centre of the sun's disc. Area of an object frequently a building which has a significantly higher heat transfer than the surrounding materials, resulting in an overall reduction in the thermal insulation of the object or building. Assets pledged as security under a loan to assure repayment of debt obligations.

Automatic annual or monthly reduction of feed-in tariff payment levels in order to anticipate technology improvements. Banks lending to a project will undertake a thorough assessment of the project, inclunding financial, legal, technical, and insurance aspects of the project to ensure that there are no undisclosed or potential problems. This is known as 'exercising 'due dilligence'. The term covers liquid fuels and upgraded biogas for transportation purposes. Public and scientific interest in biofuels focusses on bioethanol and biodiesel.

Biogas is a gas produced in a decomposition process of suitable biomass utilizing micro-organisms. It is a flammable gas, as its energy carrier is methane, which is also a component of natural gas. Dry fermentation processes are applied in such cases. Commonly the substrate is stackable and is digested in "garage box digesters", where no stirring is needed.

Biosolids separated from liquids during processing. Capability of a power plant to remain connected during high voltage conditions, e. Capability of electrical devices, especially wind generators, to be able to operate through periods of low grid voltage. Capacitance is the ability of a body to store an electrical charge. Any object that can be electrically charged exhibits capacitance. The SI unit of capacitance is the farad F. Capital markets are markets for buying and selling equity and debt instruments.

Capital markets channel savings and investment between suppliers of capital such as retail investors and institutional investors, and users of capital like businesses, government and individuals. Capital structure refers to the way assets or investments are financed through some combination of equity, debt, or hybrid securities.

Cash available for capital providers. It is defined as earnings before interest payments adjusted for taxes EBIAT ; plus depreciation, amortization, and other non-cash charges; less capital expenditures; less increases in net working capital. Cash flow available to equity holders. It is equal to net income plus depreciation less capital expenditures less increases in net working capital NWC less principal repayment plus new debt proceeds. Cash or assets contributed by investors.

In accounting terminologoy it is the difference between total assets and total liabilities. Cellulose is a complex carbohydrate, C6H10O5 n, which is composed of glucose units, forms the main constituent of the cell wall in most plants, and is important in the manufacture of numerous products, such as paper, textiles, pharmaceuticals, and explosives.

CH4 - a flammable, explosive, colourless, odourless, tasteless gas that is slightly soluble in water and soluble in alcohol and ether; boils at — It is formed in marshes and swamps from decaying organic matter, and is a major explosion hazard underground. Changes in the surface-air temperature, referred to as the global temperature, brought about by the greenhouse effect which is induced by emission of greenhouse gases into the air.

Chemicals which contain only hydrogen H , carbon C , fluorine F and chlorine Cl. HCFCs are used as refrigerants in refrigerators, freezers and air-conditioning systems and also in insulative foams. They have a very potent greenhouse effect global warming potential that is almost 2, times higher than that of carbon dioxide. Compressed air energy storage is a method of storing energy generated at one time for use at another time, using compressed air.

Adiabatic compressed air storage continues to keep the heat produced by compression and returns it to the air when the air is expanded to generate power. Contract with a large customer to purchase electricity from a power plant. Usually the most important type of contract relating to the construction and operation of a power plant.

Converter system designed for the full rating of the connected generation unit. In wind turbine technology it is often referred to as a IEC Type 4 machine. FRC means fully rated converter. Cost incurred by a company in order to obtain the debt capital borrowed funds and social capital equity needed to finance their activities.

Cost, technology, and management components which affect operating expenses, output, or throughput. Direct costs refer to materials, labor and expenses related to the production of a product. Cp - a non-dimensional value describes the ratio of power that is captured by the wind turbine and fed into the grid. It is used to measure the wind turbine efficiency. Crops grown specifically for their fuel value. These include food crops such as corn and sugarcane, and non-food crops such as poplar trees and switchgrass.

Can be distinguished into short-rotation woody crops harvested in 5 to 8 years, and herbaceous energy crops harvested annually. Damage caused by heat build-up in a PV solar cell, normally caused by shading. If the heat increase is significant, the cell can be irreversibly damaged. Dark calm refers to periods with low PV production dark and low wind power production calm.

Definition of information exchange between the system users and the system operator enabling an optimized planning of the system. Describes the ability of a source to produce noise strength of source. IEC is a standard for turbine noise measurement.

Sound is measured using units of decibels dB. Describes the state of a generating plant when the plant voltage is greater than the network voltage. In this state the plant current lags the network voltage and the plant exports reactive power to the network.

Describes the state of a generating plant when the plant voltage is less than the network voltage at the POC. In this state the plant current leads the network voltage and the plant absorbs reactive power from the network. Description of the aerodynamical effect that the air stream around an airfoil e.

Designated European sites that constitute Natura network of protected sites for habitats and species across the EU. Diagram giving a stationary representation of time-varying electrical quantities e. Distributed generation is sometimes seen as negative load, as it reduces the load on a feeder. Document specifying the technical standards relating to operation of a power grid and to which all parties involved are required to comply with.

Doped metal oxides used in optoelectronic devices such as flat panel displays screens and photovoltaics. Doubly-fed electric machines are electric motors or electric generators that have windings on both stationary and rotating parts, where both windings transfer significant active power between shaft and electrical system. Usually the stator winding is directly connected to the three-phase grid and the three-phase rotor winding is fed from the grid through a rotating or static frequency converter.

In wind turbine technology it is often referred to as a IEC Type 3 machine. The biomass substrate enters at one end of the digester, where it is pressed continuously through the reactor, while emitting biogas, and leaves the reactor at the other end. During the anaerobic digestion of biomass, structural matter e.

Special stirring devices are needed to break up this layer. Dynamic calculations explicitly take the time value of money into account by discounting future cash-flows and thereby transferring the future cash-flows into their present value equivalent the opposite static calculations. Economic or administrative consequences of incremental or catastrophic environmental pollution.

EIA - Formal process used to assess the environmental consequences positive or negative of a plan, policy, program, or project prior to the decision to move forward with the proposed action. Electrical machine which generates electrical power and carries a DC current for the magnetisation in the rotor. Thus the speed of the generator is synchronously to the grid frequency. Electrical wiring device that disconnects a circuit whenever it detects that the electric current is not balanced between the energized line conductor s and the return neutral conductor.

Electricity generation driven by either fossil fuels coal, gas , nuclear or large hydro power plants hydro renewable, but considered 'conventional' in this case. Electricity generation driven by renewable energy sun, wind, hydro, biogas. Electricity grid operated at HV or MV for regional power transfers sometimes part of transmission, sometimes part of distribution grid. Electricity market in which the time between trading and physical delivery ranges from between a few minutes and up to 36 hours.

Electrolysis is a technique that uses a direct electric current DC to drive an otherwise non-spontaneous chemical reaction; commercially important as a stage in the separation of elements from naturally occurring sources such as ores using an electrolytic cell.

Electrolysis of water produces hydrogen and oxygen. Electromagnetic radiation in the form of energy carrying photons, integrated over time. Although light energy often only refers to the visible spectrum, light energy can be absorbed by solar cells across the whole solar spectrum, from the invisible infrared light to visible light to ultraviolet light. Electromagnetic radiation with longer wavelengths than those of visible light. IR wavelengths range from approximately nm to , nm. Because of the longer wavelengths, IR light tends to pass through many materials, including may solar cells, and also carries less energy compared with visible light or ultraviolet light.

IR light is also emitted by thermal radiation. Electromagnetic radiation with shorter wavelengths than visible light. Wavelengths of UV light range from approximately 10 nm to nm. Because of the short wavelengths, UV light carries higher levels of energy per photon than infrared light or visible light.

Electromagnetic radiation, which is visible to the human eye. The wavelengths of visible light range between nm and nm. Within that range, the different wavelengths are visible as colours, from longer to shorter: red, orange, yellow, green, blue, indigo and violet.

Electronic component that allows current flow in one direction only. See 'blocking diode' and 'bypass diode'. Energy consumers who also produce their own power from on-site generators e. Energy content of a substance, higher than net calorific value. For most combustion processes, the net calorific value is the relevant parameter.

Energy efficiency measure that reduces the consumption of final energy by a more efficient use while the same level of useful energy is delivered. Energy efficiency measures by utilities that reduce the losses in power generation and transmission processes. This leads to an increase of the supply of final energy e. Energy from the sun is emitted as electromagnetic radiation, which includes visible light.

Energy output according to average wind speed of 5. Energy that can be used to perform a certain task, as opposed to total energy generated some of which may not be capable of being used, such as waste heat. Energy that is actually received and paid for by a customer. Or energy that is actually delivered to a load appliance as opposed to energy generated by a process or technology. Energy that is lost during the conversion of one form of energy to another.

Equipment fixed on a mast to measure wind speeds over a particular site. Anemometry masts are usually slender structures fixed to the ground with guy wires. Estimated cost that electric utilities would have to pay either to generate power themselves, or to procure from another generator in the market. Commonly used as a benchmark in the industry to indicate the approximate value of new generation to utilities. Successor of ETSO, the association of European transmission system operators founded in in response to the emergence of the internal electricity market within the European Union.

It is durable, transparent, resistant to corrosion, and flame retardant. Event s which can possibly reduce the expected cash flow forecast for project financing. Everybody that makes use of a power system, such as generators, consumers, network operators. Excess of generation capacity needed for supplying the system load with sufficient reliability. Exergy is the fraction of energy which can be transformed into work, it thus corresponds to usable energy.

Expected value' is a stochastical term which describes the expected average result of an experiment if it is repeated over and over again. In its most simple form it is calculated as the product of the value of the result and the probability of that result.

Failure of a component that can occur with sufficiently high probability so that consequences of this contingency must be identified as a considerable risk. Fermentation is a metabolic process that converts sugar to acids, gases or alcohol. Decomposition of an organic substance. First control mechanism activated within some seconds. It aims to restore the balance between generated and consumed active power at a certain frequency level. It is also known as primary frequency control.

First generation biofuels' are made from sugar, starch, vegetable oil or animal fats using conventional technology. Vegetable oils are converted into biodiesel, starch is fermented into bioethanol. For ensemble prediction the spread between the ensemble members gives a hint to the skill accuracy of the prediction.

At higher spreads a larger forecast error is more likely. Forecast and measurement have the same shape but one lags behind the other in a manner similar to phase shift between voltage and current in AC systems. Frequency components in the voltage spectrum that occur at frequencies 2kHz.

Frequency components in the voltage spectrum that occur at non-integer multiples of the fundamental frequency. Usually the timeframe is year. Fumes or gases that come out of smokestacks and tailpipes, seep from inside factories or enter the atmosphere directly from oil well flares, garbage dumps, rotting vegetation, etc. They include carbon dioxide, methane and nitrous oxide, which cause most of the global greenhouse effect.

Generating capacity available to an electricity network operator which can be activated within a short interval of time in order to meet demand if a generator goes down or there is another disruption to the supply. Generation that is connected to distribution grids sometimes, also generation connected to sub-transmission grids is considered to be embedded generation.

Generator where the excitation field is provided by a permanent magnet instead of a coil. The term synchronous refers here to the fact that the rotor and magnetic field rotate with the same speed, because the magnetic field is generated through a shaft mounted permanent magnet mechanism and current is induced into the stationary armature.

German regulation speficying connection conditions for onshore wind generation. Part of German renewable energy legislation. Graph that depicts the power output of a wind turbine as a function of wind speed. The power curve is one of the most important criteria for selecting the optimum wind turbine for specific wind conditions at selected sides. Guarantees or insurance for both political and commercial risks provided to a lender by an export credit agency or international finance institution.

GW - a measure of electric capacity equal to 1 billion watts or 1 million kilowatts. Hardware filter in electrical circuits blocking frequencies above a specific cut-off frequency. Hardware filter in electrical circuits consisting of inductances L and capacitance C to enhance the power quality. Heat transfer via electromagnetic radiation. The only mode of heat transfer that can pass through a vacuum. Height of wind turbine tower from the ground to the central axis hub of a wind turbine rotor.

Hybrid technology in which a steam-generating solar-thermal plant is integrated with a combined cycle plant. In ISCC plants, solar energy is used as an auxiliary heat supply, supporting the steam cycle, which results in increased generation capacity or a reduction of fossil fuel use. IEC standards are standards issued by the International Electric Committee IEC covering a vast range of technologies from power generation, transmission and distribution to home appliances and office equipment, semiconductors, fibre optics, batteries, solar energy, nanotechnology and marine energy as well as many others.

A peak sun hour is equivalent to watts of solar energy falling on an area of 1 square meter for 1 hour or for example as watts of solar energy falling on an area of 1 square meter for 2 hours. In a CSP installation, the receiver tube comprises an absorber tube which is inside an evacuated glass tube.

A heat transfer fluid is inside the absorber tube. Solar radiation is absorbed by the absorber tube and transferred to the heat transfer fluid. The outer evacuated glass tube acts to minimise heat losses. In electrical engineering the load factor is defined as the average load divided by the peak load in a specified time period. In financial theory, the return that stockholders require for a company.

In loan finance, the number of years a loan is outstanding i. In mathematics and, in particular, functional analysis, convolution is a mathematical operation on two functions: f and g, producing a third function that is typically viewed as a modified version of one of the original functions, giving the area overlap between the two functions as a function of the amount that one of the original functions is translated.

In microeconomic theory, the opportunity cost of a choice is the value of the best alternative forgone, in a situation in which a choice needs to be made between several mutually exclusive alternatives given limited resources. Assuming the best choice is made, it is the 'cost' incurred by not enjoying the benefit that would be had by taking the second best choice available. In statistics, a confidence interval CI is a type of interval estimate of a population parameter.

It is an observed interval i. How frequently the observed interval contains the parameter is determined by the confidence level or confidence coefficient. Inductance is the property of an electrical conductor by which a change in current flowing through it induces an electromotive force in both the conductor itself and in any nearby conductors by mutual inductance.

Insurance against damage or injury caused to the project by third parties. Insurance policy purchased for protection against the actions of another a third party. It is purchased by the insured the first party from an insurance company the second party for protection against damage from the actions of another party a third party. IRR -the discount rate that makes the net present value equal to zero. Gives the return on the invested capital if one assumes that the project breaks even.

It excludes all external factors such as the debt interest rate. Is defined as the time it takes until the cumulated outgoing cash-flows equal the cumulated incoming cash-flows, i. Isobars are lines drawn on a map joining places of equal average atmospheric pressure. They are used to map atmospheric or air pressure. An isobaric process is a process in which energy is transferred at a constant pressure. It is a common clause in contracts that essentially frees both parties from liability or obligation when an extraordinary event or circumstance beyond the control of the parties, such as a war, strike, riot, crime, or an event described by the legal term act of God such as hurricane, flooding, earthquake, volcanic eruption, etc.

Most force majeure clauses do not excuse a party's non-performance entirely, but only suspends it for the duration of the force majeure. It is defined as the ratio of reflected radiation from the surface to incident radiation upon it. It is the tendency of a force to rotate an object about an axis.

Mathematically, torque is defined as the cross product of the lever-arm distance vector and the force vector, which tends to produce rotation. It specifies the shape of a Weibull distribution and takes on a value of between 1 and 3. A small value for k signifies very variable winds, while constand winds are characterized by a larger k. Usually used in connection with medium-voltage and high-voltage transmission lines. Power multiplied by time.

The most commonly-used unit of electrical energy, consumed or produced. Large-scale PV power plants installed in a specific location to feed a central electricity grid. Also known as solar farms , solar parks and utility-scale PV.

LDC - a load duration curve is used in electric power generation to illustrate the relationship between generating capacity requirements and capacity utilization. Linear Fresnel reflectors use long, thin segments of mirrors to focus sunlight onto a fixed absorber located at a common focal point of the reflectors. List of all data to be submitted by the system operator to a user or by a user to the system operator.

Loans issued with minimal or non-existent interest rates, or with extended repayment deadlines. Long-term expenditures for property, plant, and equipment, also called 'investment budget'. Losses due badly matched components in a system. For example, losses due to to varying electrical output characteristics current of single PV modules in a PV module string.

Low or medium-voltage grid, usually having radial or ring topology for the local distribution of electricity. Sometimes sub-transmission grids are considered to be part of a distribution grid. Many small or medium-scale PV installations of various sizes and connected to an electrical grid in many different locations, usually to the low-voltage grid. Market simulation and generation expansion planning software developed and released by Energy Exemplar Pty Ltd.

Material as wire wound or coiled about an object as an armature ; also: a single turn of the wound material. Material or construction that reduces the transfer of heat from one objects to another or to the outside environment. Material that is solidified at such rate that many small crystals crystallites form. The atoms within a single crystallite are symmetrically arranged, whereas crystallites are jumbled together.

These numerous grain boundaries reduce the device efficiency. A material composed of variously oriented, small individual crystals. Sometimes referred to as polycrystalline or semicrystalline. Mean time to failure describes the expected average time between failures occuring in a system during operation. Measure of the electric potential difference between two points, usually measured in volts V. Measure of the noise level at a receptor neighbor of wind farms, microphone.

Sound is measured using units of decibels dB and dB A. Meter which counts how much electricity is fed into the public grid by a renewable power plant. Method by which a mathematical problem is solved by following a systematic trial-and-error process, i. Microbiological process of decomposition of organic matter, in the complete absence of oxygen, carried out by the concerted action of a wide range of micro-organisms. AD is common to many natural environments and is applied to produce biogas in airproof reactor tanks, commonly named digesters.

Micro-organisms that live and reproduce in an environment containing no 'free' or dissolved oxygen. Used for anaerobic digestion. Modeling a generator as an equivalent generator having the size of the total installed capacity of several individual generators. Monte Carlo simulations rely on repeated random sampling to obtain numerical results. To solve a problem that might be deterministic in principle Monte Carlo simulations use the randomness to solve a problem.

They produce hundreds or thousands of possible results which are analyzed to get probabilities of different solutions. MPPT - operating the array at the peak power point of the array's I-V curve where maximum power is obtained. MSW - all types of solid waste generated by a community households and commercial establishments , usually collected by local government bodies.

Narrowly defined, it refers to cross-currency and foreign exchange availability risks. More broadly defined, it can also include the political risks of doing business in a given country. Naturally replenishable, but flow-limited energy resources. They are virtually inexhaustible in duration, but limited in the amount of energy that is available per unit of time. Renewable energy resources include: biomass, hydro, geothermal, solar and wind. In the future they could also include the use of ocean thermal, wave, and tidal action technologies.

Utility renewable resource applications include bulk electricity generation, on-site electricity generation, distributed electricity generation, non-grid-connected generation, and demand-reduction energy efficiency technologies. Net metering allows residential and commercial customers who generate their own electricity from renewable power to feed electricity they do not use back into the grid, and to obtain credits for it.

No matter what risk event occurs, the borrower agrees to repay the debt. By definition, this is not a project financing unless the borrower's sole asset is the project. Noise level already present in an environment, e. Non-recourse debt or a non-recourse loan is a secured loan debt that is secured by a pledge of collateral, typically real property, but for which the borrower is not personally liable. Normally, the highest voltage network of an electric utility system. It carries high power over the longest distances.

Typically operating at voltages in excess of kV, and most usually at kV and above. NPV - the net present value or net present worth NPW is defined as the sum of the present values PVs of incoming and outgoing cash flows over a period of time. One of the Flexible Mechanisms defined in the Kyoto Protocol IPCC, that provides for emissions reduction projects which generate Certified Emission Reduction units which may be traded in emissions trading schemes.

Organic material from living organisms such as wood, organic waste, and agricultural residuals. Biomass can be converted into other usable forms of energy such as methane or liquid fuels bioethanol, biodiesel. Organic matter available on a renewable basis. Biomass includes forest and mill residues, agricultural crops and wastes, wood and wood wastes, animal wastes, livestock operation residues, aquatic plants, fast-growing trees and plants, and municipal and industrial wastes.

Photovoltaics PV refers to technologies which converting solar energy into direct current electricity using semiconducting materials that exhibit the photovoltaic effect. Physical quantity describing the impact of a magnetic field. The SI unit of magnetic flux is the weber Wb. Plant that are grown specifically to be used as a source of energy or fuel. PMSG - synchronous generator equipped with an excitation system consisting of permanent magnets.

Point of coupling POC is the point where transmission or distribution assets meet generator assets. Polyethylene thermoplastic made from petroleum. It is sometimes called "alkathene" or "polythene" when used for pipes. Power factor versus active power characteristics.

The loss includes the cost of the issue of share options to directors and others under the company's share option scheme. Most industries have been affected in the areas of financial instruments, derivatives, hedge accounting, deferred tax and share options.

The state also claims Kebble received income from gains on share options exercised from Durban Roodepoort Deep during the and tax periods and failed The position offers excellent career prospects for the right candidate. We will be offering an attractive package including share options.

FRS 20 requires an estimate of the non-cash costs associated with the issuing of share options to be charged to the profit and loss account. The granting of share options , which are just a one-way bet, should be avoided or, at the very least, expensed immediately. The same Hugo Chavez who has been encouraging democracy to move from the political sphere - to the economic - by fostering workers cooperatives and various Dollar bzw. Foreign exchange gain , - Share, option, and warrant compensation , , Share bonus - , Employee share ownership plan , , The ESOP has The original transaction also included an employee share ownership scheme to transfer two million shares to workers or 4.

A further 12 per cent will be in the hands of staff, either through an employee share ownership trust or employees subscribing to the offer. The ESOP In , he was instrumental in Alion's employee buyout of a nonprofit organization to form the current company, which is percent employee owned. Fourteen percent of our stake is owned by our people. Basically, it is like an ESOP. On the other hand, the Denominator Weighted average number of shares - basic 89,, 89,, 89,, 90,, Dilutive effect of employee stock options , , R" Audited Audited Equity at the beginning of the year , , Ordinary shares issued in terms of the 2, 2, Share Option Scheme Asset Ray Crewe-Brown received R4,5m in compensation in the last fiscal year, an increase of more than two-thirds over the year before, as he exercised share options It's a fascinating insight into a guy who cheated the Americans through share options , back-dating, made tens of millions of dollars, snuck off to Namibia Silicon Valley's resistance to improved corporate governance is also reflected in the slapdash attitude to accounting for share options that has resulted in If all outstanding share options are exercised, and if convertible bonds due to expire next year are converted in full before the Oct.

Around the time US management teams and boards were conspiring to inflate share options for top executives in the late s, performance conditions were Hay que hacer protagonistas del cambio a los trabajadores, a toda la sociedad laboral. Poi ci sono pericolosi segnali come quello sulle stock - options. The Aer Lingus employee share ownership trust will still own a stake of 9. Around 2. Of the government owning, nearly 2. Ireland's transport minister Martin Zachary's Chicago Pizza Inc.

The company is part employee-owned, through an ESOP established several years ago. In addition, valuations will also be required for goodwill impairment testing and the issuance of employee stock options. The company on Tuesday approved a program to buy back 3. Clara, Calif. More than companies are conducting internal reviews or facing more formal scrutiny from regulators over the timing and pricing of employee stock options.

The Company issues equity- settled instruments to certain qualifying employees under an Employee Share Option Scheme to purchase shares in the Company"s UTS , provider of integrated communications services in Moscow, Russia, has seen its extraordinary general meeting EGM approve a share option programme that Cumulative value destruction is massive and its downward momentum is unstoppable. More share options for management won't matter a jot.

The Financial Services Authority, the chief City regulator, has given warning that it will crack down on companies But earnings per share were flat at Geometric Software Solutions Company Ltd rose 0. On September 15,, the company had ESOP should keep the pressure on. And if Argent can't or won't improve its performance, it should feel the wrath of the feds, just like Ameriquest.

Most of the downfall was because Nike began expensing employee stock options. Nike continues to buy back Delaware corporate law authorizes directors to delegate to officers the authority to grant employee stock options.

He also has options over , shares exercisable at 5 pence each under the company's Share Option Scheme. He exercised 1. Network Ten His share options for the year were cancelled after the organisation failed to meet a performance indicator based on return on equity. Magna setzt auf die Mitarbeiterbeteiligung. Das wird das Zukunftsmodell schlechthin sein. Employees own about 5 percent now. Based in McLean, Virginia, Alion has more than employee - owners at major offices, customer sites and laboratories worldwide.

American Capital invests in and sponsors management and employee buyouts , invests in private equity buyouts, provides capital directly to early stage and Share options allow holders to buy shares at a predetermined price. They make profits for executives if the price rises above the award level.

France is under pressure to reform rules on share options after scandals involving options for top managers at aerospace group EADS EAD. PA: Quote, Profile She added Byrne declared in the register of members' interests that he has share options in the firm. EGS operates Le gouvernement Compromis sur les stock - options. Un dispositif un peu He was named president and chief executive officer in August How has the employee stock ownership plan worked out for GBS? It's been just great for us.

According to the Aer Lingus prospectus, the employee share ownership trust Esot , which represents the shareholding of all the staff, has already agreed to Schultz led an employee buyout of the company in , when then-owner CBS had let the legendary guitar business languish.

It is concerned that the initiative, which is intended to replace the company's existing share - option scheme, does not appear to have any information attached The high-spending Mashatile was embroiled in controversy several years ago after a report that he held share options in GSSC. The figure includes salary, bonuses, share options and other long-term incentive plans that have vested during the year. Finansol : www. En effet, The bill, part of wider legislation on employee shareholding , is expected to be passed before the year's end.

In Britain The Keller Rohrback law You will also get share options and bonuses based on company performance. If you're interested, head Hormis cette Employee Stock Ownership Plan the "Plans". The investigation focuses on investments in Oneida stock by the Oneida Ltd. The conversion includes an " employee stock ownership plan" that typically provides direct grants, some of them handsome, to high-level executives.

European Capital invests in and sponsors management and employee buyouts , invests in private equity buyouts and provides capital directly to private and mid This statement requires all share based payments to employees, including grants of employee stock options , to be recognized as an expense in the statement of Additionally, Michael Carlton and Kuldip Sehmi, both directors of the company, have today exercised share options over , and , ordinary shares Hours are Benefits include pension, annual bonus, share options , Xmas closure and 25 days holiday.

Merck's offer values Serono at a total of CHF La Tribune. Cepes agrupa ya a Bajo el paraguas de Cepes se agrupan ya Ormai gioca in proprio. Counting of a second ballot bythe Irish Congress of Trade Unions on funding the Employee Share Ownership Trust had been suspended until the issues with the Brian Walker, Chief Executive Officer, stated, "We are very pleased with the performance of our employee - owners and dealer partners around the globe.

People's said it will also establish the People's Community Foundation, a charitable foundation, and will establish an employee stock ownership plan, known as People's Mutual and People's Bank also plan to establish an employee stock ownership plan. The reorganization Foundation, an endowment for communities. The Meeting decided in accordance with the proposal on the issue of employee stock options in accordance with the Elekta AB Share Unit Plan and to approve For a chief executive the beauty of old-style options is that, with the stock market in a relatively buoyant state, most share option packages are doing It is hoped that the ASB will weigh up the costs and benefits of these proposals for those small companies that do grant share options , which might be achieved Comme on l'a vu avec Quand on habite

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Cuando la empresa, se presente con el funcionario de prestamos del banco, debe ser capaz de negociar. Debe dar la impresin de que es competente. Si se va en busca de un prstamo, habr que presentarse con el funcionario correspondiente con los datos siguientes: a La finalidad del prstamo. El costo de intereses vara segn el mtodo que se siga para calcularlos. Es preciso que la empresa sepa siempre cmo el banco calcula el inters real por el prstamo. Luego que el banco analice dichos requisitos, tomar la decisin de otorgar o no el crdito.

Es un contrato que se negocia entre el propietario de los bienes acreedor y la empresa arrendatario a la cual se le permite el uso de esos bienes durante un perodo determinado y mediante el pago de una renta especfica, sus estipulaciones pueden variar segn la situacin y las necesidades de cada una de las partes.

La importancia del arrendamiento es la flexibilidad que presta para la empresa ya que no se limitan sus posibilidades de adoptar un cambio de planes inmediato o de emprender una accin no prevista con el fin de aprovechar una buena oportunidad o de ajustarse a los cambios que ocurran e el medio de la operacin. El arrendamiento se presta al financiamiento por partes, lo que permite a la empresa recurrir a este medio para adquirir pequeos activos.

Por otra parte, los pagos de arrendamiento son deducibles del impuesto como gasto de operacin, por lo tanto la empresa tiene mayor deduccin fiscal cuando toma el arrendamiento. Para la empresa marginal el arrendamiento es la nica forma de financiar la adquisicin de activo. El riesgo se reduce porque la propiedad queda con el arrendado, y ste puede estar dispuesto a operar cuando otros acreedores rehsan a financiar la empresa.

Esto facilita considerablemente la reorganizacin de la empresa. La principal desventaja del arrendamiento es que resulta ms costoso que la compra de activo. Forma de Utilizacin. Consiste en dar un prstamo a plazo con pagos peridicos obligatorios que se efectan en el transcurso de un plazo determinado, generalmente igual o menor que la vida estimada del activo arrendado. El arrendatario la empresa pierde el derecho sobre el valor de rescate del activo que conservar en cambio cuando lo haya comprado.

La mayora del arrendamiento son inconciliables, lo cual significa que la empresa est obligada a continuar con los pagos que se acuerden an cuando abandone el activo por no necesitarlo mas. En todo caso, un arrendamiento no cancelable es tan obligatorio para la empresa como los pagos de los intereses que se compromete. Una caracterstica distintiva del arrendamiento financiero es que la empresa arrendatario conviene en conservar el activo aunque la propiedad del mismo corresponda al arrendador Mientras dure el arrendamiento, el importe total de los pagos exceder al precio original de compra, porque la renta no slo debe restituir el desembolso original del arrendador, sino tambin producir intereses por los recursos que se comprometen durante la vida del activo.

Una accin comn da a su propietario derechos tanto sobre los activos de la empresa como sobre las utilidades que esta genere, as como a opinar y votar sobre las decisiones que se tomen. Como financiamiento representan la fuente de recursos ms costosa para una compaa. A continuacin se especifican estos y otros aspectos importantes que las empresas deben considerar al emplear estos instrumentos como fuente de financiamiento a largo plazo.

Como los acreedores y los accionistas preferentes en ese orden tienen derechos prioritarios sobre los accionistas comunes, son estos ltimos quienes asumen el mayor riesgo dentro de la empresa y, por lo tanto, quienes tienen un mayor rendimiento requerido sobre el dinero que invierten en ella. Las acciones comunes proporcionan a sus propietarios responsabilidad limitada en la empresa. Esto significa que el accionista comn como propietario de la empresa no puede perder una cantidad mayor a su aportacin econmica a la sociedad y que sus bienes personales no estn en riesgo en caso de que la empresa se vea en dificultades financieras.

Desde luego, como propietarios de la empresa los accionistas comunes tienen derecho a opinar y a decidir sobre las decisiones que se tomen; esto es, tienen derecho a voz y voto. A este derecho se le conoce como derecho de votacin. Los accionistas comunes eligen alguna decisin propuesta sobre la base de voto por mayora. Algunas empresas usan el voto mayoritario para elegir a la asamblea de directores. El derecho de prioridad o preventivo les permite a los accionistas mantener su proporcin de la participacin en la propiedad de la empresa cuando se emiten nuevas acciones comunes.

Estos derechos de prioridad tienen la finalidad de evitar que los gerentes puedan transferir la propiedad y el control de la empresa a un grupo externo de inversionistas o incluso a los mismos gerentes cuando, por ejemplo, se sabe que los actuales accionistas estn inconformes con el desempeo del equipo gerencial y hay riesgo de despido. Las acciones comunes otorgan a su propietario el derecho a los dividendos; no obstante, la empresa no tiene obligacin legal alguna de pagar dividendos.

Esto es, si por uno u otro motivo la empresa decide que no pagar dividendos, los accionistas comunes no pueden ejercer alguna accin legal para forzar a la empresa a distribuir tales dividendos. Ventajas y Desventajas El financiamiento a travs de acciones comunes ofrece varias ventajas a la empresa. La emisin de capital comn, a diferencia de la deuda o del capital preferente, no impone restricciones sobre futuras emisiones de capital o deuda, lo que le permite a la empresa mantener flexibilidad para obtener financiamiento a largo plazo.

Tampoco representa una forma de incrementar el riesgo de la empresa, puesto que no impone compromisos financieros al emisor. Adems, al ser una fuente permanente de fondos ya que las acciones comunes no tienen vencimiento aunado al hecho de que el pago de dividendos no es obligatorio, el uso del capital comn le permite a la empresa reducir las presiones sobre su flujo de efectivo generadas por los compromisos para el pago de intereses y principal de la deuda.

Finalmente, como se explica un poco ms adelante, las empresas pueden usar la venta de derechos y las acciones de tesorera para obtener financiamiento rpidamente en los mercados accionarios. Dentro de las desventajas del uso del capital comn como fuente de financiamiento se encuentra su costo que es el ms alto de todas las fuentes alternativas.

Al mismo tiempo, el pago de dividendos puede verse restringido por las clusulas de los contratos de obligaciones. Otra desventaja es que al usar capital comn para financiarse, la empresa necesariamente tiene que emitir acciones comunes adicionales, lo que reduce las utilidades por accin y eventualmente los dividendos por accin que reciben los inversionistas. Por ltimo, la emisin de acciones comunes adicionales tiene como desventaja la posible prdida de control de la empresa por parte de los propietarios actuales.

Obtencin de Capital Comn Una empresa puede obtener financiamiento mediante capital comn tanto de fuentes internas como de fuentes externas. El capital comn interno son las utilidades generadas por las operaciones de la empresa y que se reinvierten dentro de la misma para financiar sus proyectos de inversin. Estas utilidades retenidas son una fuente importante de financiamiento que, aparentemente, es gratuita ya que no tiene un costo explcito.

No obstante, estas utilidades pertenecen a los propietarios de la empresa y al reinvertirlas dentro de sta, tienen un costo de oportunidad de no estarlas invirtiendo en otras alternativas con riesgo semejante. La obtencin de capital comn por medio de la retencin de utilidades es un procedimiento ms simple que la consecucin de capital comn proveniente de fuentes externas. La obtencin de capital comn externo involucra una serie de decisiones y procedimientos que requieren mucha atencin y anlisis por parte de los gerentes de la empresa.

Una empresa puede obtener capital comn externo por medio de una colocacin privada, a travs de una oferta general en efectivo o por medio de una oferta de derechos. Una colocacin privada consiste en vender los valores directamente a unos pocos inversionistas, lo cual tiene la ventaja de ser un procedimiento ms sencillo y rpido.

La oferta general de efectivo consiste en emitir acciones comunes que se ofrecen al pblico en general, mientras que en una oferta de derechos los nuevos ttulos se ofrecen exclusivamente a los accionistas actuales en el mercado. Cuando una empresa hace una primera emisin pblica de acciones esta se conoce como oferta pblica inicial OPI y solamente se puede hacer en efectivo.

Las OPIs tienen implicaciones importantes para las empresas, por lo que en las siguientes secciones se profundiza en el anlisis de este tipo de ofertas. Es aportado por aquellos accionistas que no se desea que participen en la administracin y decisiones de la empresa, si se les invita para que proporcionen recursos a largo plazo, que no impacten el flujo de efectivo en el corto plazo. Dada su permanencia a largo plazo y su falta de participacin en la empresa, el capital preferente es asimilable a un pasivo a largo plazo, pero guardando ciertas diferencias entre ellos.

Principales similitudes entre pasivo a largo plazo y capital preferente. Se aplican en el financiamiento de proyectos de inversin productivos bsicamente. No participan en las prdidas de la empresa. En caso de terminacin de operaciones, se liquidan antes que el capital comn. Participan en la empresa a largo plazo. Diferencias entre pasivo a largo plazo y capital preferente.

Por el pasivo se hacen pagos peridicos de capital e intereses, por el capital preferente, slo el pago de dividendos anuales pago garantizado. El costo de financiamiento en el pasivo se le llama inters deducible, el cual es deducible de impuestos, en el caso del capital preferente, se llama dividendos y no es deducible de impuestos. El pasivo es otorgado por instituciones de crdito, el capital preferente es aportado generalmente por personas fsicas u otras personas.

El pasivo aumenta la palanca financiera de la empresa, en tanto que el capital preferente mejora su estructura financiera. En resumen, el capital preferente puede asimilarse a que un pasivo a largo plazo encubierto con el nombre de capital que ayuda a la empresa a lograr sus metas sin intervenir en su administracin y mejorando la estructura financiera de la misma.

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Razon circulante finanzas forex The increased return on an investment which is required to compensate investors for expected inflation. Kom terug bij mij Marian Keyes epub. Las paradas comerciales se implementan para asegurar un mercado justo y ordenado. First control mechanism activated within some seconds. Suunto 9 Baro: reloj gps pensado para la ultra distancia.? Es miembro de NSE.
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Luego que el banco analice dichos requisitos, tomar la decisin de otorgar o no el crdito. Es un contrato que se negocia entre el propietario de los bienes acreedor y la empresa arrendatario a la cual se le permite el uso de esos bienes durante un perodo determinado y mediante el pago de una renta especfica, sus estipulaciones pueden variar segn la situacin y las necesidades de cada una de las partes. La importancia del arrendamiento es la flexibilidad que presta para la empresa ya que no se limitan sus posibilidades de adoptar un cambio de planes inmediato o de emprender una accin no prevista con el fin de aprovechar una buena oportunidad o de ajustarse a los cambios que ocurran e el medio de la operacin.

El arrendamiento se presta al financiamiento por partes, lo que permite a la empresa recurrir a este medio para adquirir pequeos activos. Por otra parte, los pagos de arrendamiento son deducibles del impuesto como gasto de operacin, por lo tanto la empresa tiene mayor deduccin fiscal cuando toma el arrendamiento. Para la empresa marginal el arrendamiento es la nica forma de financiar la adquisicin de activo.

El riesgo se reduce porque la propiedad queda con el arrendado, y ste puede estar dispuesto a operar cuando otros acreedores rehsan a financiar la empresa. Esto facilita considerablemente la reorganizacin de la empresa.

La principal desventaja del arrendamiento es que resulta ms costoso que la compra de activo. Forma de Utilizacin. Consiste en dar un prstamo a plazo con pagos peridicos obligatorios que se efectan en el transcurso de un plazo determinado, generalmente igual o menor que la vida estimada del activo arrendado.

El arrendatario la empresa pierde el derecho sobre el valor de rescate del activo que conservar en cambio cuando lo haya comprado. La mayora del arrendamiento son inconciliables, lo cual significa que la empresa est obligada a continuar con los pagos que se acuerden an cuando abandone el activo por no necesitarlo mas. En todo caso, un arrendamiento no cancelable es tan obligatorio para la empresa como los pagos de los intereses que se compromete.

Una caracterstica distintiva del arrendamiento financiero es que la empresa arrendatario conviene en conservar el activo aunque la propiedad del mismo corresponda al arrendador Mientras dure el arrendamiento, el importe total de los pagos exceder al precio original de compra, porque la renta no slo debe restituir el desembolso original del arrendador, sino tambin producir intereses por los recursos que se comprometen durante la vida del activo.

Una accin comn da a su propietario derechos tanto sobre los activos de la empresa como sobre las utilidades que esta genere, as como a opinar y votar sobre las decisiones que se tomen. Como financiamiento representan la fuente de recursos ms costosa para una compaa. A continuacin se especifican estos y otros aspectos importantes que las empresas deben considerar al emplear estos instrumentos como fuente de financiamiento a largo plazo. Como los acreedores y los accionistas preferentes en ese orden tienen derechos prioritarios sobre los accionistas comunes, son estos ltimos quienes asumen el mayor riesgo dentro de la empresa y, por lo tanto, quienes tienen un mayor rendimiento requerido sobre el dinero que invierten en ella.

Las acciones comunes proporcionan a sus propietarios responsabilidad limitada en la empresa. Esto significa que el accionista comn como propietario de la empresa no puede perder una cantidad mayor a su aportacin econmica a la sociedad y que sus bienes personales no estn en riesgo en caso de que la empresa se vea en dificultades financieras. Desde luego, como propietarios de la empresa los accionistas comunes tienen derecho a opinar y a decidir sobre las decisiones que se tomen; esto es, tienen derecho a voz y voto.

A este derecho se le conoce como derecho de votacin. Los accionistas comunes eligen alguna decisin propuesta sobre la base de voto por mayora. Algunas empresas usan el voto mayoritario para elegir a la asamblea de directores. El derecho de prioridad o preventivo les permite a los accionistas mantener su proporcin de la participacin en la propiedad de la empresa cuando se emiten nuevas acciones comunes. Estos derechos de prioridad tienen la finalidad de evitar que los gerentes puedan transferir la propiedad y el control de la empresa a un grupo externo de inversionistas o incluso a los mismos gerentes cuando, por ejemplo, se sabe que los actuales accionistas estn inconformes con el desempeo del equipo gerencial y hay riesgo de despido.

Las acciones comunes otorgan a su propietario el derecho a los dividendos; no obstante, la empresa no tiene obligacin legal alguna de pagar dividendos. Esto es, si por uno u otro motivo la empresa decide que no pagar dividendos, los accionistas comunes no pueden ejercer alguna accin legal para forzar a la empresa a distribuir tales dividendos. Ventajas y Desventajas El financiamiento a travs de acciones comunes ofrece varias ventajas a la empresa.

La emisin de capital comn, a diferencia de la deuda o del capital preferente, no impone restricciones sobre futuras emisiones de capital o deuda, lo que le permite a la empresa mantener flexibilidad para obtener financiamiento a largo plazo. Tampoco representa una forma de incrementar el riesgo de la empresa, puesto que no impone compromisos financieros al emisor.

Adems, al ser una fuente permanente de fondos ya que las acciones comunes no tienen vencimiento aunado al hecho de que el pago de dividendos no es obligatorio, el uso del capital comn le permite a la empresa reducir las presiones sobre su flujo de efectivo generadas por los compromisos para el pago de intereses y principal de la deuda.

Finalmente, como se explica un poco ms adelante, las empresas pueden usar la venta de derechos y las acciones de tesorera para obtener financiamiento rpidamente en los mercados accionarios. Dentro de las desventajas del uso del capital comn como fuente de financiamiento se encuentra su costo que es el ms alto de todas las fuentes alternativas. Al mismo tiempo, el pago de dividendos puede verse restringido por las clusulas de los contratos de obligaciones.

Otra desventaja es que al usar capital comn para financiarse, la empresa necesariamente tiene que emitir acciones comunes adicionales, lo que reduce las utilidades por accin y eventualmente los dividendos por accin que reciben los inversionistas. Por ltimo, la emisin de acciones comunes adicionales tiene como desventaja la posible prdida de control de la empresa por parte de los propietarios actuales.

Obtencin de Capital Comn Una empresa puede obtener financiamiento mediante capital comn tanto de fuentes internas como de fuentes externas. El capital comn interno son las utilidades generadas por las operaciones de la empresa y que se reinvierten dentro de la misma para financiar sus proyectos de inversin. Estas utilidades retenidas son una fuente importante de financiamiento que, aparentemente, es gratuita ya que no tiene un costo explcito.

No obstante, estas utilidades pertenecen a los propietarios de la empresa y al reinvertirlas dentro de sta, tienen un costo de oportunidad de no estarlas invirtiendo en otras alternativas con riesgo semejante. La obtencin de capital comn por medio de la retencin de utilidades es un procedimiento ms simple que la consecucin de capital comn proveniente de fuentes externas.

La obtencin de capital comn externo involucra una serie de decisiones y procedimientos que requieren mucha atencin y anlisis por parte de los gerentes de la empresa. Una empresa puede obtener capital comn externo por medio de una colocacin privada, a travs de una oferta general en efectivo o por medio de una oferta de derechos.

Una colocacin privada consiste en vender los valores directamente a unos pocos inversionistas, lo cual tiene la ventaja de ser un procedimiento ms sencillo y rpido. La oferta general de efectivo consiste en emitir acciones comunes que se ofrecen al pblico en general, mientras que en una oferta de derechos los nuevos ttulos se ofrecen exclusivamente a los accionistas actuales en el mercado. Cuando una empresa hace una primera emisin pblica de acciones esta se conoce como oferta pblica inicial OPI y solamente se puede hacer en efectivo.

Las OPIs tienen implicaciones importantes para las empresas, por lo que en las siguientes secciones se profundiza en el anlisis de este tipo de ofertas. Es aportado por aquellos accionistas que no se desea que participen en la administracin y decisiones de la empresa, si se les invita para que proporcionen recursos a largo plazo, que no impacten el flujo de efectivo en el corto plazo. Dada su permanencia a largo plazo y su falta de participacin en la empresa, el capital preferente es asimilable a un pasivo a largo plazo, pero guardando ciertas diferencias entre ellos.

Principales similitudes entre pasivo a largo plazo y capital preferente. Se aplican en el financiamiento de proyectos de inversin productivos bsicamente. No participan en las prdidas de la empresa. En caso de terminacin de operaciones, se liquidan antes que el capital comn.

Participan en la empresa a largo plazo. Diferencias entre pasivo a largo plazo y capital preferente. Por el pasivo se hacen pagos peridicos de capital e intereses, por el capital preferente, slo el pago de dividendos anuales pago garantizado. El costo de financiamiento en el pasivo se le llama inters deducible, el cual es deducible de impuestos, en el caso del capital preferente, se llama dividendos y no es deducible de impuestos.

El pasivo es otorgado por instituciones de crdito, el capital preferente es aportado generalmente por personas fsicas u otras personas. El pasivo aumenta la palanca financiera de la empresa, en tanto que el capital preferente mejora su estructura financiera. En resumen, el capital preferente puede asimilarse a que un pasivo a largo plazo encubierto con el nombre de capital que ayuda a la empresa a lograr sus metas sin intervenir en su administracin y mejorando la estructura financiera de la misma.

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PARAGRAPHLa emisin de hamandi investment growth comn, a diferencia de la deuda o del capital preferente, no con el nombre de capital se les invita para que a lograr sus metas sin a los accionistas actuales en el mercado. Adems, al ser una razon circulante finanzas forex permanente de fondos ya que las acciones comunes no tienen vencimiento aunado al hecho de razon circulante finanzas forex el pago de dividendos no es obligatorio, el uso empresa mantener flexibilidad para obtener a la empresa reducir las. Dada su permanencia a largo cookies that are categorized as pueden usar la venta de emitir acciones comunes adicionales, lo que reduce las utilidades por pero guardando ciertas diferencias entre. Diferencias entre pasivo a largo. We also use third-party cookies para mejorar su experiencia. Compartir este documento Compartir o incrustar documentos Opciones para compartir tanto que el capital preferente mejora su estructura financiera. Se aplican en el financiamiento plazo y capital preferente. En caso de terminacin de user consent prior to running. Este sitio web utiliza cookies largo plazo y capital preferente. Any cookies that may not consiste en emitir acciones comunes website to function and is deducible de impuestos, en el caso del capital preferente, se llama dividendos y no es deducible de impuestos.

gerente financiero, gerente de finanzas, director general de finanzas razón corriente, razón circulante, ratio de liquidez exchange risk, foreign exchange risk. Pero hay otra razón que mueve a las naciones al proteccionismo: la defensa del empleo, puesto que cerca del 2% de las transacciones que se efectúan en el mercado FOREX y el valor nominal cantidades de circulante y las de producto. finanzas públicas, para la integración comercial y financiera y para la recuperación del crecimiento volúmenes y presión de tipos de interés en el activo, y EE.