The aim of the article is to present the issue of risk and related management methods, with a particular emphasis on the conditions of investment in energy infrastructure. The work consists of two main parts; the first one is the theoretical analysis of the issue, while the second discusses the application of analysis methods on the example of the investment in an agricultural biogas plant. The article presents the definitions related to the investment risk and its management, with a particular emphasis on the distinction between the risk and uncertainty. In addition, the main risk groups of the energy sector were subjected to an analysis. Then, the basic systematics and the division into particular risk groups were presented and the impact of the diversification of investments in the portfolio on the general level of risk was determined. The sources of uncertainty were discussed with particular attention to the categories of energy investments. The next part of the article presents risk mitigation methods that are part of the integrated risk management process and describes the basic methods supporting the quantification of the risk level and its effects – including the Monte Carlo (MC), Value at risk (VaR), and other methods. Finally, the paper presents the possible application of the methods presented in the theoretical part. The investment in agricultural biogas plant, due to the predictable operation accompanied by an extremely complicated and long-term investment process, was the subject of the analysis. An example of “large drawing analysis” was presented, followed by a Monte Carlo simulation and a VaR value determination. The presented study allows for determining the risk in the case of deviation of financial flows from the assumed values in particular periods and helps in determining the effects of such deviations. The conducted analysis indicates a low investment risk and suggests the ease of similar calculations for other investments.
The paper describes the political use of symbols of childhood and orphanhood in the current policy of the Russian authorities. At the beginning of the Bolshevik regime, homeless children (bezprizorni) became a subject of interest for the security apparatus organized by F. Dzerzhinsky. At that time, A. Makarenko developed his innovative pedagogical approach. These activities were designed to create a “new Soviet man”. After the collapse of the Soviet Union, Russia again faced the problem of homeless children. After several years, however, children and orphans are now being used as a symbol of vulnerability in the government policy of the Kremlin. As an answer to the so-called “Magnitsky Act”, the Russian authorities implemented the “DimaYakovlev law” prohibiting adoptions of Russian children to the United States. In addition to this, the child as a symbol of innocence and vulnerability is an invariant element in the policy of the Russian authorities. This combines symbolism associated with bravery, dedication and sacrifice, allowing justification of the current political course of power in Russia.
The paper describes a fuel cell based system and its performance. The system is based on two fuel cell units, DC/DC converter, DC/AC inverter, microprocessor control unit, load unit, bottled hydrogen supply system and a set of measurement instruments. In the study presented in the paper a dynamic response of the proton exchange membrane (PEM) fuel cell system to unit step change load as well as to periodical load changing cycles in the form of semi-sinusoidal and trapezoidal signals was investigated. The load was provided with the aid of an in-house-developed electronic load unit, which was fully PC controlled. The apparatus was commissioned by testing the steady-state operation of the module. The obtained efficiency of the fuel cell shows that the test apparatus used in the study provides data in substantial agreement with the manufacturer’s data.