Equivalent circuit diagram of a solar cell. The p n junction has a ..... more electrochemical cells that are electrically connected. The basic components of an.
+UQNCVGFJ[DTKFUQNCTYKPFJ[FTQTGPGYCDNGGPGTI[U[UVGOU
:
+UQNCVGFJ[DTKFUQNCTYKPFJ[FTQTGPGYCDNG GPGTI[U[UVGOU
'RULQ%LFĆ&ULVWLDQ'UDJRü'XPLWUX$GULDQ*OLJRU$GULDQ9DVLOH'XND ´3HWUX0DLRUµ8QLYHUVLW\RI7J0XUHü(OHFWULFDO(QJLQHHULQJ'HSDUWPHQW 5RPDQLD
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
4GPGYCDNG'PGTI[
$VDYDLODEOHWRROVDUHTXLWHOLPLWHGWKLVFKDSWHULQWHQGVWRSUHVHQWVHYHUDOPRGHOVZKLFKFDQ EH XVHG IRU WKH VLPXODWLRQ SXUSRVHV RI K\EULG SRZHU V\VWHPV DV ZHOO DV LQ HGXFDWLRQDO SXUSRVHV 7KHPRGHOOLQJRIUHQHZDEOHHQHUJ\K\EULGV\VWHPVKDVWREHPDGHE\NQRZLQJDOOW\SHVRI UHQHZDEOH HQHUJ\ XVHG LQ WKH PRGHO )RU D JRRG XQGHUVWDQGLQJ RI WKH V\VWHP HTXLYDOHQW PRGHOVEDVHGRQODUJHVFDOHXVHGFRPSRQHQWVVKRXOGEHFRQVLGHUHG
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´OHDNDJHFXUUHQWVµDWWKHSKRWRYROWDLFFHOOHGJHV DWZKLFKWKHLGHDOVKXQWUHDFWLRQRIWKHSQMXQFWLRQPD\EHUHGXFHG7KLVLVXVXDOO\ZLWKLQ WKH N: UHJLRQ DQG FRQVHTXHQWO\ KDV DOPRVW QR HIIHFW RQ WKH FXUUHQWYROWDJH FKDUDFWHULVWLF .DOWVFKPLWWHWDO 7KH GLRGH LV WKH RQH ZKLFK GHWHUPLQHV WKH FXUUHQWYROWDJH FKDUDFWHULVWLF RI WKH FHOO 7KH RXWSXWRIWKHFXUUHQWVRXUFHLVGLUHFWO\SURSRUWLRQDOWRWKHOLJKWIDOOLQJRQWKHFHOO7KHRSHQ
+UQNCVGFJ[DTKFUQNCTYKPFJ[FTQTGPGYCDNGGPGTI[U[UVGOU
FLUFXLWYROWDJHLQFUHDVHVORJDULWKPLFDOO\DFFRUGLQJWRWKH6KRFNOH\HTXDWLRQZKLFKGHVFULEHV WKH LQWHUGHSHQGHQFH RI FXUUHQW DQG YROWDJH LQ D VRODU FHOO .DOWVFKPLWW HW DO 3DWHO
, 8
§ T8 · , 39 , ¨¨ H N 7 ¸¸ © ¹ N7 § , , 39 · ¸ OQ¨ T ¨© , ¸¹
ZKHUH N%ROW]PDQQFRQVWDQW-. 7²UHIHUHQFHWHPSHUDWXUHRIVRODUFHOO T²HOHPHQWDU\FKDUJH$V 8²VRODUFHOOYROWDJH9 ,²VDWXUDWLRQFXUUHQWRIWKHGLRGH$ ,39²SKRWRYROWDLFFXUUHQW$ (TXDWLRQV DQG OHDG WR WKH GHYHORSPHQW RI D 0DWODE 6LPXOLQN PRGHO IRU WKH 39 PRGXOHSUHVHQWHGLQ)LJ
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
4GPGYCDNG'PGTI[
)LJ0DWODE6LPXOLQNLPSOHPHQWDWLRQRIWKH39PRGXOH
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·VVXUIDFHGHWHUPLQHGE\WKHGLIIHUHQFHLQVSHHGDQGSUHVVXUH7KLVLVWKHPDLQVRXUFH RI HQHUJ\ XVHG E\ WKH ZLQG WXUELQHV WR REWDLQ HOHFWULF SRZHU 7KH NLQHWLF HQHUJ\ : WDNHQ IURPWKHDLUPDVVIORZPDWVSHHGYLQIURQWRIWKHZLQGWXUELQH·VSDOHVDQGDWWKHEDFNRI WKHSDOHVDWVSHHGYLVLOOXVWUDWHGE\HTXDWLRQ
:
PY Y
7KH UHVXOWHG WKHRUHWLFDO PHGLXP SRZHU 3 LV GHWHUPLQHG DV WKH UDWLR EHWZHHQ WKH NLQHWLF HQHUJ\DQGWKHXQLWRIWLPHDQGLVH[SUHVVHGE\HTXDWLRQ
3
: W
ZKHUH 9DLUPDVVYROXPH WWLPH UDLUGHQVLW\
P Y Y 9U Y Y W W
$VVXPLQJ WKH H[SUHVVLRQ RI WKH PHDQ DLU VSHHG YPHG WUDQVIHUUHGSHUXQLWWLPHFDQEHGHWHUPLQHGDVIROORZV
Y Y WKH PHDQ DLU YROXPH
+UQNCVGFJ[DTKFUQNCTYKPFJ[FTQTGPGYCDNGGPGTI[U[UVGOU
9PHG
9 W
$YPHG
)LJ)ORZWKURXJKDZLQGHQHUJ\FRQYHUWHU 7KHHTXDWLRQIRUWKHPHDQWKHRUHWLFDOSRZHULVGHWHUPLQHGXVLQJHTXDWLRQ
3
$U Y Y Y Y
$UY § Y ¨ ¨© Y
·§ Y ¸¸¨¨ ¹© Y
· ¸¸ ¹
:HFDQFRQFOXGHWKDWDQDGHTXDWHFKRLFHRI Y Y UDWLROHDGVWRDPD[LPXPSRZHUYDOXH WDNHQE\WKHZLQGFRQYHUWHUIURPWKHNLQHWLFHQHUJ\RIWKHDLUPDVVHVDVVKRZQE\HTXDWLRQ
3PD[
$UY
U$Y
7KLVSRZHUUHSUHVHQWVRQO\DIUDFWLRQRIWKHLQFLGHQWDLUIORZWKHRUHWLFDOSRZHUJLYHQE\
3ZLQG (TXDWLRQV DQG OHDGWR
3PD[
$UY
$UY
3ZLQG & S
ZKHUH&3UHSUHVHQWVWKHPHFKDQLFDOSRZHUFRHIILFLHQWZKLFKH[SUHVVHVWKDWWKHZLQGNLQHWLF HQHUJ\FDQQRWEHWRWDOO\FRQYHUWHGLQXVHIXOHQHUJ\7KLVFRHIILFLHQWPHDQLQJWKHPD[LPXP WKHRUHWLFDOHIILFLHQF\RIZLQGSRZHUZDVLQWURGXFHGE\%HW]%XUWRQHWDO 7KH HOHFWULFDO SRZHU REWDLQHG XQGHU WKH DVVXPSWLRQV RI D ZLQG JHQHUDWRU·V HOHFWULFDO DQG PHFKDQLFDOSDUWHIILFLHQF\LVJLYHQE\
3HO
&H U$Y
ZKHUH &H UHSUHVHQWV WKH WRWDO QHW HIILFLHQF\ FRHIILFLHQW DW WKH WUDQVIRUPHU WHUPLQDOV *RORYDQRYHWDO $0DWODE6LPXOLQNPRGHOEDVHGRQWKHHTXDWLRQVPHQWLRQHGDERYHZDVGHYHORSHGIRUWKH ZLQGJHQHUDWRUPRGXOH7KLVPRGHOLVVKRZQLQ)LJXUH
4GPGYCDNG'PGTI[
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
)LJ(TXLYDOHQWFLUFXLWGLDJUDPRIDVPDOOZLQGJHQHUDWRU ,QWKHHTXLYDOHQWFLUFXLWGLDJUDPRIDVPDOOZLQGJHQHUDWRUWKHQRWDWLRQVDUH 5D²URWRUZLQGLQJUHVLVWDQFH ([ ² JHQHUDWRU VHSDUDWH H[FLWDWLRQ ZLQGLQJ FXUUHQW ,H WKURXJK WKLV ZLQGLQJ JHQHUDWHVWKHPDLQILHOG 8H²LQGXFHGYROWDJHLQWKHURWRUDUPDWXUH 8²WHUPLQDOYROWDJH8 8H²5D,D 7KHUHVXOWHG0DWODE6LPXOLQNPRGHOIRUWKHZLQGJHQHUDWRULVDSDUWLFXODUFDVHRIWKHPRUH JHQHUDOPRGHORIDQHOHFWULFDOJHQHUDWRUZKLFKLVSUHVHQWHGLQILJXUH
)LJ0DWODE6LPXOLQNPRGHORIWKHJHQHUDWRU
+UQNCVGFJ[DTKFUQNCTYKPFJ[FTQTGPGYCDNGGPGTI[U[UVGOU
7KH RXWSXW RI WKH ZLQG HQHUJ\ JHQHUDWRU PRGXOH LV SURFHVVHG E\ DQ HQHUJ\ FRQYHUVLRQ EORFN LPSOHPHQWHG ZLWK D 3:0 ,*%7 LQYHUWHU EORFN IURP WKH VWDQGDUG 6LPXOLQN 6LP3RZHU6\VWHPVOLEUDU\
/QFGNNKPIVJG*[FTQGNGEVTKE5[UVGO 6PDOO K\GURHOHFWULF SRZHU SODQWV KDUQHVV WKH IDOOLQJ ZDWHU NLQHWLF HQHUJ\ WR JHQHUDWH HOHFWULFLW\7XUELQHVWUDQVIRUPIDOOLQJZDWHUNLQHWLFHQHUJ\LQWRPHFKDQLFDOURWDWLRQHQHUJ\ DQG WKHQ WKH DOWHUQDWRU WUDQVIRUPV WKH PHFKDQLFDO HQHUJ\ LQWR HOHFWULFLW\ :DWHU IORZV ZLWKLQDULYHUIURPDKLJKHUJHRGHVLFVLWHWRDORZHUJHRGHVLFVLWHGXHWRJUDYLWDWLRQ7KLVLV FKDUDFWHUL]HG E\ GLIIHUHQW SDUWLFXODU NLQHWLF DQG SRWHQWLDO HQHUJ\ DW ERWK VLWHV 7KH FRUUHFW LGHQWLILFDWLRQRIWKHUHVXOWLQJHQHUJ\GLIIHUHQFHVRIWKHRXWIORZLQJZDWHUFDQEHDVVXPHGE\ FRQVLGHULQJ D VWDWLRQDU\ DQG IULFWLRQIUHH IORZ ZLWK LQFRPSUHVVLELOLW\ 7KH K\GURG\QDPLF %HUQRXOOLSUHVVXUHHTXDWLRQDSSOLHGLQVXFKFRQGLWLRQVLVZULWWHQDFFRUGLQJWRHTXDWLRQ
S U ZDWHU JK ZKHUH S²K\GURVWDWLFSUHVVXUH U ZDWHU ²ZDWHUGHQVLW\
U ZDWHU Y ZDWHU
FRQVW
J²DFFHOHUDWLRQRIJUDYLW\ K²WKHZDWHUKHLJKW
YZDWHU ²YHORFLW\RIWKHZDWHUIORZ
(TXDWLRQ FDQ EH WUDQVIRUPHG VR WKDW WKH ILUVW WHUP H[SUHVVHV WKH SUHVVXUH OHYHO WKH VHFRQGWHUPWKHOHYHORIWKHVLWHDQGWKHWKLUGWHUPWKHZDWHUYHORFLW\OHYHO
S
U ZDWHU J 7KH WHUP
K
YZDWHU J
FRQVW
Y ZDWHU UHIHUV WR WKH G\QDPLF KHLJKW DQG LV GHILQHG DV WKH KHLJKW GXH WR WKH J
VSHHGRIZDWHUIORZDQGFDQEHLGHQWLILHGE\WKHWHUPRINLQHWLFZDWHUHQHUJ\ 7KH XVDEOH KHDG KXWLO RI D SDUWLFXODU VHFWLRQ RI ULYHU FDQ EH GHWHUPLQHG E\ FRQVLGHULQJ WKH GLIIHUHQFHLQSUHVVXUHWKHJHRGHVLFGLIIHUHQFHLQKHLJKWDQGWKHGLIIHUHQWIORZYHORFLWLHVRI WKHZDWHUXVLQJHTXDWLRQ ,WPXVWEHPHQWLRQHGWKDWWKHHTXDWLRQLVXVHGWRDQDO\]HDQ LGHDO FDVH DQG GRHV QRW FRQVLGHU WKH ORVVHV GXH WR WKH IULFWLRQ RI WKH LQGLYLGXDO ZDWHU PROHFXOHVDPRQJHDFKRWKHUDQGWKHVXUURXQGLQJPDWWHU KXWLO
ZKHUH
S XS S GRZQ
U ZDWHU J
KXS KGRZQ
Y ZDWHU XS Y ZDWHU GRZQ J
SXS²XSVWUHDPK\GURVWDWLFSUHVVXUH SGRZQ²GRZQVWUHDPK\GURVWDWLFSUHVVXUH KXS²XSVWUHDPJHRGHVLFZDWHUKHLJKWKHDGZDWHU KGRZQ²GRZQVWUHDPJHRGHVLFZDWHUKHLJKWWDLOZDWHU YZDWHU XS ²XSVWUHDPZDWHUYHORFLW\
YZDWHU GRZQ ²GRZQVWUHDPZDWHUYHORFLW\
4GPGYCDNG'PGTI[
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
SXS
U ZDWHU XS J
KXS
YZDWHU XS
J
SGRZQ
U ZDWHU GRZQ J
KDY
YZDWHU GRZQ
J
[
YZDWHU GRZQ
J
FRQVW
ZKHUH
S K\GURG\QDPLFSUHVVXUHHQHUJ\ U ZDWHU J KSRWHQWLDOHQHUJ\RIWKHZDWHU YZDWHU NLQHWLFHQHUJ\RIWKHZDWHU J
[ YZDWHU HQHUJ\ORVVHV J ǏORVVFRHIILFLHQW 7KH HQHUJ\ ORVVHV DUH UHSUHVHQWHG E\ WKH SDUW RI WKH UDWHG SRZHU ZKLFK LV FRQYHUWHG LQWR DPELHQWKHDWE\IULFWLRQDQGFDQQRWEHXVHGWHFKQLFDOO\ ,QWKHWXUELQHSUHVVXUHHQHUJ\LVFRQYHUWHGLQWRPHFKDQLFDOHQHUJ\7KHFRQYHUVLRQORVVHV DUHGHVFULEHGE\WKHWXUELQHHIILFLHQF\LjWXUELQH(TXDWLRQ GHVFULEHVWKHSDUWRIWKHXVDEOH ZDWHUSRZHUWKDWFDQEHFRQYHUWHGLQWRPHFKDQLFDOHQHUJ\DWWKHWXUELQHVKDIW3WXUELQH
3WXUELQH
K WXUELQH U ZDWHU JT ZDWHU KXWLO
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
+UQNCVGFJ[DTKFUQNCTYKPFJ[FTQTGPGYCDNGGPGTI[U[UVGOU
)LJ7KH0DWODE6LPXOLQNPRGHORIWKHK\GURHOHFWULFV\VWHP
/QFGNNKPIVJG5VQTCIG&GXKEG 7KH HQHUJ\ VWRUDJH GHYLFHVHTXLSPHQWV DUH XVHG EDVLFDOO\ IRU WKUHH SXUSRVHV HQHUJ\ VWDELOL]DWLRQULGHWKURXJKFDSDELOLW\DQGGLVSDWFKDELOLW\ 7KHHQHUJ\VWDELOL]DWLRQSHUPLWVWKHK\EULGV\VWHPWRUXQDWDFRQVWDQWVWDEOHRXWSXWOHYHO ZLWKWKHKHOSRIWKHHQHUJ\VWRUDJHGHYLFHVHYHQLIWKHORDGIOXFWXDWHVUDSLGO\ 7KHULGHWKURXJKFDSDELOLW\LVWKHFDSDELOLW\RIWKHHQHUJ\VWRUDJHGHYLFHZKLFKSURYLGHVWKH SURSHUDPRXQWVRIHQHUJ\WRORDGVZKHQWKHK\EULGV\VWHPJHQHUDWRUXQLWVDUHXQDYDLODEOH HJ WKH VRODU VXSSO\ V\VWHP GXULQJ WKH QLJKW WLPH RU ZKHQ FRPSRQHQWV RI DQ\ W\SH DUH EHLQJPDLQWDLQHGRUUHSDLUHG 7KHK\EULGV\VWHPRZQHUZKRQHHGVSRZHUKDVWZRRSWLRQV GXULQJ VXFK SHULRGV 7KH ILUVW RQH LV WR XVH DQRWKHU EDFNXS RU XVH WKH XWLOLW\ JULG 7KH VHFRQG ZD\ LV WR PHHW RXW WKH QHHGV ZLWK HQHUJ\ VWRUHG ZKHQ WKH VRXUFH LV XQDYDLODEOH :LOOLV 6FRWW )RU HQHUJ\ VRXUFHV OLNH SKRWRYROWDLF RU ZLQG HQHUJ\ V\VWHPV WKH SRZHU SURGXFWLRQ GHSHQGVXSRQWKHDYDLODELOLW\RIWKHUHVRXUFHVOLNHVXQOLJKWRUZLQG7KLVPDNHVWKHQDWXUH RI SRZHU DYDLODEOH WR ORDGV LQWHUPLWWHQW WKXV PDNLQJ WKHP QRQGLVSDWFKDEOH VRXUFHV +RZHYHU WKH HQHUJ\ VWRUDJH V\VWHPV ZLWK QRQGLVSDWFKDEOH HQHUJ\ FDQ EH GHSOR\HG DV GLVSDWFKDEOHHQHUJ\VRXUFHV7KLVRQO\QHHGVDSURSHUGHVLJQRIWKHHQHUJ\VWRUDJHV\VWHP E\ORRNLQJLQWRWKHORDGFXUYH6DKD\ 'ZLYHGL %DWWHULHVDUHWKHEDVLFFRPSRQHQWRIDQHQHUJ\VWRUDJHV\VWHP$EDWWHU\FRQVLVWVRIRQHRU PRUH HOHFWURFKHPLFDO FHOOV WKDW DUH HOHFWULFDOO\ FRQQHFWHG 7KH EDVLF FRPSRQHQWV RI DQ HOHFWURO\WLF FHOO OLNH D OHDGDFLG FHOO DUH D SRVLWLYH HOHFWURGH D QHJDWLYH HOHFWURGH D SRURXV VHSDUDWRU DQG DQ HOHFWURO\WH 'XULQJ FHOO RSHUDWLRQ LRQV DUH FUHDWHG DQG FRQVXPHG DW WKH WZR HOHFWURGHHOHFWURO\WH LQWHUIDFHV E\ R[LGDWLRQUHGXFWLRQV UHDFWLRQV 7KH HOHFWURO\WH ZKLFK FDQ HLWKHU EH D VROLG RU OLTXLG FKHPLFDO KDV KLJK FRQGXFWLYLW\ IRU LRQV EXW QRW IRU HOHFWURQV EHFDXVH LI WKH HOHFWURO\WH FRQGXFWV HOHFWURQV WKHQ WKH EDWWHU\ ZLOO VHOIGLVFKDUJH 7KHHOHFWURO\WHFRPSOHWHVWKHLQWHUQDOFLUFXLWEHWZHHQWKHHOHFWURGHV 7KHSDUDPHWHUVDVVRFLDWHGZLWKEDWWHU\PRGHOOLQJDUH&KDQ 6XWDQWR LQWHUQDOUHVLVWDQFH R VHOIGLVFKDUJHUHVLVWDQFHWKHUHVLVWDQFHDVVRFLDWHGZLWKWKHHOHFWURO\VLVRI ZDWHUDWKLJKYROWDJHOHYHOVDQGVORZOHDNDJHDFURVVWKHEDWWHU\WHUPLQDO DW ORZ YROWDJH LQYHUVHO\ SURSRUWLRQDO WR WKH WHPSHUDWXUH DQG YHU\ VHQVLWLYHWRLW R FKDUJH DQG GLVFKDUJH UHVLVWDQFH 5F 5G WKH UHVLVWDQFHV DVVRFLDWHG ZLWK WKH HOHFWURO\WH UHVLVWDQFH SODWH UHVLVWDQFH DQG IOXLG UHVLVWDQFH YDULDEOH GXULQJFKDUJLQJDQGGLVFKDUJLQJ
4GPGYCDNG'PGTI[
R
RYHUFKDUJHDQGRYHUGLVFKDUJHUHVLVWDQFHWKHUHVLVWDQFHVDWWULEXWHGWRWKH HOHFWURO\WHGLIIXVLRQGXULQJRYHUFKDUJLQJDQGRYHUGLVFKDUJLQJ SRODUL]DWLRQ FDSDFLWDQFH WKHFDSDFLWDQFHGXH WR WKH FKHPLFDO GLIIXVLRQ ZLWKLQ WKH EDWWHU\ZKLFKGRHVQRWQHFHVVDULO\UHSUHVHQWDSXUHO\HOHFWULFDOFDSDFLWDQFH GLVFKDUJHW\SH R FRQWLQXRXV GLVFKDUJLQJ WKH EDWWHU\ FRQWLQXRXVO\ GHOLYHUV HQHUJ\ WR WKH ORDGZKLFKOHDGVWRDFRQWLQXRXVGURSLQWKHEDWWHU\FDSDFLW\ R LQWHUPLWWHQWGLVFKDUJLQJWKHEDWWHU\GHOLYHUVHQHUJ\WRWKHORDGDWUHJXODU RULUUHJXODULQWHUYDOVRIWLPH GLVFKDUJHPRGH R FRQVWDQWORDGPRGHWKHEDWWHU\GHOLYHUVHQHUJ\WRDFRQVWDQWORDGDQGWKH ORDG FXUUHQW GHFUHDVHV SURSRUWLRQDO WR WKH GHFUHDVH LQ WKH EDWWHU\ WHUPLQDOYROWDJH R FRQVWDQW FXUUHQW PRGH WKH EDWWHU\ VXSSOLHV FRQVWDQW FXUUHQW WR WKH ORDG WKLV LV DFKLHYHG E\ FRQWLQXRXVO\ UHGXFLQJ WKH ORDG UHVLVWDQFH WR PDWFK ZLWK WKH GHFUHDVLQJ EDWWHU\ WHUPLQDO YROWDJH LQ RUGHU WR PDLQWDLQ D FRQVWDQWFXUUHQWWRWKHORDG R FRQVWDQWSRZHUPRGHWKHEDWWHU\VXSSOLHVFRQVWDQWHOHFWULFDOSRZHUWRWKH ORDG WKH ORDGFXUUHQW LQFUHDVHV WRFRPSHQVDWH IRU WKH GURS LQ YROWDJHLQ RUGHUWRPDLQWDLQFRQVWDQWSRZHUWRWKHORDG UDWH RI FKDUJH DQG GLVFKDUJH WKH UDWH RI FKDUJH DQG GLVFKDUJH VKRXOG QRW EH WRR KLJK LQ RUGHU WR H[WHQG VHUYLFH OLIH RI WKH EDWWHU\ WKH IUHTXHQF\ RI FKDUJLQJ DQG GLVFKDUJLQJF\FOHVDIIHFWVWKHEDWWHU\OLIHVLJQLILFDQWO\ ,QILJXUHWKH7KHYHQLQHTXLYDOHQWEDWWHU\PRGHOLVSUHVHQWHG
)LJ7KHYHQLQHTXLYDOHQWEDWWHU\PRGHO 7KHRSHQFLUFXLWYROWDJHLQWHUQDOFDSDFLWRUYROWDJHDQGWKHWHUPLQDOYROWDJHDUHUHSUHVHQWHG E\ 9 9S DQG 9E 7KH FKDUJLQJ GLVFKDUJLQJ DQG WKH LQWHUQDO UHVLVWDQFH RI WKH EDWWHU\ DUH UHSUHVHQWHGE\5F5GDQG5EDQGWKHSRODUL]DWLRQFDSDFLWDQFHRIWKHEDWWHU\LVUHSUHVHQWHG E\&7KHFXUUHQW,ELVWDNHQDVSRVLWLYHLIGLVFKDUJLQJDQGQHJDWLYHRWKHUZLVH9DLUDPRKDQ 7KHHTXDWLRQVIRUWKHFLUFXLWPRGHODUH 9S
§¨ § 9 9 S ¨ & ¨© ¨© 5G
9E
· · ¸¸ , E ¸ ¸ ¹ ¹ 9 S , E 5E
+UQNCVGFJ[DTKFUQNCTYKPFJ[FTQTGPGYCDNGGPGTI[U[UVGOU
%DVHGRQWKLVPRGHODQGWKHHTXDWLRQVDERYHD0DWODE6LPXOLQNPRGHOZDVGHYHORSHGIRU WKHEDWWHU\VWRUDJHGHYLFH7KLVPRGHOLVVKRZQLQ)LJXUH
)LJ7KH0DWODE6LPXOLQNPRGHORIWKHEDWWHU\VWRUDJHGHYLFH
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
4GPGYCDNG'PGTI[
DFFRUGLQJWRWKHSURGXFHGHQHUJ\DQGWKHOHYHORIFRQVXPSWLRQWKHYROWDJHSURILOH LVFKDQJLQJDFURVVWKHQHWZRUNOHDGLQJWRGLIIHUHQWEHKDYLRUWKDQXVXDO WUDQVLWRU\ VLJQDOV DSSHDULQJ DV UHVXOW RI FRQQHFWLQJ DQG GLVFRQQHFWLQJ JHQHUDWRUV RUGXULQJWKHLURSHUDWLRQ WKHLQFUHDVHRIVKRUWFLUFXLWSRZHU WKHYDULDWLRQRIORVVHVDFFRUGLQJWRSURGXFWLRQDQGFRQVXPSWLRQOHYHOV FKDQJHLQWKHTXDOLW\RIHQHUJ\DQGWKHV\VWHP·VUHOLDELOLW\ WKHGLVWULEXWRU·VSURWHFWLRQV\VWHPVQHHGWREHFRRUGLQDWHGZLWKWKRVHLQVWDOOHGDW WKHJHQHUDWRU&KLQGULüHWDO
%CUG5VWF[&GXGNQROGPVQHC*[DTKF&)5[UVGOKP/WTGĩ%QWPV[
5QNCT'PGTI[ 7KH SRWHQWLDO RI VRODU UDGLDWLRQ KLWWLQJ WKH HDUWK·V VXUIDFH LV UHSUHVHQWHG E\ WKH DYHUDJH HQHUJ\GHQVLW\RIKRUL]RQWDOO\GLUHFWVRODUUDGLDWLRQZKLFKRYHUFRPHVN:KP\HDU 5RPDQLDKDVILYHLGHQWLILHGJHRJUDSKLFDODUHDVZLWKGLIIHUHQFHVLQVRODUHQHUJ\IORZVDVFDQ EHUHYHDOHGLQWKHPDSSURYLGHGE\$101DWLRQDO0HWHRURORJ\$JHQF\ VKRZQLQ)LJXUH 7KHJHRJUDSKLFDOGLVWULEXWLRQVKRZVWKDW5RPDQLD·VVXUIDFHEHQHILWVRIDQDYHUDJHVRODU HQHUJ\IORZKLJKHUWKDQN:KP\HDU
)LJ6RODUUDGLDWLRQLQWHQVLW\LQ5RPDQLD 7KH UDGLDWLRQ KLWWLQJ WKH HDUWK·V VXUIDFH RQ D EULJKW VXPPHU GD\ FRQWDLQV RI OHYHOV RI DSSUR[LPDWH:PGXULQJWKH\HDURQDYHUDJHDSSUR[LPDWHN:KZKLFKHTXDWHV WRDSSUR[LPDWHOLWHUVRIKHDWLQJRLOUHDFKLQJHYHU\PVXUIDFHRIRXUFRXQWU\·VWHUULWRU\ &RQVLGHULQJ WKH JHRJUDSKLFDO SRVLWLRQ RI 0XUHü &RXQW\ DQG DQDO\]LQJ LWV VRODU SRWHQWLDO ZH PD\ DIILUP WKDW WZR ODUJH DUHDV ZLWK GLIIHUHQW LQFLGHQW VRODU UDGLDWLRQ YDOXHV DUH DYDLODEOH 7KH ILUVW DUHD ZLWK LQFLGHQW VRODU UDGLDWLRQ YDOXHV EHWZHHQ DQG
+UQNCVGFJ[DTKFUQNCTYKPFJ[FTQTGPGYCDNGGPGTI[U[UVGOU
N:KP\HDUSUHVHQWVDJRRGVRODUSRWHQWLDODQGLVVLWXDWHGLQWKHZHVWRI0XUHü&RXQW\ DQDUHDZKLFKLQFOXGHVWKH7UDQV\OYDQLDQ3ODLQERXQGHGLQWKH1RUWKE\%LVWULôD1ĆVĆXG &RXQW\ LQ WKH :HVW E\ &OXM &RXQW\ LQ WKH 6RXWK E\ 6LELX &RXQW\ DQG DW WKH (DVW E\ DQ LPDJLQDU\OLQHFRQQHFWLQJWKHWRZQV7kUQĆYHQL7kUJX0XUHüDQG5HJKLQ 7KH VHFRQG PRUH QDUURZ DUHD ZLWK D PRGHUDWH VRODU SRWHQWLDO KDYLQJ LQFLGHQW VRODU UDGLDWLRQYDOXHVEHWZHHQDQGN:KP\HDULVVLWXDWHGLQWKHKLOODUHDRI0XUHü &RXQW\ZKLFKLQFOXGHVWKH7kUQDYH3ODWHDXDQGWKH&DUSDWKLDQORZHUPRXQWDLQV 7KHUHDUHDOVRDUHDVZLWKGLIIHUHQWSDUWLFXODULWLHVVXFKDVWKH0XUHü&RXQW\PRXQWDLQDUHD ZKHUHWKHGLUHFWVRODUUDGLDWLRQKDVODUJHYDULDWLRQVWKHQHJDWLYHUHOLHIIRUPVHJYDOOH\V IDYRULQJWKHSHUVLVWHQFHRIIRJDQGHYHQGLPLQLVKLQJWKHVXQOLJKWZKLOHWKHSRVLWLYHUHOLHI IRUPVHJKLOOVPRXQWDLQV IDYRUWKHJURZWKRUWKHGHFUHDVHRIWKHYDOXHIRUWKHGLUHFWVRODU UDGLDWLRQ FRQVLGHULQJ WKHLU RULHQWDWLRQ LQ UHODWLRQ WR WKH VXQ DQG WKH GRPLQDQW DLU PDVV FLUFXODWLRQ 7KH VWXG\ LV EDVHG RQ GDWD SURYLGHG E\ $10 IURP ZHDWKHU VWDWLRQV LQ 7kUJX 0XUHü DQG 7kUQĆYHQL ,Q $10 LQ FRRSHUDWLRQ ZLWK 1$6$ -5& DQG 0HWHRWHVW SURGXFHG D GHWDLOHGPDSZLWKVRODUUDGLDWLRQDUHDVRI5RPDQLDZKLFKZDVSUHVHQWHGLQ)LJXUH $ ORFDO GHWDLOHG DQDO\VLV FDQ EH PDGH E\ DFFHVVLQJ -5& ZHEVLWH KWWSUHMUFHFHXURSDHX -5& :HEVLWH ZKLFK RIIHUV GDWD UHJDUGLQJ VRODU LUUDGLDWLRQ RQ GDLO\ PRQWKO\ RU \HDUO\WLPHEDVHDVYDOXHVRUDVKLVWRJUDP)RUH[DPSOHIRU7kUJX0XUHü 1RUWK DQG (DVW WKHUHFRUGHGGDWDLVSUHVHQWHGLQ)LJXUH-5&·VZHEVLWHSURYLGHVDOVR RWKHU LPSRUWDQW LQIRUPDWLRQ VXFK DV WKH HVWLPDWHG DPRXQW RI GDLO\ PRQWKO\ RU \HDUO\ SRZHUJHQHUDWHGE\DVRODUSDQHOSODFHGLQDVSHFLILHGORFDWLRQ,WDOVRWDNHVLQFRQVLGHUDWLRQ WKH SDQHO W\SH LWV LQVWDOOHG SRZHU DQG LWV SRVLWLRQ UHODWLYH WR WKH VXQ 7KLV ZD\ WKH RSWLPXPSODFHIRUDVRODUSKRWRYROWDLFSDQHOLQDFHUWDLQDUHDFDQEHGHWHUPLQHGWHFKQLFDOO\ DQGHFRQRPLFDOO\EDVHGRQWKLVDQDO\VLV
)LJ6RODUGDWDIRU7kUJX0XUHüDFFRUGLQJWR-5&·VZHEVLWH $QDOWHUQDWLYHWR-5&·VZHEVLWHLVUHSUHVHQWHGE\WKH´&DOFXODWRUIRUDSKRWRYROWDLFV\VWHP HVWLPDWLRQµ SURYLGHG E\ /3 (OHFWULF $OED ,XOLD 5RPDQLD RQ WKHLU ZHEVLWH 'HSHQGLQJ RQ WKH KWWSZZZOSHOHFWULFURURVXSSRUWDSOLFDWLHBVRODUBURKWPO FRQVXPHU·V UHTXLUHG SRZHU RQ WKH W\SH RI V\VWHP DQG RQ WKH DYDLODEOH VRODU GDWD IRU D FHUWDLQ ORFDWLRQ XVLQJ WKH /3 (OHFWULF DSSOLFDWLRQ GLIIHUHQW SKRWRYROWDLF SDQHOV FDQ EH
4GPGYCDNG'PGTI[
FKRVHQDQHVWLPDWHGFRVWRILQYHVWPHQWFRVWDQGLWVGHSUHFLDWLRQSHULRGFDQEHFDOFXODWHG 6XFKDQH[DPSOHLVVKRZQLQ)LJXUH
)LJ&DOFXODWRUIRUDSKRWRYROWDLFV\VWHPHVWLPDWLRQSURYLGHGE\/3(OHFWULF/3(OHFWULF :HEVLWH
9KPF'PGTI[ $VVHVVLQJWKHZLQGSRWHQWLDOLQDFHUWDLQDUHDVHQFRXQWHUVGLIILFXOWLHVLQPHDVXULQJWKHZLQG FRPSRQHQWV HVSHFLDOO\ WKH ZLQG VSHHG DQG GLUHFWLRQ $FFRUGLQJ WR WKH UHFRPPHQGDWLRQV RI WKH :RUOG 0HWHRURORJLFDO 2UJDQL]DWLRQ WKH ZLQG VSHHG DQG GLUHFWLRQ KDYH WR EH PHDVXUHG DW P DERYH JURXQG +RZHYHU WKH ZLQG VSHHG DW ZKLFK ZLQG H[SORLWDWLRQ EHFRPHV IHDVLEOH DV D UHQHZDEOH HQHUJ\ UHVRXUFH KDV WR EH FRQVLGHUHG DW WKH ZLQG URWRU·V KHLJKW ZKLFK LV VLWXDWHG DW WR P DERYH JURXQG OHYHO IRU ZLQG SRZHU WXUELQHV &RQVHTXHQWO\ D UHHYDOXDWLRQ RI 5RPDQLD·V ZLQG SRZHU SRWHQWLDO E\ XVLQJ GHGLFDWHG VRIWZDUHDQGGHYLFHVLVQHFHVVDU\,QRUGHUWRPHHWWKLVQHFHVVLW\DZLQGPDSRI5RPDQLD FRQWDLQLQJWKHDQQXDODYHUDJHZLQGVSHHGPHDVXUHGDWPDERYHJURXQGZDVHODERUDWHG E\$10)LJXUH $FFRUGLQJ WR D VWXG\ SHUIRUPHG E\ $10 EDVHG RQ WKH LQIRUPDWLRQ SURYLGHG E\ :HDWKHU 6WDWLRQV RI 7kUJX 0XUHü DQG 7kUQĆYHQL WKUHH DUHDV RI GLIIHUHQW ZLQG SRWHQWLDO ZHUH LGHQWLILHGLQ0XUHü&RXQW\ 7KH7UDQV\OYDQLDQ3ODLQLVDUHJLRQRIORZZLQGSRWHQWLDOZLWKDYHUDJHZLQGVSHHGVRI PVDQGLWLVQRWRIDJUHDWLQWHUHVWIURPWKHZLQGSRZHUWXUELQHVSRLQWRIYLHZ6WLOOWKHUH DUH DUHDV ZKHUH WKH UHOLHI DOORZV WKH ORFDWLRQ RI ORZ DQG PHGLXP ZLQG WXUELQHV WKDW FDQ JLYHUHODWLYHO\KLJK\LHOGHJ(UQHLYLOODJHLVVXLWDEOHIRUZLQGWXUELQHVRIN:SRZHU $QDUHDKDYLQJKLJKHUSRWHQWLDOZLWKDQDYHUDJHZLQGVSHHGRIPVLVUHSUHVHQWHGE\ WKH KLOO DUHD RI 0XUHü &RXQW\ ZKLFK LQFOXGHV WKH 7kUQDYH 3ODWHDX WKH KLOO DUHD EHWZHHQ 7kUQDYD0LFĆDQG7kUQDYD0DUHULYHUV WKH&DUSDWKLDQORZHUPRXQWDLQVDQGWKH*XUJKLX 0RXQWDLQV7KLVDUHDLVIDYRUDEOHIRUGHYHORSLQJDSSOLFDWLRQVZLWKPHGLXPDQGKLJKSRZHU ZLQGV\VWHPVDFFRUGLQJWRWKHSDUWLFXODUVWUXFWXUHRIWKHUHOLHI +RZHYHUWKHDUHDZLWKWKHKLJKHVWZLQGSRWHQWLDOLVWKHUHJLRQRIWKH&ĆOLPDQL0RXQWDLQV ZLWKDQDQQXDODYHUDJHZLQGVSHHGRIPVRUPRUH8QIRUWXQDWHOO\H[SORLWDWLRQLQWKLV
+UQNCVGFJ[DTKFUQNCTYKPFJ[FTQTGPGYCDNGGPGTI[U[UVGOU
SDUW LV TXLWH GLIILFXOW EHFDXVH RI WKH &ĆOLPDQL 1DWLRQDO 3DUN DQG RI VRPH SURWHFWHG HQYLURQPHQWDO DUHDV 7KH LQVWDOODWLRQ RI ZLQG WXUELQHV LQ QDWLRQDO SDUNV RU UHVHUYDWLRQV LV UHVWULFWHG 3UHVHQWO\ VRPH VWXGLHV DUH SHUIRUPHG E\ DQ $XVWULDQ FRPSDQ\ WR ORFDWH WKHVH WXUELQHVLQWKHOLPLWDU\DUHDVRIWKH&ĆOLPDQL1DWLRQDO3DUN
)LJ:LQGPDSRI5RPDQLDFRQWDLQLQJWKHDQQXDODYHUDJHZLQGVSHHGPHDVXUHGDWP DERYHJURXQG>N:KP@(OHFWULFD
*[FTQGNGEVTKE'PGTI[ :DWHUUHSUHVHQWVWKHPRVWLPSRUWDQWUHQHZDEOHHQHUJ\UHVRXUFHRI5RPDQLD$QLQYHQWRU\ RIPLFURK\GURSRWHQWLDOLVUHTXLUHGIRUWKHVWXGLHVFRQFHUQLQJWKHORFDWLRQRIIXWXUHPLFUR K\GURSRZHUSODQWV 7KLVFDQEHGRQHLQDUHDVZKHUHWKHZDWHUFRXUVHLVSUHVHQWSHUPDQHQWO\DOO\HDUORQJZLWKD YROXPHRIDWOHDVWOVDQGDVORSHJUHDWHUWKDQPNPRQULYHUVWKDWDUHQRWLQFOXGHGLQ WKHJUHDWK\GURHOHFWULFHQHUJ\ORFDWLRQV 7KH WHFKQLFDO IHDVLEOH PLFURK\GURSRWHQWLDO LVUHSUHVHQWHG E\ WKH SRZHU RU HOHFWULF HQHUJ\ WKDWFDQEHSURGXFHGXVLQJWKHZDWHUFRXUVHVPHQWLRQHGDERYH 7KH OLQHDU WKHRUHWLFDO PLFURK\GURSRWHQWLDO FDQ EH FDOFXODWHG WR KLJKOLJKW WKH ULYHU VHFWRUV ZLWK WKH KLJKHVW K\GURHOHFWULFDO SRWHQWLDO 7KHVH VHFWRUV FDQ EH GHWHUPLQHG EDVHG RQ WKH IROORZLQJK\SRWKHVLV WKHXVHRIDOOGUDLQHGZDWHUYROXPH WKHXVHRIDOODYDLODEOHIDOO WKH WRWDO \LHOG RI K\GUDXOLF HQHUJ\ FRQYHUVLRQ LQWR HOHFWULF SRZHU HTXDOV ORVVHV DUHLJQRUHG 7KH K\GURJUDSKLF EDVLQ RI 5LYHU 0XUHü LV ORFDWHG LQ WKH FHQWHU DQG ZHVW RI 5RPDQLD EHWZHHQ WKH (DVWHUQ 6RXWKHUQ DQG :HVWHUQ &DUSDWKLDQV DQG LWV ORZHU VHFWRU LV ORFDWHG LQ WKHPLGGOHRI7LVD3ODLQ5LYHU0XUHüLVDQDIIOXHQWRI5LYHU7LVDDQGFROOHFWVLWVPDLQZDWHUV IURP WKH YROFDQLF FKDLQ RI WKH (DVWHUQ &DUSDWKLDQV IURP WKH 7UDQV\OYDQLDQ 3ODWHDX IURP
4GPGYCDNG'PGTI[
HDVW DQG VRXWK RI WKH :HVWHUQ &DUSDWKLDQV DQG IURP WKH QRUWKHUQ VORSHV RI WKH 6RXWKHUQ &DUSDWKLDQVORFDWHGDWWKHZHVWRI5LYHU2OW7KHGLYLGLQJFUHVWRI5LYHU0XUHüFURVVHVRYHU GLIIHUHQW XQLWV DQG VXEXQLWV RI UHOLHI ZLWK VSHFLILF SK\VLFJHRJUDSKLFDO FKDUDFWHULVWLFV WKDW VHSDUDWHVLWIURPRWKHULPSRUWDQWK\GURJUDSKLFEDVLQV5LYHU0XUHüFROOHFWVDODUJHQXPEHU RIDIIOXHQWVZLWKK\GURJUDSKLFEDVLQVEHWZHHQDQGNP7KHVHDIIOXHQWULYHUVDUH 7RSOLĦD 5ĆVWROLĦD *XUJKLX $ULHü 3kUkXO GH &kPSLH 7kUQDYD 6HEHü &XJLU 5kXO 0DUH 6WUHL &HUQD 7KH VXUIDFH RI WKH K\GURJUDSKLF EDVLQV LQYHQWRULHG LQ WKH 5LYHU 0XUHü K\GURJUDSKLFEDVLQVXPVWRNPDQGWKHSURSHUOHQJKWRINP 7KH OLQHDU WKHRUHWLFDO PLFURK\GURSRWHQWLDO RI ULYHU VHFWRUV VWXGLHG LQ WKH 5LYHU 0XUHü K\GURJUDSKLF EDVLQ VXPV N: DQG KDV D VKDUH RI ZLWK DQ DYHUDJH VSHFLILF SRWHQWLDOS N:NP7HFKQLFDOIHDVLEOHPLFURK\GURSRWHQWLDOVWXGLHGIRUULYHUVZLWKS !N:NPVXPVWR3L N:ZLWKDFDOFXODWHGVKDUHRIDQG(P *:KDQ VLWXDWHVWKHK\GURJUDSKLFEDVLQRI5LYHU0XUHüDPRQJWKHK\GURJUDSKLFEDVLQVRI5RPDQLD ZLWKDJRRGK\GURHOHFWULFSRWHQWLDOWREHDVVHUWHG 7KH 5LYHU 0XUHü K\GURJUDSKLF EDVLQ LQFOXGHV WKH FRXQWLHV 0XUHü DQG $OED DQG SDUW RI 6LELX +DUJKLWD &OXM $UDG DQG +XQHGRDUD FRXQWLHV DQG D YHU\ VPDOO SDUW RI %LVWULĦD 1ĆVĆXGFRXQWU\$FFRUGLQJWRDVWXG\SHUIRUPHGE\,63+EDVHGRQGDWDSURYLGHGE\$1 $SHOH 5RPkQH 0XUHü WKH ORFDWLRQ IRU IXWXUH PLFURK\GUR SRZHU SODQWV LV V\QWKHVL]HG LQ 7DEOH
1DPHRI WKHSRZHU SODQW 'XüD =HEUDF 6WkQFHQL /%UDGXOXL -LUFD %HOHLX )HULJLORU %UDGXOXL ,RGXOXL
6ĆUĆĦHQL
6ĆODUG
1U
:DWHU FRXUVH 0XUHü 0XUHü 0XUHü 0XUHü 0XUHü 0XUHü 0XUHü 0XUHü 0XUHü 7kUQDYD 0LFĆ 6ĆODUG
,QVWDOOHG IORZ >PV@
,QVWDOOHG SRZHU >0:@
0HDQ HQHUJ\ >*:K\U@
0XUHü 0XUHü 0XUHü 0XUHü 0XUHü 0XUHü 0XUHü 0XUHü 0XUHü
0XUHü 0XUHü 0XUHü 0XUHü 0XUHü 0XUHü 0XUHü 0XUHü 0XUHü
%UXWH IDOO >P@
0XUHü
0XUHü
0XUHü
0XUHü
&RXQW\
%DVLQ
7DEOH)XWXUHK\GURHOHFWULFGHYHORSPHQWV $PRQJWKHPDLQDIIOXHQWVRI5LYHU0XUHüDUH7RSOLĦD5ĆVWROLĦD*XUJKLXWKHORZHUFRXUVH RI 5LYHU $ULHü ZKLFK FURVVHV 0XUHü FRXQW\ DQG DOVR 5LYHUV 7kUQDYD 0LFĆ DQG SDUW RI 7kUQDYD0DUH$OORIWKHVHDIIOXHQWVKDYHDJRRGK\GURHOHFWULFSRWHQWLDO $WWKHPRPHQWWKHUHDUHILYHIXQFWLRQDOPLFURK\GURSRZHUSODQWVLQ0XUHü&RXQW\WKUHH DUHSODFHGRQWKH,RG9DOOH\LQ5ĆVWROLôDDQGWZRQHDUWKH7RZQRI6RYDWD$GHYHORSPHQW SURMHFWSODQQHGIRUWKHXSSHUVHFWRURI5LYHU0XUHüLQWHQGVWRORFDWHDVHULHVRIPLFURK\GUR SRZHUSODQWVWRUHJXODWHWKHZDWHUFRXUVHVWDUWLQJZLWK5ĆVWROLĦDGDP
+UQNCVGFJ[DTKFUQNCTYKPFJ[FTQTGPGYCDNGGPGTI[U[UVGOU
*[DTKF&)5[UVGO ,QRUGHUWRLPSOHPHQWDUHDOK\EULGV\VWHPDWKHRUHWLFDOSUHOLPLQDU\VWXG\LVUHTXLUHG6XFK VWXG\FDQEHSHUIRUPHGRQVLPXODWLRQPRGHOV$VLPXODWLRQPRGHOLVSUHVHQWHGLQ)LJ
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²LQYHUWHUVXVHGIRUHQHUJ\FRQYHUVLRQLQ '&$&PRGXOH
)LJ9ROWDJHZDYHIRUPDWWKH$&WKUHHSKDVHGEXVEDU
4GPGYCDNG'PGTI[
)LJD+DUPRQLFDQDO\VLVRIWKHYROWDJHZDYHIRUPFRUUHVSRQGLQJWRSKDVH$
)LJE+DUPRQLFDQDO\VLVRIWKHYROWDJHZDYHIRUPFRUUHVSRQGLQJWRSKDVH%
+UQNCVGFJ[DTKFUQNCTYKPFJ[FTQTGPGYCDNGGPGTI[U[UVGOU
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
%QPENWUKQP ,Q WKH FRQGLWLRQV RI DQ DFFHOHUDWHG HFRQRPLF GHYHORSPHQW LQ 5RPDQLD E\ D JRRG HQHUJ\ SROLF\LWPLJKWEHDVVXUHGDQLQFUHDVLQJOHYHORISRZHUVXSSO\VDIHW\DQGWKHUHGXFWLRQRI HQHUJHWLFUHVRXUFHVLPSRUW7KLVGHPDQGFDQEHDFFRPSOLVKHGE\LPSOHPHQWLQJDVXVWDLQHG SROLF\ RI HQHUJ\ FRQVHUYDWLRQ E\ LQFUHDVLQJ HQHUJ\ HIILFLHQF\ FRQFXUUHQW ZLWK D EHWWHU FDSLWDOL]DWLRQRIUHQHZDEOHUHVRXUFHV 7KH FDSLWDOL]DWLRQ RI UHQHZDEOH UHVRXUFHV SRWHQWLDO FRQIHUV UHDO SUHPLVHV WR DFKLHYH VRPH VWUDWHJLFDLPVFEXWDOVRWKHGXUDEOHGHYHORSPHQWRIHQHUJ\VHFWRUDQGWKHSURWHFWLRQRIWKH HQYLURQPHQW ,Q RUGHU WR H[SORLW WKH HFRQRPLF SRWHQWLDO RI UHQHZDEOH UHVRXUFHV LQ FRPSHWLWLYHFRQGLWLRQVRQWKHHQHUJ\PDUNHWLWLVQHFHVVDU\WRDGRSWDQGLPSOHPHQWVRPH HQHUJ\SROLFLHVDQGVSHFLILFUHVRXUFHV7KHSURPRWLRQRIHQHUJ\SURGXFWLRQIURPUHQHZDEOH UHVRXUFHV (65( UHSUHVHQWV DQ LPSHUDWLYH REMHFWLYH LQ SUHVHQW WLPHV MXVWLILHG E\ HQYLURQPHQW SURWHFWLRQ WKH LQFUHDVH RI HQHUJHWLF LQGHSHQGHQFH E\ VXSSO\LQJ VRXUFHV GLYHUVLW\ DQG RI FRXUVH HFRQRPLF DQG VRFLDO FRKHVLRQ UHDVRQV 7KH UHDVRQV WR SURPRWH HQHUJ\ SURGXFWLRQ IURP UHQHZDEOH UHVRXUFHV (65( ZHUH DFFXPXODWHG LQ WLPH IURP HFRQRPLF QDWXUH UHDVRQV ZKLFK DSSHDUHG DIWHU WKH RLO FULVLV LQ WKH ·V WR HQYLURQPHQWDO UHDVRQVHVSHFLDOO\DIWHUVLJQLQJWKH.\RWR3URWRFROLQ'HFHPEHUDQGQRZDGD\VVRFLDO FRKHVLRQUHDVRQV 'HSHQGLQJ RQ WKH PHWKRGV RU WHFKQRORJLHV UDWLRQDO XVH RI HQHUJ\ FDQ KDYH D SRVLWLYH RU D QHJDWLYHLPSDFWRQSRZHUTXDOLW\7KHFDXVHRISRZHUTXDOLW\SUREOHPVLVPDLQO\WKHLPSURSHU XVHRIORFDOORDGVDQGHTXLSPHQWV%XWHYHQLIHIILFLHQWORDGVDUHFRQQHFWHGWRDORFDOJULGRU EXVE\DSRZHUHOHFWURQLFVLQWHUIDFHWKHSRZHUTXDOLW\PLJKWGHWHULRUDWH7KHUHDUHDOVRGHYLFHV ZLWKPDOIXQFWLRQZKHQWKHSRZHUTXDOLW\EHFRPHVWRRSRRU
4GPGYCDNG'PGTI[
4GHGTGPEGU %ORHP- 'LVWULEXWHG*HQHUDWLRQDQG5HQHZDEOHV,QWHJUDWLRQ ,QWHUFRQQHFWLRQ3RZHU 4XDOLW\DQG8WLOL]DWLRQ*XLGH²/34,3URJUDP,VVXH:LQWHU %XUWRQ76KDUSH'-HQNLQV1%RVVDQ\L( +DQGERRNRI:LQG(QHUJ\-RKQ:LOH\ 6RQV /WG ,6%1 ,6%1 7KH $WULXP 6RXWKHUQ *DWH &KLFKHVWHU (QJODQG &KDQ+/6XWDQWR/ $1HZ%DWWHU\0RGHOIRU8VHZLWK%DWWHU\(QHUJ\6WRUDJH 6\VWHPV DQG (OHFWULF 9HKLFOHV 3RZHU 6\VWHPV ,Q ,((( 3RZHU (QJLQHHULQJ 6RFLHW\ :LQWHU0HHWLQJ&RQIHUHQFH9ROSS1-86$ &KLQGULü0&]LNHU$0LURQ$ &RQHFWDUHDODUHĦHDDJHQHUDWRDUHORUGLVWULEXLWH /HJLVODĦLD GLQ 5RPkQLD ,Q )RUXPXO 1DĦLRQDO DO (QHUJLHL ² )RUHQ LXQ 1HSWXQ5RPkQLDRQ&' 'XPLWUX &' *OLJRU $ D 3RZHU 4XDOLW\ $QDO\VLV 2I $ 6\VWHP %DVHG 2Q 5HQHZDEOH (QHUJ\ 6XSSO\LQJ $ /RFDO 'LVWULEXWLRQ 1HWZRUN $FWD (OHFWURWHKQLFD 6SHFLDO ,VVXH 3URFHHGLQJV RI WKH QG ,QWHUQDWLRQDO &RQIHUHQFH RQ 0RGHUQ 3RZHU 6\VWHPV036QRYSDJ,661 'XPLWUX &' *OLJRU $ E 6RIWZDUH 'HYHORSPHQW )RU $QDO\VLV 2I 6RODU:LQG +\EULG6\VWHPV6XSSO\LQJ/RFDO'LVWULEXWLRQ1HWZRUNV$FWD(OHFWURWHKQLFD6SHFLDO ,VVXH3URFHHGLQJVRIWKHQG,QWHUQDWLRQDO&RQIHUHQFHRQ0RGHUQ3RZHU6\VWHPV 036QRYSS,661 (/(&75,&$6$ 3UHRFXSĆULOH6&(/(&75,&$6$vQGRPHQLXOHQHUJLHLYHU]L,Q &RQIHULQĦD(QHUJLLOHUHJHQHUDELOHüLDFWRULLSULQFLSDOL2SURYRFDUHSHWHUPHQOXQJ DXJXVW%XFXUHüWL5RPkQLD *RORYDQRY 1 3RVWRODFKH 3 7RDGHU & (ILFLHQĦD üL FDOLWDWHD HQHUJLHL HOHFWULFH (G $*,5,6%1%XFXUHüWL5RPDQLD -5&:HEVLWH KWWSUHMUFHFHXURSDHXSYJLVDSSVSYHVWSKS"ODQJ HQ PDS .DOWVFKPLWW06WUHLFKHU::LVH$(GV 5HQHZDEOHHQHUJ\7HFKQRORJ\HFRQRPLFV DQGHQYLURQPHQW6SULQJHU%HUOLQ+HLGHOEHUJ1HZ