Introduction. In classical power systems, large power generation plants located at adequate geographical places produce most of the power, which is then ...
2QYGT'NGEVTQPKEU%QPVTQNQH9KPF'PGTI[KP&KUVTKDWVGF2QYGT5[UVGOU
:
2QYGT'NGEVTQPKEU%QPVTQNQH9KPF'PGTI[KP &KUVTKDWVGF2QYGT5[UVGOU
)ORULQ,RYDQG)UHGH%ODDEMHUJ
'HSDUWPHQWRI(QHUJ\7HFKQRORJ\$DOERUJ8QLYHUVLW\ 'HQPDUN
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·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
4GPGYCDNG'PGTI[
QHFHVVDU\ WR LQWURGXFH SRZHU HOHFWURQLFV +DQVHQ HW DO DV DQ LQWHUIDFH EHWZHHQ WKH ZLQGWXUELQHDQGWKHJULG7KHSRZHUHOHFWURQLFVLVFKDQJLQJWKHEDVLFFKDUDFWHULVWLFRIWKH ZLQG WXUELQH IURP EHLQJ DQ HQHUJ\ VRXUFH WR EH DQ DFWLYH SRZHU VRXUFH 7KH HOHFWULFDO WHFKQRORJ\ XVHG LQ ZLQG WXUELQHV LV QRW QHZ ,W KDV EHHQ GLVFXVVHG IRU VHYHUDO \HDUV HJ +DQVHQHWDO *HUWPDU %ODDEMHUJHWDO ,RY %ODDEMHUJ HWFEXW QRZ WKH SULFH SU SURGXFHG N:K LV VR ORZ WKDW VROXWLRQV ZLWK SRZHU HOHFWURQLFV DUH YHU\ DWWUDFWLYH )LUVWO\WKHEDVLFGHYHORSPHQWLQSRZHUHOHFWURQLFVDQGSRZHUHOHFWURQLFFRQYHUVLRQZLOOEH GLVFXVVHG 7KHQ GLIIHUHQW ZLQG WXUELQH FRQILJXUDWLRQV ZLOO EH H[SODLQHG ERWK DHURG\QDPLFDOO\DQGHOHFWULFDOO\$VKRUWRYHUYLHZRIWKHLQWHUFRQQHFWLRQUHTXLUHPHQWVZLOO EHJLYHQ$OVRGLIIHUHQWFRQWUROPHWKRGVIRUSRZHUFRQYHUWHUVZLWKLQDZLQGWXUELQHV\VWHP ZLOO EH SUHVHQWHG )LQDOO\ D JHQHUDO WHFKQRORJ\ VWDWXV RI WKH ZLQG SRZHU LV SUHVHQWHG GHPRQVWUDWLQJVWLOOPRUHHIILFLHQWDQGDWWUDFWLYHSRZHUVRXUFHIRUWKHIXWXUH
/QFGTPRQYGTGNGEVTQPKEU 3RZHU HOHFWURQLFV KDV FKDQJHG UDSLGO\ GXULQJ WKH ODVW WKLUW\ \HDUV DQG WKH QXPEHU RI DSSOLFDWLRQV KDV EHHQ LQFUHDVLQJ PDLQO\ GXH WR WKH GHYHORSPHQWV RI WKH VHPLFRQGXFWRU GHYLFHV DQG WKH PLFURSURFHVVRU WHFKQRORJ\ )RU ERWK FDVHV KLJKHU SHUIRUPDQFH LV VWHDGLO\ JLYHQIRUWKHVDPHDUHDRIVLOLFRQDQGDWWKHVDPHWLPHWKH\DUHFRQWLQXRXVO\UHGXFLQJLQ SULFH $ W\SLFDO SRZHU HOHFWURQLF V\VWHP FRQVLVWLQJ RI D SRZHU FRQYHUWHU D UHQHZDEOH HQHUJ\VRXUFHDQGDFRQWUROXQLWLVVKRZQLQ)LJ
)LJ 3RZHU HOHFWURQLF V\VWHP ZLWK WKH JULG UHQHZDEOH VRXUFH SRZHU FRQYHUWHU DQG FRQWURO 7KH SRZHU FRQYHUWHU LV WKH LQWHUIDFH EHWZHHQ WKH JHQHUDWRU DQG WKH JULG 7\SLFDOO\ WKH SRZHUIORZLVXQLGLUHFWLRQDOIURPWKHJHQHUDWRUWRWKHHOHFWULFDOQHWZRUN7KUHHLPSRUWDQW LVVXHVDUHRIFRQFHUQXVLQJVXFKDV\VWHPQDPHO\WKHUHOLDELOLW\WKHHIILFLHQF\DQGODVWEXW QRW OHDVWWKH FRVW &XUUHQWO\ WKH FRVW RI SRZHUVHPLFRQGXFWRU GHYLFHV LV GHFUHDVLQJ ¸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
2QYGT'NGEVTQPKEU%QPVTQNQH9KPF'PGTI[KP&KUVTKDWVGF2QYGT5[UVGOU
)LJ'HYHORSPHQWRIVWDQGDUGDGMXVWDEOHVSHHGGULYHVIRUWKHODVWIRXUGHFDGHV 7KH NH\ GULYHU RI WKLV GHYHORSPHQW LV WKDW WKH SRZHU HOHFWURQLF GHYLFH WHFKQRORJ\ LV VWLOO XQGHUJRLQJ LPSRUWDQW SURJUHVV $Q RYHUYLHZ RI GLIIHUHQW SRZHU GHYLFHV DQG WKH DUHDV ZKHUHWKHGHYHORSPHQWLVVWLOOJRLQJRQLVSUHVHQWHGLQ)LJ
)LJ'HYHORSPHQWRISRZHUVHPLFRQGXFWRUGHYLFHVLQWKHSDVWDQGLQWKHIXWXUH EDVHGRQ %DOLJD
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
9KPFGPGTI[EQPXGTUKQP :LQGWXUELQHVFDSWXUHSRZHUIURPWKHZLQGE\PHDQVRIDHURG\QDPLFDOO\GHVLJQHGEODGHV DQG FRQYHUW LW WR URWDWLQJ PHFKDQLFDO SRZHU 7KH QXPEHU RI EODGHV LV WKUHH LQ D PRGHUQ
4GPGYCDNG'PGTI[
ZLQG WXUELQH $V WKH EODGH WLSVSHHG VKRXOG EH ORZHU WKDQ KDOI WKH VSHHG RI VRXQG WKH URWDWLRQDO VSHHG ZLOO GHFUHDVH DV WKH UDGLXV RI WKH EODGH LQFUHDVHV )RU PXOWL0: ZLQG WXUELQHV WKH URWDWLRQDO VSHHG LV W\SLFDOO\ USP 7KH PRVW ZHLJKW HIILFLHQW ZD\ WR FRQYHUW WKH ORZVSHHG KLJKWRUTXH SRZHU WR HOHFWULFDO SRZHU LV WR XVH D JHDUER[ DQG D VWDQGDUGIL[HGVSHHGJHQHUDWRUDVLOOXVWUDWHGLQ)LJ
)LJ &RQYHUWLQJ ZLQG SRZHU WR HOHFWULFDO SRZHU LQ D ZLQG WXUELQH EDVHG RQ .D]PLHUNRZVNLHWDO
7KH JHDUER[ LV RSWLRQDO DV PXOWLSROH JHQHUDWRU V\VWHPV DUH DOVR SRVVLEOH VROXWLRQV %HWZHHQ WKH JULG DQG WKH JHQHUDWRU D SRZHU FRQYHUWHU FDQ EH LQVHUWHG 7KH SRVVLEOH WHFKQLFDO VROXWLRQV DUH PDQ\ DQG D WHFKQRORJLFDO URDGPDS VWDUWLQJ ZLWK ZLQG HQHUJ\SRZHUDQGFRQYHUWLQJWKHPHFKDQLFDOSRZHULQWRHOHFWULFDOSRZHULVVKRZQLQ)LJ 7KH HOHFWULFDO RXWSXW FDQ HLWKHU EH $& RU '& ,Q WKHODVW FDVH D SRZHUFRQYHUWHU ZLOOEH XVHGDVLQWHUIDFHWRWKHJULG
)LJ 7HFKQRORJLFDO URDGPDS IRU ZLQG WXUELQH·V WHFKQRORJ\ EDVHG RQ +DQVHQ HW DO
7KHGHYHORSPHQWLQZLQGWXUELQHV\VWHPVKDVEHHQVWHDG\IRUWKHODVW\HDUVDQGIRXUWR ILYHJHQHUDWLRQVRIZLQGWXUELQHVH[LVWDQGLWLVQRZSURYHQWHFKQRORJ\,WLVLPSRUWDQWWREH DEOH WR FRQWURO DQG OLPLW WKH FRQYHUWHG PHFKDQLFDO SRZHU DW KLJKHU ZLQG VSHHG DV WKH SRZHULQWKHZLQGLVDFXEHRIWKHZLQGVSHHG7KHSRZHUOLPLWDWLRQPD\EHGRQHHLWKHUE\
2QYGT'NGEVTQPKEU%QPVTQNQH9KPF'PGTI[KP&KUVTKDWVGF2QYGT5[UVGOU
VWDOO FRQWURO WKH EODGH SRVLWLRQ LV IL[HG EXW VWDOO RI WKH ZLQG DSSHDUV DORQJ WKH EODGH DW KLJKHUZLQGVSHHG DFWLYHVWDOO WKHEODGHDQJOHLVDGMXVWHGLQRUGHUWRFUHDWHVWDOODORQJWKH EODGHV RU SLWFK FRQWURO WKH EODGHV DUH WXUQHG RXW RI WKH ZLQG DW KLJKHU ZLQG VSHHG +DQVHQHWDO ,RY %ODDEMHUJ 7KHEDVLFRXWSXWFKDUDFWHULVWLFVRIWKHVHWKUHH PHWKRGVRIFRQWUROOLQJWKHSRZHUDUHVXPPDUL]HGLQ)LJ7KHPRGHUQZLQGWXUELQHVXVH RQO\DFWLYHVWDOODQGSLWFKFRQWURO
)LJ3RZHUFKDUDFWHULVWLFVRIGLIIHUHQWZLQGWXUELQHV\VWHPV
$QRWKHUFRQWUROYDULDEOHLQDZLQGWXUELQHV\VWHPLVWKHVSHHG%DVHGRQWKLVFULWHULRQWKH ZLQGWXUELQHVDUHFODVVLILHGLQWRWZRPDLQFDWHJRULHV +DQVHQHWDO ,RY %ODDEMHUJ QDPHO\IL[HGVSHHGDQGYDULDEOHVSHHGZLQGWXUELQHVUHVSHFWLYHO\ $GGLWLRQDOO\ WKH SUHVHQFH RI SRZHU FRQYHUWHUV LQ ZLQG WXUELQHV DOVR SURYLGHV KLJK SRWHQWLDOFRQWUROFDSDELOLWLHVIRUERWKODUJHPRGHUQZLQGWXUELQHVDQGZLQGIDUPVWRIXOILO WKHKLJKWHFKQLFDOGHPDQGVLPSRVHGE\WKHJULGRSHUDWRUV 6¡UHQVHQHWDO +DQVHQHW DO 0LOERUURZ DQG ,RY %ODDEMHUJ VXFK DV FRQWUROODEOH DFWLYH DQG UHDFWLYH SRZHU IUHTXHQF\ DQG YROWDJH FRQWURO TXLFN UHVSRQVH XQGHU WUDQVLHQW DQG G\QDPLF SRZHU V\VWHP VLWXDWLRQV LQIOXHQFH RQ QHWZRUN VWDELOLW\ DQG LPSURYHG SRZHU TXDOLW\
9KPF6WTDKPG%QPEGRVU 7KHPRVWFRPPRQO\DSSOLHGZLQGWXUELQHGHVLJQVFDQEHFDWHJRUL]HGLQWRIRXUZLQGWXUELQH FRQFHSWV 7KHPDLQ GLIIHUHQFHV EHWZHHQ WKHVH FRQFHSWVFRQFHUQWKH JHQHUDWLQJV\VWHP DQG WKHZD\LQZKLFKWKHDHURG\QDPLFHIILFLHQF\RIWKHURWRULVOLPLWHGGXULQJDERYHWKHUDWHG YDOXHLQRUGHUWRSUHYHQWRYHUORDGLQJ7KHVHFRQFHSWVDUHSUHVHQWHGEULHIO\LQWKHIROORZLQJ SDUDJUDSKV
(KZGF5RGGF9KPF6WTDKPGU 7KLV FRQILJXUDWLRQ FRUUHVSRQGV WR WKH VR FDOOHG 'DQLVK FRQFHSW WKDW ZDV YHU\ SRSXODU LQ ·V7KLVZLQGWXUELQHLVIL[HGVSHHGFRQWUROOHGPDFKLQHZLWKDV\QFKURQRXVVTXLUUHOFDJH LQGXFWLRQJHQHUDWRU 6&,* GLUHFWO\FRQQHFWHGWRWKHJULGYLDDWUDQVIRUPHUDVVKRZQLQ)LJ 7KLVFRQFHSWQHHGVDUHDFWLYHSRZHUFRPSHQVDWRUWRUHGXFH DOPRVWHOLPLQDWH WKHUHDFWLYH SRZHUGHPDQGIURPWKHWXUELQHJHQHUDWRUVWRWKHJULG,WLVXVXDOO\GRQHE\FRQWLQXRXVO\
4GPGYCDNG'PGTI[
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
)LJ )L[HG VSHHG ZLQG WXUELQH ZLWK GLUHFWO\ JULG FRQQHFWHG VTXLUUHOFDJH LQGXFWLRQ JHQHUDWRU
7KXV WKLV FRQFHSW GRHV QRW VXSSRUW DQ\ VSHHG FRQWURO UHTXLUHV D VWLII JULG DQG LWV PHFKDQLFDO FRQVWUXFWLRQ PXVW EH DEOH WR VXSSRUW KLJK PHFKDQLFDO VWUHVV FDXVHG E\ ZLQG JXVWV
2CTVKCN8CTKCDNG5RGGF9KPF6WTDKPGYKVJ8CTKCDNG4QVQT4GUKUVCPEG 7KLV FRQILJXUDWLRQ FRUUHVSRQGV WR WKH OLPLWHG YDULDEOH VSHHG FRQWUROOHG ZLQG WXUELQH ZLWK YDULDEOHURWRUUHVLVWDQFHNQRZQDV2SWL6OLS 9HVWDV70 DVSUHVHQWHGLQ)LJ
)LJ3DUWLDOYDULDEOHVSHHGZLQGWXUELQHZLWKYDULDEOHURWRUUHVLVWDQFH
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
8CTKCDNG5RGGF96YKVJRCTVKCNUECNGRQYGTEQPXGTVGT 7KLV FRQILJXUDWLRQ NQRZQ DV WKH GRXEO\IHG LQGXFWLRQ JHQHUDWRU '),* FRQFHSW FRUUHVSRQGV WR WKH YDULDEOH VSHHG FRQWUROOHG ZLQG WXUELQH ZLWK D ZRXQG URWRU LQGXFWLRQ
2QYGT'NGEVTQPKEU%QPVTQNQH9KPF'PGTI[KP&KUVTKDWVGF2QYGT5[UVGOU
JHQHUDWRU :5,* DQG SDUWLDOVFDOH SRZHU FRQYHUWHU UDWHG WR DSSUR[ RI QRPLQDO JHQHUDWRUSRZHU RQWKHURWRUFLUFXLWDVVKRZQLQ)LJ 7KHVWDWRULVGLUHFWO\FRQQHFWHGWR WKH JULG ZKLOH D SDUWLDOVFDOH SRZHU FRQYHUWHU FRQWUROV WKH URWRU IUHTXHQF\ DQG WKXV WKH URWRUVSHHG
)LJ 9DULDEOHVSHHGZLQGWXUELQHZLWKSDUWLDOVFDOHSRZHUFRQYHUWHU
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
8CTKCDNGURGGFYKPFVWTDKPGYKVJHWNNTCVKPIRQYGTEQPXGTVGT 7KLV FRQILJXUDWLRQ FRUUHVSRQGV WR WKH YDULDEOH VSHHG FRQWUROOHG ZLQG WXUELQH ZLWK WKH JHQHUDWRUFRQQHFWHGWRWKHJULGWKURXJKDIXOOUDWLQJSRZHUFRQYHUWHUDVVKRZQLQ)LJ
)LJ9DULDEOHVSHHGZLQGWXUELQHZLWKIXOOUDWLQJSRZHUFRQYHUWHU
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²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
4GPGYCDNG'PGTI[
FRUUHVSRQGLQJ WR WKH PD[LPXP SRZHU FRHIILFLHQW &RQWUDU\ WR D IL[HG VSHHG V\VWHP D YDULDEOH VSHHG V\VWHP NHHSV WKH JHQHUDWRU WRUTXH QHDUO\ FRQVWDQW 7KXV WKH YDULDWLRQV LQ ZLQGDUHDEVRUEHGE\WKHJHQHUDWRUVSHHGFKDQJHV 6HHQ IURP WKH ZLQG WXUELQH SRLQW RI YLHZ WKH PRVW LPSRUWDQW DGYDQWDJHV RI WKH YDULDEOH VSHHG RSHUDWLRQ FRPSDUHG WR WKH FRQYHQWLRQDO IL[HG VSHHG RSHUDWLRQ DUH UHGXFHG PHFKDQLFDO VWUHVV RQ WKH PHFKDQLFDO FRPSRQHQWV VXFK DV VKDIW DQG JHDUER[ LQFUHDVHG SRZHUFDSWXUHDQGUHGXFHGDFRXVWLFDOQRLVH
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
#EVKXGRQYGTEQPVTQN $FFRUGLQJWRWKLVGHPDQGWKHZLQGWXUELQHVPXVWEHDEOHWRFRQWUROWKHDFWLYHLQWKH3RLQW RI&RPPRQ&RXSOLQJ 3&& LQ D JLYHQ SRZHU UDQJH 7KH DFWLYH SRZHU LV W\SLFDOO\ FRQWUROOHGEDVHGRQWKHV\VWHPIUHTXHQF\HJ'HQPDUN,UHODQG*HUPDQ\VRWKDWWKHSRZHU GHOLYHUHG WR WKH JULG LV GHFUHDVHG ZKHQ WKH JULG IUHTXHQF\ ULVH DERYH +] $ W\SLFDO FKDUDFWHULVWLFIRUWKHIUHTXHQF\FRQWUROLQWKH'DQLVKJULGFRGHLVVKRZQLQ)LJ
)LJ)UHTXHQF\FRQWUROFKDUDFWHULVWLFIRUWKHZLQGWXUELQHVFRQQHFWHGWRWKH'DQLVKJULG
2QYGT'NGEVTQPKEU%QPVTQNQH9KPF'PGTI[KP&KUVTKDWVGF2QYGT5[UVGOU
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·V 762 GHPDQGVDQG DOVRSDUWLFLSDWLRQLQSULPDU\DQGVHFRQGDU\FRQWURO6HYHQSRZHUUHJXODWLRQIXQFWLRQVHDFK RIWKHPSULRULWL]HGDUHUHTXLUHGLQWKHZLQGIDUPFRQWURODVVKRZQLQ)LJ
)LJ5HJXODWLRQIXQFWLRQVIRUDFWLYHSRZHUUHTXLUHGE\WKH'DQLVKJULGFRGHVLQWKHZLQG IDUPFRQWUROOHU
,W PXVW EH QRWLFHG WKDW WKH IUHTXHQF\ FRQWURO FKDUDFWHULVWLF SUHVHQWHG LQ )LJ KDV WKH VHFRQGSULRULW\8VLQJDOOWKHVHSRZHUUHJXODWLRQIXQFWLRQVDZLQGIDUPFDQEHRSHUDWHGDVD FRQYHQWLRQDOSRZHUSODQW
4GCEVKXGRQYGTEQPVTQNCPFXQNVCIGUVCDKNKV[ 5HDFWLYHSRZHULVW\SLFDOO\FRQWUROOHGLQDJLYHQUDQJH7KHJULGFRGHVVSHFLI\LQGLIIHUHQW ZD\VWKLVFRQWUROFDSDELOLW\7KH'DQLVKJULGFRGHJLYHVDEDQGIRUFRQWUROOLQJWKHUHDFWLYH SRZHUEDVHGRQWKHDFWLYHSRZHURXWSXWDVVKRZQLQ)LJ
)LJ'DQLVKJULGFRGHGHPDQGVIRUWKHUHDFWLYHSRZHUH[FKDQJHLQWKH3&&
4GPGYCDNG'PGTI[
7KH,ULVKJULGFRGHVSHFLILHVHJWKHUHDFWLYHSRZHUFDSDELOLW\LQWHUPVRISRZHUIDFWRUDQG UHDFWLYH SRZHU DV VKRZQ LQ )LJ ZKLOH WKH *HUPDQ WUDQVPLVVLRQ JULG FRGH IRU ZLQG SRZHUVSHFLILHVWKDWWKHZLQGSRZHUXQLWVPXVWSURYLGHDUHDFWLYHSRZHUSURYLVLRQLQWKH FRQQHFWLRQSRLQWZLWKRXWOLPLWLQJWKHDFWLYHSRZHURXWSXWDVVKRZQLQ)LJ
)LJ5HTXLUHPHQWVIRUUHDFWLYHSRZHUFRQWUROLQWKH,ULVKJULGFRGHIRUZLQGWXUELQHV
)LJ5HTXLUHPHQWVIRUUHDFWLYHSRZHUSURYLVLRQRIJHQHUDWLQJXQLWVZLWKRXWOLPLWLQJWKH DFWLYHSRZHURXWSXWLQWKH*HUPDQWUDQVPLVVLRQJULGFRGH
.QYXQNVCIGTKFGVJTQWIJECRCDKNKV[ $OOFRQVLGHUHGJULGFRGHVUHTXLUHVIDXOWULGHWKURXJKFDSDELOLWLHVIRUZLQGWXUELQHV9ROWDJH SURILOHVDUHJLYHQVSHFLI\LQJWKHGHSWKRIWKHYROWDJHGLSDQGWKHFOHDUDQFHWLPHDVZHOO2QH RIWKHSUREOHPVLVWKDWWKHFDOFXODWLRQRIWKHYROWDJHGXULQJDOOW\SHVRIXQV\PPHWULFDOIDXOWV LVQRWYHU\ZHOOGHILQHGLQVRPHJULGFRGHV7KHYROWDJHSURILOHIRUULGHWKURXJKFDSDELOLW\ FDQEHVXPPDUL]HGDVVKRZQLQ)LJ
2QYGT'NGEVTQPKEU%QPVTQNQH9KPF'PGTI[KP&KUVTKDWVGF2QYGT5[UVGOU
)LJ 9ROWDJH SURILOH IRU IDXOW ULGHWKURXJK FDSDELOLW\ IRU ZLQG SRZHU LQ (XURSHDQ JULG FRGHV ,UHODQG·VJULGFRGHLVYHU\GHPDQGLQJLQUHVSHFWZLWKWKHIDXOWGXUDWLRQZKLOH'HQPDUNKDV WKH ORZHVW VKRUW FLUFXLW WLPHGXUDWLRQ ZLWK RQO\ PVHF +RZHYHU 'HQPDUN·V JULG FRGH UHTXLUHV WKDW WKH ZLQG WXUELQH VKDOO UHPDLQ FRQQHFWHG WR WKH HOHFWULFDO QHWZRUN GXULQJ VXFFHVVLYH IDXOWV ZKLFK LV D WHFKQLFDO FKDOOHQJH 2Q WKH RWKHU KDQG *HUPDQ\ DQG 6SDLQ UHTXLUHVJULGVXSSRUWGXULQJIDXOWVE\UHDFWLYHFXUUHQWLQMHFWLRQXSWRIURPWKHUDWHG FXUUHQWDVVKRZQLQ)LJ7KLVGHPDQGLVUHODWLYHGLIILFXOWWRPHHWE\VRPHRIWKHZLQG WXUELQH FRQFHSWV HJ DFWLYH VWDOO ZLQG WXUELQH ZLWK GLUHFWO\ JULG FRQQHFWHG VTXLUUHO FDJH LQGXFWLRQJHQHUDWRU
)LJ5HDFWLYHFXUUHQWVXSSRUWGXULQJIDXOWVDVVSHFLILHGLQWKH*HUPDQJULGFRGH
6LQFHPRUH(XURSHDQFRXQWULHVDUHSODQQLQJWRLQFUHDVHWKHLQVWDOOHGZLQGSRZHUFDSDFLW\D FKDQJH LQ WKHLU JULG FRGH UHTXLUHPHQWV LV H[SHFWHG LQ WKH QHDU IXWXUH $OVR LQ RUGHU WR DFFRPPRGDWHPRUHZLQGSRZHULQWRWKHHOHFWULFDOQHWZRUNVWKHVHFRQQHFWLRQUHTXLUHPHQWV ZLOOEHPRUHGHPDQGLQJ
2QYGTEQPXGTVGTVQRQNQIKGUHQTYKPFVWTDKPGU
%DVLFDOO\ WZR SRZHU FRQYHUWHU WRSRORJLHV ZLWK IXOO FRQWUROODELOLW\ RI WKH JHQHUDWHG YROWDJH DUH FXUUHQWO\ XVHG LQ WKH FRPPHUFLDO ZLQG WXUELQH V\VWHPV 7KHVH SRZHU FRQYHUWHUV DUH
4GPGYCDNG'PGTI[
UHODWHGWRWKHSDUWLDOUDWLQJSRZHUFRQYHUWHUZLQGWXUELQHDQGWKHIXOOUDWLQJRQH+RZHYHU RWKHUWRSRORJLHVKDYHEHHQSURSRVHGLQWKHODVW\HDUV
$KFKTGEVKQPCNDCEMVQDCEMVYQNGXGNRQYGTEQPXGTVGT 7KH EDFNWREDFN 3XOVH :LGWK 0RGXODWLRQ9ROWDJH 6RXUFH &RQYHUWHU LV D ELGLUHFWLRQDO SRZHUFRQYHUWHUFRQVLVWLQJRIWZRFRQYHQWLRQDO3:096&V7KHWRSRORJ\LVVKRZQLQ)LJ
)LJ6WUXFWXUHRIWKHEDFNWREDFNYROWDJHVRXUFHFRQYHUWHU
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
2QYGT'NGEVTQPKEU%QPVTQNQH9KPF'PGTI[KP&KUVTKDWVGF2QYGT5[UVGOU
7PKFKTGEVKQPCNRQYGTEQPXGTVGT $ZRXQGURWRUV\QFKURQRXVJHQHUDWRUUHTXLUHVRQO\DVLPSOHGLRGHEULGJHUHFWLILHUIRUWKH JHQHUDWRUVLGHFRQYHUWHUDVVKRZQLQ)LJ
)LJ 9DULDEOH VSHHG ZLQG WXUELQH ZLWK V\QFKURQRXV JHQHUDWRU DQG IXOOUDWLQJ SRZHU FRQYHUWHU
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
)LJ)XOOUDWLQJSRZHUFRQYHUWHUZLQGWXUELQHZLWKSHUPDQHQWPDJQHWJHQHUDWRU
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
4GPGYCDNG'PGTI[
)LJ0XOWLOHYHOWRSRORJLHV D RQHOHJRIDWKUHHOHYHOGLRGHFODPSHGFRQYHUWHU E RQHOHJ RI D WKUHHOHYHO FRQYHUWHU ZLWK ELGLUHFWLRQDO VZLWFK LQWHUFRQQHFWLRQ F RQH OHJ RI D WKUHH OHYHO IO\LQJ FDSDFLWRU FRQYHUWHU G WKUHHOHYHO FRQYHUWHU XVLQJ WKUHH WZROHYHO FRQYHUWHUV DQGH RQHOHJRIDWKUHHOHYHO+EULGJHFDVFDGHGFRQYHUWHU +DQVHQHWDO ,QLWLDOO\ WKH PDLQ SXUSRVH RI WKH PXOWLOHYHO FRQYHUWHU ZDV WR DFKLHYH D KLJKHU YROWDJH FDSDELOLW\RIWKHFRQYHUWHUV$VWKHUDWLQJVRIWKHFRPSRQHQWVLQFUHDVHVDQGWKHVZLWFKLQJ DQGFRQGXFWLQJSURSHUWLHVLPSURYHWKHVHFRQGDU\HIIHFWVRIDSSO\LQJPXOWLOHYHOFRQYHUWHUV EHFRPHPRUHDQGPRUHDGYDQWDJHRXV7KHUHGXFHGFRQWHQWRIKDUPRQLFVLQWKHLQSXWDQG RXWSXW YROWDJH DV ZHOO DV D UHGXFHG (0, LV UHSRUWHG +DQVHQ HW DO 7KH VZLWFKLQJ ORVVHV RI WKH PXOWLOHYHO FRQYHUWHU DUH DQRWKHU IHDWXUH ZKLFK LV RIWHQ DFFHQWXDWHG LQ OLWHUDWXUH ,Q 0DUFKHVRQL 0D]]XFFKHOOL LW LV VWDWHG WKDW IRU WKH VDPH KDUPRQLF SHUIRUPDQFHWKHVZLWFKLQJIUHTXHQF\FDQEHUHGXFHGWRRIWKHVZLWFKLQJIUHTXHQF\RID WZROHYHO FRQYHUWHU (YHQ WKRXJK WKH FRQGXFWLRQ ORVVHV DUH KLJKHU IRU WKH PXOWLOHYHO FRQYHUWHU WKH RYHUDOO HIILFLHQF\ IRU WKH GLRGH FODPSHG PXOWLOHYHO FRQYHUWHU LV KLJKHU WKDQ WKHHIILFLHQF\IRUDFRPSDUDEOHWZROHYHOFRQYHUWHU +DQVHQHWDO 2IFRXUVHWKHWUXWK LQ WKLV DVVHUWLRQ GHSHQGV RQ WKH UDWLR EHWZHHQ WKH VZLWFKLQJ ORVVHV DQG WKH FRQGXFWLRQ ORVVHV +RZHYHUVRPHGLVDGYDQWDJHVH[LVWDQGDUHUHSRUWHGLQOLWHUDWXUHHJ +DQVHQHWDO &DUUDVFR HW DO 3RUWLOOLR HW DO DQG /DL 3HQJ 7KH PRVW FRPPRQO\ UHSRUWHG GLVDGYDQWDJH RI WKH WKUHH OHYHO FRQYHUWHUV ZLWK VSOLW '&OLQN LV WKH YROWDJH LPEDODQFH EHWZHHQ WKH XSSHU DQG WKH ORZHU '&OLQN FDSDFLWRU 1HYHUWKHOHVV IRU D WKUHH OHYHOFRQYHUWHUWKLVSUREOHPLVQRWYHU\VHULRXVDQGWKHSUREOHPLQWKHWKUHHOHYHOFRQYHUWHU LVPDLQO\FDXVHGE\GLIIHUHQFHVLQWKHUHDOFDSDFLWDQFHRIHDFKFDSDFLWRULQDFFXUDFLHVLQWKH GHDGWLPHLPSOHPHQWDWLRQRUDQXQEDODQFHGORDG 6KHQ %XWWHUZRUWK DQG +DQVHQ HWDO %\DSURSHUPRGXODWLRQFRQWURORIWKHVZLWFKHVWKHLPEDODQFHSUREOHPFDQEH VROYHG 6XQ.\RXQJ/LPHWDO ,Q 6KHQ %XWWHUZRUWK WKHYROWDJHEDODQFLQJ SUREOHP LV VROYHG E\ KDUGZDUH ZKLOH 1HZWRQ 6XPQHU DQG 3HQJ HW DO SURSRVHGVROXWLRQVEDVHGRQPRGXODWLRQFRQWURO+RZHYHUZKHWKHUWKHYROWDJHEDODQFLQJ SUREOHPLVVROYHGE\KDUGZDUHRUVRIWZDUHLWLVQHFHVVDU\WRPHDVXUHWKHYROWDJHDFURVVWKH FDSDFLWRUVLQWKH'&OLQN 7KH WKUHHOHYHO GLRGH FODPSHG PXOWLOHYHO FRQYHUWHU )LJ D DQG WKH WKUHHOHYHO IO\LQJ FDSDFLWRU PXOWLOHYHO FRQYHUWHU )LJ F H[KLELWV DQ XQHTXDO FXUUHQW VWUHVV RQ WKH VHPLFRQGXFWRUV,WDSSHDUVWKDWWKHXSSHUDQGORZHUVZLWFKHVLQDQLQYHUWHUEUDQFKPLJKWEH GHUDWHGFRPSDUHGWRWKHVZLWFKHVLQWKHPLGGOH)RUDQDSSURSULDWHGHVLJQRIWKHFRQYHUWHU GLIIHUHQW GHYLFHV DUH UHTXLUHG /DL 3HQJ 7KH XQHTXDO FXUUHQW VWUHVV DQG WKH XQHTXDOYROWDJHVWUHVVPLJKWFRQVWLWXWHDGHVLJQSUREOHPIRUWKHPXOWLOHYHOFRQYHUWHUZLWK ELGLUHFWLRQDOVZLWFKLQWHUFRQQHFWLRQSUHVHQWHGLQ)LJE +DQVHQHWDO
2QYGT'NGEVTQPKEU%QPVTQNQH9KPF'PGTI[KP&KUVTKDWVGF2QYGT5[UVGOU
,WLVHYLGHQWIRUDOOSUHVHQWHGWRSRORJLHVLQ)LJWKDWWKHQXPEHURIVHPLFRQGXFWRUVLQWKH FRQGXFWLQJSDWKLVKLJKHUWKDQIRUHJDWZROHYHOFRQYHUWHU7KXVWKHFRQGXFWLRQORVVHVRI WKH FRQYHUWHU PLJKW LQFUHDVH 2Q WKH RWKHU KDQG HDFK RI WKH VHPLFRQGXFWRUV QHHG RQO\ WR EORFN KDOI WKH WRWDO '&OLQN YROWDJH DQG IRU ORZHU YROWDJH UDWLQJV WKH RQVWDWH ORVVHV SHU VZLWFK GHFUHDVHV ZKLFK WR D FHUWDLQ H[WHQW PLJKW MXVWLI\ WKH KLJKHU QXPEHU RI VHPLFRQGXFWRUVLQWKHFRQGXFWLQJSDWK +DQVHQHWDO
/QFWNCTRQYGTEQPXGTVGTU $W ORZ ZLQG VSHHGV DQG KHQFH ORZ OHYHO RI WKH SURGXFHG SRZHU WKH IXOOUDWLQJ SRZHU FRQYHUWHUFRQFHSWH[KLELWVORZXWLOL]DWLRQRIWKHSRZHUVZLWFKHVDQGWKXVLQFUHDVHGSRZHU ORVVHV 7KHUHIRUH D FRQFHSW LQ ZKLFK VHYHUDO SRZHU FRQYHUWHUV DUH UXQQLQJ LQ SDUDOOHO LV XVHG DV VKRZQ LQ )LJ 7KH SRZHU FRQYHUWHU LQ WKLV FDVH FDQ EH RQH RI WKH VWUXFWXUHV SUHVHQWHGDERYH7KLVFRQILJXUDWLRQFDQDOVREHXVHGIRUVWDQGDUGJHQHUDWRUV %\ LQWURGXFLQJ SRZHU HOHFWURQLFV PDQ\ RI WKH ZLQG WXUELQH V\VWHPV JHW VLPLODU SHUIRUPDQFHV ZLWK WKH FRQYHQWLRQDO SRZHU SODQWV 0RGHUQ ZLQG WXUELQHV KDYH D IDVW UHVSRQVH LQ UHVSHFW ZLWK WKH JULG RSHUDWRU GHPDQGV +RZHYHU WKH SURGXFHG UHDO SRZHU GHSHQGV RQ WKH DYDLODEOH ZLQG VSHHG 7KH UHDFWLYH SRZHU FDQ LQ VRPH VROXWLRQV HJ IXOO VFDOH SRZHU FRQYHUWHU EDVHG ZLQG WXUELQHV EH GHOLYHUHG ZLWKRXW KDYLQJ DQ\ ZLQG SURGXFLQJDFWLYHSRZHU
)LJ)XOOUDWLQJSRZHUFRQYHUWHUEDVHGZLQGWXUELQHZLWKQSDUDOOHOHGSRZHUFRQYHUWHUV 7KHVH ZLQG WXUELQHV FDQ DOVR EH DFWLYH ZKHQ D IDXOW DSSHDUV RQ WKH JULG DQG ZKHUH LW LV QHFHVVDU\ WR EXLOG WKH JULG YROWDJH XS DJDLQ +DQVHQ HW DO DQG ,RY %ODDEMHUJ KDYLQJ WKH SRVVLELOLW\ WR ORZHU WKH SRZHU SURGXFWLRQ HYHQ WKRXJK PRUH SRZHU LV DYDLODEOH LQ WKH ZLQG DQG WKHUHE\ DFW DV D UROOLQJ FDSDFLW\ IRU WKH SRZHU V\VWHP )LQDOO\ VRPHV\VWHPVDUHDEOHWRZRUNLQLVODQGRSHUDWLRQLQWKHFDVHRIDJULGFROODSVH
%QPVTQNQHIGPGTCVQTUKFGEQPXGTVGT 7KH FRQWURO RI WKH JHQHUDWRU VLGHFRQYHUWHU LV EDVLFDOO\ GHWHUPLQHG E\ WKH JHQHUDWRU W\SH +RZHYHU VLQFH WKH ZLQG WXUELQH FRQFHSWV DYDLODEOH RQ WKH PDUNHW DUH EDVHG RQ $& PDFKLQHVVRPHEDVLFFRQWUROFRQILJXUDWLRQVFDQEHLGHQWLILHG,WPXVWEHQRWLFHGWKDWWKHVH FRQWURO VFKHPHV KDYH WKHLU RULJLQV LQ WKH PRWRU GULYHV DSSOLFDWLRQV DQG WKH\ KDYH EHHQ DGDSWHGWRJHQHUDWRUPRGHRIRSHUDWLRQ7KHJHQHUDOVWUXFWXUHRIDJHQHUDWRUIHGE\DQ,*%7 EDVHGSRZHUFRQYHUWHULVVKRZQLQ)LJ
)LJ*HQHUDOOD\RXWRID96&IHGEDVHGWKUHHSKDVH$&JHQHUDWRU
4GPGYCDNG'PGTI[
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
)LJ*HQHUDOVWUXFWXUHRIDILHOGRULHQWHG FRQWUROLQV\QFKURQRXVUHIHUHQFHIUDPHIRUDQ LQGXFWLRQPDFKLQH 7KH HOHFWURPDJQHWLF WRUTXH LV FRQWUROOHG LQ TD[LV ZKLOH WKH GD[LV FRQWUROV WKH IOX[ RI WKH PDFKLQH7KHDFWXDOIOX[DQGWRUTXHDVZHOODVWKHIOX[DQJOHDUHGHWHUPLQHGEDVHGRQWKH PDFKLQHHTXDWLRQVXVLQJWKHFXUUHQWV
2QYGT'NGEVTQPKEU%QPVTQNQH9KPF'PGTI[KP&KUVTKDWVGF2QYGT5[UVGOU
6LPLODUFRQWUROVWUXFWXUHLVXVHGIRUWKH'),*V\VWHPV7\SLFDOO\WKHRXWHUFRQWUROORRSVDUH XVHGWRUHJXODWHWKHDFWLYHDQGUHDFWLYHSRZHURQWKHVWDWRUVLGHRIWKHPDFKLQH
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
)LJ*HQHUDOVWUXFWXUHRIWKHGLUHFWWRUTXHFRQWUROIRU$&PDFKLQHV
%QPVTQNQHITKFUKFGEQPXGTVGT
,QGHSHQGHQWO\ RI WKH JHQHUDWRU W\SH DQG WKH SRZHU FRQYHUWHU FRQILJXUDWLRQ WKH JULG VLGH FRQYHUWHU LV UHVSRQVLEOH IRU WKH TXDOLW\ RI WKH JHQHUDWHG SRZHU DQG WKH JULG FRGH FRPSOLDQFH$W\SLFDOFRQILJXUDWLRQRIWKHJULGVLGHFRQYHUWHULQZLQGWXUELQHDSSOLFDWLRQV LVJLYHQLQ)LJ
)LJ6WUXFWXUHRIWKHJULGVLGHFRQYHUWHULQZLQGWXUELQHDSSOLFDWLRQV
7KH V\VWHP FRQVLVW RI D '&OLQN FLUFXLW DQ ,*%7 EDVHG 9ROWDJH 6RXUFH &RQYHUWHU DQ /& ILOWHUD'\QWUDQVIRUPHUDQGDFDEOHWRWKH 3RLQWRI&RPPRQ &RXSOLQJ7KH/&ILOWHULV XVHGWRPLQLPL]HWKHULSSOHRIWKHRXWSXWFXUUHQWGXHWRWKHVZLWFKLQJRIWKHSRZHUGHYLFHV
4GPGYCDNG'PGTI[
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
2QYGT'NGEVTQPKEU%QPVTQNQH9KPF'PGTI[KP&KUVTKDWVGF2QYGT5[UVGOU
4GHGTGPEGU UGNGEVGF $UUXGD /1 &DUGRVR )LOKR %- 6LOYD 60 6LOYD 65 'LQL] $6$& :LGH EDQGZLGWK VLQJOH DQG WKUHHSKDVH 3// VWUXFWXUHV IRU JULGWLHG 3URFHHGLQJV RI 3KRWRYROWDLF6SHFLDOLVWV&RQIHUHQFHSS $UUXGD / 1 6LOYD 60 )LOKR % 3// VWUXFWXUHV IRU XWLOLW\ FRQQHFWHG V\VWHPV 3URFHHGLQJVRI,$6·YROSS² %DNHU '0 $JHOLGLV 9* 3KDVHORFNHG ORRS IRU PLFURSURFHVVRU ZLWK UHGXFHG FRPSOH[LW\YROWDJHFRQWUROOHGRVFLOODWRUVXLWDEOHIRULQYHUWHUV3URFHHGLQJVRI3('6 9ROSS %DOLJD%- 3RZHU,&·VLQWKHVDGGOH,(((6SHFWUXP-XO\ SS %HQKDELE0& 6DDGDWH6 $QHZUREXVWH[SHULPHQWDOO\YDOLGDWHG3KDVH/RRNHG /RRS IRU SRZHU HOHFWURQLF FRQWURO (3( -RXUQDO YRO QR SS ²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¶&RQIHUHQFH1RYHPEHUSS² &DUOVRQ2 +\ODQGHU- 7KRUERUJ. 6XUYH\RIYDULDEOHVSHHGRSHUDWLRQRIZLQG WXUELQHV3URFHHGLQJVRI(XURSHDQ8QLRQ:LQG(QHUJ\&RQIHUHQFH SS &KRL-: .LP
