$1$/7(51$7,9(&22/,1*6<67(0)25+27$5,'5(*,216
7XQFD\<,/0$=+VDPHWWLQ%8/870XDPPHUg=*g5(12UKDQ%h<h.$/$&$
0HFKDQLFDO(QJLQHHULQJ'HSDUWPHQWdXNXURYD8QLYHUVLW\$GDQD785.(<
0HFKDQLFDO(QJLQHHULQJ'HSDUWPHQW+DUUDQ8QLYHUVLW\ ùDQOÕXUID 785.(<
$%675$&7
'RXEOH HYDSRUDWLYH FRROLQJ V\VWHP KDV EHHQ VXJJHVWHG DV DQ DOWHUQDWLYH FRROLQJ V\VWHP DQG
LQYHVWLJDWHGDFFRUGLQJWRFRPIRUWFRQGLWLRQVIRUDW\SLFDOGHWDFKHGGZHOOLQJDQGDODUJHEXLOGLQJ
XVHGDVDFRQIHUHQFHKDOOLQDQDULGFOLPDWH'RXEOHHYDSRUDWLYHFRROLQJV\VWHPPDLQO\LQYROYHV
D KHDW H[FKDQJHU DQG WZR GLUHFW HYDSRUDWLYH FRROHUV 7KH V\VWHP LV LQWHJUDWHG ZLWK WKH
FRQGLWLRQHGVSDFH
&RPSUHKHQVLYHHQHUJ\DQDO\VLVKDVEHHQFDUULHGRXWRQWKHV\VWHPIRU GHWHUPLQLQJWKHVXLWDELOLW\
RI WKH SURSRVHG V\VWHP $FFRUGLQJ WR GHWDLOHG FRPSXWHU VLPXODWLRQ UHVXOWV WKH GRXEOH
HYDSRUDWLYH FRROLQJ V\VWHP SURYLGHV GHVLUHG FRPIRUW FRQGLWLRQV VXFK DV LQGRRU WHPSHUDWXUH
UHODWLYH KXPLGLW\ DLU TXDOLW\ DQG DLU PRWLRQ IRU ERWK D ODUJHYROXPHG FRQIHUHQFH KDOO DQG D
W\SLFDOGHWDFKHGGZHOOLQJLQDQDULGFOLPDWH:KLOHLQGRRUWHPSHUDWXUHLVDWFRPIRUWOHYHOLQGRRU
UHODWLYHKXPLGLW\YDULHVEHWZHHQDQG,QGRRUDLUFKDQJHVSHUKRXULVEHWZHHQDQG
7KLV LV VDWLVIDFWRU\ IRU FRPIRUW FRQGLWLRQV $ UHPDUNDEOH SURSHUW\ RI WKH V\VWHP LV WKH XVH RI
RIRXWVLGHDLUFRQWLQXRXVO\7KHUHIRUHWKHV\VWHPFDQSURYLGHDGHTXDWHFOHDQDQGIUHVKDLU
LQWR WKH RFFXSLHG VSDFH 7KH UHVXOWV LQGLFDWH WKDW WKH GRXEOH HYDSRUDWLYH FRROLQJ V\VWHP FDQ
DFKLHYHDOOFRPIRUWFRQGLWLRQVZLWKRXWXVLQJDQ\ FRQYHQWLRQDODLUFRQGLWLRQLQJV\VWHPDQGLWLV
VXLWDEOHDQGDSSOLFDEOHLQDULGUHJLRQV
,1752'8&7,21
(YDSRUDWLYHFRROLQJLVRQHRIWKHROGHVWIRUPVRIFRROLQJNQRZQDQGKDVEHHQXVHGE\ PDQVLQFH
%&>@ 1RZDGD\V HYDSRUDWLYH FRROLQJ V\VWHPV DUH VXJJHVWHG DV DOWHUQDWLYH FRROLQJ
V\VWHPVDQGXVHGLQPDQ\UHJLRQVRIWKHZRUOG>@7KHVHUHQHZHGLQWHUHVWLQHYDSRUDWLYH
FRROLQJ KDV VRPH GHVHUYHG UHDVRQV RI LWV RZQ )LUVW WKH FRVW RI HQHUJ\ IRU FRROLQJ LV VWHDGLO\
ULVLQJ (YDSRUDWLYH FRROLQJ V\VWHPV DUH HQHUJ\HIILFLHQW V\VWHPV 6HFRQG HYDSRUDWLYH FRROLQJ
V\VWHPVDUHHQYLURQPHQWDOO\EHQLJQDQGQRQHJDWLYHLPSDFWWRHQYLURQPHQW7KLUGHYDSRUDWLYH
FRROLQJV\VWHPVFDQSURYLGHHDVLO\WKHGHPDQGIRUEHWWHUDLUTXDOLW\)RXUWKHYDSRUDWLYHFRROLQJ
V\VWHPV GR QRW XVH FKRORURIOXRURFDUERQV&)&V ZKLFK DUH UHVSRQVLEOH IRU GHSOHWLRQ RI HDUWK¶V
SURWHFWLYHR]RQHOD\HU
$ QXPEHU RI VWXGLHV KDYH VKRZQ WKDW HYDSRUDWLYH FRROLQJ V\VWHPV KDYH WKH SRWHQWLDO WR VDWLVI\
FRPIRUW FRQGLWLRQV HVSHFLDOO\ LQ DULG UHJLRQV DQG FDQ EH DSSOLHG WR ERWK FRPPHUFLDO DQG
UHVLGHQWLDO EXLOGLQJV>@ ,W ZDV DOVR UHSRUWHG WKDW HYDSRUDWLYH FRROLQJ V\VWHPV FDQ EH
FRPELQHGZLWKPHFKDQLFDOUHIULJHUDWLRQDQGODUJH+9$&V\VWHPVIRUSUHFRROLQJVXSSO\DLUDQG
UHGXFLQJLQYHVWPHQWDQGHQHUJ\FRVWV>@
(YDSRUDWLYH FRROLQJ LV HVSHFLDOO\ XVHG VXFFHVVIXOO\ LQ KRW DQG GU\ UHJLRQV DQG LV VXLWDEOH LQ
FOLPDWHV ZKLFK KDYH KLJK GU\EXOE WHPSHUDWXUH DQG ORZ ZHWEXOE WHPSHUDWXUH RYHUWLPH>@
7KHUHIRUH WKH GRXEOH HYDSRUDWLYH FRROLQJ V\VWHP KDV EHHQ VXJJHVWHG DV DQ DOWHUQDWLYH FRROLQJ
V\VWHP IRU DULG FOLPDWHV 7KH V\VWHP KDV EHHQ HYDOXDWHG DFFRUGLQJ WR FRPIRUW FRQGLWLRQV LQ
6RXWK(DVWHUQ$QDWROLDZKLFKKDVDQDULGFOLPDWH
(9$325$7,9(&22/,1*
(YDSRUDWLYHFRROLQJLVEDVHGRQDVLPSOHSULQFLSOHDVZDWHUHYDSRUDWHVLQWRDLUVWUHDPWKHODWHQW
KHDW RI YDSRUL]DWLRQ LV DEVRUEHG IURP DLU VWUHDP $V D UHVXOW GU\EXOE WHPSHUDWXUH RI DLU LV
ORZHUHGDQGVRFRROLQJFDQEHDFKLHYHG
(YDSRUDWLYHFRROLQJV\VWHPVFDQEHGLYLGHGLQWRWKUHHPDLQFDWHJRULHVDFFRUGLQJWRWKHPHWKRG
XVHGWRFRROWKHDLUVXSSOLHGWRWKHFRQGLWLRQHGVSDFH7KHILUVWLVGLUHFWHYDSRUDWLYHFRROLQJ,Q
GLUHFW HYDSRUDWLYH FRROLQJ WKH DLU VWUHDP LV FRROHG E\ HYDSRUDWLRQ RI ZDWHU LQWR DLU DQG WKH
PRLVWXUH FRQWHQW RI DLU LV LQFUHDVHG 7KLV LVHQWKDOS SURFHVV RFFXUV DORQJ FRQVWDQW ZHWEXOE
WHPSHUDWXUHOLQHRQWKHSV\FKURPHWULFFKDUW7KHORZHVWSRVVLEOHGU\EXOEWHPSHUDWXUHRIOHDYLQJ
DLULVHTXDOWRWKHZHWEXOEWHPSHUDWXUHRIWKHLQOHWDLU,QGLUHFWHYDSRUDWLYHFRROLQJLVWKHVHFRQG
W\SHRIHYDSRUDWLYHFRROLQJV\VWHP,WLVSRSXODUEHFDXVHWKHPRLVWXUHFRQWHQWRIDLUWREHFRROHG
VWD\V FRQVWDQW ,Q LQGLUHFW HYDSRUDWLYH FRROLQJ V\VWHP WKHUH DUH WZR DLU IORZV SULPDU\ DLU WKDW
IORZVLQWRWKHEXLOGLQJDQGVHFRQGDU\DLUZKLFKFRROVWKHSULPDU\DLU7KHSULPDU\DLULVFRROHG
VHQVLEO\ZKHQLWIORZVWKURXJKRQHVLGHRIDKHDWH[FKDQJHU7KHRWKHUVLGHRIWKHKHDWH[FKDQJHU
LV XVHG IRU WKH VHFRQGDU\ DLU ZKLFK LV FRROHG E\ GLUHFW HYDSRUDWLRQ RI ZDWHU 7KH PLQLPXP
SRVVLEOH RXWOHW WHPSHUDWXUH RI SULPDU\ DLU LQ DQ LQGLUHFW FRROHU LV HTXDO WR WKH ZHWEXOE
WHPSHUDWXUHRIWKHVHFRQGDU\DLUIORZ7KLVFDQEHDFKLHYHGRQO\ZKHQERWKWKHHIIHFWLYHQHVVRI
GLUHFW HYDSRUDWLYH FRROHU DQG KHDW H[FKDQJHU DUH 7KH WKLUG W\SH RI HYDSRUDWLYH FRROLQJ
V\VWHPVLVFRPELQHGHYDSRUDWLYHFRROLQJZKLFKFRPELQHVGLUHFWDQGLQGLUHFWFRROLQJDWGLIIHUHQW
VWDJHV *HQHUDOO\ FRPELQHG HYDSRUDWLYH FRROLQJ V\VWHPV DUH LQWHJUDWHG ZLWK WKH FRQGLWLRQHG
VSDFH
'28%/((9$325$7,9(&22/,1*6<67(0
'RXEOHHYDSRUDWLYHFRROLQJV\VWHPZKLFKFRQVLVWVRIWZRGLUHFWHYDSRUDWLYHFRROHUVDQGDKHDW
H[FKDQJHU KDV EHHQ SURSRVHG DV DQ DOWHUQDWLYH FRROLQJ V\VWHP IRU WKH 6RXWK(DVWHUQ SDUW RI
7XUNH\ ZKLFK KDV DQ DULG FOLPDWH )LJXUH VKRZV GRXEOH HYDSRUDWLYH FRROLQJ V\VWHP
VFKHPDWLFDOO\DQGILJXUHVKRZVWKHV\VWHPRQWKHSV\FKURPHWULFFKDUW
6XSSO\IDQ
2XWVLGH
DLU
&21',7,21('
63$&(
([KDXVWIDQ
'LUHFWHYDSRUDWLYH
FRROHUV
+HDWH[FKDQJHU
)LJXUH'RXEOHHYDSRUDWLYHFRROLQJV\VWHP
7R&
;JUNJ
)LJXUH'RXEOHHYDSRUDWLYHFRROLQJV\VWHPRQSV\FKURPHWULFFKDUW
7KH V\VWHP RSHUDWHV DV IROORZV :KHQ WKH RXWGRRU DLU SDVVHV WKURXJK WKH KHDW H[FKDQJHU LW LV
FRROHG WR D FHUWDLQ YDOXH GHSHQG RQ WKH HIILFLHQF\ RI WKH KHDW H[FKDQJHU SURFHVV 7KLV
SUHFRROHGDLULVKXPLGLILHGLQWKHILUVWGLUHFWHYDSRUDWLYHFRROHUSURFHVVDQGWKHQLVJLYHQWR
WKH RFFXSLHG VSDFH E\ WDNLQJ LQWR DFFRXQW RI WKH VHQVLEOH KHDW UDWLR RI WKH URRP SURFHVV 7KHURRPDLULVGUDZQLQWRWKHVHFRQGGLUHFWHYDSRUDWLYHFRROHUDQGVRPRUHKXPLGLILHGDQGFRRO
DLULVDWWDLQHGSURFHVV7KLVKXPLGLILHGDQGFRRODLUIORZVLQWRWKHKHDWH[FKDQJHUDQGFRROV
GRZQWKHRXWGRRUDLUDQGLWLVGLVFKDUJHGLQWRRXWVLGHVSDFHDVH[KDXVWDLUSURFHVV
(9$/8$7,212)7+(6<67(0
&RPSUHKHQVLYH HQHUJ\ DQDO\VLV PXVW EH FDUULHG RXW IRU GHWHUPLQLQJ WKH VXLWDELOLW\ RI WKH
SURSRVHG V\VWHP ,W LV NQRZQ WKDW RXWGRRU FOLPDWH FRQGLWLRQV KDYH JUHDW LQIOXHQFH RQ WKH WRWDO
KHDWJDLQVRIEXLOGLQJV+HQFHWKHFOLPDWHGDWDRIWKHFLW\RI ùDQOÕXUID ZKLFKLVRQHRIWKHPDLQ
SURYLQFHV RI 6RXWK(DVWHUQ 7XUNH\ DQG LQYROYHV 6RXWK(DVWHUQ $QDWROLD 3URMHFW *$3 DUH
GHVFULEHG ZLWK PDWKHPDWLFDO IXQFWLRQV>@ 7KH GDWD UHTXLUHG ZHUH WDNHQ IURP 6WDWH
0HWHRURORJLFDO2IILFH'0ø7KHGDWDUHFRUGHGIRU\HDUVEHWZHHQDQGZHUHXVHG
IRU REWDLQLQJ IXQFWLRQV $ &RPSXWHU SURJUDP KDV EHHQ GHYHORSHG IRU FDOFXODWLQJ KRXUO\ WRWDO
KHDWJDLQRIEXLOGLQJV GXULQJFRROLQJVHDVRQ0D\ 6HSWHPEHU 7KHV\VWHPZHUHH[DPLQHG
DFFRUGLQJ WR FRPIRUW FRQGLWLRQV XVLQJ DQRWKHU FRPSXWHU SURJUDP GHYHORSHG WKDW VKRZV WKH
SURFHVVHV RQ WKH SV\FKURPHWULF FKDUW 7KH RXWVLGH FOLPDWH FRQGLWLRQV FRROLQJ ORDG DQG VRPH
SURSHUWLHV RI WKH FRROLQJ V\VWHP VXFK DV HIILFLHQF\ RI KHDW H[FKDQJHU ZHUH HQWHUHG LQWR WKH
FRPSXWHU VLPXODWLRQ SURJUDP ,W LV DVVXPHG WKDW WKH HIIHFWLYHQHVV RI WKH ILUVWDQG WKH VHFRQG
GLUHFWHYDSRUDWLYHFRROHUVLVDQGWKHHIILFLHQF\RIKHDWH[FKDQJHULVDQGQRFRROLQJ
LVUHTXLUHGZKHQRXWGRRUGU\EXOEWHPSHUDWXUHLVEHORZR&
,QFDOFXODWLRQRIFRROLQJORDGRIWKHGHWDFKHGGZHOOLQJLWLVDVVXPHGWKDWWKHUHDUHRFFXSDQWV
OLJKW SRZHU LV :DWW SHU PHWHU VTXDUH RI IORRU WRWDO SRZHU RI HOHFWULFDO DSSOLDQFHV VXFK DV
WHOHYLVLRQUHIULJHUDWRULV:DWWDQGOLJKWLQJLVRQIURPSPWRDP
,QFDOFXODWLRQ RIWRWDOKHDWJDLQRIWKHPHHWLQJKDOOLWLVDVVXPHGWKDWRFFXSDQWVDUHLQWKH
PHHWLQJURRPOLJKWSRZHULVZDWWSHUPHWHUVTXDUHRIIORRUWRWDOSRZHURIVRXQGGHYLFHVLV
:DWWDQGOLJKWLQJLVRQIURPSPWRDP
%RWKLQGRRUUHODWLYHKXPLGLW\DQGDLUFKDQJHVSHUKRXUDUHGLYLGHGLQWRIRXULQWHUYDOVLQRUGHUWR
DVVHVVWKHFRPIRUWOHYHO7DEOHDQGWDEOHVKRZWKHVHLQWHUYDOV
7DEOH,QWHUYDOVIRULQGRRUUHODWLYHKXPLGLW\
7DEOH,QWHUYDOVIRUDLUFKDQJHVSHUKRXU
,QWHUYDO ,QGRRU5HODWLYHKXPLGLW\
,QWHUYDO
$LUFKDQJHVSHUKRXU
d 5+d
Qd
5+d
Qd
5+d
Qd
5+
Qd
)LJXUHDQGVKRZWKHSODQRIWKHW\SLFDOGHWDFKHGGZHOOLQJDQGWKHPHHWLQJKDOOUHVSHFWLYHO\
%$7+5220
%('5220
%('5220
.,7&+(1
:&
(175$1&(
+$//:$<
/,9,1*
5220
0(&+$1,&$/
5220
*8(675220
1
:
%$/&21<
(
6
)LJXUH3ODQRIWKHGHWDFKHGGZHOOLQJ
;
5220
;
:&
;
:&
1
:
%
;
0((7,1*5220
;
'LPHQVLRQVDUHPHWULF
;
6
;
(
;
;
;
;
;
)LJXUHWKHSODQRIWKHPHHWLQJKDOO
6,08/$7,215(68/76)257+('(7$&+('':(//,1*
7DEOHVKRZVWKHUPDOFRPIRUWDQDO\VLVRIWKHGRXEOHHYDSRUDWLYHFRROLQJV\VWHPGXULQJFRROLQJ
VHDVRQIRUWKHGHWDFKHGGZHOOLQJ
7DEOH 7KHUPDO FRPIRUW DQDO\VLV RI GRXEOH HYDSRUDWLYH FRROLQJ V\VWHP IRU WKH GHWDFKHG
GZHOOLQJ
0RQWK
7RWDO 7RWDO
7RWDO
7RWDO
,QWHUYDO +RXUV
+RXUVIRU
GD\V KRXUV QRFRROLQJ
FRROLQJ
IRU
DLU
KRXUV
KRXUV
UHODWLYH
FKDQJHV
KXPLGLW\
7RXWR&
7RXWtR&
0D\
-XQH
-XO\
$XJXVW
6HSWHPEHU
7KH IRXUWK LQWHUYDO IRU LQGRRU UHODWLYH KXPLGLW\ ZDV QRW HQFRXQWHUHG DW DOO GXULQJ WKH FRROLQJ
VHDVRQ)RULQGRRUUHODWLYHKXPLGLW\WRWDOFRROLQJKRXUVLVLQWKHILUVWLQWHUYDORIWRWDO
FRROLQJ KRXUV LV LQ WKH VHFRQG LQWHUYDO DQG RI WRWDO FRROLQJ KRXUV LV LQ WKH WKLUG LQWHUYDO
)LJXUHVKRZVKRXUO\YDULDWLRQRILQGRRUUHODWLYHKXPLGLW\IRUYDULRXVGD\VRIFRROLQJVHDVRQ
7KH UHODWLYH KXPLGLW\ VWD\V LQ D FHUWDLQ EDQG DQG YDULHV EHWZHHQ DQG ,W GRHV QRW
IOXFWXDWHGXULQJGD\WLPH
$VRQHFDQVHHIURPWDEOHWKHWKLUGDQGIRXUWKLQWHUYDOVIRUDLUFKDQJHVZHUHQRWHQFRXQWHUHGHW
DOO GXULQJ FRROLQJ VHDVRQ RI WRWDO FRROLQJ KRXUV LV LQ WKH ILUVW LQWHUYDO DQG RI WRWDO
FRROLQJ KRXUV LV LQ WKH VHFRQG LQWHUYDO 7KLV VKRZV WKDW WKH V\VWHP SURYLGHV FRPIRUW 7KH DLU
TXDOLW\ LV HVVHQWLDO QRW MXVW IRU FRPIRUW EXW DOVR IRU KHDOWK DQG SURGXFWLYLW\ )LJXUH VKRZV
KRXUO\YDULDWLRQRILQGRRUDLUFKDQJHVSHUKRXU
0D\
-XQH
-XO\
$XJXVW
6HSWHPEHU
+RXU
)LJXUH9DULDWLRQRILQGRRUUHODWLYHKXPLGLW\GXULQJGD\WLPH
0D\
-XQH
$XJXVW
6HSWHPEHU
-XO\
+RXU
)LJXUH9DULDWLRQRIDLUFKDQJHVSHUKRXUGXULQJGD\WLPH
6,08/$7,215(68/76)257+(0((7,1*+$//
7DEOHVKRZVWKHUPDOFRPIRUWDQDO\VLVRIWKHGRXEOHHYDSRUDWLYHFRROLQJV\VWHPIRUWKHPHHWLQJ
KDOO 7RWDO KRXUV WRWDO QR FRROLQJ KRXUV WRWDO UHTXLUHG FRROLQJ KRXUV LQWHUYDOV RI UHODWLYH
KXPLGLW\DQGDLUFKDQJHVSHUKRXUDUHJLYHQLQWDEOHGXULQJWKHFRROLQJVHDVRQ
7DEOH7KHUPDOFRPIRUWDQDO\VLVRIWKHGRXEOHHYDSRUDWLYHFRROLQJV\VWHPIRUWKHPHHWLQJKDOO
0RQWK
7RWDO 7RWDO
7RWDO
7RWDO
,QWHUYDO +RXUVIRU
+RXUVIRU
GD\V KRXUV
QR
FRROLQJ
5HODWLYH
$LU
FRROLQJ
KRXUV
+XPLGLW\
&KDQJHV
KRXUV
0D\
-XQH
-XO\
$XJXVW
6HSWHPEHU
7KH ILUVW DQG IRXUWK LQWHUYDOV ZHUH QRW HQFRXQWHUHG HW DOO IRU UHODWLYH KXPLGLW\ GXULQJ FRROLQJ
VHDVRQ)RUUHODWLYHKXPLGLW\RIWRWDOFRROLQJKRXUVLVLQWKHVHFRQGLQWHUYDODQGRI
WRWDOFRROLQJKRXUVLVLQWKHWKLUGLQWHUYDO7KLVLVVDWLVIDFWRU\IRUFRPIRUW)LJXUHDVKRZVWKH
YDULDWLRQ RI UHODWLYH KXPLGLW\ GXULQJ GD\ WLPH ,W LV VHHQ WKDW UHODWLYH KXPLGLW\ LV EHWZHHQ D
FHUWDLQEDQGLQWHUYDODQGGRHVQRWFKDQJHWRRPXFKGXULQJGD\7KHYDULDWLRQRILQGRRUUHODWLYH
KXPLGLW\GXULQJFRROLQJVHDVRQLVJLYHQLQILJXUHE
7KH ILUVW DQG IRXUWK LQWHUYDOV ZHUH QRW HQFRXQWHUHG IRU DLU FKDQJHV SHU KRXU GXULQJ FRROLQJ
VHDVRQ)RUDLUFKDQJHVSHUKRXURIWRWDOFRROLQJKRXUVLVLQWKHVHFRQGLQWHUYDODQG
RIWRWDOFRROLQJKRXUVLVLQWKHWKLUGLQWHUYDO7KLVVKRZVWKDWWKHVXJJHVWHGV\VWHPDFKLHYHVDLU
FKDQJHVDWFRPIRUWOHYHO%HFDXVHLWLVDQLPSRUWDQWFULWHULRQIRUFRPIRUWWRVXSSO\HQRXJKIUHVK
DLUWRLQGRRUVSDFHLQVXFKKRWFOLPDWHV)LJXUHDVKRZVWKHYDULDWLRQRIDLUFKDQJHVSHUKRXU
GXULQJ GD\ WLPH )LJXUH E VKRZV WKH SHUFHQWDJHV RI RFFXUUHQFH RI GLIIHUHQW LQWHUYDOV IRU DLU
FKDQJHVSHUKRXUGXULQJFRROLQJVHDVRQ
0D\
-XQH
$XJXVW
6HPWHPEHU
5(/$7,9(+80,',7<
-XO\
0$<
-81(
-8/<
$8*867
6(37(0%(5
+RXU
D
0D\
-XQH
$XJXVW
6HSWHPEHU
)LJXUH9DULDWLRQRILQGRRUUHODWLYHKXPLGLW\
E
$,5&+$1*(63(5+285
-XO\
0$<
-81(
-8/<
$8*867
6(37(0%(5
+RXU
D
E
)LJXUH9DULDWLRQLQGRRUDLUFKDQJHVSHUKRXU
,QWKLVVWXG\WHPSHUDWXUHGLIIHUHQFHEHWZHHQLQGRRUDQGRXWGRRUDLUZDVOLPLWHGWRDPD[LPXP
YDOXHRI R&WRSURYLGHFRPIRUW FRQGLWLRQV+LJKWHPSHUDWXUHGLIIHUHQFH PD\KDYHWKHUPDO
VKRFNHIIHFWRQWKHRFFXSDQWV7KHLQGRRUWHPSHUDWXUHVGHSHQGRQO\RQWKHRXWGRRUWHPSHUDWXUHV
)LJXUHVKRZVLQGRRUGU\EXOEWHPSHUDWXUHVFDOFXODWHGXVLQJWKHRXWGRRUWHPSHUDWXUHV
)LJXUH9DULDWLRQRI,QGRRU'U\EXOE7HPSHUDWXUHGXULQJGD\WLPH
7KHIDQSRZHUUHTXLUHPHQWRIWKHSURSRVHGV\VWHPZDVGHWHUPLQHGE\WDNLQJLQWRFRQVLGHUDWLRQ
RIWKHSUHVVXUHGURSLQWKHKHDWH[FKDQJHUDQGLQWKHFKDQQHOV7KHFRHIILFLHQWRISHUIRUPDQFH
&23 IRU WKLV V\VWHP FDQ EH GHILQHG DV WKH UDWLR RI WKH FRROLQJ FDSDFLW\ WR WKH UHTXLUHG IDQ
SRZHU&23IRUWKHGHWDFKHGGZHOOLQJUDQJHVIURPWRDQGIURPWRIRUWKHPHHWLQJ
KDOO7KHVHYDOXHVDUHYHU\KLJKFRPSDUHGZLWKWKH&23YDOXHVRIFRQYHQWLRQDOFRROLQJV\VWHPV
&21&/86,21
7KH PDLQ DLP RI DLU FRQGLWLRQLQJ LV WR VXSSO\ D FRPIRUWDEOH HQYLURQPHQW IRU KXPDQ EHLQJV
,QGRRU DLU WHPSHUDWXUH UHODWLYH KXPLGLW\ YHORFLW\ DQG DLU TXDOLW\ PXVW EH DW GHVLUHG FRPIRUW
FRQGLWLRQV7KHUHDUHPDQ\W\SHVRIDLUFRQGLWLRQLQJV\VWHPVDQGWKHUHH[LVWVRPHOLPLWDWLRQV
VXFKDVHQYLURQPHQWDOLPSDFWFRPIRUWFRQGLWLRQVHFRQRPLFVDQGLQLWLDODQGPDLQWHQDQFHFRVWV
WR VHOHFW DSSURSULDWH RQH (QYLURQPHQWDO SUREOHPV DQG HFRQRPLFDO FRQVLGHUDWLRQV DUH RQ WKH
DJHQGDQRZDGD\V(QYLURQPHQWDOO\VDIHDOWHUQDWLYHFRROLQJV\VWHPVPXVWEHLQYHVWLJDWHGLQVWHDG
RIFRQYHQWLRQDOV\VWHPVZKLFKFRQVXPHDVLJQLILFDQWDPRXQWRIHQHUJ\DQGDUHUHVSRQVLEOHIRU
GDPDJLQJ WKH HQYLURQPHQW ,Q WKLV YLHZ WKH GRXEOH HYDSRUDWLYH FRROLQJ V\VWHP KDV EHHQ
VXJJHVWHGDVDQDOWHUQDWLYHFRROLQJV\VWHPDQGLQYHVWLJDWHGDFFRUGLQJWRFRPIRUWFRQGLWLRQVIRUD
W\SLFDO GHWDFKHG GZHOOLQJ DQG D ODUJH EXLOGLQJ XVHG DV FRQIHUHQFH KDOO LQ DQ DULG FOLPDWH
$FFRUGLQJ WR FRPSXWHU VLPXODWLRQ UHVXOWV WKH GRXEOH HYDSRUDWLYH FRROLQJ V\VWHP DFKLHYHV
LQGRRUWHPSHUDWXUHUHODWLYHKXPLGLW\DLUTXDOLW\DQGDLUPRWLRQDWFRPIRUWFRQGLWLRQVIRUERWK
WKH ODUJHYROXPHG FRQIHUHQFH KDOO DQG WKH GHWDFKHG GZHOOLQJ :KLOH LQGRRU WHPSHUDWXUH LV DW
FRPIRUW OHYHO LQGRRU UHODWLYH KXPLGLW\ YDULHV EHWZHHQ DQG ,QGRRU DLU FKDQJHV SHU
KRXULVEHWZHHQDQG7KLVLVVDWLVIDFWRU\IRUFRPIRUW$UHPDUNDEOHSURSHUW\RIWKHV\VWHP
LVWKHXVHRIRXWVLGHDLUFRQWLQXRXVO\7KHUHIRUHWKHV\VWHPFDQJLYHDGHTXDWHFOHDQDQG
IUHVKDLULQWRRFFXSLHGVSDFH,WKDVEHHQDVFHUWDLQHGWKDWWKHGRXEOHHYDSRUDWLYHFRROLQJV\VWHP
FDQ DFKLHYH DOO WKH FRPIRUW FRQGLWLRQV ZLWKRXW XVLQJ DQ\ FRQYHQWLRQDO DLUFRQGLWLRQLQJ V\VWHP
DQGLWLVVXLWDEOHDQGDSSOLFDEOHLQDULGUHJLRQV
5()(5(1&(6
+DUULV &1 0RGHUQ $LU &RQGLWLRQLQJ 3UDFWLFH 0F*UDZ +LOO ,QWHUQDWLRQDO 6WXGHQW
(GLWLRQ
$EUDPV':/RZ(QHUJ\&RROLQJ9DQ1RVWUDQG5HLQKROG1HZ<RUN
0DWKHZV(+.OHLQJHOG0DQG*UREOHU/-³,QWHJUDWHG6LPXODWLRQRI%XLOGLQJVDQG
(YDSRUDWLYH&RROLQJ6\VWHPV´%XLOGLQJDQG(QYLURQPHQW9RO1RSS
6XSSOH5*(YDSRUDWLYH&RROLQJ)RU&RPIRUW$6+5$(-RXUQDO$XJXVWSS
6FROILHOG&0DQG6WHUOLQJ(³'U\&OLPDWH(YDSRUDWLYH&RROLQJ:LWK5HIULJHUDWLRQ
%DFNXS´$6+5$(-RXUQDO-XQHSS
5DNRF]\ 7 ³.KOXQJ GXUFK )RUWOXIWEHIHXFKWXQJ EHL 57/$QODJHQ´ .L /XIWXQG
.lOWHWHFKQLN9ROSS
6FKQHLGHU0³%HIHXFKWXQJV.KOXQJ´7HFKQLNDP%DX9ROSS
+XDQJ<-HWDO³7KH(QHUJ\DQG&RPIRUW3HUIRUPDQFHRI(YDSRUDWLYH&RROHUVIRU
5HVLGHQWLDO%XLOGLQJVLQ&DOLIRUQLD&OLPDWHV´$6+5$(7UDQVDFWLRQSS
:LOOLDPV/0DQGHWDO³$7HFKQRHFRQRPLF,QYHVWLJDWLRQRI(YDSRUDWLYH&RROLQJ
6\VWHPV IRU 5HVLGHQWLDO $SSOLFDWLRQV ´ 3URFHHGLQJV RI WKH )LUVW ,QWHUQDWLRQDO (QHUJ\ DQG
(QYLURQPHQW6\PSRVLXP.7h7UDE]RQSS
%DUWOHWW7$³,QGLUHFW(YDSRUDWLYH&RROLQJLQ5HWDLO´+HDWLQJ3LSLQJ$LU&RQGLWLRQLQJ
'HFHPEHUSS
%URZQ:.³$SSOLFDWLRQRI(YDSRUDWLYH&RROLQJWR/DUJH+9$&6\VWHPV$6+5$(
7UDQVDFWLRQ9RO3DUWSS
<ÕOPD]7%XOXW+³7KHH[SUHVVLRQRI\HDUO\DQGGDLO\FOLPDWHGDWDIRUùDQOÕXUID
SURYLQFH ZLWK PDWKHPDWLFV IXQFWLRQV´ 3URFHHGLQJV RI 7KH )RXUWK 1DWLRQDO &RROLQJ DQG $LU
&RQGLWLRQLQJ7HFKQLTXH&RQJUHVVSS,Q7XUNLVK