• No results found

Results of Investment Analysis in Power Transmission in Latvia and Lithuania

N/A
N/A
Protected

Academic year: 2022

Share "Results of Investment Analysis in Power Transmission in Latvia and Lithuania"

Copied!
6
0
0

Laster.... (Se fulltekst nå)

Fulltekst

(1)

1876-6102 © 2016 Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).

Peer-review under responsibility of Riga Technical University, Institute of Energy Systems and Environment.

doi: 10.1016/j.egypro.2016.09.060

Energy Procedia 95 ( 2016 ) 243 – 248

ScienceDirect

,QWHUQDWLRQDO6FLHQWLILF&RQIHUHQFH³(QYLURQPHQWDODQG&OLPDWH7HFKQRORJLHV´&21(&7 2FWREHU5LJD/DWYLD

5HVXOWVRILQYHVWPHQWDQDO\VLVLQSRZHUWUDQVPLVVLRQLQ /DWYLDDQG/LWKXDQLD

'DFH/DXND

D

'DJQLMD%OXPEHUJD

D

*UDEDDN,QJHERUJ

E

$PXQGVHQ-RQDV6NDDUH

E

aInstitute of Energy Systems and Environment, Riga Technical University, Azenes iela 12/1, Riga, LV–1048, Latvia

bThe Foundation for Scientific and Industrial Research (SINTEF), Trondheim NO-7465, Norway

$EVWUDFW

7KHDLPRIWKLVUHVHDUFKLVWRVKRZKRZ/DWYLDQDQG/LWKXDQLDQSRZHUV\VWHPFDQEHFRPHFDUERQQHXWUDO$VFHQDULRPHWKRGRORJ\

LVXVHGWRDQDO\VHWKHSRZHUV\VWHPLQE\WKH(036(),V0XOWLDUHD3RZHUPDUNHW6LPXODWRUPRGHODQGDQLQYHVWPHQW DOJRULWKPIRUHYDOXDWLRQRISURILWDELOLW\RIH[SDQVLRQRIWUDQVPLVVLRQOLQNV7KHUHDUHXVHGIRXUPDLQVFHQDULRV$$%DQG

%

‹7KH$XWKRUV3XEOLVKHGE\(OVHYLHU/WG

3HHUUHYLHZXQGHUUHVSRQVLELOLW\RI5LJD7HFKQLFDO8QLYHUVLW\,QVWLWXWHRI(QHUJ\6\VWHPVDQG(QYLURQPHQW Keywords:GHYHORSPHQWRISRZHUV\VWHPLQYHVWPHQWDQDO\VLVKLJKVKDUHRIUHQHZDEOHSURGXFWLRQ

,QWURGXFWLRQ

2QH RI WKH WRS WDUJHWV LQ (XURSHDQ 8QLRQ (8 LV WR UHGXFH JUHHQKRXVH JDV *+* HPLVVLRQV DQG SURPRWH UHQHZDEOHHQHUJ\VKDUHLQDOOVHFWRUV$OO%DOWLFFRXQWULHVKDYHSUHVHQWHGORQJWHUPVWUDWHJLHVIRU&2UHGXFWLRQWREH DFKLHYHGE\DQG3RZHUVHFWRULVDNH\SOD\HULQFOLPDWHFKDQJHPLWLJDWLRQ7KHQHZSROLF\VHWVDWDUJHW RIDWOHDVWIRUUHQHZDEOHHQHUJ\E\DQGLVDFRQWLQXRXVVWHSWRZDUGVWKHDPELWLRXVORQJWHUPJRDORIFXWWLQJ HPLVVLRQV±E\>±@

,QWKLVSDSHUDXWKRUVVWXG\LQYHVWPHQWDQDO\VLVLQSRZHUWUDQVPLVVLRQLQ/DWYLDDQG/LWKXDQLDEDVHGRQ(036 7KLVSDSHUVKRZUHVXOWVRIDVFHQDULRPHWKRGRORJ\ZKHUHHDFKVFHQDULRFRQVLVWVRIDSRVVLEOHIXWXUHDQGVKRZKRZWR

&RUUHVSRQGLQJDXWKRU7HOID[

E-mail address:GDFHODXND#UWXOY

© 2016 Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).

Peer-review under responsibility of Riga Technical University, Institute of Energy Systems and Environment.

(2)

UHDFWLQWKHIXWXUH7KHUHZHUHXVHGIRXUPDLQVFHQDULRV±$$%DQG%LQLQYHVWPHQWDOJRULWKPLQWKH(036 PRGHO6FHQDULRV$DQG$LQFOXGH5(6XVHZKHUHILUVWVFHQDULRLQFOXGHWRGD\CVFRQQHFWLRQWR5XVVLD±%HODUXVDQG WKHVHFRQGRQHZLWKRXWFRQQHFWLRQ6FHQDULRV%DQG%WZRGLIIHUVZLWKWKDWWKHUHQRXVHRI5(6

$SSOLFDWLRQ RI WKLV PHWKRGRORJ\ IRU WKH VWXG\ RI D WZR %DOWLF VWDWH SRZHU V\VWHP IUHH RI *+* HPLVVLRQV LV GHVFULEHG7KHLQSXWGDWDDUHPDLQO\EDVHGRQVWDWLVWLFDOGDWDIURPWKH/DWYLDDQG/LWKXDQLDDQGLQIRUPDWLRQDERXW HVWDEOLVKHGDQGSODQQHGSURMHFWVIRUQHZUHQHZDEOHSRZHUSURGXFWLRQLQWKH%DOWLFUHJLRQ0RGHODQGDOJRULWKPZDV DSSOLHGWRDQDO\]HWKHSRZHUV\VWHPE\

0HWKRGRORJ\

$ VFHQDULR PHWKRGRORJ\ LV XVHG WR DQDO\VH WKH SRZHU V\VWHP LQ E\ WKH (036 PRGHO DQG DQ LQYHVWPHQW DOJRULWKPIRUHYDOXDWLRQRISURILWDELOLW\RIH[SDQVLRQRIWUDQVPLVVLRQOLQNV>@0RGHODQGDOJRULWKPLVDGDSWHGIURP

³$FDUERQQHXWUDOSRZHUV\VWHPLQWKH1RUGLFUHJLRQLQ´UHSRUW

7KH(036PRGHOFDQEHFRPELQHGZLWKDQDOJRULWKPIRUDQDO\VLVRISURILWDEOHLQYHVWPHQWVLQWUDQVPLVVLRQDQG JHQHUDWLRQFDSDFLWLHV>@7KLVLVDRQHVWDJHLQYHVWPHQWDQDO\VLVWKDWILQGVSURILWDEOHLQYHVWPHQWVIURPDJLYHQVWDUW

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

7KH(036PRGHOLVQRZVROYHGDJDLQXVLQJWKHDGMXVWHGFDSDFLWLHVIRUWKHIXWXUH\HDUDQGSURILWDELOLW\IRULQYHVWPHQWV DUHFKHFNHGDJDLQIRUWKHQHZSRZHUSULFHVDQGFDSDFLWLHVDUHDGMXVWHGDJDLQ7KHDOJRULWKPFRQYHUJHVZKHQ

x $OOLPSOHPHQWHGLQYHVWPHQWVDUHSURILWDEOH x 1RDGGLWLRQDOLQYHVWPHQWVDUHSURILWDEOH

7KLVDSSURDFKJLYHVDUHDVRQDEOHVXJJHVWLRQIRUDEDODQFHGGHYHORSPHQWRIFDSDFLWLHVDQGVLPXODWHGSULFHVIRUWKH IXWXUH\HDUZLOOUHIOHFWERWKRSHUDWLQJDQGLQYHVWPHQWFRVWV7KHUHDUHKRZHYHUQRWDQ\JXDUDQWHHVWKDWWKHPRGHO ZLOOILQGWKHJOREDORSWLPXPIRUWKHFRPELQDWLRQRILQYHVWPHQWVWKDWVKRXOGEHFDUULHGRXW

7KHPDUJLQDOSURILWIRULQYHVWLQJLQ0:H[WUDWUDQVPLVVLRQFDSDFLW\LVFDOFXODWHGE\(T>@

ZKHUH

, 6HWRIFOLPDWHVFHQDULRVHJ^«`

/ 6HWRIZLWKLQZHHNWLPHVWHSVHJ^«`

7 6HWRIZHHNV^«`

1XPEHURIFOLPDWHVFHQDULRVLHFDUG,

6HWRISRVVLEOHWUDQVPLVVLRQFDSDFLW\LQYHVWPHQWV $QQXDOL]HGLQYHVWPHQWFRVWLQ(XUR0:SHU\HDU

KO 1XPEHURIZLWKLQZHHNKRXUVLQ WLPHVWHS

PN $UHDQXPEHUIRU LQYHVWPHQW

^

`

PD[ S S S S

S    F

ª º ª º ˜

¬ ¼ ¬ ¼



¦

i t l mk m nk k i t l nk i t l nk n mk k i t l mk l

t T i I l L inv Trans

k numb k

t t h

k K

I

Inumb Trans

K Finvk

l L

 Trans

k K

(3)

QN QGDUHDQXPEHUIRUOLQHLQYHVWPHQW 3RZHUSULFHDUHDPNLQ(XURFHQWN:K 7UDQVPLVVLRQORVVIURPPNWRQN

]N 1HHGHGH[FHVVSURILWWRLQFUHDVHLQYHVWPHQWDVDVKDUHRILQYHVWPHQWFRVWV

$YHUDJHDQQXDOSURILWVLQ(XURSHU0:SHU\HDU

7KHLQYHVWPHQWDOWHUQDWLYHkLVIRUWUDQVPLVVLRQEHWZHHQWKHDUHDVPNRJQN,IIRULQVWDQFHWKHSULFHLQDJLYHQ ZHHNLVODUJHVWLQWKHDUHDPNDQGWKHSULFHGLIIHUHQFHLVODUJHHQRXJKWRFRPSHQVDWHIRUWKHORVVHVLQWUDQVPLVVLRQ WKHPDUJLQDOSURILWLVFDOFXODWHGDV

,IWKHSULFHLVODUJHVWLQDUHDQNWKHRSSRVLWHGLIIHUHQFHLVXWLOL]HGFI(TXDWLRQ

,QLWLDOFDSDFLWLHV x WUDQVPLVVLRQ x SURGXFWLRQ

)RUHFDVW x&RQVXPSWLRQ x)XHOFRVWV x

3RVVLEOH LQYHVWPHQWV

(036

6LPXODWHGSULFHV

3URILWDELOLW\LQYHVWPHQWV

1HZFDSDFLWLHV

)LJ,QYHVWPHQWDOJRULWKPLQWKH(036PRGHO

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

,Q HYHU\ URXQG RI WKH LQYHVWPHQW DOJRULWKP ORRS ZH FRQVLGHU ZKHWKHU WKH FDSDFLW\ IRU D VSHFLILHG LQYHVWPHQW DOWHUQDWLYHVKRXOGEHLQFUHDVHGGHFUHDVHGRUEHXQFKDQJHG7KHFDSDFLW\LVLQFUHDVHGLIWKHIROORZLQJFRQGLWLRQLV VDWLVILHG>@

Si t l m k

m nk k

t Sk

Si j mk tm nk k Si j nk !

Sktot SkopF invk k K

F S !

tot k inv k k

z

(4)

7KHUH ZHUH XVHG IRXU PDLQ VFHQDULRV LQ LQYHVWPHQW DOJRULWKP LQ WKH (036 PRGHO VHH 7DEOH 7ZR RI WKH VFHQDULRV DUH EDVHG RQ 5(6 LQ %DOWLFV WKHUH DUH QR IXUWKHU LQYHVWPHQWV WR 5XVVLD DQG %HODUXV DOORZHG DQG WKH GLIIHUHQFHEHWZHHQWKHVHWZRVFHQDULRVDUHWKDWVFHQDULRV$LVEDVHGRQWRGD\¶VFRQQHFWLRQWR5XVVLDDQG%HODUXV EXWVFHQDULRV$LVEDVHGRQWKHUHLVQRFRQQHFWLRQWR5XVVLDDQG%HODUXV7KHRWKHUWZRVFHQDULRVGLIIHUVZLWKWKDW WKHUHLVQR5(6EXWWKHUHDUH6XVSODQVFHQDULR

7DEOH'HVFULSWLRQRIIRXUVFHQDULRIRU/DWYLDDQG/LWKXDQLD

6FHQDULR$ 6FHQDULR$

5(6VFHQDULRLQWKH%DOWLFV

ZLWKWRGD\VFRQQHFWLRQWR5XVVLDDQG%HODUXV

1RIXUWKHULQYHVWPHQWVWR5XVVLDDQG%HODUXVDUHDOORZHG

5(6VFHQDULRLQWKH%DOWLFV QRFRQQHFWLRQWR5XVVLDDQG%HODUXV

1RIXUWKHULQYHVWPHQWVWR5XVVLDDQG%HODUXVDUHDOORZHG

6FHQDULR% 6FHQDULR%

6XVSODQVFHQDULRLQWKH%DOWLFV

ZLWKWRGD\VFRQQHFWLRQWR5XVVLDDQG%HODUXV

1RIXUWKHULQYHVWPHQWVWR5XVVLDDQG%HODUXVDUHDOORZHG

6XVSODQVFHQDULRLQWKH%DOWLFV QRFRQQHFWLRQWR5XVVLDDQG%HODUXV

1RIXUWKHULQYHVWPHQWVWR5XVVLDDQG%HODUXVDUHDOORZHG

7KHHOHFWULFDOFRQVXPSWLRQDQGSURGXFWLRQGDWDXVHGIRULQYHVWPHQWDOJRULWKPLVJLYHQLQ7DEOH7KHVWDUW\HDU RIGDWDLVDQGWKHHQG\HDU

7DEOH<HDUO\HOHFWULFDOFRQVXPSWLRQDQGSURGXFWLRQ&DUERQIUHHHOHFWULFLW\SURGXFWLRQVFHQDULRIRU/DWYLD>@

(OHNWULFLW\FRQVXPSWLRQ*:K

(OHFWULFLW\SURGXFWLRQIURP5HQHZDEOHV

5(6HOHFWULFLW\SURGXFWLRQIURPWRWDOGRPHVWLFFRQVXPSWLRQ

(OHFWULFLW\GHPDQG

+\GURSURGXFWLRQ*:K

+\GUR,QVWDOOHG&DSDFLW\0:

%LRPDVV&+3SURGXFWLRQ*:K

%LRPDVV&+3&DSDFLW\0:

%LRJDVDQGV\QJDVSURGXFWLRQ*:K

&DSDFLW\0:

:LQGRQVKRUHSURGXFWLRQ*:K

:LQGRQVKRUHFDSDFLW\0:

(ILFLHQF\

39SURGXFWLRQ*:K

:LQGRIIVKRUHSURGXFWLRQ*:K

:LQGRIIVKRUHSURGXFWLRQ0:

1DWXUDO*DVSURGXFWLRQ*:K

1DWXUDO*DVFDSDFLW\0:

7RWDOIRVVLO*:K

7RWDOSURGXFWLRQ*:K

,PSRUW*:K

(NVSRUW*:K

(5)

5HVXOWVDQGGLVFXVVLRQ

7KHUHVXOWVIURP(036PRGHODQGDQLQYHVWPHQWDOJRULWKPIRU/DWYLDDQG/LWKXDQLDLVVKRZQLQ)LJ)LJ DQG)LJ7KH)LJVKRZVVWDUWDQGWRWDOFDSDFLWLHVIRU/DWYLD±/LWKXDQLDWUDQVPLVVLRQOLQH7KHVWDUWFDSDFLW\IRU DOO IRXU VFHQDULRXV DUH 0: $IWHU LQYHVWPHQWV WKH ELJHVW FDSDFLW\ LV IRU VFHQDULR $ PRUH WKDQ 0:

,QYHVWPHQWVDUHVKRZQDQGDQDO\]HGLQ)LJDQG)LJ

)LJ6WDUWDQGWRWDOFDSDFLWLHVIRU/DWYLD/LWKXDQLDWUDQVPLVVLRQOLQH

7KHUHDUHVKRZQWRWDOSURGXFWLRQE\IRXUVFHQDULRVLQ/DWYLDDQG/LWKXDQLDDQGSURGXFWLRQE\UHQHZDEOHUHVRXUFHV LQDOOVFHQDULRV

$ $ % %

7:K\HDUV

$ $ % %

7:K\HDUV

D E

)LJD7RWDOSURGXFWLRQLQ/DWYLDE\VFHQDULRVE7RWDOSURGXFWLRQLQ/LWKXDQLDE\VFHQDULRV

$VLWFDQEHHQVHHQIURP)LJDDQGEWKHQWKHVFHQDULRV$DQG$E\WRWDOSURGXFWLRQLVTXLWHVLPLODU$OVR LWGRHVQRWGLIIHUVRPXFKEHWZHHQWZR%DOWLFVWDWHV±/DWYLDDQG/LWKXDQLD7KHERWKRIWKHVFHQDULRVDUHEDVHGRQ UHQHZDEOHHQHUJ\VRXUFHVXVHDQGQRIXUWKHULQYHVWPHQWVWR5XVVLDDQG%HODUXVDUHDORZHG7KHPDLQGLIHUHQFHLQ WKHVH WZR VFHQDULRV DUH WKDW VFHQDULRV $ KDV WRGD\CV FRQHFWLRQ WR 5XVVLD DQG %HODUXV EXW VFHQDULR $ QR IXWKHU FRQHFWLRQWR5XVLDDQG%HODUXV7KHWRWDOSURGXFWLRQLQ/DWYLDLQVFHQDULR$LV7:K\HDUDQGLQVFHQDULR$LV 7:K\HDU,Q/LWKXDQLDLQWKHVHWZRVFHQDULRVSURGXFWLRQDPRXWLQ$VFHQDULRLV7:K\HDUDQGLQVFHQDULR

$LV7:K\HDU6FHQDULRV%DQG%LVVLPLODUIRU/LWKXDQLDEXWIRU/DWYLDWRWDOSURGXFWLRQLQWKHVHWZRVFHQDULRV GLIHUV,Q/LWKXDQLDWRWDOSURGXFWLRQIRUVFHQDULRVDUHDERXWDSUR[LPHWO\7:K\HDUVEXWLQ/DWYLDWRWDOSURGXFWLRQ LQVFHQDULR%LV7:K\HDUVDQGLQ%LV7:K\HDU

$VWDUW $VWDUW %VWDUW %VWDUW $WRWDO $WRWDO %WRWDO %WRWDO

0:

(6)

$QDO\]LQJIRXUVFHQDULRVE\XVHGVRXUFHVLWLVVHHQLQ)LJDDQGESLFWXUHVWKDW/LWKXDQLDKDVELJJHUSRWHQWLDO LQ 5(6 XVHG IRU SURGXFWLRQ )RU FRPSDULVRQ /LWKXDQLD KDV ELJJHU SRWHQWLDO LQ ZLQG DQG ELR UHVRXUFHV XVH IRU SURGXFWLRQEXW/DWYLDKDVK\GURXVHSRWHQWLDO7KHVXQXVHIRUSURGXFWLRQLVTXLWHVLPLODUIRUERWKRI%DOWLF6WDWHV 7KHZLQGSRWHQWLDOIRU/DWYLDLVPRUHWKDQ7:K\HDUDQGLQ/LWKXDQLDPRUHWKDQ7:K\HDU%LRUHVRXUFHVXVHG IRU SURGXFWLRQ LQ /LWKXDQLD LV WLPHV KLJHU WKDQ /DWYLD ,Q /DWYLD XVLQJ ELRUHVRXUFHV FDQ EH SURGXFHG DERXW 7:K\HDUEXWLQ/LWKXDQLDPRUHWKDQ7:K\HDU+\GURVRXUFHXVHIRUSURGXFWLRQLQ/DWYLDLVDOPRVWWLPHVKLJKHU WKDQ/LWKXDQLDZKHUHLQ/DWYLDLWLVDOPRVW7:K\HDUEXWLQ/LWKXDQLD7:K\HDU5HVXOWVIURPVFHQDULRV%

DQG%LVGLIIHUHQWIRU/DWYLDDQG/LWKXDQLD7KHERWKRIVFHQDULRVDUHEDVHGRQUHQHZDEOHDQGQRQUHQHZDEOHUHVRXUFH XVHIRUSURGXFWLRQ

D E

)LJD3URGXFWLRQLQ/DWYLDE\VRXUFHVLQGLIIHUHQWVFHQDULRVE3URGXFWLRQLQ/LWKXDQLDE\VRXUFHVLQGLIIHUHQWVFHQDULRV

7KHPDLQGLIIHUHQFHEHWZHHQ/DWYLDDQG/LWKXDQLDDUHJDVDVVRXUFHXVHLQERWKVFHQDULRV/DWYLDLVPRUHGHSHQGHQW DQG SURGXFWLRQ IURP JDV LV PRUH WKDQ WLPHV KLJKHU WKDQ LQ /LWKXDQLD 7KHVH WZR VFHQDULRV LQFOXGH VRODU DQG ELR UHVRXUFHVXVHIRUSURGXFWLRQ7KHWZRRIVFHQDULRVDOVRLQFOXGHVRPHXQNQRZQUHVRXUFHXVHIRUSURGXFWLRQ

,QYHVWPHQWDOJRULWKPOHWSUHGLFWLQYHVWPHQWDPRXQWDQGWRWDOSURGXFWLRQDPRXQW7KHPRUHDSSURSULDWHVFHQDULRV IRU/DWYLDDQG/LWKXDQLDDUH5(6VFHQDULRV

$FNQRZOHGJHPHQWV

7KLVZRUNKDVEHHQSUHSDUHGZLWKVXSSRUWRI1RUGLFHQHUJ\UHVHDUFK125675$7SURMHFW 5HIHUHQFHV

>@ /DXND'%OXPEHUJD$%OXPEHUJD'7LPPD/$QDO\VLVRI*+*5HGXFWLRQLQ1RQ(76(QHUJ\6HFWRU(QHUJ\3URFHGLD

>@ %OXPEHUJD$/DXND'%DULVD$%OXPEHUJD'0RGHOOLQJWKH%DOWLFSRZHUV\VWHPWLOO(QHUJ\&RQYHUVLRQDQG0DQDJHPHQW

>@ %OXPEHUJD ' %OXPEHUJD $ %DULVD $ 5RVD 0 /DXND ' 0RGHOOLQJ WKH /DWYLDQ SRZHU PDUNHW WR HYDOXDWH LWV HQYLURQPHQWDO ORQJWHUP SHUIRUPDQFH$SSOLHG(QHUJ\±

>@ *UDDEDN,:DUODQG/$PXQGVHQ-6$FDUERQQHXWUDOSRZHUV\VWHPLQWKH1RUGLFUHJLRQLQ5HSRUW6,17()(QHUJ\5HVHDUFK(QHUJ\

6\VWHPV

>@ )XQNVMRQDOLWHWIRULQYHVWHULQJVDQDO\VHWLO6DPNM¡ULQJVPRGHOOHQ75$:ROIJDQJ2YH6,17()(QHUJ\5HVHDUFKLQ1RUZHJLDQ

>@ 'DWDIURPGDWDEDVH±5(6XVHIRUHOHFWULFLW\SURGXFWLRQ

>@ &HQWUƗOƗV VWDWLVWLNDV SƗUYDOGHV GDWL $YDLODEOH KWWSGDWDFVEJRYOYS[ZHEOYYLGHYLGHBBLNJDGBBHQHUJHWLND(1S["U[LG FGFEF EDDDFFDDGHFH

>@ (QHUƧƝWLNDVVWUDWƝJLMD$YDLODEOHKWWSZZZODWHDOYXVHUILOHVQHZVB(QHUJHWLNDVBVWUDWHJLMDBSGI

+\GUR :LQG 6RODU %LR *DV 8QNQRZQ

7:K\HDUV

$ $ % %

+\GUR :LQG 6RODU %LR *DV 2LO 8QNQRZQ

7:K\HDUV

$ $ % %

Referanser

RELATERTE DOKUMENTER

Research partners: SINTEF, Norwegian University of Science and Technology, Norwegian Institute of Bioeconomy Research, University College of Southeast Norway, Institute for

Host institution: SINTEF (the Foundation for Scientific and Industrial Research at the Norwegian Institute of Technology) Research partners: NTNU (the Norwegian University of

In 1960, the Council of Europe took over responsibility for the work of the Universities Committee of the WEU and set up in its place a Com- mittee for Higher Education and

A free market for phar- maceuticals was established, foreign companies entered the Baltic States, govern- ment institutions were set up to register medications, laws were passed, and

The gender distribution within the different ICPC groups was equal, with two exceptions: the Latvian population had a higher proportion of males with digestive diseases (59% versus

Reactive opportunity exploitation is modelled as variations within each game strategy, and the concept endogenous opportunities is introduced to account for the effect of

On the other hand, the protection of civilians must also aim to provide the population with sustainable security through efforts such as disarmament, institution-building and

That is however the case with the heavy gas release, where the dense chlorine mixture suppress the wind velocity in the area with high density (see figure 4.3a).. (a) Density