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This article has been developed to assess the economic feasibility of a rooftop photovoltaic installation of industrial self-consumption. Numerical models that enable an interested person to obtain the main expected parameters will be generated, with those models being the article's main contribution to the field. To do this, a calculation methodology will be developed through which the reader, knowing the location of the facility and dimensions of the roof, will be able to calculate the maximum installable power, the main parameters related to production, the cost of the installation, and the LCOE of the plant. The use of actual costs will be facilitated in case they are known. Still, it will remain possible to apply the major equipment costs (modules, inverter, and structure) considered throughout the article. This developed calculation methodology will also allow a quick comparison of the forecasts of production, CAPEX, and LCOE of plants designed with different inclinations and different types of modules. Consequently, it will be especially useful in decision-making before developing the plant's basic engineering. Moreover, the calculations used for modeling the LCOE will be analyzed in depth. This analysis will allow evaluating how the different technical variables affect the profitability of a photovoltaic installation, such as the selected tilt, the location, the module's technology, or the available area. [ABSTRACT FROM AUTHOR]

The bivalve mollusk, Anadara tuberculosa (Black Shell, in Spanish Concha Prieta), is found on America's Pacific coast, where it is harvested for subsistence and commercial markets. This paper aims to diagnose the performance of the black shell's value chain. We also identify several challenges that must be addressed to improve the sustainability of the black shell fishery in Ecuador. The applied methodology was quantitative and descriptive. Its design was non-experimental, field, cross-sectional and ex post facto. The investigation was carried out from January to October 2019 in the Jambelí archipelago, El Oro province, Ecuador. The study population consisted of 565 individuals, shellfish collectors, shellfish associations managers, traders, and restaurants from the A. tuberculosa production chain. The sample size was estimated at 222 informants. The type of sampling used was probabilistic, random, stratified, and with proportional allocation, with an effective participation rate of those selected of approximately 80%. The questionnaire was applied personally through the structured survey method, in writing, in the work area, and with their consent. The performance of the value chain was diagnosed in the dimensions of productivity, competitiveness, and quality of life, reaching a 75.1% index, a result that indicates that the value chain has a moderate to good performance level. The competitiveness dimension reached the highest performance, followed by productivity. Quality of life was the dimension with the lowest performance. The value chain can be improved if the following challenges are met: (1) Restoration of the mangrove ecosystem, (2) Promotion of low-intensity shellfish aquaculture, (3) Good sanitary management and purification, (4) Promotion of value-focused ventures, (5) Strengthening of organizations and agreements for the use and custody of mangroves, and (6) Strengthening of institutions that contribute to the advancement of these challenges. [ABSTRACT FROM AUTHOR]

This paper uses the numerical results of surveys sent to Huelva's (Andalusia, Spain) households to determine the degree of knowledge they have about the urban water cycle, needs, values, and attitudes regarding water in an intermediary city with low water stress. In previous research, we achieved three different households' clusters. The first one grouped households with high knowledge of the integral water cycle and a positive attitude to smart devices at home. The second cluster described households with low knowledge of the integral water cycle and high sensitivity to price. The third one showed average knowledge and predisposition to have a closer relationship with the water company. This paper continues with this research line, applying Classification and Regression Trees (CART) to determine which hierarchy of variables/factors/independent components obtained from the surveys are the decisive ones to predict the range of household water consumption in Huelva. Positive attitudes towards improved cleaning habits for personal or household purposes are the highest hierarchy component to predict the water consumption range. Second in the hierarchy, the variable Knowledge Global Score about the integral urban water cycle, associated with water literacy, also contributes to predicting the water consumption range. Together with the three clusters obtained previously, these results will allow us to design water demand management strategies (WDM) fit for purpose that enable Huelva's households to use water more efficiently. [ABSTRACT FROM AUTHOR]

This article shows the numerical results and the analysis of households' degree of knowledge about the urban water cycle, needs, and values regarding water in an intermediary city with low water stress, such as Huelva (Andalusia, Spain). Results are also presented regarding how households maintain the acceptance of reclaimed water and new technologies to achieve more efficient and sustainable consumption. Surveys were sent to households, and different statistical analysis techniques were applied. The use of clustering as a mathematical tool has served to obtain three clusters of households with similar characteristics with respect to the previous factors. The first cluster corresponded to households with high knowledge of the integral water cycle and positive attitude to smart devices at home. The second cluster showed low knowledge of the integral water cycle and high sensitivity to price. The third one had average knowledge and predisposition to have a closer relationship with the water company. This classification allows implementing different water demand management strategies tailored to each cluster. Applying a Design Thinking methodology, a web-based prototype has been designed as an ICT tool concerning households. The goal is to achieve greater engagement of households concerning water and align citizens with their city's sustainability. [ABSTRACT FROM AUTHOR]

To advance to water sensitive cities (WSC) it will be necessary to achieve the commitment of the citizens, involving them in this transition. Citizen participation is considered essential, and one of the possible approaches to achieve this is through Design Thinking (DT), a human-centered methodology that allows creating a framework to develop the hydrosocial contract. The Suez group proposed the challenge of collecting initiatives to achieve more efficient use of urban water in homes, by conducting a pilot in one of its investee companies, Aguas de Huelva. Our research proposal, selected by the Suez group, to achieve greater engagement of households regarding efficient water use, was to develop a web-based prototype applying DT methodologies, which would allow us to generate new messages and meanings regarding water, producing an innovation of meaning that would enable tracking the progress of the results. This article describes the approved framework to carry out the pilot experience in the homes of the city of Huelva in Andalusia, Spain. [ABSTRACT FROM AUTHOR]

There is currently a phenomenon of global urbanization, where in Europe intermediary cities play a major role by concentrating more than 40% of the European urban population. These types of cities have specific challenges regarding their sustainability and are key to meeting the objectives set out in the UN 2030 Agenda (United Nations, UN), due to their local character and proximity to the citizen. The intermediary cities of Andalusia in Spain, its urban sustainable development and its relationship with water are the object of analysis in this article. They are analyzed through the winning plans in the first call of the Spanish "Integrated Sustainable Urban Development Strategy " (ISUDS). In this process, the citizens are the main actors through their participation in the elaboration of the ISUDS, in which they express the scope of the "hydrosocial contract " of citizenship. The research presented in this article analyzes the latter through a methodological framework applied to the ISUDS, which shows the unequal interest of Andalusian intermediary cities when integrating water into their sustainable development. The article ends with a series of recommendations that make it possible to bring these cities closer to the "water sensitive cities " stage. [ABSTRACT FROM AUTHOR]

A large proportion of the academic literature about the agency problem focuses on corporate governance or the instruments that can be used to balance the incentives of shareholders and debt holders. Following the real options company valuation framework, one method to increase shareholder value involves increasing the intrinsic risk of the firm; however, such a practice reduces the bondholder value. We analyzed an innovative balance sheet instrument, the mandatory convertible bond, as a means to increase financial sustainability of companies, improving the value for shareholders without increasing the perceived default risk. The results of the empirical analysis illustrate that for companies in a weak credit position, the agency problem can be mitigated by the issuance of mandatory convertible bonds, which allows managers to increase company risk without being detrimental for bondholders. However, when the probability of distress is small, shareholders have less incentive to increase company risk than in a company funded by mandatory convertible bonds, being more aligned with bondholders. A better alignment of debt holders and shareholders incentives reduces inefficiencies, mitigates the probably of distress, and improves the long-term financial sustainability of companies and can promote stable growth and innovation. [ABSTRACT FROM AUTHOR]

The study of waste generated in ports is a vitally important issue to reduce marine pollution and improve port management systems. In this article, the authors study the management of solid waste generated in the ports of the Canary Islands. For this purpose, a waste management model based on the circular economy is developed. With this model, it is possible to reduce pollution in the port areas of the capital's islands, increase the fraction of recycled waste and obtain additional energy for the ports. The interest of this study lies in the singularities of these islands with respect to the geographic limitations that make them weak energy environments. The proposed solution to solve the current problems and achieve a zone of zero waste (throughout the port of Santa Cruz and its industrial estate) has two main phases: the first, in which solid waste is processed and a part is recycled, and the second, which consists of recovering the energy of the converted fuels. The advantages of the application of this model are that CO2 emissions are reduced, energy savings are realized, waste management is improved in these environments (the recycling fraction is increased considerably), and new jobs are created. This model also contributes to the development of the Special Territorial Plan for Waste Management of the Canary Islands, in accordance with the policies of the European Union required for the coming years. [ABSTRACT FROM AUTHOR]

Municipal solid waste (MSW) management is a controversial aspect of isolated environments, not only because the production of waste grows exponentially, but also because in these isolated regions the difficulties are accentuated in comparison with the mainland territories. The limitation of space, the technology of scale and the peaks of generation due to existing tourism, are clear examples of the barriers that must be overcome. This research studies the potential of MSW recovery on the island of La Gomera (Canary Islands) as an alternative to landfill deposition, being an additional energy source for heat and electricity. Likewise, the possibility of carrying out the landfill mining located in the El Revolcadero environmental complex is explored. The methodology followed consists, first of all, on estimating the annual amount of MSW and waste deposited in the landfill. Second, the characterization of representative samples of each municipality is carried out. Third, according to these characteristics, the thermal treatment is chosen and, finally, the energy generated is evaluated. The results are encouraging, and many advantages are derived from this model. The annual recycling figure increases by about 5000 tons per year, the percentage of renewable energy from waste reaches 35.5% (most installed capacity is diesel), and greenhouse gases (GHG) are reduced by more than half. To overcome the challenges in the integral management of MSW, it is necessary to move from a linear economy to a circular economy that takes into account the priorities established by the European Union to solve the problem of these isolated environments in terms of energy. [ABSTRACT FROM AUTHOR]

Debt securities are often an efficient and inexpensive resource to finance the balance sheet of companies; however, one of the causes of the global financial crisis was the excessive leverage taken by companies. Hybrid capital instruments share characteristics of equity and debt, and allow companies to finance its balance sheet in a more sustainable way by reducing leverage, but tend to increase its overall cost of capital. Mandatory convertible notes (MCNs) are hybrid financing instruments that are very close to equity; rating agencies assign them a high equity component and are commonly treated as equity by accounting standards. Despite the high nominal coupon that MCNs seem to pay in some cases, a deeper analysis shows that the cost of issuing MCNs can be similar and even lower than the cost of issuing senior debt. This research performs an empirical study of the implicit cost of the MCNs issued between 2010 and 2018. The study shows the relationship between the implicit yield of MCNs, the senior debt yield, and the convertible arbitrage investors. MCNs can be a sustainable capital alternative that offers a reasonable cost not only for high-yield companies but also for well-established investment grade issuers. The access to efficient and not very expensive capital to finance the balance sheet of companies can promote sustainable growth, industrialization, and innovation. [ABSTRACT FROM AUTHOR]

Regardless of the rapid development of national gas centers around the world, oil price indexation remains the prevailing pricing process in Continental Europe and the Far East. The instance of Spain is a genuine case where gas supply conditions may, to some extent, clarify the slower pace of execution of a traded gas hub in the nation. This article seeks to explain the persistence of oil-indexed pricing mechanisms, a price model that differs oddly from that of other major commodities, the price of which is normally discovered on the market. In order to do that, we examine time-varying volatility to find that since 2013 until 2016, just about 33% of gradual volatility clustering rooted within oil Brent prices is reflected in Spanish gas prices. In this sense, our research provides quantitative tools to better understand that market-based approaches such as spot and medium-term supply alternatives seem to be a key driver for success in transforming gas markets. Regular updates on the size of the effects observed should facilitate an exact appraisal of the level of progression of national gas liberalization processes and enhance gas markets transparency, these issues of extraordinary importance for both policymakers and gas market agents. [ABSTRACT FROM AUTHOR]

As non-mainland territories, the Canary Islands represent isolated electricity systems with their own peculiarities, derived mainly from their location. They are therefore subject to a special regulatory framework governing their electricity supply activities. These systems are less stable, in terms of both electrical energy generation and its transport infrastructures, because their site limitations require production to rely on a small number of plants, multiplying the problems that arise from potential grid or generator failures. This means that power generation costs in isolated groups of islands have been intrinsically higher than those on the mainland, above all in terms of fuel, given their greater dependence on fossil fuels. These costs also have a different structure, wherein variable costs prevail over fixed costs. The entry into force of Royal Decree 738/2015 defines a new method to determine the price of demand, generation, and additional costs. In addition, it creates a new virtual market for each isolated system (or subsystem), which takes into account the prices of the mainland, moving year, and generation costs. This implies a reduction in the volatility of the electricity market in these territories (lower risk) because part of the purchase price is already known. In this regard, the Canary Islands’ subsystem that has experienced the greatest increase in generation costs is the island El Hierro, since, in systems where there is a wider diversification in the generation methods, there is also a greater variation in monthly prices—that is, greater uncertainty. The aim of this study is to analyze the operation of the Canary Islands’ electricity market and the configuration of its dispatch pool. The wind-pumped hydropower station on El Hierro is described as a specific case study to illustrate the impact of the new regulatory framework. [ABSTRACT FROM AUTHOR]