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A common characteristic of the new distributed systems is the increasing complexity. Useful paradigms to cope with the complexity of systems are modularity and compositionality. In this paper we define a compositional method to attack the state explosion problem in model checking. The method, given a formula to be checked on a system composed of a set of parallel processes, allows syntactically reducing in a modular way the processes, in order to reduce the state space of their composition. The reduction is formula driven and is based on a notion of equivalence between processes, which is a congruence w.r.t. the parallel composition operator.

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This paper summarizes the approaches to and the implications of bottom–up infrastructure modeling in the framework of the EMF28 model comparison "Europe 2050: The Effects of Technology Choices on EU Climate Policy". It includes models covering all the sectors currently under scrutiny by the European Infrastructure Priorities: Electricity, natural gas, and CO₂. Results suggest that some infrastructure enhancement is required to achieve the decarbonization, and that the network development needs can be attained in a reasonable timeframe. In the electricity sector, additional cross-border interconnection is required, but generation and the development of low-cost renewables is a more challenging task. For natural gas, the falling total consumption could be satisfied by the current infrastructure in place, and even in a high-gas scenario the infrastructure implications remain manageable. Model results on the future role of Carbon Capture, Transport, and Sequestration (CCTS) vary, and suggest that most of the transportation infrastructure might be required in and around the North Sea.

This paper presents the review on the boil-off gas re-liquefaction system of liquefied CO₂ transport ship for carbon capture and sequestration (CCS). It is assumed that liquefied CO₂ is transported between South Korea and Middle East for enhanced oil recovery (EOR) and enhanced gas recovery (EGR), which is similar to the oil and LNG transportation route. The concept of open re-liquefaction cycle which means that the boil-off CO₂ is compressed, cooled, and expanded before being piped back into the tank is suggested. The effects of impurities on the re-liquefaction cycle is investigated under the condition of fixed cooling capacity in terms of cycle performance and reliability. Specifications of LCO₂ transport ship about storage tank and re-liquefaction system is reviewed. In addition, economic feasibility is investigated. As for the case of the present study, negative effects of impurities on the cycle performance and reliability should be considered due to its considerable effects. Conservatively calculated internal rate of return (IRR) of the re-liquefaction system shows 4.1%, therefore, it can be guessed that the BOG re-liquefaction system will have economic validity in the future CCS chain.

This chapter describes how economic models are used to answer questions about policy changes, specifically in the context of a carbon fee-and-dividend system. A carbon fee-and-dividend is a price on carbon dioxide emissions that returns the revenues gained to ordinary households in the form of a monthly check. The chapter describes, in nontechnical terms, the economic models and modeling processes involved and how they are similar and different from climate models…

In recent years, we have observed dramatic increase of collateralization as an important credit risk mitigation tool in over the counter (OTC) market [6]. Combined with the significant and persistent widening of various basis spreads, such as Libor-OIS and cross currency basis, the practitioners have started to notice the importance of difference between the funding cost of contracts and Libors of the relevant currencies. In this article, we integrate the series of our recent works [1, 2, 4] and explain the consistent construction of term structures of interest rates in the presence of collateralization and all the relevant basis spreads, their no-arbitrage dynamics as well as their implications for derivative pricing and risk management. Particularly, we have shown the importance of the choice of collateral currency and embedded "cheapest-to-deliver" (CTD) option in a collateral agreement.