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Mingo, West Virginia for subbituminous coals at: Gillette, Wyoming Antelope Creek, Wyoming Belle Ayr, Wyoming Hanna Coal Field, Wyoming Decker, Montana Colstrip, Montana El Paso, New Mexico Gallup, New Mexico and for lignites at: East Moorhead, Montana Gasifier and pretreatment balances have been provided by the Institute of Gas Technology for the Hygas-oxygen process operating on two coals shown on Table A Complete calculations of material and energy have been made for two reference plants, one in West Virginia and one in Wyoming.

The 58 required information for plants consuming bituminous coals has been taken from the West Virginia reference plant. The required information for plants consuming subbituminous coals and lignites has been taken from the Wyoming reference plant. First the two reference plants will be described. The flow diagram is shown on Figure A Wyoming coal is dried to 2 percent moisture before feeding to the gasifier.

West Virginia coal is pretreated in air to prevent caking. Pretreatment material rates are given on Table A The pretreatment balance was made by assuming a 1. The coal incurs about a 10 percent weight loss during treatment. The pretreatment energy information is given on Table A The imbalance on the pretreater is assumed lost to the atmosphere. The coal is slurried to 50 percent solid concentration by weight with recycle slurry oil from downstream in the process.

Gasifier flow rates are given on Table A, and energy rates are given on Table A The gasifier is in thermal balance, and the only energy rates listed are those needed to define the plant unrecovered heat and cooling load. The raw off-gas contains the slurry oil as vapor. The oil made about equals the oil lost in purification or left in the product gas.

The steam is left in the feed gas so that the amount of steam required for shift conversion is minimized. Water also condenses at this point. A circulating water scrub may be used to ensure that all the ammonia, phenol and other soluble species are removed from the gas.

It has been assumed that these species can be adequately removed by the quantity of water which condenses. Circulating water has not been shown on Figure A Based on the recommendation of IGT, the following losses are assumed to occur in gas purification: 0. All other acid gases were completely absorbed. Gas and water streams for the two reference plants are shown on Table A The calculations are illustrated by the Wyoming case.

In the raw gas, Stream 6, there is: CO A little N will be left in the gas as shown. Streams 8 and 9, which are needed for heat calculations, can now be found. Let x be the fraction of gas in Stream 6 which enters the shift reactor. Since 9. In methanation all of the CO is assumed reacted to methane and water, and the ethane is assumed hydrogenated to methane. The heat balance and additional energy information for the gasifier trains are given on Table A The heat loads were calculated from the enthalpies of the streams listed on Table A, For a solvent type acid gas removal process, 28, Btu are consumed to remove 1 Lb mole of CO.

Table-A suggests that for Wyoming, all the net driving energy goes to produce steam for the gasifier and that ail the steam used for other uses could be raised in waste heat recovery units. At West Virginia even some of the steam for the gasifier is shown raised in waste heat recovery units.

This is not practical. Waste heat is not available to raise steam at much over psi. Steam for the gasifiers must be raised in a boiler and, in addition, some of the psi steam from waste heat recovery must be superheated in a boiler for use to drive turbines. In fact, the plants have surplus low temperature steam. Unless this steam is used, the theoretical plant conversion efficiencies given overstate the practical efficiency. This does not affect the cooling water requirements as the surplus waste heat will be lost through air coolers, not by evaporative cooling.

The ultimate disposition of unrecovered heat, needed for estimation of cooling water,- is presented on Table A and was calculated as follows. The direct losses are taken from preceding tables, except electricity used which is 30, kw and slurry pump loss which is 30 percent of the driving energy. The dry cooling load is from Table A The wet cooling load is from Table A plus the "allowance" on Table A The turbine condenser load is percent of pretreatment air compressor, plus 70 percent of slurry pump, plus 70 percent of oxygen production compressors, plus 70 percent of energy to produce electricity.

The gas compressor interstage cooling load is 30 percent of the oxygen production compressors. From the reference plants the necessary information has been scaled for all the desired plants and entered on Table A in weight flow units and on 61 Table A in energy flow units. All coals are dried to 2 percent. The weight of steam to the gasifier is taken from the reference plants Stream -5 as are the effluent water streams Streams 11 and 14 ; all water streams are entered on Table A The coal to the boiler is copied, in weight units, on Table A Flow diagram for Hygas process.

Bureau, Illinois 2. Shelby, Illinois 3. Vigo, Indiana 4. Kemmerer, Wyoming and for lignites at: 5. Slope, North Dakota 6. Center, North Dakota 7. Scranton, North Dakota 8. We have extracted all necessary information from these reference designs, one for a Montana subbituminous coal and one for a Kentucky bitumi- nous coal, and used the reference designs as models from which to determine the required information by extrapolation to the chosen coals.

It should be noted that at this time representative steady state operation of the Bigas plant has not been achieved. First, details of the reference designs will be given. The process flow diagram is Figure A Coal is fed, as a 50 percent slurry in water, to a spray dryer as shown in the upper center of the figure. The main flow streams, taken from Reference 1, are entered on Table A as are the gas stream analyses at five points labeled in Figure A The elemental balances are reasonably closed.

The Bigas process yields negligible hydrocarbon byproduct'.. The hydrogen balances, expressed as equivalent weights of water, are shown on Table A On Table A are presented the analyses of the chosen coals calculated after drying to 1.

On Table A are given water equivalent hydrogen balances for the chosen Bigas plants. Most of the quantities come from Tables A and A It is assumed that if steam heat is needed in the spray dryer, the heat can be transferred through a wall so that water is not consumed.

Live steam, as shown in the Kentucky reference plant, has not been assumed. The balances on Table A are forced to close because the condensate is varied to ensure this. To determine the cooling water requirement, an estimate is made of the auxiliary energy required to drive the plants.

The estimate is given on Table A as well as the plant thermal efficiency. The energy needed to vaporize water in the feed coal is calculated for each coal. This energy is lost up the stack. The slurry feed pump for the western Kentucky reference plant consumes 9 about 4, hp, that is about 0.

The energy for other plants has been scaled by the rate of dry coal feed. Of this energy 70 percent is lost in the turbine condenser and 30 percent is lost through heating the slurry or through pipe walls. This energy is dissipated in the condenser of the acid gas removal regenerator.

The gasifier steam is given in Table A The energy input is for steam to compressor drives for compressing air and oxygen. The energy content of the compressed oxygen is very small; 70 percent of the input energy is lost in the turbine condensers and 30 percent is lost in the compressor interstage coolers. An additional allowance is made, based on experience, for energy consumed in water treatment and for other losses. This is quite a.

The balance of the energy required is produced by raising steam in a coal fired boiler assumed to operate at 85 percent efficiency with. It is obtained by burning coal in a boiler. It remains to find how this energy is dissipated to the atmosphere and how much cooling water is needed. Part of this information is presented on Table A On this table the stack losses are the sum of drying energy and boiler stack losses.

The electricity generated and slurry pump transmitted energy is next listed. The carbon losses have been entered so as to force total unrecovered heat to equal the 9 values on Table A A loss of 0. However, for the purpose of studying water quantities all that matters is that this energy loss has been assigned to "direct losses" which cannot require cooling water.

The con- densers are frequently air cooled. A lot of heat is dissipated through the condensers on the turbine drives for oxygen production, electrical generation and the slurry pumps. Interstage cooling on air and oxygen compressors will be wet cooling, unless cooling water is severely restricted or very expensive Reference 2. The remaining unrecovered heat is lost by cooling process streams in the gas production train and is also the auxiliary energy added for water treat- ment and allowances in Table A Most of the auxiliary energy will go to ammonia recovery stills which are likely to require wet, low-temperature condensers.

On Table A the balance of the unrecovered heat has been arbitrarily distributed 50 percent to wet cooling and 50 percent to dry cooling. In copying the water quantities from Table A onto the work sheets, the quantity of dirty water input was taken as the sum of water to char quench and water to slurry coal. Environmental Protection Agency, June IN Water equivalent of hydrogen in coal Moisture in coal Steam to gasifier Water vaporized to quench char Water to slurry coal TOTAL OUT Condensate Water from methanation Water equivalent of hydrogen in product gas TOTAL 13 14 12 12 16 15 15 15 TABLE A Sullivan, Indiana 4.

Floyd, Kentucky 5. Gallia, Ohio 6. Jefferson, Ohio 7. Armstrong, Pennsylvania 8. Kanawha, West Virginia 9. Preston, West Virginia and for subbituminous coals at: Spotted Horse, Wyoming Colstrip, Montana Designs for economic analysis have been given by the Bureau of Mines for a Wyoming subbituminous and a Pittsburgh seam bituminous coal. We have taken the gasifier details from Reference 1, and an ash quench design from Reference 2, and made the calculations for the rest of the plant.

The design using the Wyoming coal has been presented in great detail , and the design using the Pittsburgh coal follows the same procedure. Both the Wyoming and the Pittsburgh designs are given below. The water streams and heat loads for all the bituminous coals have been extrapolated from the Pittsburgh design.

The water streams and heat loads for all the subbituminous coals have been extrapolated from the Wyoming design. Figure A is the flow diagram. The coal analyses, after drying to 4. Flow and 86 energy rates for the two reference designs are given on Table A The stream numbers on Table A correspond to those on Figure A The coal feed, oxygen feed, steam feed, gasifier off-gas and product gas Streams 1, 2, 3, 4 and 13 come from Reference 1.

The char compositions, and hence the heating value, were estimated from Reference 2 and are presented in Table A5- 11 details will be found in Reference 3 , The heating value of the tar was calculated from the composition which is the residue of carbon and hydrogen to close the elemental balances around the gasifier. There is no need here to distinguish tar and char, and the distinction is approximate. The steam raised by quenching char Stream 6 will vary with the ash content of the coal and has been estimated for each case.

Water made in the methanator is equivalent to the CO reacted as shown on Table A Hydrogen balances for the chosen sites are given in Table A The rate of ash production varies with the coals. This results in variations in the small quantity of steam raised by quenching ash. This further results in small variations in the steam added for the shift reaction and in the condensate recovered after the scrub. All the remaining streams are unchanged from the reference plants.

This procedure gives the biggest errors when the ash content of the coal is most different from the reference coal. Heat balances around the gasifiers at the two reference locations are shown on Table A An "unaccounted loss" has been introduced to force a balance. This is assumed lost directly to the atmosphere.

By calculating the duty of the various heat exchangers and waste heat recovery units, the heat balance has been extended to the complete gasifier train as shown on Table A An additional unaccounted loss has been found which is arbitrarily assumed 50 percent lost to cooling water and 50 percent lost directly to the atmosphere. Some of the char from the gasifier is burnt in a boiler to provide energy to drive the plant. The amount of char burnt is calculated in Table A Wyoming coal is dried from 20 percent to 4.

Pittsburgh coal requires no drying. The lock hopper compressors use 6, kw. The energy for oxygen production is that required to compress air to 90 psia and oxygen from 15 psia to psia, which is 2. The electricity produced is more than enough for pumping the circulating cooling water and gas purification liquor. The other uses listed are arbitrary. The steam raised in the process can all be used, and so it is subtracted from the need.

The overall plant heat balances can now be calculated and are presented in Table A It remains to find how the unrecovered heat is dissipated to the atmosphere and how much cooling water is needed. Most of the entries come directly from preceding tables. The electricity used is 31, kw.

The unaccounted losses in the gasifier train have been assumed 50 percent lost to the atmosphere and 50 percent lost to cooling water. The first group of losses has been called "direct losses" because the loss is directly to the atmosphere and water cannot be used. A lot of this energy is used in ammonia recovery stills which are likely to need wet cooling to a low temperature.

All of this energy is assumed lost to cooling water. The steam turbines driving the electric generator, the lock hopper compressors, and the air and oxygen compressors are taken to be condensing steam turbines with 70 percent of the energy lost in the condensers.

For gas compressors the other 30 percent of the energy is lost in interstage cooling because the energy stored in a compressed gas is very small. Whether or not the turbine condensers and interstage coolers will be wet cooled or combined wet and dry. The energy put into acid gas removal is mostly lost in the regenerator condenser. It is quite feasible for this to be a dry condenser , but the decision will vary with the site.

The ultimate disposition of unrecovered heat has been extended to the desired sites on Table A Coal drying requirements have been calculated for each site. In all other respects the plants follow the reference plants. The plant thermal efficiencies vary, but this is reflected in variations in direct losses and not in cooling requirements.

In evaluating solid residues account had to be taken of ash leaving the plant in char. The quantities of char sold, or not fired to the boiler, and of char fired are given on Table A in energy units. The ash in the entering coal is distributed between sold and fired in the ratio of the char energies. Of the ash in the char fired, 80 percent is fly ash and 20 percent is bottom ash.

In estimating water for flue gas desulfurization the char composition of the reference plants was assumed and the char weight fired was estimated from the char energy fired. Strakey, J. P-, Jr. WAIt» Figure A Flow diagram for Synthane processes. For water treatment and other uses 0. Bureau, Illinois 2, St. Clair, Illinois 3. Muhlenberg, Kentucky 5, Kemmerer, Wyoming for subbituminous coals at: 6. El Paso, New Mexico 7.

Gallup, New Mexico 8. Jim Bridger Mine, Wyoming 9. Montana Foster Creek Montana Wesco, New Mexico and for lignites at: Knife River, North Dakota Williston, North Dakota Marengo, Alabama For bituminous coals, process water streams have been calculated using the rules given below which were taken from Fluor Engineers and Constructors , A detailed analysis of a Lurgi SNG plant using Navajo subbituminous coal has been presented by El Paso. From this reference we have abstracted a set of rules, also shown below, and used them for subbituminous coals.

These rules 2 3 give the reported water streams for El Paso ' within 4 percent. When these rules are applied to Wesco, the calculated steam feed and dirty condensate are lower than the reported values by percent. The water consumed is the same, but more steam goes into the gasifier and is recovered unchanged than is calculated.

The process water streams for El Paso and Wesco are those reported in References 2 to 6; they were calculated by us. The use of El Paso instead of Wesco as a model makes no difference to net water consump- tion but yields lower inlet and outlet streams with less cost for water treatment. Judging from Reference 7, a lignite feed requires more steam to the gasifier than does a subbituminous feed.

Lignite rules are also given below. Bituminous Coals 1. Steam fed to the gasifier equals 2. Of the steam fed to the gasifier, This unchanged steam plus all the moisture in the feed coal appears as moisture in the gasifier off-gas. Fourteen percent of the carbon in the coal is converted to methane and 1. Solid and oil products are assumed to contain zero oxygen.

Because phenol is produced this is not strictly accurate, but it is a very good approximation. The molar ratio of CO:CO in the off-gas is 0. With this information the oxygen balance can be closed and the weights of CO and CO determined. The balance of the carbon appears in the oil and solid residue. All of the sulfur in the coal is converted to H S. All of the ammonia in the coal is converted to NH. The weight ratio is therefore 0. The forward and futures markets are primarily used by forex traders who want to speculate or hedge against future price changes in a currency.

Forex Terms to Know Each market has its own language. These are words to know before engaging in forex trading: Currency pair. All forex trades involve a currency pair. In addition to the majors, there also are less common trades like exotics, which are currencies of developing countries.

Short for percentage in points, a pip refers to the smallest possible price change within a currency pair. Because forex prices are quoted out to at least four decimal places, a pip is equal to 0. Bid-ask spread. As with other assets like stocks , exchange rates are determined by the maximum amount that buyers are willing to pay for a currency the bid and the minimum amount that sellers require to sell the ask.

The difference between these two amounts, and the value trades ultimately will get executed at, is the bid-ask spread. The typical lot size is , units of currency, though there are micro 1, and mini 10, lots available for trading, too. Because of those large lot sizes, some traders may not be willing to put up so much money to execute a trade. Leverage , another term for borrowing money, allows traders to participate in the forex market without the amount of money otherwise required.

What Moves the Forex Market Like any other market, currency prices are set by the supply and demand of sellers and buyers. However, there are other macro forces at play in this market. Demand for particular currencies can also be influenced by interest rates, central bank policy, the pace of economic growth and the political environment in the country in question.

The forex market is open 24 hours a day, five days a week, which gives traders in this market the opportunity to react to news that might not affect the stock market until much later. Risks of Forex Trading Because forex trading requires leverage and traders use margin, there are additional risks to forex trading than other types of assets. Currency prices are constantly fluctuating, but at very small amounts, which means traders need to execute large trades using leverage to make money.

This leverage is great if a trader makes a winning bet because it can magnify profits. However, it can also magnify losses, even exceeding the initial amount borrowed.

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The forex market is open 24 hours a day, five days a week, which gives traders in this market the opportunity to react to news that might not affect the stock market until much later. Because forex trading requires leverage and traders use margin, there are additional risks to forex trading than other types of assets.

Currency prices are constantly fluctuating, but at very small amounts, which means traders need to execute large trades using leverage to make money. This leverage is great if a trader makes a winning bet because it can magnify profits. However, it can also magnify losses, even exceeding the initial amount borrowed. In addition, if a currency falls too much in value, leverage users open themselves up to margin calls , which may force them to sell their securities purchased with borrowed funds at a loss.

Outside of possible losses, transaction costs can also add up and possibly eat into what was a profitable trade. On top of all that, you should keep in mind that those who trade foreign currencies are little fish swimming in a pond of skilled, professional traders—and the Securities and Exchange Commission warns about potential fraud or information that could be confusing to new traders. In fact, retail trading a. This makes forex trading a strategy often best left to the professionals.

The real-time activity in the spot market will impact the amount we pay for exports along with how much it costs to travel abroad. If the value of the U. On the flip side, when the dollar weakens, it will be more expensive to travel abroad and import goods but companies that export goods abroad will benefit.

Select Region. United States. United Kingdom. Anna-Louise Jackson. Fact Checked. Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. What Is Forex Trading? Featured Partner Offer. Limited Time Offer. Trade in a variety of assets including stocks, ETFs and cryptocurrencies. Learn More Via eToro's Website.

Blog Press Information Linguee Apps. Translate text Translate files. If the replacement catal yt i c converter c o nf orms to a catal yt i c converter t y pe approved under one or more other Regulations annexed to the Agreement in the country which has granted approval under this Regulation, the symbol prescribed in paragraph 4.

In order to assist enterprises in their changeover preparations, the NECC has published a "Euro changeover checklist for business organisations", complemented by a toolkit for retailers containing information on the planning and implementation of the retailers' changeover preparations, a eu r o converter a n d a conversion chart, thereby setting examples of good practice. The EESC considers it positive that the protection afforded by this directive also applies to public communications networks supporting data collection and identification devices including contactless devices such as R ad i o Frequency I d en tification Devices The plant health checks may also be carried out at red uc e d frequency , i f there is evidence, collated by the Commission and based on experience gained from earlier introduction of such material of the same origin into the Community as confirmed by all Member States concerned, and after consultation within the Committee referred to in Article 18, to believe that the plants, plant products or other objects in the consignment or lot comply with the requirements laid down in this Directive, provided that the detailed conditions specified in implementing provisions pursuant to paragraph 5 c are met.

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The approval mark shall be indelible and clearly legible when the replacement catal yt i c converter i s m ounted under the vehicle. The above approval mark affixed to a component of replacement catal yt i c converter s h ow s that the type concerned has been approved in the Netherlands E 4 pursuant to Regulations Nos and 59 1.

In this case, the administrative departments shall provide, on request and on a non-discriminatory basis, Appendix 1 to the type approval communication which contains the number and type of preconditioning cycles and the type of test cycle used by the original equipment manufacturer for OBD testing of the catal yt i c converter.

The NECC, responsible for implementing the communication strategy towards the changeover in Malta, launched, after a brief pause during August , an intensive and comprehensive last phase campaign on the 'immediacy' of the euro introduction e. The reason is intuitive as most of the adjustment toward equilibrium is achieved by a currency movement and not through relative price changes across countries.

The MB model estimates conversely are not indicative of future exchange rate movements. The third is that most of the forecasting power comes from the mean-reverting properties of real exchange rates rather than from exploiting the relationship between exchange rates and economic fundamentals. The key fundamentals that need to be known for out-of-sample forecasting are the real and nominal exchange rates, while there is relatively little information to be extracted from other economic fundamentals in normal times.

Large current account surpluses or deficits may influence the path of adjustment of the exchange rate but, in line with theory, they have a limited influence on the long-term value of the exchange rate. Disclaimer Please note that related topic tags are currently available for selected content only. We are always working to improve this website for our users. To do this, we use the anonymous data provided by cookies. Learn more about how we use cookies.

See what has changed in our privacy policy. Search Options. Sort by Relevance Date. The predictive power of equilibrium exchange rate models Publications Loading…. Chart 1 Scatter plot of nominal exchange rate changes vs.

Meese, R. The authors showed that these results hold even when the models have the advantage of using known, realised economic fundamentals. A theoretical explanation of these findings is presented by Engel et al. For more details, see Engel, C. Rogoff, K. Cheung, Y. The concept and measurement of the equilibrium exchange rate is particularly relevant also for central banks adopting managed exchange rate regimes or for countries joining the exchange rate mechanism and later fixing their parity irrevocably to the euro.

This property is also partly embedded in theoretical sticky price models. However, in these models the obtained co-movement between real and nominal exchange rates tends to be smaller than in the actual data. Eichenbaum, M. Driver, R. This notion is implicit in the uncovered interest rate parity as discussed in Engel, C. Cassel, G. Fell, J. Fidora, M. Lee, J. Lane, P. Faruqee, H. As explained in Lane and Milesi-Ferretti, this specification represents a long-run cointegration relationship, necessitating panel cointegration estimators.

See Williamson, J. This consists in forecasting the underlying current account with an RW model, defining the current account norm based on a panel regression and choosing appropriate current account elasticities. For the baseline we have assumed producer currency pricing. This means that export prices do not react to exchange rate changes, whereas import prices are affected one-to-one, implying perfect pass-through.

Given the large estimation uncertainty regarding the magnitude of foreign trade elasticities, we followed the literature and set the long-run price elasticities equal to minus one. These assumptions translate into a set of elasticities that are both country- and time-dependent as they are a function of import and export shares. Opie, W. For each of the ten analysed economies, the foreign sector is represented by the other nine countries plus Denmark, which is excluded from the analysis owing to its fixed exchange rate regime.

The weights are computed based on the narrow effective exchange rate index published by the Bank for International Settlements BIS. We take BIS weights for the year and adjust them so that they sum to unity. The panel results are estimated using fixed effects for the ten countries in the sample and correcting errors for autocorrelation and heteroskedasticity. At the four-year horizon there is evidence of overshooting in the case of the euro and the US dollar, suggesting that the estimated misalignment flips in the opposite direction.

A similar result is found by Yesin See Yesin, P. This confirms our in-sample insight of a very limited adjustment of exchange rates toward equilibrium exchange rate estimates when the latter are derived with the MB model. A similar result is found in Yesin , op. The analysis shows that, despite the usefulness of the MB model in the context of the global imbalances debate, the BEER model has stronger forecasting properties.

A similar conclusion is reached by Engel and Wu , op. Related topics Monetary policy Disclaimer Please note that related topic tags are currently available for selected content only. Are you happy with this page? Our website uses cookies We are always working to improve this website for our users.