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Figure 2 Order of Preference for Waste Management Options

In industry, waste is generally reduced firstly by improved quality in manufacturing operations, i.e. minimization of rejects and rework, and then by using more efficient manufacturing processes and better materials. The application of waste minimization approaches has led to the development of innovative and commercially successful replacement products. Waste minimization has proven benefits for industry and the wider environment:

• It reduces raw material costs.

• It reduces the cost of transport and processing raw materials and the finished product.

• It reduces the waste disposal cost to other parties (including collection, transport, processing and disposal).

The strategies for efficiency improvement of raw material use are based on so-called '3 Rs' approach -Reduce, Reuse and Recycle - which classifies waste management strategies according to their desirability. Waste management has evolved over the past decade, but the basic concept has remained the cornerstone of most waste minimization strategies (Fig. 2). The aim of waste management is to extract maximum practical benefits from certain raw material and to generate minimum amount of waste.

Effective market forces and good information can accelerate performance improvements, but market failures and barriers can inhibit efficiency gains. In such cases, the government's energy and environmental policy interventions are useful in focusing market interest on resources use efficiency. These include legislation, codes, standards, voluntary agreements, and special financing arrangements.

6 Global Energy Policy Framework

The international community shares the concern for secure energy supply (mostly gas and oil) and for the environmental impact of energy use. In particular, the concern for the consequences of climate change and depletion of natural resources brought the countries together at the Rio Earth Summit back in 1992, where the United Nations Framework Convention on Climate Change (UNFCCC) was adopted, calling for stabilization of greenhouse gases (GHG) concentrations in the atmosphere.

Climate change is one of the most serious challenges facing humanity in the 21st century. It is a truly global problem that will trigger the fundamental transformation of fossil fuel powered industrial economies. The first steps of this global process have already begun with the Kyoto Protocol and other policy instruments being implemented worldwide. Regulatory limits on GHG emissions materially impact on businesses that are producers or large-scale consumers of fossil fuels. They will accelerate the development of renewable energy and energy efficiency markets, and they will fundamentally impact on strategies and profits in industries such as power, cement, steel and oil refining.

The UNFCCC sets an overall framework for intergovernmental efforts to tackle the challenge posed by climate change. It recognizes that the climate system is a shared resource whose stability can be affected by industrial and other emissions of carbon dioxide and other heat-trapping gases. The ultimate objective of this Convention is the stabilization of greenhouse gas concentrations in the atmosphere at a level that will prevent dangerous anthropogenic interference with the climate system.

The main goal of energy policies in the context of climate change prevention and sustainable development (Box 3) is to explore ways of reducing the amount of energy used to produce a product, a service or a unit of economic output, and indirectly to reduce related emissions into the natural environment.

The concept of sustainability originated in the forestry industry and basically means only cutting down the amount of wood that you subsequently replenish with new growth. This idea was developed further in 1987 by the UN World Commission on Environment and Development, paving the way for a new policy of long-term sustainable growth that is meant to 'meet the needs of the present without compromising the ability of future generations to meet their own needs'. The term 'sustainability' was introduced into the world of politics and business at the Earth Summit held in Rio de Janeiro in 1992.

Box 3: Sustainable Development

The most common definition of sustainable development says that it is 'development that meets the needs of the present without compromising the ability of future generations to meet their own needs'.

The concept of 'sustainable development', which made its first appearance in the 1970s, did not really enter the mainstream until the World Commission on Environment and Development (the Brundtland Commission) of 1987 provided a working definition that has largely been accepted ever since.

It is possible to trace a line of conceptual development from the Commission's work from the 1990 Intergovernmental Panel on Climate Change (IPCC) meeting in Geneva, to the historic Rio Earth Summit of1992. Agenda 21, the Rio Declaration on Environment and Development, and the Statement of Principles for the Sustainable Management of Forests was adopted by more than 178 Governments at the United Nations Conference on Environment and Development (UNCED) held in Rio de Janeiro, Brazil in June 1992.

Agenda 21 is a comprehensive plan of action to be taken globally, nationally and locally by organizations of the United Nations System, Governments, and major groups in every area in which there is human impact on the environment. The Agenda has affirmed the views that the integration of environmental and development concerns and paying greater attention to them will lead to the fulfillment of basic needs, improved living standards for all, better protected and managed ecosystems and a safer, more prosperous future. Hence, the concept of eco-efficiency has come into being, based on the idea that improved efficiency benefiting business processes will also automatically benefit the environment.

In March 1995, politicians held a climate summit in Berlin where they agreed that legally binding CO2 reduction targets should be ready for signing by industrialized countries. In December 1995 in Rome, scientists completed the second IPCC report, agreeing for the first time that human activities are altering the climate.

Energy, in its different forms, is required as continuous input to all industrial processes. The total energy consumption of the industrial sectors of developed countries contributes to around 30-40 % of total energy demand. In China, for instance, the share of industrial energy demand goes up to 70 % of total energy use. The consequences of burning fossil fuels are releases of greenhouse gasses (Box 4), which are responsible for perceived climate changes and global warming.

Box 4: Greenhouse Gasses and Climate Change

The earth's climate is dependent on the energy balance, which is affected by the sunlight reaching the earth, the amount reflected and the amount absorbed by the earth's surface. About 30% of the incoming sunlight is reflected back into space, while the remaining 70 % warms up the earth and its atmosphere before being radiated back into space as infrared light.

The greenhouse effect, in which the atmospheric concentration ofwatervapourand CO2 traps infrared radiation, keeps the planet sufficiently warm to support life. 'Greenhouse gases' (GHG are those gaseous constituents of the atmosphere, both natural and anthropogenic, that absorb and re-emit infrared radiation. Naturally occurring greenhouse gases include water vapour, carbon dioxide, methane, nitrous oxide, and ozone.

Certain human activities, however, add to the levels of most of these naturally occurring gases:

Carbon dioxide (CO2): released into the atmosphere when solid waste, fossil fuels (oil, natural gas, and coal), and wood or wood products are burned.

Methane (CH4): emitted during the production and transport of fossil fuels (coal, natural gas, and oil) from the decomposition of organic wastes in municipal solid waste landfills, and the raising of livestock.

Nitrous oxide (N2O): emitted during agricultural and industrial activities, as well as during combustion of solid waste and fossil fuels.

Other greenhouse gases that are not naturally occurring include: hydrofluorocarbons (HFCs), perfluorocar-bons (PFCs), and sulfur hexafluoride (SF6), which are generated in a variety of industrial processes.

Increasing emissions and accumulation of anthropogenic GHG gasses, which are mainly carbon dioxide (CO2), methane (CH4), and nitrous oxide (N2O); over the last two centuries, the amount of trapped infrared radiation has increased leading to the global warming and climate change.

'Climate change' means a change of climate which is attributed directly or indirectly to human activity that alters the composition of the global atmosphere and which is in addition to natural climate variability observed over comparable time periods.

The international community has responded to these threats by introducing a number of conventions and protocols, the most famous being the Kyoto Protocol (Box 5).

Box 5: The Kyoto Protocol

The Kyoto Protocol to the UNFCCC strengthens the international response to climate change. Adopted by consensus at the third session of the Conference of the Parties (COP3) in December 1997, it contains legally binding emissions targets for Annex I (developed) countries for the post-2000 period.

By arresting and reversing the upward trend in greenhouse gas emissions that started in these countries 150 years ago, the Protocol promises to move the international community one step closer to achieving the Convention's ultimate objective of preventing 'dangerous anthropogenic (man-made) interference with the climate system'.

The developed countries commit themselves to reducing their collective emissions of six key greenhouse gases by at least 5 %c. The six gases are to be combined in a 'basket', with reductions in individual gases translated into 'CO2 equivalents' that are then added up to produce a single figure.

Countries will pursue emissions cuts in a wide range of economic sectors. The Protocol encourages governments to cooperate with one another, improve energy efficiency, reform energy and transportation sectors, promote renewable forms of energy, phase out inappropriate fiscal measures and market imperfections, limit methane emissions from waste management and energy systems, and protect forests and other carbon 'sinks'.

The EU and its Member States ratified the Kyoto Protocol in late May 2002, and Russia in 2004, enabling the Kyoto Protocol to finally come into force in February 2005.

It has become clear that no nation can achieve ultimate results on its own but only in a global partnership for sustainable development. Governments have recognized the need to redirect international and national plans and policies in order to ensure that all economic decisions fully take into account any environmental impact. And the message is producing results, making eco-efficiency a guiding principle for business and governments alike.

7 Energy and Environmental Policies

Although the Kyoto Protocol is still not universally supported, there is no doubt in anybody's mind that issues regarding limited reserves of fossil fuels and the environmental impact of their use must be taken seriously. National governments are responding to climate change challenges by introducing variety of energy policies, technical standards and environmental legislation aimed at increasing efficiency of energy consumption and reducing the environmental impact of energy use.

These policies and instruments for their implementation create a framework against which businesses must assess their own energy policies and implement energy and environmental management programs. These policies usually have mandatory and voluntary components, which are often combined in an integrated approach that brings together a number of policies and programs aimed at creating strong overall policy framework that addresses a variety of needs related to promoting the improvement of efficiency in energy use and in environmental performance.

Some of the policy instruments will be briefly described in the text that follows.

7.1 Integrated Pollution Prevention and Control (IPPC)

The EU has a set of common rules on environmental permissions for industrial installations, which extend also to cover energy use at facilities. These rules are set out in the so-called IPPC Directive of 1996, The IPPC stands for Integrated Pollution Prevention and Control. In essence, the IPPC Directive is about minimizing pollution from various sources throughout the European Union. All concerned companies are required to obtain an authorization (permit) from the authorities in the EU countries. Unless they have a permit, they are not allowed to operate. The permits must be based on the concept of Best Available Techniques (or BAT).

The same Directive has established the European Pollutant Emission Register - the first Europe-wide register of industrial emissions into the air and water. A comparable instrument in the USA is the Toxics Release Inventory (TRI). The number of facilities submitting reports to the USATRI is about 20 000 and it is comparable with the total number of facilities involved in the European Union.

7.2 Energy Markets Deregulation and Liberalization

The operation of electric power systems in the 1970s was a vertically integrated activity with a strongly monopolistic character and with a public supply service obligation in their location area. Their activities were under the scrutiny of a regulatory authority accountable, directly or indirectly, to the government.

The 1980s brought changes to this landscape. Achievements in technology, a political environment favorable to 'free markets' and opposed to monopolies, of the state in particular, as well as modifications to the ownership structure by placing distribution and production assets in the hands of private ownership have changed the perception of energy sector development completely. An important part of the sector, that related to network services (transmission, distribution), still remains a natural monopoly which needs monitoring by the state by regulating access to the network in a non-discriminatory way, as well as by providing protection mechanisms for underprivileged consumers. Privatization in Chile and the UK marked the beginning of this process.

7.3 Consumers' Choice in the Liberalized Energy Market

This liberalization is aimed at introducing supply competition in the electricity and gas markets. Competition is supposed to benefit consumers through lower prices and by broadening the choice of available services (Fig. 3).

Competing Producers

(including ancillary services) Competing Suppliers

Competing Producers

(including ancillary services) Competing Suppliers

Figure 3 Liberalized Electricity Market

Independent Network Operators

Figure 3 Liberalized Electricity Market

In addition to affording choice to consumers, liberalization has also introduced complexity into the wholesale and retail energy markets. A consequence of the complexity of the wholesale electricity market is price volatility at times of peak demand and supply shortages. Final consumers (large and small) are at the receiving end of these complexities. They can buy from retailers or directly from the generator (if their consumption is large enough). This competition creates the potential for lower prices and enhanced customer service, but it also creates complexity arising from the range of products that are offered.

Industrial energy buyers need to be well informed in order to make best decisions regarding the purchase of their fuels and electricity. They need to consider how to avoid price spikes during extremely hot or cold seasons, how to mitigate the risk of fluctuating market prices for electricity and how to forecast more accurately and manage energy expenses in each quarter.

That is where an energy management system, if in place, can help by providing accurate data on current and reliable forecasting of future energy consumption profile and amounts, as a basis for negotiating optimal energy supply contracts with an energy trader.

7.4 Emissions Trading

The aim of emission trading is to achieve emissions reductions at the lowest economic cost. Emission trading occurs when a factory reduces its emissions and then transfers ownership of the emission reduction to another party. Emission allowances are typically given by regulators to large sources of pollution, and allow those sources to release a prescribed amount of a pollutant. Surplus allowances can be sold, traded, or banked for future use.

As an instrument for reducing carbon dioxide emissions, the European Union Emission Trading Scheme (EU ETS) became effective in January 2005. It was developed not only to support the reduction of CO2 emissions, but also to offer companies an incentive for developing and using new technologies. Under the ETS, theEU imposes CO2 quotas on more than 15 000 company-owned power plants and factories. Businesses that exceed their limits must either buy allowances from companies that emit less, or pay a penalty.

7.5 Compulsory Energy Efficiency Programs

There are only a few compulsory energy efficiency programs aimed at industrial facilities. It is only recently that the EU introduced a Directive aimed at the energy performance of buildings that makes it mandatory to carry out energy audits of large commercial buildings at regular intervals. In that respect, the energy conservation program (ENCON) in Thailand is unique, because it began in the early 1990s and it is still running as a compulsory program for improving energy efficiency in industry and large buildings.

7.5.1 ENCON Program in Thailand

Energy consumption in Thailand showed a rapid increase during the 1980s and 1990s, and reached the highest recorded rate of 15 % in 1997. Such an increasing trend had to be slowed down in order to prevent massive government spending so as to increase the capacity of energy supply plants in Thailand, as well as meeting the need to improve the nation's environmental performance.

Therefore, in order to introduce the efficient use of energy, the Energy Conservation program made it mandatory for large industrial users and commercial buildings to appoint a person responsible for energy, carry out energy audits by registered consultants, report results to the Government for approval, prepare targets and plans for energy efficiency improvements, implement the plans and report on the results of implementation. Recently, the scheme has been updated, but designated factories and buildings are still obliged to follow a basic four-step procedure, as described in Box 6.

Box 6: Steps of the ENCON program in Thailand


Assign Full Time Person Responsible for Energy (PRE)



Submit Energy Conservation Report to Government (Twice a Year in the Month of July and January)



Set Targets and Prepare Plans for Implementation for Energy Conservation Measures Identified from Detailed Energy Audit



Monitor and Analyze Achievements of Targets Annually, and Submit Report to the Government every 3rd year

7.6 Voluntary Programs

Voluntary programs are part of energy polices based on targets and incentives that industry may subscribe to or apply for. There is a number of such schemes around the world, but we will point out just one of them that addresses energy and environmental issues.

7.6.1 Eco-Management and Audit Scheme (EMAS)

The Eco-Management and Audit Scheme (EMAS) is the EU voluntary scheme for organizations willing to commit themselves to evaluate, improve and report on their environmental performance. The EMAS is established to evaluate and improve the environmental performance of organizations and to provide relevant information to the public and other interested parties. The objective of the EMAS is to promote continual improvement in the environmental performance of organizations by:

(1) establishing and implementing environmental management systems;

(2) systematic, objective and periodic evaluation of the performance of such systems;

(3) providing information on environmental performance and open dialogue with the public and other interested parties;

(4) active involvement of employees in the organization and appropriate initial and advanced training that make active participation in the above-mentioned tasks possible.

In its requirements, the EMAS is closely related to ISO 14000 environmental management standards.

8 Industries' Self-Motivation for Effective Energy and Environmental Performance

As energy prices increase, industries are more and more aware that energy is an expensive commodity that has to be used efficiently in order to reduce the costs that it entails. When companies realized that improving energy efficiency was not only about energy performance, but also about the business performance as a whole, i.e. about improving profits, the motivation for energy management became evident.

However, the improvement of environmental performance is associated with costly measures and interventions without obvious and immediate financial benefit to a company; hence for years improvement of environmental performance has not been high on the agenda. Therefore, the introduction of environmental legislation is necessary in order to enforce minimum standards of environmental performance.

Increasingly, over the last decade, companies themselves are recognizing that care for the environment is part of good corporate behavior, which besides having obvious benefits for the global environment that we all share, also brings with it the 'goodwill' benefit of environmentally conscious customers that prefer to buy goods and service from companies that employ so-called 'green' business practices.

Major international corporations are subscribing voluntarily nowadays to schemes like the Global Reporting Initiative (Box 7), Business Roundtable Principles of Corporate Governance (Box 8), Corporate Sustainability (Box 9) and the US Climate Action Partnership (Box 10).

Box 7: Global Reporting Initiative

Thc Global Reporting Initiative (GRI) is a multi-stakcholdcr proccss and independent institution whose mission is to dceclop and disseminate globally applicable Sustainability Reporting Guidelines. These Guidelines arc for voluntary use by organizations for reporting on thc economic, environmental, and social dimensions of their activities, products and services. Established in 1997, GRI became independent in 2002, and is an official

Box 7: Continued collaborating centre of the United Nations Environment Program. The GRI provides a reporting framework that outlines a core content broadly relevant to all organizations regardless of size, sector, or location. The GRI content Index covers:

• Vision and strategy;

• Governance structure and management Systems;

• Economic performance indicators;

• Environmental performance indicators, consisting of:

- Materials;

- Biodiversity;

- Emissions, effluents and waste;

- Suppliers;

- Products and services;

- Compliance;

- Transport;

• Social performance indicators.

Most of the indicators in the GRI guidelines are covered by technical protocols providing detailed definitions, procedures, formulae and references so as to ensure consistency and comparability in reported information. The relevant example is the GRI Energy Protocol which is intended to clarify the measurement expectations for individual energy performance indicators.

Box S: Business Roundtable Principles of Corporate Governance

The Business Roundtable is recognized as an authoritative voice on matters affecting American business corporations. It supports the following guiding principles of corporate governance:

The paramount duty of the board of directors of a public corporation is to select a Chief Executive Officer and to oversee the CEO and other senior management in the competent and ethical operation of the corporation on a day-to-day basis.

It is responsibility of management to operate the corporation in an effective and ethical manner in order to produce value for stockholders.

Although the Principles do not spell out the environmental concerns explicitly, they are covered by the requirement to operate corporations in an 'ethical manner'. Also the Business Roundtable trusts that the most effective way to enhance corporate governance is through conscientious and forward-looking action by a business community that focuses on generating long-term stockholder value with the highest degree of integrity.

Box 9: Corporate Sustainability

Corporate Sustainability is a business approach that creates long-term shareholdervalue by embracing opportunities and managing risks derivingfrom economic, environmental and social developments. Corporate sustainability leaders achieve long-term shareholder value by gearing their strategies and management to harness the market's potential for sustainability products and services while at the same time reducing and avoiding sustainability costs and risks.

The quality of a company's strategy and management and its performance in dealing with opportunities and risks deriving from economic, environmental and social developments can be quantified and used to identify and select leading companies for investment purposes.

Corporate sustainability performance is and investable concept. The Dow Jones Sustainability Index defines corporate sustainability assessment criteria along these three dimensions:

ECONOMIC ENVIRONMENTAL ^ SOCIAL, each having an average weighting of 50, 20 and 30 % respectively.

Leading sustainability companies display high levels of competence in addressing global and industry challenges in variety of areas:

Strategy: Integrating long-term economic, environmental and social aspects in their business strategies while maintaining global competitiveness and brand reputation.

Financial: Meeting shareholders' demands for sound financial returns, long-term economic growth, open communication and transparent financial accounting.

Environmental: Managing environmental performance of the business according to highest standards, and continuously improving efficiency of using energy, water and raw materials.

Customers and products: Fostering loyalty by investing in customer relationship management and product and service innovation that focuses on technologies and systems, which use financial, natural and social resources in an efficient, effective and economic manner over the long-term.

Governance and stakeholders: Setting the highest standards of governance and stakeholder engagement, including corporate codes of conduct and public reporting.

Human: Managing human resources to maintain workforce capabilities and employee satisfaction through best-in-class organizational learning and knowledge management practices and remuneration and benefit programs.

Box 10: The US Climate Action Partnership

Ten industry giants - with business operations spanning the utilities, manufacturing, chemicals and financial-services sector - joined forces with four environmental groups to pressure for setting mandatory limits on CO2 emissions. The group calls for a market based emission trading program. Under a 'cap and trade' system, the Government gives or sells permits to business, allowing them certain levels of emissions. Companies that emit less than allowed get credits they can then sell to companies that need them to meet the standard because they are emitting more than their designated amounts.

As of now, the US has a voluntary emission-trading system through the Chicago Climate Exchange (CCX). CCX is the first US pilot program for voluntary trading of GHG emissions which, apart from emissions trading among emitters, also provides for offset projects in North America and limited offset projects in Brazil. Starting from an already existing regional SO2 trading scheme, the project aims at extending the latter by GHG emissions trading.

The coalition is aiming to reduce GHG emissions by 10 % to 30 % over next 15 years.

This coalition presents a strong sign that climate change debate has become less of a debate and more of a consensus. Expanding the GHG market into a global market is believed among industrialists, will ensure that the climate change is being addressed effectively and efficiently and will stimulate innovation in addressing the climate change.

9 Environmentally Responsible Investing

Socially responsible corporate governance is further reinforced by the emergence of environmentally conscious investors that prefer to buy shares in 'green' companies. The underlying principle of sustainable investment is that the economy does not exist in a vacuum, but it is tied to its environmental and social milieu. Society and the environment have a significant impact on the economy, and vice versa.

For instance, if raw materials are in short supply, companies that are prudent in their use of finite resources have systematic cost and revenue advantages over companies that are more reckless in their consumption of resources. Further, fair conduct towards employees and other stakeholders pays off because contented employees are harder working and more motivated, happy suppliers are more reliable and satisfied customers are more loyal.

More than 10 years ago the banks realized that there was a positive correlation between environmental and social compatibility, on the one hand, and commercial success, on the other. Hence, the influence of environment and social themes is growing steadily in the asset management business. From environmental viewpoint, the main focus is on eco-efficiency. This means that companies which keep environmental pollution per dollar of value added as low as possible will receive a favorable rating. Some 10 years ago, the first investment fund appeared based on this principle. That fund invested not only in environmental technologies, as was common practice at that time, but also in any other sector where the above-mentioned environmental criteria were applied.

The recent surge in natural resource prices and higher and sustained energy prices are also pushing clean technologies and other green investments into the foreground. Besides the impact of higher energy prices, an equally compelling market driver is acceptance that environmental responsibility is raising global issues for both companies and governments.

Creating green financial products is an outcome of the convergence of capital markets and environmental and social issues. Investors have moved beyond socially responsible investing (SRI) and are demanding greater disclosure by companies of their climate change risks and overall 'greenness'. We are starting to see the emergence of environmental score cards for both GHG and clean technology exposure. Being 'green' is now good for business and is something that more and more shareholders expect from and look for in companies. Energy and environmental issues have thus become closely intertwined and have emerged as board level issues.

Heightened awareness of environmental and energy issues also creates greater investment opportunities for clean technologies that are more energy efficient and more environmentally benign. As a result, more and more investment opportunities and vehicles through which to make those investments in the nexus of energy and the environment will emerge. There will be more hedge funds, equity funds and venture funds, as well as more investable financial products targeting investors. This increases the demand for companies to report on sustainability issues, and to build on their reporting capacity, moving towards greater coverage of environmental and social issues, transparency and consistency in the way that companies report upon their impact on the environment and in the delivery of improvements.

But more importantly, it also increases demand for companies to manage effectively their energy and environmental performance, alongside their overall business performance, in order to achieve the improvements that can then be reported upon.

The text that follows will describe a management approach which yields continuous energy and environmental performance improvements, reduces overall business costs and provides a framework for effective reporting on business performance to internal and external stakeholders.

10 Where to Look for Energy and Environmental Performance Improvements

Improvements in performance may come from more effective energy use in production, increased efficiency of energy supply and waste minimization. Generally, improvements can be found both in the way that people operate equipment and in the efficiency of equipment and technologies involved in a production process (Fig. 4). In order to achieve lasting reductions in environmental impacts and energy requirements for production of a particular product, a combination of several factors is required:

• improved operational and maintenance procedures;

• improved controls (involves both people and technology);

Figure 4 Ways to Improve Energy and Environmental Performance

• waste avoidance and minimization;

• efficient equipment, and above all

• skilled and dedicated people.

It needs to be emphasized that energy management and pollution control starts with increasing the efficiency of existing operations and by minimizing waste. Whenever some raw materials are processed, energy is required. Excessive waste in material processing will also cause excessive energy consumption. Variations in efficiency of materials processing will be reflected in variations of energy use. Impacts on the environment are a consequence of processing raw materials and energy use in that process. Therefore, we stress that energy management is a driver for environmental management and overall operations performance management.

From these perspectives, we will continue to elaborate in Part I of the book, focusing on the managerial, organizational and human aspects of energy and environmental performance improvement.

Part II of the book will cover the technical opportunities and measures for the energy efficiency improvement of industrial energy and utility systems and the resulting environmental performance improvements. Environmental technologies considerations are not covered, but useful references will be provided.

11 Bibliography

V. Bukarica, Z. Morvay, Z. Tomsic (2007) Evaluation of energy efficiency policy instruments effectiveness - case study Croatia, IASTED International Conference on Power and Energy Systems (EuroPES), Spain (English).


Z. Morvay (2002) 'Options for restructuring of a vertically integrated power utility', invited presentation for EGAT's internal seminar (Electricity Generation and Transmission Company of Thailand), Chang Mai, Thailand. Z. Morvay, Kosir, M., Limari, S., Hamiti A. (2003) Restructuring of a vertically integrated electric power utility for a competitive regional electricity market, International Conference on Energy and Environment, Pukhet, Thailand, February (English).

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Lessons From The Intelligent Investor

Lessons From The Intelligent Investor

If you're like a lot of people watching the recession unfold, you have likely started to look at your finances under a microscope. Perhaps you have started saving the annual savings rate by people has started to recover a bit.

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