<abstract xmlns="http://www.w3.org/1999/xhtml">In the scientific literature business models are defined as architecture of the value creation, profit formula, key processes and key resources. For the oil industry there is a need to develop new business models that have to describe the specificity of this industry and to take into consideration the new objectives after the global oil crisis. Although crude oil price has dropped dramatically since second quarter 2014, OPEC raised crude output to the its highest value in more than three years as it pressed on with a strategy to protect market share and pressure competing producers. The objective of this article is to identify and promote new business models for state companies in the oil industry. The research methodology is based on case studies that present and analyze the business models in two of the main oil producers Iran and Iraq, where the state companies are playing an important role in this industry. The subject is relevant because the business models for state companies in the oil industry have to be modified after the oil crisis and these are not real analysed in the scientific literature. Furthermore, the aspects discussed in the current article represent the main factors that will influence investment prospects of companies in the field in the next decade.</abstract>

The Bucharest University of Economic Studies, Bucharest,

Daflog Kish Inc. (Iranian – Romanian Drilling & Well Services Company)

New business models for state companies in the oil industry

<abstract xmlns="http://www.w3.org/1999/xhtml">Risk management is necessary for achieving the goals of the organization. There are many methods, approaches, and instruments in the literature concerning risk management. However, these are often highly specialized and transferring them to a different field can prove difficult. Therefore, managers often face situations where they have no tools to use for risk management. This is the case with small photovoltaic plants (according to a definition by the Bulgarian State Energy and Water Regulatory Commission small applies to systems with a total installed power of 200 kWp). There are some good practices in the energy field for minimizing risks, but they offer only partial risk prevention and are not sufficient. Therefore a new risk management method needs to be introduced. Small photovoltaic plants offer plenty of advantages in comparison to the other renewable energy sources which makes risk management in their case more important. There is no classification of risks for the exploitation of small photovoltaic systems in the available literature as well as to what degree the damages from those risks could spread. This makes risk analysis and evaluation necessary for obtaining information which could aid taking decisions for improving risk management. The owner of the invested capital takes a decision regarding the degree of acceptable risk for his organization and it must be protected depending on the goals set. Investors in small photovoltaic systems need to decide to what degree the existing risks can influence the goals previously set, the payback of the investment, and what is the acceptable level of damages for the investor. The purpose of this work is to present a risk management method, which currently does not exist in the Bulgaria, so that the risks and the damages that could occur during the exploitation of small photovoltaic plants could be identified and the investment in such technology – justified.</abstract>

University of Ruse “Angel Kanchev”, Ruse,

Risk management method for small photovoltaic plants

<abstract xmlns="http://www.w3.org/1999/xhtml">The global pressing need to protect the environment, save energy and reduce greenhouse gas emissions worldwide has prompted the enterprises to implementing both individual energy saving measures and a more systematic approach to improve the overall enterprise’s energy performance. Energy management is becoming a priority as enterprises strive to reduce energy costs, conform to regulatory requirements, and improve their corporate image. As such, enterprises are encouraged to manage their energy related matters in a systematic manner and a more harmonized way, to ensure continual improvement on their energy efficiency. Despite the increasing interest in energy management standards, a gap persists between energy management literature and current implementation practices. The release of the ISO 50001 international standard was meant to help the organizations develop sound energy management systems and effective process-based energy management structures that could be recognized through third-party certification. Building on the energy management literature and energy management standards, the current paper presents the essential steps the enterprises should take to practically design a sustainable energy management system. Also, by using multiple case studies of enterprises that have implemented an ISO 50001 energy management system, it introduces a structured approach that companies can use to effectively develop their energy planning and improve energy performance. The key components of the enterprise’s energy planning are discussed, as well as practical examples of energy objectives and performance indicators from various industries are offered. The paper shows that by establishing an effective energy planning system, this will efficiently meet demands for achieving energy performance indicators and international certification.</abstract>

Effective energy planning for improving the enterprise’s energy performance

<abstract xmlns="http://www.w3.org/1999/xhtml">Wind energy experienced an exponential development in the past two decades, forming a main source of energy today, but also a frequently encountered issue of debate due to the increased proximity of wind turbines to citizens’ residence, especially in the case of the Western part of the European Union. Although the benefits of renewable sources of energy represent a compulsory effort towards ensuring sustainable energy strategies for the future, due to the increased pressure of balancing climate change, limitation of traditional energy resources and economic competition, the expansion of wind parks has caused strong reactions of local communities in many regions leading to the reorganization of public exposure strategies of many companies in the field. This research intends to offer a sample of public perceptions of wind turbines depending on several influence factors, based on the answers of 64 Dutch citizens and 40 Romanian respondents. Through the implementation of the Delphi method based on questionnaires and interviews, an overview of perceptions towards placement of wind turbines in the two analyzed countries has been offered, providing significant answers to the influence factors of public reactions for or against wind turbines. The main results of the research revealed the importance of financial benefits in increasing public acceptance of wind farms, as well as several subjective factors, such as the visual impact of wind turbines and onshore or offshore placement, that contribute to a positive or negative behavior of citizens towards it.</abstract>

Public reactions towards wind energy instalments. Case study: Romania and the Netherlands

<abstract xmlns="http://www.w3.org/1999/xhtml">Energy security is a constant presence in the energy-related political discourse all over the world. States strive to secure steady inflows of needed energy supplies, as well as the price affordability of those supplies. However, what are deemed to be the best means to meet such goals depends on one’s theoretical vantage point. On the one hand, economically-minded theorists maintain that energy security is only a matter of market rules and interactions. Thus, they call upon energy markets to deliver both steady supplies and competitive prices. On the other hand, politically-minded scholars emphasize the political and hard-power nature of international energy trades, especially in a global context market by the emergence of state-centered, authoritarian regimes that use large national energy companies as foreign policy instruments. These two positions delineate competing approaches to how energy security risks ought to be managed. The former approaches energy security risks by means similar to portfolio management, requiring diversification of investments in order to insulate them from market shocks. The latter approaches energy security as a matter of foreign policy, by which states envisage interest coordination and favorable alignments within countervailing alliances against the agent of energy security risk. The present paper goes beyond the uncontentious point that these two dimensions are complementary. It argues that, depending on the international context, a more market-driven or a more-politically driven behavior may be adequate.</abstract>

Energy security: between markets and sovereign politics

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