Long-term Agreements Research Articles

Substitution of care through the eyes of Dutch health insurers: a qualitative study

Abstract Objectives The objective of health policy measures in the Netherlands is to promote the substitution of care from hospitals to general practitioners (GPs), with reimbursement facilitating this shift. Given that health insurers are tasked with healthcare reimbursement in the Netherlands, understanding their experiences regarding care substitution is crucial. Methods First, informal interviews were held with employees from the Dutch Ministry of Health, Welfare and Sports, the National Health Care Institute and the Netherlands Institute of Health Services Research to construct the topic list. Then, we conducted semi-structured interviews with 15 employees from 7 health insurers, including healthcare purchasers, strategists, client relations executives, and business analysts, between February and April 2024. Transcripts were analyzed in MAXQDA by two researchers, after member checking. Results Insurers navigating substitution face a complex interplay of competition and collaboration, lacking a comprehensive framework. Long-term agreements with hospitals and GPs are seen as potential solutions, contingent on building trust. Diverse views on insurers’ roles emerge, from passive reimbursement to active infrastructure support. Budgetary constraints vary, with some insurers feeling constrained by national budgets for GPs and hospitals while others perceive more flexibility. Risks equalization and deductibles are identified as hindrances to substitution efforts, necessitating changes in financial incentives. Conclusions Overall, addressing these complexities requires aligning incentives and balancing collaboration and competition to optimize resource allocation to effectively meet evolving healthcare needs. A comprehensive framework to balance collaboration and competition might be helpful. Key messages • Understanding insurers’ views on care substitution is vital for healthcare policy in the Netherlands. • A comprehensive framework is needed to balance collaboration and competition, aligning incentives effectively.

Antizipation von Zukunft?

Abstract Current research in medieval studies focuses on how the future was dealt with in medieval culture. While Reinhart Koselleck has denied the Middle Ages any interest in an inner-worldly future, recent contributions show a variety of diverse endeavours to know and influence the future. By examining naval campaigns of the city commune of Genoa from the 12th–14th centuries, this article argues in favour of examining the social practice of medieval societies more intensively in terms of how people tried to influence what would happen in the future. The study of three military campaigns – the attacks on the Spanish harbour cities of Almería and Tortosa in 1147 and 1148, the conquest of Chios and Phocaea in 1346 and a failed expedition to Cyprus in 1383 – shows that in all cases the exercise of military force was at best planned in outline. As a rule, it was assumed that the available contingents and experience would be sufficient for success. Concrete tactics, but in the case of Chios and Phokaia also the targets of the attacks, were only agreed upon during the campaigns. A record of one such negotiation has even been preserved from Cyprus. On the other hand, there were diplomatic and, above all, economic planning horizons that stipulated long-term agreements even before the attack, in which precise deadlines and dates for payments were fixed as well as alliance obligations. The interference between these futures, which were planned and plannable to varying degrees, resulted in the inherent dynamics of non-synchronised temporalities.

Enhancing bargaining power for energy communities in renewable power purchase agreements using Gaussian learning and fixed price bargaining

Power purchase agreements aim to secure long-term contracts between sellers and buyers, particularly in renewable energy transactions. However, successful negotiations for a fixed long-term price and energy volume while ensuring maximum utility for stakeholders remains a significant challenge. This paper introduces a comprehensive model for negotiating 24/7 power purchase agreements, focusing on hourly pricing to address deficits and surpluses throughout each day of the contract timeline. The model incorporates demand flexibility through battery storage, settling on the strike price using Nash Bargaining theory and optimal management of energy consumption relative to market price fluctuations. A soft margin support vector machine classification model determines the buyer’s maximum acceptable price. Moreover, Gaussian process classification is employed to calculate a probabilistic, risk-adjusted strike price, enabling a data-driven approach to power purchase negotiations. The proposed model’s performance is demonstrated through a detailed case study of Norway, illustrating how demand flexibility can significantly lower long-term power purchase agreement contract prices. The analysis of yearly price trends indicates that incorporating flexibility resources in long-term energy contracts may lead to a reduction in strike prices by around 25%. Moreover, such flexibility enhances demand-generation matching, thereby increasing renewable energy transactions within such agreements.

Colonial Project Finance Initiative: to what extent did the UK export its public-private partnership model to Caribbean British Overseas Territories?

ABSTRACT Public–Private Partnerships (PPP) are long-term agreements for procuring public projects that bundle up design, build, finance, operation and management. The UK’s version, Project Finance Initiative, was a policy-based framework, now defunct. Instead, PPPs in Caribbean British Overseas Territories (BOTs) are based on rigid models, with early stopovers focused on ensuring financial sustainability. A comparative analysis among Caribbean BOTs concludes that they show common models, and that those BOTs that need PPPs the most have set up the biggest hurdles to get them started. The analysis comprises four features: legal sources, administrative safeguards, scope restrictions for sector and value, and accountability.

Decision support for United States—Canada energy integration is impaired by fragmentary environmental and electricity system modeling capacity

Abstract The renewable energy transition is leading to increased electricity trade between the United States and Canada, with Canadian hydropower providing firm lower-carbon power and buffering variability of wind and solar generation in the U.S. However, long-term power purchase agreements and transborder transmission projects are controversial, with two of four proposed transmission lines between Quebec, Canada and the northeast U.S. cancelled since 2018. Here, we argue that controversies are exacerbated by a lack of open-source data and tools to understand tradeoffs of new hydropower generation and transmission infrastructure in comparison to alternatives. This gap includes impacts that incremental transmission and generation projects have on the economics of the entire system, for example, how new transmission projects affect exports to existing markets or incentivize new generation. We identify priority areas for data synthesis and model development, such as integrating linked hydropower and hydrologic interactions in energy system models and openly releasing (by utilities) or back-calculating (by researchers) hydropower generation and operational parameters. Publicly available environmental (e.g. streamflow, precipitation) and techno-economic (e.g. costs, reservoir size,) data can be used to parameterize freely usable and extensible models. Existing models have been calibrated with operational data from Canadian utilities that are not publicly available, limiting the range of scientific and commercial questions these tools have been used to answer and the range of parties that have been involved. Studies conducted using highly resolved, national-scale public data exist in other countries, notably, the United States, and demonstrate how greater transparency and extensibility can drive industry action. Improved data availability in Canada could facilitate approaches that (1) increase participation in decarbonization planning by a broader range of actors; (2) allow independent characterizations of environmental, health, and economic outcomes of interest to the public; and (3) identify decarbonization pathways consistent with community values.

Hedging renewable power purchase agreements

This paper uses closed-form and copula models to analyze short-term and medium-term financial instruments' hedging effectiveness and tail risk reduction in long-term renewable Power Purchase Agreements (PPAs). Using monthly and yearly exchange-traded electricity futures, we study PPA contracts from California, Germany, France, Italy, and Spain. The overall low or negative hedging effectiveness and inconsistent tail risk reductions indicate that traditional linear hedging strategies may not consistently achieve the desired risk mitigation. Monthly contracts are generally more effective in California, Germany, and France, while yearly contracts are preferable in Italy and Spain, highlighting the need for market-specific hedging strategies.

Sino-Russian energy cooperation in the post-Cold War (2000-2021)

This article aims to analyze Sino-Russian energy cooperation. Energy cooperation is the cornerstone in the relations between Russia and China. The Russian interest in this cooperation is to assure demand for the country’s energy exports, to acquire investment capital, and to benefit from Chinese labour. On the Chinese side, the aim has been to obtain access to Russian natural resources and to invest surplus capital. Despite the overlap in supply and demand, as well as the geographical proximity, the Russian energy market is directed towards Europe, while Chinese energy demand primarily is covered by the Middle East and Central Asia. The need for energy diversification has changed this situation and spurred Sino-Russian cooperation. The article is structured in three parts: it first presents Sino-Russian energy trade, secondly, it treats the agreements signed between both countries, and finally, it analyses energy cooperation. We concluded that this cooperation tends to endure due to the energy-related ties formed as part of the long-term agreements and construction of infrastructure. Also, that this cooperation is of a strategic nature for both countries, as it offers an alternative to other energy relations and provides the necessary room of maneuver to defend central political and security-related interests.

The marginal generation and emissions impacts of purchased hydropower: Evidence from the Colorado River Storage Project

As the electric grid continues to modernize, utilities and regulators are continuing to emphasize low-emission, low-cost resources. While wind, solar, and storage are capacity additive targets, marketed hydropower continues to be an attractive source of reliable power for utilities. These utilities rely on hydropower as a cheaper and cleaner alternative to traditional fossil fuel generation. However, hydropower production is subject to continuously evolving ecological and regulatory constraints. Understanding the economic benefits of hydropower purchases to utilities and their customers is useful in the discourse surrounding management of hydroelectric dams. To date, there has been no work that directly examines the fossil fuel generation, emissions, and regional air quality impacts associated with hydropower purchases. In this study, we address this paucity of research by conducting a case study of a non-profit power wholesaler engaged in long-term hydropower purchase agreements in the western United States. We collect hourly generation, stack-level emissions (CO2, SO2, and NOX), and regional ground-level ozone data across a five-year period to assess how purchases of marketed hydropower effect these outcomes. We quantify the average hourly offsets of purchased hydropower, solar, and wind generation. We find that most of the purchased hydropower is passed through to other utility customers, but that overall, significant reductions in fossil fuel generation (particularly coal), emissions, and regional ozone levels occur. We conclude by approximating conservative, lower-bound health incidence benefits associated with marketed hydropower purchases. Our results are useful to policymakers, utilities, and other stakeholders for better understanding the potential benefits of marketed hydropower.

A Financial Analysis and Valuation of First Solar, Inc.

First Solar is an American company specializing in thin-film photovoltaic solar solutions using Cadmium Telluride (CdTe) technology. This technology offers environmental protection and sustainability advantages. The company maintains market competitiveness through continuous technological improvements, enhanced efficiency and durability, and expanded production capacity. First Solar holds significant market share in the United States and India, aided by government incentives like the U.S. Inflation Reduction Act and Indias Production-Linked Incentive Program. The company is expanding globally through acquisitions and long-term agreements, with plans to build new factories in both countries to boost production. Financially, First Solar performs well in liquidity, solvency, and profitability, ranking in the upper-middle tier among industry competitors. Its healthy short-term debt solvency is indicated by strong current and quick ratios, while its low debt ratio and high interest coverage ratio highlight robust long-term debt solvency. The companys gross and net profit margins are stable and expected to grow. First Solars earnings per share (EPS) and revenue growth rates surpass those of its peers, and its price-to-earnings (P/E) and earnings growth (PEG) ratios suggest lower relative future earnings growth, enhancing investment appeal. In summary, First Solar demonstrates strong market competitiveness and growth potential with its advanced technology, sustainable business model, and solid financial performance, positioning it as a leader in the solar energy industry.

Techno-Economic Assessment of Electricity Generation From a Medium-Scale CSP-PV Hybrid Plant Using Long-Duration Storage

The South African electricity sector is transitioning from a single utility buyer model to an open market model due to increasing utility tariffs, the energy crisis, sustainability goals, and enabling legislation. As a result, the private sector is seeking to procure private power generation technologies, with solar photovoltaics (PV) and onshore wind being the primary choices. However, the integration of these technologies is limited due to their variability and lack of dispatchability. Concentrating solar power (CSP) tower technology combined with long-duration storage is gaining traction in high solar resource regions due to efficiency improvements and cost reductions. This paper evaluates a medium-scale CSP-PV hybrid plant’s technical and economic feasibility in South Africa, focusing on cost savings, energy security, and sustainability. The study identifies a hybrid plant suitable for large power users, with independent power producers (IPPs) developing such a plant using non-recourse project finance and energy sold to large users through long-term power purchase agreements (PPA). The first-year PPA tariffs are determined using a typical project finance model developed for local market conditions. Depending on the plant design and the off-taker’s utility tariff structure, the plant offers cost savings (and average tariffs) ranging from 9.25% (at 78 USD/MWh) to 17.58% (at 81 USD/MWh). Hybrid plants are expected to become more feasible and “bankable” with improving technology and decreasing costs in South Africa.

Auctions to reveal consumers’ willingness to pay for low-carbon hydrogen projects: combining lessons from renewables and natural-gas industries

Abstract Low-carbon hydrogen is expected to play a key role in realizing net-zero and sustainable development plans. Nonetheless, there is a gap between the cost of producing low-carbon hydrogen and its potential users’ willingness to pay for such hydrogen. To implement support for the development of the industry, we propose using low-carbon hydrogen long-term agreements allocated through auction mechanisms. The objectives are 2-fold: (i) matching supply and demand volumes considering the time horizon and geographical delivery point specification and (ii) allocating the subsidy. This perspective article innovates by proposing a reference price indexed to liquid to natural-gas prices, which is the main product that low-carbon hydrogen aims to substitute. The premium and the production cost are defined through a double-sided auction. This aims to minimize the public policy funds required to incentivize the low-carbon hydrogen market while facilitating long-term agreements and mitigating price risks that may hinder investment.

From Friendly Disinterest to Strategic Partnership?

AbstractSince 2014 and especially after 2022, the German–Ukrainian relations have developed impressive depth. With over seven billion euros in military aid spent since 2022, another seven earmarked for 2024, and a long-term security agreement signed, Germany has become an indispensable and reliable partner for Ukraine. Given the dire situation on the battlefield and the prospect of a long and difficult war ahead, several factors impede the potential strategic relationship. If not addressed, those could prove a problem for the otherwise strong German support for and partnership with Ukraine. They include improper communication on the German side, especially from the chancellor who is not properly making the case to his electorate more broadly as to why Ukraine aid is in Germany's interest. While Germany has changed course and only after Russia openly invaded Ukraine, it has failed to critically examine its failed Russia policy and underinvested in addressing what scholars refer to as the country's “Ukraine-ignorance”. Additionally, the cautious and fear-driven logic of German decision-making and a lingering distrust of the Ukrainian side impede the provision of much-needed weaponry and influence the bilateral relationship.

Building a hybrid and networked university through long-term lifelong learning agreements with the surrounding society

The current study focused on lifelong learning as a tool for higher education institutions to build relationships with surrounding society. As a theoretical point of departure, the study built on empowerment and human capital discourses of lifelong learning and the ivory tower, the factory, and the network as modes of higher education institutions' collaboration with the surrounding society. The study focused on a lifelong learning initiative to move a higher education institution towards a hybrid and networked mode. Particularly, the initiative focused on building long-term relationships with organisations in the surrounding society. Therefore, this paper aims to report results, in terms of a preliminary conceptual framework, from a higher education lifelong learning initiative. It answers the following research question: How can higher education institutions build hybrid and networked long-term relationships with the surrounding society through lifelong learning initiatives? The study was based on a design-based research method and described and analysed the conceptual development of a Swedish collaborative lifelong learning initiative between a higher education institution and an organisation. Data included in the analysis is taken from documents and field notes, including a long-term agreement, conceptual documents, and plans. The studied initiative included three phases. The first phase, preparatory work, embraced a course for the top management team of the organisation to strengthen their ability to plan, lead and organise professional and organisational development, followed by identifying the needs of the organisation. The second phase, implementation, included dialogue and analysis of the identified needs and development and implementation of suitable courses matching prioritised needs. The third phase, follow-up, included an evaluation of the different parts of the initiative, possible impacts, and a discussion of further needs of collaboration for both professional and organisational development. The conceptual development work included the design of a hybrid and networked framework based on the idea of collaboration partners subscribing to higher education courses under a long-term agreement called POD (collaboration for Professional and Organisational Development). Among others, these PODs include regular dialogues on the needs of the organisations and courses built on networked learning principles. Bring-your-own-data is a core principle to ensure a strong link between theory and practice. The early stage of the initiative included promising results, going in the direction of becoming a hybrid and networked higher education institution by signing its first POD.

The impact of interest rate uncertainty on renewable energy investments: Compared with conventional energy investments

The impact of interest rate uncertainty on renewable energy investments: Compared with conventional energy investments

Public Financing Model Through Long-Term Contractual Agreements for Public-Private Partnership Projects

This research aims to analyze alternative models of public financing in the Public-Private Partnership (PPP) scheme involving the government and the corporate sector. This research utilizes a qualitative research method with a content analysis data collection methodology to examine the limitations and shortcomings of PPPs. The findings of this study indicate that Public-Private Partnerships (PPPs) have shown a persistent pattern of failure, leading to continuous renegotiation between the government and the private sector. The implementation of PPPs carries risks that can lead to a loss of public oversight of PPP initiatives. The government's lack of experience in making judgments that can carry political risk also plays a role. The PPP model sets a higher cost of capital, which causes the private sector to charge higher tariffs to customers, possibly resulting in a monopoly by private companies. PPPs have imposed a burden on the state and faced opposition to privatization due to a lack of understanding among parties involved in state-owned enterprises (SOEs). The government lacks transparency in decision-making regarding privatization and fails to provide adequate information to stakeholders involved in SOE privatization. Government decision-making on privatization lacks transparency and does not follow established processes and procedures.

How Cyclical Is the User Cost of Labor?

In employment relationships, a wage is an installment payment on an implicit long-term agreement between a worker and a firm. The price of labor that impacts firm’s hiring decisions, instead, reflects the hiring wage as well as the impact of economic conditions at the time of hiring on future wages. Measured by the labor’s user cost, the price of labor is substantially more pro-cyclical than the new-hire wage or the average wage. The strong procyclicality of the price of labor calls for other forces for cyclical labor demand to explain employment fluctuations.

Шеринговая экономика в рамках движения к ноономике

This article is devoted to the theoretical understanding of the concept of a sharing economy. The research examines the views of Russian and foreign scientists on this concept. The article confirms the thesis about the existence of conceptual confusion regarding the concept of a sharing economy. The paper presents the factors influencing the development of sharing, considers the main segments of the sharing economy. As a result of the conducted research of the theoretical base, the authors cite the specifics of the sharing economy, and also propose an author’s definition of the concept, according to which the sharing economy is a set of economic and non-economic relations in which satisfaction of needs is carried out without the right of ownership on the part of the consumer or the conclusion of other long-term agreements. The paper focuses on the fact that the sharing economy is a stage of movement towards a new society, a new way of organizing the economy. The authors of the study refer to the concept of noonomy by Bodrunov S.D. One of the key conclusions of the work is the need to focus on noocenities in the course of further development of sharing, which will make it possible to make the transition to noonomy, as well as neutralize the existing contradictions and possible risks of the sharing economy.

Stakeholders’ Perception of Causes and Consequences of ASUU Strike Among Public Universities in Nigeria: 1999–2022

One of the ways workers express their displeasure to their respective employers is through industrial action or strike, as it is commonly called. This study investigated the causes and consequences of the Academic Staff Union of Universities strike among public universities in Nigeria. The study employed the descriptive survey method. The population of the study comprised all the 91 public universities in Nigeria; the sample of the study was 400 stakeholders, comprising of lectures, students, parents, transporters, and marketers across all the public universities in the nation, who were selected using multistage sampling procedure of purposive and simple random sampling at their respective public universities. Four hundred respondents were sampled from twelve (12) universities, where 33 respondents were selected from each university. The data collection instrument for this study was a self-designed questionnaire titled “Stakeholders’ Perception of Prevalence, Causes, and Consequences of ASUU Strike among Public Universities in Nigeria: 1999-2022 (SPCCASPUN)”. The questionnaire was on a 5-point Likert scale containing 24 items, validated via experts/professionals with a reliability of 0.87 obtained using a split-half method. At the same time, the data was analyzed using descriptive and inferential statistics of mean rating, percentage, and t-test. Findings of the study revealed, amongst others, that poor budgetary allocation to the education sector, failure of the federal government to honor their long-term agreement, staff bonuses, the politicization of the ASUU strike, revitalization of universities, etcetera are causes of the ASUU strike. As identified by the stakeholders, the consequences include loss of interest in school due to increased social vices, the rush of academic programs, missing out on NYSC and other job opportunities, and loss of sponsorship, among others. It was concluded that both the government and ASUU should come to terms and resolve the issue once and for all to avoid future reoccurrence.

Центральні закупівельні організації як інструмент боротьби з корупцією та порушеннями у сфері державних закупівель

The article is aimed at analyzing the public procurement system in Ukraine in 2019–2023 and substantiation of the role of central procurement organizations (CPOs) as an effective instrument for countering corruption and violations in this area. The research methodology is based on the analysis of statistical data on the volume and features of public procurement in Ukraine for the specified period. As a result of the study, the structure of violations in the process of organization of public procurement in Ukraine is analyzed. The essence, advantages and foreign experience of functioning of central procurement organizations are considered. The results of the study show that the public procurement system needs to be improved due to the high level of violations, in particular in the procedures for considering tender proposals and drawing up tender documentation. A shortage of highly qualified personnel in public procurement management has been identified, especially in the regions. The role of CPO as specialized institutions for centralized procurement is substantiated. The main advantages of the CPO are defined as follows: saving budget funds, increasing professionalism, unification of approaches, reducing the administrative burden on customers, the possibility of concluding long-term agreements. The positive experience of the leading CPO of Great Britain – Crown Commercial Service, which provides effective transparent public procurement, achieves significant discounts due to the consolidation of demand, has a team of specialists in various fields, applies standard procedures and contracts, online catalogs, cost analytics, is analyzed. The organizational models of the CPO in the EU countries in accordance with Directive 2014/24/EU are studied. It is substantiated that the active development of the conception of the CPO in Ukraine, taking into account the positive world experience, strengthening human resources, improving legislation in this area and eliminating typical violations, are of particular importance for improving the public procurement system and countering corruption. Prospects for further research are related to the study of specific ways to implement the best world practices of central procurement organizations in Ukraine.

Some Reflections on Force Majeure Clauses in Modern Contracting

Force majeure clauses are one of the mechanisms commonly used by the parties in complex and long-term agreements to regulate the effects of supervening circumstances on the obligations of one or both parties. However, there are still issues that have not been sufficiently studied by the doctrine. This paper intends to deal with some of the most relevant ones. In particular, it will analyze the problems related to the faculty of the parties to alter the legal concept of force majeure, the conventional enumeration of events constituting force majeure and, finally, the effects of force majeure on the obligations of the debtor.