Performance of unified power quality conditioner using pi and fuzzy logic controllers - Free Essay Example

ABSTRACT Power electronics is playing an important role in transmission and utilization of electrical power due to its capability of processing electric power in most efficient and cost-effective way. However, the nonlinear characteristics of power electronic devices give rise to two important limitations; they generate harmonics and draw lagging current from the utility. In recent years unified power quality conditioner (UPQC) is being used as a universal active power conditioning device to compensate both harmonics as well as reactive power. UPQC is an advanced version of unified power flow controller (UPFC). The performance of UPQC mainly depends upon how quickly and accurately compensation signals are derived. The UPQC mitigates harmonics and provides reactive power to the power systems network so as to improve the power factor close to unity. The UPQC is a combination of shunt active and series active power filters connected through a dc bus. The shunt active filter of UPQC acts as a current source for injecting compensating current through a shunt transformer, whereas, the series active filter acts as a voltage source for feeding compensating voltage through a series transformer. The aim of the dissertation work is to study the control strategies of UPQC based on PI controller and fuzzy logic controller in detail. In the case of PI controller, the dc link voltage is sensed at regular intervals and is compared with a reference value. The error signal thus derived is processed in a PI controller. A limit is put on the output of the controller to ensure that the shunt active power filter supplies active power of the load through the series active power filter. The fuzzy logic controller is basically nonlinear and adaptive in nature. This gives a robust performance in the cases where the effects of parameter variation of controller are also taken into consideration. It is a well established fact that the fuzzy logic controller yields results that are superior to those obtained as compare to those obtained through conventional controllers such as PI and PID because of the fact that it is based on linguistic variable set theory and does not require a mathematical model. Generally, the input variables are error and rate of change of error. If the error if coarse, the fuzzy controller provide coarse tuning to the output variable and if the error is fine it provides fine tuning of the output variable. The present thesis investigates PI controller and fuzzy logic controller as concerned to UPQC application for power quality improvement. The UPQC is studied and its advantages over conventional APFs and UPFC are discussed in detail. The relevant mathematical models and equations to explain the working of UPFC are derived for both the cases (PI controller and fuzzy logic controller).The relevant simulations are carried out using MATLAB/Simulink. The result obtained reveals that the fuzzy logic controller gives better dynamic performance than the PI controller for power quality improvement. Chapter 1 INTRODUCTION 1.1 Theory The electrical power system consisting of generation, transmission and distribution system are based on alternative voltage and currents. When linear load consisting of inductances, capacitances and resistances are connected to the power system the sine wave is preserved and the system components are said to be linear. Traditionally, linear loads consume major part of electrical power. However situation has changed now as more and more electrical power are being developed using power electronic devices due to their energy efficiency and control. Power electronic devices possess inherent non linear characteristics. The nonlinear characteristics of this devices results in two important limitations, drawing of large reactive volt-amperes and injection of harmonics into the utility. Large reactive volt-amperes drawn from the utility leads to increase voltage drops at various buses. The harmonics increase the losses in transformers, generators, motors, capacitors, conductors, etc. some o f the control devices interfaced with the utility starts malfunctioning due to excessive harmonic currents. As the non linear load consists of the major portion of the total load for the last two three decades, reactive power compensation and harmonic filtering have received a great deal of attention. To restrict the consumers against excessive loading VARs and harmonics, stricter standards has been laid down by the utilities. Most popular among them is standard 519-1992 [1]. Static VAR compensators using thyristor switched capacitors (TSC) and thyristor control inductors (TCI) [2], [3] have been traditionally used for reactive power compensation. As the VAR generated in these schemes are directly proportional to the energy storage capability of capacitors and inductors, there is considerable increase in the size of these elements when the VARs to be compensated are large. Moreover TSC and TCI produce additional current harmonics. Therefore shunt passive filters require filtering them out. Active power filter (APF) using voltage or current source inverter can be used for reactive power compensation and harmonic filtering together. The major advantage of using voltage source or current source inverter is that the size of the energy storing element is drastically reduced as compare to TSC or TCI. The shunt APF is the most commonly used APF. The power circuit of shunt APF is shown in Fig. 1.1. In shunt APF, a reactive volt ampere calculation estimates the real component of the load current, Ipland then determines the resistive component of the load current by subtracting Ipl from IL(Iql= IL-Ipl). If nonlinearity present in the load current, it is present in Iql as well. Since compensation current Icomp is made to follow Iql, load harmonics also get eliminated. Apart from shunt APF various other APF topologies such as series active filter, hybrid series active filter and power line conditioner have been proposed in the literature. The series active filter as shown in Fig. 1.2 is connected in series with supply mains using a matching transformer. Its limitation is that the presence of active impedance in series with source produces voltage harmonics. IL = Ipl +Iql Source Icomp = Iql Source Source side Series transformer Load side Shunt transformer DC Link Capacitor Converter 1 converter 2 Using combine series APF and shunt APF unified power flow controller (UPFC) realized, which performs active power compensation, reactive power compensation and phase angle regulation. UPFC believed to be the most complete power conditioning device. But as the time changes, problem also changes. Now days electrical engineers facing problem regarding harmonic compensation, voltage sag and voltage flickering and UPFC is not able to overcome these problems. So a new concept based on UPFC derived called unified power quality conditioner (UPQC) as shown in Fig. 1.3, which performs all the basic functions of UPFC in addition it also compensate for current /voltage harmonics with constant voltage maintenance at load terminals. 1.2 Unified Power Quality Conditioner The UPQC is the most versatile and complex of the FACTS devices, combining the features of the STATCOM and the SSSC. The UPQC can provide simultaneous control of all basic power system parameters, transmission voltage harmonic compensation, impedance and phase angle. It is recognized as the most sophisticated power flow controller currently, and probably the most expensive one. The basic components of the UPQC are two voltage source inverters (VSIs) sharing a common dc storage capacitor, and connected to the power system through coupling transformers. One VSI is connected to in shunt to the transmission system via a shunt transformer, while the other one is connected in series through a series transformer. A basic UPQC functional scheme is shown in Fig.1.3. The series inverter is controlled to inject a symmetrical three phase voltage system of controllable magnitude and phase angle in series with the line to control active and reactive power flows on the transmission line. So, this i nverter will exchange active and reactive power with the line. The reactive power is electronically provided by the series inverter, and the active power is transmitted to the dc terminals. The shunt inverter is operated in such a way as to demand this dc terminal power (positive or negative) from the line keeping the voltage across the storage capacitor Vdc constant. So, the net real power absorbed from the line by the UPQC is equal only to the losses of the inverters and their transformers. The remaining capacity of the shunt inverter can be used to exchange reactive power with the line so to provide a voltage regulation at the connection point [8]-[11]. A conventional UPQC topology is comprised of the integration of two active power filters connected back to back to a common dc link bus. A simple block diagram of a typical UPQC is shown in Fig. 1.4. The first active filter connected in series through an injection transformer is commonly termed as series filters (SF). It acts as a controlled voltage generator. It has capability of voltage imbalance compensation, voltage regulation and harmonic compensation at the utility-consumer PCC. In addition to this, it provides harmonic isolation between a sub-transmission system and a distribution system. A UPQC consists of combination of shunt active filter and series active filter with a common dc link as shown in Fig. 1.4. The dc link capacitor allows the active power generated by the shunt active filter and active power drawn by the series filter to be same. Further dc link capacitor increases or decreases with respect to rated voltage which depends upon power generated and absorbed by both active filter can be choosen independently which gives flexibility to the power outlet. The performance of these active filters is based on three basic design criteria. They are: Design of power inverter (semiconductor switches, inductances, capacitors, dc voltage); PWM control method (hysteresis, triangular carrier, periodical sampling); Method used to obtain the current reference or the control strategy used to generate the reference template. Both series voltage control and shunt current control involve use of voltage source converters. Both these inverters each consisting of six IGBTs with anti parallel diode connected with each IGBT are operated in current control mode employing PWM control technique. Capacitor is used as an interface between the two back to back connected inverters and the voltage across it acts as the dc voltage source driving the inverters The two VSIs can work independently of each other by separating the dc side. So in that case, the shunt inverter is operating as a STATCOM that generates or absorbs reactive power to regulate the voltage magnitude at the connection point. Instead, the series inverter is operating as SSSC that generates or absorbs reactive power to regulate the current flow, and hence the power flows on the transmission line. The UPQC has many possible operating modes. In particular, the shunt inverter is operating in such a way to inject a controllable current into the transmission line. The shunt inverter can be controlled in two different modes: (1) VAR Control Mode:The reference input is an inductive or capacitive VAR request. The shunt inverter control translates the VAR reference into a corresponding shunt current request and adjusts gating of the inverter to establish the desired current. For this mode of control a feedback signal representing the dc bus voltage, Vdc, is also required. (2)Automatic Voltage Control Mode:The shunt inverter reactive current is automatically regulated to maintain the transmission line voltage at the point of connection to a reference value.. The series inverter controls the magnitude and angle of the voltage injected in series with the line to influence the power flow on the line. The actual value of the injected voltage can be obtained in several ways: Direct Voltage Injection Mode:The reference inputs are directly the magnitude and phase angle of the series voltage. Phase Angle Shifter Emulation mode: The reference input is phase displacement between the sending end voltage and the receiving end voltage. Line Impedance Emulation mode: The reference input is an impedance value to insert in series with the line impedance. Automatic Power Flow Control Mode:The reference inputs are values of active and reactive power to maintain the transmission line despite system changes. A UPQC control strategy should preferably have following attributes: (1) Shunt converter Reactive power control by shunt current injection Real power regulation through dc link capacitor DC capacitor voltage regulation Harmonic compensation (2) Series converter Real reactive power control by series voltage injection Voltage control Phase angle regulation Power factor correction 1.3 Characteristics of UPQC Basic characteristics of UPQC are same as UPFC but UPQC in addition, performs active filtering. The operation of UPQC from the standpoint of conventional power transmission based on reactive shunt compensation, series compensation and phase angle regulation, the UPQC fulfill these functions there by meet multiple control objectives by adding injected voltage with appropriate magnitude and phase angle to the terminal voltage. Using phasor representation, basic UPQC control functions explained: (1)Terminal Voltage Regulation The change in voltage shown in Fig.1.5 is injected in phase or anti phase. UPQC with its series voltage control detects and calculates the required terminal voltage vo to be injected in series with the line to compensate both the dip and swell in the supply voltage. vo + vo vo (2) Series Capacitive Compensation Here, vpq = vc where vcis injected capacitive voltage in quadrature to the line current functionally it is similar to series capacitive and inductive line compensation attained by SSSC as shown in Fig. 1.6. Series inverter in combination with the insertion transformer produces the series injected voltage as calculated to mitigate the effects of the fluctuations of supply voltage by drawing the required power from the dc link. vc vo vo + vc Fig. 1.6 Series capacitive compensation (3) Transmission Angle Regulation Here, vpq = v () is injected with an angular relationship with respect to the voltage that achieves desire phase shift without any change in the magnitude as shown in Fig. 1.7. At any given transmission angle , the transmitted real power demand P and reactive power demand at transmission line sending end Qs and receiving end Qr can be freely controlled by UPQC Vc vd vo vo + v (4) Multifunction Power Flow Control This property is executed by simultaneous terminal voltage regulation, series capacitive line compensation and phase shifting as shown in Fig.1.8. This function makes UPQC unique device that performs all power quality improvement functions. vc vv vpq vo + v + vc + v (e) Active Filtering The compensating shunt currents generated contain harmonic content of the load current but with opposite polarity such that when they are injected at the point of common coupling the harmonic content of supply current is effectively reduced. As discussed earlier in this chapter. 1.4 Aim of Work This work deals with UPQC, which aims at the integration of series-active and shunt-active power filters. Fig. 1.3 shows the basic system configuration of such a UPQC. In this system, the power supply is assumed to be a three-phase, three-wire system. The two active power filters are composed of two 3-leg voltage source (VSI). The main purpose of the series-APF is harmonic isolation between a sub transmission system and a distribution system. In addition, the series-APF has the capability of voltage imbalance compensation as well as voltage regulation and harmonic compensation at the utility-consumer point of common coupling (PCC). Atthe same time, the main purpose of the shunt- APF is to absorb current harmonics, compensate for active power and reactive power injected by the load. Also, the voltage of the DC link capacitor is controlled to a desired value by the shunt-APF. The aim of the dissertation is to design different control strategies for (UPQC), which is one of the major custom power solutions capable of mitigating the effect of supply voltage sag, swell, flicker and spikes at the load end or at the Point of Common Coupling (PCC). It also prevents load current harmonics from entering the utility and corrects the input power factor of the load. Further, the main aim of the dissertation is to implement a control strategy for UPQC, modeling of UPQC using simulink and to analyze the control strategy to use the series voltage injection and shunt current injection for UPQC control The control strategies used here are based on PI controller, fuzzy controller. The relative performance of the two controls is also studied. The present work discusses the compensation principle and different control strategies (PI, Fuzzy) of the UPQC in detail [12]-[15]. The control strategies are modeled using MATLAB/Simulink. The performance of UPQC is examined by considering, a diode rectifier feeding an RL load (non linear load) that acts as a source of harmonics, to the system of concern. The performance is also observed by switching the extra RL load. The simulation results are listed in comparison of different control strategies and for the verification of result [16]-[18]. 1.5 Organization of the Report The report of the work done is organized as follows: Chapter 2 gives brief overview of control strategy of UPQC. In this chapter introduction to dq theory, compensation strategy, basic control function and modeling of UPQC using PI controller discussed with results. Chapter 3 discusses about fuzzy logic controller and implementation in UPQC. Membership functions, rule base table and surface viewer also discussed in this chapter. Chapter 4 gives comparison studied between fuzzy logic controller and PI controller. Simulation results of both are discussed in detail with the help of table and graphs. The last chapter 5 presents important conclusions and future work. Adequate references provided at the end of the chapter. Chapter 2 CONTROL STRATAGEY FOR UNIFIED POWER QUALITY CONDITIONER 2.1 Introduction Control strategy plays vital role in overall performance of power conditioner. Control strategy includes features like rapid detection of harmonic signals by maintaining higher accuracy, fast processing, and faster dynamic response of the controller. The control strategy can be realized using discrete analog and digital devices or advanced programmable devices, such as single chip micro computers, DSPs etc[10]. The control strategy determined by the appropriate switching pattern or signal obtained by compensating gate signal compared obtained by comparing with its reference value. Since derivation of reference signal plays an important role in control strategy, many theories and techniques were proposed in recent years. There are number of control strategies were proposed among them dq method is used in the present work and discussed below: 2.2 dq Transformation It is established that the active filter flows from leading voltage to lagging voltage and reactive power flows from higher voltage to lower voltage. Therefore both active and reactive power can be controlled by controlling the phase and the magnitude of the fundamental component of the converter voltage with respect to line voltage. dq theory provides an independent control of active reactive power by controlling phase and the magnitude of the fundamental component with respect to converter voltage According to the dq control theory three-phase line voltages and line currents are converted in to its equivalent two-phase system called stationary reference frame. These quantities further transformed into reference frame called synchronous reference frame. In synchronous reference frame, the components of current corresponding to active and reactive power are controlled in an independent manner. This three-phase dq transformation and dq to three-phase transformation are discussed in detail in this chapter. The outer loop controls the dc bus voltage and the inner loop controls the line currents. The instantaneous real power at any point on line can be defined by: p =vRIR + vBIb + vCIc (2.1) And we can define instantaneous reactive voltage conceptually as a part of three phase voltage set that could be eliminated at any instant without altering p. Reference frame theory based d-q model of shunt active filter is presented in this section. While dealing with instantaneous voltages and currents in three phase circuits mathematically, it is adequate to express their quantities as the instantaneous space vectors [10]. Vector representation of instantaneous three phase quantities R, Y and B which are displaced by an angle 2/3 from each other is shown in Fig.2.1 [17]. B 90o R 120o Y The instantaneous current and voltage space vectors are expressed in terms of instantaneous voltages and currents as: v= [vRvYvB] I = [IR IY IB] (2.2) Instantaneous voltages and currents on the RYB co ordinates can be transformed into the quadrature , coordinates by Clarke Transformation as follows: vvv0.=TvRvYvB. (2.3) III0.=TIRIYIB. (2.4) Where Transformation matrix T=2/31-1/2-1/203/2-3/21/21/21/2 (2.5) Since in a balanced three-phase three-wire system neutral current is zero, the zero sequence current does not exist and zero sequence current can also be eliminated using star delta transformer. These voltages in - reference frame can further be transformed into rotating d- q reference frame as Fig. 2.2. d Y R B q T1=cosr-sinrsinrcosr (2.7) Where r is the angular velocity of the d- q reference frame as shown in Fig. 2.2. The current components in the d- q reference frame can be similarly obtained using the - to d-q transformation matrix T1. The unit vector required for this transformation is generated using the grid voltage 2.3 Compensation Strategy vc iL ic VL vs As shown in Fig. 2.3,vs is the supply voltage. vc, Ic are the series compensation voltage, shunt compensation current and vL, iL are the load voltage and current respectively. The source voltage may contain negative, zero as well as harmonic components. The per phase voltage of the system can be expressed as: va=v1pm+sintsin+valn+k=2Vaksin kt + ka (2.8) Where v1pa is the fundamental frequency positive sequence components, v1naand v10a are negative and zero sequence components respectively. The last term of equation represents the harmonic content in the voltage. In order for the load voltage to be perfectly sinusoidal and balanced, the series filter should produce a voltage of: vah=v1an+v10a+ k=2vka sin kt + ka 2.9 In the latter section, it will be shown how the series-APF can be designed to operate as a controlled voltage source whose output voltage would be automatically controlled according to the above equation. The functions of the shunt active filter is to provide compensation of the load harmonic current, load reactive power demand and also to maintain dc link current constant. To provide load reactive power demand and compensation of the load harmonic and negative sequence currents, the shunt-APF acts as a controlled current source and its output components should include harmonic, reactive and negative-sequence components in order to compensate these quantities in the load current [6]. The per phase load current of shunt active filter is expressed as: Ial=I1pmcos t 1 + Taln+k=2Ialk (2.10) =I1pmcost cos1 + I1pmsin t sin 1 k=2Ialk (2.11) In order to compensate harmonic current and reactive power demand the shunt active filter should produce a current of: Iah=I1pm+sin t sin 1 +Ialn+k=2Iak (2.12) Then the harmonic, reactive and negative-sequence current will not flow into power source. Hence, the current from the source terminal will be: Ias=Ial-Iah=Ipmcos t 1 + Taln+k=2Ialk (2.13) This is a perfect harmonic free sinusoidal current in phase with voltage. 2.4 Basic Control Function It is evident from above discussion that UPQC should separate out the fundamental frequency positive sequence components first from the other components. Then it is required to control both series and shunt active filter to give output as shown in equations (2.9) and (2.18) respectively. The control strategy uses a PLL based unit vector template for extraction of reference signal from the distorted input supply. The block diagram of extraction of unit vector template is as given in Fig. 2.4. vm va,vb,vc vLa,vLb,vLc The input source voltage at point of common coupling contains fundamental and distorted component. To get unit vector templates of voltage, the input voltage is sensed and multiplied by gain equal to 1/vm, where vm is peak amplitude of fundamental input voltage. These unit vector templates are then passed through a PLL for synchronization of signals. The unit vector templates for different phases are obtained as follows: va=sin t vb=sin (t-1200) (2.14) vc=sin (t+1200) 2.5 Shunt Converter Control The unit vector template of voltage is used to generate the reference signal for shunt APF. The control block diagram of shunt active filter is given in Fig. 2.5. As indicated earlier, the shunt APF compensates current harmonics in addition to maintaining the dc link current at a constant level. To achieve this, dc link current of the UPQC is compared with a constant reference current of magnitude equal to peak of harmonic current [10.]. The error between measured dc link current and reference current is processed in a PI controller. Gatting Signals Ia Ib I vavbvc Iar Ibr Icr dc link Pdc Ploss Idc ref The output of PI controller is added to real power loss component to derive reference source current given as: vv = 1/2 -1/2-1/203/2 -3/2 vavbvc (2.15) II =1/2 -1/2-1/203/2 -3/2IaIbIc (2.16) pt=vtIt+vtIt qt=-vtIt+vtIt (2.17) In matrix form it is given as: pq = vv-vv II (2.18) From equation 2.18 the values of p and q can be expressed in terms of dc components plus the ac components as follows: p=p+p q=q+q (2.19) Where p is the dc component of the instantaneous power p, and is related to the fundamental active current. p is the ac component of the imaginary power p, and is related to the harmonic current caused by the ac component of the instantaneous real power q is the dc component of the imaginary instantaneous power q, and is related to the reactive power generated by the fundamental components of voltage and current qis the ac component of the instantaneous imaginary power q, and is related to the harmonic current caused by the ac component of instantaneous reactive power. To compute harmonic free unity power factor, three-phase currents, compensating powers pc and qc are selected as: pc = pldc + ploss (2.20) qc = 0 Where, plossis the instantaneous active power corresponding to the switching loss and resistive loss of UPQC. The total instantaneous active power is calculated by adding real power loss due to switching as shown in Fig.2.5. The orthogonal components of the fundamental current are obtained as follows: II = vv-vv pcqc (2.21) The a-b-c components of fundamental reference current are obtained as follows: i*sai*sbi*sc =2/30-1/31/3-1/31/3II (2.22) The reference currents are then; compared with actual source current in a hystresis controller band to derive the switching signals to shunt inverter. 2.6 Series Converter Control In order for the load voltage to be perfectly sinusoidal and balanced, the series filter should produce a voltage equal to equation (2.9). The reference load voltages are obtained by multiplying the unit vector templates with a constant equal to peak amplitude of fundamental input voltage. The compensation signals for series filter are thus obtained by comparing these reference load voltages with actual source voltage using equation (2.23). v*fa=vsa-vmva v*fa=vsb-vmvb v*fa=vsc-vmvc (2.23) The control of the series-active power filter is given in Fig. 2.6. The series-APF should behave as a controlled voltage source and its output should follow the pattern of voltage given in equation (2.9). This compensating voltage signal can be obtained by comparing the actual load terminal voltage with the desired value. These compensation signals are compared with actual signals at the terminals of series filter and the error is taken to hystresis controller to generate the required gating signal for series filter as shown in Fig. 2.6. vla v v*fa Gatting va signal v*fb vb v*fa vlb vfa vfb vfc Fig. 2.6 Control block diagram of series-APF 2.7 Modeling of UPQC The three-phase system shown in Fig. 2.7 is considered for verifying the performance of UPQC. Three-phase source feeding this system at one end. For the best performance, UPQC is placed at the midpoint of the system as shown in Fig. 2.7. UPQC is placed between two sections B1and B2 of the transmission line. The complete system parameters are given in Table 2.1. The STATCOM model in UPQC is connected in shunt with transmission line using step down transformer. the voltage can be regulated to improve the voltage stability of the power system. Thus the main function of the STATCOM is to regulate key bus voltage magnitude by dynamically absorbing or generating power to the ac transmission line. The SSSC which is connected by series transformer with transmission line generates three-phase voltage of controllable magnitude and phase angle. This voltage injection in series with the transmission line is almost in quadrature with the line current and hence emulates an equivalent inductive or capacitive reactance in series with the transmission line. A small part of this injected voltage is in phase with the transmission line current supplying the required losses in the Inverter Bridge and transformer. Three-phase AC source Rated voltage 11 kV Frequency 50 Hz SC level 200 MVA Base voltage 11 KV X/R 8 Transmission line parameters Resistance of the line 0.01273 /km Inductive reactance of the line 0.09337 mH/km Capacitive reactance of the line 12.74 nF/km DC link Capacitance of DC link Capacitor 2500 F DC link voltage 700 V Shunt transformer Nominal power 50 MVA Frequency 50 Hz Primary voltage 11 kV Secondary voltage 440 V Magnetization resistance 50 p.u. Magnetization reactance 50 p.u. Series transformer Nominal power 50 MVA Frequency 50 Hz Primary voltage 440 V Secondary voltage 230 V Magnetization resistance 20 p.u. Magnetization reactance 20 p.u. Table 2.1 Power system parameter 2.8 abc to dq Conversion in MATLAB As shown in Fig. 2.8 (a), a discrete 3-Phase Programmable Source block is used to generate 1pu, 1200 degrees positive sequence voltage. At t = 0.1s an unbalance is introduced by adding a 0.3 p.u. negative sequence component with a phase shift of -300. The Phase Locked Loop block measures the system frequency and provides the phase synchronous angle (more precisely [sin (), cos ()]) for the dq Transformations block. In steady state, sin () is in phase with the fundamental (positive sequence) of the component. Fig. 2.8 (b) shows the main conversion block used for conversion, the first block is three phase sequence analyzer; its function is to do Fourier analysis over one cycle of the specified frequency is first applied on the three input signals to find phasor va, vb and vcat fundamental or harmonic frequency. Then, transformation is applied to obtain the positive-sequence v1, negative-sequence v2 and zero-sequence v0. This block can be used in a control system to measure a positive sequence voltage or current. The abc_to_dq0 Transformation block computes the direct axis, quadratic axis, and zero sequence quantities in a two-axis rotating reference frame for a three-phase sinusoidal signal. The following transformation is used: vd= 2/3 (vasin (t)+ vb sin (t-2/3)+vc sin (t+2/3)) vq= 2/3 (vacos (t)+ vb cos (t-2/3)+vc cos (t+2/3)) (2.24) vo=1/3(va+vb+vc) Where = rotation speed (rad/s) of the rotating frame. This block can be used to measure the positive-sequence component of a set of three-phase voltages or currents. The vd and Vq(or Id and Iq) then represent the rectangular coordinates of the positive-sequence component. Math Function and Trigonometric Function blocks are used to evaluate the magnitude and phase of the positive sequence from the d and q components, using the Math Function block and the Trigonometric Function block the modulus and angle of voltage is obtained as : Modulus: | v| = [(vd)2 +(vq)2 ]1/2(2.25) Angle: v = atan2 (vq / vd) The Math Function block shown performs numerous common mathematical functions, hypot indicates Square root of sum squares. The Trigonometric Function block performs common trigonometric functions. The name of the function appears on the block. Here, atan2 function is selected the block displays two inputs. In the Fig. 2.8 (b) first input is the y-axis or complex part of the function argument. The second input is the x-axis or real part of the function argument. There is another block for dq to abc conversion. The dq0_to_abc Transformation block performs the reverse Park transformation, which is commonly used in three-phase electric machine models. It transforms three quantities (direct axis, quadratic axis, and zero-sequence components) expressed in a two-axis reference frame back to phase quantities. The following transformation is used: va= ( vd sin (t)+vqcos(t)+vo ) vb= ( vd sin (t-2/3)+vqcos(t-2/3)+vo ) (2.26) vc = ( Vd sin (t+2/3)+vqcos(t+2/3)+vo) Where = rotation speed (rad/s) of the rotating frame. 2.9 Simulated Results As shown in Fig.2.9 phase abc and synchronous reference frame quantity dq shown. As shown, unbalance created at 0.1s by adding 0.3 p.u. negative sequence component with phase shift of 300 hence significant changes in the magnitude of phase voltage and dq quantity occurs. 2.10 Shunt Controller/STATCOMin MATLAB The controller shown in Fig. 2.10 is an integral part of the converter present in STATCOM to operate voltage control mode. Its function is to operate the rectifier power switches so as to maintain a fixed dc voltage in the dc link and to generate a fundamental output voltage waveform with demanded magnitude and phase angle in synchronism with the sinusoidal system which forces the reactive power exchange required for compensation. The STATCOM controller has the capability of independently controlling the shunt real and reactive power components. In the automatic voltage control mode, the shunt converter reactive current is automatically regulated to maintain the transmission line voltage to a reference value at the point of connection. However, the shunt real power control is dictated by the dc voltage controller as shown in Fig. 2.11, which acts to maintain a preset voltage level on the dc link, thereby providing the real power supply or sink needed for the support of the series voltage injection. In other words, this dc voltage controller ensures the real power balance between the shunt and series converters. In the scheme shown in Fig. 2.8 (a) and Fig. 2.8 (b) the three-phase voltage and current are sensed and transformed into two-phase quantities using Parks transformation, which gives d-q-axis current and voltage for the controller. The dc voltage controller calculates the reference value for the d-axis inner current controller. As shown in Fig. 2.12, inner current controller is considered particularly suitable for current source rectifier due to its safety, stability performance and fast response. Typically the inner current control loop is at least ten times faster than the outer loop controlling the dc voltage. The Idrefobtained from the voltage controller is compared with the actual d-axis current and stabilized through PI controller to get the equivalent d-axis reference voltage vd. Similarly the actual q-axis current is compared with Iqrefand the error so obtained is stabilized through PI controller to get the equivalent q-axis reference voltage vq. The parameters of these PI controllers are tuned and fine adjustment is carried out by trial and error procedure to minimize the performance indices, namely the integral square error and integral time absolute error so as to give the best response. The reference voltages vdand vqare compared with actual vdand vqto obtain the equivalent vdav, and vqav. Then these two-phase quantities are converted into three-phase quantities using dq-abc transformation. These three-phase voltages are fed as control signals to the PWM modulator for developing the switching pulses to the current source rectifier switches. 2.11 SeriesConverter/SSSC Modelin MATLAB A SSSC is a solid-state voltage source inverter, which generates a controllable AC voltage source, and connected in series to power transmission lines in a power system. The injected voltage (vq) is in quadrature with the line current I, and emulates an inductive or a capacitive reactance so as to influence the power flow in the transmission lines. The compensation level can be controlled dynamically by changing the magnitude and polarity of vq and the device can be operated both in capacitive and inductive mode. The MATLAB modeling of control system of SSSC is shown in Fig. 2.13. The control system consists of: A phase-locked loop (PLL) which synchronizes measured positive-sequence component of the current with self generated current. The output of the PLL ( =t) is used to compute the direct-axis and quadrature-axis components of the AC three-phase voltages and currents. Sequence of voltages v1 and v2 (V1q and v2q) as well as the dc voltage vdc. AC and DC voltage regulators which compute the two components of the converter voltage (vdcnv and vqcnv) required obtaining the desired dc voltage (vdcref) and the injected voltage (vqref). The variation of injected voltage is performed by means of a Voltage-sourced converter (VSC) connected on the secondary side of a coupling transformer. The VSC uses forced-commutated power electronic devices (e.g. GTOs, IGBTs or IGCTs) to synthesize a voltage vcnv from a dc voltage source. A capacitor connected on the dc side of the VSC acts as a dc voltage source. In the control system block diagram vdcnv and vqcnv designate the components of converter voltage vcnv which are respectively in phase and in quadrature with line current I. VSC using IGBT-based PWM inverters is used in the present study. Harmonics are cancelled by connecting filters at the AC side of the VSC. This type of VSC uses a fixed dc voltage vdc. The converter voltage vcnv is varied by changing the modulation index of the PWM modulator. 2.12 Simulation Results of UPQCUsing PI Controller An ideal three-phase sinusoidal supply voltage of 11kV, 50Hz is applied to the non-linear load (diode rectifier feeding an RL load) injecting current harmonics into the system. Fig. 2.14 (b) shows supply current in three phase before compensation from 0s to 0.1s, and after compensation from 0.1s to 0.4s. Shunt inverter is able to reduce the harmonics from entering into the system. The Total Harmonic Distortion (THD), which was 20.02% (Fig.2.20a) before compensation was effectively reduced to 4.04 % (Fig. 2.20b) after compensation using PI controller. It is clearly shown in Fig. 2.18 which shows single phase-phase b compensation. THD of all the waveforms discussed in detail in chapter 3. The compensating shunt currents generated contain harmonic content of the load current Fig. 2.14 (a) but with opposite polarity such that when they are injected at the point of common coupling the harmonic content of supply current is effectively reduced. Reduced value is held constant using PI controller. Fig. 2.14 (d) shows the source voltage with THD of 2.72%. Fig. 2.14 (c) and Fig. 2.14 (d) shows the load voltage and load currents respectively. The distortion due to non linear RL load. THD response of the line current and line voltage in the STATCOM side are found to be very low. Fig. 2.14 (c) shows load voltage. Fig. 2.23 shows the bus voltage and current in the STATCOM side, which are found to be in phase with each other. This shows that the UPQC takes the role of phase angle compensation by absorbing or supplying the reactive power with the transmission line for any load variations. Fig. 2.26 shows dc capacitor voltage at 0.1s UPQC turned on and capacitor starts charging. Because of use of PI controller, capacitor charging takes some time and capacitor voltage also shows more oscillations in comparison to use of fuzzy logic controller. Here simulation is performed on 11kV line and the capacitor value used is 2500F which is much lesser compare to actual requirement, hence dc capacitor shows more fluctuations. When the transmission line is without UPQC, the real and reactive power flow cannot be controlled. Fig. 2.19 (a) shows the active power and Fig. 2.19 (b) shows reactive power through the line without UPQC from 0s to 0.1s after that with UPQC connected. The active power flow through line which is controlled by UPQC. Transmission capability of the existing transmission line is highly improved with the presence of UPQC. The difference between the sending-end real power and receiving end real power is high in the transmission line without UPQC. This is due to the increase in transmission losses, which are minimized with the help of UPQC as shown in Fig. Fig. 2.19 (c).It also helps in improving power factor of the transmission line. As shown in Fig. 2.19 (d), without UPQC, power factor of the transmission line is 0.93 but as UPQC switched, the power factor increases to 0.99. The reactive Power flow through the transmission line with and without UPQC is shown in Fig. 2.19 (b). The raise i n the transmission capability is noticed from the simulation results. The power transfer capability of long transmission lines is usually limited by their thermal capability. Utilizing the existing transmission line at its maximum thermal capability is possible with UPQC. The series inverter injects voltage of variable magnitude and phase into the transmission line at the point of its connection, there by controlling real and reactive power flow through the line. The active power through the line is supplied by SSSC active power. This real power obtained from the dc source connected to its dc terminals. The shunt inverter provides the required power to the series inverter through the dc link. For unbalanced condition extra RL load at dc side of the capacitor is connected at 0.4s. The response of active power, reactive power and terminal voltage is shown in Fig. 19 (a)- Fig.19 (d) .Unbalance is created by switching RL load on the ac side of the diode rectifier on phase a and at 0.5s and 0.6s another RL load at phase b and phase c connected respectively as shown in Fig. 2.7. It is obvious from the Fig.19 (a) Fig. 19(d) that in unbalanced load condition, UPQC performs active, reactive compensation, phase angle regulation and harmonic filtering. Hence UPQC performance tasted under normal as well as unbalanced condition. Fig 2.21 (a) and Fig. 2.21 (b) shows the behavior of the PI controller when extra RL load is connected after 0.4s.With the use of PI controller, load current THD is reduced to 3.52% while THD of the source current is 1.89%. Fig. 2.20 shows the voltage across dc link capacitor under various conditions. UPQC is switched at 0.1s, at the same instant dc capacitor starts charging and obtained certain voltage which cause active power transfer to series APF, after switching load at dc terminals of load diode rectifier, fluctuation in dc capacitor increases this is due to use of PI controller. When unbalance condition created by switching load to all three-phase one by one as explained earlier, dc capacitor voltage still maintained. This proves that UPQC is able to transfer active power through dc link capacitor in all the conditions. Where Ps= Sending end active power, Pr =Receiving end active power, Ps= Sending end active power, Pr =Receiving end active power Vs =Sending end voltage, Vr =Receiving end voltag 2.13 Conclusion This chapter presents control and performance of UPQC intended for installation on a transmission line with the help of PI controller. A control system is simulated in switching and unbalanced condition with shunt inverter and series inverter in open loop phase angle control mode. Simulation results show the effectiveness of UPQC in active filtering and controlling real and reactive power through the line.AC voltage regulation and power factor of the transmission line also improved. This chapter presents an improvement in the real and reactive power flow through the transmission line with UPQC using PI controller when compared to the system without UPQC. Chapter 3 MODELING OF UPFC USING FUZZY LOGIC CONTROLLER 3.1 Introduction Fuzzy Logic is a new control approach with a great potential for real-time application. Fuzzy logic controller is a rule based controller where a set of rules represents a control decision mechanism to correct the effect of certain causes coming from power systems [13]. In fuzzy logic, the linguistic variables are expressed by fuzzy sets defined on their respective universes. Error (input) can be selected as current, voltage or impedance, according to selected control type. The output of the fuzzy logic controller is the angle signal and the pulse generator provides firing pulses to thyristors.The fuzzy control is basically a nonlinear and adaptive in nature, giving the robust performance in the cases where in the effects of parameter variation of controller is present. It is claimed that the fuzzy logic controller yields the results which are superior to those obtained with the conventional controllers such as PI, PID etc. In the fuzzy controller, the simplicity of a PI controller is combined with the intelligent and adaptive ness of the fuzzy logic based control system [14]-[15]. Inputs to the fuzzy controller are categorized as various linguistic variables with their corresponding membership values as shown in the Table3.1. Depending upon the range (very large, large, medium, small and Zero) and the sign (positive or negative) of the error signals E1 and E2 , the FPI searches the corresponding output from the linguistic codes given in the Table 3.1. The simulation results using fuzzy controller are discussed in chapter 4. 3.2 Fuzzy Logic Implementation in UPQC Controller As shown in Fig. 3.1 fuzzy logic controller block implemented instead of traditional PI controller in shunt controller Fig. 3.1, dc voltage regulating circuit Fig. 3.2 and series controller as shown in Fig.3.3.In order to achieve the desired response the PI controllers present in the control scheme are replaced by a fuzzy logic controller (FLC) whose membership functions are given in Fig. 3.4a, Fig 3.4b and Fig. 3.4c. The corresponding rule sets are given in Table 3.1. In order to observe the performance of self regulated dc bus, the voltage across the capacitor is sensed at regular intervals and controlled by employing a suitable closed loop control. The dc link voltage, vdc is sensed at a regular interval and is compared with its reference counterpart vdc*. The error signal is processed in a fuzzy controller. A limit is put on the output of controller this ensures that the source supplies active power of the load and dc bus of the UPQC Fig. 3.2. Part of active power supplied by source is used to provide a self supported dc link of the UPQC. Thus, the dc bus voltage of the UPQC is maintained to have a proper current control Table 3.1 Set of Fuzzy Rule Representation for FPI E2 E1 PL PM PS Z NS NM NL NL PL PL PL PM PM PS Z NM PL PL PM PM PS Z ZS NS PL PM PS Z NS NM NL Z PL PM PS Z NS NM NL PS PM PS Z NS NM NL NL PM PS Z NS NM NM NL NL PL Z NS NM NM NL NL NL As shown in Fig. 3.5, The surface viewer can generate a three-dimensional output surface where any two of the inputs vary, but two of the inputs must be held constant because computer monitors cannot display a five-dimensional shape. In such a case, the input is a two-dimensional vector with NaNs holding the place of the varying inputs while numerical values indicates those values that remain fixed. Because this curve represents a two-input one-output case, one can see the entire mapping in one plot [15]. 3.3 Simulation Results and Discussion Fig. 3.6a and Fig. 3.6b shows the source current and source voltage respectively. As shown in Fig. 3.6a, after switching of UPQC, source current becomes sinusoidal and from Fig. 3.7a the THD of compensated source current is 3.81% which is lesser compare to PI controller. The source voltage THD is 2.23% as shown in Fig. 3.7b. Fig. 3.6c is the dc link voltage (voltage across the dc capacitor) that feeds both the shunt and series inverters. The capacitor is effectively charged to the reference voltage, vdc drawing the charging current from the supply. Once it is charged to required value, it is held constant using fuzzy controller. There is no drop in the capacitor voltage when it feeds shunt inverter, because shunt inverter draws only reactive power to compensate the load current harmonics. When extra RL load is switched, the source current THD reduces to 3.26% as per Fig. 3.8a and source voltage THD is reduced to 1.26% as per Fig. 3.8b. 3.4 Conclusion This chapter gives overview of fuzzy logic controller and its implementation in UPQC under switching and unbalanced conditionr. Triangular membership function with rule table is implemented using two input one output. Surface viewer is shown to evaluate the output response compare to two inputs. Fuzzy controller with use of the power flow as controlling input is designed in order to improve systems transient stability. Chapter 4 COMPARISON OF PI CONTROLLER AND FUZZY CONTROLLER 4.1 Introduction The simulation results of UPQC obtained using PI controller (obtained in chapter 2) and simulation results obtained using fuzzy logic controller (obtained in chapter 3)are compared in this chapter 4.2SimulationResults and Discussions Table 4.1 shows simulated performance parameters of PI controller and fuzzy logic controller. It is clearly evident from the Table 4.1 that fuzzy logic control having an edge over PI controller. Results shown in Table 4.1 are verified one by one. Table 4.1 Simulation Results Obtained Factor PI Controller Fuzzy Controller 1 Source current THD 4.04% 3.81% 2 Dynamic response Slow ( 0.20s) Fast ( 0.10s) 4 Capacitor charging Slower Faster 5 Capacitor voltage balance under unbalanced load condition Less stable More stable 6 Source current THD with switching RL load 3.52% 3.26% (1) Source current THD As shown in Fig. 4.1, before compensation when UPQC not connected, source current THD is 20.02%, due to non linear RL load. The dominant harmonic is 5th harmonic and its magnitude is 18% of fundamental component. As shown in Fig. 2.15 in chapter 2, there is passive filter LC connected on shunt side which is tuned to 5th harmonic. Fig. 2.15b in chapter 2 shows source current THD after compensation when UPQC connected at 0.1s and PI controller used, source current THD is reduced to 4.04% and the magnitude of the 5th harmonic also reduces to 1% of fundamental component. But when PI controller replaced by the fuzzy logic controller, source current THD reduces to 3.81% as shown in Fig. 3.6a and Fig. 3.7a in chapter 3. And the magnitude of the 5th harmonic also reduces to 0.5% of fundamental component. So in the 1st, 3rd factor of Table 4.1, fuzzy controller proves to be more a advantageous. (2) Dynamic response This parameter is the measurement of how quickly controllers respond to the situation, in table 4.1 dynamic response (2) shows the time taken by the controller to reduce THD from 20.02% to 4.5%. as shown, time taken by PI controller is 0.20s and time taken by the fuzzy controller is 0.15s. Hence it is proved that dynamic response of th PI controller is faster than the fuzzy logic controller. (3) DC capacitor voltage regulation Fig. 2.20 in chapter 2 and Fig. 3.6c in chapter 3 is the dc link voltage that feeds both the shunt and series inverters. The capacitor is effectively charged to the reference voltage, vdc drawing the charging current from the supply. Once it is charged to required value, it is held constant using PI and fuzzy controller. There is no drop in the capacitor voltage. Fig. 2.20 shows the dc link voltage which reflects more the disturbance in the supply voltage because use of PI controller. But when fuzzy controller replaced, as shown in Fig. 3.6c, it shows less fluctuation and hence smoother exchange of real power between STATCOM and SSSC. From both fig. 2.20 and Fig. 3.6c, it can be seen that when UPQC switched at 0.1s, dc capacitor voltage using fuzzy controller quickly attains reference value compared to PI controller. In another condition, when extra RL load switched at 0.4s, fuzzy controller shows better response compare to the PI controller. This shows that capacitor voltage chargi ng is faster in case of fuzzy controller. So the operating band of dc voltage limited to narrow range which is one of the salient nature of fuzzy logic controller. So in the 4th, 5th factor of Table 4.1, fuzzy controller proves to be more a advantageous. (4) Source current THD with switching RL load Fig. 2.21a and Fig. 2.21b in chapter 2 shows the source current THD after switching extra RL load in non linear diode rectifier. Fig. 2.21a shows Source current THD using PI controller and its value is 3.52%. While Fig. 3.7a in chapter 3 shows Source current THD using Fuzzy controller and its value is 3.26%. Fig. 2.21b and Fig. 3.7b shows the source voltage THD after switching extra RL load in non linear diode rectifier. Fig. 2.21b shows Source current THD using PI controller and its value is 1.89%. While Fig. 3.7b shows Source current THD using fuzzy controller and its value is 1.27%. So it is obvious that under switching condition, fuzzy controller gives better performance then PI controller. So in the 6th, 7th factor of Table 4.1, fuzzy controller proves to be more a advantageous under switching condition. 4.3 CONCLUSION Simulated results of two control strategy of UPQC are discussed in detail with the help of comparison table. Comparison studies show that fuzzy logic controller is more advantageous in terms of compensation, dynamic response and capacitor voltage balancing. Simulated results are already discussed in detail. Chapter 5 CONCLUSION AND FUTURE WORK 5.1 Conclusion VAR compensation and harmonic filtering technique has gain tremendous interest over the years. Various topologies and control techniques have been reported in the literature. In this work various aspects of reactive power compensation and harmonic filtering is studied chronologically. UPQC which combines the series and shunt active filter has been selected for further study in this work. Different control strategy of UPQC has been studied and one of the control strategies (dq method) has been studied in detail. The relevant simulations studies of UPQC have been carried out using MATLAB under various conditions. One of the disadvantages of the dq theory is that it requires a PI controller minimizing the error between the sensed quantity and reference quantity. However, the tuning of the PI controller is cumbersome and time consuming job. In the present work fuzzy logic controller has been proposed in place of conventional PI controller. Fuzzy logic controller is non linear and adaptive in nature which gives the best performance under varying condition. Further no frequent tuning required so it is less time consuming and it is more accurate method then PI controller. Results obtained from the simulation shows better performance of UPQC when fuzzy logic controller used then that of PI controller in terms of harmonic compensation and dc capacitor voltage balancing at load terminals in switching as well as unbalanced conditions. Under this conditions the dynamic response of fuzzy logic controller proved to be faster than PI controller. Hence it is proved that fuzzy logic controller is superior then PI controller. UPQC and its method of control are the new area of concern. Present work focuses on two different control strategies PI control and fuzzy logic control. This work proves the advantages of the fuzzy logic control over traditional PI controller; fuzzy logic control of UPQC is the most recent area of concern. This work contributes towards fuzzy implementation in UPQC and the results discuss improvement of UPQC characteristics using fuzzy logic control. So performance of UPQC is evaluated using MATLAB/Simulink with 11kV transmission line. In this scheme the fuzzy controller provides better results than traditional PI controller in both switching and varying load condition. 5.2 Scope Future Work New fuzzy PI control strategy can be implemented using both fuzzy and PI controller simultaneously To test the system with different membership function apart from triangular. To develop new membership function and rule base table and implement in UPQC

Ethical Dilemmas Of Utilitarianism And Deontology

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Effects Of Dividend Changes Emerging Market -Myassignmenthelp.Com

Question: Discuss About The Effects Of Dividend Changes Emerging Market? Answer: Introduction: This report has been prepared to identify and evaluate the position, performance and worth of the Almarai Company. For evaluating the worth of the company, various financial tools and non financial tools have been analyzed. Firstly, the stockholder analysis has been done to evaluate the position and management style of the company. For this analysis, it has been evaluated that why the people are investing into this project. Further, it has been evaluated that who are the marginal stockholders of the company and how the corporate governance of the company is working. Further, it has been evaluated that what is the risk of the company in concern of the investment and how much return would be offered by the company to its shareholders (Zhang, 2012). In addition, investment return of the company has been measured and the study has been conducted on the long term and short term projects of the company. Further, capital structure choices of the company has also been evaluated and to analyze the debt and equity level of the company. Further, the optimal capital structure has been evaluated to identify the solvency risk of the company and a better balance among the stock of the company. Various theories have also been read to evaluate and identify the optimal capital level of the company. Lastly, dividend policy of the company has been evaluated and it has been analyzed that through which trend the dividends are offered by the company to its shareholders. A dividend framework of the company has been evaluated and lastly, a valuation study has been given which expresses about the total worth of the company and the position of the investment funds of the company (Thanatawee, 2013). Further, it also explains that how much earnings would be earned by an investor against his investment money in the company. Stockholder analysis: Firstly, the stockholder analysis has been done to evaluate the position and management style of the company. For this analysis, it has been evaluated that why the people are investing into this project. The annual report of the company expresses that the corporate has invested 63.74% in the company whereas 36.26% of stock has been owned by the individuals. Individuals have invested in the company to reduce the level of the tax burden (Tucker, 2011). Further, the mutual fund companies have invested 52.4% of total investment in the company. Government has invested 4% and the rest amount has been invested for the individual and the corporate to enhance the invested amount. The following table explains about the total investment in the company. investor type Number of investors Number of Shares Percentage of ownership Corporate 254 509957679 63.74% Individual 49472 290042321 36.26% Total 49726 800000000 (Investors, 2018) Further it has been analyzed that who are the marginal investors of the company and handling the business of the company on the behalf of other stakeholders of the company. Further, it explains that how the other people of the company are looking on the market position and the performance of the company (Travlos, Trigeorgis and Vafeas, 2015). Through the study on annual report of the company, it has been found that the HH Prince Sultan bin Mohammed bin Saud Al Kabeer is the main marginal investor of the company. He handles all the business and the activities of the company n the behalf of other shareholders of the company. More to it, it has also been found that the mutual fund companies are also involving into the activities of the company to look over the profitability position of the company. It has been expected from the marginal investor of Almarai Company to work with dignity and the stockholders benefits must also be considered (Shao, Kwok and Guedhami, 2013). Marginal investors must be the person who is a well diversified investor and must have knowledge about the stock market. Since, the marginal investor of Almarai Company is well diversified and working with dignity in the market, it could be said that the performance of the company is better and this company would offer a great dividend to its stockholders and the associated risk of the stock of the company would also be lesser. Risk and return: Further, for evaluation the position of the company and the investment opportunity in the company, risk and return of the company has been evaluated and it has been analyzed that how the company and its stock is operating in the market. Firstly, the risk profile of the company has been calculated and it has been found that overall systematic risk of the company is 0.67 (Bloomberg, 2018). Further, the unsystematic risk of the company could not be calculated but the annual report and financial analysts report explains that the company is managing and performing the activities and operations in a good manner. Further, the performance profile of the company has been evaluated and it has been found that the position and the performance of the company have been better. The risk of the company is 0.67 which express about a lower level of risk. The companys report explains that the stock of the company is out performed. The resources of the company have been utilized by the company in a prop er way (Naser, Nuseibeh and Rashed, 2013). Further, for performing this study, various subsidiary companies of Almarai limited have been evaluated and it has been found that how much stock and the capital of the company is owned by the people and what is weight of the company, how much the systemic risk of the company and what is the risk and return of the company. According to the stock price of the companies, the best of the companies have been calculated and the weight has been calculated through dividing the total market capital of each company with the total market capital of Almarai limited. According to the calculations and the measurements, following data has been calculated: Business Estimated value Unlevered beta Division weight Weight * Beta Western Bakeries Limited 588005395 0.63 73.50% 0.46305 International Banking services co 55497757 1.25 6.94% 0.08672 Almarai Bahrain co 33479206 1.5 4.18% 0.06277 Markley Holdings co 45082982 1.1 5.64% 0.06199 Almarai investment co 23592877 0.7 2.95% 0.02064 Almarai baby food co 54341783 1.25 6.79% 0.08491 800000000 100% 0.78008 (Gulf Base, 2018) Further, the financial statement of the company expresses that the total equity of the company and total debt of the company is as follows: Price Debt 10,54,31,25,000 Equity 12,93,92,83,000 23,48,24,08,000 It explains that the debt level of the company is bit lower than total equity of the company. Further, the risk free rate of the market has been evaluated and it has been found that the total risk free rate is 6.08% and the market premium of the company is 6%. At the same time the best of the company is 0.67 (Masum, 2014). The tax rate of the company is 36% and the interest rate on debt of the company is 8%. It explains that the cost of equity of the company is 6.03% and the cost of debt of the company is 5.12%. Calculations are as follows: Calculation of cost of debt Outstanding debt 10,54,31,25,000 interest rate 8% Tax rate 0.36 Kd 5.12% Calculation of cost of equity (CAPM) RF 6.08% RM 6.00% Beta 0.67 Required rate of return 6.03% Further, the total cost of capital of the company has been evaluated on the basis of cost of debt and cost of equity of the company and it has been found that the total cost of capital of the company is 5.62% which explains that the company should invest in those projects which would offer it more than 5.62% of internal rate of return. Calculation of WACC Price Cost Weight WACC Debt 10,54,31,25,000 5.12% 0.44898 0.02299 Equity 12,93,92,83,000 6.03% 0.55102 0.03321 23,48,24,08,000 Kd 5.62% (DEEPTEE and ROSHAN, 2009) Measuring investment returns: The typical project of the company has been evaluated for further study and it has been found that the main typical project of every subsidiary company of Almarai limited is different. Through the analysis on every subsidiary company, it has been found that all the companies are working on long term as well as sort term typical project. Further, the annual report of the company explains that the main typical project of the company is Davidson creek hub project. It is a short term project of the company and the company is working on this project from last 9 months. This project is related to minerals and it expresses that this project has helped the company to enhance the stock price as well as the financial performance of the company has also been enhanced. The cash flow patterns of the company have also been changed due to its new project, Davidson Creek Hub Project (Annual Report, 2018). The current book value of the investment of the company is SAR 9,480,000. It depicts that the short term investment position of the company has been enhanced from last years in current year. It explains that the company is focusing on investment in the new projects and the stocks to enhance the financial position and the performance of the company. The future trends of the investment and the current projects of the company explain about the great performance of the company which is way better than the past trends of the company. Further, it has been investigated that the position of the company in terms of investment and the return from the investment is higher (Davies and Crawford, 2011). Through the study on the return on investment of the company from last 3 years, it has been found that the return on investment of the company in current year is 0.45% which is quite higher than the position and the performance of 2016 and 2015. Investment 94,80,000 46,80,000 34,38,000 Net profit 2,11,11,44,000 2,01,50,91,000 1,91,56,91,000 Return on investment 0.45% 0.23% 0.18% It explains that the current project of the company has helped the comapny to enhance the net profit of the company and that is why the return of the company has also been enhanced. Capital structure choices: For further study, the funds of the company have been analyzed through which the funds have been raised. Through the study, it has been found that the company has used the short term debt, long term debt, retained earnings, equity and various other ways to raise the funds of the company (Breuer, Rieger and Soypak, 2014). Following are the ways of the company and the accounting figure of each fund of the company: 2017 2016 2015 2014 2013 Short-term debt 2258988000 1484416000 2039057000 1821342000 1682970000 Taxes payable 272906000 Other current liabilities 3239215000 3308904000 2767579000 2221592000 2037493000 Total current liabilities 5771109000 4793320000 4806636000 4042934000 3720463000 Non-current liabilities Long-term debt 10543125000 10134730000 9343435000 7737026000 8288900000 Deferred taxes liabilities 48060000 56492000 67123000 84394000 119985000 Pensions and other benefits 540143000 472186000 408073000 340045000 Minority interest 396867000 421250000 559783000 744080000 621718000 Other long-term liabilities 652315000 41212000 63427000 45556000 46389000 Total non-current liabilities 11640367000 11193827000 10505954000 9019129000 9417037000 Total liabilities 17411476000 15987147000 15312590000 13062063000 13137500000 Stockholders' equity Retained earnings 1998246000 2796393000 3659639000 2569564000 1714303000 Treasury stock -453156000 -378994000 -330699000 -146386000 -146386000 Accumulated other comprehensive income 12939283000 10618194000 8729505000 8463674000 8574553000 Total stockholders' equity 14484373000 13035593000 12058445000 10886852000 10142470000 Total liabilities and stockholders' equity 31895849000 29022740000 27371035000 23948915000 23279970000 (Morningstar, 2018) Through the analysis, it has been found that the debt and equity which has been enhanced by the company in terms of raising the funds are as follows: Price Debt 10,54,31,25,000 Equity 12,93,92,83,000 Total funds 23,48,24,08,000 (Morningstar, 2018) It explains that the total quantity of debt has been enhanced and it explains that the debt amount has been enhanced by the company to reduce the level of the cost. In terms of quantity, the debt amount has been enhanced by the company to manage the cost and in terms of quality; the debt amount would lower the level of ownership in the company. Further, it explains that the debt amount is used by the companies to manage the risk and return level and it also assists the company to manage the lower level of cost of capital of the company (Correria, 2013). The below calculations express that the cost of debt of the company is lower than the cost of equity and thus the debt amount would reduce the level of the cost of capital of the company : Calculation of WACC Price Cost Weight WACC Debt 10,54,31,25,000 5.12% 0.44898 0.02299 Equity 12,93,92,83,000 6.03% 0.55102 0.03321 23,48,24,08,000 Kd 5.62% Further, it has been found that the debt amount has some cons as well. The debt amount enhances the borrowings of the company and it directly burdens on the balance sheet of the company (Breuer, Rieger and Soypak, 2014). Further, the debt amount increases the risk of the company as it is required for the company to pay the debt amount to the debt holders after a period of time. In addition, it has been found that the level of debt has been enhanced by the company lot in current year in comparison with the past 2 years. Further, it has been found that the current debt ratio of the company is 54.59% which explains about the company that current debt amount of the company is moderate it is not too much nor it is too lower (Bradford, Chen and Zhu, 2013). The following table explains about the debt amount of the company: Total liabilities 17411476000 15987147000 15312590000 Total assets 31895849000 29022740000 27371035000 Debt ratio 54.59% 55.08% 55.94% (Brealey, Myers and Marcus, 2007) Optimal capital structure: Further, the optimal level of the capital structure of the company has been evaluated and the current debt financing of the company is 44% debt and the 55.10% of equity. This debt amount includes only long term debt of the company which has maturity of 5years. Further, the entire debt is floating as long term debt. Following are few of the factors which have been considered by the company in managing the performance of the company: Price Weight Debt 10,54,31,25,000 0.44898 Equity 12,93,92,83,000 0.55102 23,48,24,08,000 It explains that the debt of the company is quite lower than the cost of equity of the company (Bodie, 2013). For the optimal capital structure of the company, following calculations have been done: Debt Equity Cost of debt Cost of equity Cost of capital 0% 100% 5.12% 6.03% 6.03% 10% 90% 5.12% 6.03% 5.94% 20% 80% 5.12% 6.03% 5.85% 30% 70% 5.12% 6.03% 5.75% 40% 60% 5.12% 6.03% 5.66% 50% 50% 5.12% 6.03% 5.57% 60% 40% 5.12% 6.03% 5.48% 70% 30% 5.12% 6.03% 5.39% 80% 20% 5.12% 6.03% 5.30% 90% 10% 5.12% 6.03% 5.21% 100% 0% 5.12% 6.03% 5.12% (Barman, 2008) It explains that the cost of capital would be lower when the entire funds are raised by the company through debt, but in that case the risk of the company would be higher. Optimal capital structure must be the point where the risk and the cost, both of the company would be lower so the optimal capitals structure of the company should be 40% of debt and 60% of equity of the company (Baker and Weigand, 2015). Further, it has been evaluated that the current debt ratio of the company is 44% and 55%. It explains that the company would reduce the level of the debt to manage the optimal capitals structure. The optimal capitals structure of the company has been evaluated in context with the sector optimal capitals structure and market capitals structure and it has been evaluated that the current debt structure of the company is according to the sector ratio but the decrement in the debt ratio would assist the company to manage the risk and cost both of the company (Schlichting, 2013). The agro industry of Saudi Arabia explains that the debt structure of the company has been enhanced in 2017 from last year to manage the debt structure of the company and reduce the cost of the company. Mechanics of moving to the optimal: From the above study, it has been found that the current debt ratio of the company is 44% and 55%. And according to the optimal capital structure equation and study, the debt ratio of the company must be the point where the risk and the cost, both of the company would be lower so the optimal capitals structure of the company should be 40% of debt and 60% of equity of the company It explains that the company must reduce the level of the debt to manage the optimal capitals structure (Phillips and Stawarski, 2016). The current scenario of the company explains that the debt level of the company must be altered by the company with time. The sudden changes into the debt structure of the company would affect on the stock price and financial performance of the company. Further, it explains that the company should buy back retiring the debt to reduce the level of the debt in the company (Palicka, 2011). It would help the company to manage the optimal capital structure as well as the risk and cost factor of the company would also be better. Further, it has also been found that the current amount has been invested by the company in projects. So, it would be difficult for the company to administer the financial position and reduce the debt level of the company (Madhura, 2014). So, it is recommended to the company to enhance the funds through equity when the new funds are invested into the new project. Dividend policy: The dividend policy of the company has been evaluated and it has been found that the company is paying a good amount of dividend to its stockholders from last 4 years. It explains that the dividend amount of the company has been enhanced in 2017 from last years. Dividend paid -717905000 -687721000 -598542000 -598275000 Further, it has been found that the company not only offers the dividend to the stockholders, it also returns the cash to the stockholders through buy back the shares. Form last 4 years the buyback report of the company is as follows: Common stock repurchased -75533000 -75414000 -260530000 Further, the dividend yield of the company has been evaluated to determine the debt level of the company and it has been found that the dividend yield of the company is 3.98% which explains that the dividend of the company is modest (Krantz, 2016). Dividend yield Annual dividend / current stock price 0.039813 Annual dividend 2.13 Current stock price 53.5 (Kurth, 2013) Further, for evaluating the performance of the company, it has been found that the various stocks have been bought back by the company. It has been found that the company has paid the following cash amount to its stockholders in last 4 years: Year FCFE Dividend + Stock Buybacks 2014 458314000 598275000 2015 306984000 859072000 2016 -769690000 763135000 2017 1099507000 793438000 Further, through the above analysis it has been found that this company is paying a great amount of cash to its stockholders. The evaluation on the market and the literature explains that the cash return to the stockholders is not good for the financial performance of the company (Kinsky, 2011). If the company has a great amount of cash than this cash amount must not be paid back by the company to its stockholders rather than the company must invest this amount into new projects so that the financial and market performance and position of the company could be better. A framework for analyzing dividends: Further, the study has been done to manage a framework for the company to evaluate and analyze the dividend. Firstly, it has been analyzed that the following amount has been returned by the company to the stockholders in last few years: Year FCFE Dividend + Stock Buybacks 2014 458314000 598275000 2015 306984000 859072000 2016 -769690000 763135000 2017 1099507000 793438000 According to the study and the evaluation on total cash which has been paid by the company to the stockholders, it is recommended to the company to reduce the level of cash payment and must invest this amount to the new projects and proposal (Elton, Gruber, Brown and Goetzmann, 2009). The company has a great amount of cash currently so this cash amount must not be paid back by the company to its stockholders rather than the company must invest this amount into new projects so that the financial and market performance and position of the company could be better. The comparative study has been done on the stock by back and dividend amount of the company with its competitive company and it has been evaluated that the competitive company and the industry explains that the no company is currently buying back the shares. All the companies are just giving the dividend amount to the company in terms of cash. Valuation: Lastly, the valuation study has been done on the company and it has been found that the net cash flow from operating activities of the company is continuously increasing. The following table explains that the current increment trend in the operating activities of the company is 5.02% (Baker and Nofsinger, 2010). On the other hand the financial analyst report and the industry trend explain that the operating income of the company would definitely increase in near future due to the new operations and old loyal customers of the company. 2017 2016 2015 2014 Net cash provided by operating activities 4614147000 4393591000 4931941000 3198763000 Trend 5.02% -10.92% 54.18% (Jadwa, 2018) Further, it has been found that the current growth rate of the company in the industry is quite better. Still, it would take around 10 years for the company to be leader in the market and to set the industry trend. Through, the annual report of the company explains that the growth rate of the company is 5.79% which explains about better position of the company. Still, there is a lot time to go for the company to become a leader in the market and manage the performance of the company (Ackert and Deaves, 2009). Lastly, the equity worth of the company has been evaluated and it has been found that the intrinsic value of the company is 50 whereas the current stock price of the company is 53.3. It explains that the stock price of the company is overvalued and the stock of the company must be sold. Dividend Discount Model Dividend expected 2.50 Growth rate 3.00% Discount rate 8.00% Intrinsic Value 50.00 Share Price 53.30 (Infront analytics) Overvalued References: Ackert, L. and Deaves, R. 2009. Behavioral Finance: Psychology, Decision-Making, and Markets. Cengage Learning. Annual Report. 2018. Almarai Limited. Viewed Jan 31, 2018, https://www.almarai.com/wp-content/uploads/2016/12/Annual-Report-2016-EN-new.pdf?x11237 Baker, H.K. and Nofsinger, J.R. 2010. Behavioral Finance: Investors, Corporations, and Markets. John Wiley Sons. Baker, H.K. and Weigand, R., 2015. Corporate dividend policy revisited.Managerial Finance,41(2), pp.126-144. Barman, G.P., 2008. An evaluation of how dividend policies impact on the share value of selected companies. Bloomberg. 2018. Almarai Limited. Viewed Jan 31, 2018, https://www.bloomberg.com/quote/ALMARAI:AB Bodie, Z., 2013.Investments. McGraw-Hill. Bradford, W., Chen, C. and Zhu, S., 2013. Cash dividend policy, corporate pyramids, and ownership structure: Evidence from China.International Review of Economics Finance,27, pp.445-464. Brealey, R., Myers, S.C. and Marcus, A.J., 2007.FundamentalsofCorporate Finance. Mc Graw Hill, New York. Breuer, W., Rieger, M.O. and Soypak, K.C., 2014. The behavioral foundations of corporate dividend policy a cross-country analysis.Journal of Banking Finance,42, pp.247-265. CORREIA, C. 2013. FinancialManagement.7thEdition. Cape Town: Juta andCompany Ltd.2. Davies, T. and Crawford, I., 2011.Business accounting and finance. Pearson. DEEPTEE, P. and ROSHAN, B. 2009. Signaling Power of Dividends on firms futureProfits A Literature Review. Evergreen Energy- Interdisciplinary Journal, pp.1-9. Elton, E.J., Gruber, M.J., Brown, S.J., and Goetzmann, W.N. 2009. Modern Portfolio Theory and Investment Analysis. John Wiley Sons. Gulf Base. 2018. Almarai Limited. Viewed Jan 31, 2018, https://www.gulfbase.com/subsidiaries-almarai-co-almarai-486-5-39 Hillier, D., Grinblatt, M. and Titman, S., 2011.Financial markets and corporate strategy. McGraw Hill. Infront Analytics. 2018. Almarai Limited. Viewed Jan 31, 2018, https://www.infrontanalytics.com/fe-en/30073GS/Almarai-Co-Ltd-/Beta Investors. 2018. Almarai Limited. Viewed Jan 31, 2018, https://www.almarai.com/en/investors Jadwa. 2018. Almarai Limited. Viewed Jan 31, 2018, https://www.jadwa.com/en/download/saudi-economy-2017/research-13-1-1-1-1 Kinsky, R. 2011. Charting Made Simple: A Beginner's Guide to Technical Analysis. John Wiley Sons. Krantz, M. 2016. Fundamental Analysis for Dummies. John Wiley Sons. Kurth, S. 2013. Critical Review about Implications of the Efficient Market Hypothesis. GRIN Verlag. Madura, J. 2014. Financial Markets and Institutions. Cengage Learning. Masum, A.A., 2014. Dividend policy and its impact on stock priceA study on commercial banks listed in Dhaka stock exchange. Morningstar. 2018. Almarai Limited. Viewed Jan 31, 2018, https://financials.morningstar.com/balance-sheet/bs.html?t=2280region=sauculture=en-US Naser, K., Nuseibeh, R. and Rashed, W., 2013. Managers' perception of dividend policy: Evidence from companies listed on Abu Dhabi Securities Exchange.Issues in Business Management and Economics,1(1), pp.001-012. Palicka, V.J. 2011. Fusion Analysis: Merging Fundamental and Technical Analysis for Risk-Adjusted Excess Returns. McGraw Hill Professional. Phillips, P.P. and Stawarski, C.A. 2016. Data Collection: Planning for and Collecting All Types of Data. John Wiley Sons. Schlichting, T. 2013. 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