$WWXDOH FRQnJXUD]LRQH SHU OXOWLPR VWDGLR GHOOH VRVSHQ

SHU LO PRGHOOR YLVFRVR H

4_VWUXWW 

€ 

SHU TXHOOR VWUXWWXUDOH 5HDOL]]DUH SHUWDQWR VLVWHPL FRQ YDORUL DOWL GL 4 SHUPHWWH GL FRQFHQ

oXWWXD]LRQL VDUtD ULGRWWD SHU IUHTXHQ]H PDJJLRUL 6H VL FRQVLGHUD FRPH RVFLOODWRUH DUPRQLFR XQ SHQGROR H VL QRWD FKH LO WHUPLQH GL ULFKLDPR N uH LQ TXHVWR FDVR IRUPDWR GD GXH FRQ

WULEXWL TXHOOR JUDYLWD]LRQDOH ^PJ_/ FRQ / OD OXQJKH]]D GHO nOR H TXHOOR HODVWLFR _{ /}⁷ FRQ 7 PRPHQWR GL ULFKLDPR GHO nOR^ H VL FRQVLGHUD FKH LO SULPR QRQ tH VRJJHWWR D GLVVLSD]LRQL HV

VHQGR LO FDPSR JUDYLWD]LRQDOH FRQVHUYDWLYR D GLmHUHQ]D GHO VHFRQGR FKH SHUtR uH PROWR PHQR LQWHQVR ULVSHWWR DO SUHFHGHQWH VL SXtR IDFLOPHQWH YHULnFDUH FKH

4_SHQG €_{SHQ G}^b €_VWUXWW^bcN_HO N_{J UDY}

DYHQGR FRQVLGHUDWR N_HO ~ N^JUDY ,O FRHpFLHQWH DGLPHQVLRQDOH /T _PJ

({ U



t

H GHWWR IDWWRUH GL GLOX]LRQH H SXtR DVVXPHUH YDORUL FRPSUHVL WUD ^f ^ $ SDULWtD GL DQJROR GL SHUGLWD GHO PDWHULDOH SHUWDQWR XQ SHQGROR SUHVHQWD XQ IDWWRUH GL PHULWR GL YDUL RUGLQL GL JUDQGH]]D PDJJLRUH ULVSHWWR D TXHOOR GL XQ JHQHULFR RVFLOODWRUH LQ FXL LO WHUPLQH GL U LFKLDPR VLD VROWDQWR TXHOOR GDWR GDOOHODVWLFLWtD GHO PDWHULDOH H TXHVWR UDSSUHVHQWD XQ LQFUHPHQWR QRWHYROH QHOOH SUHVWD]LRQL GHL VLVWHPL D EDVVD GLVVLSD]LRQH ,Q 9LUJR VL uH SHUWDQWR GHFLVR GL XVDUH VRVSHQVLRQL GL WDO JHQHUH

 $WWXDOH FRQnJXUD]LRQH SHU OXOWLPR VWDGLR GHOOH VRVSHQ

VLRQL

,Q nJ uH PRVWUDWD OD JHRPHWULD GHOOXOWLPR VWDGLR GHO VLVWHPD GL VRVSHQVLRQH DGRWWDWR DWWXDOPHQWH LQ 9,5*2 /R VSHFFKLR tH XQ FLOLQGUR GL UDJJLR FP GL 6L2 DOWH]]D FP H PDVVD GL FLUFD NJ FRQ OH GXH EDVL LQFOLQDWH LQ SRVL]LRQH YHUWLFDOH 3HU IDYRULUH XQ FRQWUROOR PLJOLRUH GHJOL HOHPHQWL RWWLFL H SHU FRQVHQWLUH PDJJLRUH VWDELOLWtD DJOL VSHFFKL VL tH VFHOWR GL

,O PRPHQWR GL ULFKLDPR GL XQ nOR VRWWRSRVWR D oHVVLRQH >@ tH SDUL D 7 T

P J( {^U_^ FRQ ( PRGXOR GL

<RXQJ GHO PDWHULDOH H U LO UDJJLR GHO nOR



)LJXUD  6FKHPD GHOOXOWLPR VWDGLR GHOOH VRVSHQVLRQL D SURnOR E SU RVSHWWLYD

GRWDUH OXOWLPR VWDGLR GL  nOL GL VRVSHQVLRQH YHGHUH nJXUD  FKH UHDOL]]D XQD VRUWD GL FXOOD LQWRUQR DOOR VSHFFKLR LQ PRGR GD UHDOL]]DUH XQD VRVSHQVLRQH D  nOL HTXLYDOHQWH 3HU LO ORUR GLDPHWUR tH VWDWR VFHOWR XQ YDORUH GL ULIHULPHQWR GL xP GL XQ DFFLDLR VSHFLDOH LO &

7XWWL L nOL VL HVWHQGRQR LQ YHUWLFDOH H OD ORUR OXQJKH]]D HTXLYDOHQWH tH SDUL D FP ,O SXQWR GL FRQWDWWR WUD FLDVFXQR GHL nOL H OR VSHFFKLR tH DG XQD GLVWDQ]D FP GDOOH VXSHUnFL ULoHWWHQWL

*OL HVWUHPL VXSHULRUL GHL nOL VRQR DJJDQFLDWL DG XQ HOHPHQWR D IRUPD GL SDUDOOHOHSLSHGR GHWWR PDULRQHWWD XWLOL]]DWR SHU LO FRQWUROOR GHOOD SRVL]LRQH GHJOL VSHFFKL DOOH EDVVH IUHTXHQ]H '&f +] $OOD PDULRQHWWD tH VRVSHVR ROWUH DOOR VSHFFKLR DQFKH XQ FLOLQGUR FDYR GL PDVVD VXSHULRUH D TXHOOD GHJOL VSHFFKL FLUFD NJ H WDOH GD SRWHU DYYROJHUH DO VXR LQWHUQR OR VSHFFKLR /D SUHVHQ]D GL TXHVWR HOHPHQWR GHWWR PDVVD GL ULIHULPHQWR tH ULFKLHVWD SHU SRWHU HmHWWXUH LO FRQWUROOR nQH GHO PRWR GHJOL VSHFFKL SHU IUHTXHQ]H GD +] D +] PHGLDQWH DFFRSSLDPHQWR PDJQHWLFR WUD OH ERELQH SRVWH VXOOD PDVVD GL ULIHULPHQWR H L PDJQHWL SRVWL



VXOOD VXSHUnFLH SRVWHULRUH GHOOR VSHFFKLR /H VRVSHQVLRQL GHOOD PDVVD GL ULIHULPHQWR VRQR UHDOL]]DWH FRQ OR VWHVVR PDWHULDOH XVDWR SHU TXHOOD GHJOL VSHFFKL PD FRQ nOL GL GLDPHWUR PDJJLRUH xP H SRVL]LRQDWL LQ PDQLHUD DQDORJD DO FDVR SUHFHGHQWH /D PDULRQHWWD tH

WUDPLWH XQ VLVWHPD GL ERELQH /XOWLPR VWDGLR tH LQnQH LQVHULWR LQ XQD FDPHUD D YXRWR

SDU]LDOPHQWH LVRODWD GD TXHOOD FKH FRQWLHQH LO VXSHUDWWHQXDWRUH DOOD SUHVVLRQH GL ^bPEDU

 5XPRUH WHUPLFR SHU OH VRVSHQVLRQL

8QD DFFXUDWD GHVFUL]LRQH GL WXWWL L FRQWULEXWL DO UXPRUH WHUPLFR GHOOH VRVSHQVLRQL YHUUtD ULVSDUPLDWD LQ TXDQWR HVXOD GDO FRQWHQXWR GL TXHVWD WHVL tH LPSRUWDQWH FRQVLGHUDUH FKH L FRQWULEXWL IRQGDPHQWDOL GHO UXPRUH WHUPLFR FKH LPSRQJRQR XQ OLPLWH DOOD VHQVLELOLWtD GHOOR VWUXPHQWR VRQR VROR GL GXH WLSL

q 5XPRUH WHUPLFR GL SHQGROR q 5XPRUH WHUPLFR GL VSHFFKLR

3HUWDQWR YHUUtD WUDWWDWD VROR XQD EUHYH GHVFUL]LRQH GHL SUHFHGHQWL GXH WLSL GL UXPRUL 'DO PRPHQWR FKH SHU OH DWWXDOL VRVSHQVLRQL LO FRQWULEXWR GL WLSR YLVFRVR DOOD GLVVLSD]LRQH uH WRWDO

PHQWH WUDVFXUDELOH QHOOD VHJXHQWH WUDWWD]LRQH FRPSDULUtD VROR LO FRQWULEXWR GL WLSR VWUXWWXUDOH

5XPRUH WHUPLFR GL 3HQGROR

,O PRGR SULQFLSDOH GL RVFLOOD]LRQH GHOOH VRVSHQVLRQL tH RYYLDPHQWH TXHOOR GL SHQGROR /HTXD]LRQH GHO PRWR GL XQ SHQGROR VHPSOLFH XQLGLPHQVLRQDOH GHVFULWWR LQ nJ SXtR HVVHUH GHVFULWWD LQWURGXFHQGR OD IXQ]LRQH /DJUDQJLDQD

/ 

P/^Bt^b PJ/ b FRV t 

/HTXD]LRQH GHO PRWR SHU OD SRVL]LRQH GHO FHQWUR GL PDVVD [ / VLQt SXtR IDFLOPHQWH HVVHUH RWWHQXWD QHOODSSURVVLPD]LRQH GHOOH SLFFROH RVFLOOD]LRQL GDOOH HTXD]LRQL GL (XOHUR/DJUDQJH FRPH

P/ƒ[ bPJ[ 



/D SUHVHQ]D GL nOL UHDOL QHOOD GLQDPLFD GHO SHQGROR SXtR HVVHUH LQWURGRWWD LQVHUHQGR LO WHUPLQH b

= W b

~ Wb VtVGV 

DO VHFRQGR PHPEUR GHOOHTXD]LRQH GHO PRWR

P/ƒ[ bPJ[ b Q

= W b

~ Wb V[V

/ GV  /)_H[W 

'RYH )_H[W UDSSUHVHQWD OH IRU]H HVWHUQH DSSOLFDWH DO FHQWUR GL PDVVD GHO SHQGROR H Q LO QXPHUR GL nOL GHOOD VRVSHQVLRQH ,O WHUPLQH GL IRU]D  WLHQH FRQWR VLD GHOOD IRU]D GL ULFKLDPR HVHUFLWDWD GDL nOL GRYXWR DOOD SLHJDWXUD FKH DOOD GLVVLSD]LRQH GRYXWD DOOD SLHJDWXUD VWHVVD

&RPH VL SXtR GLPRVWUDUH IDFLOPHQWH OD IXQ]LRQH GL WUDVIHULPHQWR + ULVXOWD

+[  ;  UHDOH 7₅ UDSSUHVHQWD OD IRU]D GL ULFKLDPR HODVWLFD GRYXWD DOOLQFOLQD]LRQH GHL nOL PHQWUH OD SDUWH LPPDJLQDULD 7_, OD GLVVLSD]LRQH GRYXWD DOOD SLHJDWXUD /DQJROR GL SHUGLWD €

WDQ€ nn nn7_,

7₅

nnnn 

HVSULPH OD IUD]LRQH GL HQHUJLD HODVWLFD GLVVLSDWD LQ XQ FLFOR DOOD ULVRQDQ]D 'DO PRPHQWR FKH WLSLFDPHQWH €~  DOORUD WDQ€ { € /D IXQ]LRQH GL WUDVIHULPHQWR GLYHQWD GXQTXH

+_[ 

GRYH VL tH LQWURGRWWD OD IUHTXHQ]D GL ULVRQDQ]D GHO PRGR GRYXWD DO FRQWULEXWR GHL nOL

Z Q7₅

P/ 

H TXHOOD HmHWWLYD nOL  JUDYLWtD

S J



)LJXUD  0RGR GL SHQGROR

5XPRUH WHUPLFR GL VSHFFKLR

,O UXPRUH WHUPLFR GL VSHFFKLR YDULD OD IRUPD GHOOH VXSHUnFL ULoHWWHQWL GHJOL VSHFFKL FDXVDQGR ( SRVVLELOH DQDOL]]DUH TXHVWR WLSR GL PRWR VIUXWWDQGR LO WHRUHPD GL HVSDQVLRQH PRGDOH >@>@ YDOLGR FRPH LO 7)'

QHOOLSRWHVL GL VLVWHPL OLQHDUL 6HFRQGR WDOH WHRUHPD tH SRVVLELOH UDSSUHVHQWDUH OD ULVSRVWD DG XQD JHQHULFD IRU]D DSSOLFDWD VX GL XQ VLVWHPD D PDVVH GLVWULEXLWH FRPH VRYUDSSRVL]LRQH GHOOH ULVSRVWH GL FLDVFXQR GHL PRGL QRUPDOL GHO VLVWHPD VWHVVR 3HU HVVR L PRGL VRQR TXHOOL GL RVFLOOD]LRQH LQWHUQL GHJOL VSHFFKL ,O VXR FRQWULEXWR tH HVSUHVVR GDOOD VHJXHQWH UHOD]LRQH

;_{W KHUP}^ N%7



;

L

€L^_L

0L>^_L b ^ €L_L^@ 

GRYH LtH OD IUHTXHQ]D GL ULVRQDQ]D GHOOLHVLPR PRGR GL YLEUD]LRQH €L 

4_L LO FRUULVSHWWLYR DQJROR GL SHUGLWD HG 0_L OD PDVVD HTXLYDOHQWH GHO PRGR GHnQLWD FRPH



0L_L^;^ (L

FRQ (_L HQHUJLD WRWDOH GL RVFLOOD]LRQH GHO PRGR H ;^ DPSLH]]D PDVVLPD GL RVFLOOD]LRQH



 /D FXUYD GL VHQVLELOLWtD

3UHURJDWLYD IRQGDPHQWDOH GHOOD ULYHOD]LRQH tH OD FDSDFLWtD GL GLVWLQ]LRQH WUD LO UHDOH SDVVDJ

D GHOOH VRUJHQWL H GHOOD GLYHUVLWtD GHL VHJQDOL GD HVVH JHQHUDWH QRQ tH XQLYRFDPHQWH GHnQLELOH LO UDSSRUWR VHJQDOHUXPRUH ₁⁶ SHU LO ULYHODWRUH t( SRVVLELOH WXWWDYLD TXDQWLnFDUH LQ WHUPLQL GL DPSLH]]D VSHWWUDOH TXDOL VLDQR OH FDUDWWHULVWLFKH GHOOH RQGH JUDYLWD]LRQDOL VLPXODWH GDOOD SUHVHQ]D GHL YDUL UXPRUL D FXL HVVR tH VRWWRSRVWR &LtR FRUULVSRQGH D GHnQLUH SHU RJQL IUH

TXHQ]D OD ULVROX]LRQH GL FXL ODSSDUDWR VSHULPHQWDOH JRGH &RQWHPSRUDQHDPHQWH SHUPHWWH GL TXDQWLnFDUH OD SUHFLVLRQH GHOOH PLVXUH H OD VHQVLELOLWtD GHOOLQWHUIHURPHWUR 6L GHnQLVFH SHUFLtR FRPH K HTXLYDOHQWH OD JUDQGH]]D

K_HTXLYI c p/

/ 

GDWD GDO UDSSRUWR WUD OD YDULD]LRQH UHDOH R DSSDUHQWH GL OXQJKH]]D GHL EUDFFL GRYXWD DO UXPRUH DOOD IUHTXHQ]D I H OD OXQJKH]]D RULJLQDULD GHL EUDFFL

,Q nJXUD  tH PRVWUDWD OD FXUYD GL VHQVLELOLWtD DWWXDOH GHOOLQWHUIHURPHWUR 9,5*2 ,Q HVVD tH UDSSUHVHQWDWD OD VRPPD GHL FRQWULEXWL GL WXWWL L UXPRUL DVSHWWDWL SHU OLQWHUIHURPHWUR DOOH YDULH IUHTXHQ]H 1HOOLQWHUYDOOR FRPSUHVR WUD L  H  +] WUD OD ]RQD GRYH tH GRPLQDQWH LO UXPRUH VLVPLFR H TXHOOD LQ FXL OR tH OR VKRWQRLVH OD IRQWH SULQFLSDOH GL UXPRUH ULVXOWD HVVHUH LO UXPRUH WHUPLFR , YDUL FRQWULEXWL WHUPLFL VRQR VXGGLYLVLELOL LQ GXH ]RQH GLVWLQWH

q WUD  H  +] GRYH tH GRPLQDQWH LO UXPRUH WHUPLFR GHO PRGR GL SHQGROR

q WUD  H  +] GRYH SUHGRPLQD LO FRQWULEXWR GHO UXPRUH WHUPLFR GL VSHFFKLR

1HOOD ]RQD WUD  H  +] OHVSUHVVLRQH GHO UXPRUH WHUPLFR SXtR HVVHUH XOWHULRUPHQWH VHPSOLnFDWD 1HOOLSRWHVL GL ^  ^S  €Z^ OD  DVVXPH OD IRUPD

;_WKHUP^  N_%7 P^

€

_Z^ 

PHQWUH SHU   +] IUHTXHQ]D GL ULVRQDQ]D GHO PRGR YHUWLFDOH DFFRSSLDWR FRQ ORUL]]RQWDOH



D FDXVD GHOOD FXUYDWXUD WHUUHVWUH WUD L GXH VSHFFKL GHL )DEU\3HURW^ ODQDORJD GHOOD SUHFH

GHQWH YDOH

 YHGL OD QRWD H SRQHQGR SHU HVVD PJ

/ tH OD OXQJKH]]D GHL nOL €_VWUXWW tH ODQJROR GL SHUGLWD FRPSOHVVLYR GHO VLVWHPD VWLPDWR WHQHQ

GR FRQWR GL WXWWH OH SHUGLWH VWUXWWXUDOL t uH ODQJROR FKH GDO FHQWUR GHOOD WHUUD VRWWHQGH DO EUDFFLR GHOOLQWHUIHURPHWUR 7_E tH LO FDULFR GL URWWXUD GHL nOL GL VRVSHQVLRQH H &_V    t

H XQ FRHpFLHQWH GL VLFXUH]]D FKH UDSSUHVHQWD OD SHUFHQWXDOH DOOD TXDOH L nOL SRVVRQR HV

VHUH UHDOPHQWH FDULFDWL ULVSHWWR DO FDULFR GL URWWXUD OLPLWH SHU QRQ ULVFKLDUH URWWXUH QHJOL VWHVVL /DWWHQXD]LRQH GHO UXPRUH WHUPLFR GL SHQGROR KD GXQTXH FRPH SULPR RELHWWLYR ORWWLPL]]D]LRQH GHO UDSSRUWR

€VWUXWW

7_E&_V 

VWXGLDQGR PDWHULDOL DG DOWD UHVLVWHQ]D PHFFDQLFD EDVVH GLVVLSD]LRQL HG RWWLPL]]DQGR OH SHUGLWH GHOOLQWHUR VLVWHPD