Desenvolvimento, construção e estudo de um módulo solar térmico, fotovoltaico e termoelétrico

(QJHQKDULD

'HVHQYROYLPHQWR FRQVWUXomR H HVWXGR GH XP

PyGXOR VRODU WpUPLFR IRWRYROWDLFR H WHUPRHOpWULFR

)OiYLR )LJXHLUHGR 0DWLDV

'LVVHUWDomR SDUD REWHQomR GR *UDX GH 0HVWUH HP

(QJHQKDULD (OHWURPHFkQLFD

ž FLFOR GH HVWXGRV

2ULHQWDGRU 3URI 'RXWRU /XtV &DUORV &DUYDOKR 3LUHV

&RRULHQWDGRU 3URI 'RXWRU 3HGUR 1XQR 'LQKR 3LQWR GD 6LOYD

$JUDGHFLPHQWRV

$ UHDOL]DomR GHVWH WUDEDOKR Vy IRL SRVVtYHO JUDoDV j FRQWULEXLomR LQGLYLGXDO GH XPFRQMXQWR GH SHVVRDV 4XHUR HQWmR H[SUHVVDU R PHX PXLWR REULJDGR jTXHOHV FXMR HVIRUoR H DMXGD FRQWULEXt UDP GH DOJXPD IRUPD SDUD D UHDOL]DomR H FRQFOXVmR GHVWH WUDEDOKR

(P SULPHLUR OXJDU JRVWDULD GH H[SULPLU D PLQKD PDLV VHQWLGD JUDWLGmR DR PHX RULHQWDGRU 3UR IHVVRU 'RXWRU /XtV &DUORV &DUYDOKR 3LUHV SRU WRGD D VXD FRPSUHHQVmR WHPSR H DMXGD GLVSRQL ELOL]DGD HQDOWHFHQGR H UHIRUoDQGR D FRQILDQoD GHSRVLWDGD HP PLP QD DWULEXLomR GR WHPD GD GLVVHUWDomR %HP FRPR RV FRQKHFLPHQWRV TXH PH IRUDP WUDQVPLWLGRV QRPHDGDPHQWH QDV DO WXUDV PDLV FUXFLDLV GR SURMHWR 4XHUR WDPEpP GHL[DU XP PXLWR REULJDGR DR 3URIHVVRU 'RXWRU 3HGUR 1XQR 'LQKR 3LQWR GD 6LOYD SRU WRGD D GLVSRQLELOLGDGH H GHGLFDomR GHPRQVWUDGD SUHVHQWH DR ORQJR GH WRGR R WUDEDOKR

$JUDGHoR WDPEpP DR 6U -RmR &RUUHLD WpFQLFR VXSHULRU UHVSRQViYHO SHOR /DERUDWyULR GH 7HUPR GLQkPLFD H 7UDQVPLVVmR GH &DORU SHOD VXD DFHVVLELOLGDGH GLVSRQLELOLGDGH H DX[tOLR GLVSHQVDGR GXUDQWH WRGR R SHUtRGR GH HQVDLRV RQGH D VXD DMXGD IRL LQGLVSHQViYHO %HPFRPR DR 6U 1XQR 6DQWRV WpFQLFR GH LQIRUPiWLFD UHVSRQViYHO SHOR )DE/DE SRU WRGD D VXD DMXGD GLiULD QRPHD GDPHQWH QRV HQVDLRV H[WHULRUHV

$RV FROHJDV H DPLJRV TXH PH DSRLDUDP QHVWH PHX SHUFXUVR SHOD 8%, HVSHFLDOPHQWH SHOD )D FXOGDGH GH (QJHQKDULD HPHVSHFLDO DRV FROHJDV FRPTXHPGLYLGL R VREUHSLVR GR /DERUDWyULR GH 7HUPRGLQkPLFD QHVWHV ~OWLPRV PHVHV

3RU ILP DJUDGHoR DRV PHXV SDLV H j PLQKD LUPm &ODUD WRGRV RV HVIRUoRV UHDOL]DGRV GXUDQWH RV ~OWLPRV DQRV DJUDGHFHQGR WDPEpP D HGXFDomR H RV YDORUHV WUDQVPLWLGRV DR ORQJR GH WRGD D PLQKD YLGD ­ PLQKD DYy /XFLQGD DRV PHXV WLRV 9LFHQWH H &DUPD SHOD VHPSUH SUHVHQWH DMXGD EHP FRPR WRGD D SUHRFXSDomR GHPRQVWUDGD

6HP SRGHU HVTXHFHU WRGRV RV SURIHVVRUHV H GRFHQWHV TXH DR ORQJR GR PHX SHUFXUVR HVFRODU PH WUDQVPLWLUDP RV FRQKHFLPHQWRV TXH KRMH SRVVXR (P HVSHFLDO DRV GRFHQWHV GR 'HSDUWDPHQWR GH (QJHQKDULD (OHWURPHFkQLFD DRV TXDLV DJUDGHoR RV PDLV YDULDGRV FRQKHFLPHQWRV OHFLRQDGRV TXH PH SHUPLWLUDP FRQFOXLU D PLQKD DWXDO IRUPDomR DFDGpPLFD

5HVXPR

7HPVH YHULILFDGR QRV ~OWLPRV DQRV XP LPSRUWDQWH DXPHQWR GDV SUHRFXSDo}HV UHODFLRQDGDV FRP DV FRQVHTXrQFLDV GR HIHLWR DQWURSRJpQLFR QR PHLR DPELHQWH $ JHUDomR GH HQHUJLD HOpWULFD D SDUWLU GH IRQWHV UHQRYiYHLV WDO FRPR DV PDUpV DV RQGDV R YHQWR H R VRO WrP FRQWULEXtGR GH XPD IRUPD PXLWR SRVLWLYD GH IRUPD D FRQWURODU H D PLQLPL]DU D HPLVVmR GH JDVHV SROXHQWHV &RQWXGR FHUWRV DSURYHLWDPHQWRV UHQRYiYHLV DSUHVHQWDP WD[DV GH FRQYHUVmR EDL[DV RX VHMD IDFH DR UHQGLPHQWR DSUHVHQWDGR H[LVWHP KHVLWDo}HV IDFH j VXD LPSOHPHQWDomR )DFH D WDO R WHPD GHVWD GLVVHUWDomR UHYHODVH PXLWR SURPLVVRU SDUD DWLQJLU UHQGLPHQWRV VXSHULRUHV DRV DWXDLV FRQVHJXLGRV 1HVWH FDVR HP SDUWLFXODU SUHWHQGHVH DXPHQWDU R UHQGLPHQWR GH PyGXORV IRWRYROWDLFRV VLPXOWDQHDPHQWH LQFUHPHQWDU D SRWrQFLD HOpWULFD FRP R DFRSODPHQWR GH PyGXORV WHUPRHOpWULFRV H ILQDOPHQWH UHDOL]DU R DSURYHLWDPHQWR WpUPLFR GD HQHUJLD VRODU LQFLGHQWH HVWD TXH p WRWDOPHQWH GHVSUH]DGD SHORV WtSLFRV PyGXORV IRWRYROWDLFRV DOpP GH DIHWDU GH IRUPD QHJDWLYD RV YDORUHV GD FRQYHUVmR IRWRYROWDLFD

2 SUHVHQWH WUDEDOKR GH kPELWR H[SHULPHQWDO DSUHVHQWD WRGRV RV FRQKHFLPHQWRV WHyULFRV H[SOL FDWLYRV GH XPD IRUPD FRHVD DWUDYpV GH XPD FRUUHWD RUJDQL]DomR GH LGHLDV EHP FRPR D UHYLVmR ELEOLRJUiILFD p UHDOL]DGD D SDU H SDVVR PHGLDQWH D DSUHVHQWDomR GRV GLIHUHQWHV FRQFHLWRV (VWD GLVVHUWDomR FXMR IRFR LQFLGH SUHFLVDPHQWH QR GHVHQYROYLPHQWR H FRQVWUXomR GH XP SURWyWLSR H GR VHX UHVSHWLYR HVWXGR GH IRUPD D DSUHVHQWDU UHVXOWDGRV SUiWLFRV TXH SHUPLWHP FRQFOXLU DFHUFD GD UHQWDELOLGDGH GR PHVPR $ SULQFLSDO YDULiYHO HP HVWXGR p R UHQGLPHQWR WRWDO GR PyGXOR KtEULGR VRODU FRQVWUXtGR TXH FRQVHTXHQWHPHQWH LUi SHUPLWLU DYDOLDU D ILDELOLGDGH GR PyGXOR &RP R LQWXLWR GH RWLPL]DU R VLVWHPD H DXPHQWDU D SRWrQFLD HOpWULFD GHVSHQGLGD H JUD oDV DR JUDGLHQWH WpUPLFR H[LVWHQWH HQWUH R PyGXOR IRWRYROWDLFR H R PyGXOR WpUPLFR DFRSORXVH XP FRQMXQWR WHUPRHOpWULFR 3RU RXWUR ODGR D RWLPL]DomR p HIHWXDGD UHDOL]DQGR R DSURYHLWD PHQWR WpUPLFR 5HDOoDQGR DVVLP R TXmR LPSRUWDQWH p DSURYHLWDU R Pi[LPR SRVVtYHO WRGD D HQHUJLD VRODU LQFLGHQWH VHMD QR DSURYHLWDPHQWR HOpWULFR RX WpUPLFR

7RGRV RV UHVXOWDGRV REWLGRV YLD H[SHULPHQWDO IRUDP REWLGRV GXUDQWH R ILQDO GD SULPDYHUD GR DQR GH  3DUD FDGD HQVDLR IRL UHJLVWDGD D WHPSHUDWXUD DPELHQWH EHP FRPR DV WHPSHUDWX UDV GD IDFH IURQWDO H WUDVHLUD GR PyGXOR IRWRYROWDLFR HQWUH RXWUDV GH IRUPD D FDUDFWHUL]DU H FRPSUHHQGHU WRWDOPHQWH R PyGXOR FRQVWUXtGR $OpP GDV YDULiYHLV HOpWULFDV WHQV}HV H FRUUHQWHV GRV FLUFXLWRV HOpWULFRV TXH FRPS}HP R PyGXOR VRODU IRL WDPEpP UHJLVWDGD DWUDYpV GD XWLOL]DomR GR VRODUtPHWUR D LQWHQVLGDGH GD UDGLDomR VRODU QDWXUDO 6HQGR SRVWHULRUPHQWH FDOFXODGRV RV YDORUHV SUiWLFRV GDV SRWrQFLDV HOpWULFDV YLVDGDV EHP FRPR D SRWrQFLD WpUPLFD VHP HVTXHFHU DV GLIHUHQoDV GH WHPSHUDWXUD VHQWLGDV DR ORQJR GH WRGR R PyGXOR TXH FRQGLFLRQDP H UHJHP R UHQGLPHQWR SULQFLSDOPHQWH GR FRQMXQWR WHUPRHOpWULFR &RP HVWHV SDUkPHWURV GH GHVHPSH QKR FDOFXODGRV H DSUHVHQWDGRV IRL SRVVtYHO UHWLUDU XPD GLYHUVLGDGH GH FRQFOXV}HV UHIHUHQWHV DR GHVHPSHQKR GR SURWyWLSR FRQVWUXtGR

3DODYUDVFKDYH

(QHUJLD UHQRYiYHO SDLQHO IRWRYROWDLFR FRQMXQWR WHUPRHOpWULFR SHUPXWDGRU GH FDORU HQHUJLD WpUPLFD PyGXOR KtEULGR FRQFHQWUDGRU VRODU VLPXODGRU VRODU

$EVWUDFW

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

.H\ZRUGV

5HQHZDEOH HQHUJ\ SKRWRYROWDLF SDQHO WKHUPRHOHFWULF VHW KHDW H[FKDQJHU WKHUPDO HQHUJ\ K\EULG PRGXOH VRODU FRQFHQWUDGRU VRODU VLPXODGRU

ÌQGLFH

 ,QWURGXomR 

 5HOHYkQFLD H HQTXDGUDPHQWR GR WHPD                          2EMHWLYRV H FRQWULEXLomR GD GLVVHUWDomR                         (VWUXWXUD GD GLVVHUWDomR                               

 )XQGDPHQWRV WHyULFRV H UHYLVmR ELEOLRJUiILFD 

 ,QWURGXomR                                        (QHUJLD VRODU IRWRYROWDLFD                                5DGLDomR VRODU DSOLFDGD j SURGXomR IRWRYROWDLFD                 (QHUJLD VRODU LQFLGHQWH QD VXSHUItFLH WHUUHVWUH                  3URSULHGDGHV GD UDGLDomR LQFLGHQWH                       3ULQFtSLR IRWRYROWDLFR                              7HFQRORJLD IRWRYROWDLFD                             7LSRV GH FpOXODV IRWRYROWDLFDV                          ,QIOXrQFLD GD UDGLDomR LQFLGHQWH GR IHQyPHQR GH VRPEUHDPHQWR H GD WHP

SHUDWXUD QDV FXUYDV FDUDFWHUtVWLFDV GH PyGXORV IRWRYROWDLFRV          6LPXODGRUHV VRODUHV  WHVWHV LQGRRU GH SDLQpLV IRWRYROWDLFRV           8WLOL]DomR GRV VLPXODGRUHV VRODUHV                   &DUDFWHUL]DomR GRV VLPXODGRUHV VRODUHV                )RQWHV GH UDGLDomR                           'HVHQYROYLPHQWRV IXWXURV                       &RQFHQWUDGRUHV VRODUHV                             &RQFHQWUDGRUHV IRWRYROWDLFRV                      /HQWHV GH )UHVQHO H D VXD IXQomR QRV FRQFHQWUDGRUHV IRWRYROWDLFRV   2 IXWXUR GRV VLVWHPDV FRQFHQWUDGRUHV IRWRYROWDLFRV          3DLQpLV KtEULGRV                                 (QHUJLD WHUPRHOpWULFD                                  (IHLWRV WHUPRHOpWULFRV                              0yGXORV WHUPRHOpWULFRV                             3URSULHGDGHV GRV PyGXORV WHUPRHOpWULFRV               ,PSRUWkQFLD H HIHLWR GD GRSDJHP QR YDORU GH ILJXUD GH PpULWR HP

PyGXORV WHUPRHOpWULFRV                        &pOXODV 7(*                               &pOXODV 7(&                               /LJDomR GH PyGXORV WHUPRHOpWULFRV                   0yGXORV WHUPRHOpWULFRV QR DSURYHLWDPHQWR GR FDORU ODWHQWH      /LJDV WHUPRHOpWULFDV                          (QHUJLD VRODU WpUPLFD                                  5DGLDomR VRODU QR DSURYHLWDPHQWR WpUPLFR                   7HFQRORJLD VRODU WpUPLFD                             6LVWHPD VRODU WpUPLFR GH FLUFXODomR IRUoDGD              6LVWHPD VRODU WpUPLFR GH WHUPRVVLImR                  2XWURV VLVWHPDV VRODUHV WpUPLFRV                   L[

 (IHLWR WpUPLFR QD SURGXomR GH HQHUJLD HOpWULFD                 1RWD FRQFOXVLYD                                   

 ,QVWDODomR H[SHULPHQWDO H PHWRGRORJLD GH HQVDLR 

 ,QWURGXomR                                        3DLQHO IRWRYROWDLFR                                   &pOXODV WHUPRHOpWULFDV                                 3HUPXWDGRU GH FDORU                                   0yGXOR VRODU SURSRVWR                                  ,QVWUXPHQWDomR H HTXLSDPHQWRV XWLOL]DGRV                       &RORFDomR GRV WHUPRSDUHV                            'HVFULomR GRV HQVDLRV D UHDOL]DU                             7LSRV GH HQVDLRV                                 (VTXHPDV HOpWULFRV H WpUPLFRV                          *UDQGH]DV D PHGLU                                *UDQGH]DV D FDOFXODU                               1RWD FRQFOXVLYD                                   

 &DUDFWHUL]DomR HOpWULFD H WpUPLFD GR PyGXOR VRODU 

 ,QWURGXomR                                        $SUHVHQWDomR H GLVFXVVmR GRV UHVXOWDGRV                        (QVDLRV UHDOL]DGRV HPFRQGLo}HV ODERUDWRULDLV                  (QVDLRV $                               (QVDLRV $                               &RQFOXV}HV GRV HQVDLRV GR WLSR $                    (QVDLRV UHDOL]DGRV QR H[WHULRU                          (QVDLRV %                               (QVDLRV %                               (QVDLRV %                               (QVDLRV %                               &RQFOXV}HV GRV HQVDLRV GR WLSR %                    $QiOLVH JHUDO GRV UHVXOWDGRV                               1RWD FRQFOXVLYD                                   

 &RQFOXV}HV )LQDLV*HUDLV 

 5HFDSLWXODomR                                      6XJHVW}HV SDUD WUDEDOKRV IXWXURV                          

%LEOLRJUDILD 

/LVWD GH )LJXUDV

 5DGLDomR GLUHWD H LQGLUHWD TXH DWLQJH D VXSHUItFLH WHUUHVWUH              9DORUHV PpGLRV GH LUUDGLDomR VRODU GLUHWD QD (XURSD                  'HWHUPLQDomR VLPSOLFLVWD GR YDORU GH PDVVD GH DU $0                 ,PDJHP UHVXPR GRV kQJXORV VRODUHV                           ,PDJHP HOXFLGLWLYD GR HIHLWR IRWRYROWDLFR QDV VXDV GLIHUHQWHV FRQILJXUDo}HV      )UHTXrQFLD PtQLPD SDUD D FULDomR GR HIHLWR IRWRYROWDLFR XP H[HPSOR         (VTXHPD HOpWULFR HTXLYDOHQWH GH XPD FpOXOD VRODU IRWRYROWDLFD LGHDO H UHDO       (VTXHPD GH XPD FpOXOD '66&                              (YROXomR WHPSRUDO GR YDORU GH UHQGLPHQWR GDV FpOXODV GH 3HURYVNLWH          (VTXHPD VLPSOLILFDGR GD HVWUXWXUD GH XPD FpOXOD GH PXOWLFDPDGDV FRP RV UHV

SHWLYRV YDORUHV GH EDQGJDS                               3HUVSHWLYDV IXWXUDV SDUD YDORUHV GH UHQGLPHQWRV GH FpOXODV IRWRYROWDLFDV        &XUYD FDUDFWHUtVWLFD ,8 GH XPD FpOXOD IRWRYROWDLFD                   &XUYD FDUDFWHUtVWLFD ,8 GH XP PyGXOR VRODU %HQ4 6RODU PRGHOR 303    )HQyPHQR GH VRPEUHDPHQWR $SOLFDomR GR GtRGR GH E\SDVV              ([HPSOR GH XP VLPXODGRU VRODU FRPSRVWR SRU OkPSDGDV GH LRGHWRV PHWiOLFRV     ,QWHUYDORV GH FRPSULPHQWR GH RQGD GH FDGD IRQWH GH UDGLDomR             &RUUHVSRQGrQFLD HQWUH R HVSHFWUR HPLWLGR SHOR ODVHU D  0+] H D UDGLDomR QDWXUDO

SDUD XPYDORU GH PDVVD GH DU LJXDO D                         3ULQFtSLR GH IXQFLRQDPHQWR GH VLVWHPDV FRQFHQWUDGRUHV IRWRYROWDLFRV         *UiILFR FRPSDUDWLYR GD SURGXomR GLiULD GH XPD VROXomR IRWRYROWDLFD IL[D FRP XPD

VROXomR IRWRYROWDLFD FRPFRQFHQWUDGRU                         'LDJUDPD GH IXQFLRQDPHQWR GH XPD OHQWH GH )UHVQHO DSOLFDGD SDUD HIHLWRV IRWR

YROWDLFRV                                        ([HPSOR GH PyGXORV WHUPRHOpWULFRV                           6HLNR 7KHUPLF XPUHOyJLR GH SXOVR IXQFLRQDO GHYLGR j HQHUJLD WHUPRHOpWULFD ­

HVTXHUGD R PRGHOR GR UHOyJLR j GLUHLWD R GLDJUDPD VLPSOLILFDGR GR PHVPR      (VTXHPD GH XP PyGXOR WHUPRHOpWULFR 'HVWDTXH SDUD RV SDUHV WHUPRHOpWULFRV

OLJDGRV WHUPLFDPHQWH HP SDUDOHOR PDV HOHFWULFDPHQWH HP VpULH VHQGR XP GR WLSRS H R RXWUR GR WLSRQ                                ,PDJHP HVTXHPiWLFD GRV PyGXORV WHUPRHOpWULFRV 7(* H 7(& UHVSHWLYDPHQWH

(VSHFLDO GHVWDTXH SDUD RV SDUHV WHUPRHOpWULFRV GR WLSRQ H GR WLSRS         *UiILFR SDUD GHWHUPLQDU D HVFROKD GH XP PyGXOR WHUPRHOpWULFR WHQGR HP FRQWD

R IOX[R GH FDORU H D GLIHUHQoD GH WHPSHUDWXUDV GH WUDEDOKR               )RUPDomR GD FRUUHQWH GH FLUFXLWR LQGX]LGD QXP PyGXOR GH 6HHEHFN          9DORU SDUD D ILJXUD GH PpULWR SDUD GLYHUVDV WHPSHUDWXUDV GH GLYHUVDV OLJDV WHUPR

HOpWULFDV D GRSDJHPGR WLSRQ H E GRSDJHPGR WLSRS                7LSRORJLDV GLVWLQWDV GH DTXHFLPHQWR VRODU WpUPLFR                   )RUQR VRODU GR WLSR SDUDEyOLFR                             'LYHUVDV FRQILJXUDo}HV FRPHUFLDOPHQWH GLVSRQtYHLV GH WXERV GH YiFXR         &HQWUDLV WpUPLFDV FRP UHFXUVRV j WHFQRORJLD GH FRQFHQWUDomR GD UDGLDomR VRODU

&HQWUDO GH FDOKD SDUDEyOLFD H WRUUH VRODU UHVSHWLYDPHQWH               [L

 3DLQHO IRWRYROWDLFR DGTXLULGR 3RUPHQRU GDV WUrV OLQKDV GH GHVFRQWLQXLGDGH IRWR YROWDLFD                                         0yGXORV WHUPRHOpWULFRV DGTXLULGRV RQGH FRQVWD R PRGHOR GHYLGDPHQWH DVVLQDODGR

QD IDFH IULD GRV PHVPRV                                3RUPHQRU GD LQFOXVmR GRV SHGDoRV GH FRUWLoD HQWUH RV PyGXORV SDUD PLQLPL]DU DV

FRUUHQWHV FRQYHFWLFDV                                 &RQMXQWR WHUPRHOpWULFR ILQDOL]DGR                           3RUPHQRU RQGH VH GHL[RX SRU PDTXLQDU R ORFDO RQGH SRVWHULRUPHQWH UHDOL]DGDV DV

URVFDV PpWULFDV 0                                  3ODFDV GR SHUPXWDGRU GH FDORU GHSRLV GR SURFHVVR GH PDTXLQDomR UHDOL]DGR      3URFHVVR GH PDTXLQDomR GDV SODFDV GH DOXPtQLR QD PiTXLQD &1& GR )$%/$%8%,   'HWDOKD GD FDPDGD GH YHGDQWH DSOLFDGR VREUH XPD GDV SODFDV GR SHUPXWDGRU GH

FDORU                                          3ODFD GH LVRODPHQWR FRP RV IXWXURV UHFRUWHV GHYLGDPHQWH DVVLQDODGRV         ([SHULPHQWR GH YHULILFDomR GR SODQR GH GLVSRVLomR GDV YiULDV FpOXODV WHUPRHOpWULFDV   'LVSRVLomR ILQDO GDV FpOXODV WHUPRHOpWULFDV                       'HWDOKH GD FRORFDomR GDV IROKDV GH DFHWDWR SUHWR VRE R PyGXOR VRODU         $SOLFDomR GDV DOWXUDV FRQVWUXtGDV HPERUUDFKD                     0yGXOR VRODU ILQDOL]DGR                                 0RQWDJHPGR PyGXOR VRODU QR 6ROLG:RUNV                       0XOWtPHWURV XWLOL]DGRV D IXQFLRQDU FRPR YROWtPHWUR H DPSHUtPHWUR UHVSHWLYDPHQWH   /HLWRU GH WHUPRSDUHV XWLOL]DGR DR ORQJR GHVWH SURMHWR                 6RODUtPHWUR XWLOL]DGR QRV GLYHUVRV HQVDLRV                       %DQKR WHUPRVWiWLFR XWLOL]DGR HP WRGRV RV HQVDLRV HODERUDGRV             3RUPHQRU GD FRORFDomR GR WHUPRSDU GR WLSR 7 QD HQWUDGD GH iJXD GR FLUFXLWR GR

SHUPXWDGRU GH FDORU                                  3RUPHQRU GD FRORFDomR GR WHUPRSDU GR WLSR 7 QD IDFH TXHQWH GR FRQMXQWR WHUPR

HOpWULFR                                         'LVSRVLomR GRV WHUPRSDUHV                               6ROXo}HV FRQFHQWUDGRUDV XWLOL]DGDV QRV ~OWLPDV HQVDLRV UHDOL]DGRV           %DQFDGD GH HQVDLRV HP ODERUDWyULR GH 7HUPRGLQkPLFD DSOLFDGD            %DQFDGD GH HQVDLRV QR H[WHULRU 6LOR DXWR GD )DFXOGDGH GH (QJHQKDULD8%,      (VTXHPD HOpWULFR GR FRQMXQWR WHUPRHOpWULFR 3RUPHQRU GDV OLJDo}HV HP VpULH

UHDOL]DGDV HPFDGD VHFWRU                               (VTXHPD HOpWULFR GR FRQMXQWR WHUPRHOpWULFR 3RUPHQRU GDV OLJDo}HV HP SDUDOHOR

UHDOL]DGDV HQWUH RV TXDWUR VHFWRUHV                           &LUFXLWRV HOpWULFRV UHSUHVHQWDWLYRV GDV GLYHUVDV FDUJDV TXH VHUmR XWLOL]DGDV HP

FDGD FLUFXLWR HOpWULFR                                  6XSRUWH WpUPLFR XWLOL]DGR QR PyGXOR VRODU                       (VTXHPD WpUPLFR PRQWDGR                               *UiILFR GD SRWrQFLD WHUPRHOpWULFD SURGX]LGD QRV HQVDLRV $ HQVDLR   H     *UiILFR GD SRWrQFLD IRWRYROWDLFD SURGX]LGD QRV HQVDLRV $ HQVDLR   H      *UiILFR GD SRWrQFLD WpUPLFD QRV HQVDLRV $ HQVDLR   H             *UiILFR GD SRWrQFLD WRWDO SURGX]LGD SHOR PyGXOR VRODU FRQVWUXtGR GRV HQVDLRV $

HQVDLR   H                                   [LL

 *UiILFR GD SRWrQFLD IRWRYROWDLFD SURGX]LGD H WHPSHUDWXUDV GR SDLQHO IRWRYROWDLFR UHIHUHQWHV DR HQVDLR  GR VXEJUXSR $                        *UiILFR GD SRWrQFLD WHUPRHOpWULFD SURGX]LGD QRV HQVDLRV $ HQVDLR   H    *UiILFR GD SRWrQFLD IRWRYROWDLFD SURGX]LGD QRV HQVDLRV $ HQVDLR   H     *UiILFR GD SRWrQFLD WpUPLFD SURGX]LGD QRV HQVDLRV $ HQVDLR   H       *UiILFR GD SRWrQFLD WRWDO SURGX]LGD SHOR PyGXOR KtEULGR QRV HQVDLRV $ HQVDLR

  H                                        *UiILFR FRPSDUDWLYR HQWUH DV SRWrQFLDV WHUPRHOpWULFDV GRV HQVDLRV $ H $      *UiILFR FRPSDUDWLYR HQWUH DV SRWrQFLDV GR PyGXOR KtEULGR GRV HQVDLRV $ H $    *UiILFR FRPSDUDWLYR HQWUH D SRWrQFLD IRWRYROWDLFD GR HQVDLRV ODERUDWRULDO SDUD R

HQVDLR H[WHULRU                                     *UiILFR FRPSDUDWLYR HQWUH D SRWrQFLD WHUPRHOpWULFD GR HQVDLR ODERUDWRULDO SDUD R

HQVDLR H[WHULRU                                     *UiILFR FRPSDUDWLYR HQWUH D SRWrQFLD WpUPLFD GR HQVDLR ODERUDWRULDO SDUD R HQVDLR

H[WHULRU                                         *UiILFR FRPSDUDWLYR HQWUH DV SRWrQFLDV WRWDO GR HQVDLR ODERUDWRULDO SDUD R HQVDLR

H[WHULRU                                         *UiILFR TXH RS}H DV SRWrQFLD IRWRYROWDLFD H WRWDO j UDGLDomR VRODU LQFLGHQWH     *UiILFR FRPSDUDWLYR HQWUH DV SRWrQFLDV WHUPRHOpWULFDV GRV HQVDLRV TXH FRPS}HP

R VXEJUXSR %                                     *UiILFR FRPSDUDWLYR HQWUH DV SRWrQFLDV IRWRYROWDLFD GRV HQVDLRV TXH FRPS}HP R

VXEJUXSR %                                      *UiILFR FRPSDUDWLYR HQWUH DV GXDV SRWrQFLDV HOpWULFDV GRV HQVDLRV TXH FRPS}HP

R VXEJUXSR %                                     *UiILFR FRPSDUDWLYR HQWUH DV SRWrQFLDV WpUPLFDV GRV HQVDLRV FRPS}HP R VXEJUXSR

%                                           *UiILFR FRPSDUDWLYR HQWUH DV SRWrQFLDV WRWDLV GR PyGXOR GRV HQVDLRV TXH FRP

S}HPR VXEJUXSR %                                  *UiILFR FRPSDUDWLYR HQWUH DV SRWrQFLDV WHUPRHOpWULFDV GR VXEJUXSR %        *UiILFR FRPSDUDWLYR HQWUH DV SRWrQFLDV IRWRYROWDLFDV GR VXEJUXSR %         *UiILFR FRPSDUDWLYR HQWUH DV SRWrQFLDV WpUPLFDV GR VXEJUXSR %           *UiILFR FRPSDUDWLYR HQWUH D UDGLDomR VRODU LQFLGHQWH H D SRWrQFLD GR PyGXOR VRODU

GRV HQVDLRV GR VXEJUXSR %                               *UiILFR FRPSDUDWLYR HQWUH D SRWrQFLD LQFLGHQWH VRE R PyGXOR IRWRYROWDLFR H R

UHQGLPHQWR GR PyGXOR VRODU GRV HQVDLRV GR VXEJUXSR %                *UiILFR FRPSDUDWLYR HQWUH DV WHPSHUDWXUDV GR SDLQHO IRWRYROWDLFR H WHPSHUDWXUD

DPELHQWH GRV HQVDLRV GR VXEJUXSR %                         *UiILFR FRPSDUDWLYR HQWUH DV SRWrQFLDV WHUPRHOpWULFDV GR VXEJUXSR %        *UiILFR FRPSDUDWLYR HQWUH DV SRWrQFLDV IRWRYROWDLFDV GR VXEJUXSR %         *UiILFR FRPSDUDWLYR HQWUH DV SRWrQFLDV WpUPLFDV GR VXEJUXSR %           *UiILFR FRPSDUDWLYR HQWUH DV SRWrQFLDV GR PyGXOR GR VXEJUXSR % H GR UHVSHWLYR

HQVDLR GR VXEJUXSR %                                 *UiILFR FRPSDUDWLYR HQWUH DV LQWHQVLGDGHV GH UDGLDomR VRODU GR VXEJUXSR % H GR

UHVSHWLYR HQVDLR GR VXEJUXSR %                            *UiILFR FRPSDUDWLYR HQWUH WHPSHUDWXUDV GR PyGXOR VRODU H GR FRQMXQWR WHUPRH

OpWULFR GRV HQVDLRV GR VXEJUXSR % H GR UHVSHWLYR HQVDLR GR VXEJUXSR %      [LLL

 *UiILFR FRPSDUDWLYR HQWUH D SRWrQFLD IRWRYROWDLFD FRQVHJXLGD QR HQVDLR LQGRRU FRPR UHVSHWLYR HQVDLR RXWGRRU                            *UiILFR FRPSDUDWLYR HQWUH RV UHQGLPHQWRV GR PyGXOR VRODU KtEULGR GH WRGRV RV

HQVDLRV R JUXSR %                                  

/LVWD GH 7DEHODV

 +RUDV GH VRO SRU DQR HPDOJXPDV FLGDGHV HXURSHLDV                  &RPSULPHQWRV GH RQGD GD UDGLDomR VRODU                        %DQGJDS GRV VHPLFRQGXWRUHV PDLV FRPXQV                       &RPSDUDomR HQWUH RV YiULRV WLSRV GH OkPSDGDV GH VLPXODGRUHV VRODUHV         7DEHOD UHVXPR GDV FDUDFWHUtVWLFDV GDV GLIHUHQWHV FODVVHV HVSHFWUDLV GH VLPXODGRUHV

VRODUHV                                         &DUDFWHUtVWLFDV GRV SULQFLSDLV PDWHULDLV WHUPRHOpWULFRV XWLOL]DGRV DWXDOPHQWH     &RPSDUDomR HQWUH D WHFQRORJLD WXERV GH YiFXR H RV FROHWRUHV SODQRV          &DUDFWHUtVWLFDV GR SDLQHO IRWRYROWDLFR DGTXLULGR                    &DUDFWHUtVWLFDV GR PyGXOR WHUPRHOpWULFR 7(&                  7DEHOD FRPSDUDWLYD HQWUH YiULRV WLSRV GH DOXPtQLR GLVSRQtYHLV             7DEHOD GDV FDUDFWHUtVWLFDV WpUPLFDV GR PDWHULDO GH LQWHUIDFH WpUPLFD XWLOL]DGR

5 IDFH j SUHVVmR H[HUFLGD                            7DEHOD UHVXPR GDV JUDQGH]DV D UHJLVWDU HP FDGD HQVDLR UHDOL]DGR           7DEHOD UHVXPR GDV FDUDFWHUtVWLFDV ItVLFDV GD iJXD SDUD FDGD HQVDLR GR JUXSR $    &RQGLo}HV FOLPDWpULFDV SDUD D &RYLOKm QR GLD GR HQVDLR GR VXEJUXSR %        &RQGLo}HV FOLPDWpULFDV SDUD D &RYLOKm QRV GLDV GRV HQVDLRV GR VXEJUXSR %      &RQGLo}HV FOLPDWpULFDV SDUD D &RYLOKm QRV GRLV GLDV GRV HQVDLRV GR VXEJUXSR %    &RQGLo}HV FOLPDWpULFDV SDUD D &RYLOKm QRV GRLV GLDV GRV HQVDLRV GR VXEJUXSR %    7DEHOD UHVXPR GDV FDUDFWHUtVWLFDV ItVLFDV GD iJXD SDUD FDGD HQVDLR GR JUXSR %  

/LVWD GH $FUyQLPRV

$670 6RFLHGDGH $PHULFDQD GH (QVDLRV H 0DWHULDLV &,*6 &pOXOD )RWRYROWDLFD GH FREUH tQGLR JiOLR H VHOpQLR

'& &RUUHQWH &RQWtQXD

(6$ $JrQFLD (VSDFLDO (XURSHLD

+&39 (QHUJLD )RWRYROWDLFD GH $OWD &RQFHQWUDomR ,$5& $JrQFLD ,QWHUQDFLRQDO GH 3HVTXLVD GH &DQFUR

,(& &RPLVVmR (OHWURWpFQLFD ,QWHUQDFLRQDO ,9 ,QIUDYHUPHOKRV

-,6 3DGUmR ,QGXVWULDO -DSRQrV 7(& 5HJULJHUDGRU 7HUPRHOpWULFR 7(* *HUDGRU 7HUPRHOpWULFR

8%, 8QLYHUVLGDGH GD %HLUD ,QWHULRU

&DStWXOR 

,QWURGXomR

 5HOHYkQFLD H HQTXDGUDPHQWR GR WHPD

$ PLWLJDomR GDV DOWHUDo}HV FOLPiWLFDV p XPD SULRULGDGH SDUD D 8QLmR (XURSHLD 8( FRP R 3DUODPHQWR (XURSHX D LQFHQWLYDU H D OHJLVODU QHVWH VHQWLGR $WXDOPHQWH HVWH yUJmR (XURSHX HQFRQWUDVH Mi D WUDEDOKDU DV SUy[LPDV PHWDV SDUD  $V PHGLGDV SDUD  LQFRUSRUDP R GHVHMR H D DPELomR GH FRQVHJXLU XPD SHUFHQWDJHP GH HQHUJLD FRQVXPLGD QD 8( SURYHQLHQWH GH IRQWHV GH HQHUJLD UHQRYiYHLV GH  6HQGR TXH QR DQR GH  HVWH YDORU HUD DSHQDV GH  WHQGR GXSOLFDGR HP SDUD RV  >@ 7RGDV HVWDV PHGLGDV WrPFRPR REMHWLYR DFHOHUDU D WUDQVLomR SDUD DV GHQRPLQDGDV HQHUJLDV OLPSDV GH IRUPD D FRPEDWHU DV DOWHUDo}HV FOLPiWLFDV PDV WDPEpP D UHGX]LU D GHSHQGrQFLD GH WRGD D 8( GDV LPSRUWDo}HV GH FRPEXVWtYHLV IyVVHLV ([LVWLQGR PHVPR R GHVDILR GH FRQVHJXLU REWHU XPD HFRQRPLD GD ]RQD HXUR VHP FDUERQR Mi QR DQR GH  SHUPLWLQGR DVVLP UHVSHLWDU R DFRUGR GH 3DULV VHQGR HVWH R DFRUGR DPELHQWDO PDLV UHFHQWH  PDV WDPEpP R PDLV UHVWULWLYR H R PDLV DPELFLRVR (VWH DFRUGR IRL SURQWDPHQWH UHWLILFDGR SRU  SDtVHV TXH UHSUHVHQWDP PDLV GH  GDV HPLVV}HV JOREDLV GH JDVHV FRP HIHLWR GH HVWXID $Wp DR PRPHQWR IRL UHWLILFDGR SRU XP WRWDO GH  SDtVHV UHJLVWDQGRVH HP VHQWLGR FRQWUiULR D VDtGD GD PDLRU HFRQRPLD PXQGLDO DSyV D WRPDGD GH SRVVH GR 3UHVLGHQWH 7UXPS $ QtYHO SDUWLFXODU R 3DUODPHQWR (XURSHX WDPEpP LQFOXL XPD SURSRVWD TXH FRQWHPSOD RV SHTXH QRV SURGXWRUHV GRPpVWLFRV TXH WrP R GLUHLWR D FRQVXPLU D HOHWULFLGDGH UHQRYiYHO GH SURGXomR SUySULD VHP HVWDUHP VXMHLWRV D TXDOTXHU HQFDUJR WD[D RX LPSRVWR >@ $SHVDU GD HQRUPH GLVSR QLELOLGDGH KRUiULD H FOLPDWpULFD QDFLRQDO EHP FRPR YDORUHV EDVWDQWH LPSRUWDQWHV GH UDGLDomR VRODU R UHODWyULR HXURSHX GH  GHPRQVWUD TXH R FUHVFLPHQWR IRWRYROWDLFR QDFLRQDO HVWDJQRX SDUD YDORUHV QD RUGHPGRV  0: (VWH WLSR GH HQHUJLD UHQRYiYHO UHSUHVHQWD DSHQDV PHQRV GH  GD SURGXomR PHQVDO GR PrV GH PDUoR GR SUHVHQWH DQR  WRWDOL]DQGR XPD HQHUJLD GH  *:K >@

'DGR R HOHYDGR Q~PHUR GH KRUDV GH UDGLDomR VRODU GLVSRQtYHLV DQXDOPHQWH HP 3RUWXJDO VHU FRQVLGHUDGR GH HOHYDGD LPSRUWkQFLD HQHUJpWLFD FRPR VH PRVWUD QD WDEHOD  /LVERD p XPD GDV FLGDGHV HXURSHLDV FRP PDLRU Q~PHUR GH KRUDV GH VRO SRU DQR >@ 6H DQDOLVDUPRV RV FXVWRV GH HQHUJLD SULPiULD SDUD D SURGXomR GH HQHUJLD WpUPLFD DOLDGR jV FRQGLo}HV FOLPDWpULFDV UHDLV GR SDtV IDFLOPHQWH FRQFOXtPRV TXH D HQHUJLD VRODU WpUPLFD p XPD DOWHUQDWLYD YLiYHO $ LQVWD ODomR GHVWHV VLVWHPDV WpUPLFRV GH EDL[D WHPSHUDWXUD WHP YLQGR D DXPHQWDU FRQVLGHUDYHOPHQWH DR ORQJR GRV ~OWLPRV  DQRV GHQRWDQGRVH XP FUHVFLPHQWR PDLV VLJQLILFDWLYR QR DQR GH  H  DQRV QRV TXDLV R JRYHUQR LQFHQWLYDYD H ILQDQFLDYD D LQVWDODomR GHVWHV VLVWHPDV

3RUWXJDO p DVVLPXPSDtV SULYLOHJLDGR QD 8QLmR (XURSHLD TXDQGR R DVVXQWR p D GLVSRQLELOLGDGH GH UDGLDomR VRODU GHVWD IRUPD FRQVHJXH VHU XP H[FHOHQWH SURGXWRU GH HQHUJLD WpUPLFD VRODU HQHU JLD WRWDOPHQWH UHQRYiYHO TXH SRGH VHU DSOLFDGD HP GLYHUVDV WLSRORJLDV GHVGH UHVLGrQFLDV ID PLOLDUHV ODUHV HVFRODV KRWpLV FRPR iJXD TXHQWHV VDQLWiULDV TXHU VHMD FRPR SUpDTXHFLPHQWR SDUD XQLGDGHV LQGXVWULDLV TXH UHTXHUHP iJXD D WHPSHUDWXUDV PDLV HOHYDGDV UHGX]LQGR DVVLP RV FXVWRV LQHUHQWHV DR DTXHFLPHQWR GR IOXLGR >@ $ $OHPDQKD SDtV TXH OLGHUD QD VXSHUItFLH FREHUWD FRP FROHWRUHV VRODUHV LQVWDODGRV FRQVLGHUD PHVPR D WHFQRORJLD VRODU WpUPLFD FRPR LQGLVSHQ 

7DEHOD  +RUDV GH VRO SRU DQR HPDOJXPDV FLGDGHV HXURSHLDV DGDSWDGR GH >@ &LGDGH +RUDV GH VRO SRU DQR

0DUVHOKD  /LVERD  0DGULG  0LOmR  0XQLTXH  2VOR  3DULV 

ViYHO j WUDQVIRUPDomR HQHUJpWLFD HVVHQFLDO SDUD R SDtV WDQWR QD SURGXomR GH iJXDV TXHQWHV FRPR SDUD DTXHFLPHQWR GH HVSDoRV 7HQGR Mi R SODQR HQHUJpWLFR GHYLGDPHQWH WUDoDGR SDUD RV SUy[LPRV DQRV TXH LUi FRQWDU FRP XP YDORU HVWLPDGR GH  PLOK}HV GH PHWURV TXDGUDGRV GH QRYD iUHD LQVWDODGD DWp DR DQR GH  R TXH LUi HYLWDU D HPLVVmR GH  WRQHODGDV H GLy[LGR GH FDUERQR $OpP GRV EHQHItFLRV DPELHQWDLV RV DOHPmHV HVSHUDP DOFDQoDU FHUFD GH TXDUHQWD PLO QRYRV SRVWRV GH WUDEDOKR GH IRUPD GLUHWD GXUDQWH H DSyV HVWH SODQR HQHUJpWLFR

([LVWHP IRUPDV GH HQHUJLD GHULYDGDV GH IRQWHV DPELHQWDLV WDLV FRPR D HQHUJLD GR PRYLPHQWR OX] UDGLDomR HOHWURPDJQpWLFD TXtPLFD H D GLIHUHQoD GH WHPSHUDWXUD TXH SRGHP VHU GLUHWD PHQWH FRQYHUWLGDV HP HOHWULFLGDGH DWUDYpV GR HIHLWR SLH]RHOpWULFR HIHLWR WHUPRHOpWULFR HIHLWR IRWRHOpWULFR LQGXomR H UHDo}HV TXtPLFDV UHVSHWLYDPHQWH (VWDV IRUPDV GH HQHUJLD VmR SRU QRUPD UHJXODUHV H FRQVWDQWHV WDQWR HPGLVSRQLELOLGDGH FRPR HPILDELOLGDGH EHPFRPR VmR FRQVWDQWHV HP WHUPRV GH SRWrQFLD UHODWLYD SRU QRUPD FRQVLGHUDGDV EDL[DV QD RUGHP GRV PLOLZDWW P: (VWD WHFQRORJLD HQFRQWUDVH QHVWH PRPHQWR D VHU YLVDGD H VRE IRUWH LQYHVWLJDomR GH IRUPD D LQFOXLU PyGXORV WHUPRHOpWULFRV HP VPDUWZDWFKHV GH IRUPD D UHFDUUHJDU D EDWHULD HQTXDQWR R PHVPR HVWi HP XVR QR SXOVR GR XWLOL]DGRU >@ %DVWDQGR XPD GLIHUHQoD PpGLD GH  ž& GXUDQWH XP GLD GH XWLOL]DomR QRUPDO SDUD TXH R PHVPR QXQFD SUHFLVH GH UHFHEHU FDUUHJDPHQWRV H[WHU QRV 1XP RXWUR FDPSR DJRUD QR YHVWXiULR H GHVHQYROYLPHQWR GH WHFLGRV RQGH VmR LQFOXtGDV SHTXHQDV FpOXODV WHUPRHOpWULFDV TXH SRGHP UHJLVWDU WHQV}HV GH  P9 >@ 3RGHPRV IDFLO PHQWH SHUFHEHU TXH R FDPSR GD WHUPRHOHWULFLGDGH WHUi HP SRXFRV DQRV JUDQGHV H LPSRUWDQWHV DYDQoRV SRGHQGR PHVPR DOWHUDU D IRUPD FRPR UHFDUUHJDPRV WRGRV RV QRVVRV HTXLSDPHQWRV HOHWUyQLFRV GLDULDPHQWH SDVVDQGRR D ID]HU VHP TXDOTXHU FXVWR PRQHWiULR DVVRFLDGR VHQGR DSHQDV QHFHVViULR XPD GLIHUHQoD GH WHPSHUDWXUD WRPDQGR SRU H[HPSOR D GLIHUHQoD HQWUH D QRVVD SHOH H R PHLR DPELHQWH

 2EMHWLYRV H FRQWULEXLomR GD GLVVHUWDomR

2 REMHWLYR SULQFLSDO GHVWD GLVVHUWDomR FRQVLVWH HPDOFDQoDU H DYDOLDU R DXPHQWR GD TXDQWLGDGH GH HQHUJLD HOpWULFD FRQYHUWLGD TXHU SHOR SDLQHO IRWRYROWDLFR TXHU SHOR FRQMXQWR WHUPRHOpWULFR $GLFLRQDOPHQWH WDPEpP VH LUi DYDOLDU D FDSDFLGDGH GH SURGXomR GH HQHUJLD WpUPLFD

6HQGR SHUIHLWDPHQWH SRVVtYHO GHILQLU RV REMHWLYRV HVSHFtILFRV WDLV FRPR ‡ $QDOLVDU H TXDQWLILFDU D SRWrQFLD SURGX]LGD SHOR SDLQHO IRWRYROWDLFR ‡ $QDOLVDU H TXDQWLILFDU D SRWrQFLD SURGX]LGD SHOR FRQMXQWR WHUPRHOpWULFR

‡ $QDOLVDU H TXDQWLILFDU D SRWrQFLD WpUPLFD HQWUHJXH SHOR SHUPXWDGRU GH DOXPtQLR 

‡ 'HWHUPLQDU D HQHUJLD SURGX]LGD WRWDO SHOR PyGXOR KtEULGR VRODU

‡ 'HWHUPLQDU R DXPHQWR GH UHQGLPHQWR GR PyGXOR VRODU FRQVWUXLGR IDFH DRV WtSLFRV SDLQpLV IRWRYROWDLFRV FRPHUFLDLV

2V VLVWHPDV IRWRYROWDLFRV UHSUHVHQWDP FHUFD GH  GR WRWDO GH HQHUJLD UHQRYiYHO SURGX]LGD PXQ GLDOPHQWH 9HULILFRXVH XP DXPHQWR DFHQWXDGR QR SURMHWR H FRQVWUXomR GH JUDQGHV FHQWUDLV IRWRYROWDLFDV WDO FRPR p SRVVtYHO VDOLHQWDU DV FHQWUDLV QDFLRQDLV GH +pUFXOHV H GD $PDUHOHMD FXMDV SRWrQFLDV GH SLFR VmR UHVSHWLYDPHQWH  0: H  0: 6HJXQGR D SUHYLVmR PXQGLDO SDUD R SHUtRGR GH  D  HVSHUDVH DOFDQoDU XPD SURGXomR QD RUGHP GRV  *: GH HQHUJLD DWUDYpV GH VLVWHPDV IRWRYROWDLFRV QR ~OWLPR DQR GD SUHYLVmR 6HQGR TXH HVWD DSRVWD FRQWLQXDUi D VHU PDLRU QD &KLQD H QRV (VWDGRV 8QLGRV SDtVHV TXH MXQWRV UHSUHVHQWDP FHUFD GH  GD SUR GXomR IRWRYROWDLFD PXQGLDO $SOLFDo}HV FRPHUFLDLV H UHVLGHQFLDLV EHP FRPR VLVWHPDV IRUD GH UHGH SDUD DXWRFRQVXPR WrP YLQGR D UHJLVWDU DXPHQWRV PXLWR UHOHYDQWHV HVSHFLDOPHQWH HP WHUULWyULR FKLQrV HXURSHX H ODWLQRDPHULFDQR (VWH DXPHQWR p GHYLGR j VLJQLILFDQWH GLPLQXLomR GRV FXVWRV GH DGTXLULomR GRV VLVWHPDV IRWRYROWDLFRV QRPHDGDPHQWH GR FXVWR GRV SUySULRV SDL QpLV EHP FRPR R DXPHQWR GH UHQGLPHQWR IRWRYROWDLFR UHJLVWDGR TXH WHP YLQGR D FUHVFHU GH XPD IRUPD FRQVROLGDGD >@

3UHVHQWHPHQWH H[LVWH XPD RXWUD SUHRFXSDomR DOpP GH DXPHQWDU R YDORU GR UHQGLPHQWRV GRV VLVWHPDV IRWRYROWDLFRV (VWD VROXomR p GLULJLGD D WHQWDU DSURYHLWDU WRGD D HQHUJLD VRODU LQFLGHQWH QRV SDLQpLV IRWRYROWDLFRV UHGX]LQGR DVVLPD HQRUPH SHUFHQWDJHPGH HQHUJLD QmR DSURYHLWDGD TXH p VLPSOHVPHQWH GHVSHUGLoDGD SDUD R PHLR DPELHQWH VRE D IRUPD GH FDORU &RQGX]LQGR DLQGD D XP GHFUpVFLPR QD SHUIRUPDQFH GRV VLVWHPDV IRWRYROWDLFRV XPD GLPLQXLomR PpGLD GH  . (VWD GLVVHUWDomR SUHWHQGH FRPEDWHU R GHVSHUGtFLR GH HQHUJLD VRODU H VLPXOWDQHDPHQWH DXPHQWDU R YDORU GR UHQGLPHQWR GR VLVWHPD IRWRYROWDLFR HP HVWXGR )DFH DRV UHVXOWDGRV REWLGRV H[SHULPHQWDOPHQWH SRGHUHPRV HVWDU QD SUHVHQoD GH XP VLVWHPD DWLYR EDVWDQWH DWUDWLYR TXH SRGHUi VHU FRPHUFLDOL]DGR GH IRUPD D HTXLSDU RV IXWXURV SDLQpLV IRWRYROWDLFRV

 (VWUXWXUD GD GLVVHUWDomR

$ SUHVHQWH GLVVHUWDomR p FRQVWLWXtGD SRU FLQFR FDStWXORV WHQGR SRU WHPD SULQFLSDO D DQiOLVH GH GHVHPSHQKR GH XP PyGXOR D LGHDOL]DU H FRQVWUXLU GH IRUPD D H[WUDLU XPD PDLRU UHQWDELOLGDGH GD HQHUJLD VRODU D TXH VRPRV GLVSRVWRV GLDULDPHQWH

2 SULPHLUR FDSLWXOR p GHGLFDGR j LQWURGXomR RQGH p UHIHULGD D UHOHYkQFLD H HQTXDGUDPHQWR GR WHPD GD GLVVHUWDomR EHP FRPR FRQWHPSOD RV REMHWLYRV H FRQWULEXLomR FLHQWtILFD GR WUDEDOKR

2 VHJXQGR FDStWXOR p XPD GHVFULomR H[DXVWLYD GH WRGRV RV IXQGDPHQWRV WHyULFRV DGMDFHQWHV DRV YiULRV FRQVWLWXLQWHV GR PyGXOR HP TXHVWmR 6HQGR DERUGDGDV DV WUrV WLSRORJLDV GLVWLQWDV GH HQHUJLD YLVDGDV QHVWD GLVVHUWDomR TXH FRPSOHPHQWDUPHQWH VHUi UHDOL]DGD D SDU H SDVVR D UHYL VmR ELEOLRJUiILFD GH IRUPD D FRQKHFHU R HVWDGR DWXDO GR FRQKHFLPHQWR DFHUFD GDV WHFQRORJLDV DSOLFDGDV SDUD D UHDOL]DomR GR SUHVHQWH WUDEDOKR

-i R FDStWXOR VHJXLQWH GHVWLQDVH D DSUHVHQWDU WRGD D LQVWDODomR H[SHULPHQWDO QRPHDGDPHQWH DSUHVHQWDU GH IRUPD GHWDOKDGD FDGD XP GRV YiULRV FRQVWLWXLQWHV GR PyGXOR HP HVWXGR 7DP EpP VmR UHIHULGRV WRGRV RV HTXLSDPHQWRV XWLOL]DGRV GXUDQWH RV HQVDLRV UHDOL]DGRV EHP FRPR HVWHV VmR GHWDOKDGRV H H[SOLFDGRV RQGH VH LQFOXHP RV UHVSHWLYRV HVTXHPDV HOpWULFRV H WpUPLFRV 

2 TXDUWR FDStWXOR IRFDVH HPDSHQDV DSUHVHQWDU H DQDOLVDU WRGRV RV UHVXOWDGRV H[SHULPHQWDLV REWLGRV SHORV HQVDLRV SUiWLFRV DQWHULRUPHQWH GHVFULWRV (VWHV UHVXOWDGRV VHUmR PDLRULWDULDPHQWH DSUHVHQWDGRV VRE D IRUPD GH JUiILFRV VHQGR TXH DV UHVSHWLYDV WDEHODV LUmR FRQVWDU FRPR DQH[RV QHVWH GRFXPHQWR

2 TXLQWR H ~OWLPR FDStWXOR DSUHVHQWD QmR Vy DV FRQFOXV}HV GH WRGR R WUDEDOKR UHDOL]DGR PDV WDPEpP UHIHUH XPD EUHYH VLQWD[H GH WRGR R GRFXPHQWR 3DUD ILQDOL]DU VmR VXJHULGRV DOJXQV WUDEDOKRV IXWXURV GH IRUPD D GDU FRQWLQXLGDGH DR PyGXOR KtEULGR FRQVWUXtGR DSOLFDQGR GLYHUVDV VROXo}HV FRP YLVWD HP RWLPL]DU R PHVPR

&DStWXOR 

)XQGDPHQWRV WHyULFRV H UHYLVmR ELEOLRJUiILFD

 ,QWURGXomR

&RPR Mi IRL UHIHULGR R REMHWLYR GHVWD GLVVHUWDomR SUHQGHVH FRP R DXPHQWR GD TXDQWLGDGH GH HQHUJLD SURGX]LGD SHOR SDLQHO IRWRYROWDLFR TXH FRPS}H R PyGXOR H[SHULPHQWDO 6LPXOWD QHDPHQWH H GH IRUPD D DSURYHLWDU R FDORU ODWHQWH SURGX]LGR SHOD DEVRUomR GD UDGLDomR VRODU QRPHDGDPHQWH D LQIUDYHUPHOKD DGLFLRQRXVH D SURGXomR HQHUJpWLFD YLD WHUPRHOpWULFD SDUD ILQDOL]DU DLQGD VH YLVD D SURGXomR WpUPLFD RX VHMD DXPHQWR GH WHPSHUDWXUD GH iJXD TXH VH WUDGX]LUi QD GLVSRQLELOLGDGH GH iJXD TXHQWH (VWDV WUrV WHFQRORJLDV VmR GLVWLQWDV j SDUWLGD PDV FXMD OLJDomR HQWUH HODV Mi VH HVWXGD QD FRPXQLGDGH FLHQWtILFD FRPR LUHPRV SHUFHEHU DR ORQJR GHVWH FDStWXOR  $WXDOPHQWH H FRP DV WHFQRORJLDV UHVSRQViYHLV SHOD SURGXomR GH HQHUJLD UHQRYiYHO EHP LPSOHPHQWDGDV H FRP UHQGLPHQWRV XQLWiULRV DFHLWiYHLV R HVWXGR IRFDVH DJRUD HP FROPDWDU DV IDOKDV GH FDGD XPD GDV WHFQRORJLDV D ILP GH DXPHQWDU R UHQGLPHQWR WRWDO 'HSRLV GH GHWHWDGDV DV SULQFLSDLV IDOKDV HQFRQWUDPVH VROXo}HV VHMDP HODV ItVLFDV WpUPLFDV RX RXWUDV WDLV FRPR XVDU XPD RXWUD WHFQRORJLD WDPEpP HOD UHQRYiYHO SDUD FRPSOHPHQWDU D IRQWH SULQFLSDO GH SURGXomR DPLJD GR DPELHQWH 3DVVDQGR DVVLP D H[LVWLU XPD WHFQRORJLD KtEULGD UHQRYiYHO TXH SRGHUi VHU FRQVWLWXtGD SRU GXDV RX WUrV IRQWHV GLVWLQWDV GH SURGXomR OLYUHV GH HPLVV}HV QRFLYDV SDUD D DWPRVIHUD 7RUQDQGRVH DVVLP LPSRUWDQWH QXPD SULPHLUD IDVH GHVFUH YHU GH IRUPD XQLWiULD FDGD XPD GDV HQHUJLD HP MRJR SDUD VHJXLGDPHQWH DERUGDU DV SRVVtYHLV KLEULGL]Do}HV

5HFRUGHVH TXH XPD GDGD IRQWH GH HQHUJLD p FRQVLGHUDGD UHQRYiYHO TXDQGR R VHX SURFHVVR GH IRUPDomR p XQLFDPHQWH FRQGX]LGR SHOD 1DWXUH]D EHP FRPR VmR HQHUJLDV FRQVLVWHQWHV RX VHMD LQHVJRWiYHLV WHQGR HPFRQWD D HVFDOD KXPDQD DOpPGLVWR D VXD FRUUHWD H[SORUDomR QmR FRQWULEXL SDUD R DXPHQWR GDV HPLVV}HV QHIDVWDV SDUD D DWPRVIHUD TXH SRU VXD YH] GHVSROHWDP R HIHLWR GH HVWXID RX R EXUDFR GD FDPDGD GH R]RQR >@ 1DV VRFLHGDGHV PRGHUQDV R JUDX GH GHVHQ YROYLPHQWR H D FRQVHTXHQWH HVWDELOLGDGH HFRQyPLFD VmR GLUHWDPHQWH PHGLGRV SHOD SURGXomR H FRQVXPR GH HQHUJLD 2V SODQRV HQHUJpWLFRV QDFLRQDLV VmR GRFXPHQWRV YLWDLV SDUD EDODQoDU DV FRQWDV S~EOLFDV $WXDOPHQWH H GHVGH GD UHYROXomR LQGXVWULDO LQLFLDGD QR VpFXOR ;9,,, WHP VH DVVLVWLGR D XPD PDLRU GHSHQGrQFLD GD WHFQRORJLD QDV WDUHIDV GLiULDV VHQGR DWp Mi LPSRVVtYHO LPDJLQDU SDVVDU XP GLD ORQJH GH WDLV HTXLSDPHQWRV (VWH DXPHQWR DELVPDO UHJLVWDGR QR FRQVXPR GH HQHUJLD DOLDGR D XP DXPHQWR GD SRSXODomR PXQGLDO FRQGX]LX D XP DXPHQWR GD SURGXomR HQHUJpWLFD D ILP GH VDWLVID]HU D H[SRQHQFLDO GHPDQGD )RL HVWLPDGR XP FRQVXPR KRUiULR SDUD R DQR GH  GH  7: HQTXDQWR QR DQR GH  R FRQVXPR HUD GH DSHQDV  7: WUDWDQGRVH GH XPDXPHQWR VXSHULRU D  YH]HV HPDSHQDV  DQRV >@ &RQWXGR HVWH DXPHQWR QmR p SRU VL QHIDVWR D QtYHO DPELHQWDO RX HFROyJLFR 2 SUREOHPD UHVLGH QDV PDWpULDV SULPDV FRQVXPLGDV GH IRUPD WRWDOPHQWH GHVFRQWURODGD SDUD VDWLVID]HU WRGD D GHPDQGD HQHUJpWLFD FUHVFHQWH $ SURGXomR GH HQHUJLD HOpWULFD p DVVHJXUDGD D  SRU FRPEXVWtYHLV IyVVHLV WDLV FRPR R FUXGH R FDUYmR H JiV QDWXUDO RX VHMD DSHQDV R UHVWDQWH  VmR SURYHQLHQWHV GH IRQWHV GH HQHUJLD UHQRYiYHLV

2 SDQRUDPD QDFLRQDO VHJXH D WHQGrQFLD GD 8QLmR (XURSHLD TXH VH WUDGX] QXPD DSRVWD FUHVFHQWH H EDVWDQWH FLPHQWDGD QDV HQHUJLDV OLPSDV 1R FDVR QDFLRQDO QR UHODWyULR DQXDO GD 'LUHomR *HUDO GH (QHUJLD H *HRORJLD GR DQR GH  YHULILFRXVH TXH D JUDQGH TXRWD GH HQHUJLD UHQRYiYHO p UHVHUYDGD j HQHUJLD KLGURHOpWULFD VHJXLGDPHQWH DSDUHFH D HQHUJLD HyOLFD VHQGR TXH D HQHUJLD IRWRYROWDLFD RFXSD DSHQDV XPD SHTXHQD SHUFHQWDJHP 1HVVH UHODWyULR D HQHUJLD IRWRYROWDLFD JHURX DSHQDV  *:K HQTXDQWR D HQHUJLD KtGULFD H HyOLFD DOFDQoDUDPYDORUHV UHVSHWLYRV GH   *:K H   *:K (PWHUPRV SHUFHQWXDLV GH SURGXomR DQXDO GH HQHUJLD HOpWULFD D SURGXomR IRWRYROWDLFD UHJLVWRX XP WRWDO GH  PHQRV XPD GpFLPD GR TXH UHJLVWDGR HP  5HDOoDQGR R IDFWR GH HP VH WHU DOFDQoDQGR R PDUFR GH  GD SURGXomR DQXDO GH HQHUJLD HOpWULFD SURYLU GH IRQWHV GH HQHUJLDV UHQRYiYHLV XPD VXELGD GH TXDVH  SRQWRV SHUFHQWXDLV IDFH DR DQR DQWHULRU >@

 (QHUJLD VRODU IRWRYROWDLFD

'H WRGDV DV HQHUJLDV GLWDV GH UHQRYiYHLV D HQHUJLD VRODU IRWRYROWDLFD p FRQVLGHUDGD FRPR D PDLV µHOHJDQWHµ VHMD SHOR DVSHWR FRQVWUXWLYR p XPD IRUPD VyOLGD VHP SDUWHV PyYHLV RX VXVFHWtYHLV GH PRYLPHQWRV PHFkQLFRV ([SORUD DSHQDV DV SURSULHGDGHV ItVLFDV GRV HOHPHQWRV TXtPLFRV TXH D FRQVWLWXHP FXMD ILQDOLGDGH p FDSWXUDU UDGLDomR SUHIHUHQFLDOPHQWH VRODU H FRQYHUWrOD GH IRUPD GLUHWD HP HQHUJLD HOpWULFD GH FRUUHQWH FRQWtQXD '& ([LVWLQGR XPD YDULHGDGH LPHQVD GH WDPDQKRV GLVSRQtYHLV FRPHUFLDOPHQWH GHVGH SHTXHQRV SDLQpLV FRP iUHDV GH DSHQDV DOJXQV FHQWtPHWURV TXDGUDGRV D SDLQpLV GH GRLV PHWURV TXDGUDGRV GH iUHD >@ (VWD WHFQRORJLD HVWi WmR EHP LPSOHPHQWDGD QR QRVVR GLDDGLD TXH p SRVVtYHO HQFRQWUDU FpOXODV HP FDOFXODGRUDV RX UHOyJLRV GH SXOVR EHPFRPR p SRVVtYHO WHU SDLQpLV IRWRYROWDLFRV HPJUDQGHV LQVWDODo}HV FRP D FDSDFLGDGH GH JHUDU GH]HQDV RX FHQWHQDV GH PHJDZDWWV 0: GH SRWrQFLD HOpWULFD 6HQGR D HILFLrQFLD VLPLODU QDV VLWXDo}HV DQWHULRUPHQWH GHVFULWDV XPD YH] TXH D PHVPD QmR p DOWH UDGD SHUDQWH D PDJQLWXGH GR PyGXOR RX HQYHUJDGXUD QD LQVWDODomR (VWH WLSR GH WHFQRORJLD p DPSODPHQWH XWLOL]DGR SRGHQGR VHU XWLOL]DGR FRPR IRQWH GH HQHUJLD ERPEDJHP GH iJXD HP FRPXQLFDo}HV VDWpOLWHV RX LQIUDHVWUXWXUDV HVSDFLDLV EHP FRPR HP FHQWUDLV GH RVPRVH LQYHUVD &RP HVWH YDVWR OHTXH GH DSOLFDo}HV D SURFXUD GH VLVWHPDV IRWRYROWDLFRV UHJLVWD DQXDOPHQWH XP FUHVFLPHQWR LPSRUWDQWH TXH p VHPSUH DFRPSDQKDGR SRU XP FUHVFLPHQWR QD LQYHVWLJDomR >@

 5DGLDomR VRODU DSOLFDGD j SURGXomR IRWRYROWDLFD

'H WRGD D HQHUJLD VRODU TXH DWLQJH D VXSHUItFLH GD 7HUUD  TXH HTXLYDOHPD  3- GH HQHUJLD VmR XWLOL]DGRV SDUD ILQV WpUPLFRV   3- p D SHUFHQWDJHP UHIHUHQWH DR DSURYHLWDPHQWR IRWRYROWDLFR 2 UHVWDQWH YDORU UHIHUHQWHV D XPWRWDO GH  3- VmR FRQYHUWLGRV HPFHQWUDLV VRODUHV FRPUHFXUVR D FRQFHQWUDGRUHV VRODUHV R TXH FRQIHUH XPWRWDO DQXDO GH  3- WRWDO PHQWH GLVSRQtYHLV SDUD SURGX]LU HQHUJLD &RQWXGR DSHVDU GD HQRUPH GLPHQVmR GR Q~PHUR DWUiV PHQFLRQDGR D HQHUJLD IRWRYROWDLFD DSHQDV UHSUHVHQWD XPD SHTXHQD H TXDVH LQVLJQLILFDQWH SHU FHQWDJHPQD TXRWD JOREDO GH SURGXomR GH HQHUJLD HOpWULFD QmR XOWUDSDVVDQGR  R TXH VH WUDGX] XPD SRWrQFLD GH SLFR GH  0: GH SRWrQFLD HOpWULFD 2 YDORU GH HQHUJLD SURYHQL HQWH GR 6RO SRU XQLGDGH GH WHPSR UHFHELGR XPD GHWHUPLQDGD iUHD WHUUHVWUH SHUSHQGLFXODU j GLUHomR GH SURSDJDomR GD PHVPD WRPD R YDORU PpGLR GH  :P2_{ (VWH YDORU WDPEpP GH}

QRPLQDGR SRU LUUDGLkQFLD RX VHMD p D SRWrQFLD VRODU LQFLGHQWH XPD GDGD VXSHUItFLH GXUDQWH XP GHWHUPLQDQGR LQWHUYDOR GH WHPSR >@ (VWD HQHUJLD HOHWURPDJQpWLFD p FRQVWLWXtGD SRU IRW}HV SDUWtFXODV FRPGHWHUPLQDGD FDUJD HOpWULFD TXH VH GHVORFDPj YHORFLGDGH GD OX] TXH FRQVWL 

7DEHOD  &RPSULPHQWRV GH RQGD GD UDGLDomR VRODU DGDSWDGR GH >@ 7LSR GH RQGD &RPSULPHQWR GH RQGD 2EVHUYDomR

89&    QP 7RWDOPHQWH DEVRUYLGRV SHOD DWPRVIHUD 89%    QP  VmR DEVRUYLGRV SHOD DWPRVIHUD 8%$    QP $ PDLRULD DWLQJH D VXSHUItFLH WHUUHVWUH 9LVLYHO    QP /X] YLVtYHO FRUHV GR DUFRtULV

,9     QP 5DGLDomR FDORULILFD GR 6RO

WXHPR HVSHFWUR VRODU (VWH HVSHFWUR p D GLVWULEXLomR GRV IRW}HV GD UDGLDomR VRODU GH DFRUGR FRP R VHX FRPSULPHQWR GH RQGD 'D HQHUJLD LUUDGLDGD GR 6RO FHUFD GH  HQFRQWUDVH QD JDPD GRV LQIUDYHUPHOKRV FXMR FRPSULPHQWR GH RQGH p VXSHULRU D  PLFUyPHWUR μP  p D UDGLDomR YLVtYHO TXH VH VLWXD HQWUH RV  D  PLFUyPHWUR SRU ILP WHPRV D UDGLDomR XOWUDYLROHWD FXMR FRPSULPHQWR GH RQGH p LQIHULRU DRV  PLFUyPHWUR RFXSDQGR HVWH WLSR GH UDGLDomR DSHQDV RV  UHVWDQWHV &RQWUDULDPHQWH DR TXH VH SRVVD SHQVDU QmR p D UDGLDomR XOWUDYLROHWD UDGLDomR PDLV HQHUJpWLFD TXH PDLV FRQWULEXL SDUD R HIHLWR IRWRYROWDLFR (VWH WLSR GH UDGLDomR UHSUH VHQWD DSHQDV FHUFD GH  GR HVSHFWUR HOHWURPDJQpWLFR R PDWHULDO VHPLFRQGXWRU QmR SRVVXL XPD JUDQGH FDSDFLGDGH GH WUDQVIRUPDU HVWH WLSR GH UDGLDomR SHOR TXH p SRVVtYHO GL]HU TXH p D UDGLDomR YLVtYHO D JUDQGH UHVSRQViYHO SHOD FRQYHUVmR GH HQHUJLD 2 PHVPR Mi QmR p YiOLGR SDUD D XWLOL]DomR GH FHUWRV WLSRV GH FpOXODV PXLWR PDLV GLVSHQGLRVDV TXH Mi XWLOL]DP TXDVH D WRWDOLGDGH GD UDGLDomR XOWUDYLROHWD (VWH WLSR GH FpOXODV p DPSODPHQWH XWLOL]DGR HP XWLOL]Do}HV HVSDFLDLV VHQGR WDPEpP SRVVtYHO HQFRQWUDU HP JUDQGHV FHQWUDLV VRODUHV FRQFHQWUDGRUDV GHYLGR DR VHX YDORU GH HILFLrQFLD FRQVHJXLU VHU FRQVLGHUDYHOPHQWH VXSHULRU SRGHQGR DOFDQoDU RV  GH UHQGLPHQWR HIHWLYR >@

 (QHUJLD VRODU LQFLGHQWH QD VXSHUItFLH WHUUHVWUH

2 YDORU SDUD D UDGLDomR VRODU PpGLD TXH DWLQJH D VXSHUItFLH WHUUHVWUH YLVWR DQWHULRU QD VXEVHFomR  UHFRUGHVH HUD GH  :P2_{ p R YDORU GD LQWHQVLGDGH GD UDGLDomR IRUD GD DWPRVIHUD}

WHUUHVWUH FRPR p SRVVtYHO REVHUYDU QD ILJXUD  (VWH YDORU p LQIOXHQFLDGR SRU PXLWRV IDWRUHV WDLV FRPR R kQJXOR GH ]pQLWH DVVRFLDGR H GHSHQGHQWH GR YDORU GD ODWLWXGH R YDORU GR kQJXOR GH GHFOLQDomR VRODU GR GLD GR DQR H GD KRUD GHVVH PRPHQWR $ YDULDomR GH WRGRV HVWHV IDWRUHV GHYH VH j H[FHQWULFLGDGH GD yUELWD WHUUHVWUH H DR kQJXOR GH URWDomR WHUUHVWUH FHUFD GH ž 7RGRV HVWHV IDWRUHV VmR LPSRUWDQWHV QD PHGLGD TXH DOWHUDP R kQJXOR GH LQFLGrQFLD GD UDGLDomR VRODU QD VXSHUItFLH WHUUHVWUH VXSHUItFLH TXH WDPEpP QmR p SODQD PDV VLP FXUYD $ UDGLDomR VRODU DWLQJH R VHX Pi[LPR GH LQWHQVLGDGH TXDQGR R 6RO HVWi R PDLV DOWR SRVVtYHO RX VHMD HQFRQWUDVH QR VHX ]pQLWH H R kQJXOR GH LQFLGrQFLD WHPR YDORU GH  JUDXV >@ 1D WDEHOD  p SRVVtYHO REVHUYDU R FRPSULPHQWR GH RQGD TXH FDUDFWHUL]D D UDGLDomR TXH DOFDQoD D VXSHUItFLH WHUUHVWUH VHQGR TXH RV UDLRV SHULJRVRV SDUD RV VHUHV YLYRV VmR ILOWUDGRV SHOD DWPRVIHUD TXH UHSUHVHQWDP DV JDPDV PDLV HQHUJpWLFDV ORJR FRP PHQRU FRPSULPHQWR GH RQGD

$ HQHUJLD FRQWLGD QD UDGLDomR VRODU GHWHUPLQD QDWXUDOPHQWH FRQGLo}HV FOLPDWpULFDV FRQGLo}HV GH OXPLQRVLGDGH H YLGD ELROyJLFD GR SODQHWD VHQGR XWLOL]DGD SRU WRGRV RV RUJDQLVPRV YLYRV WHU UHVWUHV &RQWXGR D VRFLHGDGH FRPHoRX D XWLOL]DU HVWD HQHUJLD SDUD VDWLVID]HU FHUWDV QHFHVVLGDGHV TXH KDYLDPDSDUHFLGR FRPELQDQGR SDUD LVVR LQRYDo}HV WHFQRORJLDV FRPHQJHQKDULD GH IRUPD D FRQVHJXLU DSURYHLWDU HVWD HQHUJLD FRPR SDUD FULDU QRYRV HTXLSDPHQWRVEDVH SDUD R VHX GLDD GLD 3RGHPRV XWLOL]DU D HQHUJLD VRODU GH IRUPD GLUHWD FRPR SRU H[HPSOR HP FHQWUDLV VRODUHV WpUPLFDV IRUQRV H FKDPLQpV VRODUHV DTXHFLPHQWR DWLYR GH HGLItFLRV FRP R XVR GH FROHWRUHV DTXHFLPHQWR SDVVLYR H RV WmR IDODGRV HTXLSDPHQWRV IRWRYROWDLFRV 5HIHUHQWH DR XVR LQGLUHWR 

)LJXUD  5DGLDomR GLUHWD H LQGLUHWD TXH DWLQJH D VXSHUItFLH WHUUHVWUH DGDSWDGR GH >@

SRGHPRV VDOLHQWDU D HQHUJLD HyOLFD D HQHUJLD KLGURHOpWULFD H D ELRPDVVD 7RGDV HVWDV HQHUJLDV WDPEpP HODV GLWDV GH UHQRYiYHLV Vy H[LVWHP GHYLGR j H[LVWrQFLD SULPRUGLDO GR 6RO H GD HQHU JLD VRODU e R FDORU JHUDGR D SDUWLU GD HQHUJLD VRODU TXH p DEVRUYLGD H UHIOHWLGD QD DWPRVIHUD EHP FRPR DTXHOD TXH p UHIOHWLGD SHOD VXSHUItFLH WHUUHVWUH TXH DTXHFH R DPELHQWH GHVWD IRUPD H[LVWHP]RQDV PDLV TXHQWHV GR TXH RXWUDV VXUJLQGR DVVLPGLIHUHQoDV GH SUHVVmR TXH SRU VXD YH] RULJLQDPR YHQWR &HUFD GH  GD HQHUJLD VRODU LQFLGHQWH p UHVSRQViYHO SHOR FLFOR GD iJXD QR TXDO PDLV GH  GD iJXD YDSRUL]DGD p SUHFLSLWDGD VREUH RV FRQWLQHQWHV SHUPLWLQGR DVVLP D JHUDomR GD HQHUJLD KLGURHOpWULFD 3RU ILP p R 6RO WDPEpP R HOHPHQWRFKDYH GD IRWRVVtQWHVH SURFHVVR TXtPLFR SHOR TXDO H[LVWH ELRPDVVD 5HFHQWHPHQWH DSDUHFHUDP WHFQRORJLDV FRP D FD SDFLGDGH GH UHWLUDU GR PHLR DPELHQWH HQHUJLD XVXDOPHQWH GHQRPLQDPVH SRU ERPEDV GH FDORU WDPEpP HVWDV VmR HQHUJLDV GHULYDGDV GD HQHUJLD VRODU TXH DWLQJH FRQVWDQWHPHQWH H GH IRUPD LQLQWHUUXSWD R QRVVR SODQHWD >@

 3URSULHGDGHV GD UDGLDomR LQFLGHQWH

'HSRLV GD UDGLDomR VRODU HVWDU FRPSOHWDPHQWH H[SOLFDGD WRUQDVH LPSRUWDQWH H[SOLFDU FHUWDV SURSULHGDGHV LQWUtQVHFDV j UDGLDomR VRODU LQFLGHQWH QD VXSHUItFLH WHUUHVWUH 2 YDORU DQWHULRU PHQWH GDGR FRPR YDORU SDGUmR SDUD D LQWHQVLGDGH GD UDGLDomR VRODU  :P2_{ p REWLGR}

DWUDYpV GH XPD VLPSOHV H[SUHVVmR TXH UHODFLRQD D TXDQWLGDGH GH HQHUJLD H[SHGLGD SHOR 6RO H D VXSHUItFLH WHUUHVWUH &RQWXGR HVWD VLWXDomR LGHDO QmR VH YHULILFD GLDULDPHQWH VHQGR R YDORU PpGLR UHDO PDLV DSUR[LPDGR GD UHDOLGDGH GH  :P2_{>@ 3DUD HVWD GLPLQXLomR FRQWULEXHP}

GLYHUVRV IDWRUHV FRPR p R FDVR GRV kQJXORV VRODUHV H R YDORU GH PDVVD GH DU TXH D UDGLDomR WrP TXH DWUDYHVVDU SDUD DWLQJLU D VXSHUItFLH WHUUHVWUH

(VWD GLVWkQFLD GHSHQGH GR kQJXOR ]pQLWH GD UDGLDomR LQFLGHQWH kQJXOR HVWH TXH p D GLIHUHQoD HQWUH R kQJXOR SHUSHQGLFXODU H R kQJXOR LQFLGHQWH GD UDGLDomR $R QtYHO GR PDU TXDQGR R 6RO VH HQFRQWUD QR VHX SRQWR Pi[LPR WDPEpP GHQRPLQDGR SRU ]pQLWH REWHPRV R YDORU SDGUmR SDUD D PDVVD GH DU LJXDO j XQLGDGH $ TXH FRUUHVSRQGH XP YDORU GH LUUDGLkQFLD VRODU SDGURQL]DGR GH  :P2_{ 4XDQGR R VRO HVWi D ž DFLPD GR KR]L]RQWH D TXH FRUUHVSRQGH XP kQJXOR GH ]pQLWH}

GH ž REWHPRV XP YDORU GH PDVVD GH DU LJXDO D  TXH LPSOLFD D XP YDORU GH LUUDGLkQFLD GH 

)LJXUD  9DORUHV PpGLRV GH LUUDGLDomR VRODU GLUHWD QD (XURSD DGDSWDGR GH >@

DSHQDV  :P2_{ 2 YDORU YLVWR QD VHFomR DQWHULRU GH  :P}2_{ p R YDORU SDUD XPD PDVVD GH}

DU LJXDO D ]HUR YDORU FRQVHJXLGR IRUD GD DWPRVIHUD WHUUHVWUH HVWH YDORU p WDPEpP GHQRPLQDGR SRU FRQVWDQWH VRODU e SRVVtYHO FDOFXODU RV YDORUHV GH PDVVD GH DU SDUD FDGD LQVWDQWH ID]HQGR VH XVR GH GXDV H[SUHVV}HV GLVWLQWDV HTXDo}HV  H  $ SULPHLUD p XWLOL]DGD SDUD YDORUHV GH kQJXOR GH ]pQLWH DWp DRV ž FRPR VH SRGH REVHUYDU QD ILJXUD 

AMX = 1

cos(θz) 

)LJXUD  'HWHUPLQDomR VLPSOLFLVWD GR YDORU GH PDVVD GH DU $0 DGDSWDGR GH >@

3DUD YDORUHV VXSHULRUHV XWLOL]DVH XPD RXWUD IyUPXOD PDWHPiWLFD DOLiV D IyUPXOD DQWHULRU GHULYD GHVWD VHJXQGD TXH UHODFLRQD DV SUHVV}HV RQGH p0UHSUHVHQWD D SUHVVmR DWPRVIpULFD LJXDO D 

K3D

AMX=

p

p₀(cos θz) 

$ WRWDOLGDGH GD UDGLDomR VRODU p UHVXOWDGR GD VRPD HQWUH D UDGLDomR VRODU GLUHWD H D SDUWH LQGLUHWD GD PHVPD FRPR p LQGLFDGR QD HTXDomR 

IT = ID+ Id 

2 YDORU DQWHULRUPHQWH GLVFXWLGR SRU LQ~PHUDV YH]HV SDVVD DJRUD D VHU UHIHULGR FRPR UDGLDomR VRODU GLUHWD QRUPDO (IDN) 3HOR TXH R YDORU GD UDGLDomR VRODU SDUD XPGDGR SRQWR QD VXSHUItFLH

WHUUHVWUH p GDGR SHOD HTXDomR 

ID= IDNcos θ 

2XWUR kQJXOR H[WUHPDPHQWH LPSRUWDQWH p R kQJXOR GH ODWLWXGH $ ODWLWXGH p XPD GDV FRRUGHQD GDV JHRJUiILFD D SDU FRPD ORQJLWXGH VHQGR PHGLGD HQWUH RV ž QRUWH H ž VXO $ ODWLWXGH p D GLVWkQFLD DR SODQR GR HTXDGRU PHGLGD DR ORQJR GR PHULGLDQR GH *UHHQZLFK 6HQGR D ODWLWXGH GR SODQR GR HTXDGRU LJXDO D ]HUR 7UDWDVH GH XPGDGR LPSRUWDQWH YLVWR TXH D UDGLDomR VRODU QmR DWLQJH FRP D PHVPD LQWHQVLGDGH WRGD D VXSHUItFLH WHUUHVWUH VHQGR TXH D ]RQD TXH UHFHEH XPD PDLRU TXDQWLGDGH GH HQHUJLD VRODU FRPSUHHQGLGD HQWUH RV ž 1 H RV ž 6 YDORUHV GH ODWLWXGH GRV UHVSHWLYRV WUySLFRV GH &DQFHU H &DSULFyUQLR 3RGHQGR WDPEpP VHU DSUHVHQWDGRV FRPYDORUHV QHJDWLYRV SDUD ORFDOL]Do}HV SDUD VXO H YDORUHV SRVLWLYRV SDUD GHVORFDo}HV HPGLUHomR DR QRUWH -i SRU VXD YH] R kQJXOR GH GHFOLQDomR VRODU p D SRVLomR DQJXODU GR VRO TXDQGR HVWH VH HQFRQWUD QR VHX SRQWR PDLV HOHYDGR FRP R SODQR GR HTXDGRU 9DULD HQWUH RV ž H RV ž (VWD YDULDomR SRGH VHU FDOFXODGD SDUD WRGRV RV GLDV GR DQR XWLOL]DQGR SDUD WDO D HTXDomR  FRQKHFLGD FRPR HTXDomR GH &RRSHU δ= 23.45  sin  (360 × (284 + n)) 365  

RQGH n UHSUHVHQWD R GLD GR DQR VHQGR R GLD  GH MDQHLUR HTXLYDOHQWH DR Q~PHUR 1 2 YDORU GHVWH kQJXOR WRPD R YDORU GH ]HUR QD GDWD GRV HTXLQyFLRV SULPDYHUD H RXWRQR GHYLGR DR IDFWR QHVWHV GLDV R kQJXOR LQFLGHQWH p H[DWDPHQWH SDUDOHOR DR SODQR GR HTXDGRU $GLFLRQDOPHQWH WRPD R YDORU SRVLWLYR GH ž QR VROVWtFLR GH YHUmR VHQGR TXH R VROVWtFLR GH LQYHUQR WRPD R YDORU VLPpWULFR

2 kQJXOR GD DOWXUD VRODU αsp D GLIHUHQoD HQWUH D KRUL]RQWDO H D OLQKD GH LQFLGrQFLD GD UDGLDomR

VRODU VHQGR R kQJXOR FRPSOHPHQWDU DR Mi UHIHULGR kQJXOR GH ]pQLWH θz YHU HTXDomR 

αS+ θz= 90 ⇔ αS = (90 − θz) 

2 kQJXOR GH LQFOLQDomR GD VXSHUItFLH QHVWH FDVR GR SDLQHO IRWRYROWDLFR UHIHUHVH j DPSOLWXGH HQWUH R SODQR GR VXSHUItFLH H D KRUL]RQWDO QHVVH GDGR SRQWR SRGHQGR YDULDU DWp ž (VWH kQ JXOR p XP GRV PDLV LPSRUWDQWHV XPD YH] TXH LQIOXHQFLD GLUHWDPHQWH R YDORU GR UHQGLPHQWR GRV VLVWHPDV IRWRYROWDLFRV LQVWDODGRV (P kQJXORV GH LQFLGrQFLD HOHYDGRV XPD PDLRU TXDQWLGDGH GH UDGLDomR VHUi UHIOHWLGD D SDUWLU GD VXSHUItFLH GR PyGXOR GLPLQXLQGR DVVLP R YDORU GD DEVRUomR TXH FRQWULEXL GH IRUPD QHJDWLYD SDUD D SRWrQFLD JHUDGD (VWH kQJXOR FRP YLVWD D FRQGX]LU D XP PHOKRU DSURYHLWDPHQWR UHTXHU DMXVWHV SHULyGLFRV QRPHDGDPHQWH D ODWLWXGH HOHYDGDV GH IRUPD D PD[LPL]DU D VXD SHUIRUPDQFH SRGHQGR PHVPR FRQFOXLU TXH R kQJXOR GH LQFOLQDomR H D ORFD OL]DomR JHRJUiILFD GR PyGXOR IRWRYROWDLFR VmR IDWRUHV FUXFLDLV SDUD UHQWDELOL]DU R LQYHVWLPHQWR QHVWH WLSR GH VLVWHPDV &DVR R DMXVWH QmR VHMD SRVVtYHO GH HIHWXDU R VLVWHPD GHYHUi VHU LQVWDODGR FRP XPD LQFOLQDomR LJXDO RX SUy[LPD GR YDORU GD ODWLWXGH >@ 1R FDVR GD &RYLOKm FRP XPD 

ODWLWXGH LJXDO D ž H XPD ORQJLWXGH LJXDO D ž >@ R kQJXOR GH LQFOLQDomR LGHDO SDUD RV VLVWHPDV IRWRYROWDLFRV p GH ž SDUD R DQR WRGR RX VHMD VHP TXDOTXHU DMXVWR &DVR VH SUHWHQGD DMXVWDU R YDORU GXDV YH]HV SRU DQR DV LQFOLQDo}HV LGHDLV VHULDPGH ž YHUmR H ž LQYHUQR 6HQGR TXH R FDVR FRQVLGHUDGR yWLPR VHULD R DMXVWH GD LQFOLQDomR TXDWUR YH]HV SRU DQR VHQGR QHVWH FDVR RV YDORUHV GH ž ž H ž SDUD YHUmR LQYHUQR H SULPDYHUDRXWRQR UHVSHWLYDPHQWH 2 kQJXOR GH D]LPXWH kQJXOR UHVSRQViYHO SHOR VHJXLPHQWR GR 6RO YDULD HQWUH RV ž H RV ž 2V GHVORFDPHQWR QR VHQWLGR GH HVWH UHODWLYDPHQWH D VXO VmR FRQVLGHUDGRV QHJDWLYRV DR SDVVR TXH PXGDQoDV GLUHFLRQDGDV SDUD RHVWH D SDUWLU GR VXO VmR FRQVLGHUDGDV FRPR SRVLWLYDV 3DUD ODWLWXGHV HQWUH RV ž H RV ž R kQJXOR GH D]LPXWH γs HVWDUi FRPSUHHQGLGR HQWUH RV ž H RV ž >@ 1D ILJXUD  HVWmR LOXVWUDGRV RV kQJXORV

DTXL H[SOLFLWDGRV (VWHV SDUkPHWURV IRUDP DOYRV GH IRUWHV HVWXGRV WHyULFRV H SUiWLFRV GH IRUPD D FKHJDU DRV UHVXOWDGRV TXH WRGRV KRMH XWLOL]DPRV VHQGR GH SDUWLFXODU GHVWDTXH RV WHVWHV SUi WLFRV HIHWXDGRV SRU %DNLUFL >@ H %DGHVFX HW DO >@ TXH HQVDLDUDP GH XPD IRUPD SUiWLFD D LQIOXrQFLD GDV YiULDV DOWHUDo}HV LPSRVWDV QR YDORU GD SRWrQFLD GH VDtGD GR VLVWHPD

)LJXUD  ,PDJHP UHVXPR GRV kQJXORV VRODUHV DGDSWDGR GH >@

 3ULQFtSLR IRWRYROWDLFR

2 HIHLWR IRWRYROWDLFR SRGH VHU GHVFULWR FRPR D FRQYHUVmR GLUHWD GH OX] HP FRUUHQWH HOpWULFD $ OX] VRODU p QD UHDOLGDGH XPD UDMDGD GH IRW}HV FDUUHJDGRV HQHUJLFDPHQWH 8PD IRUPD GH REWHU R PDLRU UHQGLPHQWR SRVVtYHO GHVWH SURFHVVR ItVLFR FRQVLVWH HP GRSDU VHPLFRQGXWRUHV SXURV FRP FHUWRV HOHPHQWRV TXtPLFRV GH IRUPD D ID]HU VREUHVVDLU H SRWHQFLDU R VHX HIHLWR IRWRYROWDLFR 1RUPDOPHQWH VmR XWLOL]DGRV QR SURFHVVR GH GRSDJHP HOHPHQWRV FRPR R DUVpQLR H R DQWLPyQLR QR JHUPkQLR H VLOtFLR UHVSHWLYDPHQWH REWHQGR DVVLP VHPLFRQGXWRUHV GRSDGRV HP GHWULPHQWR GH VHPLFRQGXWRUHV LQWUtQVHFRV $ HVFROKD GHVWHV HOHPHQWRV GRSDQWHV p HIHWXDGD WHQGR SRU EDVH R VHX H[FHVVR GH HOHWU}HV OLYUHV SDVVDQGR HVWH PDWHULDO QHJDWLYDPHQWH FDUUHJDGR D GHVLJQDUVH FRPR GR WLSRQ &RQWXGR H[LVWH R SURFHVVR LQYHUVR RQGH DJRUD H[LVWH XPGHILFLW GH HOHWU}HV RX VHMD WHRULFDPHQWH H[LVWHP PDLV FDUJDV SRVLWLYDV GR TXH QHJDWLYDV SDVVDQGR D VHU GHQRPLQDGR GH PDWHULDO VHPLFRQGXWRU GR WLSRS >@

3RGHQGR H[LVWLU DLQGD XPWHUFHLUR WLSR GH HIHLWR IRWRYROWDLFR FRQVHJXLGR JUDoDV j MXQomR SQ RQGH DV FDPDGDV GRSDGDV FRP RV HOHPHQWRV TXtPLFRV UHIHULGRV DQWHULRUPHQWH VH MXQWDP FUL DQGR XP ]RQD GH GHSOHomR DOWDPHQWH UHVLVWLYD RQGH QmR H[LVWH SUDWLFDPHQWH TXDOTXHU FLUFX ODomR GH FDUJDV HOpWULFDV DJLQGR DVVLPFRPR XPLVRODQWH HOpWULFR $V FDUJDV QHJDWLYDV VLWXDGDV SHUWR GD ]RQD GH GHSOHomR DR VHUHPDWUDtGDV SHOD FDUJDV SRVLWLYDV DFDEDPSRU GHL[DU SDUD WUiV XPD IDOWD GH HOHWU}HV RX VHMD ODFXQDV FXMR FRPSRUWDPHQWR p VLPLODU DR GH FDUJDV QHJDWLYDV 2 

)LJXUD  ,PDJHP HOXFLGLWLYD GR HIHLWR IRWRYROWDLFR QDV VXDV GLIHUHQWHV FRQILJXUDo}HV DGDSWDGR GH >@

PHVPR VH SDVVD QR HOHPHQWR SRVLWLYR VLWXDGR SUy[LPR GD ]RQD GH GHSOHomR TXH DR DWUDYHVVDU D ]RQD GH GHSOHomR DFDED SRU GHL[DU IDOWD GH HOHPHQWRV SRVLWLYRV QR VtWLR RQGH RULJLQDOPHQWH H[LVWLD H[FHVVR GH FDUJDV SRVLWLYDV (VWH PRYLPHQWR p R UHVSRQViYHO SHOD FULDomR GD ]RQD GH JUDQGH UHVLVWLYLGDGH (PERUD QmR H[LVWD FRUUHQWH HOpWULFD HQWUH RV HOHPHQWRV GRSDGRV JUDoDV j ]RQD GH GHSOHomR H[LVWH XPFDPSR HOpWULFR QD MXQomR H p HVWH FDPSR HOpWULFR D EDVH GH RSHUDomR GH GtRGRV WUDQVtVWRUHV H FpOXODV VRODUHV (VWH HTXLOtEULR HOpWULFR p IDFLOPHQWH URP SLGR DR OLJDU XPD FDUJD DRV WHUPLQDLV GD MXQomR RQGH LQVWDQWDQHDPHQWH VH RULJLQD XP IOX[R GH HOHWU}HV FULDQGR DVVLP XPD FRUUHQWH HOpWULFD (P UHVXPR SRGHPRV FRQFOXLU TXH VH OLJDUPRV FRUUHWDPHQWH XPD FDUJD QRV WHUPLQDLV GRV GRLV HOHPHQWRV GRSDGRV D UHVLVWrQFLD GD ]RQD GH GHSOHomR GLPLQXL GUDVWLFDPHQWH DR SRQWR GH FRPHoDU D FRQGX]LU XPD GDGD FRUUHQWH HOpWULFD (VWH HIHLWR IRL REVHUYDGR SHOD SULPHLUD YH] HP SHOR MRYHPIUDQFrV GH DSHQDV  DQRV $OH[DQGHU (GPRQG %HFTXHUHO (VWD GHVFREHUWD DFDERX SRU VHU DFLGHQWDO TXDQGR R HQWmR MR YHPID]HQGR XVR GH XPD VROXomR iFLGD VROXomR HOHWUROtWLFD H XWLOL]DQGR HOpWURGRV GH SODWLQD REVHUYRX TXH TXDQGR D OX] LQFLGLD QHVWD FRQILJXUDomR GHVHQYROYLDVH XPD GLIHUHQoD GH WHQVmR 7HQGR QRV DQRV SRVWHULRUHV ILFDGR WDPEpP FRQKHFLGR FRPR R HIHLWR %HFTXHUHO>@

 7HFQRORJLD IRWRYROWDLFD

2 VHJUHGR TXH VH HQFRQWUD SRU GHWUiV GR HIHLWR IRWRYROWDLFR p D FRQVWLWXLomR GRV PDWHULDLV VHPLFRQGXWRUHV HVVHQFLDLV DR DSURYHLWDPHQWR IRWRYROWDLFR &HUWRV PDWHULDLV WrP GHWHUPLQD GDV SURSULHGDGHV DWyPLFDV DR QtYHO GD HVWUXWXUD FULVWDOLQD EHP FRPR D QtYHO GH FRQILJXUDomR HOHWUyQLFD TXH RV WRUQDPSHUIHLWRV SDUD R HIHLWR IRWRYROWDLFR (VWHV PDWHULDLV SRVVXHPXPD GHWHUPLQDGD EDQGJDS HVSHFLILFD H SHUIHLWDPHQWH GHWHUPLQDGD SDUD FDGD HOHPHQWR TXtPLFR (VWD FDUDFWHUtVWLFD SRGH VHU VLPSOLILFDGD FRPR D µIRUoDµ QHFHVViULD SDUD TXH XP HOHWUmR GDV FDPDGDV PDLV LQWHULRUHV GD QXYHP HOHWUyQLFD VDOWH SDUD D FDPDGD VHJXLQWH PDLV GLVWDQWH GR Q~FOHR GR iWRPR 2V HOHWU}HV TXH VH HQFRQWUDP PDLV DIDVWDGRV GR Q~FOHR VmR GHQRPLQDGRV SRU HOHWU}HV GH YDOrQFLD H VmR RV TXH SRVVXHPXPPDLRU YDORU GH HQHUJLD DVVRFLDGR 3DUD TXH HVWH IHQyPHQR DFRQWHoD QR PDWHULDO VHPLFRQGXWRU HVWH WHUi TXH FDSWDU D HQHUJLD FRQWLGD QRV IRW}HV GD UDGLDomR LQFLGHQWH H HVWD WHUi TXH SRVVXLU D IRUoD QHFHVViULD SDUD GHVHQFDGHDU WDO IHQyPHQR 1HVWD FDPDGD PDLV HQHUJpWLFD R HOHWUmR DR UHFHEHU SHOR PHQRV D HQHUJLD SDUD TXHEUDU D EDQGJDS GHL[D D FDPDGD GH YDOrQFLD H SDVVD D VHU FRQVLGHUDGR XP HOHWUmR OLYUH TXH VH HQFRQWUD QD FDPDGD GH FRQGXomR GHL[DQGR SDUD WUiV XP µEXUDFRµ QD FDPDGD GH YDOrQFLD EXUDFR HVVH TXH SDVVDUi D WHU FDUJD SRVLWLYD YLVWR WHUVH UHWLUDGR XPHOHWUmR SDUWtFXOD TXtPLFD FRPFDUJD QHJDWLYD 7RGD D RXWUD UDGLDomR LQFDSD] GH SURYRFDU HVWH VDOWR GH HOHWU}HV QmR p 

DEVRUYLGD HQWHQGDVH FRPR UDGLDomR FRP PDLRU FRPSULPHQWR GH RQGD GDQGRVH DVVLP R GHV SHUGtFLR GD PHVPD >@ $ QtYHO GH QmR FRQWULEXLU SDUD R IHQyPHQR IRWRYROWDLFR DTXL GHVFULWR SRGHQGR FRQWULEXLU SDUD R DTXHFLPHQWR GDV FpOXODV H HVWUXWXUD IRWRYROWDLFD 1D WDEHOD  p SRVVtYHO REVHUYDU RV YDORUHV GH EDQGJDS SDUD RV VHPLFRQGXWRUHV PDLV XWLOL]DGRV FRPR PDWpULD SULPD QR IDEULFR GH SDLQpLV IRWRYROWDLFRV $ UDGLDomR PDLV HQHUJpWLFD GR TXH R YDORU GD EDQGJDS p DEVRUYLGD RX VHMD FRQWULEXL SDUD R HIHLWR GHVHMDGR 6HQGR D UDGLDomR YLVtYHO VXILFLHQWHPHQWH HQHUJpWLFD SDUD GHVHQFDGHDU HVWH HIHLWR QRV VHPLFRQGXWRUHV 2 YDORU GD HQHUJLD GR IRWmR SR GHUi VHU FDOFXODGR XWLOL]DQGR D FRQVWDQWH GH 3ODQFN h = 6, 62607015 × 10−34_{-V PXOWLSOLFDGD}

SHOD IUHTXrQFLD GD UDGLDomR HP +HUW] FRPR VH H[HPSOLILFD QD HTXDomR 

E= h × ν 

RQGH ( UHSUHVHQWD D HQHUJLD GR IRWmR H ν p D IUHTXrQFLD GD UDGLDomR HP Hz 5HVXOWDQGR HQWmR R UHVXOWDGR GD HQHUJLD FRQWLGD QXPGDGR IRWmR QD XQLGDGH HOHWUmRYROW H9 2 YDORU FRQVLGHUDGR yWLPR SDUD D EDQGJDS p GH  H9 R TXH FRUUHVSRQGH DR YDORU GR VHPLFRQGXWRU DUVHQLHWR GH JiOLR FRPR p SRVVtYHO FRQVWDWDU QD WDEHOD  &RQWXGR HVWH p XP PDWHULDO EHP PDLV RQHURVR GR TXH R VLOtFLR EHP FRPR D SUHVHQoD GH DUVpQLR p FRQVLGHUDGD SHULJRVD SDUD R PHLR DPELHQWH (PERUD FRP XPD EDQGJDS PHQRU DSHQDV GH  H9 (VWH DEXQGDQWH PDWHULDO SURYRX VHU R VHPLFRQGXWRU PDLV HILFLHQWH DWXDOPHQWH RFXSDQGR TXDVH D WRWDOLGDGH GR PHUFDGR $ H[FLWDomR GHYLGR j FDSWDomR GD HQHUJLD HOHWURPDJQpWLFD GD UDGLDomR MXQWDPHQWH FRP D FDUDFWHUtVWLFD GD MXQomR SQ SHUPLWH UHWLUDU SDUWLGR GHVWH DXPHQWR GH HQHUJLD H GR VDOWR GR HOHWUmR VHQGR HVWH DUUDQFDGR H FRQGX]LGR DWp DR FiWRGR GD FpOXOD IRWRYROWDLFD GDQGRVH DVVLPRULJHPD XPD FRUUHQWH HOpWULFD FRQWtQXD 7RGRV RV PDWHULDLV VHPLFRQGXWRUHV SRVVXHP YDORUHV GH EDQGJDS FRPSUHHQGLGRV HQWUH  H  H9 YDORUHV HVWHV TXH IDFLOPHQWH SRGHP VHU DOFDQoDGRV FRP RQGDV HOHWURPDJQpWLFDV SURYHQLHQWHV GD UDGLDomR VRODU FRP FRPSULPHQWR GH RQGD HQWUH RV  H  SLFyPHWURV >@

(QFRQWUDVH FRP IDFLOPHQWH QD OLWHUDWXUD FLHQWtILFD D IyUPXOD PDWHPiWLFD  TXH UHODFLRQD RV FRPSULPHQWRV GH RQGD GD UDGLDomR VRODU FRP FULDomR GR HIHLWR IRWRYROWDLFR

λ= ch e

1

b 

 RQGH c p D YHORFLGDGH GD UDGLDomR HOHWURPDJQpWLFD QR YD]LR FRP YDORU LJXDO D    PV

hp D FRQVWDQWH GH 3ODQFN >-V@ e p D FDUJD HOHPHQWDU GH FDGD HOHPHQWR DWyPLFR FXMR YDORU p

GH e = 1, 602 × 10−19 _{& b p D EDQGJDS FDUDFWHUtVWLFD GR VHPLFRQGXWRU >H9@ H λ p R FRPSULPHQWR}

GH RQGD GD UDGLDomR VRODU HP PHWURV &RP D XWLOL]DomR GHVWD IyUPXOD p SRVVtYHO GHWHUPLQDU TXDO p D IUHTXrQFLD PtQLPD GD UDGLDomR LQFLGHQWH SDUD FULDU R HIHLWR IRWRYROWDLFR QXP GDGR VHPLFRQGXWRU FRPR p SRVVtYHO YLVXDOL]DU QD ILJXUD  RQGH VH H[HPSOLILFD D H[LVWrQFLD GH XPD IUHTXrQFLD PtQLPD SDUD FDXVDU R HIHLWR GHVHMDGR

7DEHOD  %DQGJDS GRV VHPLFRQGXWRUHV PDLV FRPXQV DGDSWDGR GH >@ 6HPLFRQGXWRU %DQGJDS H9

6LOtFLR 6L  7HOXUHWR GH FiGPLR &G7H  $UVHQLHWR GH JiOLR *D$6  6HOHQHWR GH FREUH H tQGLRJiOLR &,*6 

 7LSRV GH FpOXODV IRWRYROWDLFDV

e FRPXP HQFRQWUDU QD OLWHUDWXUD XPD GLYLVmR HQWUH DV YiULDV WHFQRORJLDV TXH HTXLSDP GLIHUHQ WHV WLSRV GH FpOXODV IRWRYROWDLFDV SHUDQWH HVWD GLYLVmR REWpPVH FpOXODV GH SULPHLUD VHJXQGD H WHUFHLUD JHUDomR $V SULPHLUDV VmR DV FpOXODV FRPHUFLDLV FRQVWLWXtGDV j EDVH GH VLOtFLR FULV WDOLQR DR SDVVR TXH DV GH VHJXQGD JHUDomR EDVHLDPVH QDV SHOtFXODV ILQDV H IOH[tYHLV SRGHQGR VHU GH VLOtFLR DPRUIR WHOXUHWR GH FiGPLR &G7H RX GH VHOHQHWR GH tQGLRFREUH RX DLQGD GLVVHOH QHWR GH tQGLRJiOLR &,*6 SRU ILPDV GH WHUFHLUD JHUDomR UHSUHVHQWDPDV FpOXODV RUJkQLFDV TXH DLQGD VH HQFRQWUDPQD IDVH GH HVWXGR H GH H[SHULPHQWRV DVVLPFRPR DTXL VH LQFOXHPWRGDV DV RXWUDV FpOXODV SDWHQWHDGDV UHFHQWHPHQWH H TXH DLQGD QmR FKHJDUDP DR PHUFDGR RX VHMD DV SRVVtYHLV WHQGrQFLDV IXWXUDV >@ e SRVVtYHO REVHUYDU R HVTXHPD HOpWULFR HTXLYDOHQWH GH XPD FpOXOD IRWRYROWDLFD QD ILJXUD  QHVWD LPDJHP FRQVWD QmR Vy D WtSLFD FpOXOD IRWRYROWDLFD LGHDO ODGR HVTXHUGR GD LPDJHP PDV WDPEpP R HVTXHPD GH XPD FpOXOD UHDO

(PERUD R HIHLWR IRWRYROWDLFR IRVVH GHVFREHUWR HP  FRPR Mi IRL YLVDGR QD VXEVHFomR  D SULPHLUD FpOXOD D H[SORUDU WDO HIHLWR Vy IRL GHVHQYROYLGD TXDVH PHLR VpFXOR GHSRLV SRU )ULW] >@ FpOXOD HVVD FXMR UHQGLPHQWR HUD LQIHULRU D  6y HP  IRL FULDGD D SULPHLUD FpOXOD FRQVWL WXtGR SRU VLOtFLR H FRQWDYD FRPXPUHQGLPHQWR QD RUGHPGRV  3RVWHULRUPHQWH QR ODERUDWyULR %HOO DXPHQWRXVH HVWH UHQGLPHQWR SDUD RV  >@ 3RGHPRV DILUPDU FRP WRGD D FHUWH]D TXH R JUDQGH LQWHUHVVH H HVWXGR GR HIHLWR IRWRYROWDLFR DWLQJLX SDUWLFXODU LQWHUHVVH FRPR FRPHoR GD H[SORUDomR HVSDFLDO YHULILFDGD QRV DQRV  GR VpFXOR SDVVDGR7RGDV DV FpOXODV UHTXHUHPXP PDWHULDO TXH DEVRUYD D UDGLDomR VRODU PDLV SUHFLVDPHQWH RV IRW}HV TXH FRQVWLWXHP D UDGLDomR HOHWURPDJQpWLFD FRPR p R FDVR GD OX] YLQGD GLUHWDPHQWH GR 6RO GHVWD IRUPD p JHUDGD XPD FRUUHQWH HOpWULFD FRQVWUXtGD SRU HOHWU}HV OLYUHV TXH IRUDPH[FLWDGRV SHORV IRW}HV FDUUHJDGRV GH HQHUJLD $ SULPHLUD FpOXOD IRWRYROWDLFD HUD FRQVWLWXtGD SRU FREUH H SRU XP y[LGR GR PHVPR PHWDO DJLQGR HVWH FRPR VHPLFRQGXWRU >@ 1RV DQRV VHJXLQWHV VXUJLX SRU %UXWWRQ >@ D WHF QRORJLD IRWRYROWDLFD TXH DVVHQWDYD QD XWLOL]DomR GH VLOtFLR RX VHPLFRQGXWRU (VWH PDWHULDO SRGH VHU LQFRUSRUDGR SDUD HVWH ILP VRE D IRUPD GH VLOtFLR FULVWDOLQR FRPR DPRUIR RX VHMD DXVrQFLD GH XPD HVWUXWXUD FULVWDOLQD H SHUIHLWDPHQWH RUJDQL]DGD (VWH ~OWLPR p R PDLV XWLOL]DGR SDUD DV SHOtFXODV ILQDV H FRQWD FRPXPD HILFLrQFLD QD RUGHPGRV  D  FRQWXGR FDVR VH WUDWH GH FpOXODV GH GXSOD RX WULSOD MXQomR HVWHV YDORUHV SDVVDPSDUD RV  H  UHVSHWLYDPHQWH ([LVWLQGR PXL WDV YDULDo}HV GHQWUR GR VLOtFLR DPRUIR FRPR p R FDVR GR VLOtFLR JHUPkQLR DPRUIR VLOtFLRQLWUHWR DPRUIR HQWUH PXLWRV RXWURV e GH VDOLHQWDU D HILFLrQFLD Pi[LPD FRP R YDORU GH  FRQVHJXLGR SHOD WHFQRORJLD GH VLOtFLR DPRUIR GH WULSOD MXQomR >@ 2 YDORU UHIHULGR DQWHULRUPHQWH p EDL[R TXDQGR FRPSDUDGR FRP RV WtSLFRV YDORUHV FRQVHJXLGR SRU VLOtFLR FULVWDOLQR (VWHV WLSRV GH Fp

)LJXUD  )UHTXrQFLD PtQLPD SDUD D FULDomR GR HIHLWR IRWRYROWDLFR XP H[HPSOR DGDSWDGR GH >@

OXODV FRQVHJXHP UHQGLPHQWRV VXSHULRUHV D  2 HVWXGR PDLV UHFHQWH LQFLGHQWH QHVWH WLSR GH WHFQRORJLD SUHQGHVH FRPD SHVTXLVD FRQGX]LGD SRU )UDQNOLQ HW DO >@ TXH XWLOL]D FpOXODV SUD WHDGDV FRQVWLWXtGDV SRU DSHQDV XPFULVWDO GH VLOtFLR 6HJXQGR R LQYHVWLJDGRU HVWH PpWRGR SRGHUi UHGX]LU R GHVJDVWH GR VHPLFRQGXWRU DWp  YH]HV 0DLV UHFHQWHPHQWH GHVHQYROYHUDP PXLWRV RXWURV WLSRV GH FpOXODV H SRVWHULRUHV PyGXORV IRWRYROWDLFRV TXH QmR XWLOL]DP R VLOtFLR FRPR VH PLFRQGXWRU FRP R LQWXLWR GH HQFRQWUDU XPD PDLRU HILFiFLD XWLOL]DQGR SDUD WDO QRYRV PDWHULDLV 6XUJLUDP HQWmR DV FpOXODV GH WHOXUHWR GH FiGPLR &G7H H VXOIHWR GH FiGPLR VHQGR TXH HVWDV VROXo}HV VyOLGDV VmR IRWR UHVLVWRUHV RX VHMD FRP R DXPHQWR GD OXPLQRVLGDGH HVWDV VROXo}HV DSUHVHQWDP XPD PHOKRU UHVLVWLYLGDGH &RQWXGR HVWHV HOHPHQWRV HVWmR DWXDOPHQWH SURLELGRV QD (XURSD SHOD QRUPD DPELHQWDO 5R+6 >@ 'HYLGRV jV TXHVW}HV DPELHQWDLV R FRQWtQXR GHVHQ YROYLPHQWR GDV FpOXODV SDVVRX SHOD LGHLD GH LQFRUSRUDU PDWHULDLV RUJkQLFRV 6HJXQGR <XH HW DO >@ GHVHQYROYHUDP XP PyGXOR IRWRYROWDLFR RUJkQLFR EDVHDGR QXPD MXQomR WULSOD FRPSOH[D GH 5H3KHQ TXH FRQWD FRPXPD HILFLrQFLD GH FRQYHUVmR GH  YDORU FRQVLGHUDGR EDL[R TXDQGR GLUHWDPHQWH FRPSDUDGR FRP DV FpOXODV GH VLOtFLR 1R PHVPR UDFLRFtQLR 0R]HU HW DO >@ DSUHVHQWDUDPXPHVWXGR GH VXFHVVR TXH ID] XVR GH SROtPHURV WDQWR SDUD PDWHULDO DEVRUYHQWH FRPR SDUD PDWHULDO GH UHVLVWrQFLD RX VHMD p SRVVtYHO FRQVWUXLU XP PyGXOR VRODU IRWRYROWDLFR UHQWiYHO HP WHUPRV HFRQyPLFRV H HQHUJpWLFRV DSHQDV XWLOL]DQGR PDWHULDLV SROLPpULFRV :X HW DO >@ SURSXVHUDP GH IRUPD WHyULFD XP QRYR PRGHOR D TXH DSHORX GH PRGHOR KtEULGR YLVWR TXH HUD FRQVWLWXtGR SRU FpOXODV DPRUIDV H FULVWDOLQDV GH VLOtFLR GH IRUPD D SURGX]LU XP SDLQHO TXH DSUHVHQWH XP UHQGLPHQWR LJXDO RX VXSHULRU TXDQGR FRPSDUDGR FRP XP SDLQHO FRQVWLWXtGR DSHQDV SRU FpOXODV FULVWDOLQDV PDV WDPEpP FRP XP FXVWR GH SURGXomR VLJQLILFDWLYDPHQWH PH QRU 7HQGR FRQVHJXLGR GHPRQVWUDU XP DXPHQWR GH  HP FRQGLo}HV HVSHFtILFDV TXDQGR VH UHDOL]RX D FRPSDUDomR DQWHULRUPHQWH GHVFULWD 'D PHVPD IRUPD TXH D UDGLDomR VRODU RX SDUWH GHOD GHVHQFDGHLD R HIHLWR IRWRYROWDLFR QDV FpOXODV TXH FRQVWLWXHPR PyGXOR RX SDLQHO VRODU R PHVPR VRIUH XP DFUpVFLPR GH WHPSHUDWXUD (VWH DXPHQWR GH WHPSHUDWXUD SURYRFD XP HIHLWR QHIDVWR QD SURGXomR GH HQHUJLD HOpWULFD SRGHQGR UHSUHVHQWDU XPGHFUpVFLPR GH  ž& H TXH HP FRQGLo}HV SUiWLFDV UHSUHVHQWD XPD GLPLQXLomR GH HILFLrQFLD HQWUH RV  D  >@

1R FLUFXLWR GD ILJXUD  FRQWpPDV UHVLVWrQFLDV RsH Rsh TXH PRGHOL]DP UHVSHWLYDPHQWH SHU

GDV GH WHQVmR H GH FRUUHQWH $ UHVLVWrQFLD HPVpULH Rs UHSUHVHQWD D UHVLVWrQFLD GD SUySULD

FpOXOD MXQWDQGR DVVLPD UHVLVWrQFLD HOpWULFD GR PDWHULDO FRPD UHVLVWrQFLD GRV FRQWDFWRV PHWi OLFRV VHQGR XVXDOPHQWH GHVLJQDGDV SRU SHUGDV SRU HIHLWR GH -RXOH $ UHVLVWrQFLD FRORFDGD HP SDUDOHOR Rsh DGYpPGR SUySULR SURFHVVR GH IDEULFR GD FpOXOD RX PyGXOR H TXH FDUDFWHUL]D

DV FRUUHQWHV SDUDVLWDV TXH FLUFXODP QD FpOXOD GHYLGR SULQFLSDOPHQWH jV SHTXHQDV LPSHUIHLo}HV SUHVHQWH QD HVWUXWXUD GR PDWHULDO >@ 6mR HVWDV UHVLVWrQFLDV DV UHVSRQViYHLV SHOR UHEDL[D PHQWR RX GLPLQXLomR GD FXUYD FDUDFWHUtVWLFD GR PyGXOR VRODU e LPSRUWDQWH UHIHULU TXH R YDORU GD UHVLVWrQFLD Rsh p VXSHULRU DR YDORU GD UHVLVWrQFLD Rs VHQGR TXH DPEDV WrP LQIOXrQFLD QD

UHGXomR GR YDORU GR IDWRU GH IRUPD GR PyGXOR $V FpOXODV GH SULPHLUD JHUDomR UHFRUGHVH TXH HUDP DV PRQR H SROLFULVWDOLQDV VmR DV TXH DSUHVHQWDP PHOKRU DGHVmR FRPHUFLDO FRP YDORUHV GH UHQGLPHQWR DWp  2 Pi[LPR YDORU DOFDQoDGR HP FRQGLo}HV ODERUDWRULDLV IRL GH  SDUD HVWH WLSR GH FpOXODV IRWRYROWDLFDV (PERUD DV FpOXODV PRQRFULVWDOLQDV VHMDP PDLV FDUDV GR TXH DV SROLFULVWDOLQDV DSUHVHQWDPYDORUHV GH FRQYHUVmR GH HQHUJLD VXSHULRUHV DOpPGH VHU PDLV GXUi YHLV HP WHUPRV WHPSRUDLV (VWD JHUDomR GH FpOXODV UHTXHUHP TXH R PDWHULDO VHPLFRQGXWRU VHMD H[WUHPDPHQWH SXUR VHQGR DSHQDV SHUPLWLGR XP WRWDO GH LPSXUH]DV ERUR IyVIRUR DOXPtQLR WLWkQLR IHUUR FUyPLR HWF GH  UHVXOWDQGR DVVLP XPD SXUH]D GH VLOtFLR GH  (VWH YDORU p REWLGR DWUDYpV GH FHUWRV SURFHVVRV TXtPLFRV GH IRUPD D VHSDUDU RX HOLPLQDU RV UHVWDQWHV FRQWDPLQDQWHV TXH SRU H[HPSOR QR FDVR GR IHUUR WHUi TXH DSUHVHQWDU XP YDORU LQIHULRU D