_/XQHVGH$JRVWRGH_ &,(1&,$ &RPSUHQGHUFyPRHQWHQGHPRVORV UHWRVGHODVQHXURFLHQFLDV 'U-HDQ/RXLV&KDUOL 0LHPEURGHOD$FDGHPLDGH &LHQFLDVGH0RUHORV ,QVWLWXWRGH%LRWHFQRORJtD GHOD81$0&XHUQDYDFD0RU ¢7 HKDVSUHJXQWDGRDOJXQDYH]GH GyQGHSURYLHQHQQXHVWUDVDVRP EURVDV FDSDFLGDGHV" ¢&yPR HV TXHSRGHPRVFDPLQDUYHUVRxDUSHQVDU" 'HVGHODDQWLJHGDGVHKDSURSXHVWRDOFH UHEURGHOKRPEUHFRPRHOVLWLRGHODVVHQ VDFLRQHV\ODLQWHOLJHQFLDXQRGHORVÀOyVR IRV TXH DSR\y HVWD LGHD IXH +LSyFUDWHV HQ HOVLJOR9D&6LQHPEDUJRXQDWUDGLFLyQ PiVDQWLJXDFRQVLGHUDEDDOFRUD]yQFRPRHO FHQWURGHOLQWHOHFWRDVtSRUHMHPSOR$ULVWy WHOHVHQHOVLJOR,9D&VyOROHRWRUJDEDDO FHUHEUR OD FDSDFLGDG GH HQIULDU ORV ÁXLGRV TXHERPEHDHOFRUD]yQ(ODEDQGRQRGHHVWD FRQYLFFLyQIXHSDXODWLQR\HVWXYRDVRFLDGR DORVGHVFXEULPLHQWRVVREUHODHVWUXFWXUD\ IXQFLyQGHOFHUHEUR$FWXDOPHQWHVDEHPRV TXHHOFHUHEURQRVSHUPLWHUHVSRQGHUDHV WtPXORV SURYHQLHQWHV GH QXHVWURV VHQWLGRV FRQWURODUQXHVWURVPRYLPLHQWRVDSUHQGHU\ UHFRUGDUJHQHUDUHPRFLRQHVHQWUHPXFKDV RWUDVFDSDFLGDGHV 1XHVWUR FHUHEUR ORFDOL]DGR HQ OD FDYLGDG FUDQHDQDHVSDUWHGHORTXHVHOODPDHOVLV WHPDQHUYLRVRFHQWUDOXQRGHORVVLVWHPDV HQFDUJDGRVGHFRRUGLQDUODVDFWLYLGDGHVGH ORVDQLPDOHV(OVLVWHPDQHUYLRVRFHQWUDOVH FRPXQLFD FRQ ORV yUJDQRV SHULIpULFRV SRUHMHPSORQXHVWURVRMRVDWUD YpV GH QHUYLRV TXH VDOHQ GHO FHUHEUR \ GH OD PpGXOD HVSLQDO QHUYLRV TXH FRQVWLWX\HQ SDUWH GHO VLVWHPD QHU YLRVRSHULIpULFR *DOHQRHQHOVLJOR,,LQLFLyHOHVWXGLRDQD WyPLFRGHOVLVWHPDQHUYLRVRDOUHFRQRFHUDO FHUHEUR\PRVWUDUODH[LVWHQFLDGHFDYLGDGHV TXH OR DWUDYLHVDQ OOHQDV GHO OtTXLGR FHUHEUR HVSLQDO 6XJLULy TXH OD FLUFXODFLyQ GHO ÁXL GRHQODVFDYLGDGHV\ORVQHUYLRVSHUPLWLUtD UHJLVWUDU ODV VHQVDFLRQHV H LQLFLDU ORV PR YLPLHQWRV 3RU PXFKR WLHPSR OD DWHQFLyQ VHPDQWXYRFHQWUDGDHQHVWDWHRUtD8QRGH ORV SURSRQHQWHV XOWHULRUHV IXH 'HVFDUWHV TXLHQHQHOVLJOR;9,,MXQWRFRQRWURVOOH JyDVXJHULUTXHHOFHUHEURGHORVDQLPDOHV IXQFLRQDED FRPR XQD PiTXLQD (VWD WHRUtD IXH GHVHFKDGD DO PRPHQWR GH GHVFXEULU XQ QXHYR IHQyPHQR OD HOHFWULFLGDG GH RULJHQ ELROyJLFR +DVWDHOVLJOR;,;VHLQLFLDURQORVHVWXGLRV FLHQWtÀFRVEDVDGRVHQREVHUYDFLyQ\H[SHUL PHQWDFLyQVREUHHOIXQFLRQDPLHQWRGHOVLV WHPD QHUYLRVR 6H GHPRVWUy TXH HO FHUHEUR HVWiIRUPDGRGHFpOXODVWDOFRPRHVHOFDVR SDUDRWURVWHMLGRV/DVSURSLHGDGHVHVSHFLDOHV GHOVLVWHPDQHUYLRVRVHGHEHQHQJUDQSDUWH D ODV FDUDFWHUtVWLFDV GH XQR GH ORV WLSRV GH FpOXODVTXHORFRPSRQHQODVQHXURQDV\DVX SDWUyQGHRUJDQL]DFLyQ/RVFLHQWtÀFRV*RO JL\5DPyQ\&DMDOHVWXGLDURQODHVWUXFWXUD GHODVQHXURQDVGHOFHUHEURFRQODD\XGDGHO PLFURVFRSLR ySWLFR 0RV WUDURQTXHODV QHX URQDVWLHQHQXQDUHJLyQFHQWUDOGHODFXDOVH GHVSUHQGHQ XQDV H[WHQVLRQHV TXH VH UDPLÀ FDQ OODPDGDV GHQGULWDV \ RWUD H[WHQVLyQ ~QLFDDYHFHVPX\ODUJDOODPDGDD[yQTXH WHUPLQDHQXQHQVDQFKDPLHQWRTXHVHOODPD WHUPLQDOQHUYLRVD(VWHD[yQSHUPLWHWUDQV PLWLU PX\ UiSLGDPHQWH LPSXOVRV HOpFWULFRV GHVGHODUHJLyQFHQWUDOKDVWDODWHUPLQDOQHU YLRVD 'H DKt OD LQIRUPDFLyQ FRGLÀFDGD HQ HVWRVLPSXOVRVSXHGHVHUWUDQVPLWLGDDRWUDV FpOXODV GHO VLVWHPD QHUYLRVR D WUDYpV GH XQ SURFHVRGHFRPXQLFDFLyQTXtPLFD $VRFLDGRVHQSDUDOHORORVD[RQHVIRUPDQORV QHUYLRV+R\HQGtDUHFRQRFHPRVTXHQXHV WURFHUHEURHVWiFRQVWLWXLGRSRUFLHQELOORQHV GH QHXURQDV DJUXSDGDV HQ Q~FOHRV \ UHGHV TXH FRPXQLFDQ HQWUH Vt GLVWLQWDV iUHDV 5D PyQ\&DMDOGHPRVWUyTXHODVQHXURQDVHV WiQRUJDQL]DGDVGHPDQHUDPX\YDULDEOHGH DFXHUGRDODUHJLyQHVWXGLDGD2WURVHVWXGLRV VXJHUtDQTXHODVJUDQGHVIXQFLRQHVGHOVLVWH PDQHUYLRVRWLHQHQORFDOL]DFLRQHVSDUWLFXOD UHV$VtHO'U%URFDFRUUHODFLRQDEDODSpU GLGDGHOKDEODHQXQSDFLHQWHFRQXQDOHVLyQ TXHGHWHFWDEDGHVSXpVGHODPXHUWHGHOSD FLHQWHHQXQDUHJLyQSDUWLFXODUGHODFRUWH]D FHUHEUDOODSDUWHPDVVXSHUÀFLDOGHQXHVWUR FHUHEUR +R\ VDEHPRV TXH FDGD UHJLyQ GHO VLVWHPDQHUYLRVRWLHQHXQUROSHFXOLDUHQOR TXHVRPRV (VWDV UHGHV QHX URQDOHVVXDFWLYLGDGHOpFWULFD\VXVVLVWHPDV GHFRPXQLFDFLyQHQWUHFpOXODVVRQHOVRSRUWH ItVLFR VREUH HO FXDO VH HVWDEOHFHQ IXQFLRQHV WDQGLVSDUHVFRPRODSHUFHSFLyQODJHQHUD FLyQ GH HPRFLRQHV \ HO FRQWURO PRWRU 8QR GH ORV UHWRV IXQGDPHQWDOHV GH ODV FLHQFLDV TXHHVWXGLDQDOFHUHEURODVQHXURFLHQFLDVHV HQWHQGHUFyPRODVQHXURQDVVHJHQHUDQSUR GXFHQVXDFWLYLGDGHOpFWULFD\FRPRVHFRPX QLFDQHQWUHVL2WURUHWRHVFRPSUHQGHUFRPR ODVSURSLHGDGHVGHVLVWHPDVGHQHXURQDVSHU PLWHQODHODERUDFLyQGHIXQFLRQHVFRPSOHMDV 7pFQLFDV PRGHUQDV SHUPLWHQ YLVOXPEUDU TXH P~OWLSOHV ]RQDV FHUHEUDOHV VH DFWLYDQ HQ QXHVWUR FHUHEUR DO PRPHQWR GH UHDOL]DU XQDWDUHDHVSHFtÀFDSHURHVWDFDUWRJUDItDQR H[SOLFDSRUHOPRPHQWRQXHVWURVFRPSRUWD PLHQWRV3RURWURODGRODVUHGHVQHXURQDOHV VRQSOiVWLFDVRVHDKDVWDHQODYLGDDGXOWDVX H[LVWHQFLD HVWUXFWXUD \ SURSLHGDGHV YDUtDQ GH DFXHUGR D OD DFWLYLGDG SUHYLD /D SODVWL FLGDGGHHVWDVUHGHVSDUHFHLPSOLFDGDHQORV SURFHVRVGHDSUHQGL]DMHXQiUHDGHLQYHVWL JDFLyQ PX\ LQWHQVD DFWXDOPHQWH $GHPiV FRPRRFXUUHFRQRWURVyUJDQRVQXHVWURFH UHEURVHSXHGHHQIHUPDUSRUHMHPSORSRGH PRVHQWUDUHQGHSUHVLyQDOSHUGHUDOJ~QVHU TXHULGR $Vt RWUR UHWR GH ODV QHXURFLHQFLDV HVVDEHUORTXHSDVDFXDQGRVHHQIHUPDHOFH UHEUR \ SURSRQHU DO PHGLFR DOJXQD WHUDSLD )LQDOPHQWH PXFKDV GH ODV DFWLYLGDGHV TXH HIHFW~D HO FHUHEUR VRQ LQFRQVFLHQWHV SHUR DOJXQDVOOHJDQDOQLYHOFRQVFLHQWH(QWHQGHU FyPR VH JHQHUD OD FRQVFLHQFLD GH QXHV WUDVDFFLRQHVRHPRFLRQHVHVXQUHWR WRGDYtD PiV GLItFLO $EXQGDUp VREUH FRPR ORV FLHQWtÀFRV DERUGDQ DOJXQRV GH HVWRV UHWRV HQ RWUDV FRQWULEXFLRQHV