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Power in Europe
EU ministers call for 2016 opt-out
Most EU countries back extending the deadline for existing opted-in large combustion plants to meet stricter air pollution limits by at least four years to 2020, the Czech EU presidency said on March 2. The majority of [EU countries] support interim measures from 2016 to 2020 for current installations so there would be room for their alignment [with the new limits] or so that they could be decommissioned if their useful life was over, Czech environment minister Martin Bursik said after a public debate between EU environment ministers in Brussels. The ministers were discussing the European Commissions December 2007 proposals to update and consolidate EU emission rules into a single EU industrial emissions law (see PiE 545/1). These rules include the Integrated Pollution Prevention and Control directive and the Large Combustion Plant Directive, which cover industrial emissions, excluding carbon dioxide, that pollute the air, ground or water. Opted-in plants meet current emission controls set out in the Large Combustion Plant Directive, but many will have to retrofit abatement technologies in order to meet the ECs tougher proposals. Key among the proposals for 500MWth and above coal-fired power stations is a 60% reduction in NOx emissions from the current limit in the LCPD of 500 mg/Nm3 to 200 mg/Nm3 from 2016, a level seen as achievable with Best Available Techniques (BAT in
(continued over page)
News highlights
Nuon re-tenders for Seneffe CCGT EP pushed to vote again on CO2 Areva absorbs 47% O-3 overspend Areva warns Siemens State needs nuclear earnings: RWE Power exports strengthen Intrakat, Suez target EfW Board room blitz at Acea Edison hit by tax, demand slump NWEA calls for subsea cable Statnett ordered to restore Oslo cable Enova projects total 2.15 TWh Endesa moves back to Portugal EDP awards Baixo Sabor contract Ren lines up stimulus package Acciona moves on Gazprom for GN CCGTs? Wind projects focus on Vaud Dong buys Severn CCGT EIB considers Hatfield funding Nuclear justification a shambles RWE acquires Cumbrian options SSE plans Ferrybridge CHP unit 14 14 15 16 17 18 18 19 19 20 20 21 21 21 22 22 23 24 25 25 25 26 26
News
Belgium 14 / Europe 14 / Finland 15 / France 16 / Germany 17 / Greece 18 / Italy 19 / Netherlands 19 / Norway 20 / Portugal 21 / Spain 22 / Sweden 23 / Switzerland 24 / United Kingdom 25
Data
German power tracks DAX Bilateral Market Assessments Feedstock Comparisons European Exchange and Pool Prices 27 28 29 30
ANALYSIS
INDUSTRIAL EMISSIONS
fact this radical step down in NOx emissions was already set out in the LCPD final text of November, 2001). Many ministers now argue that the proposals would force older plants to close by 2016 because it would not make commercial sense to upgrade them to the new limits, and that this could hurt the security of energy supply. We do have very serious concerns about the large combustion plant provisions, UK environment secretary Hilary Benn said during the debate. About 25% of our installed capacity would have to close by 2016 if we didnt change what was proposed. If that was replaced by gas, well, it raises questions of security of supply. Council conclusions reflected this sentiment: Some delegations supported the Commissions proposals to bring emissions of existing large combustion plants (including power plants) into line with current BAT by 2016. A number of others underlined the costs of retrofitting existing installations and expressed concern that the associated investments could impact the security of energy supply. Given that many Member States have recently upgraded their combustion plants to comply with current legislation, they asked for a longer phase-in of BAT. A third group of delegations could accept the implementation of BAT by 2016, on the condition that there is a certain transitional flexibility. Benn, along with other ministers, supported the Czech EU presidencys proposals for interim flexibility mechanisms. These include a new opt-out derogation whereby plant with a life span of less than about 10,000 to 15,000 operational hours between 2016 and 2020 would continue to meet the emissions standards required under the current EU large combustion plant directive. Most ministers also rejected the ECs proposal to lower the threshold for large combustion plants covered
by EU rules to 20 MW from 50 MW, Bursik said. He said that the Czech EU presidency wants to reach an informal political agreement between the 27 EU governments on the proposals at the EU environment council meeting June 25. The European Parliament is set to vote on the proposals on March 12, after its environment committee adopted recommendations in a vote January 22. EU governments, the EP and the EC all have to agree a common text before the proposals can become law. The EUs integrated pollution prevention and control directive currently covers around 52,000 installations across the EU, encouraging them to fit best available techniques and requiring them to use the most costeffective means to achieve a high level of environmental protection. The LCPD covers power stations larger than 50 MW, oil refineries, coke ovens and coal gasification and liquefaction plants.
All 3,870-MW of UK coal-fired power station Drax is opted in to the LCPD. The plant meets current NOx emission values comfortably, spokeswoman Melanie Wedgbury told Platts, but would have to invest to meet the tougher limits proposed. The problem facing all optedin plant is the threat of further legislation in 2020 making redundant any investments made to meet 2016 emission limit values, Wedgbury said. See Drax feature, page 6. Meanwhile another attempt is being made, this time by a cross-party group of 44 European Parliament members, to get CO2 emission performance standards into the industrial emissions legislation. The group is proposing that all power plant with more than 500 MW thermal input permitted after the law takes effect comply with an emissions limit of 350g CO2/kWh from 2020, and that all existing similar-sized power plant comply with the same limit from 2025. See European news, page 14.
Power in Europe
Power in Europe is published twice monthly by Platts, a division of The McGraw-Hill Companies, registered office: 20 Canada Square, Canary Wharf, London, UK, E14 5LH. Officers of the Corporation: Harold McGraw III, Chairman, President and Chief Executive Officer; Kenneth Vittor, Executive Vice President and General Counsel; Robert J. Bahash, Executive Vice President and Chief Financial Officer; John Weisenseel, Senior Vice President, Treasurer. Prices, indexes, assessments and other price information published herein are based on material collected from actual market participants. Platts makes no warranties, express or implied, as to the accuracy, adequacy or completeness of the data and other information set forth in this publication (data) or as to the merchantability or fitness for a particular use of the data. Platts assumes no liability in connection with any partys use of the data. Corporate policy prohibits editorial personnel from holding any financial interest in companies they cover and from disclosing information prior to the publication date of an issue. Copyright 2009 by Platts, The McGraw-Hill Companies, Inc. Permission is granted for those registered with the Copyright Clearance Center (CCC) to photocopy material herein for internal reference or personal use only, provided that appropriate payment is made to the CCC, 222 Rosewood Drive, Danvers, MA 01923, phone +1-978-750-8400. Reproduction in any other form, or for any other purpose, is forbidden without express permission of The McGraw-Hill Companies, Inc. Text-only archives available on Dialog, Factiva, and LexisNexis. Platts is a trademark of The McGraw-Hill Companies, Inc.
Editor Henry Edwardes-Evans henry_edwardes-evans@platts.com +44 (0)207 176 6207 Editorial Director, European Power Vera Blei Production editor Dominic Pilgrim Production assistant Chris Isles Editorial Director, Global Power Larry Foster Vice President, Editorial Dan Tanz
Platts President Victoria Chu Pao Manager, Advertising Sales Ann Forte
North America Tel: 800-PLATTS-8 (toll-free) +1-212-904-3070 (direct) Latin America Tel: + 54-11-4804-1890 Europe & Middle East Tel: +44-20-7176-6111 Asia Pacific Tel: +65-6530-6430
ANALYSIS
Plant type
Hydro 11,313 Nuclear 5,117 Fuel Oil 2,059 Coal 12,210 Coal Gasification 284 Natural Gas 4,305 Other Gas 518 Biomass & Waste 408 Offshore wind 350
Note: excludes onshore wind Source: Platts Powervision
The deal
In an initial acquisition, Vattenfall is paying 5.052 billion for a 49% stake in Nuons unbundled commercial activities. Subsequent acquisition of the remaining 51% will take place in the form of deferred share purchases in 2011, 2013, and 2015. The equity value for 100% of Nuon is fixed at 10.31 billion. In a conference call, Vattenfall management said substantial divestments would be made to help fund the deal. The sale of Vattenfall Europe Transmissions German network is progressing and is expected to be
ANALYSIS
completed in 2009, with the proceeds potentially being used to reduce leverage. In addition, Vattenfall said it would reduce its 2009-2013 capital expenditure programme from SEK 202 billion to SEK 191 billion (16.7 billion). The utility has arranged a 5 billion bridge credit facility with nine banks, with a 12-month maturity and an option to extend by 50% for a further 12 months. The margin on the credit is Euribor + 150 basis points for the first six months, stepping up 75bp for the second six months and then 50bp step ups every six months thereafter. Vattenfall said it expected to refinance the 5 billion bridge in the bond markets during 2009.
The acquisition is conditional on 80% approval of shareholders, unbundling of the networks occurring and approval of the competition authorities. Vattenfall is to take operational control with effect from completion and will consolidate with effect from January 1, 2009. Synergies from the deal would be significant, Vattenfall said, but no figures were given. Trading operations are to be combined and extended, pushing the new group into the top three European energy traders. Savings would flow from reduced IT costs, improved purchasing power and substantial skill transfer opportunities in trading, customer product offering and plant operations. There are no redundancies planned, with Nuon retaining its head office and regional office.
DENMARK Copenhagen
Riga
LATVIA
LITHUANIA RUSSIA Vilnius Minsk NETH. Berlin POLAND Warsaw Brussels BELGIUM LUX. Paris Luxembourg GERMANY FRANCE Prague UKR AI N E CZECH REP. SLOVAKIA BELAR U S
Source: Platts Powervision. Contact: nathaniel_julien@platts.com, tel +44 207 176 6277
ANALYSIS
Scenario: no change in electricity consumption Without CS No change 40% 25% Phased out -50% 75/tonne With CCS No change 40% 25% Phased out -50% 55/tonne
ANALYSIS
ANALYSIS
Uskmouth, Wales West Burton, Notts Pembroke, Wales Isle of Grain, Kent Staythorpe, Newark Immingham Marchwood, Southampton Langage, Devon
Note: Commitment deemed to be at the letting of the turbine supply and maintenance contract. Plans for other plant have been announced but are believed to be at earlier stages in the process. Source: Market Announcements, Drax Estimates as at February 20, 2009
decision. For instance the National Emissions Ceiling Directive could increase the stringency of pollutant controls in 2020. If there was a risk of assets being stranded in 2020, that would dissuade generators from investing to meet 2016 controls, Wedgbury said. Typically you need a 1015 payback period for major investments of this sort. One option is that everything runs to 2020, allowing better visibility of regulatory changes ahead and avoiding premature retirement of plant, she said.
This was the highest output at Drax for 12 years, CEO Dorothy Thompson said, and despite unbelievable volatility in commodity prices, winter dark green spreads (the price of power less coal and carbon) generally remained within a band of 18-30/MWh, and our profitability remained robust. Looking ahead, Drax said it had sold 20.7 TWh for 2009, of which 16.2 TWh at an average achieved price of 51/MWh; 17.3 TWh for 2010, of which 11.2 TWh at 56.6/MWh; and 10.3 TWh for 2011, of which 4.6 TWh at 62.6/MWh. Thompson said dark green spreads in the forward market were 5-10% above those it had been taking this time last year so while spreads have come down from the real highs of last year, they are still positive for us. Fuel costs in 2008 were 858 million, compared to 471 million in 2007. The increase was due to higher generation, an increase in the price of coal and other fuels, and the impact of higher prices for and increased buying of CO2 emissions allowances. Drax buys power in the market when this is below its own marginal cost of production. The cost of power bought in 2008 increased to 212 million compared to 76 million in 2007, it said. The generator said that the last quarter of 2008 saw a narrowing of dark green spreads, as plant was returned to service and fears of a capacity shortfall were allayed, together with reduced peak electricity demand, reflecting the economic climate. Revenue benefited from the sale of by-products (ash and gypsum), Renewable Obligation Certificates, Levy Exemption Certificates and SO2 emissions allowances, the generator said. Significantly higher ROC sales in 2008 were driven by our growing biomass burn, Drax said. The groups carbon abatement projects have led to a 3% reduction in CO2 emissions in 2008 compared to 2006, due to biomass co-firing and investments in thermal efficiency improvements, it said. The generator said it led UK coal-fired generation performance with availability of 86% and a load factor of 76%.
Carbon outlook
Todays weak CO2 price was due to lower emissions and heavy selling of allowances by industrials seeking to raise short term cash, Thompson said. There has been debate as to whether Phase 2 will mirror Phase 1, when prices went to zero. We dont think it will because there is real value for Phase 2 certificates in Phase 3 [Phase 2 EUAs can be banked into Phase 3] and all our analysis shows that the allocation plans are not sufficient to cover emissions. So ultimately the carbon price is based on Kyoto credits and on banking [into a much tighter Phase 3 carbon market]. Kyoto credits appear to be floored by the Chinese position of somewhere between 8-12/ton CO2. Use of Kyoto credits in Phase 3 was much more limited than envisaged a few years back, Thompson said. In Phase 2 were allowed to use 4.4 million tons of Kyoto instruments. In Phase 3 the increment is only 0.8 million tons [giving a 2008-2020 total of 5.2 million tons].
REVIEW
REVIEW
Capture race is on
A number of detailed presentations given by generators (RWE, E.ON, Enel, GDF Suez, ConocoPhillips) indicated that the capture element of CCS is receiving significant amounts of seed money, is close to scale demonstration and has definable risks. Carbon capture and storage can be done at 20/tonne CO2 but not before 2020, Vattenfall vice president, R&D, Lars Stromberg told delegates. The major challenges facing CCS were the permitting of CO2 transport pipe lines, a critical variable in terms of project timing, and getting through the high-cost demonstration phase, Stromberg said. In the demo phase CCS would cost around 90/tonne CO2, by 2020 that cost would be down to 40, falling to 2025 by 2030, he said. Our 30-MW oxyfuel boiler at Schwarze Pumpe is working beautifully, even if it is probably the most expensive boiler ever built, he said. Vattenfalls next planned to replace two 250-MW boilers at its Janschwalde plant with oxyfuel boilers, removing around 90% of CO2 emissions from one 500-MW block. Meanwhile E.ONs Bernhard Fischer said the German utility was focusing its efforts on post-combustion capture technologies because its more advanced compared to IGCC and oxyfuel, is suitable for the retrofit market and is the only option for capture-ready projects.
liabilities indefinitely, he said; at some point after closure of a store, it must be handed over to the nation. Risk of leakage peaks during the injection phase, with leaks from wells the most likely path, Wright said. We can add up all the risks but what we dont know yet is what constitutes the overall level of unacceptable risk. Wright said that every CO2 store would have its own most suitable monitoring techniques. If this is to be regulated, I want the regulator to help me define the most cost-effective monitoring techniques. He listed wellhead monitoring, wellbore sampling, soil gas, dynamic modelling, water chemistry, 4D seismic, geomechanics and geochemistry as among key monitoring techniques. Seismic surveying was not a panacea for all monitoring ills, Wright noted, and other techniques were cheaper. Satellite imagery for instance had good potential for public acceptance, with In Salah tests showing that a combination of satellite imagery and geomechanical techniques tracked surface and subsurface behaviour of CO2 in a low-cost, non-invasive way that could be made publicly available.
Monitoring of storage
While utilities jostle for position on capture, some of the most pressing questions and anxieties were raised on CO2 transportation and storage. Two major issues facing CCS are potentially disruptive lead-times for pipeline permitting; and the absolutely critical need to avoid leakage. As ex-Shell Transport chairman Lord Ron Oxburgh noted, with diligence the risk of leakage should be small, but geology always has surprises. Presentations by StatoilHydro and BP on CO2 storage at Sleipner and In Salah prompted in-depth debate of risk assessment and monitoring options. StatoilHydros Trude Sundset openly discussed lessons learnt from a rupture in the Utsira geological formation in the North Sea, caused by high pressure injection of water from the Tordis field, leading to a leak of oily water (this was nowhere near the Sleipner CO2 store, Sundset noted). With more extensive seismic surveying, leakage could have been avoided, she said. This was a valuable lesson for CCS, Sundset concluded: thorough geological surveys of sites will be crucial for CO2 stores. We must never rest on this issue if we are to gain public acceptance. BPs Iain Wright said the overarching principles ensuring safe geological storage had been set out in the CCS Directive, but now we need much more detail. Commercial entities could not shoulder CO2 storage
ANALYSIS
Levinson said he would be more bullish on private investment if governments showed long-term commitment to consistently higher CO2 prices. As things stood, we think governments will be funding this for the next five years.
because China and India will point to what they perceive as a failure of the scheme, Lewis said. If push comes to shove, the EU has to be prepared to take action to defend this market, he said. It would be too difficult to tighten the overall CO2 cap to 2020, as this would require all 27 EU Member States to agree on the change. But one measure that could strengthen the ETS, without compromising the essential free market design of the scheme, would be for the EC to introduce a reserve price for auctions in Phase III, which would see a much greater use of auctioning and a reduction in free allocation, he said. They must be prepared to put a minimum price on the auctions from 2013, as that would send a clear signal not to sell allowances in Phase II, Lewis said.
10
ANALYSIS
CEZ Groups fourth quarter 2008 net income fell CZK 7 billion to CZK 13 billion (466 million) on revenues that were down CZK 1.25 billion to CZK 49.8 billion, the Czech generator said on March 3. A swift decline in demand and a two-month outage at unit 1 of nuclear power plant Temelin were key drivers of the poor performance, CEZ said. Fourth-quarter EBITDA was down CZK 1.8 billion at CZK 18.4 billion. Electricity demand for the quarter was down 4% because of the recession, and had a material impact on the years overall figures, CEZ said. Czech electricity prices fell in the final quarter of 2008, CEZ said, with calendar 2009 baseload power down 28% during the quarter from 78/MWh to 56/MWh. For the full-year 2008, net income grew 10.7% in 2008 to CZK 47 billion on revenues that were up 104% to CZK 182 billion. Some 64 TWh was generated in CEZ Group power plants in 2008, down 6.1 TWh year-onyear. Trading activity was up some 64% for 2008, with CEZ expanding its trading to include coal, gas and Certified Emission Reductions. Electricity purchased outside of own generation in 2008 reached 59.5 TWh, up from 36.1 TWh in 2007.
11
ANALYSIS
Aug-07
43.85 33.20
24.30 -7.76
12
ANALYSIS
government, which, in the absence of any forward momentum in new coal plant development, has been leading the charge in Brussels for a second wave of optouts from industrial emissions legislation starting in 2016 (see page one). The high level of coal burn has no doubt been encouraged by recent low CO2 prices, and more broadly by the fact that the power sector is now into the last four years of free carbon allowances under the ETS, during which time excess coal-fired generation has manageable carbon cost implications at least at prices of 10-12/t CO2. A price today of 12/t CO2 will be welcome in European Commission circles considering the 8-9/t lows of midFebruary, which prompted speculation that Phase 2 could run the same way as Phase 1, prices could fall to zero in a recession-hit market, damaging the ETS credibility. In fact the low carbon price (caused by large, distressed industrials selling allowances to raise short-term cash) has drawn a wave of speculative money into the market. The rush of industrials to sell quota opened up arbitrage possibilities for speculators to buy low and sell to those who still need carbon allowances, a trader said. Looking ahead, the spread between German yearahead (2010) and calendar year 2011 baseload
power prices has been widening, suggesting that the market thinks any economic recovery will be delayed until 2011, traders said. The German Cal 10/11 baseload spread has grown from 2.20/MWh on February 12 to 3.35/MWh on March 2, when Cal 10 baseload closed at 42.65/MWh and Cal 11 baseload around 46/MWh. With Cal 12 baseload around 49.80/MWh, the German far power curve was in full contango that day. Cal 11 isnt quite as bearish as its front-year relative, and this is certainly because fewer and fewer players believe in an economic recovery in 2010 but rather expect it to be delayed until 2011. This is reflected in power demand projections for those years, one trader said. Another source said the more bearish sentiment for Cal 10 was because of the current correlation between German forward power and oil and equity prices, which react fastest to macroeconomic developments, he said. In the long-term, however, coal will remain the biggest price driver for German forward power and while we have no serious information about oil and equity prices for 2011, the coal forward curve is in contango, with CIF ARA 2010 at $72/metric ton and Cal 11 coal at $78/metric ton, putting the spread around $6/mt, he said. In the second week of February, this spread was around $4.50/metric ton.
Netherlands
Germany
United Kingdom
Belgium
May-07
Aug-07
Nov-07
Feb-08
May-08
Aug-08
Nov-08
Feb-09
120
30
80
20
40
10
0 Aug-07 Feb-08 Aug-08 Feb-09 Jun-07 Source: Platts Oct-07 Feb-08 Jun-08 Oct-08 Feb-09
13
NEWS
BELGIUM / EUROPE
NEWS
Belgium
Belgium in brief . . .
SPE has obtained its construction permit for its proposed CCGT at Navagne. The plant will cost 550 million. Construction will begin at the end of this year, with the 860 MW plant due to be generating by early 2012. SPE is a Centrica affiliate, in which the UK company holds 49%. Belgian bank, Dexia, and Econcern of the Netherlands, have confirmed that they hope to complete by Spring this year the finance package for the Belwind offshore wind farm project. This would enable the first phase of the project to be completed by end-2010. Belwind N.V. is a project company of Evelop (an Econcern company) set up to develop the wind farm on Bligh Bank, 46-km offshore. Once both phases are complete, capacity will be 330 MW. Belwind has agreements with Elia on a grid connection and sale of green certificates.
comply with an emissions limit of 350g CO2/kWh from 2020, and that all existing similar-sized power plant comply with the same limit from 2025. The 500-MW thermal rating would translate into about 210 MW power capacity for coal plant and about 260 MW power capacity for combined cycle gas turbine plant, said Johnston. The group has also proposed that the European Commission review these provisions by June 30, 2014, and consider lowering the emissions limit to 150g CO2/kWh, bringing forward the 2025 deadline and widening the scope beyond the power sector. A 350g CO2/kWh limit rules out new coal unless fitted with carbon capture and storage, Johnston told a meeting in the EP March 3. The tighter limit of 150g CO2/kWh would mean only gas and coal plant with 90% CCS would be allowed. The 500-MW thermal threshold would mean that the emission limits would apply to about 500 power stations in the EU today, said Johnston. A similar proposal was thrown out of the report adopted on the new emissions law by the EPs environment committee on January 22 by the committees chairman on a procedural technicality without a vote, said Johnston. The same procedural issue, centered on whether including CO2 extends the scope of the original laws, could see the latest proposals thrown out again before the EP votes on the committees report, he said. The new Industrial Emissions Directive (IPPC) is to replace the EUs integrated pollution prevention and control directive, which sets limits on pollutants (excluding CO2) and the EUs large combustion plant directive. Coal lobby group Eurocoals secretary general Thorsten Diercks told the EP meeting that the EP had twice rejected power plant emission limits in the last year once as part of the EUs third energy market opening package and again as part of the EUs climate protection package. Diercks argued that mandatory emission limits should only be considered once CCS had been proven commercially. Meanwhile it must be possible to build capture-ready plant that will knock out half or twothirds of the new coal plant planned in the EU, he said. We wont be locked in because [CCS] will be retrofitted. If in 2016 or 2017 we see that CCS is possible, then we could have an obligation for it after that.
Europe
14
NEWS
EUROPE / FINLAND
whole issue of the carbon price in our September report. There is a part of the report that looks at the implications of the current economic recession. The carbon price has come down a lot this year because emissions are coming down. But an interesting issue is whether the price has come down more than market economists would predict. What they would say is that there is a fungibility of supply and demand for carbon permits across the whole of Phase II and Phase III, he said. Since the overall carbon cap in Phase III, from 2013-2020, is expected to be more stringent than the current cap, this should be driving up the carbon price now, he said. So the price today ought to be reflecting not just how many emissions there are today but also a foresightful markets view of the balance between supply and demand in 2019 and 2020. I think its highly likely that the fall in the market price has been significantly larger than you might think is logical if you believe that efficient market theory, he said. EUAs for delivery in December 2009 fell from 30.45/metric ton CO2 in July 2008 to a low of 8.33/mt February 12 before staging a rebound to almost 12.00/mt March 4. Turner said the committee on climate change had suggested a range of tools to improve market direction, one of which would be to combine the EU ETS with a floor price for carbon. There has been a debate among economists as to whether the best approach is a fluctuating price for carbon in a trading system or a straight tax on carbon, but it is completely possible to combine that using a hybrid system which has a fluctuating price [and] also a floor price within it, so that participants know that at that point it becomes a tax and will not be allowed to fall below that level, he said. The committee was established as an independent body under the climate change act to advise the government on setting carbon budgets and report to parliament on progress in cutting GHG emissions. In line with the EU framework, the committee has produced an intended target of a 42% cut in GHG emissions from 1990 levels by 2020, which should apply following a global deal on climate change, and an interim target to cut emissions by 34% from 1990 levels by 2020 to apply before a global deal is reached.
Danube with the signing in December of an agreement with state utility NEK. RWE Power, which was selected last October as NEKs preferred partner over a rival bid from Electrabel, invited GDF Suez to join the project under its leadership, and had expected to split its stake. RWE Power said it remained committed to the project.
Finland
15
NEWS
FRANCE
France
terminate the shareholders agreement for the FrancoGerman joint venture Areva NP ...specified effective latest January 30, 2012, and sell its entire stake to the majority shareholder Areva SA under the terms of a put agreement, Siemens said. Under the shareholders agreement, Siemens is not allowed to compete in activities it brought to Areva NP for a period of eight years. That includes nuclear reactor design and engineering, turnkey nuclear power plant construction, fuel design and manufacture, services, and safety-related instrumentation and control systems. Siemens said it can, however, market turbines, generators and electrical systems for nuclear power plants since those items are not produced by Areva NP . Meanwhile on February 25, Areva CFO AlainPierre Raynaud said Areva must compensate Siemens 2.05 billion for giving up its share in Areva NP . The figure is based on values assigned for the Siemens share in 2007.
16
NEWS
FRANCE / GERMANY
France in brief . . .
French grid operator RTE recorded a 36.7% decrease in 2008 net profit to 295 million as operating costs increased 13% to 1.062 billion mainly because of more expensive wholesale power purchasing, the network operator said March 4. A 2.6% drop in industrial consumption in 2008, which accelerated in the last three months of the year, had not had a significant effect on results, RTE said. At the end of December 2008, RTEs net debt had risen by 108 million to 6.064 billion.
Germany
If the nuclear phase-out continues, the first plant to close will be Biblis A in summer 2010, he said. But he believed nuclear lifetimes should be extended, describing the benefit to energy companies of longer operation of written-off reactors as an advantage to the economy rather than windfall profits. The state must decide what to do with this advantage, he said. I dont want to speculate he continued, but in view of the massive public support being poured into banks and industry, the state needs new sources of income and here is one readily available. Longer running times for nuclear would put downward pressure on the wholesale price of power, observed RWE CEO Ulrich Jobs. Ironically, this would run counter to RWEs intention of increasing its operating result by an annual average of 5-10%, instead of the previous target of 5%, to 2012 (not including the planned acquisition of Essent) since this aim assumes an average realised German electricity price of at least 60/MWh during the period. Sales of RWEs 2008 generation in Germany fetched an average price of 58/MWh, compared with 47/MWh in 2007, according to the company. Outside Germany, RWE is already pursuing new nuclear projects. It has the option of a 49% stake in a joint venture with Bulgarian NEK to build two 1-GW nuclear units at Belene. RWE is also one of six partners in plans at Romanias state-owned SNN to build two Cernavoda 720-MW units. If the project stays on schedule the units could go online in 2015/2016. And the company has set up a joint venture with E.ON to build up to 6-GW of nuclear capacity in the UK. On the question of disposal of radioactive waste from the new projects, Grossmann said it was EU policy for each member state to deal with its own waste. He believed problems associated with end storage were more of political and social-acceptance character than technical. Nuclear is growing world wide, its not just a theme for Germany, he said. RWEs electricity generation was up 4% in 2008 to 224.1 TWh, of which 180.3 TWh was contributed by RWE Power in Germany. At the start of 2009, RWE had already sold 90% of 2009 generation, 70% of 2010 generation and 30% of 2011 generation.
RWE Power figures include electricity procured for plants not owned by RWE but deployed at its discretion according to long term agreements in 2008, this amounted to 30.6 TWh, of which 28.6 TWh was coal generated, largely by coal plant owned by Evonik Industries. RWE Group figures include generation and purchase of RWE Energys regional companies and the renewables business transferred to RWE Innogy in 2008. RWE Npower largely purchases electric via RWE Supply and Trading Source: RWE, Platts
17
NEWS
GERMANY / GREECE
Export TWh % change 0.9 5.3 18.9 15.0 13.9 1.4 1.3 0.5 5.6 62.7 +19.1 +1.7 +4.4 -7.0 -7.8 -7.3 +49.7 -44.1 +14.0 -1.1
Balance TWh +9.7 -4.5 -18.0 -9.4 -11.1 +7.8 +6.6 +2.0 -5.5 -22.5
Meanwhile, despite government and energy regulator pressure for a single high voltage network company in Germany (instead of the current four), RWE has no intention of shedding its network, but rather is creating an independent transition operator to meet the stipulations of the European Commissions upcoming third internal energy market package. Grossmann said the regulated business worked well in RWEs portfolio and would remain a core business, not least because it brought a steady income flow.
Hydro 5,166 4,300 Pumped storage 5,710 5,710 Lignite 20,516 19,860 Coal 27,596 25,305 Nuclear 20,470 20,470 Oil 6,258 5,700 Gas 23,394 19,300 Wind/solar 26,159 235 Other 9,000 3,508 Total 144,269 104,388
2008 figures provisional Source: BDEW
5,205 4,310 5,710 5,710 20,516 19,860 27,405 25,305 20,470 20,470 6,190 5,650 23,394 19,300 28,728 255 9,471 3,607 147,089 104,467
Greece
2007 155.1 140.5 142.0 75.9 9.7 28.1 39.7 46.4 637.6 44.3 63.4 -19.1 618.4
2008 150.0 148.8 128.5 83.0 10.5 27.0 40.2 51.1 639.1 40.2 62.7 -22.5 616.6
151.1 167.4 137.9 73.4 10.5 26.8 30.7 39.1 636.8 46.1 65.9 -19.8 617.0
18
NEWS
ITALY / NETHERLANDS
Italy
somewhat greater in terms of sales. Of last years total Italian demand of 337.6 TWh, Edison provided 67.2 TWh, equal to 19.9%. Taking 28.4 TWh, clients in the free market provided the main demand for Edisons sales, followed by the power exchange, through which the company sold 21.1 TWh. Edisons CIP6/92 sales amounted to 13.1 TWh in 2008. The company noted that sales to markets, both to clients supplied in the free market and through the exchange, advanced by 20.3% last year on the 41.2 TWh sold in 2007. Most of the 50.2 TWh net production came from thermal plant which accounted for 34.0 TWh, down 10.5% on 2007. Net hydro output was 30.1% higher at 3.9 TWh, while Edipowers contribution was 1.4% lower at 11.8 TWh. Edisons imports were significantly lower at 0.4 TWh, against 1.2 TWh in 2007, while supplies obtained within Italy increased by 83.5% to 16.9 TWh. Contributing to the fall in thermal output was the sale of six small CIP6/92 plants in April last year and the consequent loss of about 370 MW of capacity. During the year, the company also disposed of its 70% interest in the 170 MW Celano thermal plant. A key development for the future is the construction of 4.4-km of 150-kV line between Campocologno in Switzerland and Tirano in the Valtellina northeast of Milan. Work on this first non-state cross-border interconnector, which began in April last year, is expected to be completed by the end of this year. Looking ahead, Edison said financial events and the high volatility of oil prices will not fail to make their effects also felt in 2009. The company foresees contraction in power demand, a reduction in wholesale spreads and strong competition arising from an increase in supply, all factors that will affect the years operations.
Italy in brief . . .
A2A, the Milan/Brescia power and gas utility, has won the Bicsi Energia 2008 award from Customer Asset Improvement (CAI), a research organization controlled by the Bank of Italy. Publishing the results of its Osservatorio Energia 2008, CAI said that A2A was evaluated particularly positively by its users especially in the sales of electricity.
Netherlands
19
NEWS
NETHERLANDS / NORWAY
GasTransportServices should, it says, go into a new Energy and Climate Fund. Other sources of funding could be money from the sale by local and provincial authorities of their stakes in energy companies, and a small, temporary levy on energy products for consumers (vehicle fuel, power and gas) for as long as the oil price remains below $70 a barrel and in any event no more than two years. Many parts of the network are 40-50 years old replacement should be brought forward, the Council says. There would be no licensing issues as this is existing plant. Replacing it with an investment program costing 300 million annually from 2010 would give a significant stimulus to the economy. The Council recognizes that the regulator would have to adapt tariffs accordingly and that this might need the government to change the regulatory framework. The Council is currently working on a report on energy infrastructure and the renewal wave ahead which it expects to publish in May.
ECN/KEMA report on which the government based the subsidy levels does not take the current high cost of wind turbines into account, it says. It also says maintenance and operational costs have been underestimated.
Norway
20
NEWS
NORWAY / PORTUGAL
features of the plan, according to power industry magazine Energi, are the scrapping of all the countrys oil-fired heating installations, the electrification of one-third of its motor vehicle fleet and a quarter of its oil platforms, and a drive to make buildings more energy-efficient.
Portugal
Norway in brief . . .
EBL the Norwegian electricity industry association has been working with Trondheim-based SINTEF (Norwegian University of Science and Technology) and BI (the Norwegian school of management, in Oslo) to prepare a new climate policy plan which they believe could enable Norway to meet its climate goals by 2020. The key
21
NEWS
PORTUGAL / SPAIN
Penedos says Ren plans to increase capital expenditure partly as an economic stimulus measure of the kind being encouraged by the European Union. Ren expects Erse, Portugals independent energy regulator, to provide incentives for new investment in 2009, increasing Rens regulated asset base to more than 8%, up from a current level of 7%.
Portugal in brief . . .
Japans Mitsubishi is to take a 34% stake in the 45.8-MW Amareleja solar photovoltaic installation that Acciona Energia recently completed at Moura in southern Portugal. The two companies plan to seek further undisclosed joint opportunities in the renewable energy sector, according to Acciona. The Amareleja installation cost 261 million to complete and went on line in December. The installation was developed by Acciona subsidiary Amper Central Solar.
Spain
Acciona moves on
The parting of Endesa owners Enel and Acciona was confirmed to the CNMV securities commission on February 21. Acciona sold its 25% stake in Endesa for 11.1 billion to Enel (8.2 billion in cash, 2.9 billion in Endesa assets), increasing the Italian groups controlling stake to 92%. The CNMV ruled March 3 that Enel was obliged to bid for all 100% in Endesa, after the Spanish association of small shareholders in floated companies (Aemec) asked the CNMV for clarification. While Acciona moved quickly to announce post-Endesa plans, it was not immediately clear what Endesas leadership will look like under Enel control. Endesa MD Rafael Miranda said February 26 that an Endesa strategic plan was being drawn up at full speed. The split paves the way for the creation of a new renewables group based on the assets of Acciona and Endesa, planned originally for mid-2008. Endesa said the new group would be formed within six months of regulatory clearance. Acciona is to buy 2,104 MW of Endesa renewable capacity in Spain and Portugal for 2.89 billion. The assets are 1,248 MW in wind and 856 MW in hydro capacity. With the addition of Enel wind capacity to be bought by Acciona totalling 400 MW as part of the deal, Acciona Energia is set to become the worlds second biggest renewable energy generator, with 6,516 MW, behind Iberdrola Renovables (8,487 MW). Acciona plans to invest in the equivalent of 600 MW this year. The sale of its Endesa stake has slashed its debt from 17.5 billion to 5.9 billion. Acciona expects the new Endesa assets to boost 2009 Ebitda by 250 million to 1.4 billion, 45% higher than in 2008. Endesas Miranda meanwhile presented 2008 results a 7.17 billion net profit, 168% up on 2007 thanks to 4.56 billion in capital gains from the sale of some
22
NEWS
SPAIN / SWEDEN
10,000 MW to E.ON. Without the capital gains, net profits would have been 2.37 billion, an increase of 5.8% over 2007. End-2008 debt stood at 14 billion, down 32.8% on the previous year. Miranda said despite the sale of some Endesa assets, the utility preserves a grand dimension, and he did not rule out new investments this year. He told analysts that Endesa is going to form part of a great world energy leader.
Gridco Red Electrica de Espaa (REE) will invest 4 billion to improve supply security over the next four years, according to its 2009-2013 strategic plan presented on February 27. Investments in 2008 totalled 635 million, up 1% on 2007. Net profit in 2008 was up 17.7% at 286 million. REE announced a 9.8% fall in mainland Spanish demand in February, at 20,627 GWh, the biggest monthly drop since REE records began in 1991.
Health and consumption minister Bernat Soria told the Senate upper house March 4 that the government would revert to electricity bills every two months if customer complaints continue and utility irregularities are proved. Since the beginning of the year, bills are sent monthly, but meters are read every two months, so utilities estimate the bill every other month. This has led to utter chaos, angry consumer complaints, and utility promises to repay exorbitant bills.
A new wind generation record was set in Spain at 11:10am on March 5 when 11,180 MW of capacity was in operation, the AEE wind business association said. At that moment, wind energy accounted for 29% of consumption in Spain, but AEE said earlier in the day this coverage reached more than 40% on several occasions. Spain was being lashed by gale-force winds on March 5.
Sweden
Spain in brief . . .
Iberdrola Renovables has put into operation three new wind farms in Malaga province, with a total installed capacity of 121.3 MW. Cerro La Higuera (44 MW), Altamira (49.3 MW) and Cortijo La Linera (28 MW) are to be fully operational in July. They bring IRs installed renewable capacity in the southern Andalucia region to 548 MW, out of its Spain total of 4,868 MW at the end of 2008. Iberdrola and Endesa registered the biggest increases in gas supply market shares in 2008, according to the CNE national energy commission, rising 1.3% and 0.8% respectively. Gas Natural remains market leader with a 45.5% share (down 5.1%), followed by Iberdrola (12.8%), Union Fenosa (12.4%), Endesa (9.2%), and Naturgas Energia (5.4%).
23
NEWS
SWEDEN / SWITZERLAND
Switzerland
Switzerland in brief . . .
Aziena Elettrica Ticinese (AET) has warned that if its participation in the Lnen coal-fired power station in Germany is rejected, it will have to seek supplies of uncertifiable origin on the market, inevitably consisting of a European mix, typically from coal and gas-fired sources,
24
NEWS
at less favourable conditions. The cost of this would eventually amount to 50 million, AET said. Authorization is required from the cantonal parliament as AETs legal supervisory body. The commission decided to freeze the decision until the cantonal government, which favours the project, submits a detailed cantonal energy plan.
The BKW Group recorded a 7% increase in total electricity sales to reach 25.9 TWh in the 2008 business year. Distribution increased by 3% to 7.9 TWh, in its own catchment area or to partners. Sales in Italy rose by 8% to 5.2 TWh. International trading rose from 10.8 TWh to 11.8 TWh. Production increased by 611 GWh over the previous year to 10.3 TWh, thanks in part to commissioning of the 800 MW CCGT plant in Livorno Ferraris, from which BKW is entitled to a quarter of total production. Production from renewables doubled to 28 GWh, with the Otelfingen biomass power station and the Bockelwitz wind park coming on stream for the first time.
Combined Cycle plant. The project involves construction of a 9.5 km 400-kV single circuit overhead line connecting the plant to the grid, and an 11-km gas pipeline. The prospective conversion to gasification would be accompanied by implementation of CCS. The project has been granted Section 36 Consent under Electricity Act 1989 for operations as a CCGT and as an IGCC with CCS. A full Environmental Impact Assessment has been finalized and an environmental permit is pending, the EIB said. The project will comply with the Large Combustion Plant Directive and will require an IPPC permit. The status of the IPPC application, details of the EIA, results of public consultation and proposed mitigation measures will be reviewed during appraisal, the EIB said.
Retail margins up
Energy suppliers are making about 100 (111) a year on every one of their domestic gas and electricity customers, energy regulator Ofgem said March 2. Ofgem said suppliers gross margin is around 95 for every electricity customer per year and 103 for every gas customer. In June, just prior to a wave of retail price hikes, suppliers were making about 90 a year for every electricity customer and roughly 50 for every gas customer, Ofgem figures show. The data was released as part of Ofgems first quarterly report into wholesale and retail energy prices. Gross margin is calculated as the difference between the retail prices, less network and environmental costs, and the wholesale energy costs. It includes suppliers own internal operating costs such as customer service, staffing, IT, marketing and billing. The margins have increased since the summer because of retail price increases and a leveling off of the wholesale cost increases due to lower wholesale energy prices, Ofgem said. Ofgems analysis, which assumes an 18-month hedging strategy, suggests suppliers wholesale energy costs should start declining during 2009, with gas costs leveling off at the end of the year. However, the margin figures did not include the recent price cuts from five of the UKs big six suppliers, which will be included in Ofgems next quarterly report, the regulator said.
United Kingdom
25
NEWS
UNITED KINGDOM
schedule for all the processes for new nuclear build, as given in government documents, shows that codependent processes are either stacking up or taking place out of sync and this, in turn, results in an inordinately hurried decision-making timeline. For instance, information on how waste and spent fuel from new stations would be managed would not be assessed until at least a year after the decision on Justification, the group said. The group also complained of clear conflict of interest. We do not believe it is appropriate for the Secretary of State for Energy and Climate Change to be the Justifying Authority as he, and DECC, have already expressed their clear support for new nuclear reactors. Given that Justification, once finalised, may foreclose on any future discussion on issues crucial to nuclear power, it is vital that this process is opened up in order to allow for meaningful and realistic examination of evidence a public forum. The Justification consultation forms part of the regulatory and legal process following the governments announcement at the start of 2008 that new nuclear was in the public interest. The consultation runs until later this month, to be followed by a further consultation between September and December 2009 on the secretary of states draft decision as Justifying Authority.
National Grid said that due to uncertainty over the interconnector, a monthly auction to sell space on the cable for April had been postponed. A new date has not yet been set. The total month volume may be auctioned in a single auction on Tuesday March 17, said National Grid. No other long-term auctions are affected at this time, it said. The interconnector is 50:50 owned by National Grid and French grid operator RTE.
UK in brief . . .
Energy regulator Ofgem has approved a proposal requiring generators to submit monthly updates on emissions and running hours of units affected by Large Combustion Plant Directive. Under the proposal, submitted to Ofgem by E.ON, generators will have to provide data on requests to operate extra hours, emissions limits, a summary of national emissions reduction plan (NERP) and emissions limit values (ELV) allowances bought and sold, as well as cumulative and remaining operating hours for units opted-out of the LCPD. The data will be published on National Grids Balancing Mechanism Reporting Service web site beginning June 25.
26
DATA
MARKET COMMENTARY
Netherlands
Dutch year-ahead prices continued the recent bearish trend in the two weeks to March 6, hitting a four year low on February 24 while month-ahead power prices plunged to levels not seen for 18 months. Traders are anticipating further falls as Cal 10 base fell to 44.80/MWh, according to Platts data, the lowest point since the contract was assessed at 44.20/MWh on April 1, 2005. The negative sentiment had the same impact on power for delivery in March, down to 37.75/MWh, a level not seen since late August 2007. The economic downturn and lower industrial demand have hit prices hard while temperatures above seasonal average and a healthy supply system added downward sentiment to the prompt. Power for delivery next year lifted towards the end of the period, ending the fortnight around 47.90/MWh.
France
The French-German year-ahead baseload power spread has been trading at a premium of above 2/MWh since February 26, after falling to a 25 euro cent discount January 20, according to Platts data and OTC market sources. The 2 mark was passed the day after Frances virtual power plant auctions (VPP), which resulted in prices coming off straight after the auctions as volumes flooded the market but then being boosted in the next session by market participants choosing to maintain buy positions rather than sell, according to traders. The upward movement following the auctions was boosted by a generally bullish session in other Continental European power markets on the back of climbing oil prices. Traders said low liquidity made the French market more difficult to gauge than its German equivalent, and contributed to the risk premium built into the French year-ahead contract. One trader said that the April 1 merger of futures trading on French and German power exchange Powernext and EEX should facilitate more trading between the two markets. Arbitrage will be easier, he said, but added that this would not necessarily bring the value of the two contracts closer.
Spain
Spanish power prices plunged to 18-month lows in the past fortnight, with traders and analysts anticipating further falls on the prompt and curve in the near future. By March 3 day ahead power had fallen to 34.25/MWh according to Platts data, the lowest point since the contract was assessed at 34.20/MWh on September 27, 2007. Prices corrected slightly thereafter, but the contract was heard trading only 25 euro cent higher at 34.50/MWh on March 4. Prices have wilted in the face of a healthy supply system, lots of wind output, good hydro and eroding demand. On March 3 Spanish year-ahead OTC power prices were down 14.55/MWh to 38.45/MWh since January 2 and some 21.55/MWh below the 60/MWh of a year ago. Traders said temperatures above the seasonal average and heavy precipitation have helped lower Spanish power prices this year. In the week ending February 22, data from Spains environment ministry indicated hydroelectric reserves hit the highest level recorded since the end of July 2008, up 1.3% to 11,188 GWh. The latest data shows reserves down a touch, to a still-healthy 49.5% for the week ended March 1, at 11,148 GWh. Platts European Power Team, Tel: +44 (0)207 176 6207, Email: power@platts.com
United Kingdom
UK electricity prices for forward delivery ticked higher in the two weeks since February 23, with increased costs for gas and carbon emissions making generation more expensive for some. Winter 09 baseload power gained 85 pence to 46.25/MWh while Summer 09 base
27
DATA
PiEs base power assessment table shows the last two months prices for various products, and compares these with the corresponding two months prices from the previous year. Each price is an average of Platts daily assessed prices between the dates shown. For more information, please contact the editor: henry_edwardes-evans@platts.com Tel: +44 20 7176 6207
28
DATA
FEEDSTOCK COMPARISONS
Gas
The UK NBP prompt gas prices slipped below a shortlived early March spike after Gazprom acknowledged payment from Naftogaz Ukrayiny for its February gas bill, traders said March 5. A raid on the Naftogaz HQ by soldiers had raised doubts about Naftogaz ability to meet Gazproms March 7 payment deadline, which kicked off a bullish period across Europes largest gas hubs. By March 5, however, gains made in the previous session ebbed away as the prompt closed at 33 p/therm, well below March 4s 36 p/th level. Aprils risk premium was sold off and that drove down the Summer 09 contract, which ended March 5 at 33.4 p/th. April, settled at 33.3 p/th. On the Dutch TTF gas market, April closed March 5 at 12.85/MWh, 80 euro cent lower day-on-day. May was assessed at 12.60/MWh, down 65 euro cent day-on-day. Contracts on the far curve were pulled down by a weaker crude oil market as working week 10 drew to a close. Cal 10 closes March 5 at Eur19.15/MWh. Month ahead clean spark spreads continued to rally in the UK, up 56 pence to GBP9.07/MWh through the week to March 5, but the bears prevailed in Germany and the Netherlands, down by 1.82 and 1.37 on the week to 6.14/MWh and 6.89/MWh respectively.
33.05 33.45 33.20 33.20 33.40 33.20 33.30 33.20 48.35 56.50 48.80 33.40 33.40 33.60 33.40 33.70 33.60 48.75 56.90 49.00
Coal
The Atlantic physical coal market lurched downward $2/metric ton on March 5, with traders predicting European delivered steam coal prices could plummet to the mid-$40s in the coming weeks. The first reported fixed price trade of the session was that of a prompt Aprilloading panamax of South African Richards Bay coal at $57/mt FOB on the globalCOAL platform, with a utilitytrader heard selling to a producer-trader. A DES Amsterdam 50,000 mt cargo of Colombian coal then traded lower at $56.50/mt although traders described it as a case of the two trades going through at different times in a falling market rather than indicative of CIF ARA rates falling below FOB levels. Two weeks ago I thought the Pacific strength was going to rescue the physical market but now Im of the opinion that were going to trade $45/mt DES ARA in two weeks, said one Swiss-based trader. Following reports earlier in week 10 that coal producers were selling on an FOB basis and filling short positions with coal purchased from ARA stockpiles to save freight costs, one European trader said he believed producers prime motive for buying European coal was to support prices. Producers dont usually have contracts which allow them to sell different specs or origins, usually they have to supply branded coal, he said. On March 5 Platts assessed the prompt month April CIF ARA price at $56.50/mt, Richards Bay FOB at $56.50/mt and FOB Newcastle at $61/mt. Forward month dark green spreads on March 5 stood at 9.61/MWh in the UK market and 6.93/MWh in the German market, according to Platts data.
Notes: Price bases: CIF ARA 6,000 kcal/kg NAR; Richards Bay, 6,000 kcal/kg NAR; Bolivar, 6,300 kcal/kg GAR; Newcastle, 6,300 kcal/kg GAR; Qinhuangdao, 6,200 kcal/kg GAR; Kalimantan, 6,300 kcal/kg, GAR; CIF Japan, 6,300 kcal/kg GAR; CIF Korea West, 6,080 kcal/kg NAR. All 1% Sulfur max. 90-day forward delivery. Source: Platts International Coal Report
29
DATA
EEX Phelix peak and base spot market February 4 March 6, 2009
(MWh) 500,000 Volume Base price Peak price (/MWh) 100
400,000
75
600,000
4.5
300,000
50
500,000
4.0
200,000
25
400,000
3.5
100,000 04-Feb
10-Feb
16-Feb
22-Feb
28-Feb
0 06-Mar
300,000 04-Feb
10-Feb
16-Feb
22-Feb
28-Feb
3.0 06-Mar
Source: EEX
Source: Omel
900,000
40
60,000
50
800,000
35
30,000
25
700,000 03-Feb
09-Feb
15-Feb
21-Feb
27-Feb
30 06-Mar
0 04-Feb
10-Feb
16-Feb
22-Feb
28-Feb
0 06-Mar
Source: APX
600,000
85
180,000
80
500,000
70
140,000
60
400,000
55
100,000
40
300,000 04-Feb
10-Feb
16-Feb
22-Feb
28-Feb
40 06-Mar
60,000 04-Feb
10-Feb
16-Feb
22-Feb
28-Feb
20 06-Mar
Source: GME
Source: EPEX
30
Hilton Berlin
Berlin, Germany
Building on the overwhelming success of its energy events in Europe, Platts inaugural European Renewable Energy conference will provide attendees with not only an overview of each area involved in the renewable energy sector from finance, governments, construction, operation and technology providers, it will also take an in depth look into a number of case study examples of the implementation of new projects in renewable power generation across Europe.
Regulatory and legislative developments Developing successful renewables portfolio Regional focus on CEE and SEE Grid connectivity and capacity allocation Financing and investment in renewables
For more information quote PLTSNEW and contact: Stacey Knox stacey_knox@platts.com +44(0)-20-7176-6226 www.events.platts.com