Understanding Lignite Generation Costs in Europe

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1 Understanding Lignite Generation Costs in Europe Summary

2 We assessed sizable operations in eight European countries Overview of Lignite Generation in Europe (212) Germany 21.5 GW Mt Poland 9.6 GW 64.3 Mt Republic 9.6 GW 43.5 Mt 5.2 GW 62.2 Mt Poland Germany Romania Serbia Bulgaria Serbia 4. GW 37.5 Mt Romania 4.5 GW 32.1 Mt Bulgaria 3.5 GW 3.4 Mt Turkey 8.3 GW 7. Mt Turkey Country Installed capacity Lignite production 1) 1) Including processed products Source: UDI, Euracoal, Analysis Assessed Countries - Sizable Lignite Operation Countries out of scope (< 2 GW) 1

3 The assessment is based on publicly available data sources using reports of associations and annual reports of relevant companies Data Source Sources of Analysis Implications Reports on mining of relevant associations for the year 212 Euracoal Market report Debriv Lignite in Germany Eurostat, Statistical Office of Serbia, Turkish Statistical Institute IEA Statistics coal information Stoll, Niemann-Delius, et al Der Braunkohletagebau Annual Reports PPC () Vattenfall (Germany) MIBRAG (Germany) PGE (Poland) Severoceske doly ( Republic) EPS (Serbia) Maritsa Iztok (Bulgaria) TPP Maritsa East 2 (Bulgaria) Complexul Energetic Oltenia (Romania) EÜAS (Turkey) TKI (Turkey) Relevant market data EEX All analysis can be reproduced based on publically available information Where possible the assessment is based on data of one key player in the relevant market Reports of associations and annual reports allow to validate assumptions and orders of magnitude Some cost drivers such as ash content, water levels, etc. have not been assessed and directly used to estimate costs, however, larger cost differences are included given use of annual reports where possible Assessment of Greek generation costs is based on publically available PPC data Source: Analysis 2

4 Labour as well as material and service costs with similar levels per excavated m³ across all countries Assessment of Lignite Generation Costs (212) Mining Labour Costs (EUR/m³) Germany.95 Material and Service Costs 1) (EUR/m³) 1.17 Excavation Costs (EUR / m³) Republic Poland Romania 1.1 Bulgaria 1.13 & Serbia Turkey (PPC) ) Based on annual report data where available Source: Euracoal, Annual reports, Debriv, Statistical Office of Serbia, Turkish Statistical Institute, Niemann-Delius et al, Achlada, M.E.T.E, PPC, Analysis 3

5 average cost per ton of given average stripping ratio and excavation costs Lignite Excavation and Energy Costs Excavation Costs (EUR / m³) Stripping Ratio (m³ / t) & Ø PPC Controllable Lignite Costs Germany Republic Poland Romania Bulgaria Serbia Turkey (PPC) Ø PPC 8.82 Note: Lignite sources with stripping ratio above 15 m³/t will most likely be a theoretical resource, but not be mined in reality Source: Euracoal, Annual reports, Debriv, Statistical Office of Serbia, Turkish Statistical Institute, Niemann-Delius et al, Achlada, M.E.T.E, PPC, Analysis 4

6 Adding non-controllable costs keeps PPC in the same relative position compared to the other European systems Full Lignite Costs on a per Ton Basis (212) Controllable Lignite Costs Non-Controllable Lignite Costs Full Lignite Costs Germany Republic Poland Romania Bulgaria Serbia Turkey (PPC) PPC 8.82 PPC ) FTE in mining according to Euracoal deducted by FTE in Achlada mine and M.E.T.E mine Source: Euracoal, IEA, Eurostat, Annual reports, Debriv, Statistical Office of Serbia, Turkish Statistical Institute, Niemann-Delius et al, Achlada, M.E.T.E, PPC, Analysis 5

7 Combining per ton costs with calorific value leads to highly different full costs per GJ Full Lignite Costs (1) (212) Full Lignite Costs Calorific Value (kcal / kg) Full Lignite Costs (EUR / GJ) Germany ,863 2, Republic ,771 4, Poland ,767 2, Romania & 1,72 1, Bulgaria ,35 1, Serbia ,791 1, Turkey ,15 3, (PPC) , , 2, 3, 4, 5, PPC PPC 1,2 PPC ) Including depreciation and cost of capital Source: Euracoal, IEA, Eurostat, Annual reports, Debriv, Statistical Office of Serbia, Turkish Statistical Institute, Niemann-Delius et al, Achlada, M.E.T.E, PPC, Analysis 6

8 Lignite generation costs differ substantially across Europe with exhibiting the highest cost of around 6 EUR/MWh, mainly due to structural differences (calorific value of ) EUR / MWh Germany Republic Full Lignite Generation Costs (212) 65.3 Poland Romania Bulgaria Serbia Turkey (PPC) PPC System Average (EUR / MWh) Source: Euracoal, IEA, EEX, Eurostat, Annual reports, Debriv, UDI, Statistical Office of Serbia, Turkish Statistical Institute, Niemann-Delius et al, Achlada, M.E.T.E, PPC, Analysis 7

9 Eliminating structural differences (calorific value) show what Greek generation cost could be EUR / MWh German Hypothetical Cost of Lignite Generation in Changing Calorific Value of Greek to match the Calorific Value of in other countries Polish 53. Romanian 54.5 Bulgarian 52.4 PPC withserbian 5.8 Turkish 59.9 Greek other countries average quality: 51.1 Source: Euracoal, IEA, EEX, Eurostat, Annual reports, Debriv, UDI, Statistical Office of Serbia, Turkish Statistical Institute, Niemann-Delius et al, Achlada, M.E.T.E, PPC, Analysis 8

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