216 SUSTAINABLE ENERGY IN AMERICA Factbook GET THE FACTS www.bcse.org No portion of this document may be reproduced, scanned into an electronic system, distributed, publicly displayed or used as the basis of derivative works without attributing Bloomberg Finance L.P. and the Business Council for Sustainable Energy. For more information on terms of use, please contact sales.bnef@bloomberg.net. Copyright and Disclaimer notice on the last page applies throughout. Developed in partnership with the Business Council for Sustainable Energy.
About the Factbook (1 of 2): What is it and what s new Aims to augment existing, reputable sources of information on US energy Focuses on renewables, efficiency, natural gas Fills important data gaps in certain areas (eg, investment flows by sector, contribution of distributed energy) Contains data through the end of 215 wherever possible Employs Bloomberg New Energy Finance data in most cases, augmented by EIA, FERC, ACEEE, ICF International, LBNL, and other sources where necessary Contains the very latest information on new energy technology costs Has been graciously underwritten by the Business Council for Sustainable Energy Is in its fourth edition (first published in January 213) What is it? What s new? Format: This year s edition of the Factbook (this document) consists of Powerpoint slides showing updated charts. For those looking for more context on any sector, the 214 edition (1) can continue to serve as a reference. The emphasis of this 216 edition is to capture new developments that occurred in the past year. Updated analysis: Most charts have been extended by one year to capture the latest data. 215 developments: The text in the slides highlights major changes that occurred over the past year. New coverage: This report contains data shown for the first time in the Factbook, including analyses of US levelized costs of electricity, corporate renewables procurement, US transmission build, small-scale CHP generation and additional energy efficiency data. (1) The 214 Factbook can be found here: http://www.bcse.org/factbook/pdfs/214%2sustainable%2energy%2in%2america%2factbook.pdf 1
OTHER CLEAN ENERGY (not covered in this report) SUSTAINABLE ENERGY (as defined in this report) About the Factbook (2 of 2): Understanding terminology for this report FOSSIL- FIRED / NUCLEAR POWER RENEWABLE ENERGY DISTRIBUTED POWER, STORAGE, EFFICIENCY TRANSPORT Natural gas CCS Solar Wind Geothermal Small-scale renewables CHP and WHP Fuel cells Electric vehicles (including hybrids) Natural gas vehicles Hydro Storage Biomass Smart grid / demand response Biogas Building efficiency Waste-to-energy Industrial efficiency (aluminum) Direct use applications for natural gas Nuclear Wave / tidal Lighting Biofuels Industrial efficiency (other industries) 2
Roadmap 215: A YEAR OF MILESTONES US ENERGY IN TRANSITION AN ERA OF LOW ENERGY PRICES OUTLOOK WRAP-UP 3
215: A YEAR OF MILESTONES
US energy overview: Economy s energy productivity: GDP and primary energy consumption (indexed to 199 levels) 199 1991 1992 1993 1994 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 1.9 1.8 1.7 1.6 1.5 1.4 1.3 1.2 1.1 1..9 GDP (indexed) Primary energy consumption (indexed) The US economy is increasingly energy productive, resulting in a decoupling between growth in GDP and growth in energy consumption. As US GDP expanded 83% over the last 25 years, energy consumption only ticked up 17%. By one measure (US GDP per unit of energy consumed), productivity has improved 56% since 199, 13% since 27, and 2.3% between 214 and 215. Source: US Energy Information Administration (EIA), Bureau of Economic Analysis, Bloomberg Terminal Notes: Values for 215 energy consumption are projected, accounting for seasonality, based on latest monthly values from EIA (data available through September 215). GDP is real and chained (29 dollars); annual growth rate for GDP for 215 is based on consensus of economic forecasts gathered on the Bloomberg Terminal as of January 216. 5
Financing: US utility energy efficiency spending and budgets ($bn) 9 8 7.6 budget 7 6 5 4 3 2 1 1.9.3 1.6 2.5.3 2.2 3.2.6 2.6 3.8.8 3. 4.7.8 3.9 5.7 6. 6.1 1. 1.1 1.1 4.7 4.8 5. 1.4 budget 6.2 budget Natural gas Electric 26 27 28 29 21 211 212 213 214 From 26 to 211, US utility expenditure for energy efficiency grew 25% per year. The budgeted amount for 214 would represent a 25% growth between 213 and 214. Maryland was the state with the largest increase in utility budgets for energy efficiency, with an increase from $119m in 213 to $292m in 214. In December 215, US Congress renewed the energy-efficient commercial buildings tax deduction and nonbusiness (ie, residential) Energy-efficient Property Credit that retroactively reinstates tax credits for projects completed in 215 and 216. Source: CEE, ACEEE, Bloomberg New Energy Finance 6
Deployment: US natural gas production and gasdirected rig count (Bcfd, rigs) Production (Bcfd) 9 8 7 6 5 4 3 2 1 26 27 28 29 21 211 212 213 214 215 Number of rigs 1,8 1,6 1,4 1,2 1, 8 6 4 2 - Shale Other lower 48 Rigs Natural gas production in 215 was up 7% from 214 levels, 26% from 27 levels. Shale production now accounts from almost half of total. Technological improvements in efficiencies (like pad drilling and longer laterals) and drilling in productive sweet spots has allowed production to increase even as rig counts drop. Source: Bloomberg New Energy Finance, EIA, Baker Hughes. Data up through the latest comprehensive numbers available (September 215). 7
199 1991 1992 1993 1994 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 22 Policy: US coal power plant retirements completed and announced by year (GW) 16 14 12 3 1 8 6 4 2 1 1 3 9 6 4 11 5 6 3 1 2 EIA retired EIA announced 215 saw the largest wave of coal retirements ever, with 11GW going offline through October 215 and another 3GW of retirements announced. An additional, undetermined number of plants (likely less than 5GW in total) also converted from coal to burn natural gas and, in a few cases, biomass. Record low gas prices, old age, and increasing operating costs partly due to US Environmental Protection Agency (EPA) regulations covering sulfur, nitrogen, and mercury emissions from power plants have forced many coal plants to retire earlier than originally planned. Source: Bloomberg New Energy Finance Notes: Retirements does not include conversions from coal to natural gas or biomass; retirement numbers through end-october 215. 8
Deployment: US solar PV build US utility-scale photovoltaic build (GW) US small-scale photovoltaic build (GW) 5 4 3 2 1 Incremental Cumulative Incremental Cumulative.1 Cumulative capacity (right-axis).3.9 1.9 3.2 4.1 4.4 29 21 211 212 213 214 215 18 15 12 9 6 3 3 2 1 Cumulative capacity (right-axis).4.6.8.9.8.8 1.2 1.7 1.1 1.2 211 212 213 214 215 Residential Commercial 12 8 4 After six years of dramatic growth, utility-scale PV build began to level off in 215, although installations still increased 6% over the previous year. Distributed PV had yet another record-year in 215, driven by growth in both the residential and commercial segments. The economics for both segments benefit from premium retail electricity rates (compared to wholesale power for utility-scale projects), and a secondary, behavioral driver of consumer dynamics ie, the more people go solar near you, the more likely you are to consider it. Source: Bloomberg New Energy Finance 9
US ENERGY IN TRANSITION
US energy overview: Renewable energy capacity build by technology (GW) 2 18 18.2 16.4 16 14 3.3 13. Hydro 12 1 8 6 4 2 9.9.3 9.2 11.2.4 1.2 5.9.9 4.7 9.5 2.3 6.7 14. 7. 5.1 7.4 5.1 7.3 8.5 Geothermal Biomass, biogas, wasteto-energy Solar Wind.7 28 29 21 211 212 213 214 215 Solar experienced another year of strong build, adding 7.3GW of PV in 215 a record. Small-scale solar continues to grow as the economics make it a viable alternative to retail rates in many regions of the country. Wind build surged to 8.5GW in 215 as developers rushed to capture the Production Tax Credit (PTC) before it was due to expire at the end of 216. Other sectors (biomass, biogas, waste-to-energy, geothermal, hydro) are idling without long-term policy support. Source: Bloomberg New Energy Finance, EIA Notes: Numbers include utility-scale (>1MW) projects of all types, rooftop solar, and small- and medium-sized wind. 11
27 28 29 21 211 212 213 214 215 27 28 29 21 211 212 213 214 215 US energy overview: Renewable energy generation by technology US renewable generation by technology (including hydropower) (TWh) US non-hydropower renewable generation by technology (TWh) 6 5 4 3 2 1 57 517 542 545 49 413 422 194 346 375 218 254 289 36 144 167 15 126 241 249 269 255 313 271 264 253 239 Other renewables Hydropower 35 3 25 2 15 1 5 289 36 254 16 17 218 16 64 64 194 16 61 167 15 27 39 144 58 9 126 15 57 15 15 4 15 56 2 15 54 1 55 168 182 185 1 56 12 141 1 34 55 74 95 1 Geothermal Biomass, biogas, waste-to-energy Solar Wind Generation from non-hydropower renewables grew to 36TWh in 215, up from 289TWh in 214. Wind continues to make up the bulk of this generation (185TWh, or 61%) but the growth in 215 came primarily from a 45% surge in generation from solar. Hydro generation has decreased since 211 due to the ongoing droughts in the West Coast states. Non-hydropower renewables now account for 7.4% of US electricity, up from 7.% the previous year. This figure has grown every year since 25, when non-hydro renewables generated only 2.2% of US electricity. Source: Bloomberg New Energy Finance, EIA Notes: Values for 215 are projected, accounting for seasonality, based on latest monthly values from EIA (data available through October 215). Includes net energy consumption by pumped hydropower storage facilities. Totals may not sum due to rounding. Beginning in 214, numbers include estimated generation from distributed solar; generation from other distributed resources are not included. 12
27 28 29 21 211 212 213 214 215 US energy overview: US electricity generation by fuel type (%) 1% 8% 6% 8% 9% 11% 1% 13% 12% 13% 13% 13% 22% 22% 24% 24% 25% 31% 28% 28% 32% 4% 19% 2% 2% 2% 19% Renewables (including hydro) Natural gas 2% 1% 1% 1% 1% 19% 19% 19% 19% 1% 1% 1% 1% Nuclear 2% 49% 48% 44% 45% 42% 37% 39% 39% 34% Oil % Coal Generation from natural gas plants increased by 17% from 214 to 215, while coal generation fell by 11%. The US power sector is gradually decarbonizing. From 27 to 215, natural gas increased from 22% to 32% of electricity generation, and renewables climbed from 8% to 13%. Coal s share slipped from 49% in 27 to only 34% in 215. Source: EIA Notes: Values for 215 are projected, accounting for seasonality, based on latest monthly values from EIA (data available through October 215). In chart at left, contribution from Other is not shown; the amount is minimal and consists of miscellaneous technologies including hydrogen and non-renewable waste. The hydropower portion of Renewables includes negative generation from pumped storage. 13
US energy overview: Greenhouse gas emissions from the power sector (MtCO2e) 199 1992 1994 1996 1998 2 22 24 26 28 21 212 214 216 218 22 222 224 226 228 23 3, 2,5 GHG emissions from power sector, 199-215e 2, 1995 levels 1,5 1, CPP target, 23 5 In 215, power-sector emissions sunk to their lowest levels (1,985Mt) since 1995 as cleaner-burning natural gas has displaced generation from coal-fired power plants. Emissions are 18% below 25 levels. The Clean Power Plan targets a 32% cut from 25 levels by 23. Source: Bloomberg New Energy Finance, EIA, EPA Notes: Values for 215 are projected, accounting for seasonality, based on latest monthly values from EIA (data available through September 215). 14
1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 Global context: US-related causes and implications of falling oil prices US gasoline consumption (bn gallons per year) US average fuel-economy rating (weighted by sales) of purchased new vehicles (MPG) 14 135 13 125 12 115 11 27 25 23 21 19 17 15 Oct 7 Oct 8 Oct 9 Oct 1 Oct 11 Oct 12 Oct 13 Oct 14 Oct 15 Gasoline consumption in the US is estimated to have ticked up to 132bn gallons per year in 215, marking a 4% increase from the low seen in 214. However, consumption is still 4.6% below the 25 peak, and both corporate average fuel economy (CAFE) standards and emissions targets have tightened over the past decade. Average US fuel economy of new vehicle sales flatlined from 214 to 215, ending the trend of steady improvement seen in 27-213. Source: EIA Notes: Analysis is based on daily averages of total gasoline all sales / deliveries by prime supplier. Values for 215 are projected, accounting for seasonality, based on latest monthly values from EIA (data available through October 215). Source: UMTRI, Bloomberg New Energy Finance Notes: Relies on combined city/highway EPA fuel economy ratings. 15
Deployment: US hybrid electric vehicle sales 1, units Share (%) 15 5% 12 4% 9 3% 6 2% 3 1% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 212 213 214 215 % PHEV HEV share in new sales HEV PHEV share in new sales Sales of plug-in hybrid electric vehicles (PHEV) and hybrid electric vehicles (HEV) declined in 215, even as Americans bought 6% more cars than in 214. PHEV sales collapsed 24%, and HEV sales declined 16%. HEV sales were relatively slow this year amid low gasoline prices. Low gasoline prices, restricted model availability, a high number of EVs coming off-lease and a delay in the introduction of some highly anticipated models contributed to the decline. Source: Bloomberg New Energy Finance Note: PHEV is plug in hybrid electric vehicle, HEV is hybrid electric vehicle 16
Deployment: US battery electric vehicle sales 1, units Share (%) 25 5% 2 4% 15 3% 1 2% 5 1% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 212 213 214 215 BEV BEV share in new sales % Only sales of battery electric vehicles (BEVs), such as Teslas, proved immune: BEVs actually saw a 16% jump from 214 to 215. Tax credits for BEVs reduce lifetime costs, and many sales continue to be driven by non-economic factors. Source: Bloomberg New Energy Finance Note: BEV is battery electric vehicle 17
AN ERA OF LOW PRICES
Jan 25 Jul 25 Jan 26 Jul 26 Jan 27 Jul 27 Jan 28 Jul 28 Jan 29 Jul 29 Jan 21 Jul 21 Jan 211 Jul 211 Jan 212 Jul 212 Jan 213 Jul 213 Jan 214 Jul 214 Jan 215 Jul 215 Economics: Cost of generating electricity in the US from natural gas vs coal ($/MWh) 1 9 8 7 6 5 4 3 2 1 Gas (CCGT) Coal (CAPP) The so-called shale revolution has lowered gas prices significantly, enabling gas plants in many parts of the country to compete head-to-head with coal-fired plants. In some regions (eg, the Mid-Atlantic and Southeast) in 212 and again in 215, gas was the cheaper resource. Competition from natural gas was a key factor in 215 s record level of coal retirements. Source: Bloomberg New Energy Finance Notes: Assumes heat rates of 7,41Btu/kWh for CCGT and 1,36Btu/kWh for coal (both are fleet-wide generation-weighted medians); variable O&M of $3.15/MWh for CCGT and $4.25/MWh for coal. Gas price used is Henry Hub. CCGT stands for a combined-cycle gas turbine. CAPP represents Appalachian coal prices. 19
Economics: US utility-scale solar PPA prices by signing date, 28-H1 215 ($/MWh) 2 ERCOT Southwest California Northwest MISO SPP Southeast 3MW 15 1MW 1 5 28 29 21 211 212 213 214 215 Prices for long-term contracts for utility-scale PV continue to decline from over $1/MWh in 28-9 to consistently in the $4-6/MWh range in 215, driven by falling system costs The threat of an ITC step-down drove particularly aggressive (<$4/MWh) PPA bids in 215 Source: Bloomberg New Energy Finance, FERC EQR, public disclosures and analyst estimates Notes: Does not include PPAs under 5MW. PPA price is calculated as the average offtake price over the period of project operation. 2
Economics: US onshore wind PPA prices by signing date, relative to wholesale power prices, 26-214 ($/MWh) MISO SPP 1 9 8 7 6 5 4 3 2 1 26 27 28 29 21 211 212 213 214 1 9 8 7 6 5 4 3 2 1 26 27 28 29 21 211 212 213 214 Prices for long-term contracts for onshore wind also have declined (reaching the $2-3/MWh range), driven by improvements in technology and decreasing financing costs In the Midwest (MISO) and Central southern states (SPP), wind PPAs are competitive with wholesale power prices Source: Bloomberg New Energy Finance, FERC EQR, public disclosures and analyst estimates Notes: Does not include PPAs under 5MW. PPA price is calculated as the average offtake price over the period of project operation. 21
25 26 27 28 29 21 211 212 213 214 215 25 26 27 28 29 21 211 212 213 214 215 US energy overview: Retail and wholesale power prices Wholesale power prices ($/MWh) Average retail power prices ($/MWh) 16 14 12 1 8 6 4 2 NYISO ISONE CAISO PJM MISO ERCOT Northwest 2 18 16 14 12 1 8 6 4 2 New York New England California PJM MISO ERCOT Northwest Florida Southwest Southeast Wholesale prices fell by about a third in 215, as natural gas prices fell and more renewables connected to the grid. Retail power prices in most regions remain well below the peak prices seen in 28-9. In 215, retail electricity rates fell by 1.3% on average nationwide. New York (-5.8%) and Texas (-2.7%) saw the biggest year-on-year declines. Exceptions included California and New England where retail prices rose marginally (1.8% and 1.3%, respectively). Source: Bloomberg New Energy Finance, EIA, Bloomberg Terminal Notes: Data through end-november 215. Wholesale prices taken from proxy power hubs in each ISO. Prices are in real 214 dollars. 22
OUTLOOK
Global context: Total new investment in clean energy by country or region ($bn) 35 3 25 2 15 1 5 88 62 3 9 11 17 318 316 329 297 274 272 26 27 175 128 111 52 94 67 68 44 17 26 4 11 35 41 44 36 48 64 55 48 52 56 24 25 26 27 28 29 21 211 212 213 214 215 Other EMEA Other APAC Other AMER Europe Brazil India China United States Total Total new investment in clean energy set a new record high at $329bn in 215. Investments climbed 8% in the US, mostly in wind and solar. The US currently makes up 17% of world investment in clean energy. China was #1 again, investing $111bn. Source: Bloomberg New Energy Finance Notes: For definition of clean energy, see slide in Section 2.2 of this report titled Finance: US clean energy investment (1 of 2) total new investment, all asset classes ($bn). AMER is Americas; APAC is Asia-Pacific; EMEA is Europe, Middle East, and Africa. 24
Policy: Federal support of clean energy At the end of 215, Congress enacted major subsidy extensions for clean energy projects. The Production Tax Credit (PTC) for wind projects was extended through the end of 219. The credit is $23/MWh for projects beginning construction in 215 and 216, then steps down through 219. The Investment Tax Credit (ITC) for solar projects was extended and now applies to projects beginning construction before 222. The credit begins at 3% for projects breaking ground before 22, then steps down gradually to 1%. Extensions were also granted for the production of second-generation biofuels and energy from geothermal, biomass and landfill gas, hydroelectric projects and ocean energy; however, the majority of these technologies received extensions of only two years, compared to five year for wind and solar. Deductions and credits were extended for energy efficiency building improvements and the construction of efficient homes. 25
Policy: EPA Clean Power Plan AK Emissions reductions required by the Clean Power Plan between 212 and 23, HI under mass-based compliance -3% CA -1% OR -3% WA -13% NV -26.4% US +4% ID -26% UT -41% MT -37% WY -31% CO -38% ND -31% SD -33% NE -37% KS -35% MN -34% IA -29% MO -25% AZ -23% -28% OK -3% NM AR -25% TX -2% LA -34% WI -35% IL -8% MS -32% MI -31% IN -32% TN -25% AL -28% OH -32% KY -26% GA -29% WV -16% FL -25% PA -28% SC -23% VA -24% NC -1% NY VT +% ME -14% NH -8% MA -6% RI +4% CT -14% NJ -15% DE -29% MD DC AL AZEPA CAfinalized CT DE GA the Clean ID INPower KS LAPlan MD(CPP), MI MSits MT regulation NV NJ NY on carbon ND OKemissions PA SC TNfrom UT the VAexisting WV WY power fleet, in August 215 The Plan could cut power-sector emissions 32% from 25 levels by 23. Source: Bloomberg New Energy Finance, based on analysis of EPA Clean Power Plan Notes: Darker colors indicate deeper emissions cuts. Yellow states may actually increase their overall emissions, while remaining in compliance with the EPA s Clean Power Plan. Data is not available for Alaska and Hawaii; Vermont and DC are not covered by the EPA s regulations. Data is based on EPA modelling and EPA historical emissions inventories. 26
Policy: State policy barriers to net energy metering erected in 215 NV: Regulators approved monthly charges and payment cuts on NEM customers. MN: State policy now allows publicly owned utilities to charge new NEM customers a "reasonable and appropriate" fee. WI: Regulators approved monthly demand-charge on NEM with intermittent generation. VT: State law changed default owner of RECs from generator to utility. MA: NEM generation cap reached. CA: Regulators proposed fees and monthly charges on new NEM customers. RI: State law requires regulators to consider net metering s impact on cost allocation in future rates. AZ: Regulators approved monthly charges on NEM customers. WV: State law prohibits intra-class crosssubsidies. TX: El Paso Electric proposed a monthly demand charge for NEM customers. OK: Regulators considering utility proposal for a demand charge on NEM customers. States across the country imposed policies against net energy metering (NEM), a practice key to the economics of distributed generation. For example, Nevada regulators approved higher fixed charges and lower compensation for surplus generation from NEM customers. In response, SolarCity and Sunrun announced plans to leave the state. State regulators are now considering grandfathering in existing NEM customers so that they are not subject to the new rule. New or higher monthly charges Pending barriers Cap on qualifying generation Reduced REC value Multiple barriers 27
21 23 25 27 29 211 213 215 217 219 221 223 225 227 229 Policy: US emissions pledge in Paris 7, 25 emissions 6, 5, 4, 3, 2, 1, 225 emissions target (26% below 25) Net emissions (Scenario 1) Net emissions (Scenario 2) On March 31, 215, the US released its official pledge for US emissions cuts as part of the United Nations climate negotiations: to reduce emissions to 26-28% below 25 levels by 225. An earlier target proposed by President Obama set a 22 goal of 17% below 25 levels. In 213, the last year with complete data, net emissions (ie, including sinks) stood 1% below 25 levels. The new pledge builds off existing and coming programs (eg, CAFE standards, EPA Clean Power Plan), but more policy may be needed to achieve the targets. Source: Bloomberg New Energy Finance, EIA, EPA, US Department of State Notes: Net GHG emissions include total emissions less sequestration. Full data only available through 213. Scenarios 1 and 2 show two trajectories for US emissions growth, based on a combination of Bloomberg New Energy Finance (BNEF) forecasts and EPA, EIA and US Department of State analyses. Both scenarios use BNEF s forecast for US power-sector emissions, assuming full compliance with the EPA Clean Power Plan. Both scenarios assume transportation growth as per the EIA s AEO215 reference case and assuming existing CAFE standards. Scenario 1 assumes residential, commercial and industrial sectors energy growth as per the EIA AEO215 reference case; and agricultural, waste and forestry and land use sectors growth as per the 214 US Climate Action report. Scenario 2 assumes the historical decline rate for the residential and commercial sectors; assumes the industrial, agricultural and waste sectors emissions level remain constant from 213; and assumes forestry and land use emissions follow the high sequestration case in the 214 US Climate Action report. 28
4 November 214 WRAP-UP
Wrap-up 215 was a watershed year for sustainable energy in the US: GDP grew 2.4%, while energy consumption grew only.1% Record natural gas production and consumption Record coal retirements (14GW+) Record solar PV build (7.3GW) These changes are signs of a permanent shift: Natural gas has been displacing coal within the power sector Renewables (excluding hydro) provided 7.4% of power, up from 2.2% in 25 Power sector emissions 18% below 25 levels Hybrid vehicle sales fell and gasoline consumption rose, but long-term trend still positive Meanwhile, energy prices remain low: Natural gas prices hit lowest levels since 1999, allowing gas to outcompete coal Solar, wind costs continue to decline Retail power prices 6% below 28 peak And the outlook is strong: US remains key destination for clean energy investment Critical policy developments (Paris, Clean Power Plan, tax credit extensions) 3
COPYRIGHT AND DISCLAIMER This publication is the copyright of Bloomberg New Energy Finance. No portion of this document may be photocopied, reproduced, scanned into an electronic system or transmitted, forwarded or distributed in any way without prior consent of Bloomberg New Energy Finance. The information contained in this publication is derived from carefully selected sources we believe are reasonable. We do not guarantee its accuracy or completeness and nothing in this document shall be construed to be a representation of such a guarantee. Any opinions expressed reflect the current judgment of the author of the relevant article or features, and does not necessarily reflect the opinion of Bloomberg New Energy Finance, Bloomberg Finance L.P., Bloomberg L.P. or any of their affiliates ("Bloomberg"). The opinions presented are subject to change without notice. Bloomberg accepts no responsibility for any liability arising from use of this document or its contents. Nothing herein shall constitute or be construed as an offering of financial instruments, or as investment advice or recommendations by Bloomberg of an investment strategy or whether or not to "buy," "sell" or "hold" an investment. 31
MARKETS Renewable Energy Energy Smart Technologies Advanced Transport Gas Carbon and RECs SERVICES Americas Service Asia Pacific Service EMEA Service Applied Research Events and Workshops Analyst Name support.bnef@bloomberg.n et Unique analysis, tools and data for decision-makers driving change in the energy system sales.bnef@bloomberg.net