DOCSLIB.ORG

Sse Renewables

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

DRAFT FOR DISCUSSION PURPOSES ONLY Disclaimer This financial report contains forward-looking statements about financial and operational matters. Because they relate to future events and are subject to future circumstances, these forward-looking statements are subject to risks, uncertainties and other factors. As a result, actual financial results, operational performance and other future developments could differ materially from those envisaged by the forward-looking statements. SSE plc gives no express or implied warranty as to the impartiality, accuracy, completeness or correctness of the information, opinions or statements expressed herein. Neither SSE plc nor its affiliates assume liability of any kind for any damage or loss arising from any use of this document or its contents. This document does not constitute an offer or invitation to underwrite, subscribe for, or otherwise acquire or dispose of any SSE shares or other securities and the information contained herein cannot be relied upon as a guide to future performance. Definitions These financial results for the year to 31 March 2020 are reported under IFRS (International Financial Reporting Standards), as adopted by the EU. In order to present the financial results and performance of the Group in a consistent and meaningful way, SSE applies a number of adjusted accounting measures throughout this financial report. These adjusted measures are used for internal management reporting purposes and are believed to present the underlying performance of the Group in the most useful manner for ordinary shareholders and other stakeholders. The definitions SSE uses for adjusted measures are consistently applied and are explained in the Alternative Performance Measures section before the Summary Financial Statements. In preparing this financial report SSE has been mindful of the commentary issued in May 2016 by the Financial Reporting Council on the European Securities and Markets Authority’s Guidelines on Alternative Performance Measures. SSE will monitor developing practice in the use of Alternative Performance Measures and will continue to prioritise this, ensuring the financial information in its results statements is clear, consistent and relevant to the users of those statements. Important note: SSE Energy Services On 15 January 2020, SSE completed the sale of its SSE Energy Services business to OVO Energy Limited. SSE Energy Services has been presented in these financial statements as a discontinued operation (see note 12.2 (i) of the Summary Financial Statements), therefore the results of SSE Energy Services have been excluded from the Group’s adjusted profit and loss metrics. Important note: Gas Production At 31 March 2020 SSE has assessed that SSE’s investment in Gas Production assets should be classified as held for sale and the business activity classified as a discontinued operation (see note 5.2 (i) of the Summary Financial Statements). Therefore, the results of SSE’s investments in Gas Production assets have been excluded from the Group’s adjusted profit and loss metrics. While the assets of this business are held for sale, the benefit of an internal gas hedge is being retained within the SSE Group due to the structure of the proposed disposal. Impact of planned sales on the Group’s APMs The following metrics have been adjusted in all periods presented to exclude the contribution of SSE Energy Services and SSE’s investment in Gas Production assets, which have been classified as discontinued operations as at 31 March 2020: • Adjusted EBITDA; • Adjusted operating profit; • Adjusted net finance costs; • Adjusted profit before tax; • Adjusted current tax charge; and • Adjusted earnings per share. i Table of Contents HEADLINES ............................................................................................................................................... 1 FINANCIAL PERFORMANCE IN 2019/20 AT A GLANCE ............................................................................ 3 STRATEGIC OVERVIEW ............................................................................................................................ 6 GROUP FINANCIAL REVIEW 2019/20 ...................................................................................................... 8 Operating profit performance 2019/20 .............................................................................................. 9 Investment and Capital Expenditure .................................................................................................13 SSE’s Hedging Position at 31 March 2020 .........................................................................................14 Adjusted Earnings per Share .............................................................................................................15 Dividend 2019/20 ..............................................................................................................................17 Financial management and balance ..................................................................................................17 Taxation .............................................................................................................................................22 Impacts of prior year adjustments ....................................................................................................22 Pensions ............................................................................................................................................22 GROUP FINANCIAL OUTLOOK 2020/21 AND BEYOND ..........................................................................23 BUSINESS UNIT OPERATING REVIEW ....................................................................................................29 ECONOMICALLY-REGULATED NETWORKS ............................................................................................29 SSEN TRANSMISSION .............................................................................................................................30 SSEN DISTRIBUTION ..............................................................................................................................33 INVESTMENT IN SCOTIA GAS NETWORKS (SGN) ...................................................................................37 SSE RENEWABLES ..................................................................................................................................38 SSE THERMAL ........................................................................................................................................42 GAS STORAGE ........................................................................................................................................44 SSE BUSINESS ENERGY ...........................................................................................................................45 SSE AIRTRICITY .......................................................................................................................................45 SSE ENTERPRISE .....................................................................................................................................46 ENERGY PORTFOLIO MANAGEMENT ....................................................................................................47 GAS PRODUCTION (Held for sale) .........................................................................................................48 SSE ENERGY SERVICES (Discontinued) ...................................................................................................48 ALTERNATIVE PERFORMANCE MEASURES ............................................................................................49 Financial Statements .............................................................................................................................56 Consolidated Income Statement ...........................................................................................................56 Consolidated Statement of Comprehensive Income ............................................................................57 Consolidated Balance Sheet ..................................................................................................................58 Consolidated Statement of Changes in Equity ......................................................................................59 Consolidated Cash Flow Statement.......................................................................................................60 Notes to the Preliminary Statement .....................................................................................................61 ii SSE plc Preliminary results for the year ended 31 March 2020 17 June 2020 HEADLINES Results for 2019/20* • Adjusted operating profit up 37% to £1,488.4m o Despite negative coronavirus impact of £18.2m related to electricity demand# • Reported operating profit down 40% to £963.4m • Adjusted profit before tax up 49% to £1,023.4m • Reported profit before tax down 55% to £587.6m • Adjusted earnings per share up 35% to 83.6p, within forecast 83p-88p range • Reported earnings per share down 67% to 40.6p • Net exceptional charge of £738.7m before tax: o £529.0m on discontinued operations; and o £209.7m on continuing operations (incl. £33.7m relating to coronavirus impacts on bad debts#) • Capital and investment expenditure down 5% to £1,357.4m • Adjusted net debt and hybrid capital at £10.5bn, in line with forecast • £7.7bn
Recommended publications
  • United Kingdom 840 United Kingdom United Kingdom

    United Kingdom 840 United Kingdom United Kingdom

    UNITED KINGDOM 840 UNITED KINGDOM UNITED KINGDOM 1. GENERAL INFORMATION 1.1. General Overview United Kingdom (UK) is an abbreviated form of United Kingdom of Great Britain and Northern Ireland. The UK consists of England, Northern Ireland, Scotland and Wales and lies in north-western Europe, occupying the major portion of the British Isles. The country’s only land boundary is with the Republic of Ireland. The UK is separated from the coast of western Europe by the English Channel to the south and by the North Sea to the east. The northern and western shores are washed by the Atlantic Ocean. As a result of the relative warmth of the nearby seas, UK has a moderate climate, rarely marked by extremes of heat or cold. The mean annual temperature ranges between 11.1°C in the south and 8.9°C in the north-east. Seasonal temperatures vary between a mean of about 16.1°C during July, the hottest month of the year, and 4.4°C during January, the coldest month. Fogs, mists, and overcast skies are frequent, particularly in the Pennine and inland regions. Precipitation, heaviest during October, averages about 760 mm annually in most of the UK. During the Industrial Revolution the country became rapidly urbanized, and today more than 70% of the total population of 58.8 millions (1996) is concentrated in cities occupying 10% of the total land area. It has a mean population density of 243.2 persons per square km with an annual growth of 0.3% (1997). The population is highly urbanized, and the United Kingdom is the third most densely populated nation in Europe (after Netherlands and Belgium).
  • Marchwood Power Limited Marchwood Power Station Oceanic Way Marchwood Industrial Park Marchwood Southampton SO40 4BD

    Marchwood Power Limited Marchwood Power Station Oceanic Way Marchwood Industrial Park Marchwood Southampton SO40 4BD

    Notice of variation and consolidation with introductory note The Environmental Permitting (England & Wales) Regulations 2016 Marchwood Power Limited Marchwood Power Station Oceanic Way Marchwood Industrial Park Marchwood Southampton SO40 4BD Variation application number EPR/BL6217IM/V010 Permit number EPR/BL6217IM Variation and consolidation application number EPR/BL6217IM/V010 1 Marchwood Power Station Permit number EPR/BL6217IM Introductory note This introductory note does not form a part of the notice. Under the Environmental Permitting (England & Wales) Regulations 2016 (schedule 5, part 1, paragraph 19) a variation may comprise a consolidated permit reflecting the variations and a notice specifying the variations included in that consolidated permit. Schedule 2 of the notice comprises a consolidated permit which reflects the variations being made. All the conditions of the permit have been varied and are subject to the right of appeal. Purpose of this variation: Article 21(3) of the Industrial Emissions Directive (IED) requires the Environment Agency to review conditions in permits that it has issued and to ensure that the permit delivers compliance with relevant standards, within four years of the publication of updated decisions on Best Available Techniques (BAT) Conclusions. We have reviewed the permit for this installation against the revised BAT Conclusions for the large combustion plant sector published on 17th August 2017. Only activities covered by this BAT Reference Document have been reviewed and assessed. This variation makes the below changes following the review under Article 21(3) of the IED and the consolidation of the Environmental Permitting Regulations that came into force on the 4 January 2017: Revised emission limits and monitoring requirements for emissions to air applicable from 17 August 2021 in table S3.1a; Inclusion of process monitoring for energy efficiency in table S3.4.
  • (Public) 17/09/2013, 17.00

    (Public) 17/09/2013, 17.00

    Public Document Pack CABINET DOCUMENTS FOR THE MEMBERS ROOM Tuesday, 17th September, 2013 at 5.00 pm MEMBERS ROOM DOCUMENTS ATTACHED TO THE LISTED REPORTS Contacts Cabinet Administrator Judy Cordell Tel: 023 8083 2766 Email: [email protected] MEMBERS ROOM DOCUMENTS 14 HAMPSHIRE MINERALS AND WASTE PLAN: ADOPTION Inspectors’ report into the Hampshire Minerals and Waste Plan (2013). Saved policies of the Minerals and Waste Local Plan (1998). Minerals and Waste Core Strategy (2007). Minerals and Waste Plan for adoption (2013). Inspector’s ‘Main Modifications’. Inspector’s ‘Additional Modifications’. Hampshire County Council’s Cabinet report. List of Southampton sites in background document potentially suitable for waste management facilities. Summary of consultation responses (2013). Monday, 9 September HEAD OF LEGAL , HR AND DEMOCRATIC SERVICES 2013 Agenda Item 14 Report to Hampshire County Council, Portsmouth City Council, Southampton City Council, New Forest National Park Authority and South Downs National Park Authority by Andrew S Freeman, BSc(Hons) DipTP DipEM FRTPI FCIHT MIEnvSc an Inspector appointed by the Secretary of State for Communities and Local Government rd Date : 23 May 2013 PLANNING AND COMPULSORY PURCHASE ACT 2004 (AS AMENDED) SECTION 20 REPORT ON THE EXAMINATION INTO THE HAMPSHIRE MINERALS AND WASTE PLAN LOCAL PLAN Document submitted for examination on 29 February 2012 Examination hearings held between 6 to 8 June 2012, 11 to 15 June 2012 and 13 to 14 March 2013 File Ref: PINS/Q1770/429/7 ABBREVIATIONS USED
  • Distribution Network Review

    Distribution Network Review

    A DISTRIBUTION NETWORK REVIEW ETSU K/EL/00188/REP Contractor P B Power Merz & McLellan Division PREPARED BY R J Fairbairn D Maunder P Kenyon The work described in this report was carried out under contract as part of the New and Renewable Energy Programme, managed by the Energy Technology Support Unit (ETSU) on behalf of the Department of Trade and Industry. The views and judgements expressed in this report are those of the contractor and do not necessarily reflect those of ETSU or the Department of Trade and Industry.__________ First published 1999 © Crown copyright 1999 Page iii 1. EXECUTIVE SUMMARY.........................................................................................................................1.1 2. INTRODUCTION.......................................................................................................................................2.1 3. BACKGROUND.........................................................................................................................................3.1 3.1 Description of the existing electricity supply system in England , Scotland and Wales ...3.1 3.2 Summary of PES Licence conditions relating to the connection of embedded generation 3.5 3.3 Summary of conditions required to be met by an embedded generator .................................3.10 3.4 The effect of the Review of Electricity Trading Arrangements (RETA)..............................3.11 4. THE ABILITY OF THE UK DISTRIBUTION NETWORKS TO ACCEPT EMBEDDED GENERATION...................................................................................................................................................4.1
  • UK Offshore Wind Power Market Update Overview of the UK Offshore Wind Power Market and Points to Note for New Entrants May 2019

    UK Offshore Wind Power Market Update Overview of the UK Offshore Wind Power Market and Points to Note for New Entrants May 2019

    UK Offshore Wind Power Market Update Overview of the UK offshore wind power market and points to note for new entrants May 2019 英国海上风电市场投资指南 | 经济及金融形势概览 02 2018年大型上市银行 | 引言 Contents Executive Summary 1 Chapter 1 UK Power Market Overview 3 1.1 Market structure 3 1.2 Market Status 7 1.3 Power Trading 9 1.4 European Commission power market legislation 11 Chapter 2 UK Offshore Wind Market 12 2.1 Market overview 12 2.2 Statutory stakeholders in UK offshore wind market 17 2.3 The Offshore Wind Sector Deal 19 Chapter 3 Project Development Key Steps 22 3.1 Project lifecycle 22 3.2 Seabed Leasing 23 3.3 Planning Consent and generation licence 29 3.4 Contract for Difference (CfD) auction 31 3.5 Transfer offshore transmission asset 41 Summary 48 Contact Details 50 1 英国海上风电市场投资指南 | 经济及金融形势概览 1 UK Offshore Wind Power Market Update | Executive Summary Executive Summary UK power market is one of the most liberalised power market in the world with sophisticated regulatory schemes to support efficiency and encourage competition. The openness and transparency of the UK power market have made it one of the most attractive destinations for overseas investors including strategic investors such as major utilities as well as infrastructure funds and other financial investors. Similar to many other markets in the world, the UK power market is going through a transition towards a cleaner energy mix. The UK will phase out coal-fired power plant by 2025 and offshore wind power is playing an increasingly important role in delivering the low carbon energy mix.
  • Oxfordshire Energy Strategy (November 2018)

    Oxfordshire Energy Strategy (November 2018)

    Agenda Item 9 Oxfordshire Energy Strategy Contents Foreword .................................................................................................................................... 3 Executive Summary .................................................................................................................... 4 Delivering the Strategy .............................................................................................................. 7 1. Introduction and context ................................................................................................... 8 1.1 What is the Oxfordshire Energy Strategy about? ....................................................... 9 1.2 Our Vision and Objectives ......................................................................................... 13 1.3 The development of this strategy ............................................................................. 15 1.4 The structure of this Energy Strategy ....................................................................... 15 2 This is Oxfordshire............................................................................................................ 16 2.1 Energy demand ......................................................................................................... 16 2.2 Low carbon electricity generation ............................................................................ 18 2.3 Low carbon economy ...............................................................................................
  • Annex D Major Events in the Energy Industry

    Annex D Major Events in the Energy Industry

    Annex D Major events in the Energy Industry 2018 Energy Prices In February 2018 the Domestic Gas and Electricity (Tariff Cap) Bill was introduced to Parliament, which will put in place a requirement on the independent regulator, Ofgem, to cap energy tariffs until 2020. It will mean an absolute cap can be set on poor value tariffs, protecting the 11 million households in England, Wales and Scotland who are currently on a standard variable or other default energy tariff and who are not protected by existing price caps. An extension to Ofgem’s safeguard tariff cap was introduced in February 2018 which will see a further one million more vulnerable consumers protected from unfair energy price rises. Nuclear In June 2018 the Government announced a deal with the nuclear sector to ensure that nuclear energy continues to power the UK for years to come through major innovation, cutting-edge technology and ensuring a diverse and highly-skilled workforce. Key elements include: • a £200 million Nuclear Sector Deal to secure the UK’s diverse energy mix and drive down the costs of nuclear energy meaning cheaper energy bills for customers; • a £32 million boost from government and industry to kick-start a new advanced manufacturing programme including R&D investment to develop potential world-leading nuclear technologies like advanced modular reactors; • a commitment to increasing gender diversity with a target of 40% women working in the civil nuclear sector by 2030. 2017 Energy Policy In October 2017 the Government published The Clean Growth Strategy: Leading the way to a low carbon future, which aims to cut emissions while keeping costs down for consumers, creating good jobs and growing the economy.
  • SSE Annual Report 2007

    SSE Annual Report 2007

    energy made better Scottish and Southern Energy plc Annual Report 2007 Our purpose is to provide people with the energy they need – in a reliable and sustainable way. This Annual Report describes how we’ve worked to make energy better. And we’re continuing to work to make it better still. Scottish and Southern Energy Annual Report 2007 Contents 1 Chairman’s Statement 2 Directors’ Report 36 Dividends 68 Profile 3 Corporate Governance Report 38 Earnings Per Share 69 Providing Energy 4 Organisation and Structure 38 Intangible Assets 70 Key Performance Indicators 6 Board Effectiveness 39 Property, Plant and Equipment 72 Board Committees 39 Investment in Associates and Joint Ventures 73 Chief Executive’s Statement 10 Audit Committee 39 Subsidiary Undertakings 76 Financial Overview 10 Remuneration Committee 40 Acquisitions and Disposals 77 Energy Systems 11 Nomination Committee 40 Inventories 79 Generation and Supply 16 Risk Committee 40 Trade and Other Receivables 79 Contracting, Connections and Metering 25 Executive Committee 40 Cash and Cash Equivalents 80 Gas Storage 27 Health, Safety and Environmental Advisory Committee 40 Trade and Other Payables 80 Telecoms 28 Internal Control and Risk Management 40 Current Tax Liabilities 80 Exceptional Item 28 Going Concern 41 Construction Contracts 80 Investment and Capital Expenditure 28 Communication with Shareholders Loans and Other Borrowings 81 Financial Management 30 and Major Business Stakeholders 41 Deferred Taxation 83 Tax 31 Provisions 84 Balance Sheet 31 Directors’ Biographies and Responsibilities
  • Testing Torness Britain's Acid Exports

    Testing Torness Britain's Acid Exports

    61 Testing Torness p3 Britain's Acid Exports CONTENTS COMMENT Testing Torness 3 At the time of writing, Edinburgh is in the PETE ROCHE gives o round-up of recent middle of the Internat ional Festival •. This events a t our own local nuke. News 4-8 always brings anti-nuclear visitors from groups Chernobyl ond the Media. 9 all over the world, on holiday but not above THOM DIBDIN report$ from the Ecovision a visit to SCRAM to tell of a demonstration '87 Conference. at Wackersdorf (8-10 Oct }, or to discuss views As Safe os Houses? 1·1 PATRICK GREEN discusses the Government's on privatisation. We've also been visited by half-heorted a ttempts to solve the roovn the Greenpeoce boat, Moby Dick, on it s way gos problem. up to Dounreay to collect some samples for Trumpets & Raspbe rries 12-13 radiat ion monitoring. As usual t here is a spate STEYE MARTIN compares the triumphant Dounreay Inquiry Report with the gloomy of anti-nuclear ploys; t heatre groups wanting truth of some UKAEA leaked documents. discounts on their photocopying and demanding The Sleeping Beasts of Wl ndscole 14-15 attendance at their latest product ion which is JOHN LARGE ond PAUL DRAPER explain going to change the world. the problems which led to the notorious 1957 Wlndscale Fire. We always remind visitors that this wlll Breeder Bombs Out 16-17 be the last nuclear- free Festival in these part s MYCLE SCHNEIDER assesses the future if Torness starts up according to the SSEB's of the fast reactor fuel cycle ond latest amended schedule.
  • He Chairman of British Aluminium Blamed the Closure Squarely On

    He Chairman of British Aluminium Blamed the Closure Squarely On

    - he Chairman of British Aluminium yest ~rday blamed the closure squarely on high power costs . ....... Contents -------Comment______ _ lnvergordon and Nukes 3 News 4-5 Waste Dumping - final? 6 Energy Politics Namibia and RTZ 7 PWR's and Sizewell 8-9 The closure of the aluminium smelter at lnvergordon shows that economics Consumer Campaign 10 and energy policy are Intimately linked. The energy policy of the current Govern­ ment Is based on the economics of unemployment. An energy policy which is Insulation Programme 11 inflationary can only lead to increased hardship for low Income groups. Appropriate Tech- 12-13 This Issue of the Energy ISulletin Is all about the· worst effects of such a policy, nology which spreads to the Third World, creating a poverty trap In places like Namibia [see page 7]. Reviews 14 The intransigent policies of this Government blunder onward, with the pro­ SCRAM 15 posed Pressurised Water Reactor at Slzewell in East Anglia raising Its ugly head Little Black Rabbit 16 [see pages 8 & 9]. And yet a coherent and humane energy strategy Is staring us Copy date for next issue: in _the face. An energy conservation programme, If Initiated, would Immediately Friday, February 26th, 1982. create thousands of Jo~s, save our oil reserves and eliminate the need for expen­ sive and dangerous nuclear power stations; and give us the breathing space to HELP! develop an alternative energy strategy [see page 11]. The weather hasn't smiled on the Smi­ The Combined H.eat and Power feasibility study of Atklns and Partners is ex­ ling Sun Shop.
  • PUSH Solent Energy Strategy

    PUSH Solent Energy Strategy

    Future Solent and Partnership for Urban South Hampshire (PUSH) Solent Energy Strategy Final Report Issue 3 | 5 January 2015 This report takes into account the particular instructions and requirements of our client. It is not intended for and should not be relied upon by any third party and no responsibility is undertaken to any third party. Job number 232615-00 Ove Arup & Partners Ltd 63 St Thomas Street Bristol BS1 6JZ United Kingdom www.arup.com Document Verification Job title Solent Energy Strategy Job number 232615-00 Document title Final Report File reference Document ref Revision Date Filename Solent Energy Strategy 2014 Version.docx Draft 1 2 Jan Description First draft 2014 Prepared by Checked by Approved by Name Signature Issue 16 May Filename SOLENT ENERGY STRATEGY FINAL ISSUE 160514.docx 2014 Description Prepared by Checked by Approved by Name Michael Thompson Ann Cousins Wayne Dyer Signature Issue 2 29 Aug Filename SOLENT ENERGY STRATEGY August 2014 Final 2014 Description Prepared by Checked by Approved by Name Sophie England Ann Cousins Wayne Dyer Signature Issue 3 5 Jan Filename SOLENT ENERGY STRATEGY January 2015 Version.docx 2015 Description Updated to incorporate final comments Prepared by Checked by Approved by Name Ann Cousins Ann Cousins Wayne Dyer Signature Issue Document Verification with Document | Issue 3 | 5 January 2015 W:\PUSH\MEETINGS & EVENTS\1. PUSH MEETINGS\PUSH CHIEF EXEC MEETINGS\PUSH CX 2015\13.03.15\SOLENT ENERGY STRATEGY JANUARY 2015 VERSION WD PROOF V3 (2).DOCX Future Solent and Partnership for Urban South Hampshire (PUSH) Solent Energy Strategy Final Report Contents Page Executive Summary 1 Introduction 1 Energy in the Solent 1 Why an Energy Strategy? 1 Developing the Strategy 2 Meeting the energy diversification challenge.
  • Monetising the Impacts of Waste Incinerators Sited on Brownfield Land Using the Hedonic

    Monetising the Impacts of Waste Incinerators Sited on Brownfield Land Using the Hedonic

    1 Monetising the impacts of waste incinerators sited on brownfield land using the hedonic 2 pricing method 3 Monica Rivas Casadoa, Jan Serafinia, John Glenb & Andrew Angusb* 4 5 aSchool of Energy, Environment and Agrifood, Cranfield University, Cranfield, MK43 0AL, United Kingdom 6 bSchool of Management, Cranfield University, Cranfield, MK43 0AL, United Kingdom 7 *Corresponding author: [email protected], Tel.:01234750111 ext 4334 8 9 10 ABSTRACT 11 In England and Wales planning regulations require local governments to treat waste near its 12 source. This policy principle alongside regional self-sufficiency and the logistical advantages of 13 minimising distances for waste treatment mean that waste incinerators have been built close 14 to, or even within urban conurbations. There is a clear policy need to balance the benefits of 15 EfW against the negative externalities experienced by local residents in a European context. 16 This study uses the Hedonic Pricing Method to estimate the monetary value of impacts 17 associated with three incinerators. Once operational, the impact of the incinerators on local 18 house prices ranged from approximately 0.4% to 1.3% of the mean house price for the 19 respective areas. Each of the incinerators studied had been sited on previously industrialised 20 land to minimise overall impact. To an extent this was achieved and results support the 21 effectiveness of spatial planning strategies to reduce the impact on residents. However, 22 negative impacts occurred in areas further afield from the incinerator, suggesting that more can 23 be done to minimise the impacts of incinerators. 1 24 25 Keywords: hedonic pricing method; incinerator; willingness to pay; negative externalities 26 2 27 28 1.