Phasing out Coal in Europe by 2025
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A Lignite Revolver? New EPH Loan Deal Comment
A lignite revolver? New EPH loan deal comment Ulf Erlandsson We provide a short introduction to the term loans and revolving credit facilities (RCFs, aka, “revolvers”) for the non-credit community, given the announcement of Energeticky a Prumyslovy Holding AS (Ticker: EPEN) on 30 March: “EPH signed EUR 1 billion financing with group of international banks.” Term loans are simple loans, and a revolving credit Figure 1. Generation capacity by energy type for EPH facility (‘revolver’) operates as a credit card, but for Power. Excludes MIBRAG 17-19MT p.a. lignite mining a company vis-à-vis a bank or a number of banks. operations as per the original presentation. Excludes EP Infrastructure lignite generation capacity in the Czech In the RCF that EPH signed on 17 March 2021, EPH Republic (0.8GW).Source: EPH investor presentation, AFII. has the opportunity to borrow (‘draw down’) up to EUR500mn of loans. EPH will be paying a fixed 10 fee for this, and then pay interest on whatever 8 amount the company draws. The term loans 6 signed on the same date were in two tranches of EUR250mn each, for a total of EUR500mn. 4 Are the new EPEN loans and facility coal/lignite 2 Net installed Net installed capacity (GW) financing? We note the split of EPEN into two 0 main parts: EP Infrastructure (EPIF, Ticker: Solar and Hydro Nuclear Biomass Coal Gas wind ENAPHO) and EP Power Europe (EPPE). EPIF operates mainly various fossil gas operations. EPEN holds 69% of EPIF, with Macquarie Infrastructure Fund V holding the remaining 31%. -
Annual Report
2016 Annual Report - Alpiq in brief Alpiq is a leading Swiss electricity and energy services provider with a European focus. The company is active in power production as well as energy trading and sales. Alpiq offers its clients extensive, efficient energy services for buildings and plants, transport technology as well as power and industrial plant engineering. In 2016, Alpiq generated net revenue of CHF 6.1 billion with approximately 8,500 employees. Production (Generation) Trading and sales activities (Commerce & Trading) Building technology, energy supply and transport technology as well as power plant and industrial plant construction (Energy Services) 2 Alpiq Annual Report 2016 - 2016 Key Financial Figures Alpiq Group Results of operations before Results exceptional items under IFRS % change 2015-2016 (results of CHF million operations) 2016 2015 2016 2015 Net revenue – 9.5 6,078 6,715 6,078 6,715 Earnings before interest, tax, – 17.7 395 480 778 50 depreciation and amortisation (EBITDA) Depreciation, amortisation and impairment – 12.8 – 191 – 219 – 399 – 561 Earnings before interest and tax (EBIT) – 21.8 204 261 379 – 511 as % of net revenue 3.4 3.9 6.2 – 7.6 Net income 150.0 115 46 294 – 830 as % of net revenue 1.9 0.7 4.8 – 12.4 CHF million Net divestments / (net investments) 598 187 Total assets 9,852 10,435 Total equity 3,886 3,819 as % of total assets 39.4 36.6 In-house generation 1 (GWh) 16,581 17,814 Number of employees at the reporting date 8,517 8,345 of which, Energy Services business division 7,112 6,948 1 Excluding long-term purchase contracts Per share data Shareholder structure % change As at 31 December 2016, the share CHF 2015-2016 2016 2015 capital of Alpiq Holding Ltd. -
Case M.9587 - ENGIE / EDP RENOVAVEIS / EDPR OFFSHORE ESPAÑA
EUROPEAN COMMISSION DG Competition Case M.9587 - ENGIE / EDP RENOVAVEIS / EDPR OFFSHORE ESPAÑA Only the English text is available and authentic. REGULATION (EC) No 139/2004 MERGER PROCEDURE Article 6(1)(b) NON-OPPOSITION Date: 25/02/2020 In electronic form on the EUR-Lex website under document number 32020M9587 EUROPEAN COMMISSION Brussels, 25.02.2020 C(2020) 1219 final PUBLIC VERSION In the published version of this decision, some information has been omitted pursuant to Article 17(2) of Council Regulation (EC) No 139/2004 concerning non-disclosure of business secrets and other confidential information. The omissions are shown thus […]. Where possible the information omitted has been replaced by ranges of figures or a general description. To the notifying parties Subject: Case M.9587 - ENGIE/EDP Renováveis/EDPR Offshore España Commission decision pursuant to Article 6(1)(b) of Council Regulation No 139/20041 and Article 57 of the Agreement on the European Economic Area2 Dear Sir or Madam, (1) On 23 January 2020, the European Commission received notification of a concentration pursuant to Article 4 of the Merger Regulation which would result from a proposed transaction by which ENGIE S.A. (“ENGIE”, France) and EDP Renováveis S.A. (“EDPR”, Spain), belonging to the EDP group (Energias de Portugal, S.A., “EDP”, Portugal), intend to acquire joint control, within the meaning of Articles 3(1)(b) and 3(4) of the Merger Regulation, of EDPR Offshore España S.L.U. (“EDPR Offshore España” or the “JV”, Spain).3 ENGIE and EDPR are designated hereinafter as the “Parties” or the “Notifying Parties”. -
Embracing H2 As a Whole
v.1.1/03042020/KNS Factsheet Series No. 1 EMBRACING H2 AS A WHOLE Building up a hydrogen economy and society as a whole counts as one of South Korea’s most ambitious plans. Where are the opportunities in the South Korean hydrogen market? What do Swiss exporters need to know about it? This factsheet provides an overview on the hydrogen market, policy and business opportunities in the Korean hydrogen economy. Key Points • The government is supporting up- and downstream hydrogen industries through key projects, investment and deregulation • Industry strengths: Fuel cell electric vehicles, fuel cells, applications • Key opportunity areas: Production, storage, and distribution MARKET OVERVIEW In recent years, South Korea has emerged as a strong proponent of fuel cells and hydrogen energy. Based on supportive policy measures and innovation from local industry, the country is positioned to become a global leader in fuel cells which are used for powering vehicles or providing electricity. South Korea’s key industries such as the automotive, shipbuilding and petrochemicals are already equipped with world-class technology for hydrogen utilization, especially in mobility (vehicles, drones, etc.) and applications (fuel cells). In January 2019, South Korea legislated world's first hydrogen law ("Hydrogen Economy Promotion and Hydrogen Safety Management Act") to secure grounds for promoting the hydrogen economy & society in the long-term. However, the country is lagging in upstream technologies such as production, storage, as well as distribution infrastructure/equipment. Thereof, the importance of acquiring upstream technologies is addressed in the country’s Hydrogen Economy Roadmap, which aims to foster new industries, to reduce greenhouse gases and fine dust, and to ensure energy security. -
An Improved Method for Diesel Fractionation Following the Revised Massachusetts EPH Guidelines
GC TN-2022 An Improved Method for Diesel Fractionation Following the Revised Massachusetts EPH Guidelines Sky Countryman, Kory Kelly, and Michael Garriques Phenomenex Inc., Torrance, CA, USA Introduction Environmental contamination from fuel leaks or spills is of major In this application, we present Strata® EPH, a specialized SPE concern across the USA. The main source of this contamination sorbent designed to help overcome the challenges associated is from underground storage tanks (UST). These tanks are used to with traditional silica gel fractionation. Analysis was performed store gasoline, diesel, heating oil, kerosene, or jet fuel. Until the mid- using a Zebron™ ZB-5ms GC column designed to provide optimal 1980s, UST were composed of steel and subjected to corrosion and resolution of both aliphatic and aromatic fractions from surrogates subsequent leaking. New tank designs have significantly reduced and fractionation check compounds. the danger. However, faulty installation or inadequate operating and maintenance procedures continue to result in environmental Experimental Conditions contamination. SPE Conditions The Strata EPH (5 g/20 mL) cartridge was prewashed with 30 mL of The identification of fuel oils in environmental labs is done under EPA hexane. 2 mL of EPH standard (Ultra Scientific, Kingstown, Rhode total petroleum hydrocarbon (TPH) method 8015B. The semivolatile Island) containing a blank, 5 ppm, and 50 ppm sample of aliphatic, fraction is identified by the distribution pattern displayed when aromatic, and surrogates was loaded. All sampling was done in analyzed via GC–FID. triplicates. The aliphatic fraction was eluted with 11 mL of hexane. The aromatic fraction was eluted with 20 mL of methylene chloride. -
For a Cleaner World
Equity story of FORTUM – For a cleaner world Investor / Analyst material May 2020 Disclaimer This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any Fortum shares. Past performance is no guide to future performance, and persons needing advice should consult an independent financial adviser. Any references to the future represent the management’s current best understanding. However the final outcome may differ from them. 2 Content Fortum in brief 4 – 5 Energy market transition 6 – 9 Fortum’s strategic route 10 – 16 Q1 2020 Interim Report 17 – 40 Appendices 41 European and Nordic power markets 42 – 48 Fortum’s power generation 49 – 51 Fortum’s Russian capacity and prices 52 Historical achieved prices 53 Dividend 54 IR contacts 55 3 Fortum in brief Fortum at a glance Description of Fortum Key shareholders Finnish households 12.3% • A leading clean-energy company across the Nordic region, the Baltic • Listed on the Helsinki Financial and countries, Poland, and Russia Stock Exchange since insurance institutions 2.2% 1998 • A circular economy champion, providing solutions for sustainable cities, Other Finnish including waste, recycling, and biomass • Market capitalisation of Finnish investors ~EUR 14bn 9.0% • Rated BBB/CreditWatch Negative and BBB/Rating Watch Negative by State 50.8% S&P and Fitch respectively • Finnish State is a majority owner • In 2018, Fortum closed its tender offer to shareholders in Uniper (holding Foreign investors of 49.99% of the outstanding shares and -
Magnus Hall Vattenfall AB Annual General Meeting 2016 Ladies and Gentlemen: As You Know, Vattenfall and the Energy Sector Are Cu
Magnus Hall Vattenfall AB Annual General Meeting 2016 Ladies and Gentlemen: As you know, Vattenfall and the energy sector are currently in a period of major changes. Prices of commodities and electricity have continued to fall dramatically, which has strongly negative consequences for the entire sector. At the same time, customers are taking on an increasingly prominent role, and we are gradually moving away from a large-scale to a more decentralised energy system, which is presenting us with challenges as well as with tremendous opportunities. This development has also resulted in poorer conditions for fossil-based power generation, so given the prevailing market conditions, we are very satisfied that we have now reached an agreement on the sale of our lignite operations. We are company with a long history of dealing with periods of both upturns and downturns in the market. In this picture you see our first hydro power plant in Trollhättan. Since then, Vattenfall has endured periods of both strong expansion and consolidation. We have a heritage that we can be very proud of. The expansion of hydro power, nuclear power and the power grid in Sweden laid the foundation for Sweden’s base industry and created the conditions for our modern society. In the early years, security of supply was a priority policy area. In recent decades, climate change and the environment have become drivers of development, which we fully support. The shift to a renewable energy system is clearly the right vision, but it also entails major challenges – not least in view of today’s European market, with overcapacity and low electricity prices. -
European Climate and Energy Experts
Journalism for the energy transition EXPERT EUROPEAN CLIMATE AND ENERGY EXPERTS Filters: Expert Type: Any, Topic: Coal, Location: Any Protects and supports the interests of coal companies and the coal sector in Poland and abroad. Twitter: @gornicza_izba Location: Poland PRESS CONTACT Office [email protected] +48 327573252 +48 327573821 Research institute supervised by the Ministry of State Assets. Location: Poland PRESS CONTACT Dr Sylwia Jarosławska-Sobór [email protected] +48 500013994 Owned by billionaire Pavel Tykač, one of the Czech Republic's most important producers of electricity. Operates the Chvaletice and Kladno lignite power plants, the " dirtiest" plant at Počerady and the ČSA and Vršany lignite mines. Has a reputation as an enemy of green energy and a convinced coal advocate. Twitter: @Sev_EnCZ Location: Czech Republic PRESS CONTACT Gabriela Sáričková-Benešová, spokesperson [email protected] +420 725327758 Č Half state-owned, largest energy producer and supplier in the Czech Republic with over three million customers. Operates two nuclear power plants (Temelin and Dukovan), eight coal and lignite power plants and many renewable sources. Subsidiary Severočeské doly operates the Bílina lignite mine. Twitter: @cez_group Location: Czech Republic PRESS CONTACT Ladislav Kříž, head of media department [email protected] +420 211042383 The campaign supports and coordinates work with civil society groups working across 28 European nations, including the Western Balkans and Turkey. It was established in 2017, with the goal of ensuring coal is phased out throughout Europe by 2030 at the latest. Over 30 NGOs, including Greenpeace, WWF, EEB, Climate Action Network Europe and many others, take part in the European campaign. -
Energy Sectors & Industries
Sectors & Industries Energy Sectors & Industries Schellenberg Wittmer’s exper- including disputes related to price procedures concerning energy and tise in the energy sector spans revision of long-term gas contracts, grid tariffs, etc. the full range of legal disciplines. PPAs, energy construction projects, joint ventures, etc. Litigation/arbitration: The Energy Group offers indus- — Representation of the Russian Feder- try-specific advice and legal Deals and Cases ation before the Swiss Supreme Court representation in all sub-sectors, Transactions: in setting-aside proceedings related including oil & gas, electricity — Counsel to Bouygues Construction to an award rendered under the Ener- and renewables. Our transaction- in its acquisition of Alpiq Engineering gy Charter Treaty (ECT) al and regulatory advisory activity Services, a leading Swiss player in — Counsel to large international group the energy, industrial services and rail active in the energy and commodity is complemented by the repre- infrastructure sectors for CHF 850 trading sectors in a EUR 20 million sentation of our clients in civil million commodity trading dispute under and administrative proceedings — Counsel to Canton of Graubünden Senegalese law before Swiss courts and regula- and Axpo Holding AG, the main share- — Representation of a leading energy tors. Our international litigation holders in SIX-listed electric power company in a price revision dispute and arbitration practice covers company Repower AG, in connection — Defence of a leading Russian energy all markets, including emerging with Repower’s strategic reposition- company against a corporate liability ing, delisting and CHF 170 million claim brought by the European Bank markets, particularly in Asia, capital increase subscribed by EKZ for Reconstruction and Development where we operate an office in and UBS Clean Energy Infrastructure to the Swiss courts Singapore. -
Changement Climatique Et Électricité Facteur Carbone Européen Comparaison Des Émissions
www.pwc.fr/dd Changement climatique et Électricité Facteur carbone européen Comparaison des émissions de CO2 des principaux électriciens européens Décembre 2017 Collection : Les cahiers du développement durable 16e édition Rapport préparé par PwC France Collection Les Cahiers du Développement Durable A propos de PwC PwC développe en France et dans les pays francophones d’Afrique des missions de conseil, d’audit et d’expertise comptable, privilégiant des approches sectorielles. Plus de 223 000 personnes dans 157 pays à travers le réseau international de PwC partagent solutions, expertises et perspectives innovantes au bénéfice de la qualité de service pour clients et partenaires. Les entités françaises et des pays francophones d’Afrique membres de PwC rassemblent 5 800 personnes couvrant 23 pays. Rendez-vous sur www.pwc.fr. En se mobilisant au quotidien pour conseiller et accompagner ses clients dans leur réussite, PwC contribue à la dynamique de l’économie française. A travers ses études et ses analyses d’experts, PwC s’engage également à anticiper les économies du futur et à développer les nouveaux usages technologiques. Enfin, en apportant des solutions pour maîtriser les risques, PwC crée de la confiance entre les acteurs et sécurise le cœur de l’économie française. PwC France a lancé le mouvement #LetsgoFrance pour valoriser tous ceux qui travaillent à la réussite de l’économie française. Rejoignez-nous et agissons ensemble : letsgofrance.fr. PwC a remporté le prix « Audit Innovation of the Year » 2016, qui reconnaît son leadership parmi la profession pour fournir des services de haute qualité et recruter des collaborateurs talentueux et ouverts d’esprit. -
Cp Eosh Alpiq 19 12 08 E
Press release for editorial desks EOS Holding shareholders welcome the creation of Alpiq Lausanne, 19 December 2008 – FMV, Groupe E, Services Industriels de Lausanne (SIL), Romande Energie and Services Industriels de Genève (SIG) hail the signing of the definitive transaction agreements that will lead to the creation of Alpiq in early 2009. EOS Holding, which will own 31% of Alpiq, will continue to exist in order to represent and defend the interests of Western Switzerland in the new group. It will also serve as a joint platform for providing financing aimed at encouraging energy efficiency and developing indigenous electricity production, particularly through the use of new renewable energies. Alpiq, a Swiss company on a European scale The shareholders of EOS Holding (EOSH) – FMV (5.87%), Groupe E (22.33%), the City of Lausanne (20.06%), Romande Energie (28.72%) and SIG (23.02%) – welcome the completion today of the link-up initiated by EOSH in 2004 to form the largest energy group in Switzerland. Alpiq will be a major player in Europe and majority-owned by the Swiss public sector. It will control extensive production facilities, which is a key factor for ensuring a secure and long-term energy supply for its shareholders. EOS Holding's new role will be to invest on behalf of Western Switzerland FMV, Groupe E, the City of Lausanne, Romande Energie and SIG decided not to dissolve this holding company. Its new purpose is twofold: to defend the interests of Western Switzerland within Alpiq and to support large-scale projects. Thanks to its asset contribution, EOSH will hold 31% of Alpiq and receive compensation of approximately CHF 1.8 billion. -
Advancing Sustainable Hydropower Activity and Strategy Report
advancing sustainable hydropower activity and strategy report 2018 - 2019 IHA Central Office Chancery House St Nicholas Way Sutton London SM1 1JB United Kingdom T: +44 20 8652 5290 F: +44 20 8643 5600 E: [email protected] IHA Regional and National Offices IHA China Office c/o China Institute of Water Resources and Hydropower Research A1 Fuxing Road Beijing, 100038 China E: [email protected] IHA South America Office Back cover image: The 480 MW Forces Motrices Hongrin Léman (FMHL) power station in Veytaux, Switzerland. Credit: www.dpicard.ch c/o Itaipu Binacional Av. Tancredo Neves, 6.731 FHML will be part of an upcoming study tour to Switzerland CEP 85856-970 Foz do Iguaçu hosted by Alpiq between 17 to 18 May 2019, following the World Paraná, Brasil Hydropower Congress in Paris. Other post-Congress tours will take E: [email protected] place in France, Germany, Luxembourg and Portugal. 2 | International Hydropower Association | Activity and Strategy Report 2018-19 Advancing sustainable hydropower Introduction Foreword 5 Our mission 6 Our history 7 Membership 8 Become a Fellow 10 News and events 12 Hydropower Pro 16 Knowledge networks 18 Knowledge building The status of hydropower: monitoring the sector 20 Clean energy systems: highlighting the expansion of hydropower’s role 22 Regional interconnections: connecting hydropower 24 Hydropower preparation facility: a model for sustainable projects 26 Green bonds: unlocking the market 28 Climate mitigation: assessing greenhouse gas emissions 30 Climate resilience: developing a guide