DOCSLIB.ORG

URENCO: Annual Report 2019

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
URENCO: Annual Report 2019 Annual report and accounts 2019 FINANCIAL HIGHLIGHTS Revenue Cash generated from operations €1,805m €1,094m 1,893 1,927 1,958 1,401 1500 1,842 1,805 1,244 1,226 1,314 1,094 1200 900 600 300 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 0 EBITDA1 Capital expenditure2 €1,220m €151m 1500 1,250 1,200 1,220 Enrichment Sites 1,125 1,170 1200 €108m 2000 900 1500 Tails Management Facility 1500 600 €43m 1200 1000 900 300 2015 2016 2017 2018 2019 500 600 0 300 0 0 Eu ropean Enrichment Sites €77.9m 1500 USA 1200 3 4 Enrichment Site Net income/(loss) 900 Net debt 600 €345.1m €8m post-exceptionals 300 TMF €163.8m 0 €928m 2,828 2,618 €565m pre-exceptionals €527m 565 2,105 515 511 452 1,371 284 928 2015 2016 2017 2018 2019 8 2015 2016 2017 2018 2019 3000 (456) 2500 600 2000 500 1 EBITDA is defned as earnings before exceptional items, interest (including 400other fnance costs), taxation, depreciation, amortisation and joint venture results. 1500 2 Capital expenditure includes net cash fows from investing activities (excluding300 interest received) and capital accruals (included in working capital payables). 1000 3 Net result in 2016 was net income of €283.8 million pre-exceptional items and net loss of €456.3 million post-exceptional items. 4 Net debt comprises loans and borrowings (current and non-current) plus obligations200 under fnance leases less cash and cash equivalents and short term deposits.500 100 0 0 CONTENTS Strategic Report Financial statements Forward-looking statements – this document may Our operations, strategy and business The audited fnancial statements include certain forward-looking statements, beliefs or opinions, including statements with respect to Urenco’s model and how we have performed of Urenco for the year ended business, fnancial condition and results of operations. during 2019. 31 December 2019. These forward-looking statements can be identifed by the use of forward-looking terminology, including 02 Chairman’s foreword 65 Independent Auditor’s Report the terms ‘believes’, ‘plans’, ‘anticipates’, ‘targets’, ‘aims’, ‘continues’, ‘expects’, ‘extends’, ‘hopes’, ‘may’, ‘will’, ‘would’, 04 Chief Executive Ofcer’s review 73 Consolidated Income Statement ‘could’, or ‘should’ or in each case, their negative or other various or comparable terminology. 08 Core business 74 Consolidated Statement of These statements are made by the Urenco Limited 10 Our brand Comprehensive Income Directors in good faith based on the information available to them at the date of this report and refect 11 Our strategy 75 Consolidated Statement of the Urenco Limited Directors’ beliefs and expectations. Financial Position By their nature, these statements involve risk and 12 Our organisational culture uncertainty because they relate to events and depend 14 Operational performance 76 Consolidated Statement of on circumstances that may or may not occur in Changes in Equity the future. A number of factors could cause actual 16 Commercial and markets overview results and developments to difer materially from 77 Consolidated Cash Flow Statement those expressed or implied by the forward-looking 19 Sustainability statements, including, without limitation, those factors 26 Innovation 78 Notes to the Consolidated Financial set out under ‘Principal risks and uncertainties’ on Statements pages 28 to 31 of this document. 28 Principal risks and uncertainties 141 Company Financial Statements No representation or warranty is made that any of 32 Group Finance Report these statements or forecasts will come to pass or that any forecast results will be achieved. Forward-looking 38 Executive Committee statements speak only as at the date of this document 158 Glossary and Urenco and its advisers expressly disclaim any 40 Board of Directors obligations or undertaking to release any update of, 160 Contact Listing or revisions to, any forward-looking statements in this document. No statement in the document is intended Governance to be, or intended to be construed as, a proft forecast or proft estimate. As a result, you are cautioned not Our approach to corporate governance to place any undue reliance on such forward-looking and how we have applied this in 2019. statements. 44 Corporate Governance 48 Audit Committee Report 54 Sustainability Committee Report 55 Remuneration Report 62 Directors’ Report 64 Directors’ Responsibilities Statement Urenco Annual report and accounts 2019 1 CHAIRMAN’S FOREWORD In 2019 we achieved robust underlying1 fnancial results, safe and strong performances and agreed important new business with our customers. This comes against a backdrop of market and geopolitical challenges. In 2020, Urenco celebrates the 50th anniversary of the Treaty of Almelo, the international agreement that set up the company. Global enrichment market Political environment Our people With nuclear energy providing We are well prepared for the UK’s Our employees’ development is vital approximately 10% of the world’s withdrawal from the European Union (EU) for the continued long-term success of electricity2, it is vital that the nuclear and Euratom Treaty. We have ensured our Urenco. We are constantly developing industry receives a cost efective and products are in the right locations across the internal training and progression diverse supply of uranium enrichment the world and have built up our stock of programmes we ofer. A key project in services as an integral part of the nuclear critical items. 2019 was a refresh of our values and fuel cycle. Nuclear is the world’s second Germany is continuing to phase out brand to refect our future direction. largest source of low-carbon power3 and nuclear power. We are in regular contact, The result was based on the views of Urenco has a key role in sustaining this. and communicating transparently, our employees and our main external The enrichment market remains with the German authorities. We are stakeholders. challenging, with lower prices increasingly confdent that we are demonstrating We are also strongly committed to refected in the reduced value of our our long-term, sustainable commitment investing in apprentices and new contract order book. Enriched uranium to our operations in Germany and the graduates. We now have more than 50 inventories mean that the market has positive contribution they make to the working across the organisation. Our excess capacity. We have adjusted the German economy, particularly in relation global education initiative, the Richie operation of our enrichment facilities to the retention of skills and advanced programme, continues to thrive and we to take account of the current market technology. are strengthening our partnerships with demand and are efciently using uranium In the United States, we are engaging the schools involved. feed. Enriched uranium inventories are with policy makers, on the nuclear fuel Our new Chief Executive Ofcer (CEO), forecast to decrease in the mid-term. cycle and the future of uranium mining Boris Schucht, joined us in May from In 2019, we accepted new business at in the country. We are carefully analysing 50Hertz in Germany and brings years of levels that will enable us to reinvest in our the debates to determine any potential experience in the energy sector in Europe. enrichment facilities. We have once again impact they may have on our business 2020 will be my fnal year as Chairman fulflled all of our delivery commitments activities and will continue to maintain of Urenco having joined the Board in and our customer satisfaction our deliveries to US customers and others 2009. In 2020 we will also be celebrating remains high. around the world. 50 years of Urenco. This is a signifcant achievement and preparations are Our positioning underway to celebrate this milestone. We are a geographically diverse supplier with the beneft of four enrichment In my 11 years on the Board, I have been facilities in the UK, Germany, the proud of and continuously impressed by Netherlands and the USA. This gives the energy, expertise and commitment of us unique expertise, diversity of supply our employees, whom I thank on behalf and the ability to manage market and of the Board. Urenco has a bright future geopolitical risks. Our additional services and I look forward to seeing the company in responsible nuclear stewardship continue to service the nuclear industry and the production of stable isotopes, for the next 50 years. strengthen our position as a global leader in the nuclear industry. Stephen Billingham, CBE Chairman 1 Underlying fnancial results relates to the fnancial results pre-exceptional items recorded in 2019. 2 https://www.world-nuclear.org/information-library/current-and-future-generation/nuclear-power-in-the-world-today.aspx 3 https://www.world-nuclear.org/information-library/current-and-future-generation/nuclear-power-in-the-world-today.aspx 2 Urenco Annual report and accounts 2019 Strategic report Governance Financial statements “I have been proud of and continuously impressed by the energy, expertise and commitment of our employees.” Urenco Annual report and accounts 2019 3 When I joined Urenco in May 2019, “I was asked what I believed to be the key elements of a successful business. I said a healthy and collaborative company culture, with strong leadership, employee empowerment and accountability. This is what I plan to do. ” 4 Urenco Annual report and accounts 2019 Strategic report Governance Financial statements CHIEF EXECUTIVE OFFICER’S REVIEW Boris Schucht refects on a productive year for Urenco, in which progress has been made in developing our strategy and culture to strengthen future performance and ensure we continue to deliver for our customers. What are the highlights for 2019? Our innovation included completing the Our three-year Strategy 2020 has construction of our Tails Management concluded. It delivered more than the Facility in June, a billion euro investment target €300 million in cumulative cash in deconverting the by-product of our savings and efciencies across the enrichment services for long-term business, redefned our commercial storage pending reuse or re-enrichment.
Load more

Recommended publications
  • Stress Tests for UK Non Nuclear Power Plants
    Office for Nuclear Regulation An agency of HSE Stress tests for UK Non Nuclear Power Plants Progress Report 5 December 2011 Progress Report on Stress tests for UK Non Nuclear Power Plants Office for Nuclear Regulation An agency of HSE © Crown copyright 2011 First published December 2011 ONR Report ONR‐UKST‐REP‐11‐001 Revision 0 You may reuse this information (excluding logos) free of charge in any format or medium, under the terms of the Open Government Licence. To view the licence visit www.nationalarchives.gov.uk/doc/open‐ government‐licence/, write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email [email protected]. Some images and illustrations may not be owned by the Crown so cannot be reproduced without permission of the copyright owner. Enquiries should be sent to [email protected]. Unless otherwise stated, all corporate names, logos, and Registered® and Trademark™ products mentioned in this Web site belong to one or more of the respective Companies or their respective licensors. They may not be used or reproduced in any manner without the prior written agreement of the owner(s). For published documents, the electronic copy on the ONR website remains the most current publicly available version and copying or printing renders this document uncontrolled. This document is issued by the Office for Nuclear Regulation (ONR), an agency of HSE. For further information about ONR, or to report inconsistencies or inaccuracies in this publication please visit www.hse.gov.uk/nuclear. Progress Report on Stress tests for UK Non Nuclear Power Plants Office for Nuclear Regulation An agency of HSE Executive Summary Following the events at Fukushima, Japan on 11 March 2011, the nuclear industry in the UK responded quickly to review UK plants against seismic and flooding hazards.
    [Show full text]
  • Nuclear Safety
    connecting global wealth creators ASIANASIANNUCLEAR NUCLEAR ENERGY ENERGY Powering Global Nuclear Commerce Vol. 2 Issue 3 Sept - Oct 2011 Learning Lessons In Nuclear Safety Dr. Eric Loewen, President, ANS ONE CONFERENCE NUCLEAR POWER THAT PROSPECT CONNECTS YOU TO THE Date: 17th-18th November, 2011 ENTIRE Venue: Kempinski Hotel Beijing LuŌhansa Center,Beijing China NUCLEAR MARKET Unrivalled Speaker represenƟng 8 fast-growing: This conference CHINA NaƟonal Nuclear Safety AdministraƟon is designed for China Nuclear Energy AssociaƟon (CNEA) industry China NaƟonal Nuclear CorporaƟon (CNNC) China Guangdong Nuclear Power Group (CGNPC) players State Nuclear Power Technology CorporaƟon (SNPTC) aiming to map out INDIA dynamic Atomic Energy Commission strategies to Department of Atomic Energy win Nuclear Power CorporaƟon of India Ltd (NPCIL) market share in a rapidly SOUTH KOREA Korea Electric Power CorporaƟon (KEPCO) changing Korea Atomic Energy Research InsƟtute (KAERI) industry Korea Hydro & Nuclear Power (KHNP) VIETNAM Vietnam Atomic Energy Commission (VAEC) Electricity of Vietnam (EVN) Register THAILAND Today! Electricity GeneraƟng Authority of Thailand (EGAT) Contact Michael LIU Via MONGOLIA T: +86 21 6840 7631 Nuclear Energy Agency (NEA) F: +86 21 6840 7633 E: [email protected] USA W: www.cdmc.org.cn/npp Department of Energy (DOE) RUSSIA Rosatom 决策者会议策划集团-- 深具实力和影响力的独立品牌会议主办机构 - CDMC Events CDMC is China’s biggest large-scale B2B event company.We out-perform our competitors on the quality of the conferences we produce and the rapport we develop and maintain with our clients. +86 21 6840 7631 +86 21 6840 7633 www.cdmc.org.cn [email protected] UCLE N AR N S A O C I C R I E E ANS T M Y A • • I N N D O IA SECTI PRESENTS Friday, 30 September, 2011, Bombay Exhibition Centre, Goregaon (E), Mumbai, India.
    [Show full text]
  • ALL the QUEEN's AGENTS & CORPORATIONS the Queen's
    ALL THE QUEEN’S AGENTS & CORPORATIONS The Queen’s Prerogative English law prohibits questioning the Monarchy about their personal holdings and business. This is true of most of Europe’s royalty, whether enthroned or not. The wealth of the Monarchies is held outside of the countries that made the wealth. The British Crown’s offshore banks hold the greatest personal wealth in the world estimated at $35 trillion. Perhaps the British Crown still owns and controls its Commonwealth Nations, including the American “colonies.” Monarchies are not supposed to be warlord bankers who create conflict and chaos to turn a profit or destabilize an economy for personal gain. But they have been for some time now, and history is a string of immoral wars caused by monarchies, the Vatican and other religions. Untold millions have died while kings and popes lived on to grab the wealth through well-established institutions that were created to control the people of the Earth. The Commonwealth of Nations, headed by Queen Elizabeth II, is made up of 53 nations, spanning the globe, accounting for one-fifth of the land mass of the Earth, and a very high percentage of its strategic resources and population. The Queen is a Knight of Malta and has vowed allegiance to the Pope through the largest insider trading club on the planet. The British Crown Agents are, in fact, also agents of the Vatican’s Knights of Malta. The Queen is a Knight of Malta The Sovereign Military Order of Malta (SMOM) took control of the power and wealth of the Poor Fellow-Soldiers of Christ and of the Temple of Solomon from within the Roman system.
    [Show full text]
  • Sustainability Report 2013
    Sustainability report 2013 Welcome Contents This report sets out our commitment to sustainability, highlighting the five core areas we focus on and our performance across these areas through the year. It has been created in line with the Global Reporting Initiative (GRI) and independently assured. You can read our GRI checklist online at www.urenco.com. A performance summary and glossary is included at the back of the report. Sustainability report 01 Introduction p02 Chief Executive 02 Chief Executive Officer’s review Officer’s p22 review Developing our 04 Our business model position as an employer of 06 What we do and where we do it choice 08 We play a key role at the heart of the nuclear supply chain p10 10 Our focus areas Our focus areas p26 12 Managing health, safety, safeguards and security Supporting education, cultural and community 16 Minimising our environmental impact projects 20 Being considered the supplier of choice 22 Developing our position as an employer p12 of choice Managing health, safety, safeguards 26 Supporting education, cultural and and security p32 community projects Managing sustainability 30 Engaging with our stakeholders 32 Managing sustainability 34 Reporting parameters p16 35 Assurance statement Minimising our environmental 36 Summarising our performance impact 38 Glossary of terms Overview Living up to our commitments Introduction At URENCO, we are at the heart of the nuclear energy industry – providing our customers with the enrichment services they need to generate the low carbon nuclear energy that is an important part of the world’s energy mix. We are determined to play our part responsibly by honouring our commitments to sustainability.
    [Show full text]
  • Annual Report of RWE AG 2014
    RWE ANNUAL REPORT 2014 ANNUAL REPORTANNUAL 2014 2014 KEY FIGURES AT A GLANCE • Operating result: €4.0 billion • Net income: €1.7 billion • Recurrent net income: €1.3 billion • Dividend proposal: €1 per share • Cash flows from operating activities: €5.6 billion RWE Group1 2014 2013 + /− % Electricity production billion kWh 208.3 218.2 − 4.5 External electricity sales volume billion kWh 258.3 270.9 − 4.7 External gas sales volume billion kWh 281.3 320.7 − 12.3 External revenue € million 48,468 52,425 − 7.5 EBITDA € million 7,131 7,904 − 9.8 Operating result € million 4,017 5,369 − 25.2 Income from continuing operations before tax € million 2,246 − 2,016 – Net income/RWE AG shareholders' share in income € million 1,704 − 2,757 – Recurrent net income € million 1,282 2,314 − 44.6 Return on capital employed (ROCE) % 8.4 10.6 – Weighted average cost of capital (WACC) before tax % 9.0 9.0 – Value added € million − 277 811 – Capital employed € million 47,711 50,646 − 5.8 Cash flows from operating activities of continuing operations € million 5,556 4,803 15.7 Capital expenditure € million 3,440 3,978 − 13.5 Property, plant and equipment and intangible assets € million 3,245 3,848 − 15.7 Financial assets € million 195 130 50.0 Free cash flow € million 2,311 960 140.7 Number of shares outstanding (average) thousands 614,745 614,745 – Earnings per share € 2.77 − 4.49 – Recurrent net income per share € 2.09 3.76 − 44.4 Dividend per share € 1.002 1.00 – 31 Dec 2014 31 Dec 2013 Net debt of the RWE Group € million 31,010 30,727 0.9 Workforce3 59,784 64,896 − 7.9 1 See notes on reporting on page 41.
    [Show full text]
  • BACKGROUND REPORT H May 14-16, 2009 H Albuquerque Convention Center
    BACKGROUND REPORT h May 14-16, 2009 h Albuquerque Convention Center Town Hall Signature Sponsor Intel New Mexico First Sustaining Sponsors Major Town Hall Sponsors Hatton W. Sumners Foundation New Mexico Economic Development Department PNM New Mexico Energy Minerals and Natural Resources Department New Mexico Mutual Sandia National Laboratories Scholarship Sponsors Hunt Development Group Arizona Public Service Armstrong Energy Corporation Lead Sponsors First American Bank BHP Billiton LES Chevron Los Alamos Department of Public Utilities Lockheed Martin/Sandia National Laboratories/ New Mexico Gas Company Technology Ventures Corporation REDW-The Rogoff Firm Los Alamos National Laboratory National Commission on Energy Policy Research Partner New Mexico State University Kettering Foundation Background Report for New Mexico First’s 2009 Statewide Town Hall Copyright 2009 New Mexico First 320 Gold Avenue SW Suite 300 Albuquerque, New Mexico 87102 Phone: 505-241-4813 (Albuquerque) Fax: 505-241-4819 Email: [email protected] Website: www.nmfirst.org Permission is typically granted to reproduce all or part of this document for educational or public policy purposes, subject to approval by New Mexico First. Contact us for reproduction authorization. Growing New Mexico’s Energy Economy, v.2 2 Background Report for New Mexico First’s 2009 Statewide Town Hall Table of Contents Forward ...................................................................................................................................................................................................
    [Show full text]
  • Process Section Report, Pages 85-90
    324 FOURTH DAY’S PROCEEDINGS good time. I would like to thank the regions who had their WEDNESDAY 14TH JUNE 2006 social last night, it was great. Thanks to everybody. MORNING SESSION I am moving through today’s business, colleagues, and for the business that was over from (Congress assembled at 9.30 a.m.) yesterday as we get slots I will call it. I do not know if people have seen the press but we are in every THE PRESIDENT: Congress, come to order. Has newspaper in the country in relation to issues that anyone lost a mobile phone? It was left on Richard the Prime Minister promised us yesterday. The CBI is Ascough’s desk. Own up now because you already owe going mad, and others. Well done to all of you a tenner. Ian, £10; it has gone off twice. Could we yesterday. It was a great day for the GMB. have the health and safety announcement, please? I have a couple of announcements: “Mary, please can you read out all the following numbers from our (Safety film shown) raffle: 516 to 520. The prize is a digital camera.” This is Kate from Birmingham Region. ANNOUNCEMENTS Yesterday the Musical Keys for Cerebral Palsy Disabled Children, the bucket collection raised £310. THE PRESIDENT: Roll call. Liverpool Region, is Ian Many thanks from the London Region. In the true Lowes in the building? He is present; that is fine. tradition of Congress, the Central Executive will Colleagues, could I thank GMB Scotland for double it. (Applause) I will tell the finance officer supplying the miniature whiskey bottles and thank this afternoon.
    [Show full text]
  • Nuclear-Supply-Chain-Dec2017.Pdf
    Body Text in Calibri Cumbria Business Growth Hub Do you want to grow your business, connect with your industry’s supply chain, overcome barriers and be on the winning team? If the answer is YES, then we want to hear from you. HOW CAN WE HELP YOU? • You can also take advantage of more FREE practical support: • one-to-one expert advice, a great range of workshops, as well as consultancy subsidy of up to £2,000* and much more. DON’T MISS OUT. TAKE ADVANTAGE OF THE SUPPORT WE CAN OFFER YOU. CONTACT: Eva Foran Supply Chain Development Manager Cumbria Chamber of Commerce [email protected] 0844 257 84 50 UK Civil Nuclear - Overview Current generating fleet Future power stations Decommissioning Engaging with the market UK Civil Nuclear : generating appx 20% of demand EDF Energy Power Stations 7 AGR stations & 1 PWR station Dungeness B 2 x AGR 1050 MWe Hartlepool 2 x AGR 1180 MWe Heysham 1 2 x AGR 1155 MWe Heysham 2 2 x AGR 1230 MWe Hinkley Point B 2 x AGR 955 MWe Hunterston B 2 x AGR 965 MWe Sizewell B 1x PWR 1198 MWe Torness 2 x AGR 1190 MWe UK Civil Nuclear : Supply Chain – EDF £1.3bn pa appx (all generation sources) • Supplier Information Management Portal • New supplier requests reviewed by the appropriate Supply Chain team. https://www.edfenergy.com/content/supply- chain-opportunities UK New Nuclear : planned power stations EDF Energy / CGN Hinkley Point C 2 x EPR 3260 MWe Sizewell C – 2 x EPR (consultation) Bradwell B – 2 x HPR1000 (early stage) Horizon (Hitachi) Wylfa 2 x ABWR 2600 MWe Oldbury ? x ABWR 3300 MWe NuGen (Kepco?) Moorside
    [Show full text]
  • Chemical Oxygen Demand, Technical Information Series, Booklet No
    OFsC9A-I January 28, 2005 UNITED STATES OF AMERICA NUCLEAR REGULATORY COMMISSION DOCKETED USNRC BEFORE THE ATOMIC SAFETY AND LICENSING BOARD January 31, 2005 (8:05am) OFFICE OF SECRETARY RULEMAKINGS AND T_ to -ioA - f nA-t SN 1 n ADJUDICATIONS STAFF In t;e IVIatter ul LJOCKM INO. /U-.~I31 Louisiana Energy Services, L.P. ASLBP No. 04-826-01 -ML National Enrichment Facility HEARING EXHIBITS OFFERED ON BEHALF OF NUCLEAR INFORMATION AND RESOURCE SERVICE AND PUBLIC CITIZEN REVISED JAN. 28,2005 The following exhibits will be offered on behalf of Nuclear Information and Resource Service and Public Citizen ("NIRS/PC") at the hearing scheduled for February 7 through 16, 2005. In listing exhibits NIRS/PC have not included as exhibits those portions of the Application itself (i.e., Environmental Report and Safety Analysis Report) that are planned to be referred to by witnesses, since such documents are contained in the record of this proceeding. When an item is readily available from a public Internet location, the location is cited. This list is subject to further revisions based upon conferences with other parties to eliminate duplicate exhibits. NIRS/PC Exhibits: 1., Areva, 2004a, Calculation Summary Sheet, Water Balance Tablesfor National Enrichment FacilityBasins, September 2004, Bates numbers LES-05129 - LES-05188. 2. Barrett, M.E., R.D. Zuber, E.R. Collins, J.F. Malina, Jr., R.J. Charbeneau, and G.H. Ward, 1993, A Review and EvaluationofLiterature Pertainingto the Quality and Control of Pollutionfrom Highway Runoff and Construction, Technical Report CRWR 1erniplate = %S 239, April 1993 URL (2nd ed., 1995), URL: http://wwwv.crwr.utexas.edu/reports/pdf/1995/rpt95-5.pdf.
    [Show full text]
  • Energy Policies of IEA Countries Germany
    Please note that this PDF is subject to specific restrictions that limit its use and distribution. The terms and conditions are available online at http://www.iea.org/ termsandconditionsuseandcopyright/ Energy Policies of IEA Countries Germany 2013 Review 2013 OECD/IEA, © Energy Policies of IEA Countries Germany Since the IEA last reviewed Germany’s energy policies in 2007, the country has taken two fundamental policy decisions that will guide its energy policy in coming decades. In September 2010, the federal government adopted the Energy Concept, a comprehensive new strategy for a long-term integrated energy pathway to 2050. Following the Fukushima Daiichi nuclear accident in March 2011, Germany decided to accelerate the phase-out of nuclear power by 2022 starting with the immediate closure of the eight oldest plants. This decision resulted in the adoption of a suite of new policy measures and determined renewable energy as the cornerstone of future energy supply, a set of policy instruments commonly known as the Energiewende. In order to achieve the ambitious energy transformation set out in the Energiewende, by 2030 half of all electricity supply will come from renewable energy sources; Germany must continue to develop cost-effective market-based approaches which will support the forecasted growth of variable renewable generation. Furthermore, the costs and benefits need to be allocated in a fair and transparent way among all market participants, especially households. In the future, renewable energy capacity must expand in parallel with the timely development of the transmission and distribution networks. In addition, a stable regulatory system is necessary to ensure long-term finance to network operators.
    [Show full text]
  • Greencoat UK Wind PLC Share Issuance Programme October 2017 IMPORTANT: You Must Read the Following Before Continuing
    GREENCOAT UK WIND Greencoat UK Wind PLC Share Issuance Programme October 2017 IMPORTANT: You must read the following before continuing. The following applies to the prospectus (the ‘‘Prospectus’’) which follows, and you are therefore advised to read this carefully before reading, accessing or making any other use of the Prospectus. In accessing the Prospectus, you agree to be bound by the following terms and conditions, including any modifications made to them from time to time by Greencoat UK Wind PLC (the ‘‘Company’’) as a result of such access. The Prospectus has been prepared solely in connection with the proposed share issuance programme of the securities described in the Prospectus (the ‘‘New Shares’’) in the United Kingdom and the marketing of the New Shares in certain other countries outside the United Kingdom. This document and any offer if made subsequently is subject to the Alternative Investment Fund Managers Directive (‘‘AIFMD’’) as implemented by Member States of the European Economic Area. Outside of the United Kingdom, this document and any offer if made subsequently is directed only at professional investors in the following member states: Ireland, Germany, Belgium, the Netherlands and Sweden (together with the United Kingdom, the ‘‘Eligible Member States’’). The Company’s Investment Manager has not registered a passport for marketing under the passporting programme set out in the AIFMD in any other member state (each an ‘‘Ineligible Member State’’). This document may not be distributed in any Ineligible Member State and no offers subsequent to it may be made or accepted in any Ineligible Member State. This document is only addressed to and directed at persons in Eligible Member States who are ‘‘qualified investors’’ within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC (and amendments thereto, including Directive 2010/73/ EU, to the extent implemented in the Relevant Member State)) (‘‘Qualified Investors’’).
    [Show full text]
  • The Netherlands (Updated 2015)
    The Netherlands (Updated 2015) 1. GENERAL INFORMATION 1.1. Country overview Located at the delta of the rivers Rhine, IJssel and Meuse, the Netherlands is a densely populated country on low lands, with 16.8 million inhabitants living on a surface of 41 500 square kilometres, out of which 20% is located below and 50% less than one metre above sea level. While the north around Groningen is less populated, the overall population density is high (403.9 inhabitants per square kilometre), notably in the western parts of the country, around the Randstad area with the cities of The Hague, Rotterdam, Amsterdam and Utrecht. Despite the overall decrease in population growth (0.3% in 2012 versus 1.5% in 1990), the number of households and single-person homes is increasing, which results in higher infrastructure and housing needs. As a major trading hub, the Netherlands plays a significant role in the international commodity trade from and to Europe, as it hosts Europe’s largest port in Rotterdam. The Netherlands is the largest importer and exporter of oil and oil products in the world and a leading exporter of agricultural products (cattle, crop and greenhouse horticulture).The country has invested in infrastructure, including road, rail, aviation and maritime transportation, connecting the Netherlands to its European neighbours, and global trade. 1.1.1. Governmental System The Netherlands shares borders with Belgium and Germany, and has maritime borders with the United Kingdom. The capital is Amsterdam, while the seat of government is located in The Hague. The Kingdom of the Netherlands is divided into 12 provinces in North-West Europe; three overseas special municipalities in the Caribbean (islands of Bonaire, Sint Eustatius and Saba, also known as the BES islands) and 408 municipalities.
    [Show full text]