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Benchmarking Air Emissions Of the 100 Largest Electric Power Producers in the United States July 2015 Summary Presentation Full Report at: www.mjbradley.com Report Authors: Christopher Van Atten Amlan Saha Lauren Slawsky Clement Russell Contributors: Benchmarking Air Emissions of the 100 Largest Electric Power Producers in the United States Full Report at: www.mjbradley.com JULY 2015 2015 Benchmarking Report: Key Findings • In 2013, power plant SO2 and NOx emissions were 80 percent and 74 percent lower, respectively, than they were in 1990 when Congress passed major amendments to the Clean Air Act. • In 2013, power plant CO2 emissions were 14 percent higher than they were in 1990. However, in recent years, from 2008 through 2013, power plant CO2 emissions decreased by 12 percent. Some of the factors driving this trend include slow economic growth, energy efficiency improvements, and the displacement Download the full 2015 Benchmarking Air of coal generation by natural gas and renewable energy Emissions report and plant level data at: www.mjbradley.com resources. • Mercury emissions from power plants have decreased 50 percent since 2000, and will decline further as the first-ever federal limits on mercury and other hazardous air pollutants from coal-fired power plants go into effect in 2015. Benchmarking Air Emissions of the 100 Largest Electric Power Producers in the United States Full Report at: www.mjbradley.com 2 JULY 2015 2015 Benchmarking Report: Rankings by Generation Generation (million MWh; Top 20 Power Producers Shown) 0 50 100 150 200 250 Duke 243.4 Exelon 195.1 Southern 180.2 NextEra Energy 175.7 AEP 153.1 Tennessee Valley Authority 144.1 Entergy 129.4 Calpine 103.0 NRG 99.4 Coal FirstEnergy 96.5 Natural Gas Dominion 93.9 MidAmerican* 91.9 Oil PPL 88.6 Nuclear Energy Future Holdings 73.4 Hydro US Corps of Engineers 69.0 Other/Renewable Xcel 68.8 Dynegy 60.8 PSEG 54.4 DTE Energy 43.9 Ameren 43.8 *On April 30, 2014, MidAmerican Energy Holdings NOTE: Only the top 20 producers shown. (MidAmerican) changed its name to Berkshire Hathaway Energy. Benchmarking Air Emissions of the 100 Largest Electric Power Producers in the United States Full Report at: www.mjbradley.com 3 JULY 2015 2015 Benchmarking Report: Emission Contributions SO2 NOx Mercury (Hg) CO2 (million ton) (million ton) (ton) (billion ton) 100% 3.21 1.73 23.71 2.28 100 largest producers 90% 84% 87% 85% No. of producers 75% 24 44 30 49 50% 9 15 11 16 Percent of industry of emissions Percent 25% 3 5 3 5 AEP AEP AEP Duke Southern Duke Energy Future Holdings AEP NRG MidAmerican* NRG Southern PPL NRG Southern MidAmerican* Air pollution emissions from power plants are highly concentrated among a small number of producers. For example, nearly a quarter of the electric power industry’s SO2 and CO2 emissions are emitted by just three and five top 100 producers, respectively. *On April 30, 2014, MidAmerican Energy Holdings (MidAmerican) changed its name to Berkshire Hathaway Energy. Benchmarking Air Emissions of the 100 Largest Electric Power Producers in the United States Full Report at: www.mjbradley.com 4 JULY 2015 2015 Benchmarking Report: Rankings by Total Emissions SO2 NOx ('000 tons) ('000 tons) 0 200 400 600 0 50 100 150 AEP 280 AEP 104 Southern 229 Duke 102 NRG 204 MidAmerican* 75 Duke 203 PPL 73 Energy Future Holdings 179 Southern 71 Tennessee Valley Authority 124 FirstEnergy 65 DTE Energy 123 NRG 62 General Electric 114 Xcel 49 PPL 114 Tennessee Valley Authority 47 AES 111 DTE Energy 40 CO2 Mercury (million tons) (tons) 0 100 200 0 1 2 3 Duke 137 AEP 2.05 AEP 134 Energy Future Holdings 2.00 Southern 108 NRG 1.40 NRG 84 Southern 1.22 MidAmerican* 74 MidAmerican* 0.85 Tennessee Valley Authority 69 DTE Energy 0.76 FirstEnergy 67 Ameren 0.74 PPL 67 Duke 0.68 Energy Future Holdings 61 PPL 0.66 Dynegy 57 Tennessee Valley Authority 0.63 *On April 30, 2014, MidAmerican Energy Holdings (MidAmerican) NOTE: Only the top 10 for each category shown. changed its name to Berkshire Hathaway Energy. Benchmarking Air Emissions of the 100 Largest Electric Power Producers in the United States Full Report at: www.mjbradley.com 5 JULY 2015 2015 Benchmarking Report: State-by-State CO2 Emissions Total CO2 Emissions by State All Sources – CO2 Emission Rate (million tons; top 5 and bottom 5 are shown) (lb/MWh; top 5 and bottom 5 are shown) 0 200 400 0 1,000 2,000 3,000 264.9 Texas Kentucky 2,092 Florida 114.6 Wyoming 2,025 Ohio 111.7 West Virginia 1,978 Indiana 109.0 Indiana 1,975 Pennsylvania 106.7 North Dakota 1,868 South Dakota 3.6 Maine 357 Rhode Island 2.9 Oregon 337 Maine 2.5 Washington 230 Idaho 1.5 Idaho 201 Vermont 0.02 Vermont 5 Electricity Exporters/Importers Fossil – CO2 Emission Rate (2012 Net Trade Index; top 5 exporters and importers are shown) (lb/MWh; top 5 and bottom 5 are shown) 0 1 2 3 4 E 0 1,000 2,000 3,000 Total in-state supply X Vermont 298% of electricity as % P share of total in-state North Dakota 2,374 consumption needs; O Wyoming 255% Montana 2,295 R in-state supply North Dakota 233% includes international T imports. Kansas 2,281 E West Virginia 219% Wyoming 2,262 R S Montana 184% Nebraska 2,217 I M Delaware 66% Maine 964 P Connecticut 949 O Massachusetts 61% R Virginia 60% Rhode Island 933 T California 908 E Idaho 60% R Maryland 57% Idaho 875 S Benchmarking Air Emissions of the 100 Largest Electric Power Producers in the United States Full Report at: www.mjbradley.com 6 JULY 2015 2015 Benchmarking Report: Annual Trends Electric Sector Emissions Generation Fuel Mix Macroeconomic Indicators (Indexed; 2000 = 100) (Indexed; 2000 = 100) (Indexed; 2000 = 100) 220 220 220 187 180 180 180 Natural Gas 151 140 140 140 Renewable* 128 GDP** Nuclear 105 108 100 100 100 CO 90 Total Generation 2 Coal 81 60 SO2 60 60 NOx 32 28 20 20 20 2000 02 04 06 08 10 12 2014 2000 02 04 06 08 10 12 2014 2000 02 04 06 08 10 12 2014 *Includes hydroelectric, wind, solar, biomass, geothermal and other renewable sources. **GDP in chained 2009 dollars. The electric power sector has made significant progress in terms of reducing its NOx and SO2 emissions over the past decade. Benchmarking Air Emissions of the 100 Largest Electric Power Producers in the United States Full Report at: www.mjbradley.com 7 JULY 2015 2015 Benchmarking Report: Regional CO2 Emission Rate Trends CO2 Emission Rates of Select Power Producers in Three Regions (all fuels across entire portfolio; lb/MWh) Change 0% Southeast 2000-2013 Midwest Southwest/West 2,500 2,500 2,500 Hoosier Great River Energy Energy -9% Arkansas Electric Coop -15% 2,000 2,000 Asso. Elec. Coop 2,000 -14% -21% OGE -9% -15% AEP Xcel 1,500 Southern 1,500 1,500 -17% PNM Resources -16% NE Public Power District -14% TVA -31% Pinnacle West -17% 1,000 -33% 1,000 1,000 Dominion -41% El Paso Electric -40% -12% 500 Entergy 500 500 0 0 0 2000 03 04 06 08 09 10 11 12 2013 2000 03 04 06 08 09 10 11 12 2013 2000 03 04 06 08 09 10 11 12 2013 NOTE: The x-axes in the charts above do not denote equal intervals. Data for years 2001, 2002, 2005, and 2007 are not shown in the charts above. Over time a wide range of factors influences a company’s CO2 emissions: plant utilization, share of low-carbon generation, new builds, nuclear uprates, plant divestitures and retirements, and mergers and acquisitions. Benchmarking Air Emissions of the 100 Largest Electric Power Producers in the United States Full Report at: www.mjbradley.com 8 JULY 2015 2015 Benchmarking Report: Rankings by CO2 Emission Rate for the top 20 privately/investor owned power producers All Sources – CO2 Emission Rate (lb/MWh) 0 400 800 1,200 1,600 2,000 Exelon (2) 200 NextEra Energy (4) 555 PSEG (18) 564 Entergy (7) 594 Dominion (11) 779 Calpine (8) 815 Duke (1) 1,126 Southern (3) 1,194 FirstEnergy (10) 1,390 PPL (13) 1,507 Ameren (20) 1,509 Xcel (16) 1,552 MidAmerican* (12) 1,606 Energy Future Holdings (14) 1,668 NRG (9) 1,686 Edison Mission Energy (23) 1,720 AEP (5) 1,752 DTE Energy (19) 1,764 Dynegy (17) 1,878 AES (22) 1,947 *On April 30, 2014, MidAmerican Energy Holdings NOTE: Ranking by generation shown in parentheses next to power producer name. (MidAmerican) changed its name to Berkshire Hathaway Energy. Benchmarking Air Emissions of the 100 Largest Electric Power Producers in the United States Full Report at: www.mjbradley.com 9 JULY 2015.