Renewable Energy

Total Page:16

File Type:pdf, Size:1020Kb

Renewable Energy Renewable Energy “This firm has a long established reputation for excellence in the energy sector…” Chambers & Partners, 2010 WHY SQUIRE SANDERS HAMMONDS Squire Sanders Hammonds is a top-25 global law firm, with 1,275 lawyers practicing in more than 130 jurisdictions in 30 languages through 37 offices in 17 countries. Our capability and experience in the renewable energy sector is extensive. Sector Expertise We have acted on a significant proportion of wind farm projects developed in the UK and Europe to date and have substantial experience of advising on solar, biomass, biofuels, waste-to-energy and landfill gas, hydroelectricity, wave and tidal energy. We have experience of coordinating and managing the most complex renewables projects from their conception and strategic planning through to construction and financing. Legal Expertise We are trusted legal advisers to clients including developers, banks, private equity investors, contractors and utilities on all aspects of renewables projects. We have in- depth expertise across legal disciplines, from corporate finance and M&A to project planning, consent and construction. We offer a truly integrated approach to advising clients in the renewable energy sector, where experience at every stage of the process can be critical to successful delivery. Industry Engagement We have strong links with industry associations throughout Europe, including Renewable-UK (formerly the BWEA), having been members since inception, and with the relevant sections of government departments, including the Department of Energy and Climate Change in the UK. These links prove invaluable in enabling our team to keep abreast of the latest commercial and regulatory developments in the renewables sector. Outstanding Value We emphasise quality, efficiency and alignment with client goals as core standards to improve continually our service delivery and the value of what we do for our clients. Squire Sanders Hammonds encourages and manages processes and tools to improve pricing models, training and resource optimisation, knowledge management and more, all centred on our core focus – delivering the services our clients want, when and where they want them and with the value they deserve. Unrivalled Client Service We are recognised as providing client service of the very highest quality, having been ranked number one national firm in UK Legal Week’s 2010 Client Satisfaction Report of Best Legal Advisers. www.ssd.com Corporate and M&A Our Corporate Strategy & Finance practice is our largest department and is divided into three dedicated teams, covering M&A, private equity and public equity. Our corporate lawyers regularly advise clients operating in the renewables sector on the full range of corporate transactions, including national and international M&A, management buy-outs and buy-ins, joint ventures, takeovers of public companies, IPOs and corporate restructurings. We are the lead legal advisers to more than 50 London Stock Exchange companies. Banking Our Banking team (both nationally and in our European offices) forms part of the wider Corporate Strategy & Finance Department, and handles a wide range of facilities and financial instruments, acting for corporates and banks. The team has acted on the financing and refinancing of both the acquisition of existing and the development of new wind farms (offshore and onshore), biomass projects and gas- related projects. Tax Strategies Our Tax Strategies practice has advised on wind farm structuring, delivering a wide range of bespoke services including traditional tax planning and innovative product design and implementation. The strength of our integrated overseas office network enables us to provide domestic, international and cross-border tax advice to clients competing in a rapidly changing global tax environment. Commercial & Regulatory We have considerable experience of advising developers and investors on the commercial and regulatory issues relevant to renewables projects, for example, under the UK’s Electricity Act, the Renewables Obligation and the Climate Change Levy. We have expertise in the various codes governing electricity generation, transmission and supply. We also regularly advise project developers and utility companies in relation to power purchase arrangements, wholesale energy trading contracts, the trading of green benefits, on-site electricity supply contracts, biofuel plant fuel and feedstock arrangements and the eligibility of biomass products for green benefits. Planning & Consents The Planning team at Squire Sanders Hammonds has advised on wind energy proposals since the early 1990s. Our team includes a number of experienced advocates who have appeared on behalf of our clients at inquiries into wind energy proposals. On projects where counsel is retained we take responsibility for instructing and assisting counsel both prior to and during the inquiries. We are often involved at the earliest stage of planning applications and advise clients on the form and content of environmental statements. We undertake legal audits to ensure compliance with relevant regulations and that such statements will stand up to scrutiny by the local planning authority, planning inspectors and ultimately the courts. We also regularly advise on the preparation of evidence for public inquiries, manage the submission of applications. www.ssd.com Project Development Our project development team has experience of co-ordinating and managing the most complex renewables projects from their conception and strategic planning through to construction and financing. We have advised on project development issues in some of the most noteworthy energy projects in the industry. Several of our deals were the first of their kind in their respective countries. Two deals in recent years were also named “Deal of the Year” in highly respected project finance publications such as Project Finance and Project Finance International magazines. Our lawyers have extensive experience in preparing and negotiating every type of project documentation required for renewable energy projects, and have represented developers, financial institutions, sponsors, government bodies, multi-laterals and export credit agencies on aspects of limited recourse and non-recourse financing. We have particular expertise in structuring detailed equity and debt financing documentation. We also regularly advise in relation to the negotiation of bonds and/or cash deposits from contractors and turbine manufacturer guarantees. Construction & Engineering Our Construction team advises on the development of wind farms and other renewables projects. Our experience in this area includes drafting and negotiating turbine and equipment supply agreements, EPC contracts, operation and maintenance (O&M) agreements, balance of plant, engineers’ sub-contracts, electrical and instrumentation sub-contracts, sub-contractors’ collateral warranties, sub-contractors’ novations, grid connection agreements, service agreements and warranty agreements. Property We have a large dedicated property law team that has advised numerous developers (including major utilities) of onshore renewable energy projects in relation to the terms of land options and leases. We also advise Renewable-UK and developers on offshore property documentation prepared by the Crown Estate. Environmental, Safety & Health Our Environmental, Safety & Health team provides a service to clients covering all legal safety, health and environment needs including in relation to contaminated land and brownfield sites. The team also provides a 24/7 one stop emergency service to respond to health and safety incidents. www.ssd.com WIND ENERGY EXPERIENCE Wind Energy Investment & Finance • Representing the sponsor and borrower in a US$700m term loan and letter of credit project financing deal for two US wind facilities aggregating 606.5 MW of capacity. • Representing a US power company in the due diligence review of more than 12 wind generation projects in the US. • Acting as borrower’s and guarantor’s counsel in connection with a US$400m senior secured credit facility portfolio financing of 309 MW wind energy facilities. • Acting as issuer’s counsel in an offering of US$500m senior secured bonds providing back-to-back financing of a US$500m construction and term loan. • Representing the owner in sale/leaseback and financing of a 54 MW wind project in Oklahoma. • Representing the purchaser of limited partner interests in 150 MW of wind projects in California. • Representing the purchaser in connection with the potential acquisition of agreements and certain other rights regarding a 20 MW wind power facility in California and in connection with the negotiation of easements and options for the facility. • Serving as counsel to lenders' group in Enron bankruptcy sale of Enron Wind (Europe and US) to General Electric. • Serving as counsel to lenders' group in Enron bankruptcy sale of a wind power generation facility in Cleveland. • Acting as sponsor’s and issuer’s counsel in a private placement of US$212m financing of two wind farm projects in Oklahoma and North Dakota totalling 196 MW. • Representing a Denmark-based bank in negotiating with a wind park operator in Central California for the installation and operation of wind turbines that had been repossessed by the bank. • Advising a California subsidiary of a global wind energy company in the purchase from the bankruptcy trustee of assets of a major wind farm in Northern California. • Representing a Spanish-based manufacturer of
Recommended publications
  • Cameron Tait P Post
    TRANSITION Meeting Britain’s energy BY needs together CONSENT Cameron Tait p post ABOUT THE FABIAN SOCIETY The Fabian Society is Britain’s oldest political think tank. Since 1884 the society has played a central role in developing political ideas and public policy on the left. It aims to promote greater equality of power and opportunity; the value of collective public action; a vibrant, tolerant and accountable democracy; citizenship, liberty and human rights; sustainable development; and multilateral international co-operation. Through a wide range of publications and events the society influences political and public thinking, but also provides a space for broad and open-minded debate, drawing on an unrivalled external network and its own expert research and analysis. Its programme offers a unique breadth, encompassing national conferences and expert seminars; periodicals, books, reports and digital communications; and commissioned and in-house research and comment. The Society is alone among think tanks in being a democratically-constituted membership organisation, with almost 7,000 members. Over time our membership has included many of the key thinkers on the British left and every Labour prime minister. Today we count over 200 parliamentarians in our number. The voluntary society includes 70 local societies, the Fabian Women’s Network and the Young Fabians, which is itself the leading organisation on the left for young people to debate and influence political ideas. The society was one of the original founders of the Labour party and is constitutionally affiliated to the party. We are however editorially, organisationally and financially independent and work with a wide range of partners from all political persuasions and none.
    [Show full text]
  • Digest of United Kingdom Energy Statistics 2017
    DIGEST OF UNITED KINGDOM ENERGY STATISTICS 2017 July 2017 This document is available in large print, audio and braille on request. Please email [email protected] with the version you require. Digest of United Kingdom Energy Statistics Enquiries about statistics in this publication should be made to the contact named at the end of the relevant chapter. Brief extracts from this publication may be reproduced provided that the source is fully acknowledged. General enquiries about the publication, and proposals for reproduction of larger extracts, should be addressed to BEIS, at the address given in paragraph XXVIII of the Introduction. The Department for Business, Energy and Industrial Strategy (BEIS) reserves the right to revise or discontinue the text or any table contained in this Digest without prior notice This is a National Statistics publication The United Kingdom Statistics Authority has designated these statistics as National Statistics, in accordance with the Statistics and Registration Service Act 2007 and signifying compliance with the UK Statistics Authority: Code of Practice for Official Statistics. Designation can be broadly interpreted to mean that the statistics: ñ meet identified user needs ONCEñ are well explained and STATISTICSreadily accessible HAVE ñ are produced according to sound methods, and BEENñ are managed impartially DESIGNATEDand objectively in the public interest AS Once statistics have been designated as National Statistics it is a statutory NATIONALrequirement that the Code of Practice S TATISTICSshall continue to be observed IT IS © A Crown copyright 2017 STATUTORY You may re-use this information (not including logos) free of charge in any format or medium, under the terms of the Open Government Licence.
    [Show full text]
  • Reunification in South Wales
    Power Wind Marine Delivering marine expertise worldwide www.metoc.co.uk re News Part of the Petrofac group www.tnei.co.uk RENEWABLE ENERGY NEWS • ISSUE 226 27 OCTOBER 2011 TAG on for Teesside spoils TAG Energy Solutions is in negotiations for a contract to fabricate and deliver a “significant” proportion of Reunification monopiles for the Teesside offshore wind farm. PAGE 2 Middlemoor winning hand in south Wales Vestas is in pole position to land a plum supply RWE npower renewables with Nordex for 14 N90 middle when two contract at one of the largest remaining onshore has thrown in the towel 2.5MW units and has landowners decided in wind farms in England, RWE npower renewables’ at an 11-turbine wind roped Powersystems UK 2005 to proceed instead 18-turbine Middlemoor project in Northumberland. farm in south Wales and to oversee electrical with Pennant. offloaded the asset to works. Parent company Years of wrangling PAGE 3 local developer Pennant Walters Group will take ensued between Walters. care of civil engineering. environmental regulators Huhne hits the high notes The utility sold the The 35MW project is due and planners in Bridgend Energy secretary Chris Huhne took aim at “faultfinders consented four-turbine online by early 2013. and Rhondda Cynon Taf and curmudgeons who hold forth on the impossibility portion of its Fforch Nest The reunification of who were keen to see of renewables” in a strongly worded keynote address project in Bridgend and Fforch Nest and Pant-y- the projects rationalised to RenewableUK 2011 in Manchester this week. is in line to divest the Wal brings to an end a using a shared access remaining seven units if decade-long struggle and grid connection.
    [Show full text]
  • WIND ENERGY PROJECT FINANCING ONSHORE CASE STUDY with Zephir Lidar
    WIND ENERGY PROJECT FINANCING ONSHORE CASE STUDY with ZephIR Lidar “ZephIR delivers bankable, finance-grade wind data to Banks taking sites forward in a timely, cost effective and safe manner - correlations with a short mast are far better than often found when comparing two cup anemometers.” - REG Windpower world-leading lidar innovation finance-grade, ‘bankable’ wind data sets unparalleled data availability at all heights accurate, proven measurements in all terrains 650+ deployments and 3 million hours operation zephirlidar.com REG WINDPOWER LTD. Established in 1989 as Cornwall Light & Power, REG Windpower develops, builds and owns wind farms. The company now operate eleven wind farms (with a further two in construction) in England & Wales with an additional 900MW+ in development across the UK. In 2009, REG performed a strategic review of their approach to wind monitoring and the question was raised how to monitor wind more rapidly and more cost effectively against anemometry with traditional tall met masts. Zephir + short MAST MethodoLOGY REG implemented a strategy for 16 metre short met masts In 2009, REG purchased three ZephIRs to operate across the coupled with 6 month ZephIR lidar deployments for the rapid company’s entire portfolio of projects. The methodology is to and cost effective measurement of wind quality on potential install the short mast as the long term reference, collecting sites, for the following reasons: at least 12 months data covering seasonal variation. The ZephIR is installed for 6 months next to the mast - 6 months 1. Short masts are easier to get planning permission to is an adequate length of time to measure a significant range install on site - taller masts can take much longer.
    [Show full text]
  • Local Energy
    House of Commons Energy and Climate Change Committee Local Energy Sixth Report of Session 2013–14 Volume II Additional written evidence Ordered by the House of Commons to be published 9 May and 16 July 2013 Published on 6 August 2013 by authority of the House of Commons London: The Stationery Office Limited The Energy and Climate Change Committee The Energy and Climate Change Committee is appointed by the House of Commons to examine the expenditure, administration, and policy of the Department of Energy and Climate Change and associated public bodies. Current membership Mr Tim Yeo MP (Conservative, South Suffolk) (Chair) Dan Byles MP (Conservative, North Warwickshire) Barry Gardiner MP (Labour, Brent North) Ian Lavery MP (Labour, Wansbeck) Dr Phillip Lee MP (Conservative, Bracknell) Rt Hon Peter Lilley MP (Conservative, Hitchin & Harpenden) Albert Owen MP (Labour, Ynys Môn) Christopher Pincher MP (Conservative, Tamworth) John Robertson MP (Labour, Glasgow North West) Sir Robert Smith MP (Liberal Democrat, West Aberdeenshire and Kincardine) Dr Alan Whitehead MP (Labour, Southampton Test) The following members were also members of the committee during the Parliament: Gemma Doyle MP (Labour/Co-operative, West Dunbartonshire) Tom Greatrex MP (Labour, Rutherglen and Hamilton West) Laura Sandys MP (Conservative, South Thanet) Powers The Committee is one of the departmental select committees, the powers of which are set out in House of Commons Standing Orders, principally in SO No 152. These are available via www.parliament.uk. Publication The Reports and evidence of the Committee are published by The Stationery Office by Order of the House. All publications of the Committee (including press notices) are on the internet at www.parliament.uk/parliament.uk/ecc.
    [Show full text]
  • Spotlight on Northern Ireland Regional Focus
    COMMUNICATION HUB FOR THE WIND ENERGY INDUSTRY ‘TITANIC’ SPOTLIGHT ON NORTHERN IRELAND REGIONAL FOCUS GLOBAL WIND ALLIANCE COMPETEncY BasED TRaininG FEBRUARY/MARCH 2012 | £5.25 www.windenergynetwork.co.uk INTRODUCTION COMMUNICATING YOUR THOUGHTS AND OPINIONS WIND ENERGY NETWORK TV CHANNEL AND ONLINE LIBRARY These invaluable industry resources continue to build and we are very YOU WILL FIND WITHIN THIS We hope you enjoy the content and pleased with the interest and support EDITION CONTRIBUTIONS WHICH please feel free to contact us to make of our proposed sponsors. Please give COULD BE DESCRIBED AS OPINION your feelings known – it’s good to talk. the team a call and find out how to get PIECES. THEY ARE THERE TO FOCUS involved in both. ATTENTION ON VERY IMPORTANT ‘SpoTLIGHT ON’ regIONAL FOCUS SUBJECT AREAS WITH A VIEW Our regional focus in this edition features Remember they are free to TO GALVANISING OPINION AND Northern Ireland. Your editor visited contribute and free to access. BRINGING THE INDUSTRY TOGETHER the area in late November 2011 when TO ENSURE EFFECTIVE PROGRESS reporting on the Quo Vadis conference Please also feel free to contact us AND THEREFORE SUCCESS. and spent a very enjoyable week soaking if you wish to highlight any specific up the atmosphere, local beverages as area within the industry and we will Ray Sams from Spencer Coatings well the Irish hospitality (the craic). endeavour to encourage debate and features corrosion in marine steel feature the issue within our publication. structures, Warren Fothergill from As you will see it is a very substantial Group Safety Services on safety feature and the overall theme is one of passports and Michael Wilder from excitement and forward thinking which Petans on competency based training will ensure Northern Ireland is at the standardisation.
    [Show full text]
  • International Smallcap Separate Account As of July 31, 2017
    International SmallCap Separate Account As of July 31, 2017 SCHEDULE OF INVESTMENTS MARKET % OF SECURITY SHARES VALUE ASSETS AUSTRALIA INVESTA OFFICE FUND 2,473,742 $ 8,969,266 0.47% DOWNER EDI LTD 1,537,965 $ 7,812,219 0.41% ALUMINA LTD 4,980,762 $ 7,549,549 0.39% BLUESCOPE STEEL LTD 677,708 $ 7,124,620 0.37% SEVEN GROUP HOLDINGS LTD 681,258 $ 6,506,423 0.34% NORTHERN STAR RESOURCES LTD 995,867 $ 3,520,779 0.18% DOWNER EDI LTD 119,088 $ 604,917 0.03% TABCORP HOLDINGS LTD 162,980 $ 543,462 0.03% CENTAMIN EGYPT LTD 240,680 $ 527,481 0.03% ORORA LTD 234,345 $ 516,380 0.03% ANSELL LTD 28,800 $ 504,978 0.03% ILUKA RESOURCES LTD 67,000 $ 482,693 0.03% NIB HOLDINGS LTD 99,941 $ 458,176 0.02% JB HI-FI LTD 21,914 $ 454,940 0.02% SPARK INFRASTRUCTURE GROUP 214,049 $ 427,642 0.02% SIMS METAL MANAGEMENT LTD 33,123 $ 410,590 0.02% DULUXGROUP LTD 77,229 $ 406,376 0.02% PRIMARY HEALTH CARE LTD 148,843 $ 402,474 0.02% METCASH LTD 191,136 $ 399,917 0.02% IOOF HOLDINGS LTD 48,732 $ 390,666 0.02% OZ MINERALS LTD 57,242 $ 381,763 0.02% WORLEYPARSON LTD 39,819 $ 375,028 0.02% LINK ADMINISTRATION HOLDINGS 60,870 $ 374,480 0.02% CARSALES.COM AU LTD 37,481 $ 369,611 0.02% ADELAIDE BRIGHTON LTD 80,460 $ 361,322 0.02% IRESS LIMITED 33,454 $ 344,683 0.02% QUBE HOLDINGS LTD 152,619 $ 323,777 0.02% GRAINCORP LTD 45,577 $ 317,565 0.02% Not FDIC or NCUA Insured PQ 1041 May Lose Value, Not a Deposit, No Bank or Credit Union Guarantee 07-17 Not Insured by any Federal Government Agency Informational data only.
    [Show full text]
  • Memorandum Submitted by the Department of Energy and Climate Change (WIND 01)
    Energy and Climate Change Committee The Economics of Wind Power written evidence REF: Page WIND 01 Department of Energy and Climate Change 5 WIND 02 Maureen Beaumont 9 WIND 03 D E Simmons CEng; MIMechE; CMIOSH; RMaPS 11 WIND 04 Galloway Landscape And Renewable Energy (GLARE) 12 WIND 05 Dr. Ian Woollen 15 WIND 06 Energy Technologies Institute (ETI) 16 WIND 07 Viscount Monckton of Brenchley 18 WIND 08 ABB 21 WIND 09 Roland Heap 24 WIND 10 David Campbell 29 WIND 11 The Renewable Energy Foundation 31 WIND 12 Brian Skittrall 34 WIND 13 Sir Donald Miller 37 WIND 14 Hengistbury Residents' Association (HENRA) 40 WIND 15 Environmentalists for Nuclear Energy ‐ UK 43 WIND 16 REG Windpower Ltd 46 WIND 17 Adrian J Snook 52 WIND 18 Montgomeryshire Local Council Forum; Welshpool Town Council 55 WIND 19 Ian W Murdoch 57 WIND 20 Mrs Brenda Herrick 60 WIND 21 Mr N W Woolmington 62 WIND 22 Professor Jack W Ponton FREng 63 WIND 23 Mrs Anne Rogers 65 WIND 24 Global Warming Policy Foundation (GWPF) 67 WIND 25 Derek Partington 70 WIND 26 Professor Michael Jefferson 76 WIND 27 Robert Beith CEng FIMechE, FIMarE, FEI and Michael Knowles CEng 78 WIND 28 Barry Smith FCCA 81 WIND 29 The Wildlife Trusts (TWT) 83 WIND 30 Wyck Gerson Lohman 87 WIND 31 Brett Kibble 90 WIND 32 W P Rees BSc. CEng MIET 92 WIND 33 Chartered Institution of Water and Environmental Management 95 WIND 34 Councillor Ann Cowan 98 WIND 35 Ian M Thompson 99 WIND 36 E.ON UK plc 102 WIND 37 Brian D Crosby 105 WIND 38 Peter Ashcroft 106 WIND 39 Campaign to Protect Rural England (CPRE) 109 WIND 40 Scottish Renewables 110 WIND 41 Greenpeace UK; World Wildlife Fund; Friends of the Earth 114 WIND 42 Wales and Borders Alliance 119 WIND 43 National Opposition to Windfarms 121 WIND 44 David Milborrow 124 WIND 45 SSE 126 WIND 46 Dr Howard Ferguson 129 WIND 47 Grantham Research Institute 132 WIND 48 George F Wood 135 WIND 49 Greenersky.
    [Show full text]
  • Renewable Energy and Sustainable Construction Study
    Centre for Sustainable Energy Teignbridge District Council Renewable Energy and Sustainable Construction Study Final Report, 7 December 2010 (Amended version) Document revision 1.1 3 St Peter’s Court www.cse.org.uk We are a national charity that shares Bedminster Parade 0117 934 1400 our knowledge and experience to Bristol [email protected] help people change the way they BS3 4AQ reg charity 298740 think and act on energy. Teignbridge Renewable Energy and Sustainable Construction Study Table of Contents EXECUTIVE SUMMARY .................................................................................................................................... 5 1) INTRODUCTION .............................................................................................................................. 5 2) SUSTAINABLE ENERGY RESOURCES IN TEIGNBRIDGE ...................................................................... 5 3) POTENTIAL FOR DISTRICT HEATING ................................................................................................. 6 4) ENERGY OPPORTUNITIES PLANS .................................................................................................... 7 5) COST OF ZERO CARBON DEVELOPMENT .......................................................................................... 8 6) POLICY IMPLEMENTATION .............................................................................................................. 9 7) CONCLUSIONS AND RECOMMENDATIONS .......................................................................................
    [Show full text]
  • Digest of United Kingdom Energy Statistics 2020
    DIGEST OF UNITED KINGDOM ENERGY STATISTICS 2020 This publication is available from: www.gov.uk/government/collections/digest-of-uk-energy- statistics-dukes If you need a version of this document in a more accessible format, please email [email protected]. Please tell us what format you need. It will help us if you say what assistive technology you use. This is a National Statistics publication The United Kingdom Statistics Authority has designated these statistics as National Statistics, in accordance with the Statistics and Registration Service Act 2007 and signifying compliance with the UK Statistics Authority: Code of Practice for Statistics. The continued designation of these statistics as National Statistics was confirmed in September 2018 following a compliance check by the Office for Statistics Regulation. The statistics last underwent a full assessment against the Code of Practice in June 2014. Designation can be broadly interpreted to mean that the statistics: • meet identified user needs • are well explained and readily accessible • are produced according to sound methods, and • are managed impartially and objectively in the public interest Once statistics have been designated as National Statistics it is a statutory requirement that the Code of Practice shall continue to be observed. © Crown copyright 2020 This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open-government-licence/version/3 or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: [email protected]. Where we have identified any third-party copyright information you will need to obtain permission from the copyright holders concerned.
    [Show full text]
  • Siemens Annual Report 2015
    2015 Geschäftsbericht Annual Report 2015 siemens.com Table of contents . A B C Combined Management Report Consolidated Financial Statements Additional Information A.1 p 2 B.1 p 58 C.1 p 122 Business and economic environment Consolidated Statements Responsibility Statement of Income A.2 p 8 C.2 p 123 Financial performance system B.2 p 59 Independent Auditor ʼs Report Consolidated Statements A.3 p 10 of Comprehensive Income C.3 p 125 Results of operations Report of the Supervisory Board B.3 p 60 A.4 p 15 Consolidated Statements C.4 p 128 Net assets position of Financial Position Corporate Governance B.4 p 61 A.5 p 16 C.5 p 136 Financial position Consolidated Statements Notes and forward- looking of Cash Flows statements A.6 p 20 B.5 p 62 Overall assessment of the economic position Consolidated Statements of Changes in Equity A.7 p 21 B.6 p 64 Subsequent events Notes to Consolidated Financial ­Statements A.8 p 22 Report on expected developments and associated material opportunities and risks A.9 p 35 Siemens AG A.10 p 38 Compensation Report A.11 p 53 Takeover-relevant information A. Combined Management Report A.1 Business and economic environment A.1.1 The Siemens Group With Dresser- Rand on board, we have a comprehensive port- folio of equipment and capability for the oil and gas industry A.1.1.1 ORGANIZATION AND BASIS OF PRESENTATION and a much expanded installed base, allowing us to address We are a technology company with core activities in the fields the needs of the market with products, solutions and services.
    [Show full text]
  • An Introductory Guide for Housebuilders
    Zero carbon homes – an introductory guide for housebuilders Zero carbon homes – an introductory guide for housebuilders February 2009 NHBC Foundation Buildmark House Chiltern Avenue Amersham Bucks HP6 5AP Tel: 01494 735394 Fax: 01494 735365 Email: [email protected] Web: www.nhbcfoundation.org Acknowledgements Photographs courtesy of: Barratt Green House Page 1 BedZED Page 11 Hockerton Housing Project Page 7 Stewart Milne Sigma House Pages 1 and 9 © NHBC Foundation NF14 Published by IHS BRE Press on behalf of the NHBC Foundation February 2009 ISBN 978-1-84806-074-6 FOREWORD Tackling climate change is now widely acknowledged as one of the highest priorities for our society. The homes we live in are responsible for 27% of the UK’s CO2 emissions, and so it is right that attention should focus on how new homes can be designed and constructed to minimise emissions. Since the launch of the first government consultation on zero carbon housing at the end of 2006 I have seen a variety of encouraging initiatives such as the construction of the Barratt Green House on BRE’s Innovation Park in Watford. Builders large and small are increasingly engaging with the challenge of building to world-leading environmental standards. But if we are to implement successfully the zero carbon standard across all new homes built in the UK it is imperative that we have a definition which is realistic, practical and sufficiently flexible to be achievable on all kinds of developments, with all kinds of homes. The government consultation, Definition of zero carbon homes and non-domestic buildings, issued on 17 December 20081 marks a critical stage in our transition towards zero carbon.
    [Show full text]