Economic Recovery: Financing Utilities Investments

							Economic Recovery: Financing Utilities Investments



Introduction
Driven by legislative requirements and strategic diversification opportunities, Europe's leading utilities
must finance conventional forms of power generation as well as record levels of low-carbon power
generation in a rapidly evolving energy market environment.

Features and benefits
   Analysis of key recent deals and outlook
   Review of the investment strategies of main European power utilities
   Energy asset investment projections for 2020
   Europe Financing Utilities Investments

Highlights
The economic downturn has had a dampening effect on power demand, due largely to lower industrial
activity. It also took its toll on energy infrastructure investment initiatives, particularly in renewable
energy, as risk-averse investors retreated to safe havens.
Markets and energy companies acting on their own are unlikely to deliver the necessary technological
breakthroughs as a result of delays in obtaining the necessary environmental and construction
permits, an issue compounded by difficult access to finance and lack of adequate risk-mitigating
instruments.
Investors have expressed strong concerns about the scale and diversity of funds needed, the recent
and potentially protracted contraction of capital markets, and new legislation that would reduce
banks' ability to lend. They have also called for more transparent and stable policy making that
addresses limitations on both supply and demand sides.

Table Of Contents

OVERVIEW
Catalyst
Summary

THE CURRENT EUROPEAN POWER AND INVESTMENT LANDSCAPE
European power market landscape
Technological diversity
Geographic diversity
European power investment landscape
State of play in 2010
Energy investment in 2011
Debt trends
Equity trends
Regulatory trends

ANALYSIS OF KEY RECENT DEALS AND OUTLOOK
Recent deals and drivers
Deal outlook for 2011 and beyond

ANALYSIS OF THE INVESTMENT STRATEGIES OF MAIN EUROPEAN POWER UTILITIES
Main power utilities in Europe
Investment in renewable energy
Investment in the upstream oil and gas sector
Investment in nuclear power
General outlook
Current situation across key markets
Japan
France
Germany
Overview of short-, medium-, and long-term opportunities

2020 ENERGY ASSET INVESTMENT PROJECTIONS
The European power asset landscape in 2020

APPENDIX
Ask the analyst
Datamonitor consulting
Disclaimer

LIST OF TABLES
Table: German nuclear plant lifetime extensions and associated voluntary payments
Table: M ajor nuclear steam supply system providers
Table: Comparative full-time equivalent employee assessment per GW of installed power generating
capacity (estimated)
Table: Peak construction craft labor requirements
Table: Peak onsite labor requirements
Table: Summary of opportunities for suppliers to the generation III+ nuclear industry

LIST OF FIGURES
Figure: European power supply (TWh) 2010–20f
Figure: European power demand (TWh), 2010–20f
Figure: European power supply and demand (TWh), 2010–20f
Figure: European power generation mix, 2010
Figure: European power supply from renewable sources excluding hydropower (TWh), 2010–20f
Figure: European power generation mix, 2020f
Figure: Evolution of wind turbine rotor sizes (m) and capacity over time
Figure: US Henry Hub spot prices, 2008–11 (year to date)
Figure: Historic and anticipated onshore wind new-build in the US, 2007–14e
Figure: Announced power purchase agreements for US wind projects, 2008–12e
Figure: Traditional developer and investor risk profile
Figure: The declining costs of wind and solar power assets
Figure: Spot price of solar-grade silicon, 2000–April 2011
Figure: Cost of debt (%), 2005–11
Figure: W ind farm proposals currently awaiting permission in the UK
Figure: Renewable energy global stimuli funding, 2009–13e
Figure: Global subsidies for renewable energy and fossil fuels
Figure: NEX vs MSCI vs AMEX vs NYMEX indices, January 2006–January 2011
Figure: Selected utility capital expenditure (€m), 2009
Figure: Global investment in renewable energy plants by technology type ($bn)
Figure: Governments have used capacity caps, moratoriums, and tariff cuts to restrict growth
Figure: Utility-scale solar asset finance volumes
Figure: Global investment levels across sectors ($m), 2010
Figure: Drivers of financial deals in the utilities sector
Figure: Horizontal integration trends of utility renewable assets
Figure: Barriers to financial deals in the utilities sector
Figure: Main European power utilities at a glance, 2009–10
Figure: Estimated global capex of major European power utilities (2011–15f)
Figure: Key projects by main power utilities in Europe
Figure: Estimated global renewables capex of major European power utilities (€bn), 2011–15f
Figure: RWE Dea's activities: upstream oil and gas, 2010
Figure: E.ON Ruhrgas: E&P position, 2010
Figure: E.ON: global drilling activities, 2005–09
Figure: The nuclear positions of major European power utilities, 2009
Figure: Nuclear projects planned and currently under construction in Europe
Figure: Nuclear power output and share of total power supply by country, 2010
Figure: German nuclear power phase-out schedule
Figure: Forecasted nuclear power output and share of total power supply by country, 2020f
Figure: Power generation forecast in France, 2008–30f
Figure: Graphic representation of Areva's carbon-free power generation services
Figure: Graphic representation of Areva's presence in the world, 2011
Figure: German nuclear plant safety records based on the International Nuclear Event Scale
Figure: Electricity generation in Germany by fuel type, 1991–2009
Figure: Proportion of total power generation projects currently under construction, by European
region
Figure: Proportion of projects currently under construction in Europe, by type
Figure: Largest markets for projects planned and projects currently under construction
Figure: Projects currently under construction in Europe, by country and type (MW)
Figure: Projects planned in Europe, by country and type (MW), 2011–20f
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