Non-OECD Europe and Eurasia other than Russia India Africa and the Middle East LIQUID FUELS ROLE IN THE ELECTRICITY INDUSTRY,

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1 CHAPTER ONE: INTRODUCTION... 1 STUDY GOALS AND OBJECTIVES... 1 REASONS FOR DOING THE STUDY... 1 SCOPE OF REPORT... 1 INTENDED AUDIENCE... 2 METHODOLOGY AND INFORMATION SOURCES... 3 ANALYST CREDENTIALS... 3 RELATED REPORTS... 4 BCC ONLINE SERVICES... 4 DISCLAIMER... 4 CHAPTER TWO: SUMMARY... 5 SUMMARY TABLE GLOBAL MARKET FOR ELECTRICITY GENERATION BY REGION, THROUGH 2016 ($ MILLIONS)... 5 SUMMARY FIGURE GLOBAL MARKET FOR ELECTRICITY GENERATION BY REGION, ($ MILLIONS)... 6 SUMMARY (CONTINUED)... 7 CHAPTER THREE: OVERVIEW... 8 THE ELECTRICITY GENERATION INDUSTRY... 8 CONCEPTS IN THE INDUSTRY... 9 ENERGY AND POWER... 9 ELECTRICITY GENERATING REQUIREMENTS... 9 CAPITAL COSTS LEVELIZED COST OF ENERGY ELECTRICITY GENERATING TECHNOLOGIES LIFE CYCLE AND THE NATURE OF POWER SECTOR INVESTMENTS IMPORTANCE OF THE INDUSTRY FORESEEABLE FUTURE DEVELOPMENTS GOVERNMENT REGULATIONS EFFECT ON THE FUTURE UTILITY-SCALE ELECTRICITY STORAGE (UES) TECHNOLOGIES COSTS AND ECONOMIC VIABILITY PUMPED HYDROLOGIC STORAGE COMPRESSED AIR ENERGY STORAGE BENEFITS OF UTILITY-SCALE ELECTRICITY STORAGE TECHNOLOGIES GRID BENEFITS Load Leveling FIGURE 1 REPRESENTATION OF A DAILY LOAD CURVE Capacity Factor/Dispatch for Intermittent Renewables Peaking Power Support... 21

2 OFFSET OF NEEDED PEAKING POWER GENERATION CAPACITY OFFSET OF NEEDED RENEWABLE GENERATION CAPACITY ECONOMIC BENEFITS Energy Arbitrage Investment Deferral RENEWABLE ENERGY DISPATCH AND TIMING BENEFITS (ABILITY TO MEET RENEWABLE ENERGY TARGETS, ETC.) Carbon Capture and Storage Carbon Capture and Storage (Continued) TABLE 1 VALUE CUMULATIVE CAPITAL BASE OF CCS TECHNOLOGIES, THROUGH 2014 ($ BILLIONS) ALTERNATE ELECTICAL POWER STORAGE TABLE 2 ALTERNATIVE ENERGY STORAGE MARKET BY POWER SOURCE, CONSENSUS SCENARIO, THROUGH 2016 ($ MILLIONS) SMART GRID DEFINITIONS BENEFITS OF SMART GRIDS Direct Benefits Benefits to Utilities Lower Capital Costs Reduced Operating Costs Benefits to Users Improved Quality and Reliability Lower Costs CHAPTER FOUR: TECHNOLOGIES INTRODUCTION COST DATA AND MARKET FORECASTS ASSUMPTIONS DATA SOURCES SUMMARY TABLE 3 ASSUMED COSTS OF GENERATING TECHNOLOGIES ($/KW) COAL PULVERIZED COAL INTEGRATED GASIFICATION COMBINED CYCLE (IGCC) IGCC WITH CARBON CAPTURE AND STORAGE (IGCC-CCS) TABLE 4 CAPITAL COST OF COAL TECHNOLOGIES ($/KW, $/KW- YR., $/MWH) REPRESENTATIVE SUBTECHNOLOGY AND COST NATURAL GAS NATURAL GAS TURBINE (CT)... 37

3 NATURAL GAS COMBINED CYCLE (NGCC) TABLE 5 COST OF NATURAL GAS TECHNOLOGIES ($/KW, $/KW- YR., $/MWH) REPRESENTATIVE SUBTECHNOLOGY AND COST NUCLEAR TABLE 6 COST OF NUCLEAR TECHNOLOGIES ($/KW, $/KW-YR., $/MWH) HYDROPOWER TABLE 7 COST OF HYDROPOWER TECHNOLOGIES ($/KW, $/KW- YR., $/MWH) SOLAR SOLAR THERMAL SOLAR PV CRYSTALLINE SOLAR PV THIN FILM TABLE 8 COST OF SOLAR TECHNOLOGIES ($/KW, $/KW-YR., $/MWH) REPRESENTATIVE SUBTECHNOLOGY AND COST WIND ONSHORE WIND OFFSHORE WIND TABLE 9 COST OF WIND TECHNOLOGIES ($/KW, $/KW-YR., $/MWH) REPRESENTATIVE SUBTECHNOLOGY AND COST BIOMASS BIOMASS COMBINED CYCLE (BCC) BIOMASS BUBBLING FLUIDIZED BED REACTOR (BBFB) TABLE 10 COST OF BIOMASS TECHNOLOGIES ($/KW, $/KW-YR., $/MWH) GEOTHERMAL TABLE 11 COST OF GEOTHERMAL TECHNOLOGIES ($/KW, $/KW- YR., $/MWH) CHAPTER FIVE: INDUSTRY STRUCTURE DRIVING FORCES IN THE INDUSTRY GOVERNMENT REGULATIONS AND POLICIES Rate Regulation Development Priorities Environmental Regulations ELECTRICITY MARKET STRUCTURE Privatization Competition TECHNOLOGY DEVELOPMENTS New Generation Technologies Incremental Developments in Existing Technologies FUEL PRICES... 50

4 STRATEGIES FOR STAYING COMPETITIVE MANAGING GOVERNMENT REGULATIONS AND DEVELOPMENT PRIORITIES Entering Into Profitable Long-Term Supply Contracts Manage Fuel Supply and Fuel Price Risk Managing Competitive Markets Export Knowledge and Technology SHIFTS IN THE INDUSTRY IMPACT ON/OF OTHER INDUSTRIES FUELS COMMODITY PRICES EFFECT ON THE ECONOMY AS A WHOLE CHAPTER SIX MARKETS BY TECHNOLOGY SUMMARY TABLE 12 GLOBAL CUMULATIVE ELECTRICITY GENERATING CAPACITY, THROUGH 2016 (GW) SUMMARY (CONTINUED) TABLE 13 GLOBAL MARKET FOR ELECTRICITY GENERATION, THROUGH 2016 ($ MILLIONS) COAL ROLE IN THE ELECTRICITY INDUSTRY INDUSTRY TRENDS TABLE 14 GLOBAL COAL ELECTRICITY GENERATING CAPACITY, THROUGH 2016 (GW) Coal Electricity Generation in Non-OECD Asia and the U.S Coal Electricity Generation in OECD Europe and OECD Asia COAL INDUSTRY FORECAST TABLE 15 GLOBAL COAL ELECTRICITY GENERATION INDUSTRY FORECAST, THROUGH 2016 ($ MILLIONS) NATURAL GAS ROLE IN THE ELECTRICITY INDUSTRY INDUSTRY TRENDS TABLE 16 GLOBAL NATURAL GAS ELECTRICITY GENERATION CAPACITY, THROUGH 2016 (GW) NATURAL GAS ELECTRICITY GENERATION INDUSTRY FORECAST TABLE 17 GLOBAL NATURAL GAS ELECTRICITY GENERATION INDUSTRY FORECAST, THROUGH 2016 ($ MILLIONS) U.S Mexico, Brazil and Central and South America OECD Europe Russia... 65

5 Non-OECD Europe and Eurasia other than Russia India Africa and the Middle East LIQUID FUELS ROLE IN THE ELECTRICITY INDUSTRY, INDUSTRY TRENDS, FORECAST TABLE 18 GLOBAL LIQUID FUEL ELECTRICITY GENERATION CAPACITY, THROUGH 2016 (GW) NUCLEAR ROLE IN THE ELECTRICITY INDUSTRY INDUSTRY TRENDS Fukushima Daiichi and the Future of Nuclear Power Fukushima Daiichi and the (Continued) Diversifying Electricity Generation Project Risk and Uncertainty EXISTING CAPACITY TABLE 19 GLOBAL NUCLEAR ELECTRICITY GENERATION CAPACITY, THROUGH 2016 (GW) NUCLEAR ELECTRICITY GENERATION INDUSTRY FORECAST TABLE 20 GLOBAL NUCLEAR ELECTRICITY GENERATION INDUSTRY FORECAST, THROUGH 2016 ($ MILLIONS) HYDROPOWER ROLE IN THE ELECTRICITY INDUSTRY INDUSTRY TRENDS TABLE 21 GLOBAL HYDROPOWER ELECTRICITY GENERATION CAPACITY, THROUGH 2016 (GW) HYDROPOWER ELECTRICITY GENERATION INDUSTRY FORECAST TABLE 22 GLOBAL HYDROPOWER ELECTRICITY GENERATION INDUSTRY FORECAST, THROUGH 2016 ($ MILLIONS) WIND ROLE IN THE ELECTRICITY INDUSTRY INDUSTRY TRENDS TABLE 23 GLOBAL WIND ELECTRICITY GENERATION CAPACITY, THROUGH 2016 (GW) WIND ELECTRICITY GENERATION INDUSTRY FORECAST TABLE 24 GLOBAL WIND ELECTRICITY GENERATION INDUSTRY FORECAST, THROUGH 2016 ($ MILLIONS) SOLAR ROLE IN THE ELECTRICITY INDUSTRY INDUSTRY TRENDS TABLE 25 GLOBAL SOLAR ELECTRICITY GENERATION CAPACITY, THROUGH 2016 (GW)... 77

6 TABLE 26 GLOBAL SOLAR ELECTRICITY GENERATION CAPACITY, THROUGH 2016 (GW) SOLAR ELECTRICITY GENERATION INDUSTRY FORECAST TABLE 27 GLOBAL SOLAR ELECTRICITY GENERATION INDUSTRY FORECAST, THROUGH 2016 ($ MILLIONS) TABLE 28 GLOBAL SOLAR ELECTRICITY GENERATION INDUSTRY FORECAST, THROUGH 2016 ($ MILLIONS) GEOTHERMAL ROLE IN THE ELECTRICITY INDUSTRY INDUSTRY TRENDS TABLE 29 GLOBAL GEOTHERMAL ELECTRICITY GENERATION CAPACITY, THROUGH 2016 (GW) GEOTHERMAL ELECTRICITY GENERATION INDUSTRY FORECAST TABLE 30 GLOBAL GEOTHERMAL ELECTRICITY GENERATION INDUSTRY FORECAST, THROUGH 2016 ($ MILLIONS) TABLE 31 GLOBAL GEOTHERMAL ELECTRICITY GENERATION INDUSTRY FORECAST, THROUGH 2016 ($ MILLIONS) BIOMASS ROLE IN THE ELECTRICITY INDUSTRY INDUSTRY TRENDS TABLE 32 GLOBAL BIOMASS ELECTRICITY GENERATION CAPACITY, THROUGH 2016 (GW) BIOMASS ELECTRICITY GENERATION INDUSTRY FORECAST TABLE 33 GLOBAL BIOMASS ELECTRICITY GENERATION INDUSTRY FORECAST, THROUGH 2016 ($ MILLIONS) CHAPTER SEVEN: INTELLECTUAL PROPERTY LANDSCAPE FOR ENERGY GENERATION TRENDS BY TECHNOLOGY FOR ALTERNATIVE ENERGY PATENTS FIGURE 2 PATENT APPLICATIONS BY TECHNOLOGY, < (NUMBER) FIGURE 2 (CONTINUED) TRENDS BY TECHNOLOGY FOR (CONTINUED) CHAPTER EIGHT: REGIONAL ANALYSIS OF THE GLOBAL MARKET INTRODUCTION GLOBAL ELECTRICITY GENERATION TRENDS SUMMARY TABLE 34 GLOBAL ELECTRICITY GENERATING CAPACITY, THROUGH 2016 (GW)... 91

7 TABLE 35 GLOBAL ELECTRICITY GENERATION CAPACITY ADDITIONS BY COUNTRY/REGION, (GW) TABLE 36 GLOBAL MARKET FOR ELECTRICITY GENERATION, THROUGH 2016 ($ MILLIONS) CHAPTER NINE: PACIFIC AND INDIAN OCEAN REGION AUSTRALIA/NEW ZEALAND INDUSTRY STRUCTURES GOVERNMENT POLICIES AND REGULATIONS EXISTING GENERATION TABLE 37 AUSTRALIA/NEW ZEALAND S CUMULATIVE ELECTRICITY GENERATING CAPACITY, THROUGH 2016 (GW) INDUSTRY FORECAST TABLE 38 AUSTRALIAN/NEW ZEALAND MARKET FOR ELECTRICITY GENERATION, THROUGH 2016 ($ MILLIONS) INDIA INDUSTRY STRUCTURE GOVERNMENT POLICIES AND REGULATIONS EXISTING GENERATION TABLE 39 INDIA S CUMULATIVE ELECTRICITY GENERATING CAPACITY, THROUGH 2016 (GW) ELECTRICITY GENERATION INDUSTRY FORECAST TABLE 40 INDIAN MARKET FOR ELECTRICITY GENERATION, THROUGH 2016 ($ MILLIONS) NON-OECD ASIA OTHER THAN CHINA AND INDIA INDUSTRY STRUCTURE GOVERNMENT POLICIES EXISTING GENERATION TABLE 41 NON-OECD ASIAN (EXCEPT CHINA AND INDIA) CUMULATIVE ELECTRICITY GENERATING CAPACITY, THROUGH 2016 (GW) INDUSTRY FORECAST TABLE 42 NON-OECD ASIA S (EXCEPT CHINA AND INDIA) MARKET FOR ELECTRICITY GENERATION, THROUGH 2016 ($ MILLIONS) CHAPTER TEN: COMPANY PROFILES SUMMARY COMPANIES AES CORP Overview Corporate Strategy AES GENER SA Overview ČEZ AS Overview

8 Corporate Strategy CHINA RESOURCES POWER HOLDINGS CO. LTD Overview Corporate Strategy CHINA YANGTZE POWER CO. LTD Overview Corporate Strategy CONSTELLATION ENERGY GROUP, INC Overview Corporate Strategy DATANG INTERNATIONAL POWER GENERATION CO., LTD Overview Corporate Strategy DOMINION RESOURCES, INC Overview Corporate Strategy E.ON AG Overview Corporate Strategy ELECTRICITÉ DE FRANCE Overview Corporate Strategy ELETROBRAS Overview Corporate Strategy ENDESA SA Overview Corporate Strategy ENEL SPA Overview Corporate Strategy ENERGIE BADEN-WÜRTTEMBERG AG Overview Corporate Strategy ENERSIS SA Overview Corporate Strategy ESKOM HOLDINGS LTD Overview Corporate Strategy EXELON CORP Overview Corporate Strategy

9 HUANENG POWER INTERNATIONAL Overview Corporate Strategy IBERDROLA SA Overview Corporate Strategy INTERNATIONAL POWER PLC Overview Corporate Strategy J-POWER/ELECTRIC POWER DEVELOPMENT CO., LTD Overview Corporate Strategy MIDAMERICAN ENERGY HOLDINGS CO Overview NEXTERA ENERGY, INC Overview Corporate Strategy NRG ENERGY INC Overview Corporate Strategy NTPC LTD Overview Corporate Strategy PUBLIC SERVICE ENTERPRISE GROUP INC Overview Corporate Strategy RUSHYDRO JSC Overview Corporate Strategy RWE AG Overview Corporate Strategy SAUDI ELECTRICITY COMPANY Overview Corporate Strategy SCOTTISH & SOUTHERN ENERGY PLC Overview Corporate Strategy SEMPRA ENERGY Overview Corporate Strategy SOUTHERN COMPANY Overview Corporate Strategy

10 TATA POWER CO., LTD Overview Corporate Strategy TOKYO ELECTRIC POWER CO., INC Overview Corporate Strategy VATTENFALL AB Overview Corporate Strategy