verbund renewable powerverbund renewable power gmbh (100 %) development target 2020 (ren in total)...
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© VERBUND AG, www.verbund.com
VERBUND Renewable PowerImportant success factors for investing in Renewable Energy
Dieter Meyer, Wien 29.04.2011
TT.MM.JJJJ Seite 2© VERBUND AG, www.verbund.com
VERBUND facts
• Austria’s leading electricity company, counting as well among the industry’s TOP companies in Europe.
• covering some 40 % of Austria‘s electricity requirement – 90 % of which is derived from renewable hydro power.
• the fourth largest hydro power company in Europe
• listed on the stock exchange since 1988 (Vienna, Frankfurt, London); 51 % of the share capital is owned by the Republic of Austria.
VERBUND
> 3.000Employees
Operative cash flow
Group resultsEBITSales revenue
778Mio. €
400Mio. €828Mio. €
3,308Mio. €
2010
0100200300400
500600700800900
RWE
SSE
E.ON
ENEL ED
P
Centr
ica
Iberdr
ola
Fortu
mED
F
VERB
UND
g C
O2/
kWh
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TT.MM.JJJJ Seite 3© VERBUND AG, www.verbund.com
Wind farms
VERBUND operates three wind farms in Austria, with a total capacity of 49 MW (extension in near future to double the capacity).
In Italy, France and Turkey, the joint ventures operate wind farms with a total capacity of over 300 MW.
In Bulgaria, VERBUND operates a wind farm with a capacity of 16 MW.
A large wind farm in Romania with a total capacity of 200 MW is currently under construction.
Generation
TT.MM.JJJJ Seite 4© VERBUND AG, www.verbund.com
VERBUND Wind farms
FCountries
105 MWIn operation
0 MWUnder construction
> 250 MWIn development
Poweo (46 %)
Development target > 200 MW
TRCountries
30 MWIn operation
39 MWUnder construction
150 MWIn development
EnerjiSA (50 %)
Development target ~ 300 MW
A, RO, BG, (HR)Countries
65 MWIn operation
100 MWUnder construction
> 200 MWIn development
VERBUND Renewable Power GmbH (100 %)
Development target 2020 (REN in total) ≥ 500 MW
I, F, ROCountries
192 MWIn operation
8 MWUnder construction
> 1000 MWDevelopment target
Sorgenia (45 %)
* Percentages of participating interests have not been taken under consideration
Participating interests of VERBUND(via Joint Ventures)
Participating interests of VERBUND Renewable Power GmbH
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TT.MM.JJJJ Seite 5© VERBUND AG, www.verbund.com
Power generationP
ower
gen
erat
ion
cost
sin
€/k
Wh
PV small 1100 *PV large 2000CSP with storage 2000Wind offshore 3600Wind onshore 2000Energy mixed fossil
*Values used for full load hours Quelle: Frauenhofer Institut
TT.MM.JJJJ Seite 6© VERBUND AG, www.verbund.com
Developing renewable energyprojects in the Black Sea region
6Seite
Success factors
• Support mechanism
• Non-financial aspects
• Grid access and power dispaching
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TT.MM.JJJJ Seite 7© VERBUND AG, www.verbund.com
Success factor 1: Support mechanism
Certificate System
Feed-in-Tariff
Tender System
• Higher risks lead to higher financial costs• Higher risks leads to higher chances for good
returns • More difficult for market players ( utilities) and
for implementation• Romania; [Italy]
Is usually the most attractive support mechanismCountable returns (if strict rules are implemented!) Good for getting projects financedStraight forward to handleOver-supporting must be preventedBulgaria, Ukraine, Turkey (!); [France; Austria]
• Discontinuous market development• Transparency is key• Very limited interest for market entry
TT.MM.JJJJ Seite 8© VERBUND AG, www.verbund.com
Sucess factor 2: Non-financial aspects
• Legal security
• Transparency
• Low risk of unforeseen changes
• Known duration of the approval process
e.g.:Tariff changes (before and after start of
operation); landowner issuesClear process of approvals (development
takes 2 to 5 years) also for local authoritiesExample with environmental permit; but also
tariff changes Important for realistic planning
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TT.MM.JJJJ Seite 9© VERBUND AG, www.verbund.com
Sucess factor 3: Grid access and power dispaching
• Grid access
• Power dispatching / balancing energy
e.g.:Guaranteed grid access is essential
(reservation fee; temporary; rules for ownership and payments)
Curtailments of power production (grid planning); major future topic: balancing energy and energy forecasting (not adequately considered yet)
TT.MM.JJJJ Seite 10© VERBUND AG, www.verbund.com
Thank you for your attention
2010s:1960s:
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