smartestenergy annual review 09/10 full version

review 2010

annual

contents

02 SmartestEnergy at a glance

04 building on strong foundations

06 UK strength, global backing

08 leading growth

10 a year of achievement

12 building scale in independent generation

14 making a name for ourselves in retail

16 energy partner of choice

18 summary directors’ report and financial statements 2009/2010

SmartestEnergy Annual Review 201002

SmartestEnergyat a glance

turnover for FY 2009/2010

£841 millionpost tax profit

£8.6 million employees

76 power purchase customers

150retail customers

248generation sites

445retail business sites

830total volume

5.1 TWh

All statistics as of 31 March 2010All volume eligible under the Renewables Obligation as of 31 March 2010

SmartestEnergy Annual Review 2010 03

Robert Groves, Chief Operating Officer of SmartestEnergy, highlights a year which has seen the company further strengthen its position as the UK’s leading purchaser and supplier of energy generated by the independent sector.

For SmartestEnergy, 2009/10 was a year of significant achievement against a backdrop of challenging economic conditions. Where others struggled, we met or exceeded all of our targets and secured a number of important firsts both for the company and the industry.

The financial year represented the eighth consecutive year of growth and with continued strong support from our parent company, the Marubeni Corporation of Japan, we have the platform for yet further growth in the future.

During the year we confirmed our position as the UK’s leading purchaser of energy generated by the independent sector, with an expanding portfolio of over 400 generation sites. Our Power Purchase business is regarded as a market leader by independent generators and SmartestEnergy purchases the output from 20%

of the independently owned generation sites in the UK. We also purchase almost 10% of the renewable electricity generated.

Our impressive progress as a dynamic, independent force in an established market has been centred on a continual focus on meeting customer needs, demonstrated during 2009/10 with the launch of a suite of innovative new products. Our flexible Power Purchase Agreement (PPA) for example offers generation customers the same flexibility that retail customers have long been accustomed to. The introduction


building on strong foundations...


of our first long term PPA provides those looking to develop new projects with the security they need to satisfy funding requirements. A pioneering community wind project on Orkney was one of the first to benefit from this product.

The year has also seen great strides by our retail business. We have grown from just four customers and a contracted volume of 22GWh at the end of December 2009 to over 200 customers and a contracted volume of 1,693GWh by the end of the financial year in March 2010. A focus on market-leading customer service and a flexible approach

to meeting consumer needs has enabled us to attract some of the UK’s best known names. We anticipate significant further growth in our retail business as large energy users increasingly look for flexible and renewable-based supply offerings.

The change in the UK political landscape will undoubtedly lead to some uncertainty around future energy policy and market structure, but in change we see opportunity. Despite the uncertainty SmartestEnergy will be well placed to benefit from any shift in policy that might strengthen the continued

development of distributed generation or encourage wider renewable energy uptake by major users.

As we enter our tenth year we are well-positioned to again rise to the challenge of what lies ahead.

Robert Groves


Hirohisa Miyata, Director and Chairman of SmartestEnergy and General Manager of Overseas Power Project Department II of Marubeni Corporation, praises SmartestEnergy’s contribution as part of one of the world’s largest companies.

Marubeni Corporation is one of Japan’s largest general trading houses with wide-ranging interests across energy, manufacturing, trading and investment throughout the world.

Founded in 1858, its shares are listed on the Tokyo, Nagoya and Osaka stock exchanges and we are ranked at 189 in the latest Fortune Global 500 list of the world’s largest companies. In 2009/10 global

revenues were more than £23 billion from our operations and investments in more than 70 countries.

Marubeni has a strong presence in the global power market as an Independent Power Producer (IPP) with generation projects in 21 countries and a total net capacity of over 7.6 GW. Our diverse portfolio encompasses a wide range of generation sources including renewables. We are continuing to commit further investment in IPP projects across the world.

Since we launched SmartestEnergy as a subsidiary in 2001, it has become an increasingly important part of our department and the Power Projects and Infrastructure Division, a core business in Marubeni’s new medium-term business plan.

SmartestEnergy has successfully developed a unique business model as a power consolidator in the UK and the launch of its retail business in 2008 has provided the platform for its next stage of growth and development as new opportunities arise in the market.

The company’s progress to date in the UK market has demonstrated the potential for an independent player, backed by the financial strength required in today’s energy markets, to build significant market share. That in turn provides Marubeni with opportunities to be a vertically integrated power company in the UK market and also with the foundations to replicate the business model in other countries.

UK strength, global backing...


SmartestEnergy’s performance in 2009/10 fully confirmed our confidence in its management and staff to deliver sustainable growth in difficult economic conditions. The company has continued to demonstrate Marubeni’s core business principles of ‘fairness, innovation and harmony’ and our commitment to contribute to social and economic development.

SmartestEnergy exceeded our expectations in 2009/10 and we have every confidence it will continue to deliver for Marubeni in the coming year and beyond.

Hirohisa Miyata

“The company has continued to demonstrate Marubeni’s core business principles of fairness, innovation and harmony.”

leading growthSmartestEnergy executive committee


Yoshiaki Yokota Chief Executive Officer

& Director

In addition to his role as Chief Executive Officer of SmartestEnergy, Yoshiaki Yokota is President of Marubeni Europower and responsible for Marubeni Corporation’s Power Projects.

He joined SmartestEnergy in 2009 after more than 20 years in senior roles with Marubeni in Pakistan, South-West Asia and the Middle East.

Mr Yokota graduated in 1987 with a degree in Electrical Engineering from Waseda University, Japan before joining Marubeni. He has held a number of high-level positions in business divisions including EPC (Engineering, Procurement & Construction) projects and IPP (Independent Power Producer).

Robert GrovesChief Operating Officer

& Director

Robert Groves oversees all key functions across strategy, finance, IT, risk, trading and commercial.

Robert joined the company as Vice President Commercial in 2004, following a number of senior positions in metals and energy trading with Enron, Électricité de France (EDF) Trading and BHP Billiton.

An MBA graduate from London Business School, he read Mechanical Engineering at Leeds University before joining the Royal Navy Submarine Service and qualifying as a Chartered Mechanical Engineer.

Hiroyuki Sawada Vice President Risk Management and Deputy Vice President Finance (Interim) & Director

Hiroyuki Sawada is responsible for managing the interests of stakeholders and overseeing all risk management aspects of the company. He also manages statutory reporting and funding arrangements.

Mr Sawada has over 20 years of experience in the energy sector and has held a number of high-level positions in the wider Marubeni Corporation. He began his career as an accountant in the Infrastructure and Energy Projects Division.

Robert Owens

Vice President Commercial

(Interim)

Robert Owens was appointed to his role in 2010 after nine years with SmartestEnergy.

He initially joined the company as a Market Analyst and was responsible for design and implementation of pricing and analysis.

Robert was appointed Commercial Manager before becoming Deputy Vice President Commercial, responsible for non-standard transactions and special projects in general.

Prior to joining the company, he held a number of senior analyst positions and also worked on power price projections and commercial modelling of power plants for IIex Consultants, (now Poyry).


James Clarke Vice President Trading

& Director

As Vice President for Trading at SmartestEnergy, James Clarke is a key commercial decision maker within the company.

James is responsible for wholesale market trading and hedging, route to market customer service, volume risk management and our Energy Management Centre.

Following a degree in Economics and a Masters degree in Political Economy, James spent four years at TXU Energy Trading in a number of analytical and project roles, covering Power, Gas, Oil, Coal and Weather derivatives trading before joining SmartestEnergy in 2003.

Jo Butlin Vice President Retail Operations

Jo Butlin joined SmartestEnergy in 2008 to lead and develop its newly established retail business in the UK.

She also holds responsibility for broader operational functions across the company.

Before joining SmartestEnergy, Jo was a member of the senior leadership team at E.ON UK’s B2B retail business and also served as Head of Customer Services Development for TXU Europe.

Jo graduated from Durham University with a degree in Geography and began her career at KPMG where she qualified as a chartered accountant.

Simon Little Vice President IT

Simon Little is responsible for the company’s strategy, new product deployment, ongoing support, and shareholder liaison in relation to IT.

He joined SmartestEnergy as Systems Accounting Manager in 2007 following a number of senior IT management positions with large multi-site companies including Serco, Halliburton, Holmes Place and Superdrug.

Simon began his career as a software engineer and later went on to qualify as a Chartered Management Accountant accredited by the Chartered Institute of Management Accountants.

a year of achievement...


During 2009/10 SmartestEnergy achieved a number of significant milestones across the business. At a corporate level our growing influence in the market saw us receive national media coverage for our opinions on the role of ‘energy entrepreneurs’ and our inaugural annual conference attracted many of the industry’s key opinion formers.

In a highly competitive market we recognise we can’t stand still and are continually looking to innovate across our people, products and processes.

It has been another year of real achievement at SmartestEnergy and we have exciting plans in place for achieving yet more milestones in 2010/11.

High Street breakthroughIn October 2009 we secured Marks & Spencer as our first flexible multi-site customer.

Under a specially developed agreement, Marks & Spencer purchases renewable electricity equivalent to 100% of energy usage at its 65 stores in Scotland and with a specific REGO allocation which supports the local renewable generation sector in Scotland including a number of community-owned schemes.

As the only supplier that offered this innovative arrangement for Marks & Spencer’s Scottish stores, SmartestEnergy hope to be able to extend it to other customers in the future.


Backing energy entrepreneursTwo Orkney wind turbine projects, Birsay Energy and Westray Development Trust, signed the first SmartestEnergy long-term Power Purchase Agreements. The PPAs helped secure bank finance for the projects, demonstrating SmartestEnergy’s role in enabling new independent generation. The Westray project later went on to win a Scottish Green Energy award for Best Community Initiative.

Pioneering contract extendedAs part of our commitment to support a low carbon energy market we work with Good Energy, the UK’s only dedicated 100% renewable electricity supplier.

Generation growth

At the start of 2010, SmartestEnergy announced

that our independent generation total passed the 1,500 MW mile stone, making it the largest portfolio of non-utility generated electricity in the UK. Our decision to become a voluntary feed-in tariff provider will help encourage further growth of the independent sector.

Enabling industry firstsWe worked with Next Generation Data to help ensure their new data centre in South Wales became the first in Europe to purchase 100% renewable energy for its power needs.

A tailored flexible agreement – believed to be unique in the industry – was developed to suit the requirements of the NGD Europe centre including a system for billing its tenants for energy usage. The state-of-the-art 750,000 square feet facility, one of the largest of its kind in the world, is home to a variety of companies including BT.

Securing long-term contracts

In October 2009, Infinis became our first fully flexible PPA customer, followed in the Spring by Viridor and Biffa, who both signed five year flexible PPA contracts. These were ground breaking agreements for SmartestEnergy.

SmartestEnergy’s growing influence in the generation sector was demonstrated by a 12% rise in electricity volumes purchased during 2009/10.

More than 20% of independent generation sites in the UK are now serviced by SmartestEnergy, a testimony to our founding aim of providing real choice and service to that sector. Behind these impressive statistics lies a diverse range of independent generation projects with capacities from below 1MW to 420MW. These range from community windfarms and hydro schemes, providing extra income for Scottish sporting estates, to energy-from-waste facilities and industrial CHP facilities.

As well as being a significant force in our own right, we also play a wider role in supporting renewable generation and diversity of supply in the UK energy industry.

SmartestEnergy’s financial strength and trading expertise is helping a number of other independent suppliers in the domestic retail market. Niche renewable suppliers such as Good Energy rely on SmartestEnergy to ensure they meet the needs of their own customers.

We also support the ‘Big Six’ electricity companies’ ability to satisfy their obligations to procure renewable power by supplying them with renewable power from our generation customers.

Looking ahead, the independent generation sector will have an increasingly important role to play in ensuring diversity and security of supply for energy in the UK.

A growing number of smaller developers will be looking to enter the generation market, benefiting both the UK’s energy mix and stimulating local economies.

Businesses and other larger users are also increasingly looking to control costs and their own security of supply through on-site generation and contracting directly with generators.

SmartestEnergy’s experience of both independent generation and the energy market means we are well-placed to play a leading role in supporting the development of the sector.

Over half the power purchased by SmartestEnergy in 2009/10 came from renewable sources and Good Quality Combined Heat and Power (CHP). The remainder was sourced from conventional generation.


building scale in independent generation...


25%34%GQ CHP

Conventional

4% Biomass & Anaerobic Digestion

41%Renewable

Coal plays a vital role in

the UK’s diverse energy

mix, with SmartestEnergy

customers including

Alcan contributing to

the third of the UK’s

electricity supplied by

coal. Significant advances

have been made in recent

years to develop cleaner

and more efficient coal

combustion technologies.

Combined Heat and Power

(CHP) provides large energy

users with a highly efficient

way to use both fossil and

renewable fuels. Generation

from ‘Good Quality’ CHP

such as that supplied

by British Sugar via

SmartestEnergy is expected

to grow significantly as

large consumers look for

greater control over costs

and security of supply.

As well as working with many

existing generators, we are

playing an important role in

helping energy entrepreneurs

bring new renewable projects

on stream and contribute

to the UK’s 15% target

of producing energy from

renewable sources by 2020.

SmartestEnergy has worked with

major landfill gas operators in the

UK including Viridor to develop this

valuable resource, which prevents

greenhouse gases entering the

atmosphere and ensures the long-

term safety of landfill sites.

SmartestEnergy has long-established

relationships with leading players

such as Biffa and Andigestion that are

at the forefront of the development

of a sector that is seeing rapid

technological advancement.We currently purchase power from projects ranging

from Vattenfall’s 30-turbine Kentish Flats offshore

wind farm to single turbine community schemes

and have assisted a number of developers in

securing funding for new projects.

SmartestEnergy works with landowners

and estates that have developed hydro

schemes to harness new sources of

revenue. Small scale hydro schemes

provide a reliable, flexible and cost-

competitive power source with minimal

environmental impacts.

8% Wind Power 4% Hydropower

25% Landfill Gas

Over half the power purchased by SmartestEnergy came from renewable sources and Good Quality CHP ...

Our renewable generation during the year was made up of:


Throughout our first full year as a retail supplier we saw sustained growth in customer numbers and contracted volumes, confirming our belief that large energy users would value a fresh approach in the market

That approach is based on a source-to-supply model delivering products designed around the needs of customers and backed by an uncompromising commitment to the highest levels of service.

Our ability to offer energy from our large renewable portfolio at non-premium prices has attracted significant interest at a time when large users and intermediaries are increasingly looking to source some or all of their electricity from sustainable sources.

As a new entrant to the market, we were able to look at existing product offerings and to develop a range we believe better serves the demands of today’s consumers, from products providing simple fixed prices to those enabling a high degree of flexibility.

We have also placed particular emphasis on meeting the more complex needs of large, multi-site customers. If required for example, invoicing can be provided on a site-by-site basis or consolidated at

group level depending on individual customer requirements.

We provide a level of customer service that is unmatched in the industry. The benefits of a personal and proactive approach - anticipating issues where customers may need particular advice and support - was demonstrated during the year with not a single customer complaint received.

Each of our retail customers has a dedicated Account Manager and Customer Service Executive who work closely with customers at every stage of their relationship with SmartestEnergy. An innovative eBilling system also provides easy and flexible access to the information energy users need, when they need it.

The sustained growth we have enjoyed in our retail business during 2009/10 has provided a solid platform for continued momentum as we look to build market share in the future.

making a name for ourselves in retail...


Volumes more than trebled and our customer service team maintained its record of zero complaints.

Sep

tem

ber

Aug

ust

July

June

May

Ap

ril

Oct

ob

er

No

vem

ber

Dec

emb

er

Janu

ary

Feb

ruar

y

Mar

ch

1800

1600

1400

1200

1000

800

600

400

200

0

27%Manufacturing

9%Finance

4%Leisure & Other25%

Retail & Wholesale7%

Transport & Storage

17%Property & Construction

Portfolio Growth

Contracts by Industry Type

Gaining momentum Our supply portfolio grew steadily month-on-month, a trend that has continued into the current year.

Meeting diverse demand From law firms to high street retailers to manufacturers and local authorities, SmartestEnergy is supplying a broad spectrum of large energy users.

MONTHSGWh

Public Sector11%


“Price is obviously important but we also believe in the benefits of having a financially strong, independent presence such as SmartestEnergy in this market. We also want to take our own distinct view on where electricity prices will go and the contracts offered by SmartestEnergy provide the flexibility for us to back our judgement which is often against the consensus in the market.”

Bruno Prior Director of Andigestion This company operates anaerobic digestion facilities in Devon and Cambridge and has worked with SmartestEnergy since 2003.

“Our relationship with SmartestEnergy is very much about collaborative working which is important to us in what has become an increasingly complex energy market. We feel we know the people we deal with very well and that they understand our organisation’s needs. The administration side of things has also run like clockwork.”

David Woodward Facilities Manager for Barnardo’s SmartestEnergy’s longest-standing retail customer since 2008.

“The level of personal service we receive from SmartestEnergy is important to us; we can always pick up the phone and speak to someone we know rather than going through to an anonymous call centre.”

David Mosgrove Estate Factor for Broadland Properties This company has developed three run-of-river schemes at its Conaglen sporting estate in the Scottish Highlands and has worked with SmartestEnergy since 2008.

energy partner of choice...


“We found the process of working with SmartestEnergy a very slick one. The price agreed was stuck to as negotiations were finalised and the deal was done very quickly.”

Eddie Wilkinson Chief Executive of Energy Power Resources (EPR) Operator of five large biomass-fuelled generation sites including Westfield in Fife which became a SmartestEnergy customer in 2009.

“SmartestEnergy have demonstrated their capability in supporting the local renewable energy sector and we are delighted to be working with such a strong and responsive organisation.”Giacinto Patellaro Energy Contracts Manager, Marks & Spencer

summary directors’ report and financial statements 2009/2010

Financial information contained in this document does not constitute statutory accounts within the meaning of section 404 of the Companies Act 2006.

The statutory accounts for the year ended 31 March 2010 have been filed with the Registrar of Companies.

summary directors’ report

SmartestEnergy Financial Statements 201020

The directors submit herewith their annual report for SmartestEnergy Limited (the ‘Company’) together with the audited Company financial statements for the year ended 31 March 2010.

Results and dividends The Company’s profit for the year ended 31 March 2010, after taxation and dividend paid, amounted to £4,536,323 (2009: £3,762,943).

The directors approved a dividend payment during the year of £4,107,722 (2009: £4,452,500). On 24 November 2010 the directors approved a dividend of £4,322,022 in respect of year ended 31 March 2010.

Principal activities and review of the business The Company’s main activity continues to be the provision of off-take power generation contracts to customers in the independent generation sector in Britain. Under the terms of these contracts, SmartestEnergy agrees to purchase the power (as well as the renewable benefits such as Renewable Obligation Certificates (ROCs), Levy Exemption Certificates (LECs) and any embedded benefits that might be associated with that power) generated by its customers, and delivers that power into the British wholesale electricity market. SmartestEnergy also offers its customers a range of support products and services which enables those generators to manage the risks they are exposed to within Britain’s highly complex and volatile electricity market.

The Company’s core electricity and renewable trading activities performed very well. This performance reflected the limited effect of the recessionary environment on the British wholesale electricity market and the Company’s increasing renewable trading activities – the Company sold 900,000 ROCs in FY2008/09 and 1.3 million ROCs in FY2009/10.

The supply business launched in October 2008 supplying large commercial customers with renewable and ‘conventional’ electricity has, despite the difficult trading conditions caused by the recessionary environment, established itself and won several large contracts in its target market. The directors of the Company expect this new business to have grown to the volume of the Company’s existing off-take business by the end of FY2010/11.

The directors of the Company remain confident that the supply business will deliver on its objectives of providing significant risk-mitigating benefits for the existing businesses whilst growing to become a significant earnings contributor in the medium term.

The continued successful growth of these business activities alongside the ongoing improvement in the management of the Company’s risks, are reflected in the Company’s continued profitability during the year. Management considers the following to be the key performance indicators of the Company.

2010 2009 Change £000 £000 %

Gross Profit 23,367 18,389 27

Retained profit before dividend 8,646 8,214 5

SmartestEnergy Financial Statements 2010 21

Principal risks and uncertainties The Company hedges its electricity and gas price exposure in the wholesale electricity and gas forward markets using over-the-counter derivatives. With this dependency on these markets as a source of liquidity for its trading activities, the Company’s business model is at risk from any regulatory change that might endanger that ability to trade or source liquidity.

That regulatory change remains the principal risk to the Company’s business model and is likely to come from two directions:

•EuropeanUnion-ledreformofthefinancialoverthecounterderivativesmarkets.Althoughlegislationhasnotyetbeenpresented for approval by the European Parliament, the directors of the Company consider that there is a significant risk that the over-the-counter, energy derivatives market that the Company trades in will become more heavily regulated. The directors of the Company are monitoring this situation carefully.

•Onthe3February2010,theOfficeforGasandElectricityMarkets(OFGEM)issuedaconsultationproposingthattheUK’s wholesale gas and electricity markets required significant change in order to encourage the investment in supply and generation capacity, needed to provide secure and sustainable electricity and gas supplies to the UK over the next 15-20 years. The coalition government elected in the May 2010 election has yet to outline the detail of its energy policy and this regulatory uncertainty will continue until the coalition government has established a clear strategy for the regulation and future of the UK’s gas and power markets. The Company is monitoring developments in this area carefully.

The principal business risks and uncertainties facing the Company’s daily operations are credit risk, volume risk, market risk and interest rate risk.

Future development The Company’s growth strategy has been to develop an asset-light, vertically-integrated electricity company that uses the wholesale electricity and gas markets to procure and sell its electricity and gas volumes – as opposed to procuring its power from a portfolio of owned, generation plants as the traditional vertically-integrated electricity company does.

With this business model now established, the directors of the Company intend to focus the Company’s efforts towards growing the core off-take and now-established supply businesses further with overseas expansion considered in FY2011/12.

With the growing complexity of the Company’s operations, focus will also be applied to the strengthening of the

Company’s internal controls and management information systems.

summary directors’ report..

Directors of the Company during the year The directors of the Company were as follows:

H Toyoshima – deceased 15 July 2010 H Miyata R Groves S Armitage – resigned 17 September 2010 H Sawada Y Yokota J Clarke – appointed 8 July 2010

There are no directors’ interests requiring disclosure.

J Matsuda acts as Company Secretary

Creditors’ payment policy It is the Company’s policy to settle all debts with its creditors on a timely basis, taking account of the credit period

agreed with each supplier.

Charitable donations

During the year, the Company made charitable donations of £1,225 (2009: £100).

Environment The Company is committed to pursuing sound environmental policies in all aspects of its business, and seeks to encourage and promote good environmental practice amongst its employees and within the communities in which

it operates.


2010 2009 £000 £000 Turnover 840,926 884,127Cost of sales (817,559) (865,738)

Gross profit 23,367 18,389Administrative expenses (10,308) (8,036)

Operating profit 13,059 10,353

Interest receivable 58 840Interest payable and similar charges (1,043) (1,554)

Profit on ordinary activities before taxation 12,074 9,639Tax on profit on ordinary activities (3,428) (1,425)

Retained profit for the year 8,646 8,214 The Company had no recognised gains or losses for the current year, other than those shown above.The profit for the year was derived from continuing operations.

SmartestEnergy Financial Statements 2010 23

profit and loss summaryfor the year ended 31 March 2010

2010 2009

£000 £000

Fixed assets Tangible assets 3,597 2,797

3,597 2,797

Current assets Stock 58,861 43,075 Debtors: amounts falling due within one year 53,108 56,388 Derivative financial assets 52,379 58,330 Deferred tax asset 140 108 Cash at bank and in hand 7,440 7,967

172,028 165,868

Creditors: amounts falling due within one year (98,796) (93,044) Derivative financial liabilities (47,418) (50,848) Net current assets 25,714 21,976 Total assets less current liabilities 29,311 24,773 Capital and reserves Called up share capital 6,667 6,667 Share Premium account 2,600 2,600 Profit and loss account 20,044 15,506

29,311 24,773

Reconciliation of movements in shareholders’ funds

Share Share Profit Capital Premium & Loss Total £000 £000 £000 £000

At 1 April 2009 6,667 2,600 15,506 24,773 Profit for the Year - - 8,646 8,646 Dividend Paid - - (4,108) (4,108) At 31 March 2010 6,667 2,600 20,044 29,311

A dividend of £4,107,722 was approved by the Board on 10 August 2009 and paid during the year.

balance sheet summary..at 31 March 2010


Registered Office Dashwood House 69 Old Broad Street London EC2M 1QS

Directors H Miyata R Groves J Clarke H Sawada Y Yokota

Secretary J Matsuda

Auditors Ernst & Young LLP 1 More London Place London SE1 2AF

Principal Bankers Mizuho Corporate Bank Ltd Bracken House 1 Friday Street London EC4M 9JA

company information and advisors

[email protected] www.smartestenergy.com

SmartestEnergy LtdDashwood House69 Old Broad StreetLondon, EC2M 1QS

T +44 (0)20 7448 0900 F +44 (0)20 7448 0987

SmartestEnergy Limited is a wholly-owned subsidiary of the Marubeni Corporation of Japan

RecycledThis publication is printed on paper

consisting of 100% recycled stock100%

smartestenergy annual review 09/10 full version

Documents

financial year

year of achievement12

consecutive year of

power purchase business

independent sector

generation customers

independent force

independent generators