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C A R B O3

M E E T O U R T E A M

MEET OUR TEAM

Dear Colleague,

As a power market player, CARBO aims to keep you informed.

Ask yourself: what will be the price obtained in Poland's new feed-in-tariff obtained at auction? Will the price be PLN 350, PLN 290 or PLN 245? Many factors are at play, but one thing is certain. If investors don't obtain the right price for their project, much renewable energy capacity will never be built.

CARBO is a primary power database and we are send-ing you a preview of our first deliverable, which we will issue in Q1 2016. Why should you subscribe to CARBO? If you're an investor, you can use CARBO to build or balance your portfolio. If you're a developer, you can use CARBO to predict which projects will compete in the auction. And if you're a supplier, you can use CARBO to find buyers for your products and services.

What's missing from the market is actionable commer-cial intelligence. Cleantech has been on the market since 2010 providing data, sales and marketing. We invite you to contact us at the information given on the back cover and meet the members of our team who are here to help you navigate CEE's power markets.

Subscribe today to have your business decisions powered by CARBO.

Kind Regards, Parker Snyder

Parker SnyderCommercial Director

Wojciech KośćEditor in Chief

Barbara MarciniakProject Manager

Piotr WdowińskiHead Analyst

Gabor Chodkowski-GyuricsAnalyst

Ozan SaglikAnalyst

Łukasz MazurekArt Director

Robert WalczyńskiDTP

Natalia SzydlakOffice Manager

C A R B O P O L A N D O V E R V I E W4

Power Markets

C A R B O5

S C O P E O F C A R B O

SCOPE OF CARBO

UNITED KINGDOM

IRELAND

FRCH

DEBE

NL

LU

AT

IT

BiH SRB

MNE

AL

MK

KOSANDORA

SPAINPORTUGAL

MOROCCO

ALGERIA

TUNISIA

MT

GR TR

GEORGIA

AZERBAIJANARMENIA

UA

BY

FI

SE

NO

MD

LIBYA

EGYPT

JORDAN

ISRAEL

SYRIA

LEBANON

CYPRUS

IRAQ

RU

RU

DK

LI

SLOVENIA

CROATIA

BULGARIA

SLOVAKIA

HUNGARY

POLAND

LITHUANIA

LATVIA

ESTONIA

ROMANIA

CZECH REPUBLIC

WIND

BIOMASS

NATURAL GAS

HYDRO

COALSOLAR PV

NUCLEARGEOTHERMAL

BIOGAS

OIL SHALE

C A R B O6

C O M M E R C I A L A N A L Y S I S

COMMERCIAL ANALYSISOVERVIEWFollowing the accession to the European Union in 2004, the investment potential of Central and Eastern Europe’s (CEE) power markets became much more appreciated. The CEE countries - Poland, Czech Republic, Lithuania, Latvia, Estonia, Slovakia, Slovenia, Hungary, Croatia, Romania and Bulgaria - are the emerging power markets, where abundant renewable energy resources provide fast-rising investment opportunities, unlike in the mature markets of the West.

The renewable energy sector in the region has been developing mostly through feed-in-tariffs (FITs). FITs are a policy mechanism designed to support investment in renewable energy technologies by providing them a fee, called "tariff", above the retail electricity price. This mechanism provides long-term stable revenue to renew-able energy producers.

Apart from FITs, and their variation known as mar-ket premium, there also are other support schemes like green certificates (GC) and investment subsidies. Green certificates, also known as Certificates of Origin (CO), can be traded in some countries like stocks on power ex-changes contributing to the additional income for asset owners. The amount of possible support in the form of FITs or GC is announced annually by the government, us-ing quotas. With regard to FITs, quota is a set percentage of renewable energy producers that will be qualified for support in a given year. In a GC scheme, quota means a percentage of the GCs that the state will remit in a given year. Between 2009 and 2012 renewable energy policies in CEE were primary driver of growth in the renewable energy sector, and made their way into the wider public debate on energy generation and security. Depending on government decisions concerning support systems, some power markets were developing sustainably, while others - the Czech Republic’s PV sector is a case in point - saturated quickly.

POLANDPoland’s energy policy is likely to change, following a change in the government after Law and Justice (PiS) won power in elections held in late October. The new government will establish a new ministry dedicated to oversee the energy sector. The wider impact of PiS’ shift-ing priorities in energy policy, which is expected to favor coal as energy source, is difficult to assess. Polish re-newable power market is in a period of transition. From 2016, the old system of certificates of origin will coexist with the new auction-based support scheme. Power companies are waiting for the first auction to take place in the first half of 2016, with high hopes and high risks attached to the process. To read more about Poland turn to page 10.

LATVIALatvian power producers also wait impatiently for the decisions of the government. Will Latvian FITs be re-stored in 2016 and the sector will kick off? In Latvia, as in the other Baltic states, natural gas plays an important role, powering 90% of Latvia’s installed conventional capacity. A risk, however, is that all the resource is im-ported from Russia, potentially impairing energy secu-rity. If Latvia sees further growth in its major renewable power source, hydropower, restricted and development of wind power is hindered by political decisions, the country should go for the increase in biomass-fired CHPs to create more baseload capacity.

CROATIAAnother country awaiting a change in renewables’ sup-port system is Croatia. The new renewable energy law, coming into force on January 1, 2016, will end the current FIT scheme and introduce a different support system for eligible power producers. Wind is the dominant renewable energy type in Croatia and it roughly translates into 80%

0

1000

2000

3000

4000

5000

CROATIA

ESTONIA

POLA

ND

[MW]

CARBO

WIND PIPELINE

0

2000

4000

6000

8000

ROMANIA

CROATIA

POLA

ND

[MW]

CARBO

COAL PIPELINE

SOURCE: CLEANTECH SOURCE: CLEANTECH

C A R B O7


COMMERCIAL ANALYSIS CONTINUEDshare in installed renewable capacity and 6% in power gen-eration, according to 2014 data. The growth in the sector continues, however, and there is 405 MW of wind projects in the pipeline. To read more about Croatia turn to page 11.

CZECH REPUBLICThe Czech Republic should not have difficulties in achiev-ing the EU-imposed 13% target of renewable energy share in final consumption by 2020, as the country con-tinues public support for wind, hydropower, biomass and geothermal power. It can be expected further growth will mainly take place in small hydropower and wind sectors. After Poland, the Czech Republic is one of the CEE coun-tries where coal still plays an important role in energy generation. The Czech Republic also has over 4 GW of installed nuclear power, the most in the region, ahead of Hungary, Slovakia, Romania, Slovenia and Croatia. It can be assumed that as the European Union’s drive to reduce emissions from the power sector, the Czech Republic will adjust its energy mix and slow down development of conventional capacity, especially coal. That said, Prague, like several of its CEE peers, perceives nuclear power as a clean alternative to fossil fuels.

LITHUANIALike its neighbor Latvia, Lithuania produces a significant share of their power in hydroelectric plants. Lithuania’s hydropower sector has 225 MW in the pipeline. How-ever, Lithuania’s cumulative green energy capacity will not change in the second half of 2015 due to exhausted quota for FITs. Nevertheless, over a longer time horizon by 2023, there will be some growth, with 800 MW of wind projects in the pipeline as well as 355 MW in bio-mass and biogas sectors.

ESTONIAEstonia provides one of the most stable FITs in the CEE without restrictions on technology. This does not

however translate into renewable energy investment. Indigenous oil shale, with an 86% share in electric-ity consumption (2014), remains the principal power source in Estonia, whereas renewables contribute only 12.5%. The dominant renewable energy source is wind and there is one major offshore wind project with over 1 GW in the pipeline. Another technology with pipeline capacity is biomass. To read more about Estonia turn to page 13.

SLOVAKIAApart from hydropower, which is the dominant renew-able source in several CEE countries, Slovakia has a good potential for solar PV. Nevertheless, with the installed capacity of only 533 MW (2013), there is a lot room for improvement. Can we expect growth in PV next year? There is little hope for renewable energy in Slovakia at the moment, because of ongoing friction between the industry and the government. Renewable power inves-tors might be taking the Slovak government to court over retroactive cuts to FITs imposed by the government, which undermined business cases of many renewable energy projects. The cuts were introduced to reduce the cost of support for renewables, the government says.

SLOVENIASlovenian renewable energy support system has recently undergone transformation. From the beginning of 2015 the old FIT system is on hold for new installations. The recently introduced Energy Act is supposed to stimulate sustainable growth in the renewable energy sector. Re-newable energy plants connected to the grid after Sep-tember 2014 are applying for a support through public tenders. Out of available renewable energy technologies, solar power has shown the biggest growth in 2014, with capacity increase of almost 13% year-on-year and we can expect this sector to further develop in 2016. To read more about Slovenia turn to page 12.

C A R B O8


COMMERCIAL ANALYSIS CONTINUEDHUNGARYDespite Hungary’s great potential for solar energy yield, the photovoltaic market remains underdeveloped with installed capacity of only 38 MW in 2014. The wind sector has second biggest potential, with 329 MW of installed capacity. Nevertheless, the main reason behind the slow development of renewable power was a flawed FIT system. Could it change? The new FIT scheme has been under development since 2011 and its planned in-troduction for 2014 did not take place. Hungary has not achieved their 2020 EU renewable energy target yet and the new support system was designed to enable growth in renewables to meet that target. According to the Hun-gary’s Renewable Energy Action Plan until 2020, it was the biomass sector with the biggest expected growth in capacity.

ROMANIATwo markets offering currently practically no com-mercial opportunities for renewables are Romania and Bulgaria. The Romanian renewable power market used to thrive thanks to the favorable quotas and high value of green certificates. Currently, like in Poland, the Roma-nian market suffers from a surplus of certificates, which translates into decrease of their market price. Addition-ally, reduced quotas hinder trading in certificates. We should not expect the government to fix the problem, however, as the 2020 target is within reach despite problems.

BULGARIABulgaria is often referred to as a country most suscep-tible to energy poverty among EU member states. What is more, the country is facing infringement proceedings from the European Commission in the area of energy

guidelines compliance. The Bulgarian parliament put through an amendment to the energy act, which put an end to FITs for new wind farms and other types of renew-able power. The aim was to contain power prices and sta-bilize Bulgarian energy market. The changes are coming into effect this year for new installations. As Bulgaria’s 2020 target has been achieved already, there will be no more incentivized growth in renewables in the coming years, maybe except for biomass power.

FORECASTHydropower and wind are the main renewable sources in CEE in terms of installed capacity. It is solar power, how-ever, that has a big potential for growth. It is up to the governments in the CEE region, if the implementation of PV projects will go in line with the potential. If it comes, however, development might be already late, as investors worldwide are already looking elsewhere seeking a fresh start on markets with no competition and no hurdles in renewable energy policies. Some of the most attrac-tive investment opportunities in PV lie in Africa and the Middle East, with Egypt, Jordan and Dubai as common reference markets in business talks. Polish PV companies bet additionally on Kazakhstan. Kazakhstan is a very exciting emerging market for wind and solar PV invest-ments, especially after the introduction of improved FIT scheme in June 2014. Kazakhstan's first large-scale PV plant of total 50 MW was constructed in April this year. There are also at least three wind farms under develop-ment to be launched in 2018. Another interesting lead is Turkey where solar power promises good investment opportunities, but also hydropower, wind and geother-mal. This year a 170 MW geothermal plant is scheduled to go online in Turkey. It will be one of the top ten largest geothermal plants in the world. •

0

200

400

600

800

1000

1200

CROATIA

LITHUANIA

ROMANIA

[MW]

CARBO

HYDRO PIPELINE

0

500

1000

1500

2000

2500

3000

3500

ROMANIA

POLA

ND

SLOVAKIA

[MW]

CARBO

NUCLEAR PIPELINE

SOURCE: CLEANTECH SOURCE: CLEANTECH

DATABASE ASSET FORM DELIVERABLE WEBSITE

SUBSCRIBE TODAY!Barbara Marciniak

Project Manager

tel: (+48) 883 307 149

email: [email protected]


Key Markets

C A R B O11

K E Y M A R K E T S

POLAND

OVERVIEWPoland’s dependence on coal is well known across Eu-rope, with Warsaw’s reputation being one of member states particularly opposed to the EU climate change pol-icy. Both hard coal and lignite play a key role on the Polish energy market covering the majority of the electricity consumption. PGE is the biggest player in coal and power generation with 38% market share. As the megatrend to divest from coal gains momentum, Poland’s coal-fired baseload capacity will become an ever greater liability.

RENEWABLE ENERGYPoland has a prominent potential for renewable energy and the market is still young. The dominant renewable energy types are wind and biomass burned in cogenera-tion. Poland is a leader in CEE both in terms of already in-stalled wind capacity of 4 GW and in business opportuni-ties for the future projects. Reported green energy share in 2014 was 10.8%, so to reach Poland’s EU target of 15% there is still a lot to be done. The new support scheme - auction FIT - is coming into force at the beginning of 2016. Many foreign investors see a great opportunity in the new system. The comparison of FIT schemes across CEE shows that currently Poland is the top country in this region to invest.

FORECASTCoal will remain the staple energy source. It will provide security to the power system for many years to come. Re-newables however, could become the second pillar of the Polish power sector with wind in the spotlight. As for the plans of introducing 3 GW of nuclear power to the energy mix, the final decision will be made by the new govern-ment, which took over in November. CARBO gives total forthcoming capacity as 15,122 MW, including e.g. 7,730 MW of coal, 4,070 MW of wind, 3,000 MW of nuclear and 104 MW of solar PV.

AT

UA

BY

RU

SK

LT

LV

CZ

3000 MW

2000 MW

1800 MW

Industrial plantsWindOther RESThermal - GasThermal - CoalBig hydro

5.76%Industrial plants

4.59%Wind

0.05%Other RES

2.09%Gas

85.90%Coal

1.61%Big hydro

POWER GENERATION IN 2014

Statistics - CountryTotal installed capacity

38,705 MWPipeline capacity

22,154 MW

Statistics - CARBO coverage

Total installed capacity 14,811 MW

Pipeline capacity 15,122 MW

Who is developing power assets?

EDP Renewables Polska, PGE Energia

Odnawialna, GDF Suez Energia Polska, Termall Energy

CARBO INTEL

LEGEND

0-25%

25-50%

50-75%

75-100%

LEGEND

OFFSHORE WIND

BIOMASS NATURAL GAS

HYDRO COAL

SOLAR PV NUCLEAR

KEY PIPELINE 2014-2025

SOURCE: CLEANTECH

SOURCE: CLEANTECH

C A R B O12

K E Y M A R K E T S

CROATIA

OVERVIEWThe power generation is dominated by Hrvatska Elektroprivreda (HEP), which is a national electricity company engaged in electricity production, transmission and distribution. The conventional power market, with 24% in electricity generation in 2014, is dominated by big thermal plants owned by HEP using coal, oil and gas as fuel. Import covers 28% of total energy consumption and the majority of import is supplied by the Slovenian-based Krško nuclear plant.

RENEWABLE ENERGYIn Croatia the renewable energy support system is based on FITs. Existing Certificates of Origin have the sole function of providing proof of renewable energy generation. Renewable power sector is dominated by big hydropower plants. They don’t receive any public support, and yet deliver nearly 70% of total electricity generation. The biggest green power type supported by FITs is wind with 82% of installed green capacity in 2014. Since 2014 new FITs have been in operation, supporting bigger installations as well. Nevertheless, power producers need to hurry, if they plan to benefit from the current support system. The new law on renewables is coming into force in Jan 2016. It introduces different support scheme for eligible power producers. However, due to extra legal procedures, the new system is delayed and expected to become operational from H2 2016.

FORECASTNew system, new hopes. In the forthcoming capacity, apart for further growth in wind (405 MW of pipeline) we can also expect biomass (57 MW) and biogas (17 MW) to increase their share in the energy mix. The solar PV sector gets slower with 15 MW of reported forthcoming projects, while biomass is going to triple its capacity according to the current data on the amount of signed electricity purchase contracts.

UNITED KINGDOM

IRELAND

FR

CH

DE

BE

NL

LU

AT

IT

BiH SRB

MNE

AL

MK

KOS

ANDORA

SPAINPORTUGAL

MOROCCO

ALGERIA

TUNISIA

MT

GR TR

GEORGIA

AZERBAIJANARMENIA

UA

BY

FI

SE

NO

MD

LIBYA

EGYPT

JORDAN

ISRAEL

SYRIA

LEBANON

CYPRUS

IRAQ

RU

RU

DK

LI

SLO

PL

BG

SK

HU

LT

LV

ES

RO

CZ

500 MW

PVBiomassWindFossil fuelsHydro

0.3%Solar PV

1.24%Biomass

5.99%Wind

23.94%Fossil fuels

68.53%Hydro




1,002 MW

Statistics - CARBO database coverage




C.E.M.P., Koncar Renewable Sources,

WPD, RP Global

CARBO INTEL

LEGEND

0-25%

25-50%

50-75%

75-100%

LEGEND

OFFSHORE WIND

BIOMASS NATURAL GAS

HYDRO COAL

SOLAR PV NUCLEAR


SOURCE: CLEANTECH

SOURCE: CLEANTECH

C A R B O13

K E Y M A R K E T S

SLOVENIA

OVERVIEWSlovenia depends heavily on energy imports, which contribute to over 58% of the total energy consumption 2014. There are three pillars of energy generation market in Slovenia: nuclear, hydropower, lignite-burning thermal power plants. Most of the assets belong to the state-owned Holding Slovenske Elektrarne (HSE). Although the strategy is to gradually replace coal with renewable energy sources, Slovenia will not give up coal completely and plans to use their abundant coal reserves. To mitigate the impact of climate change, the country is investing in modernization of existing facilities.

RENEWABLE ENERGYIn the old FIT system, qualified power producers were offered two possible tariffs: a so-called Guaranteed Purchase for small capacities and so-called Operating Support for bigger installations. In 2014, after several years in the legislative pipeline, the Sloven ian government finally adopted the new Energy Act. However, the Act was received with mixed feelings, as despite many benefits, it will not bring reduction of elec tric ity prices. The old support scheme was replaced by new auction FITs starting from January 2015. Apart from hydropower, solar PV has a big potential for development in Slovenia.

FORECASTWe can expect no major changes in the energy mix. Slovenia will mainly strengthen their base power by adding 1,735 MW of hydropower, 1,504 MW of conventionals and 696 MW of nuclear.

OtherHydroThermoelectricNuclear7.27%Other 35.21%

Hydro

20.29%Thermoelectric

37.22%Nuclear




3,935 MW



Pipeline capacity 696 MW


GEN-Energija, HSE Group, Elektro

Primorska, VEPA

CARBO INTEL

LEGEND

LEGEND

OFFSHORE WIND

BIOMASS NATURAL GAS

HYDRO COAL

SOLAR PV NUCLEAR

UNITED KINGDOM

IRELAND

FR

CH

DE

BE

NL

LU

AT

IT

BiH SRB

MNE

AL

MK

KOS

ANDORA

SPAINPORTUGAL

MOROCCO

ALGERIA

TUNISIA

MT

GR TR

GEORGIA

AZERBAIJANARMENIA

UA

BY

FI

SE

NO

MD

LIBYA

EGYPT

JORDAN

ISRAEL

SYRIA

LEBANON

CYPRUS

IRAQ

RU

RU

DK

LI

HR

PL

BG

SK

HU

LT

LV

ES

RO

CZ

696 MW


LEGEND

0-25%

25-50%

50-75%

75-100%

SOURCE: CLEANTECH

SOURCE: CLEANTECH

C A R B O14

K E Y M A R K E T S

ESTONIA

OVERVIEWAs Estonia is one of the biggest oil shale producers, its power market is heavily dependent on this resource, with an 86% share in electricity production in 2014. The state-owned Eesti Energia is the leading energy company in the Baltic states and the largest company in the world working with oil shale. Conventional power plants are also fueled by natural gas, with the latter coming mainly from Russian imports.

RENEWABLE ENERGYInterestingly enough, Estonia is one of the few EU member states that already reached their 2020 targets of renewables’ share in the final consumption. Wind power, with currently 301 MW installed, is the top source of renewable energy in Estonia in terms of installed capacity, followed by biomass. In Estonia, electricity from renewable sources is mainly supported through a feed-in premium tariff. There has been a uniform subsidy rate for new renewable energy installations since 2011. Additionally, investment support is available for specific types of renewable energy production technologies.

FORECASTOne of the main goals of Estonian state is to increase their energy independence by installing more power generation capacity based on domestic resources. Can we expect a big shift in the nearest future? Not likely. The main project in the pipeline currently is the 1100 MW wind offshore project at a very early stage of development, alongside some oil shale and biomass capacity.

1% Hydro

2% Peat

4%Natural gas

4% Other conventional

8% Wind

10% Biomass

63 % Oil shale

1% Hydro

2% Peat

4%Natural gas

4% O

ther conventional

8% Wind

10% B

iom

ass

63 % Oil shale

Power generation 2014

63 % Oil shale

Hydro1%

2%Peat

4%Natural gas

4% Other conventional

8%Wind

10% Biomass




1,140 MW





Eesti Energia AS, VKG Energia OÜ, Nelja

Energia

CARBO INTEL

LEGEND

0-25%

25-50%

50-75%

75-100%

LEGEND

OFFSHORE WIND

BIOMASS NATURAL GAS

HYDRO COAL

SOLAR PV NUCLEAR

UNITED KINGDOM

IRELAND

FR

CH

DE

BE

NL

LU

AT

IT

BiH SRB

MNE

AL

MK

KOS

ANDORA

SPAINPORTUGAL

MOROCCO

ALGERIA

TUNISIA

MT

GR TR

GEORGIA

AZERBAIJANARMENIA

UA

BY

FI

SE

NO

MD

LIBYA

EGYPT

JORDAN

ISRAEL

SYRIA

LEBANON

CYPRUS

IRAQ

RU

RU

DK

LI

HR

SLO

PL

BG

SK

HU

LT

LV

RO

CZ

1100 MW


SOURCE: CLEANTECH

SOURCE: CLEANTECH



Project Manager

tel: (+48) 883 307 149



CARBO Intel

C A R B O17

C O U N T R Y F O C U S

POLAND - FIT AUCTION

WHAT & WHENGet ready. The auction is about to begin. From 2016, the new support scheme for renewable energy in Poland starts up. We will refer to this system as so called feed-in tariffs (FITs) obtained at auction, or the auction system in short. Only plants launched after January 1 will partici-pate in the auction system. The previous support scheme, based on certificates of origin (CO), will remain binding until December 31, 2015. The owners of renewable energy installations supported by green certificates can decide whether to switch to the auction system or remain in CO scheme. The old support mechanism will last 15 years, or no later than 31st Dec 2035 or 2040 for wind offshore. The exact date of the first auction in 2016 will be announced by the Energy Regulatory Office (URE) by 31 March 2016. In the auction all power types compete against each other in two capacity baskets: below and above 4000 MWh per MW per year.

BENEFITSThe auction system provides stable financial support to investors for 15 years of project operation. The old system of green certificates is at a disadvantage against the new auction scheme because the prices of CO con-tinue to fall down. Despite challenges and risks investors are excited about Polish auctions and they declare being prepared to participate.

EXPECTATIONSFor some participants it will be quite easy to win and they will get a good price. Other investors, due to extreme competition, will bid on the edge of project realisation, risking bankruptcy. The new system will force power developers to push the efficiency and quality of their projects to the maximum. How much did you pay for the turbines? What is your CAPEX? Hush! The auction sys-tem is not going to improve transparency in the market. According to Vestas, there is no room for open conversa-

tion even between closest business partners, when the lowest possible price per MWh is at stake.

PRICEThe reference price is the maximum price for 1 MWh that you can get in an auction defined according to technology and capacity. When do I know the auction reference price?

PGE Grupa Energetyczna S.A.

YTD 2015

Net income:

EUR 250.9 mln

▲ (+172%)

Net turnover:

EUR 1,686 mln

▲ (+4%)

FIT AUCTION - KEY DATA

MILESTONES:2010 - National Renewable Energy Action Plan2012 - The draft of the RES Act 2013 - Amendment of the Energy Act 2015 - The RES Act in force 2016 - First auction for renewable energy support FIT2020 - 15% share of renewable energy 2030 - CO2 emissions reduction of 40%

KEY FIGURES*:REFERENCE PRICE: 385 PLN/MWh

GOV. PROFITABILITY THRESHOLDS AUCTION 2016:

Max volume of existing RE (shift to auction): 2.3 mln MWh

Total budget for the existing RE (shift to auction): 1.7 bln PLN

Max volume of NEW RE: 30.9 mln MWh

Total budget for NEW RE: 18.2 bln PLN

RISKS:•Underbidding due to overcompetition•Uneven distribution of volumes and financing•Promotion of the cheapest renewable technologies

* Source: Draft decree on auction conditions

Tauron Polska Energia S.A.

YTD 2015

Net income:

EUR 263.2 mln

▲ (+2%)

Net turnover:

EUR 3,317 mln

▼ (-0.6%)

TOP MARKET PLAYERS TOP MARKET PLAYERS

C A R B O18



NEW SYSTEM - FIT AUCTION

CARBO calculates the winning price in the first auction 2016

for wind power to be 290 PLN/MWh

Expected variation from the calculated value is up to 15%

Basket of interest - technology above 1 MW and below

4000 MWh/ MW/ year

CARBO INTEL

LEGEND

AVG. SESSION PRICE[PLN/MWh]

VOLUME [MWh]

7/2

01

5

6/2

01

5

5/2

01

5

4/2

01

5

3/2

01

5

2/2

01

5

1/2

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12

/20

14

11

/20

14

10

/20

14

9/2

01

4

8/2

01

4

0

200,000

400,000

600,000

800,000

1,000,000

Wolumen [MWh] Śr. waż. cena [PLN/MWh]

100

150

200

OLD SYSTEM - GREEN CERTIFICATES At least 60 days before an auction the prices are an-nounced to the public. How is my revenue secured, if the power market price goes down? The negative balance be-tween the price obtained on the power exchange and the price from the auction will be paid by Renewable Energy Settlement Operator (OREO) within 30 days. Positive balance a power producer returns to OREO at the end of the support period. The opponents of the auction scheme criticise the lack of a minimum price. The lack of the bot-tom limit can cause underbidding. As a result, some of the winning projects might not be finalized due to lack of resources.

CHALLENGESCan my project participate in the auction? To be con-sidered for the auction you need to submit documents like: decision on environmental conditions, construction permit, local zoning plan and grid connection conditions. What makes the application complicated, is that these documents have different validity periods. If one of the permits expires before an auction is won, the investor will need to start preparations from the beginning.

CONCERNSSome investors fear that because different renewable energy technologies will be competing with each other within one capacity basket, the more expensive ones stand no chance. We can expect that this system is not aimed to promote the most innovative solutions but to promote the cheapest ones. In Sept 2015 a draft regulation with reference prices for the first auction in 2016 was published. The critics say that the prices are too low and hardly diversified depending on the power source, making the competition unfair. Are these prices going to change before the first auction? Most likely not. According to the Polish National Energy Conserva-tion Agency (KAPE), concerns about reference prices, as well as about volumes and budget limits are not fully

justified. Different groups are trying to exert pressure on the economy ministry to adjust the prices to inves-tors' profitability scenarios. Still, the market is expected to push prices down, otherwise renewables would not be able to compete with conventional energy in many years to come. Is the system well-prepared? The first real auction will show if concerns of power developers are justified.

WIND AUCTION - BASIC DATA*

Avg. wind farm CAPEX

PLN/MW 7,380,000

Avg. wind onshore OPEX

PLN/year/MW 78,720

Avg. wind turbine price 2.0MW

PLN/MW 3,382,500

Avg. turbine productivity

MWh/MW/year 2,100

Avg. BoP cost

PLN/MW 1,700,000

* Data we provide are avarage values for Polish wind sector acquired through open source intelligence.

ENEA S.A.YTD 2015

Net income:

EUR 102.5 mln

▲ (+106%)

Net turnover:

EUR 619 mln

▲ (+6%)

TOP MARKET PLAYERS

SOURCE: MONTHLY REPORT OF THE POLISH POWER EXCHANGE

Energa S.A. YTD 2015

Net income:

EUR 171.5 mln

▼ (-15%)

Net turnover:

EUR 1,941 mln

▲ (+2%)

TOP MARKET PLAYERS

C A R B O19


RENEWABLE ENERGY SUPPORTThe 2012 revenues from renewable energy plants sup-ported by green certificates (GCs) with values around 470 PLN/MWh belong to the past. The revenue drop from 2012 to 2015 can go to ca. 30%. However, one can argue that in the current situation on energy market any total revenue above 300 PLN/MWh is already a good profit.

PROSGC had no restriction as to the MWh/year. In the auction system you need to delivered the volumes you declared when applying. The GC scheme was theoretically more accessible to all technologies as it didn’t have so many requirements. In practice however, cheap cogeneration flooded the market with certificates stopping other tech-nologies from receiving support.

CONSThe number of GCs which can be remitted in a given year is restricted by quota. The surplus of certificates contin-ues to grow. After remission of 2014 green certificates in March this year, Polish Energy Exchange (TGE) an-nounced that the GC surplus for 2014 amounted to 9.6 TWh, as compared 7.3 TWh of remaining certificates for the year 2013. As the red certificates for cogeneration with coal have been brought back the surplus of certifi-cates will grow and the GC value will further go down.

AUCTION WINNERIn the 1st scenario, with PLN 344 winning bid the payback time would be 11 years compared to average 12 years in 2012. In this scenario the asset operator still has 4 years of support and 5 years of project operation without FIT. If we assume PLN 279 winning bid then the payback time equals support period what makes little sense for the investment. It can be assumed therefore that the winning price in the first auction should be above that value to assure profitability.

In the 2nd scenario, with PLN 344 winning bid the payback time would be 10 years what gives the operator still 5 years of support and 5 years of project operation without support and the bottom bid would be PLN 244 with no years of support remaining after payback.

My assumption is that the winning bid for this most competitive basket will be between 360 PLN/MWh sug-gested by the Polish Wind Energy Association PSEW and 244 PLN/MWh, which seems the profitability bottom. This leaves us with ca. 300 PLN/ MWh. If we consider ad-ditionally the situation of over competition, the winning bid could be around 290 PLN/MWh.


FIT AUCTION - ALTERNATIVE SCENARIOS*

INDICATOR UNIT 1st EXAMPLE 2st EXAMPLE

Avg. wind farm CAPEX

PLN/ MW

7,380,000 6,757,513

Avg. wind farm OPEX onshore

PLN/year/ MW

78,720 184,125

Avg. turbine productivity

MWh/MW/year

2,100 2,554

Reference price

PLN/MW/MWh

385 385

Winning bid price carbo

PLN/MW/MWh

344 244

Annual revenue

PLN/ year

722,400 623,245

Avg. payback time

year 11 15

Auction FIT support period

year 15 15

Avg. operating life-span

year 20 20

GREEN CERTIFICATES [PLN]

2012

Avg. market energy price

179

Avg. GC price 253

Total revenue per 1 MWh

433

2015

Market energy price

172

Avg. GC price 146

Total revenue per 1 MWh

318

Revenue drop 2012 vs 2015

26%

* This is a simplified calculation to encourage discussion on economic feasibility of renewable energy plants. It does not include costs of financing, inflation rate and other indicators to be considered in the proper financial analysis.

ZEPAK - Zespół Elektrowni Pątnów-Adamów-Konin

S.A.YTD 2015

Net income:

EUR 5.2 mln

▼ (-70.6%)

Net turnover:

EUR 550 mln

▲ (+14.4%)

TOP MARKET PLAYERS

SOURCE: POLISH POWER EXCHANGE

SOURCE: CLEANTECH

TOP MARKET PLAYERS

Polenergia SAYTD 2015

Net income:

EUR 15.6 mln

▲ (+ 83%)

Net turnover:

EUR 165 mln

▲ (+312%)


CARBO Intel Maps

C A R B O21

R E G I O N A L O V E R V I E W

CARBO CEE COVERAGE

UNITED KINGDOM

IRELAND

FRCH

DEBE

NL

LU

AT

IT

BiH SRB

MNE

AL

MK

KOSANDORA

SPAINPORTUGAL

MOROCCO

ALGERIA

TUNISIA

MT

GR TR

GEORGIA

AZERBAIJANARMENIA

UA

BY

FI

SE

NO

MD

LIBYA

EGYPT

JORDAN

ISRAEL

SYRIA

LEBANON

CYPRUS

IRAQ

RU

RU

DK

LI

SLOVENIA

CROATIA

BULGARIA

SLOVAKIA

HUNGARY

POLAND

LITHUANIA

LATVIA

ESTONIA

ROMANIA

CZECH REPUBLIC

CARBO

MARKET COVERAGE

LOW

MEDIUM

HIGH

2015

TOTAL INSTALLEDCAPACITY

Country MW

Poland 38,705

Romania 23,703

Czech Republic 21,924

Bulgaria 13,475

Hungary 10,000

Slovakia 8,445

Croatia 4,668

Lithuania 4,355

Slovenia 4,183

Latvia 2,930

Estonia 2,693

Countries with biggest power generation

capacity in CEE are Poland, Romania

and Czech Republic, while the Baltic

states remain largely dependent on energy

imports. Current CARBO coverage

depends on the market size and availability of credible data. In

the next submission CARBO will increase

the CEE markets coverage and extend the scope onto other prospective markets.

CARBO INTEL

SOURCE: CLEANTECH

SOURCE: CLEANTECH

C A R B O22


CARBO RENEWABLE POWER

UNITED KINGDOM

IRELAND

FRCH

DE

BE

NL

LU

AT

IT

BiHSRB

MNE

AL

MK

KOSANDORA

SPAINPORTUGAL

MOROCCO

ALGERIA

TUNISIA

MT

GR TR

GEORGIA

AZERBAIJANARMENIA

UA

BY

FI

SE

NO

MD

LIBYA

EGYPT

JORDAN

ISRAEL

SYRIA

LEBANON

CYPRUS

IRAQ

RU

RU

DK

LI

SLOVENIACROATIA

BULGARIA

HUNGARY

POLAND

LITHUANIA

LATVIA

ESTONIA

ROMANIA

CZECH REPUBLIC

SLOVAKIA

RENEWABLE ENERGY

SUPPORT IN 2016

PENDING

INACTIVE

ACTIVE

RENEWABLES - STATE OF PLAY

CountrySHARE*

(%) TARGET**

(%)

BG 19 16

HR 18 20

CZ 12.4 13

ES 25.6 25

HU 9.8 13

LV 37.1 40

LT 23 23

PL 11.3 15

RO 23.9 24

SK 9.8 14

SI 21.5 25

* Share of renewables power in gross energy consumption 2013

** EU target 2020

There are 7 markets out of 11 CEE

countries that are going to provide

public support for new renewable energy

assets in 2016. Poland and Croatia are in

the spotlight as the support schemes in these countries

are undergoing transformation.

Latvia’s FITs are on hold, Hungary is

still waiting for the renewable energy law and Slovakia’s support

is in trouble over retroactive cuts, over

which investors are mulling a court action.

CARBO INTEL

SOURCE: EUROSTAT

SOURCE: CLEANTECH

2016

C A R B O23


WHOLESALE ELECTRICITY PRICES

PRICE PER MWh (€)

€30-€33

€34-€36

€37-40

Q1 2015

UNITED KINGDOM

IRELAND

FRCH

DE

BE

NL

LU

AT

IT

BiHSRB

MNE

AL

MK

KOSANDORA

SPAINPORTUGAL

MOROCCO

ALGERIA

TUNISIA

MT

GR TR

GEORGIA

AZERBAIJANARMENIA

UA

BY

FI

SE

NO

MD

LIBYA

EGYPT

JORDAN

ISRAEL

SYRIA

LEBANON

CYPRUS

IRAQ

RU

RU

DK

LI

SLOVENIA

CROATIA

BULGARIA

SLOVAKIA

HUNGARY

POLAND

LITHUANIA

LATVIA

ESTONIA

ROMANIA

CZECH REPUBLIC

€32.5

€37.1

€37.0

€35.4

€32.3€33.0

€39.7

€36.3€40.2

NO DATA

NO DATA

The electricity wholesale prices, the core element of the final energy price,

depend on the power generation mix, market

structure, flexibility of demand and pricing

mechanisms. In H1 2015 some of the

lowest prices in the CEE region were

reported in Estonia and the Czech Republic. The highest on the other hand were in

Slovenia and Hungary. Poland stays in the

middle of the pricing range.

CARBO INTEL

SOURCE: EUROPEAN COMMISSION

C A R B O24


INTER CONNECTION LEVELS 2014

UK

IRELAND

FRCH

DE

BE

NL

LU

AT

IT

BiHSRB

MNE

AL

MK

KOSAD

SPAINPORTUGAL

MOROCCO

ALGERIA

TUNISIA

MT

GR TR

GEORGIA

AZERBAIJANARMENIA

UA

BY

FI

SE

NO

MD

LIBYA

EGYPT

JORDAN

ISRAEL

SYRIA

LEBANON

CYPRUS

IRAQ

RU

RU

DK

LI

SLOVENIACROATIA

BULGARIA

HUNGARY

POLAND

LITHUANIA

LATVIA

ESTONIA

ROMANIA

CZECH REPUBLIC

SLOVAKIACARBO

MARKET COVERAGE

LOW [<5%]

MEDIUM [5-15% ]

HIGH [>15%]

ENTSO-E EXCHANGE

1975-2015

ENTSO-E

External exchanges

1975

1980

1985

1990

1995

2000

2005

2010

2012

400TWh

300

200

100

0

ENTSO-E stands for the European Network of Transmission System Operators for Electricity. It includes 41 TSOs from 34 memeber countries.

The EU electricity interconnection target by 2020 is

10%. Interconnecting Europe will contribute

to more competitive electricity prices and

better balancing of the power system. By the end of 2015 Poland’s interconnection level

will reach 4% with the completion of the LitPol interconnector facility. Additionally,

an interconnector between Germany and

Poland is expected to increase Poland's interconnectivity to

10% by 2020.

CARBO INTEL

SOURCE: EUROPEAN COMMISSION



Project Manager

tel: (+48) 883 307 149



CARBO Database


No. COUNTRY ASSET NAME FUEL TYPE OWNER / PARENT COMPANY EQUIPMENT CAPACITY INSTALLED /

PIPELINE* DESCRIPTIONCAPEX /

ESTIMATED CAPEX ** [EUR]

BEST CONTACT

PIPELINE

1 PL Baczyna WIND ONSHORE EDP Renewables Polska Sp. z o.o. under development 120* MW Expected connection to the grid (...) 197,780,880** confidential

2 PL Kluczborg (Smardy WIND ONSHORE DP Wind 1 Sp. z o.o./Drozapol- 4 WTG Vestas V90 2.0MW 8* MW Bank loan EUR: 7,500,000 (...) 12,500,000 confidential

3 PL Konin - Jóźwin 2A, 2B WIND ONSHORE Konin Wiatr Energia Sp. z o.o. / 9 WTG GE 25.3* MW Equity provided by Vortex energy (...) confidential confidential

4 HR Ogorje (Vjetroelektrana WIND ONSHORE Aiolos Projekt d.o.o. / Akuo 14 WTG Vestas V112/3000 42* MW It is expected to be functional by (...) 72,000,000 confidential

5 HR Rudine (Vjetroelektrana WIND ONSHORE Vjetroelektrana Rudine d.o.o. / RP 12 WTG GE 2.85-103 34.2* MW RP Global Holding owns the (...) 53,000,000 confidential

6 LT Silute WIND ONSHORE Silute Vejo Projektai UAB / Nelja 24 WTG GE - 2.5 MW 60* MW The asset will be launched in 2015 (...) 119,500,000 confidential

7 PL Skurpie WIND ONSHORE Farma Wiatrowa 4 Sp. z o.o. / 16 WTG Siemens SWT-2.3-108 36.8* MW Loans: EBRD (max 271,4 mln PLN), (...) 60,652,802** confidential

8 PL Bałtyk Środkowy III WIND OFFSHORE Polenergia Bałtyk III Sp. z o.o. / under development 600* MW Project is currently at the stage (...) 2,460,000,000 confidential

9 EE Hiiumaa WIND OFFSHORE OÜ Hiiumaa Offshore Tuulepark / confidential 1100* MW Expected construction period (...) 2,000,000,000 confidential

10 SI Krško II NUCLEAR GEN-Energija d.o.o. confidential 696* MW confidential (...) 2,000,000,000 confidential

11 CZ Temelín NUCLEAR ČEZ Group VVER 1000 Type V 320 2,133 / 1,400* MW confidential (...) 3,078,735,558 confidential

12 HU Oroszlany Powerplant LIGNITE Vertesi Eromu Rt / Hungarian CHP 240 / - 240* MW Until the end of 2015 - brown (...) 642,000,000** confidential

13 PL Turów LIGNITE PGE GiEK S.A. coal-fired fluidised bed boiler 1,499 / 450* MW New capacity is under way. (...) confidential confidential

14 RO Bretea HYDROPOWER Hidroelectrica SA confidential 12* MW confidential (...) 58,000,000 confidential

15 PL Elektrownia północ HARD COAL Polish Energy Partners Spółka 2 blocks 800 MW 1600* MW confidential (...) 2,439,024,390 confidential

16 LT Kurzeme Coal Power HARD COAL State / Latvenergo AS CHP, fuel: bitumunious coal (85%), biomass (up 500* MW confidential (...) 680,000,000 confidential

17 HR Plomin (TE Plomin: TE HARD COAL TE Plomin d.o.o. / HEP Generation Condensing thermal power plant with two units: 330 / 500* MW The first generating unit, Plomin (...) 528,000,000** confidential

18 PL Bioelektrownia Wińsko BIOMASS Polish Energy Partners Spółka Alstom condensing turbine, boiler DP Cleantech 31* MW Expected commissioning in 2019. (...) 77,878,048** confidential

19 HU Dunaujvaros BIOMASS Hamburger Hungaria confidential 42* MW confidential (...) 150,000,000 confidential

INSTALLED

20 CZ Andelka (Andělka) WIND ONSHORE WSB Andelka s.r.o. / WSB Neue 6 WTG Senvion MM92 12.3 MW confidential (...) confidential confidential

21 EE Aulepa (Aulepa WIND ONSHORE Eesti Energia AS 16 WTG WinWind 3.0 MW 48 MW confidential (...) confidential confidential

22 PL Białogard WIND ONSHORE Contino Białogard Sp. z o. o. / 2 WTG Nordex N100/2500 5 MW European Regional Development (...) 9,493,512 confidential

23 SK Cerova WIND ONSHORE Green Energy Slovakia s.r.o. 4 WTG Vestas V47/660 2.64 MW EU PHARE fund provided €1.8 (...) confidential confidential

24 RO Crucea WIND ONSHORE Sc Crucea Wind Farm SA / Steag 36 WTG Vestas V112/2999 108 MW Steag holds 100% ownership. (...) 192,000,000 confidential

25 RO Chirnogeni WIND ONSHORE EP Wind Project (Rom) Six 32 WTG Nordex N90/2500 80 MW Bank loans provided by a (...) 130,000,000 confidential

26 SI Dolenja vas WIND ONSHORE Alpen Adria Energie GmbH 2 WTG Enercon E70 - 2.3 MW 4.6 MW confidential (...) 11,500,000** confidential

27 PL Jarogniew - Mołtowo WIND ONSHORE Beta Sp. z o.o. / GDF Suez Energia 10 WTG Senvion MM92 2.05MW 20.5 MW confidential (...) 30,500,000 confidential

28 HR Jelinak (Vjetroelektrana WIND ONSHORE Vjetroelektrana Jelinak d.o.o. / 20 WTG Acciona Windpower 1.5 MW 30 MW confidential (...) 55,000,000 confidential

29 BG Kalin (Калин ветропарк) WIND ONSHORE Rübsamen Windenergie GmbH 55 WTG Vestas V100 99 MW confidential (...) 170,000,000** confidential

30 BG Kavarna NW / WIND ONSHORE AES Geo Energy 52 WTG Vestas 156 MW 198 mln EUR provided by a (...) 270,000,000 confidential

31 PL Kukinia WIND ONSHORE AWK Sp. z o.o. / RP Global Sp. 23 WTG ENERCON E82 E2, 2.3 MW 52.9 MW Co-financed by the European (...) 87,188,405** confidential

CARBO DATABASE SAMPLE

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No. COUNTRY ASSET NAME FUEL TYPE OWNER / PARENT COMPANY EQUIPMENT CAPACITY INSTALLED /

PIPELINE* DESCRIPTIONCAPEX /

ESTIMATED CAPEX ** [EUR]

BEST CONTACT

32 PL Nowogard WIND ONSHORE Gmina Nowogard / 1 WTG Vestas V29-225 0.26 MW Loan by Wojewódzki Fundusz (...) 121,426 confidential

33 LV Pope WIND ONSHORE Winenergy / Wind One (Indrek 9 Siemens SWT-2.3-101 20.7 MW Winergy claims the bank is trying (...) confidential confidential

34 PL Zagórze WIND ONSHORE Tauron Ekoenergia Sp. z o.o. / 15 WTG Vestas V80 2MW 30 MW confidential (...) 30,000,000 confidential

35 HR ZD2 WIND ONSHORE EKO d.o.o. / Porzana d.o.o. 8 WTG Siemens SWT-2.3-93 18 MW Societe Generale-Splitska banka (...) 30,500,000 confidential

36 RO Corabia SOLAR PV Transeastern Power 28,602 polycrystalline REC modules 245 Wp, 14 7 MW confidential (...) 21,000,000 confidential

37 PL Gdańsk SOLAR PV Elektrownia CCGT Gdańsk Sp. z o. 6292 QCELL-s (260 Wp), area 25,000 sq meters, 1.64 MW confidential (...) 2,317,073 confidential

38 CZ Mimoň SOLAR PV ČEZ Group Polycrystalline panels fixed to bearing piles fixed 17.5 MW confidential (...) 49,000,000** confidential

39 RO Ucea de Sus SOLAR PV Swiss H1 Ventures Holding / 332,000 Hareon thin-film modules, area 200 ha 82 MW The majority stake holder is the (...) 100,000,000 confidential

40 HU Visonta SOLAR PV Matrai Eromu / RWE-EnBW (74%) 72,480 panels, area 30 ha 16 MW confidential (...) 20,900,000 confidential

41 SI Vrhovo (Hydropower SOLAR PV Savske elektrarne Ljubljana d.o.o. 360 PV modules on the roof of the hydro plant 0.08 MW confidential (...) 409,000 confidential

42 CZ Dukovany NUCLEAR ČEZ, a. s. VVER 440 – Model V 213 2040 MW confidential (...) 924,217,920** confidential

43 HU Paks Powerplant NUCLEAR MVM Group / Paksi Atomerőmű VVER-440/V213 2,000 MW Construction of two new units (...) confidential confidential

44 EE AREJ I, II NATURAL GAS Elering Dual fuel engine, natural gas/fuell oil 250 MW Elering's emergency reserve (...) 135,000,000 confidential

45 SI Brestanica NATURAL GAS Termoelektrarna Brestanica d.o.o. AEG Kanis - PG 5341, Alstom - GT11N2 323 MW Funded by European Investment (...) 66,000,000 confidential

46 EE Iru (Iru elektrijaama NATURAL GAS Iru Elektrijaam AS / Eesti Energia CHP, f1: Natural gas (units 1&2), municipal solid 207 MW Unit 1 was commissioned in 1978, (...) confidential confidential

47 CZ Hodonin LIGNITE ČEZ Group 2 CFB boilers 2 TG sets, fuel: brown coal and lignite, 105 MW confidential (...) confidential confidential

48 SI Ljubljana LIGNITE Energetika Ljubljana d.o.o. / Javni CHP, f1: natural gas, f2: fuel oil 124 MW confidential (...) confidential confidential

49 SK Cierny (Čierny Váh HPP) HYDROPOWER Slovenské elektrárne a.s. / Enel pumped storage plant, 6x Francis + 1x Kaplan 735 MW The plant was commissioned (...) confidential confidential

50 SI Krško HYDROPOWER HESS, d.o.o. / HSE d.o.o. and GEN 3 Kaplan turbines x 500 m3 water.sec 39 MW confidential (...) 165,000,000 confidential

51 BG Tsankov Kamak (Цанков HYDROPOWER Natsionalna Elektricheska 2 Francis turbines of 40 MW 80 MW VA TECH Finance provided the (...) 500,000,000 confidential

52 PL Żydowo HYDROPOWER Energa wytwarzanie S.A. 3 Francis turbines 150 MW confidential (...) 695,121,951** confidential

53 CZ Ostrava - Kunčice HARD COAL ArcelorMittal Ostrava a.s. Under modernisation. In mid 2016 the new a 254 MW confidential (...) confidential confidential

54 LV Jelgava Power Station BIOMASS Fortum CHP 23 MW confidential (...) 27,000,000 confidential

55 LT Klaipėda BIOMASS Fortum Heat Lietuva and waste-to-energy: municipal solid waste, non- 11 MW Nordic Investment Bank provided (...) 140,000,000 confidential

56 EE Pogi BIOMASS Pogi OÜ / Eesti Energia CHP, wood chips 2 MW 40% funded by the Environmental (...) confidential confidential

57 HR Viridas (Viridas Biomass) BIOMASS Uni Viridas d.o.o. / Unit Fueled by solid biomass - forestry and agriculture 9.7 MW confidential (...) 50,000,000 confidential

58 RO Ardud BIOGAS First Biogaz SRL (a memer of CHP; Biogest PowerRing technology; fueled by 1.5 MW Funding provided by Banca (...) 5,300,000 confidential

59 PL Koczała BIOGAS Poldanor SA Two-chamber initial tank 4,000 m3, tank for 2 MW confidential (...) 2,439,024 confidential

60 HR Popovac BIOGAS Energija Gradec d.o.o./ confidential 1.8 MW confidential (...) 6,660,000** confidential

* By pipeline we mean forthcoming power assets or additional capacity which is planned or already under construction.** CAPEX was estimated based on CARBO data.

The database sample is a simplified version of chosen records from the master database. The content in some of the columns is intentinally only partially displayed. The scope of master CARBO database includes the following attributes: Project Name, Fuel Type, Owner, Parent Company, DNO, Equipment Specification, Capacity, Voivodeship, District, Municipality, Address, GPS Coordinates, Equity Funding, Bank Financing, Institutional Support, CAPEX, OPEX, Annual Power Production, Carbon CO2 Output Over Lifecycle, Start Date, End Date, Stage of Project Development, Risk Ratio, Description, Company Contact and Best Contact.

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Barbara Marciniak

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