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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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


VERBUND Wind farms

FCountries

105 MWIn operation

0 MWUnder construction

> 250 MWIn development

Poweo (46 %)

Development target > 200 MW

TRCountries

30 MWIn operation


150 MWIn development

EnerjiSA (50 %)

Development target ~ 300 MW

A, RO, BG, (HR)Countries

65 MWIn operation


> 200 MWIn development

VERBUND Renewable Power GmbH (100 %)

Development target 2020 (REN in total) ≥ 500 MW

I, F, ROCountries

192 MWIn operation


> 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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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


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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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


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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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)


Thank you for your attention

2010s:1960s:

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