Renewable Generation Strategies of Europe's Utilities, 2006 - 2011

SUMMARY

Renewable Generation Strategies of Europe's Utilities, 2006 - 2011

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While wind power has been the dominant renewable power source added this decade, European utilities are now broadening their search for clean power alternatives to include small hydro and biomass. Other, less commercially-developed technologies, like wave & tidal energy and concentrated solar power (CSP) are entering a critical phase of early stage commercial projects and enjoying increased attention from European utilities. Looking ahead, the scaling of utility ownership of renewable energy will continue to grow rapidly over the next five years, both in terms of increased penetration in existing markets and diversification into new applications and markets.

• How are utilities prioritizing different renewables technology solutions alongside their traditional business?
• Which technologies will follow wind as scalable additions to utilities' generation portfolios?
• Which utilities are most aggressive in leveraging their renewables' experience to enter new markets and broaden their presence?
• What are the market conditions, policies, and regulations influencing the financial attractiveness of renewable energy investments in Europe?
• How much do utilities plan to invest in renewable generation over the long term, and how are they executing these investment strategies?

This new 270-page market study provides in-depth analysis of major European utility activity, combining bottom-up analysis of utility portfolios by project in wind, biopower, solar, small hydro, geothermal, and ocean energy, with top down evaluation of strategy trends and market growth. Download a free excerpt of the study.

EER's assessment of utility value chain positioning, shifts in the generation mix, expansion strategies, and total market potential of new generation technologies underlines the increasing role of renewable technologies in the future of centralized generation.

TABLE OF CONTENTS

Section 1. Executive Summary

1.1 Regulatory Drivers Behind Renewable

• Generation in Europe
• Focus on power sector emissions
• Renewable energy targets in Europe
• National renewable energy incentives in Europe

1.2 Renewable Generation in European Power Markets

• Generation mix of Europe's top-20 utilities
• Sizing up emissions exposure
• Nuclear power policy environment
• Renewable generation portfolios

1.3 Renewable Generation Rankings

• Utility investments in renewables on the rise

1.4 Utility Strategies in Renewable Generation

• Charting renewables on the utility value chain
• Scaling renewables
• Europe's mega-utilities begin to take renewables seriously
• UK and Northern European utilities seek regional leadership
• Southern European utilities target wind and sun

1.5 Outlook

Section 2. Renewable Energy Policies in Europe

2.1 Kyoto, Emissions and the European Union

2.2 EU Emissions Trading and NAPs

2.2.1 ETS Framework

• National allocation plans
• The value of EUAs
• ETS Phase I: 2005?2007
• ETS Phase II: 2008?2012

2.2.2 Compliance Strategies for the Power Sector

2.3 Renewable Energy Targets in Europe

2.3.1 Wind Energy Targets

2.3.2 Small Hydropower

2.3.3 Biomass and Biogas Targets

2.3.4 Other

2.4 National Renewable Energy Incentives in Europe

2.4.1 Fixed Feed-In Tariffs

• Germany as the pioneer with REFITS
• Following success onshore, Germany shifts wind emphasis to offshore
• Despite some utility opposition REFITS continue for PV
• Spain adopts a flexible feed-in regime
• Spain supports stabilising measures for wind energy
• Solar thermal, PV and biomass look to follow in the footsteps of wind in the Spanish market
• Denmark targets repowering and offshore
• Portugal steps up measures
• France pursues fixed feed-in tariffs, but limits size
• The Netherlands switches to feed-in tariffs

2.4.2 Quota Model in Transition UK ROCs

• Italy's green certificate programme
• Sweden institutes supplier quotas
• Uncertainty ahead for SHP in Sweden

2.4.3 Other Countries Display Mix of Models EFTA and EU-15

• Renewables policies in EU ascension countries

Section 3. Renewable Energy and European Power Markets

3.1 Liberalisation of European Power Markets

3.1.1 Unbundling of the Value Chain in National Markets

3.1.2 Liberalisation of National Supply Markets

3.1.3 Evolution of Regional Markets

3.1.4 Privatisation of Generation Assets

3.1.5 Power-Gas Mergers

3.2 Utility Strategies in European Power Market

3.2.1 Regional Strategy Groupings

3.2.2 Carbon Offset Strategies

3.3 Generation Portfolio Analysis

3.3.1 Generation Mix

• Nuclear power policy environment
• Coal generation and emissions
• Large hydro

3.3.2 Utilities Build Renewables Portfolio

• Renewable energy obligations
• Renewable energy contribution to generation portfolios
• Ownership of renewable energy capacity
• RE capacity additions in 2005

3.4 Forecast of Renewable Energy in Europe 2006?2011

3.4.1 Wind Capacity Growth

3.4.2 Increase in the Use of Biomass at Centralised Facilities is Steady

3.4.3 Concentrated Solar Power Forecasted to Grow

3.4.4 Forecast of Marine Energy Capacity

3.4.5 SHP Growth

Section 4. Utility Generation Strategies in Renewables

4.1 Technology Options: Scaling Up with Wind, Others to Follow

4.1.1 Germany, Spain, Nordic Region Serve as Base for European Expansion

4.2 Charting Renewables on the Utility Value Chain

4.3 Scaling Renewables

4.3.1 Technology Drivers

• Maximising economies of plant and production scale

4.3.2 Renewable Energy Development

4.3.3 Renewable Energy Financing

4.4 Utility Strategies in Renewable Energy Market Segments 4.4.1 Wind Power Generation Leads Utility Investments 4.4.2 Utility Co-Firing Leads European Bioenergy Market

• Co-combustion leads the way
• Barriers to growth: Weak regulatory support and uncertain fuel supplies
• Potential sources of growth in biopower vary across Europe
• Northern Europeans harness local resources for major installations
• Central Europeans trying to duplicate Nordic model
• Southern Europeans await market improvement
• Biopower outlook: Challenging market with regional growth pockets

4.4.3 Small Hydro Tapping Out, Moving East

• Institutional and environmental constraints limit further investment
• Norway, Nordic region a final frontier for new build, repowering
• Where new build restricted, focus on hydro repowering
• Looking east for new opportunities
• Outlook: Three fronts for development

4.4.4 European Utilities Add Solar to Green CV

• Germany sets pace for PV support, Europe focused on small scale
• Utilities go green as solar PV distribution channels
• R&D and manufacturing ventures to understand and capture technology profits
• Immature market for utility-scale, centralised solar PV generation
• Outlook: Going green with installation, with eyes on generation

4.4.5 Solar CSP Gains Momentum Among

• Southern European Utilities
• Iberdrola targets solar to bolster renewables portfolio
• Parabolic trough technology gets initial nod
• Acciona entry expected in Spain
• Other Southern European activities
• 4.4.6 Wave Power Drawing Greater Interest
• UK, Portugal, Spain lead the way with regulatory support
• Utilities, renewables players and industrial powerhouses drive wave energy pilots

4.4.7 Tidal Power

• Partners key, from pioneering to producing

4.4.8 Geothermal Power

Section 5. Strategy Profiles: Europe's Mega-Utilities

5.1 EDF

• Background
• Renewable energy generation strategy overview
• Wind strategy review
• SHP strategy review
• Solar PV strategy review
• Bioenergy strategy review
• Marine Energy Strategy

5.2 E.ON

• Background
• Renewable energy generation strategy overview
• Wind strategy review
• Bioenergy strategy review
• SHP strategy review
• Solar PV strategy review

5.3 RWE

• Background
• Renewable energy generation strategy overview
• Wind strategy review
• Bioenergy strategy review
• SHP strategy review
• Solar PV strategy review
• Fuel cell strategy

Section 6. Strategy Profiles: UK and Northern European Utilities

6.1 Electrabel

• Background
• Renewable energy generation strategy overview
• Wind strategy review
• Bioenergy strategy review
• SHP strategy review
• Solar PV strategy review

6.2 DONG/Elsam/Energi E2

• Background
• Renewable energy generation strategy overview
• Wind strategy review
• SHP strategy review
• Bioenergy strategy review
• 6.3 ScottishPower

• Background
• Renewable energy generation strategy overview
• Wind strategy review
• Marine energy strategy review
• SHP strategy review
• Bioenergy strategy review

6.4 Scottish and Southern Energy

• Background
• Renewable energy generation strategy overview
• Wind strategy review
• SHP strategy review
• Marine energy strategy review
• Bioenergy strategy review
• Solar PV strategy review

6.5 Nuon

• Background
• Renewable energy generation strategy overview,
• YE 2005
• Wind strategy review
• Bioenergy strategy review
• SHP strategy review
• Solar PV strategy review

6.6 Essent

• Background
• Renewable energy generation strategy overview
• Wind strategy review
• Bioenergy strategy review
• Solar PV strategy review

6.7 Statkraft

• Background
• Renewable energy generation strategy overview
• Wind strategy review
• SHP strategy review
• Marine energy strategy review
• Bioenergy strategy review

6.8 Vattenfall

• Background
• Renewable energy generation strategy overview
• Wind strategy review
• Bioenergy strategy review
• SHP strategy review

6.9 Verbund

• Background
• Renewable energy regeneration strategy overview
• Wind strategy review
• SHP strategy review
• Bioenergy strategy review

6.10 Fortum

• Background
• Renewable energy generation strategy overview
• Wind strategy review
• SHP strategy review
• Bioenergy strategy review

Section 7. Strategy Profiles: Southern European Utilities

7.1 EDP

• Background
• Renewable energy generation strategy overview
• Wind strategy review
• Bioenergy strategy review
• SHP strategy review
• Solar power strategy review
• Marine energy strategy review

7.2 Edison

• Background
• Renewable energy generation strategy overview
• Wind strategy review
• SHP strategy review
• Bioenergy strategy review

7.3 Endesa

• Background
• Renewable energy generation strategy overview
• Wind strategy review
• Bioenergy strategy review
• SHP strategy review
• Solar PV strategy review

7.4 Enel

• Background
• Renewable energy generation strategy overview
• Wind strategy review
• SHP strategy review
• Solar PV strategy review
• CSP strategy review
• Bioenergy strategy review

7.5 Iberdrola

• Background
• Renewable energy generation strategy overview
• Wind strategy review
• SHP strategy review
• Solar CSP strategy review
• Solar PV strategy review
• Marine energy strategy review