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  • 1. SMRS:THE ECONOMICSAND CHALLENGES2ND ANNUAL SMALL MODULAR REACTORCONFERENCE, COLUMBIA, SCCHRIS GADOMSKI, LEAD ANALYST, NUCLEAR24 APRIL 2012/ / / / / / // / /// / / / / / / / / / / / / / / / / / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 1
  • 2. ABOUT BLOOMBERG NEW ENERGY FINANCE 200 staff in 12 offices worldwideObjective: serve clients with the best intelligence on finance, technology and policy developments in clean energy, energy efficiency and carbon markets London New York Beijing San Francisco Tokyo Washington DC Hong Kong New Dehli Sao Paulo Sydney Cape Town / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 2
  • 3. BLOOMBERG NEW ENERGY FINANCE MARKETS SERVICES• Renewable energy • Insight: research, analysis & forecasting• Carbon markets • Industry Intelligence: data & analytics• Smart technologies • News & Briefing: daily, weekly &• Renewable energy certificates monthly• Carbon capture and storage • Applied Research: custom research & data mining• Power• Water • Knowledge Services: Summit, Leadership Forums, Executive Briefings• Nuclear & workshops / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 3
  • 4. CONTENTS1. The economics: Q2 2012 assessment2. Major challenges3. Market opportunities4. Crititical technical and commercial factors / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 4
  • 5. FOSSIL TECHNOLOGY LCOES ($/MWH) 140 Coal w/CO2 120 100 CCGT w/CO2 80 Coal 60 CCGT 40 20 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2009 2010 2011 2012Note: Prices are in nominal dollars Source: Bloomberg New Energy Finance / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 5
  • 6. SOLAR TECHNOLOGY LCOES ($/MWH) 350 300 250 200 150 100 50 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2009 2010 2011 2012 STEG - Parabolic Trough STEG - Parabolic Trough w/Storage STEG - Tower & Heliostat STEG - Tower & Heliostat w/Storage STEG - LFR PV - Thin Film PV - c-Si PV - c-Si TrackingNote: Prices are in nominal dollars Source: Bloomberg New Energy Finance / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 6
  • 7. WIND TECHNOLOGY LCOES ($/MWH) 250 Wind - Offshore 200 150 Wind - Onshore 100 50 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2009 2010 2011 2012Note: Prices are in nominal dollars Source: Bloomberg New Energy Finance / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 7
  • 8. LEVELISED COST OF ELECTRICITY, Q1 2012 ($/MWH) Marine - Wave NOAK 799 - Marine - Tidal SMR 740 - STEG - Parabolic Trough +5% STEG - LFR +5%STEG - Parabolic Trough + Storage +5% STEG - Tower & Heliostat +6% Wind - Offshore +1%STEG - Tower & Heliostat w/storage +6% PV - c-Si -13% PV - Thin Film -12% Biomass - Gasification - PV - c-Si Tracking -8% Biomass - Anaerobic Digestion - Biomass - Incineration +3% Municipal Solid Waste - Geothermal - Binary Plant - Wind - Onshore +4% Small Hydro - Large Hydro - Geothermal - Flash Plant - Landfill Gas - Nuclear - Coal Fired - Natural Gas CCGT +7% 0 100 200 300 400 500 LCOE BNEF 2011 EU-ETS EUA Forecast Q1 2012 Central Scenario Q4 2011 Central ScenarioNote: Carbon forecasts from the Bloomberg New Energy Finance European Carbon Model with anaverage price to 2020 of $33/mtCO2. Coal and natural gas prices from the US Department of Energy EIAAnnual Energy Outlook 2011 and internal forecasts. Percentage change represents change from Q4 2011. Source: Bloomberg New Energy Finance / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 8
  • 9. CONTENTS1. The economics: Q2 2012 assessment2. Major challenges3. Market opportunities4. Crititical technical and commercial factors / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 9
  • 10. 2. MAJOR CHALLENGES FACING NUCLEAR 1. Cheap and abundant ‘clean’ natural gas 2. Fukushima backlash 3. Renewable investment 4. Demand erosion / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 10
  • 11. HISTORICAL AND PROJECTED GAS PRICE FORECASTS,2002-20 ($/MMBTU) 16 14 12 10 8 BNEF forecast 6 4 Historical 2 0 2002 2004 2008 2010 2012 2014 2016 2020 2006 2018 Source: Bloomberg New Energy Finance / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 11
  • 12. NO MATERIAL UPSIDE TO PRICES IN THE SHORT TERM… Working gas in underground storage (Bcf) 5,000 4,500 Physical storage limit 4,000 3,500 3,000 2,500 2,000 1,500 1,000 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 2007-10 range 2011 2012 actual 2012 estimate 2013 estimate Source: Bloomberg New Energy Finance, EIA / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 12
  • 13. ANNUAL AVERAGE WHOLESALE PRICE FORECASTS BYREGION, 2012-20 Wholesale price ($/MWh) Gas price ($/MMBtu) 80 8 NOAK SMR 70 7 60 6 PJM 50 5 NY MISO 40 4 CA 30 3 SPP TX 20 2 Gas 10 1 0 0 2012 2013 2014 2015 2016 2017 2018 2019 2020Note: Gas price is our base case forecast of Henry Hub. Source: Bloomberg New Energy Finance / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 13
  • 14. US SUPPLY AND DEMAND, 2010-20 (BCFD) Sources of supply100 100 Other Supply Supply 100 Eagle Ford Other 80 80 Supply Marcellus 80 Eagle Ford 100 60 Other Supply Woodford Marcellus 60 Eagle Ford 60 80 Fayetteville Woodford 40 Marcellus Barnett Fayetteville 40 40 60 20 Woodford Haynesville Barnett 20 Net imports Fayetteville CBM 20 40 0 Haynesville BarnettMexico Gulf of CBM Net imports 0 20 Haynesville (gas) Conventional 0 -20 Gulf of Mexico Net imports CBM Conventional (associated) Conventional (gas) -20 0 -40 -20 Gulf of Mexico Power Sources of demand Conventional (associated) -40 -20 -60 Conventional (gas) Industrial Power -40 Conventional commercial Residential & (associated) Industrial -60 -40 -80 Power Other Residential & commercial -60 -80 -60 Demand Industrial LNG exports -100 Other Demand Residential & commercial Net imports 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 LNG exports -80 -100 -80 Other 2011 2012 2013 2014 Net imports Demand 2016 2015 2017 2018 Demand 2019 2020 Balance LNG exports-100 -100 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Net exports 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Source: Bloomberg New Energy Finance, EIA, AL OGB, AOGC (AR), COGCC (CO), LA DNR, NM OCD, OCC (OK), PA DEP, TRRC (TX), UT DNR, VA DMME, WOGCC (WY), WV DEP / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 14
  • 15. JAPAN NUCLEAR CAPACITY: 2010 AND PROJECTED GROWTHVS. NO NEW BUILDS, ASSUMING 40-YEAR OPERATING LIFE (GW) 80 68 70 64 60 49 50 2001-2010 40 36 1991-2000 1981-1990 30 1971-1980 22 1966-1970 20 10 0 1970 1980 1990 2000 2010 2020 2030 Source: Bloomberg New Energy Finance, METI / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 15
  • 16. GERMAN NUCLEAR CAPACITY, 2010-23 (GW) Biblis A, Biblis B, Brunsbuttel, Isar 1, Krummel, Necharwestheim 1, Philippsburg25 and Unterweser in 2011 Grohnde, Gundremmingen C Grafenrheinfeld and Brokdorf by end of 202120 by end of 2015 Gundremmingen-B by end of 2017 Philippsburg-2 Isar 2, Emsland15 by end of 2019 and Neckarwestheim 2 by end of 202210 5 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Source: Bloomberg New Energy FInance / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 16
  • 17. FRENCH PEAK DEMAND-SUPPLY OUTLOOK TO 2025WITH NO LIFE EXTENSIONS (GW) Nuclear life extension100 Peak imports Baseload imports 80 Oil + OCGTs CCGT Coal 60 Cogen + Other RE Wind 40 Hydro Nuclear Peak exports 20 Winter reference peak Baseload exports Baseload demand 0 2011 2014 2017 2020 2023 Source: RTE, Bloomberg New Energy Finance / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 17
  • 18. REPLACING NUCLEAR GENERATIONELECTRICITY DEMAND AND GENERATION (TWH/YR) Planned / Projected Export - Imports + Pumped storage consumption +192 -27 +59 -17 -158 64 64 +34 Domestic 584 584 consumption 520 542 Implementation 478 needed2011 Electricity Expected Additional EE 2025 Electricity 2011 Electricity Nuclear capacity Increased New renewable Available 2025 Electricity demand demand growth measures demand generation shutdown nuclear load energy surplus generation factor generation generation DEMAND GENERATION Source: Bloomberg New Energy Finance / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 18
  • 19. GLOBAL NEW (Corp R&D, Gov R&D, SDC and adjustment for re-inv equity) ENERGY BY Internal Note: Includes all add-ons INVESTMENT IN CLEANSECTOR ($BN) $260bn $247bn 9.6 11.7 19.2 23.2 19.8 $187bn $189bn 21.8 13.2 16.5 74.9 $153bn 16.6 18.6 Other 12.4 32.3 21.7 90.1 Energy smart technologies 15.6 Bioenergy $113bn 10.4 36.1 Wind 12.8 67.6 73.8 Solar $75bn 8.1 37.4 136.6 $54bn 11.1 50.9 4.8 15.5 100.2 12.0 32.2 9.6 23.5 57.4 58.1 13.4 37.8 13.8 16.3 20.2 2004 2005 2006 2007 2008 2009 2010 2011Note: Includes corporate and government R&D, and small distributed capacity. Adjustedfor re-invested equity. Does not include proceeds from acquisition transactions Source: Bloomberg New Energy Finance / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 19
  • 20. FORECAST LARGE PV PROJECT CAPITAL COST, 2010–20 ($/W) $3.02 $2.63 $2.32 $2.11 $1.98 $1.87 $1.77 $1.68 $1.6 $1.52 $1.45 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Module Inverter Balance of plant Engineering, procurement & construction otherNote: Based on historical experience curves for crystalline silicon modules and othercomponents, and the prices in the mature German market. 2010 dollars. Assumes BloombergNew Energy Finance short-term build forecasts to 2013, 20% new build growth after that. Source: Bloomberg New Energy Finance / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 20
  • 21. RESIDENTIAL ELECTRICITY PRICE 2012, INSOLATION,RESIDENTIAL PV LCOE 2015 0.40 More sun Denmark $/kWh 0.35 Germany 0.30 Italy Spain 0.25 Hawaii United Kingdom 0.20 Japan France Australia Brazil Turkey 0.15 South Korea California New Jersey North India Israel Canada Argentina 0.10 Texas North China Mexico Russia South South India 0.05 China Indonesia Saudi Arabia 0.00 800 1000 1200 1400 1600 1800 2000 Potential 25GW residential EMEA ASOC AMER kWh/kW/year PV marketNote: LCOE based on 6% weighted average cost of capital, 0.7%/year module degradation, 1% Source: Eurostat, grid operators, Bloomberg New Energycapex as O&M annually. $2.34/W capex assumed for 2015 Finance / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 21
  • 22. BALTIMORE GAS AND ELECTRICPROJECTED PEAK DEMAND REQUIREMENTS, 2009-23 (MW) 0% (Demand-side management) But what about electric cars? Source: BGE via Maryland DSM study / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 22
  • 23. CONTENTS1. The economics: Q2 2012 assessment2. Major commercial challenges3. Market opportunities4. Critical technical and commercial factors / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 23
  • 24. 3. MARKET OPPORTUNITIES 1. Fossil fuel generation replacement, eg. US & UK 2. Power and desalination, MENA 3. Oil sands, Alberta 4. Process heat for biofuels / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 24
  • 25. UK GENERATION CAPACITY, 2012-30 (GW) 160 Biomass & waste 140 CCGT CCGT w/CCS 120 Coal 100 Coal w/CCS 80 Hydro 60 Marine Nuclear 40 Oil & OCGT 20 Solar 0 Wind offshore 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 Wind onshore Source: Bloomberg New Energy Finance / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 25
  • 26. UK PLANNED RETIREMENTSCAPACITY (GW) 9.0 8.0 7.0 CCGT 6.0 5.0 Coal 4.0 Nuclear 3.0 2.0 Oil 1.0 0.0 2012 2013 2014 2015 2016 Source: Bloomberg New Energy Finance / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 26
  • 27. MENA TECHNOLOGY AND POLICY DRIVERS 1. Rapidly growing energy demand – at least 5% CAGR 2010-20 2. Economics – lost opportunity cost for a barrel of oil 3. Water – 79% of installed global desal capacity in 2020 4. Contracts signed for large reactors / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 27
  • 28. ELECTRICAL POWER GENERATED FROM OIL (GWH) 120,000 55% 100,000 That totals 246TWh… 80,000 60,000 40,000 72% 98% 19% 20,000 55% 0 Saudi Kuwait Iraq Egypt Libya Source: World Bank Data / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 28
  • 29. DESALINATION OPPORTUNITIES IN MENA(M3/CAPITAL/YEAR) TOTAL RENEWABLE WATER RESOURCES PER CAPITA 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 DESALINATION OPPORTUNITIES? 0 Yemen Syria Lebanon Jordan Kuwait Palestine World SE Asia ESCWA Bahrain Iraq UAE Oman Qatar America Egypt Arabia Sudan Saudi NorthESCWA: Economic And Social Commission For Western Asia Source: ESCWA / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 29
  • 30. ENERGY INPUT COST OF DESALINATION PER M3Energy cost per m3 of desalinated water$8.00$7.00$6.00 MSFsa$5.00 MSFco$4.00 MEDsa$3.00 MEDco$2.00 RO$1.00$0.00 $0 $30 $70 $110 $150 Opportunity cost of a barrel of oilNote: Assumes energy accounts for 75% of water supply costs. Plants with differentcapacities may use different amounts of energy. Prices are averages, representative ofaverage costs. Source: Data compiled by ESCWA / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 30
  • 31. DESALINATED WATER PRICES USING DIFFERENT POWERSOURCES ($/M3) 4.72 3.90 2.51 2.24 1.92 1.63 1.43 1.19 1.10 1.29 1.15 1.06 0.96 0.87 0.88 0.87 0.79 0.75 0.70 0.75 Oil Coal Nuclear Natural Gas MSF MSF-RO MED MED-RO RO Source: IAEA, Bloomberg New Energy Finance / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 31
  • 32. ALBERTA OIL SANDS PROJECTED PRODUCTION Source: CERIs 2011 Canadian Oil Sands Supply Costs and Development Projects (2011-2045) study number 128. / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 32
  • 33. CANADIAN OIL SANDS NATURAL GAS DEMAND (MCF/D)DRIVING CO2 EMISSIONS (CO2 EQ. MT/YEAR)(MMcf/d) (CO2 eq. MT/year)4,000,000 200,000 180,0003,500,000 160,0003,000,000 140,0002,500,000 Nat Gas Consumption 120,000 CO2 Emission2,000,000 100,000 Cost of compliance 80,0001,500,000 in 2022: C$3bn+ 60,0001,000,000 Total compliance 40,000 through 2045: 500,000 C$200bn 20,000 0 0 2007 2012 2017 2022 2027 2032 2037 2042 Source: CERIs 2011 Canadian Oil Sands Supply Costs and Development Projects (2011-2045) study number 128. / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 33
  • 34. RENEWABLE FUELS STANDARD (RFS-2), 2012(BN GALLONS) 40 21bn gallons/year by 2022 of 35 new “advanced biofuels” Cellulosic capacity needed biofuel (d) 30 Other 25 advanced biofuel (c) 20 Biomass- 15 based diesel (b) 10 Corn-based 5 ethanol (a) 0 2008 2010 2012 2014 2016 2018 2020 2022 Source: Bloomberg New Energy Finance / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 34
  • 35. RFS-2 TECHNOLOGIES TOTAL RENEWABLE FUELS ADVANCED BIOFUELS OTHER RENEWABLE FUELS CELLULOSIC BIOFUEL OTHER ADVANCED BIOMASS-BASED ETHANOL BIOBUTANOL ETHANOL/BIODIESEL OTHER BIODIESEL STARCH SUGAR TRANSESTERIFICATION FERMENTATION FERMENTATION ALGAE FEEDSTOCK TECHNOLOGY BIOBUTANOL ADVANCED BIOCHEMICAL ENZYMATIC HYDROLYSIS ACID HYDROLYSIS GASIFICATION – FT SYNTHESIS small modular reactor PYROLYSIStechnology group target GASIFICATION – FERMENTATION HYDROTREATMENT Renewable fuel 1-generation Algae feedstock Biochemical Thermochemical type technologies technologies technologies Source: Bloomberg New Energy Finance / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 35
  • 36. BASIC THERMOCHEMICAL BIOENERGY PROCESS drying tar CH4 Feedstock input: pyrolysis biomass/municipal CO2 H2O waste combustion CO H2 reduction Thermo process Syngas FT synthesis Fermentation Combustion Methanol Power Syndiesel Ethanol Steam Source: Bloomberg New Energy Finance / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 36
  • 37. CONTENTS1. The economics: Q2 2012 assessment2. Major challenges3. Market opportunities4. Critical technical and commercial factors / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 37
  • 38. 4. CRITICAL TECHNICAL AND COMMERCIAL FACTORS 1. Safety, safety and safety 2. Regulatory uncertainty 3. Time to market, competitive, less risk 4. Government support – what kind and how much? / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 38
  • 39. TOP 10 GLOBAL PV CELL MANUFACTURERS 2006, 2010(RANK ORDER BY CAPACITY) +46% per year 2006 2010Company Country Capacity (MW) Company Country Capacity (MW)1. Sharp Japan 500 1. JA Solar China 1,9002. Q-Cells Germany 420 2. Suntech China 1,6203. Suntech China 270 3. First Solar (TF) US 1,5024. Motech Taiwan 240 4. Yingli China 1,1005. Solarworld Germany 200 5. Trina Solar China 1,0006. China Sunergy China 180 6. Q-Cells Germany 1,0007. Kyocera Japan 180 7. Canadian Solar China 8008. Isofoton Spain 130 8. Motech Taiwan 6009. Schott Germany 121 9. Gintech Taiwan 60010. Sanyo Electric Japan 115 10. JinkoSolar China 600 Europe US China Other AsiaNote: ‘Capacity’ counted as either crystalline silicon cell or thin film module. Source: Bloomberg New Energy Finance, companyTF is thin film announcements / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 39
  • 40. BNEF ASSESSMENT– CAUTIOUS BUT PROMISING• Models differ Units installed widely 400• Markets 350 Agency Low developing quickly300 Agency High• Technology 250 Consultant Low following slowly 200• Market Consultant High 150 Industry Low assumptions 100 change rapidly Industry Moderate• Is it a $500bn 50 market…or more? 0 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Sources: Various industry sources interpreted by Bloomberg New Energy Finance / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 40
  • 41. ON THE RECORD – POST FUKUSHIMA “We’re seeing a knee-jerk reaction saying ‘get rid of nuclear,’ but that is not going to happen in the long run. There is no other good solution if you want to decarbonize the energy sector. As far as small reactors go, these events in Japan will strengthen their hand as opposed to weakening it.” Chris Gadomski Bloomberg Markets May 2011 / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 41
  • 42. COPYRIGHT AND DISCLAIMERThis publication is the copyright of Bloomberg New Energy Finance. No portion of this document may bephotocopied, reproduced, scanned into an electronic system or transmitted, forwarded or distributed in anyway without prior consent of Bloomberg New Energy Finance.The information contained in this publication is derived from carefully selected public sources we believe arereasonable. We do not guarantee its accuracy or completeness and nothing in this document shall beconstrued to be a representation of such a guarantee. Any opinions expressed reflect the current judgment ofthe author of the relevant article or features, and does not necessarily reflect the opinion of Bloomberg NewEnergy Finance. The opinions presented are subject to change without notice. Bloomberg New EnergyFinance accepts no responsibility for any liability arising from use of this document or its contents. BloombergNew Energy Finance does not consider itself to undertake Regulated Activities as defined in Section 22 of theFinancial Services and Markets Act 2000 and is not registered with the Financial Services Authority of the UK. / / / / SMRS: THE ECONOMICS AND CHALLENGES, 24 APRIL 2012 42
  • 43. SMRS: THE ECONOMICSAND CHALLENGESCHRIS GADOMSKI, CGADOMSKI2@BLOOMBERG.NET TWITTER @BNEFNUC MARKETS Renewable Energy Carbon Markets Energy Smart Technologies Renewable Energy Certificates Carbon Capture & Storage Power Subscription-based news, data Water Nuclear and analysis to support your SERVICES decisions in clean energy, power Insight: research, analysis & forecasting and water and the carbon markets Industry Intelligence: data & analytics News & Briefing: daily, weekly & monthly Applied Research: custom research & data mining info@bnef.com Knowledge Services: Summit, Leadership Forums, Executive Briefings & workshops////////////////////////////