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2015 Hidro Tarnița S.A. all rights reserved
INVESTOR’S VIEW
WHY ROMANIA?
- European Union member country
- Economic and political stability
- NATO member with strong ...
POWER SECTOR OVERVIEW
2015 Hidro Tarnița S.A. all rights reserved
Coal
28%
Hydrocarbo
n
12%
Hydro
29%
Biomass
1%
Nuclear
1...
RENEWABLES DEVELOPMENT
2015 Hidro Tarnița S.A. all rights reserved
Puterile instalate si disponibile intre anii 2010-2014
...
RENEWABLES DEVELOPMENT
2015 Hidro Tarnița S.A. all rights reserved
Puterile instalate si disponibile intre anii 2010-2014
...
DAILY NPS LOAD CURVE
2015 Hidro Tarnița S.A. all rights reserved
Curba de sarcina cu diferenta gol varf si …
Peak vs Off-P...
INVESTMENTS IN POWER GENERATION SECTOR
2015 Hidro Tarnița S.A. all rights reserved
Foreign direct
investment in energy
sec...
DRIVERS OF INVESTMENTS
2015 Hidro Tarnița S.A. all rights reserved
European energy policy OBJECTIVES
Policy
Sustainability...
NATIONAL ENERGY STRATEGY
2015 Hidro Tarnița S.A. all rights reserved
 Keeping a diversified and well balanced energy mix
...
ENERGY POLICIES AND STRATEGY
2015 Hidro Tarnița S.A. all rights reserved
 Investment opportunities include:
Development o...
NATIONAL STRATEGIC ENERGY PROJECTS
2015 Hidro Tarnița S.A. all rights reserved
Nuclear
• Cernavoda NPP
Units 3 and 4 –
New...
MACROECONOMIC INVESTMENT APPROACH
2015 Hidro Tarnița S.A. all rights reserved
Similar
investments
opportunity
7% gross div...
OVIDIU DEMETRESCU
CEO
Bd. Carol I, nr. 29, etaj 4, camerele 405-406 si 416-418, sector 2,
București, Romania
contact@hidro...
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Prezentare Hidro Tarnita - Energy Forum 2015

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BusinessMark a organizat Energy Forum 2015, eveniment dedicat sectorului energetic, pe 28 mai, la Bucuresti, Hotel Radisson Blu. Ovidiu Demetrescu - Energy Forum 2015Conferinta a fost un prilej de analiza si dezbatere a sectorului energetic, si a reunit reprezentanti ai managementului celor mai importante companii energetice prezente pe piata romaneasca, ai autoritatilor si ai asociatiilor din energie.

Dl. Ovidiu Demetrescu a participat in calitate de speaker- prezentand o vedere de ansamblu asupra sectorului energetic si al investitiilor in energie, accentuand importanta investitiei pentru proiectul hidrocentralei Tarnita.

Ovidiu Demetrescu, Director General, Hidro Tarnița, a subliniat ca in Romania, avem forta de munca foarte buna.

”Incercam sa retinem aici oamenii valorosi, dar aceasta forta de munca nu trebuie sa fie ieftina ci platita corect. Pana la urma, banii cu care ii platim se intorc in economie pentru ca sunt cheltuiti tot aici. De asemenea, trebuie sa le oferim investitorilor un mediu in care sa poata sa isi planfice business-ul. Este adevarat ca in Romania s-au modificat regulile in timpul jocului, dar era de asteptat sa se schimbe, avand in vedere schemele respective. De altfel, astfel de schimbari s-au intamplat in multe alte tari”, a afirmat Ovidiu Demetrescu.

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Prezentare Hidro Tarnita - Energy Forum 2015

  1. 1. 2015 Hidro Tarnița S.A. all rights reserved
  2. 2. INVESTOR’S VIEW WHY ROMANIA? - European Union member country - Economic and political stability - NATO member with strong ties to all members and playing a key regional role - Growing economy at a higher pace than EU average - Well qualified work force WHY Us? - Sizeable project – approx. EUR 1 Billion - Romania lacks pumped storage capacities - Investment in power generation sector of EUR 10 billion (out of the total Eur 30 Bn in the industry) - Good location enabling us to become regional providers of power balancing services - 99% from total storage capacity at global level is represented by pumped storage (142.000 MW); - The only mature technology with proven economic efficiency; - Since 1990 a massive development of pumped storage in the world based on commercial maturity of this technology; - Versatile operating capabilities with fast response to intermittent demands from the grid - Clean and CO2 free emissions technology; - Balancing other renewable sources of energy, considering the growing existing capacities and support schemes; over 5000 MW installed capacity today in renewables needing balancing of about 800 MW - Good returns with IRR of 8-10% depending on the financing model and other project variables - Partnering with the Romanian State with long term view WHY ENERGY SECTOR? - Mature, well developed market with room to grow - Investment needs in the Energy sector of 30 billion Euro over 10 years - European Energy Union – access to a large market - Key sector of economy - Part of National Development Strategy - Romania is well positioned to take a regional leadership role - Well regulated sector with stable indicators 2015 Hidro Tarnița S.A. all rights reserved
  3. 3. POWER SECTOR OVERVIEW 2015 Hidro Tarnița S.A. all rights reserved Coal 28% Hydrocarbo n 12% Hydro 29% Biomass 1% Nuclear 18% Wind 10% Solar 2% 2014 Power generation 64.863 GWh gross Variatia consumului brut anual in perioada 1989-2013 83662 73785 63959 58398 57349 55861 59566 62157 57370 53962 49886 51256 52552 52335 54821 55710 56813 58173 59297 60338 55190 57864 60029 59293 56648 0 10000 20000 30000 40000 50000 60000 70000 80000 90000 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 [GWh] Energy consumption evolution 1989 - 2013 2007 – 2014 Energy production, consumption and export
  4. 4. RENEWABLES DEVELOPMENT 2015 Hidro Tarnița S.A. all rights reserved Puterile instalate si disponibile intre anii 2010-2014 EOLIAN 0.000 200.000 400.000 600.000 800.000 1000.000 1200.000 1400.000 1600.000 1800.000 2000.000 2200.000 2400.000 2600.000 2800.000 01.01.201020.10.201001.01.201110.03.201101.06.201101.08.201101.11.201101.01.201201.06.201207.09.201224.10.201207.12.201201.01.201301.04.201301.07.201301.10.201301.12.201301.01.201401.03.201401.04.2014 Pi,Pd [MW] Pi Wind installed capacity  As the wind generation capabilities have rapidly grown on the basis of the Romanian renewable energy encouragement by the assumed EU 2020 target through Green Certificate market  Target has been overshot and thus new developments will not be as attractive from now on  Wind generator life is 15-20 years without major investment  Green Certificate market is stable at lowest prices due to the increase in offer vs. demand Energy has to be stored in order to increase NPS performance and financial performance of existing wind projects
  5. 5. RENEWABLES DEVELOPMENT 2015 Hidro Tarnița S.A. all rights reserved Puterile instalate si disponibile intre anii 2010-2014 FOTOVOLTAIC 0 50 100 150 200 250 300 350 400 450 500 550 600 650 700 750 800 850 900 950 1000 1050 1100 1150 1200 01.01.2010 20.10.2010 01.01.2011 10.03.2011 01.06.2011 01.08.2011 01.11.2011 01.01.2012 01.06.2012 07.09.2012 24.10.2012 07.12.2012 01.01.2013 01.04.2013 01.07.2013 01.10.2013 01.12.2013 01.01.2014 01.03.2014 01.04.2014 Pi,Pd [MW] Pi Solar installed capacity  Solar power has increased through a drop cost due to technology advance  Green certificate market contraction  Installed power has risen due to initial (2010) attractive market conditions  High unpredictable due to whether dependency  Green Certificate market is stable at lowest prices due to the increase in offer vs. demand Energy has to be stored in order to increase NPS performance and financial performance of existing solar projects
  6. 6. DAILY NPS LOAD CURVE 2015 Hidro Tarnița S.A. all rights reserved Curba de sarcina cu diferenta gol varf si … Peak vs Off-Peak difference 5600 MW vs 8400MW (typical weekday)
  7. 7. INVESTMENTS IN POWER GENERATION SECTOR 2015 Hidro Tarnița S.A. all rights reserved Foreign direct investment in energy sector 2008 - 2012 Investments evolution on resources 2011 - 2013 Source: Romanian Energy Strategy 2015-2035 draft document
  8. 8. DRIVERS OF INVESTMENTS 2015 Hidro Tarnița S.A. all rights reserved European energy policy OBJECTIVES Policy Sustainability Security Bankability Environment Main objective of the WFD is to prevent deterioration of the water bodies status Energy Reduction of CO2 emissions Directive 2009/28/EC renewable source encouragement Usage of existing facilities for Hydro Power generation
  9. 9. NATIONAL ENERGY STRATEGY 2015 Hidro Tarnița S.A. all rights reserved  Keeping a diversified and well balanced energy mix  Increasing energy security by new generation units and by using the national potential for new energy sources  Developing nuclear energy, essential to achieving decarbonisation targets;  Using the potential of energy efficiency  Encouraging investments and building an attractive and predictable environment for investors  Prudent and sustainable development of renewable energy, in a cost-effective manner, with an emphasis on the sustainable biomass potential  Keeping coal as an important energy resource for ensuring our energy security  Sustaining clear regulations for vulnerable consumers in the context of the energy price increases  Taking advantage of the national geographical and energy potential  Consolidating the management of the state companies from the energy sector
  10. 10. ENERGY POLICIES AND STRATEGY 2015 Hidro Tarnița S.A. all rights reserved  Investment opportunities include: Development of new production capacities Rehabilitation of current operating units Strengthening of the interconnections with neighboring countries – Moldavia, Serbia, Bulgaria, Turkey Balance of the National Grid Secure the proper operation of the National Grid considering the impact of the renewable energy Areas of development Investments need according to Romanian Energy Strategy 2015 – 2035 draft document around 100 billion euro
  11. 11. NATIONAL STRATEGIC ENERGY PROJECTS 2015 Hidro Tarnița S.A. all rights reserved Nuclear • Cernavoda NPP Units 3 and 4 – New Nuclear Build • Cernavoda NPP Unit 1 – LTO Project considered for 2022-25 Hydro • Pump Storage Hydro Power Plant Tarnita – Lapustesti • Existing HPP Rehabilitation Project Coal • Mintia TPP Rehabilitation (hard coal) • New Unit at Rovinari TPP (lignite) REGIONAL DEVELOPMENT  Enhancing interconnections with the neighboring countries - Moldavia, Bulgaria, Serbia, Hungary  Market coupling
  12. 12. MACROECONOMIC INVESTMENT APPROACH 2015 Hidro Tarnița S.A. all rights reserved Similar investments opportunity 7% gross dividend yield Electrica shares (2014) 6,28% yield USD 30 years T-bills 5,80% coupon rate for USD 15 years T-bills 5,3% gross dividend yield Fondul Propietatea shares (2014) 8% IRR for equity shares in hydro project (Tarnița – Lăpuștești PSHPP) Source: Public information and Tarnita Feasibility Study Good technical solution Proven feasibility Only Mature Technology Sustainability Green field project Project bankability Easy financing Economic growth especially on local level Energy security national security component
  13. 13. OVIDIU DEMETRESCU CEO Bd. Carol I, nr. 29, etaj 4, camerele 405-406 si 416-418, sector 2, București, Romania contact@hidrotarnita.ro www.hidrotarnita.ro Phone: +40 21 313 83 29 Fax: +40 21 313 51 30 2015 Hidro Tarnița S.A. all rights reserved

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