In 2012, South Korea Adopted An Ambitious Set Of Targets To Promote Clean Energy Generation
SOUTH KOREA’S ENERGY MARKET – ...
Focus On Renewable Energy Has Grown With South Korea Experiencing Rising Energy Demand
SOUTH KOREA’S ENERGY MARKET – RISIN...
To Support Renewable Energy Growth, A Range Of Policies And Incentives Have Been Developed
SOUTH KOREA’S ENERGY MARKET – R...
RPS Has Been Critical In Pushing Energy Companies To Adopt Renewable Sources Of Generation
SOUTH KOREA’S ENERGY MARKET – R...
RPS Also Rewards Energy Companies Which Actively Undertake Renewable Power Generation
SOUTH KOREA’S ENERGY MARKET – RENEWA...
Korea Will Depend On Wind Energy To Achieve A 10% RPS Ratio In Power Generation By 2022
SOUTH KOREA’S ENERGY MARKET – RENE...
Thanks To Its Natural Landscape, South Korea Is An Ideal Location For Wind Power Development
SOUTH KOREA’S ENERGY MARKET –...
In Early 2013, 41 Wind Power Projects With Total Capacity Of 491.65MW Were Operating In Korea
SOUTH KOREA’S ENERGY MARKET ...
Initially Slow To Take Off, South Korean Wind Energy Market Is Now Expected To Accelerate…
SOUTH KOREA’S ENERGY MARKET – W...
…With An Ambitious Goal To Develop 23GW Of Wind Generation Installed Capacity By 2030
SOUTH KOREA’S ENERGY MARKET – WIND P...
Wind Energy Sector Development Is Also Expected To Boost Local Manufacturing And Exports
SOUTH KOREA’S ENERGY MARKET – WIN...
Korea’s Renewable Energy Plans, Largely Wind Power Focused, Is A Step In The Right Direction
A FINAL WORD
 With an energy...
Perspective
 What is your perspective on South Korea’s ambitious wind energy plans? Do you believe that wind energy is th...
About EOS Intelligence
EOS Intelligence is a professional services firm that delivers bespoke research solutions targeted ...
Wind Energy in South Korea – Aiming High
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Wind Energy in South Korea – Aiming High

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Over the past couple of years, South Korea has undertaken considerable efforts to research and develop renewable energy generation across technologies such as fuel cell, solar, wind, geothermal heat, and tidal power. While supporting growth in several renewable energy sectors, the country has focused on expanding wind power generation in particular, given Korea’s access to strong and steady winds due to its long coastal line and mountainous terrain, as well as relatively well developed wind power technology and related skill set. We take a look at current state of affairs in the renewable energy sectors in Korea as well as the development of wind energy capacity goals set by the country’s government.

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Wind Energy in South Korea – Aiming High

  1. 1. In 2012, South Korea Adopted An Ambitious Set Of Targets To Promote Clean Energy Generation SOUTH KOREA’S ENERGY MARKET – STATUS QUO  As of 2012, South Korea was the 9th largest energy consumer in the world, and given the lack of its own reserves, the country is placed amongst the largest energy importers (crude oil, coal, liquefied natural gas, etc.) globally  South Korea imports 95-97% of fossil fuels used for domestic power generation; in recent years, the country’s administration has realized that there is an urgent need to develop alternative energy sources, in order to improve the country’s energy independence, increase energy efficiency, and reduce energy import bill (estimated at about USD 121 billion in 2010)  Over the past few years, the South Korean government strengthened its commitment to increasing the share of clean and renewable resources in the overall energy production, as part of the country’s efforts to diversify energy sources  In 2008, Korean president, Lee Myung-bak, announced the government’s decision to increase investment in renewable-generated energy  The total investment in renewable energy is estimated at about KRW 40 trillion (USD 34.2 billion) till 2015, 56% of it to be provided by Korea’s largest industrial groups, 18% by the government, and about 26% by other private investors  In 2012, South Korea replaced its feed-in tariff for renewable energy with Renewable Portfolio Standard (RPS), a set of targets and standards that promote the adoption of clean energy, reduce carbon emissions, and drive growth of the green energy industry Korean RPS Target for Renewable Energy – Market Size  Despite an ambitious goal to grow the market over long term, it is expected that South Korea’s renewable energy industry is likely to shrink during 2013 KRW 54 trillion (USD 47.94 billion) KRW 7.4 trillion (USD 6.9 billion) 2012 2022E This is expected to be another year of decline in the combined sales of local renewable energy companies, as the market shrunk by about 7.8% in 2012 over 2011  In comparison, global renewable energy market witnessed a 38% growth during 2011-2012  The decline of the Korean market is believed to be driven by still insufficient support from the government to encourage the energy sector to develop renewable energy space, leaving energy companies sluggish in their efforts in this area  Source: Renewable Energy Focus; Yonhap News; Energy Korea; Enerone; Renewable Energy World; BC Bioenergy Network; IFLR; FuelCell Energy 2
  2. 2. Focus On Renewable Energy Has Grown With South Korea Experiencing Rising Energy Demand SOUTH KOREA’S ENERGY MARKET – RISING DEMAND  South Korea’s need for developing new energy sources is apparent, given the country’s rapid economic growth, including the expansion of energyintensive industries Korean RPS Target for Final Energy Use (Consumption)  Primary energy consumption increased by about 440% between 1980 and 2007, to an estimated 236-240 million TOE1 2012 2015E 2020E 2030E 2.6 4.3 6.1 11.0  This energy consumption growth is expected to slow down over the coming years, and there are considerable shifts expected in the composition of the energy consumption by source RPS Ratio in Power Consumption (%)  South Korea is aiming to increase the share of renewable energy in the overall domestic energy use by over three times, with a minimum of 11% of its total energy needs to be met by renewable sources by 2030 Final Energy Consumption Composition, by Source (2007) 100% = ~240 million TOE Final Energy Consumption Composition, by Source (2030E) 100% = ~300 million TOE Atomic 27.8% Charcoal 25.3% Oil 43.4% Renewable 2.5% Atomic 14.9% LNG 13.8% LNG 12.0% Renewable 11.5% Charcoal 15.7% Oil 33.0% Note: 1) TOE - Tonne of oil equivalent Source: Korean Energy Management Corporation; Renewable Energy Focus; Enerone 3
  3. 3. To Support Renewable Energy Growth, A Range Of Policies And Incentives Have Been Developed SOUTH KOREA’S ENERGY MARKET – RENEWABLE ENERGY SUPPORT POLICIES Support Type Support Policy Status in South Korea Feed-in tariff (including premium payment) Electric utility quota obligation/ RPS  Biofuels obligation/mandate   Capital subsidy, grant, or rebate  Investment or production tax credits  Reductions in sales, energy, CO2, VAT, or other taxes  Energy production payment Public Financing Support Net metering Tradable REC Fiscal Incentives  Heat obligation/mandate Regulatory Policies - - Public investment, loans, or grants  Public competitive bidding -  The Ministry of Knowledge Economy is responsible for formulating and implementing energy policies, administering the energy industry, and providing support for activities in the field of new energy technologies research and development  While still considered insufficient, the development of renewable energy projects receives ever increasing government support in terms of financial and fiscal help     All renewable energy technologies are subject to a 5% tax credit Korean government provides subsidies to local authorities of up to 60% for the value of renewable facilities installation Local authorities can receive low interest loans (5.5%-7.5%) for renewable energy development projects It is estimated, that during 1993-2012, the government spent KRW 2.77 trillion (USD 2.6 billion) in subsidies and loans on this sector Source: Renewable Energy Focus; Bloomberg; ‘Renewables 2012 Global Status Report’, Renewable Energy Policy Network For the 21st Century, 2012 4
  4. 4. RPS Has Been Critical In Pushing Energy Companies To Adopt Renewable Sources Of Generation SOUTH KOREA’S ENERGY MARKET – RPS TARGET FOR ENERGY GENERATION Energy Generation 1,000,000 MWh/annually X Target Share of Renewable-generated Energy : 2% (2012) Electricity producer Renewable-generated Energy (mandatory volume): 20,000 MWh (2012) = National RPS Requirement Renewable Energy Credits/Certificates (RECs) An obligation for energy producers to generate a portion of power using renewable energy resources 2012 RPS Ratio in Power Generation (%) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2.0 2.5 3.0 3.5 4.0 5.0 6.0 7.0 8.0 9.0 10.0 ↑ 0.5% p.a. ↑ 1.0% p.a.  Under the RPS policy, 13 of the largest power producers in South Korea (public and privately-owned generators with over 500MW of power generation capacity) are required to produce a certain mandatory volume of energy using renewable energy sources  RPS mandatory renewable-generated energy volumes are calculated by multiplying fossil fuel power generation volume and annual RPS ratio in power generation  RPS pushes to increase the use of renewable sources in power production by expanding the mandatory share of renewable- generated energy in the overall energy production, by additional 0.5% annually during 2012-2016, accelerating to 1% increase annually during 2016-2022  This also brings a requirement of additional 350 MW renewable energy capacity annually through 2016, increasing to 700 MW per annum till 2022  The ratios are subject to review and modification by Ministry of Knowledge Economy every three years, depending on technology review, performance of generators, and other relevant factors Source: Renewable Energy Focus; Yonhap News; Energy Korea; Enerone; BC Bioenergy Network; IFLR; FuelCell Energy 5
  5. 5. RPS Also Rewards Energy Companies Which Actively Undertake Renewable Power Generation SOUTH KOREA’S ENERGY MARKET – RENEWABLE ENERGY CREDITS Energy Generation 1,000,000 MWh/annually X Electricity producer Target Share of Renewable-generated Energy : 2% (2012) = Renewable-generated Energy (mandatory volume): 20,000 MWh (2012) National RPS Requirement Renewable Energy Credits/Certificates (RECs)  Before introducing RPS in 2012, a feed-in tariff mechanism was used, which guaranteed fixed rates for renewable-generated energy  Feed-in tariff mechanism also put a cap on renewable-energy generation capacity and resulted in heavy cost burden for energy producers  Therefore, the 2012 RPS replaced the feed-in tariff and introduced tradable Renewable Energy Credits/Certificates (RECs), resulting in the revenues from renewable energy being determined by the market  Under the RPS, revenue from renewable-generated energy is derived from the wholesale electricity price plus sale of RECs , with one REC valued at about KRW 40 (USD 0.035) Multipliers:  0.25 for integrated gasification combined cycle (IGCC), and byproduct gas  RECs are issued by the Korean New and Renewable Energy Center of the Korean  0.5 for wastes and landfill gas  Once the energy producer is awarded with RECs, it is registered with the New and Renewable Energy RPS Management System, which is used for trading and tracking RECs  RECs are issued on a monthly basis and are calculated per unit of renewable-generated energy; each unit of such energy generates one REC  Renewable-generated power receives price above the market rate based on the price of the REC multiplied by the weighted value of the renewable energy source, depending on its type, with off-shore wind, tidal and fuel cells receiving the highest multiplier  If the obligated generator fails to meet the pre-set RPS ratio in their energy production volumes, penalties apply in the amount of 150% of the weighted average market price of each unit of green energy produced below the mandatory volume  1.0 for hydraulic, on-shore wind, bio-energy, refuse-derived fuel (RDF) full firing and tidal (including dams)  1.5 for wood biomass full firing and off-shore wind (under 5km)  2.0 for off-shore wind (over 5km), tidal (not including dams) and fuel cells Energy Management Corporation Source: Renewable Energy Focus; Yonhap News; Energy Korea; Enerone; BC Bioenergy Network; FuelCell Energy; IFLR 6
  6. 6. Korea Will Depend On Wind Energy To Achieve A 10% RPS Ratio In Power Generation By 2022 SOUTH KOREA’S ENERGY MARKET – RENEWABLE ENERGY GENERATION, BY SOURCE  With the RPS and RECs system in place, as well as government support across regulatory, fiscal and public financing policies, the Korean government plans to achieve a targeted share of 10% of renewable resources to be used in power production by 2022 RPS Target 2022 Renewable Energy Generation, by Source Total Wind Energy Share: 46.8%  A large part of this planned renewable energy generation is planned to be wind and tidal generation, which together is expected to contribute to two-thirds of renewable-generated power  While these two resources are expected to be dominant amongst renewable sources used for energy generation, government support (in the form of research and capabilities advancements) is expected to extend its focus to also include solar and waste power Off-shore Wind 38.7% Waste 0.4% Biogas 0.8% Biomass 2.1%  In case of solar power, the major motivator for focus on this technology comes from lower production costs of solar-only energy versus wind-only energy (costs account for an estimated 10% and 66% of overall value of energy generated, respectively)  The focus on waste-generated power is driven by its efficiency and sustainability due to large quantity of waste readily available, with additional benefit of reducing the environmental burden of waste  However, despite lobbying for solar and waste-based energy generation, it is still expected that majority of new capacity will be added in wind power in the long term, which finds reflection in the anticipated share of wind energy in the overall renewable energy generation mix by 2022 (a total of over 46%) On-shore Wind 8.1% Tidal 20.0% IGCC 3.1% Hydraulic 6.8% Solar 7.5% Landfill Gas 0.4% Fuel Cells 12.1% “The Korea wind power industry has an aggressive target of reaching 23 GW of wind power by 2030, which would, with a production of around 50 TWh, provide around 10% of the country’s total energy demand.” – Global Wind Energy Council Source: Enerone; Renewable Energy Focus; Korean Ministry of Environment 7
  7. 7. Thanks To Its Natural Landscape, South Korea Is An Ideal Location For Wind Power Development SOUTH KOREA’S ENERGY MARKET – WIND POWER – INTENSITY MAP  Given the country’s natural landscape, South Korea’s wind power industry can benefit from great potential offered by mountainous terrain and long costal line  For off-shore farms locations, south and south-eastern waters surrounding Korea offer the strongest air currents and are currently the focal point for wind power generation development  For on-shore wind power production, Korea offers numerous locations, as the country is 70% mountainous; the most steady winds are observed along the eastern coast with the highest hill elevation  It is believed that, with the right plan and sufficient investment, wind power alone might help solve Korea's energy dependency issues; the country has also entered an ambitious path of becoming one of the global leaders in wind power generation over the next 20 years  South Korea is believed to have some of the world’s largest wind resources, large part of which offer high wind speeds  The country's’ natural potential of total wind resources (on-shore and off- shore) is estimated at 294 million TOE annually (equivalent to installation capacity of 433GW)  The available potential, considering the geographical accessibility to construct wind farms, is estimated at 85 million TOE annually, equaling to installation capacity of approximately 127GW  Given the country’s enormous wind potential, wind energy stands high on renewable-generated energy priorities in Korea  Wind power generation is likely to continue to develop rapidly in South Korea, due to increasing technology maturity and its economic feasibility, as well as focus on low wind speed turbines development allowing to extend wind energy generation to locations previously excluded from capacity expansion plans Source: Renewable Energy World; Korea Wind Energy Industry Association; Korea Institute of Energy Research; Offshorewind 8
  8. 8. In Early 2013, 41 Wind Power Projects With Total Capacity Of 491.65MW Were Operating In Korea SOUTH KOREA’S ENERGY MARKET – WIND POWER – CAPACITY DISTRIBUTION, BY PROVINCE1     Incheon City Number of projects: 1 Total installed capacity: ~22MW Gyeonggi-do Number of projects: 3 Total installed capacity: ~8.3MW        Jeollabuk-do (Jeonbuk) Number of projects: 2 Total installed capacity: ~9.9 MW        Jeollanam-do (Jeonnam) Number of projects: 4 Total installed capacity: ~17MW Jeju-do Number of projects: 12 Total installed capacity: ~111MW Gangwon-do Number of projects: 10 Total installed capacity: ~195.9MW Gyeongsangbuk-do (Gyeonbuk) Number of projects: 6 Total installed capacity: ~122.2 MW Ulsan City Number of projects: 1 Total installed capacity: ~1.7 MW Busan City Number of projects: 1 Total installed capacity: ~0.8MW Gyeongsangnam-do (Gyeognam)  Number of projects: 1  Total installed capacity: ~3.0 MW Total number of projects: 41 Total installed capacity: 491.65MW Total number of units: 295 Note: 1) Data as of February 2013; both on-shore and off-shore projects Source: Korea Wind Energy Industry Association 9
  9. 9. Initially Slow To Take Off, South Korean Wind Energy Market Is Now Expected To Accelerate… SOUTH KOREA’S ENERGY MARKET – WIND POWER – CAPACITY AND GROWTH Wind Power Capacity Growth (MW, 2003-2013)  At the end of 2012, installed wind power capacity CAGR 2003-2013 = 39% 482.6 304.1 177.7 18.2 2003 68.1 2004 348.4 373.3 491.61 406.3  Though wind power capacity has recorded significant growth over the past decade, the wind market in Korea has not been developing as fast as it was hoped for, due to several challenges 196.1 98.7 2005 2006 2007 2008 2009 2010 2011 2012 2013 Wind Power Generation Growth (GWh, 2003-20122) CAGR 2003-2012 = 49% 812.4 857.2 911.5 680.2 375.6 47.4 2003 2004 energy market in place, along with the RPS mechanism, wind farm projects have become economically more viable; it is expected that wind power capacity development will speed up in South Korea 129.9 2005 2006 2007 2008  Initial public reluctance and opposition to wind farm development projects  Relatively low tariffs assigned to wind power under the pre-RPS feed-in tariff mechanism, resulting in low revenue as compared with solar or hydro power  Difficulty in development of suitable on-shore sites  Slow advancements in wind-generated power transmission  Currently, with reforms supporting the wind 436.0 238.9 24.9 in South Korea exceeded 482 MW, vast majority of which was on-shore 2009 2010 2011 2012 Note: 1) Data for 2013 is as of February ; the year-end data might reflect new capacity added post 2013 2) Data for 2013 is not available Source: Korea Wind Energy Industry Association; Renewable Energy Focus; Global Energy Network Institute; Offshorewind 10
  10. 10. …With An Ambitious Goal To Develop 23GW Of Wind Generation Installed Capacity By 2030 SOUTH KOREA’S ENERGY MARKET – WIND POWER – INSTALLED CAPACITY TARGET Targeted Wind Power Installed Capacity (MW, 2010-2030E) 23,000 CAGR 2012-2030E 17,000 Reference Scenario: 16.0% Moderate Scenario: 20.9% Advanced Scenario: 22.8% 380 1,900 2,700 3,500 13,500 5,800 2020E Targeted Wind Power Generation (2012 and 2030E) CAGR 2012-2030E = 24.9% 50 TWh 6,000 Advanced Scenario 2025E 2030E  In 2010, Korea’s government set a plan for wind capacity development, outlining three scenarios starting with 2010 capacity level of 380MW  Capacity development was marginally behind schedule as of 2010, with planned 380MW versus the actual 373.3MW; similarly, 2011 and 2012 targets were lower than planned though it is believed that long-term targets are still achievable  Moderate scenario was based on private investors’ as well as national and local governments’ plans and capacity development projects already under development  Reference scenario represented an option scaled down by 30-50% to account for potential unfavorable factors affecting capacity development, while the ambitious advanced scenario is quoted as the actual achievable target  As on-shore locations for wind power development are limited, the country 911.5 GWh 2012 7,400 3,000 2015E 2010 Moderate Scenario 10,000 7,500 Reference Scenario increasingly focuses on off-shore locations 2030E  Off-shore wind power capacity development alone is expected to receive USD 8.2 billion by 2019, primarily in the south Korean waters with favorable volcanic seabed Source: Korea Wind Energy Industry Association; Renewable Energy Focus; Korea IT Times 11
  11. 11. Wind Energy Sector Development Is Also Expected To Boost Local Manufacturing And Exports SOUTH KOREA’S ENERGY MARKET – WIND POWER – PROMOTING LOCAL MANUFACTURING  South Korea’s plans of wind energy development are not only driven by the country’s need to become more self-sufficient in its energy needs, but also by the objective of becoming one of the leaders in the wind power industry globally, aiming to become net exporter of technologies, equipment, and skill-set over long term  Korean heavy industry companies have been receiving considerable support from the government  Korean suppliers are provided with majority of opportunities in installation, cable laying as well as development and manufacturing of the key equipment needed in wind farm construction and operation, such as generators, transformers, control systems, switchgears, towers, shafts, and, increasingly, turbines  The government also continues to allocate considerable R&D budgets to support development of local component supply chain and strong know-how of core technologies and skills for wind power industry  Government co-sponsored development projects cover production of components such as brake calipers, pitch system and controllers, offshore floating simulation codes, condition monitoring, yaw bearings, blade damage smart sensing, shrink disks, gearboxes, yaw and pitch drives  Majority of Korean shipbuilding and heavy industry companies are adding components used in the wind power industry in their product portfolios  Companies, including Hyundai Heavy Industry, Samsung Heavy Industry, Daewoo Shipbuilding and Marine Engineering, and Doosan Heavy Industry, have started working on the development of key parts needed for wind production; Unison is currently the leading Korean manufacturer of wind energy equipment, including turbines  Most of these Korean manufacturers focus mostly on R&D of products and technologies, with limited actual production  Those components that reached production stage, are largely installed and operated for testing purposes to accumulate track record of their performance as part of the overall wind energy generation system; it is, however, estimated that with the current commitment to R&D, these manufacturers’ equipment might hold a lion share in the equipment installed in the new wind farms  Several other domestic companies, such as Pyongsan, Taewoong, Hyunjin Materials, Younghun Base Materials, Dongkuk S&C and CS Wind, supply a range of components, including wind turbine parts, to international wind power systems producers including Vestas, Siemens, and GE "If the Korean government’s proactive wind power policies go hand-in-hand with investment by local companies and efficient R&D projects, the wind power industry will create synergy with Korea’s world-class technologies related to shipbuilding, automobiles and the heavy industry. This will catapult Korea into the ranks of the world’s wind powerhouses in the near future.” – Rim-taig Lee, Chairman of Korea Wind Energy Industry Association (KWEIA), June 2012 Source: Renewable Energy World; Global Energy Network Institute ; Offshorewind.; International Energy Agency; Korea IT Times 12
  12. 12. Korea’s Renewable Energy Plans, Largely Wind Power Focused, Is A Step In The Right Direction A FINAL WORD  With an energy bill in excess of USD 125 billion, it is not surprising that South Korea has taken a step towards transitioning from fossil fuels to renewable sources for domestic energy production; the fact that about USD 35 billion has been allocated for investment in renewable energy by 2015 clearly indicates the country’s will to reduce its reliance on imports and, in time, become clean energy dependent  To support renewable energy growth, a range of policies and incentives have been developed; feed-in-tariff was replaced with a Renewable Portfolio Standard system, which pushes to increase the use of renewable sources in power production by expanding the mandatory share of renewable-generated energy in the overall energy production  The government aims to achieve a targeted share of 10% of renewable resources to be used in power production by 2022; a large part of this planned renewable energy generation is to be wind and tidal generation  Favorable geographic location, with mountainous terrain and long coastal lines, provides South Korea with the ideal environment to develop wind farms to harvest energy; it is estimated that over 45% of renewable energy in 2022 will be generated by wind power, with an ambitious goal to develop 23GW of wind generation installed capacity by 2030  The country's’ available potential of total wind resources (on-shore and off-shore), considering the geographical accessibility to construct wind farms, is estimated at 85 million TOE annually, equaling to installation capacity of approximately 127GW  With clear indication that wind power harvesting is key to Korea’s ambitious renewable energy plans, it seems natural that the government, together with the country’s leading industrial groups, is keen on developing the wind energy space into a long-term business opportunity  Several Korean shipbuilding and heavy industry companies are already adding components used in the wind power industry in their product portfolios; in time, it is expected that South Korea will become a net exporter of wind energy technologies, equipment, and skill-set  The renewable energy development plan is an important step for South Korea to achieve a sustainable energy environment for its future; with strong government and business commitment, and a holistic approach to developing the sector into a long-term business opportunity, the country is on the right direction of fulfilling its clean energy ambition  However, as with several such initiatives globally, the cost and the time-to-generate is significant and countries have failed to keep on the path originally envisioned; it is important that the Korean government maintain the momentum and ensure that investment on projects is undertaken in a planned manner 13
  13. 13. Perspective  What is your perspective on South Korea’s ambitious wind energy plans? Do you believe that wind energy is the right solution for South Korea’s energy woes?  What investment opportunities exist in the wind energy sector in South Korea? What impact will growth of local South Korean players have on global wind energy companies?  We would like to hear from you. Write to us with your perspective at rediscover.research@eos-intelligence.com. Notes 14
  14. 14. About EOS Intelligence EOS Intelligence is a professional services firm that delivers bespoke research solutions targeted at corporate planners and decision makers, and institutional investors. Our knowledge resources, spread across sectors such as automotive, consumer goods, energy and healthcare, enable us to support a wide range of research and intelligence needs, spanning strategy assessments, supply chain rationalization and investment analyses. We work closely with corporate and consulting firms, and provide them with customised business research and intelligence solutions that significantly contribute to their strategic and functional decision making. If you would like to know more about our research solutions, please visit our website www.eos-intelligence.com. 2013 © EOS Intelligence. All Rights Reserved.

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