New base energy news issue 914 dated 24 august 2016

Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
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NewBase Energy News 24 August 2016 - Issue No. 914 Edited & Produced by: Khaled Al Awadi
NewBase For discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
Qatar-Korea LED Plant project makes progress, says envoy
Gulf Times
The $34mn light emitting diode (LED) plant, set to be built in Qatar soon, will produce an initial
500,000 units annually, South Korean ambassador Heung Kyeong Park has said.
Speaking to Gulf Times at the Korean embassy in Doha on Tuesday, the envoy said the Korea-
Qatar LED project is in progress “with a view of producing LED lights tailored for the Middle East
and North African market” in co-operation with Korean LED consortium and a Qatari counterpart.
Heung expects the construction of the plant to start either at the end of the year or early next year
after final talks between the two parties are concluded. “This is part of our efforts to further
enhance cooperation between the Qatari and South Korean small and medium enterprises
(SMEs),” he said.
Besides the plant, South Korea will also establish a research institute in Qatar aimed at providing
various training programmes on research and development for Qataris, Heung said.

In addition, a Korean SME named ‘EPI’ and a Qatari company will have a joint venture to build a
plant that will produce paper construction moulds. These products can be recycled to save cost
and time unlike the usual (conventional) wood, steel, or aluminium moulds.
In cooperation with Korean SMEs and a
Qatari company, a Korean IT company will
also participate in the Doha Metro project,
Heung added.
He also said that dozens of Korean and
Qatari companies send representatives
annually to the two countries to discuss trade
and joint ventures. “They are expected to
expand cooperation in manufacturing and in
the construction industry. In 2015, some 44
Korean companies and 27 Qatari companies
visited each other,” he said.
Large Korean companies are also involved in
various infrastructure projects in Qatar. Since
Sheraton Doha was constructed by a Korean
company in the late 1970s, Heung said more
than 10 Korean companies are now actively
participating in many projects such as Lusail
Expressway, Hamad Medical City hospital,
Doha Metro, and Umm Haul Power and
desalination plants.
Heung believes that building and operating
healthcare, water, and electricity facilities
would be possible areas of joint cooperation between the two countries.
He stressed that Korea and Qatar have been “steady partners” in the areas of energy cooperation
and infrastructure construction. Korea imports one-third of its gas consumption (13mn tonnes
annually) and more than 10% of its oil consumption (100mn barrels).
“On the occasion of HH the Emir Sheikh Tamim bin Hamad al-Thani’s visit to Korea in November
2014 and President Park Geun-hye’s visit to Qatar in March 2015, our countries have expanded
their relations from energy and infrastructure cooperation to manufacturing, healthcare, education,
defence and sustainable development,” Heung said.

Egypt plans to end fuel subsidies within three years: sources
REUTERS/Mohamed Abd El Ghany
Egypt plans to end fuel subsidies within three years and is aiming to increase fuel prices to 65
percent of their actual cost during the 2016/17 fiscal year, two government sources told Reuters
on Tuesday.
Struggling to revive its economy after an uprising in 2011 shook investor confidence and drove
tourists and foreign investors away, Egypt has been trying to cut spending on subsidies because
they eat into its state budget.
Egypt has reached a
staff level agreement
with the International
Monetary Fund (IMF)
for a $12 billion three-
year loan program
which is subject to
final approval by the
IMF executive
committee.
Disbursement is
linked to progress on
a variety of reforms
including cuts in
subsidies, the
introduction of value-
added tax (VAT) and
a shift to a more
flexible exchange rate
regime. "What was
agreed lately with the IMF delegation in Egypt is cancelling fuel subsidies within three years," one
of the officials, who declined to be named, told Reuters. A spokesman from the Petroleum
Ministry said that "no decisions have been issued on that matter."
Gasoline in the 92-octane category is sold at 58 percent of its cost in Egypt while the 80-octane
category is sold at 57 percent of its cost and for diesel it's about 53 percent.
Egypt lowered its spending on fuel subsidies in July 2014 as part of a five-year plan, raising prices
of petrol and diesel by up to 78 percent, but plan was not followed through in 2015/16.
In April, government officials said there was now a plan to reduce spending on fuel subsidies by
nearly 43 percent in the 2016/17 budget.
The cost of petroleum subsidies fell to 55 billion Egyptian pounds ($6.2 billion) in 2015/16 from
71.5 billion pounds the previous year. Egypt is aiming to lower subsidies for petroleum products to
about 35 billion pounds this financial year.
($1 = 8.8799 Egyptian pounds)
A female employee poses with a fuel pump at a petrol
station in Cairo, Egypt

India seeks investors for oil and gas fields via visit to UAE
Delegation from India’s Ministry of Petroleum and Natural Gas visits UAE
Gulf news - Fareed Rahman,
Abu Dhabi: India is seeking investments to develop its small oil and gasfields as demand for oil
goes up in the country, a senior official from India’s ministry of petroleum and natural gas said in
an interview.
The fields, numbering 67, are located across various parts of India including in Assam, Gujarat,
Andhra Pradesh, Rajasthan and Tamil Nadu, according to K.D. Tripathi, secretary in India’s
Ministry of Petroleum and Natural Gas.
“These are both onshore and offshore
oilfields and are ready to be developed with
minimum risk. We are inviting investors to bid
for these fields which have a potential to
produce 625 million barrels of oil.
“The bidding process is going to be
transparent and is open to investors from any
country. There is no signature bonus and no
prior experience is required to develop these
fields,” he told Gulf News by phone, after a
meeting with potential investors in Dubai on
Tuesday.
India imports most of its oil with slightly more than 20 per cent of its requirement being produced
locally. The country’s current production is about 37 million metric tonnes produced by national oil
companies and private firms like Reliance Petroleum and Cairn India.
“The demand for oil is growing in India. Our total requirement of crude oil was 225 million metric
tonnes last year and about 78 per cent of that is imported with Gulf countries contributing the
most. With drop in prices, the country has been benefiting immensely,” Tripathi said. “Our national
oil companies and refining companies are paying less to import oil and oil related products. It has
been helping in the growth of the economy.”
According to the Indian embassy in Abu Dhabi, the volume of oil imported rose by 25 per cent in
2015-16 over the previous year, the value of imports fell to $7.9 billion in 2015-16 compared to
$13.6 billion in the previous financial year largely due to a decline in crude oil prices during that
period.
Tripathi who is accompanied by other senior officials from the Ministry of Petroleum and Natural
Gas, will be visiting Das Island in Abu Dhabi on Wednesday to see the oil facilities being managed
by Abu Dhabi National Oil Company (Adnoc).
They are also planning to hold discussions with Adnoc officials on oil storage in India’s strategic
petroleum reserves. Abu Dhabi National Oil Company (Adnoc) has showed keen interest on
taking storage facilities at the Mangalore facility on the west coast of India when His Highness
Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme
Commander of the UAE Armed Forces, visited India in February this year.

Vietnam: ONGC Videsh gets one-year extension to explore South
China Sea Block 128 .. Source: Financial Express
ONGC Videsh, the overseas arm of Oil and Natural Gas Corp (ONGC), has received a one-year
extension to explore a Vietnamese oil block in the contested waters of the South China Sea.This
is the fourth extension for OVL to explore Block-128, the license for which is now valid till June 15,
2017, sources privy to the development said.
OVL had in May applied to the Vietnamese authorities for a fourth extension of the exploration
licence for the deepsea block to maintain India’s strategic interest in the South China Sea.
Vietnam’s national oil company PetroVietnam has granted the extension, sources said.
OVL had signed Production Sharing Contract (PSC) for the 7,058 sq km Block 128 in offshore
PhuKhanh Basin, Vietnam on May 24, 2006. Ministry of Planning & Investment (MPI), Vietnam
issued investment licence for the block on June 16, 2006, being effective date of the PSC.
The company has not found any hydrocarbon in the block but is continuing to stay invested. OVL
first took a two-
year extension
of the
exploration
period till June
2014 and then
another one
year. A third
extension was
granted on May
28, 2015 and
now a fourth
extension has
been granted.
The company
has so far
invested USD
50.88 million in
the block. The block lies in the part of South China Sea over which China claims sovereignty. In
2011, Beijing had warned OVL that its exploration activities off the Vietnam coast were illegal and
violated China’s sovereignty, but the company continued exploring for oil and gas.
OVL forayed into Vietnam as early as 1988, when it acquired the exploration licence for Block 6.1.
The company got two exploration blocks – Block 127 and Block 128 – in 2006. However, Block
127 was relinquished due to poor prospectivity, the other Block was retained. The first extension
followed China putting the area under Block 128 for global bidding. China claims sovereignty over most of
the South China Sea where the two Blocks are located and had warned the Indian arm from drilling in the
region.
OVL continues to own 45 per cent stake in Vietnam’s offshore Block 6.1 and its share of production was
2.023 billion cubic metres of gas and 0.036 million tonnes of condensate. The company in October 2014
signed an agreement to pick up to 50 per cent stake in the two exploration blocks in the South China Sea.
OVL took 40 per cent stake in Block 102/10 and 50 per cent in 106/10 that lie outside the sea territory
claimed by China. In return, PetroVietnam took half of OVL’s 100 per cent stake in Block 128.

US:North Carolina has more PURPA-qualifying solar facilities
than any other state ..: U.S. EIA, Annual Electric Generator Data Form EIA-860
North Carolina surpassed states with more favorable solar resources to become the state with the
second-highest amount of installed utility-scale solar photovoltaic (PV) capacity owned by
independent power producers in 2015, behind only California. Utility-scale—one megawatt (MW)
or greater—solar PV growth in North Carolina has been encouraged by a decades-old federal
mandate, the Public Utility Regulatory Policies Act of 1978 (PURPA), and by state policies
such as the renewable portfolio standard and the state renewable energy tax credit.
Currently, 1,173 MW, or 92%, of North Carolina's 1,271 MW utility-scale PV capacity is certified to
have qualifying facility (QF) small power producer status under PURPA, which is more than any
state in both absolute and percentage terms.
Congress passed PURPA in 1978 to promote alternative energy resources and energy efficiency,
as well as to diversify the electric power industry. PURPA requires utilities to purchase power
generated by qualifying facilities at the rate of the utility's avoided cost. Avoided cost is the cost a
utility would incur if it chose to either provide the energy itself (by building new capacity) or to
purchase the energy from nonqualifying facilities.
Although PURPA is a federal mandate, individual states were left to set specifics such as the
avoided cost calculation and the minimum capacity threshold. For North Carolina, utilities are
required to establish up to 15-year fixed-avoided cost contracts for eligible solar PV qualifying
facilities (QF) with a contract capacity of up to 5 MW.
The availability of long-term contracts helps solar PV developers secure project financing. North
Carolina's approach contrasts with the approaches of other states such as Arizona or Nevada,
where the utilities offer contracts with shorter contract terms or with lower capacity thresholds.

Furthermore, the recent build-out of PV in North Carolina indicates that the avoided cost rates in
that state, in addition to state and federal incentives, are attractive to PV developers.
Source: U.S. Energy Information Administration, Annual Electric Generator Data Form EIA-860
Note: PURPA is the Public Utilities Regulatory Policies Act of 1978. Installed renewable capacity
includes utility-scale plants owned by independent power producers.
Renewable electric generation capacity by independent power producers grew for most of the
1980s and early 1990s, largely as a result of California's implementation of PURPA. PURPA's
influence decreased in the 1990s when fuel prices declined, which lessened the competitiveness
of renewable energy compared with other fuel sources. Around the same time, many states
revised their PURPA rules, which reduced the required avoided-cost rate and contract length.
The Energy Policy Act of 2005 allowed states with competitive electricity markets to opt out of
PURPA, lessening PURPA's impact in states participating in regional transmission organizations
(RTOs), but keeping PURPA relevant in areas such as the Southeast and Northwest that do not
have RTOs.
Although PURPA implementation in states such as Arizona and Nevada is not as favorable to PV
as it is in North Carolina, these states have (or have had) other state-level programs that, when
combined with their favorable solar resources, have encouraged significant utility-scale solar PV
development.

SHELL TO BUILD GIBRALTAR LNG TERMINAL
Reuters
Gibraltar’s government announced August 22 that it signed an agreement with Shell for the supply
of LNG, including construction of a small regasification unit that will receive, store and regasify
LNG arriving by ship for use in Gibraltar’s gas-fired power plant, which is already under
construction next to the port
Gasnor, a wholly-owned
Norwegian subsidiary of
Shell, will operate the
terminal – which will
include a berth for a small
LNG carrier that will supply
at night, minimising
disruption to the
neighbouring port, airport
and housing. The
government statement
added that there is also
potential for LNG
bunkering operations in the
future, following the
appropriate environmental
assessments and safeguards. Chief minister Fabian Picardo said that the project represented “a
massive advance... in respect of guaranteeing the integrity and security of electrical supply for
Gibraltar for the next 30 years."
Shell Integrated Gas chief Maarten Wetselaar said that the signing, on August 19, showed that
“once again, small-scale projects can deliver big benefits and bring more clean-burning gas to the
markets that want it.”
The government said that, following the recent approval of a "robust" environmental impact
assessment (EIA) report, construction of the regasification unit is planned to start towards the end
of 2016, with commissioning and first delivery of LNG expected to take place ahead of the start-up
of the power plant, expected during 2H 2017.
Gibraltar's main opposition party, the Gibraltar Social Democrats, however said it had "yet to see
in the public domain anything definitive that makes the present plans acceptably safe, let alone
increasing activity with future bunkering,” according to a report in daily newspaper Gibraltar
Chronicle.
The Port of Gibraltar conducted its first two LNG ship-to-ship transfers safely in March 2015.
Regasification capacity and cost details for the new terminal were disclosed by either Gibraltar,
Gasnor or Shell. The latter however said storage capacity will be 5,000m3, made up of five
stainless steel tanks, each of 1,000 m3. A Shell spokesman added that the terminal will be
resupplied with LNG roughly twice per month and would regasify as per the needs of the power
plant.

PNG: Exxon’s Pacific Gas Partner Sees LNG ‘Revolution’ Among Buyers
Bloomberg - Perry Williams
Exxon Mobil Corp.’s partner in a $15 billion liquefied natural gas export project in Papua New
Guinea sees Asian buyers pushing back on the pricing and structure of LNG contracts as a glut of
supply gives them greater bargaining power.
Oil Search Ltd., the Sydney-based producer which owns a 29 percent stake in the Exxon-operated
PNG LNG development, sees signing traditional long-term deals “very unlikely” in the current
market, according to Managing Director Peter Botten. The company plans to begin negotiations
for new contracts next year, it said in a presentation Tuesday.
"We’re seeing a revolution in the LNG market right now," Botten said in a phone interview with
Bloomberg. “With oversupply, which is likely to be the case for some years, customers quite rightly
are using this opportunity to recalibrate what they pay and how they pay it and the structure of any
future contracts.”
Asian spot prices for LNG have slumped by about 60 percent since September 2014 amid a
global glut and as the pace of demand growth slows. Japan’s Jera Co., a joint venture between
Tokyo Electric Power Co. Holdings and Chubu Electric Power Co. and one of the world’s largest
buyers of LNG, has said it won’t sign new contracts that restrict where it can sell the fuel and will
boost its share of supply from spot deals while reducing its reliance on long-term agreements.
Lower Prices
Historically, LNG has been sold on long-term contracts that guaranteed buyers supply and helped
producers finance liquefaction plants at a time when less of the product was shipped. Twenty-
eight percent of LNG traded in 2015 was on a spot or short-term basis, according to the
International Group of Liquefied Natural Gas Importers. That’s up from 18.9 percent in 2010,
according to the group.

Woodside Petroleum Ltd., Australia’s largest oil and gas producer, expects lower LNG prices as it
renegotiates short-term contracts and says buyers across Asia will increasingly resist deals that
restrict the reselling of the super-cooled fuel, Chief Executive Officer Peter Coleman said last
week. Suppliers are being forced to offer lower prices for oil-linked LNG deals even as buyers
demand more flexible terms amid the glut, he said.
The LNG industry is in the midst of transforming into a vibrant trading market after decades
marked by staid dealing where buyers and sellers engaged in long-term contracts, with little spot
trading. Energy companies and merchants have ramped up spot trading activity in recent years,
first to take advantage of high demand following Japanese nuclear shutdowns in 2011, and more
recently to try to minimize losses on long-term purchases in an over-supplied market.
Asian cities such as Singapore, Tokyo and Shanghai have made efforts to become hubs for LNG
trading. The Singapore Exchange Ltd., for example, began publishing a twice-
U.S. Hub
There are several key factors that support a hub developing in the U.S. Gulf Coast, Morse said.
U.S. LNG exports will increase by 43 million tons a year in the next three years, or 18 percent of
global trade last year, according to Bloomberg New Energy Finance. And unlike much of the
world’s LNG, companies that buy gas from U.S. terminals are free to re-sell it to anyone and reset
the destination to any port in the world, Morse said.
“There should be optionality of selling, especially with LNG cargoes now transiting the newly
enlarged Panama Canal, into the Atlantic or Pacific Basin,” he said. “That also means the
likelihood of forward sales being priced in, providing the basis for a U.S. Gulf Coast LNG contract,
despite efforts to create such a market in the Asian Pacific Rim.”
Seller Flexibility
Coleman doesn’t expect existing contracts to be renegotiated but said it will be more difficult to
impose destination-restriction clauses on buyers across Asia who want the freedom to shift to
international sellers from traditional importers. Japan’s Jera Co., a joint venture between Tokyo
Electric Power Co. Holdings Inc. and Chubu Electric Power Co. won’t sign contracts with the
clauses, the company said in September.

“Europe has already gone that way and I see it applying more to new contracts than I do to
existing contracts,” said Coleman. “What I think you will find is the buyers will work really hard in
new contracts to ensure those clauses are not in there to the extent they are today. Equally, as a
seller, we will be saying I want flexibility to be able to provide supplies from anywhere. It’s just a
natural evolution of change.”
LNG producers are facing head winds from the oversupply, which has given buyers stronger
bargaining power when renegotiating both the pricing and mechanics of LNG deals. Woodside
posted a 50 percent fall in first-half profit to $340 million the company reported earlier on Friday.

NewBase 24 August 2016 Khaled Al Awadi
NewBase For discussion or further details on the news below you may contact us on +971504822502 , Dubai , UAE
Oil prices fall on US crude stocks build; fears over China
demand… Reuters + NewBase
Oil prices fell early on Wednesday as an unexpected build in U.S. crude stocks weighed on
markets, along with concerns that Chinese crude demand could falter as Beijing clamps down on
alleged tax evasion in the oil industry.
International Brent crude oil futures were trading at $49.57 a barrel at 0054 GMT, down 39 cents, or
0.8 percent, from their last close. U.S. West Texas Intermediate (WTI) crude was down 46 cents, or 1
percent, at $47.64 a barrel.
Robust Chinese crude demand growth has been driven by independent refiners, also know as
teapots, who began to import crude last June after obtaining government crude import quotas and
licences.
But Beijing's crackdown on alleged tax evasion in the oil industry, targeting the teapots, threatens
to put a lid on Chinese demand.
"The question now is whether the teapots will start cutting runs," a Singapore-based trader said,
adding that falling Chinese demand would be a double whammy for the oversupplied crude
market.
Reinforcing concerns about market oversupply, U.S. crude stocks surprisingly rose last week,
even though gasoline inventories fell sharply and distillate stocks drew, data from industry group
the American Petroleum Institute showed on Tuesday.
"We are seeing a little reaction on the API data which has posted higher inventories," said Ric
Spooner, chief market analyst at CMC Markets.
Oil price special
coverage

Crude prices had risen on Tuesday after Reuters reported that Iran was sending positive signals
that it could support joint action to prop up the oil market.
But analysts and traders remain sceptical that producers will come to an agreement at a meeting
in Algeria next month as various OPEC members continue to have individual agendas to push.
Iraq's prime minister said on Tuesday the country had not yet reached its full oil market share,
suggesting his government would not restrain crude output as part of any possible OPEC
agreement to lift prices.
"I really can't see the sense for Saudi, in particular, to actually have some meaningful constraint
on production because there is quite a lot of capacity of U.S. shale to come on quite quickly,"
Spooner said, adding that he could see prices drifting closer to $45 a barrel over the next few
days.
OPEC Output Freeze possible to be as Self-Defeating, says Goldman
Bloomberg - Ben Sharples BenSharps
OPEC and some producers from outside the group may agree to freeze output during informal
talks next month, which could prove “self-defeating” because it would benefit other suppliers,
according to Goldman Sachs Group Inc.
A deal would show signs of cooperation from Saudi Arabia’s new energy minister after six failed
attempts, Goldman analysts including Damien Courvalin said in a report dated Aug. 22. An output
cap would likely prove counter productive for the Organization of Petroleum Exporting Countries if
it led to further price gains and an increase in supply from other producers, it said.
“Thawing relationships between parties in conflict in areas of disrupted production would be more
relevant to the oil rebalancing than an OPEC freeze, which would leave production at record

highs,” Goldman said. “A production freeze would also likely prove self-defeating if it succeeded in
supporting oil prices further, with the U.S. oil rig count up 28 percent since May.”
Oil climbed more than 20 percent to enter a bull market Thursday amid speculation talks in
September may lead to action to stabilize the market. OPEC is on course to agree to a freeze
because its biggest members are pumping flat-out, according to Chakib Khelil, former president of
the group. A similar plan was proposed in February, but a meeting in April ended with no accord.
Saudi Arabia and Iran continue to focus on market share and appear unlikely to unilaterally accept
a freeze, Goldman said. Supply will remain the driver for oil prices in coming weeks, with no
evidence demand growth is weakening, the bank said. Uncertainty about the sustainability of
supply gains from Iraq, Libya and Nigeria and the magnitude of these improvements “remain
large.”
Goldman maintained its $45 a barrel to $50 a barrel forecast through next summer and reiterated
that the price and fundamental recovery remain fragile.
West Texas Intermediate extended losses for a second day on Tuesday, falling as much as 1.7
percent to $46.62 a barrel on the new York Mercantile Exchange, while Brent crude slid as much
as 65 cents to $48.51. WTI capped a 16 percent advance over seven sessions on Friday
Oil Search CEO a “reasonable pessimist” about oil in next 12-18 months
CNBC - Huileng Tan | @huileng_tan
Oil prices have rallied recently but exploration firm Oil Search wouldn't be loosening its belts. The
company on Tuesday reported a 89 percent drop in half-year profit as its performance was hit by
persistently weak oil and natural gas prices.
"It is a difficult market when you've got such a re-calibration of both oil and gas pricing," the
company's CEO Peter Botten told CNBC's "Street Signs"."You've got to run your business on a
conservative outlook, continue to cut costs and make sure you're maximizing profitability in (this)
commodity price regime," he added.
U.S. light, sweet crude was around $47 a barrel on Tuesday while European Brent was around
$49 a barrel. There's a bit of upside—prices will probably not go significantly lower than where
they are now, fluctuating in the $45-$55 a barrel range, he added. Botten expected oil market
rebalancing in the next two to three years. "At the end of the day, the oil business per se is
adjusting to a different, revised environment," he said.Still, the oil market will recover faster than
the substantially oversupplied liquefied natural gas market, which is likely to see a turnaround only
early next decade, he added.

NewBase Special Coverage
News Agencies News Release 07 August 2016
SolarCity, Tesla shares jump after Elon Musk tweet
Christine Wang | @christiiineeee
Shares of SolarCity jumped after Chairman Elon Musk tweeted that that there will be a Tesla
Motors product announcement Tuesday afternoon.Tesla product announcement at noon
California time today. The electric automaker's stock also climbed about 2 percent in intraday
trade, while SolarCity shares popped about 1 percent.
In June, Tesla said it would offer $2.8 billion to buy the solar energy company. Musk is a
controlling shareholder of SolarCity and also the CEO of the electric car company. Tesla said that
the merger would allow its customers to harness the power of the sun in an "end-to-end clean
energy product" as soon as next year.
SolarCity shares have plunged 54 percent this year while Tesla shares have fallen 5 percent.

SolarCity slashing costs, including CEO pay
SolarCity on Wednesday said it would cut operating costs, including slashing its chief executive's
salary, to bring expenses in line with its reduced solar installation outlook.
The company said Chief Executive Officer Lyndon Rive and his brother, Chief Technology Officer
Peter Rive, had asked to have their annual salaries reduced to $1 from $275,000, as part of the
company's cost-cutting plans.
Earlier this month, San Mateo, California-based Solar City said it accepted Tesla Motors' $2.6
billion buyout offer. The compensation committee of the company's board of directors agreed to
reduce the salaries, SolarCity said in a regulatory filing.
"It's a symbolic gesture, but it's appropriate," Raymond James analyst Pavel Molchanov said. The
Rives' move comes a week after Chief Executive Officer Tom Werner of rival solar
company SunPower, said he would reduce his salary and bonus to $1 for the rest of the year as
part of a broader restructuring.
SolarCity will incur restructuring charges of about $3 million to $5 million, mostly in the second half
of this year. Most of the spending will be on severance benefits. SolarCity did not immediately
respond to requests for further details on the restructuring plan.
Earlier this month, SolarCity cut its 2016 installation forecast for the second time, citing lower
residential bookings in the first half. The company said late last year that it would slow its pace of
growth to focus on generating cash. Investors have punished the company's stock, sending it
down 60 percent since December.
In a separate filing, SolarCity said it planned to issue $124 million in bonds. The bonds carry a 6.5
percent interest rate, higher than any of SolarCity's previous offerings, and also have a longer
maturity rate of 18 months.

WFES summit 2017 to highlight commercial scope of clean tech
The World Future Energy Summit 2017 (WFES) in Abu Dhabi, UAE will showcase a range of
financially profitable clean energy solutions, opening up opportunities for green tech companies as
the region targets ambitious sustainability goals.
Figures from the International Renewable
Energy Agency (IRENA) show the installed
cost of utility-scale photovoltaic (PV) solar
generation in the UAE fell around 75 per cent
between 2008 – the year of WFES’ first
edition – and mid-2014, dropping from $7 per
watt to less than $1.5 per watt.
In late 2014, bids to build a 100 MW PV
project in Dubai broke world records for cost-
competitiveness, with the lowest bid at US
5.8 cents per KWh. By June 2016 a Masdar-led consortium won the bidding for phase three of the
Mohammed bin Rashid Al Maktoum Solar Park with a levelised cost of electricity of just US 2.99
cents per KWh.
Masdar CEO, Mohamed Al Ramahi, said: “The Mena region’s appetite for investment in
renewables has grown with the decline in cost and advancement in technological efficiency. This
has further driven the growth of the market.”
“Renewable energy is now an efficient and commercially attractive means to address growing
energy demand. Regional leaders such as Masdar, and platforms such as the World Future
Energy Summit, which is held during Abu Dhabi Sustainability Week, the largest sustainability
gathering in the region, have been helping to drive the industry forward and reinforce the business
case behind diversifying our regional energy-mix,” he added.
Part of Abu Dhabi Sustainability Week (ADSW) from 16 to 19 January and hosted by Masdar,
WFES 2017 will bring together ADSW’s theme of ‘Practical Steps Towards a Sustainable Future’,
with the WFES goal, ‘Sustaining the Clean Energy Consensus, Empowering New Players’.
Scheduled to follow the 2016 COP 22 meeting in Morocco and annual sessions of the United
Nations General Assembly, WFES 2017 will bring together the world’s leading renewable energy
professionals, policy makers, innovators and investors. The 2016 edition hosted 30,000 attendees
from 150 countries, and 600 exhibiting companies. Previous editions have hosted respected
international figures, including United Nations Secretary-General Ban Ki-moon, Nobel laureate
and former Vice President of the USA, Al Gore, and Wen Jiabao, Prime Minister of China.
Along with WFES itself, the four-day exhibition and conference program now features five co-
located events highlighting targeted aspects of sustainability. Each event makes a strong business
case for innovation within its field.
Among these, International Water Summit (IWS) in partnership with ADWEA emphasizes water
security issues, while EcoWaste, in partnership with Tadweer, offers solutions that turn
environmental waste into a valued resource. For 2017, WFES Solar Expo and WFES Energy
Efficiency Expo are being expanded as co-located events, showcasing the latest in solar

technology and smart building solutions. The WFES Sustainable Transport Zone will also return,
offering the latest solutions in energy-efficient vehicles.
WFES, the centerpiece exhibition, will be the largest-ever gathering of renewable energy and
sustainability experts in Mena, hosting prominent global thought leaders from the public, private,
and academic sectors.
Alongside the exhibitions, the WFES and IWS Conference Programs will offer high-level, practical
discussion of sustainability trends and innovations across energy, water, and waste, hosting
thousands of the world’s leading experts.
Attendees will also gain hands-on waste management experience at the EcoWaste Workshops
and Seminars, and share solutions and build partnerships at the Middle East and North Africa
Municipalities Roundtable.
Supporting home-grown entrepreneurs, the live competition Innovate@IWS will return with a panel
of distinguished judges awarding development funding for the region’s most promising water
technologies.
Driving networking and the region’s sustainability market, Sustainability Business Connect will
return to pre-arrange thousands of meetings between buyers and sellers. WFES 2016 hosted a
record 1,735 executive buyers from 1,322 companies and 75 countries.
WFES 2017 runs from January 16 to 19 at the Abu Dhabi National Exhibition Centre. –

NewBase For discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
Your partner in Energy Services
NewBase energy news is produced daily (Sunday to Thursday) and
sponsored by Hawk Energy Service – Dubai, UAE.
For additional free subscription emails please contact Hawk Energy
Khaled Malallah Al Awadi,
Energy Consultant
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME member since 1995
Hawk Energy member 2010
Mobile: +97150-4822502
khdmohd@hawkenergy.net
khdmohd@hotmail.com
Khaled Al Awadi is a UAE National with a total of 26 years of experience in
the Oil & Gas sector. Currently working as Technical Affairs Specialist for
Emirates General Petroleum Corp. “Emarat“ with external voluntary Energy
consultation for the GCC area via Hawk Energy Service as a UAE
operations base , Most of the experience were spent as the Gas Operations
Manager in Emarat , responsible for Emarat Gas Pipeline Network Facility &
gas compressor stations . Through the years, he has developed great
experiences in the designing & constructing of gas pipelines, gas metering & regulating stations
and in the engineering of supply routes. Many years were spent drafting, & compiling gas
transportation, operation & maintenance agreements along with many MOUs for the local
authorities. He has become a reference for many of the Oil & Gas Conferences held in the UAE
and Energy program broadcasted internationally, via GCC leading satellite Channels.
NewBase : For discussion or further details on the news above you may contact us on +971504822502 , Dubai , UAE
NewBase 24 August 2016 K. Al Awadi

New base energy news issue 914 dated 24 august 2016

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New base energy news issue 914 dated 24 august 2016