1) The document discusses trends in renewable energy investments, including wind, solar PV, and geothermal power. It analyzes investment amounts and distribution across different technologies and countries.
2) Venture capital plays a small role in renewable energy investments compared to asset finance and mergers and acquisitions. Most investment goes to wind power projects rather than solar PV.
3) Germany and Japan previously saw large investments in small-scale solar PV but investment has dropped due to changes in subsidy policies. Overall investment in renewable energies remains strong globally.
This document discusses power quality and grid stability issues with increasing renewable energy penetration. It proposes solutions like STATCOM devices and hybrid renewable hydrogen/natural gas power plants to provide inertia and frequency response. Key points discussed include the need for reactive power support, low voltage ride through capability, and fast frequency response to stabilize grids with high shares of variable renewables. Localizing STATCOM production in Taiwan is also presented as an opportunity.
Maxwell Chen presented a forecast for the global wind power industry by 2050. Some key points:
- Global wind power capacity is forecasted to grow from 423GW in 2015 to 4,315GW in 2050 with an average annual growth rate of 11.66% from 2000-2050.
- Taiwan's supply chain is developing to support the growing offshore wind power industry. Taiwan aims to install 297GW of offshore wind by 2030 and 1,481GW by 2050.
- Costs for both onshore and offshore wind power are expected to continue declining significantly through 2050 due to factors like competition, technology improvements, and economies of scale. offshore wind costs could fall to £25/
This document provides an overview and guide for developing solar power plants. It covers topics such as solar PV and concentrated solar power technologies, feasibility studies, site selection, energy yield prediction, plant design, permitting, construction, commissioning, operation and maintenance, economics, financing, and project implementation. The guide includes 14 chapters, appendices on concentrated solar power and contract models to help solar developers and investors understand the full project development process.
Utility-Scale Solar Photovoltaic Power Plants - A Project Developer’s GuidePrivate Consultants
This document provides guidance for developing utility-scale solar photovoltaic power plant projects. It covers the entire project development process from initial site selection and resource assessment through construction and long-term operation. Key topics discussed include solar PV technology, assessing the solar resource, predicting energy yield, site selection factors, plant design considerations, permitting requirements, engineering procurement and construction contracts, and financial analysis methods. The intended audience is project developers of large-scale solar power projects.
This document summarizes a report by Travis Lowder and Michael Mendelsohn of the National Renewable Energy Laboratory (NREL) on the potential for securitization to provide financing for the solar photovoltaics (PV) industry. It finds that securitization could help sustain the industry as federal tax incentives decline. A $100 million securitization fund could support the development of 72 MW of residential solar systems or 100 MW of small commercial systems. In 2012, an estimated $1.34 billion worth of solar assets were installed that could potentially be securitized. Securitization may provide an additional source of lower-cost financing compared to tax equity.
Huawei's smart site telecom energy solution provides unprecedented customer value through its use of artificial intelligence and advanced analytics. The solution optimizes site operations by analyzing data from smart components to improve efficiency, reduce costs, and enhance the customer experience. Huawei's innovation and customer-focused approach positions it for continued growth and leadership in the telecom energy market.
This document discusses power quality and grid stability issues with increasing renewable energy penetration. It proposes solutions like STATCOM devices and hybrid renewable hydrogen/natural gas power plants to provide inertia and frequency response. Key points discussed include the need for reactive power support, low voltage ride through capability, and fast frequency response to stabilize grids with high shares of variable renewables. Localizing STATCOM production in Taiwan is also presented as an opportunity.
Maxwell Chen presented a forecast for the global wind power industry by 2050. Some key points:
- Global wind power capacity is forecasted to grow from 423GW in 2015 to 4,315GW in 2050 with an average annual growth rate of 11.66% from 2000-2050.
- Taiwan's supply chain is developing to support the growing offshore wind power industry. Taiwan aims to install 297GW of offshore wind by 2030 and 1,481GW by 2050.
- Costs for both onshore and offshore wind power are expected to continue declining significantly through 2050 due to factors like competition, technology improvements, and economies of scale. offshore wind costs could fall to £25/
This document provides an overview and guide for developing solar power plants. It covers topics such as solar PV and concentrated solar power technologies, feasibility studies, site selection, energy yield prediction, plant design, permitting, construction, commissioning, operation and maintenance, economics, financing, and project implementation. The guide includes 14 chapters, appendices on concentrated solar power and contract models to help solar developers and investors understand the full project development process.
Utility-Scale Solar Photovoltaic Power Plants - A Project Developer’s GuidePrivate Consultants
This document provides guidance for developing utility-scale solar photovoltaic power plant projects. It covers the entire project development process from initial site selection and resource assessment through construction and long-term operation. Key topics discussed include solar PV technology, assessing the solar resource, predicting energy yield, site selection factors, plant design considerations, permitting requirements, engineering procurement and construction contracts, and financial analysis methods. The intended audience is project developers of large-scale solar power projects.
This document summarizes a report by Travis Lowder and Michael Mendelsohn of the National Renewable Energy Laboratory (NREL) on the potential for securitization to provide financing for the solar photovoltaics (PV) industry. It finds that securitization could help sustain the industry as federal tax incentives decline. A $100 million securitization fund could support the development of 72 MW of residential solar systems or 100 MW of small commercial systems. In 2012, an estimated $1.34 billion worth of solar assets were installed that could potentially be securitized. Securitization may provide an additional source of lower-cost financing compared to tax equity.
Huawei's smart site telecom energy solution provides unprecedented customer value through its use of artificial intelligence and advanced analytics. The solution optimizes site operations by analyzing data from smart components to improve efficiency, reduce costs, and enhance the customer experience. Huawei's innovation and customer-focused approach positions it for continued growth and leadership in the telecom energy market.
This document discusses Active-Matrix Organic Light-Emitting Diode (AMOLED) display technology. AMOLED uses organic thin-film transistors to light individual pixels for a screen, allowing for thinner, more flexible displays than traditional LCD screens. The document covers the history and development of AMOLED, how AMOLED screens work, different manufacturing processes, features and applications of AMOLED technology, as well as advantages like lower power consumption and disadvantages like limited lifespan.
This document discusses active matrix organic light emitting diode (AMOLED) display technology. It provides details on the physical structure and internal diagram of an AMOLED, how it works by delivering voltage to stimulate the organic layer and turn pixels on and off very quickly. It compares AMOLED to other display technologies like passive matrix OLED and LCD, noting advantages like higher refresh rates, lower power consumption, and better contrast ratio. Marketing terms for different AMOLED variants are also defined, such as Super AMOLED, Super AMOLED Plus, and HD Super AMOLED.
AMOLED is a major advancement of OLED (Organic Light Emitting Diode) which is nothing but a very subtle way of its exposure. As its attached theme, OLED is now known from AMOLED ever since its discovery thus proving its magnificence.AMOLED has brought laurels in this present era of display technologies where sheer visual pleasure along with the synergy of Dynamic and Vibrant performance becomes the utter demand. This technology thus has fulfilled all these demands of Excellent and Crisp Color reproduction and saturation with extraordinary wider viewing angles as its colossal Objectives.
AMOLED (Active Matrix Organic Light Emitting Diode) is an advanced display technology that uses organic light emitting diodes. Each pixel is made up of red, green, and blue subpixels. The design of AMOLED displays is simpler than LCDs, containing only three layers - a backplane, OLED layer, and electroluminescent layer. AMOLED displays offer better saturation, sharpness, and do not require backlighting like LCDs. However, images may not look as natural. Major companies like LG saw large increases in AMOLED production and sales between 2015-2019. AMOLED displays are categorized into types like Super AMOLED, Super AMOLED Plus,
hey guyz this is the presentation iv made in my last year of engineering and got very nice feedbacks. my topic was oled(organic light emitting diodes).. iv given all its highlited informations with pictures
This document profiles Maxwell Venture Service LLC, a consulting firm founded by Maxwell Chen in 2021. The company provides industry foresight analysis, strategic planning, business development services, and investment advice to clients in various industries including energy, water, solar, medical devices, semiconductors, and more. Maxwell Chen has established several Facebook groups and publishes presentations on SlideShare to share insights on topics like renewable energy, agriculture, life sciences, and startup management.
Pioneer Power Solutions (PPSI) May 2017 Investor PresentationGeoInvesting LLC
Pioneer Power Solutions, Inc. (PPSI) manufactures, sells and services a broad range of electrical transmission, distribution and on-site power generation equipment in the field of utility, industrial, commercial original equipment manufacturer, and in critical power markets.
This presentation covers:
Transmission and Distribution Solutions - Equipment that distributes, controls, conditions and monitors the flow of electrical energy while protecting critical equipment such as transformers, motors, data center equipment and other machinery.
Critical Power Solutions - Onsite power generation systems, control equipment and services that ensure uninterrupted power to operations in times of emergency and in primary power applications, including data centers
Markerstudy Group Drives Growth and InnovationCloudera, Inc.
Learn how Markerstudy Group is driving growth and innovation. The general insurer uses both Cloudera Enterprise powered by Hadoop and SAS Analytics. With it's big data analytics platform, Markerstudy has achieved significant ROI including 120% increase in policy count over 18 months.
Attracting and Maintaining Institutional Investment: Panel Session 2Eversheds Sutherland
Slides from the second afternoon panel session at the Eversheds event: Attracting and Maintaining Institutional Investment in Renewable Energy - 2nd July 2012
The document discusses the challenges facing the power and utilities sector in meeting the large infrastructure investment needs of over $7.2 trillion by 2025 due to population growth, GDP growth, and environmental challenges. It notes that many large capital projects in the sector suffer from cost overruns, delays, and suboptimal returns due to issues with financing, delivering assets, and managing assets long-term. It provides examples of average megaproject overspends of 35% and delays of two years and outlines five key questions organizations should ask to improve project performance in planning, analyzing, executing, and operating assets. EY offers its experience and tools to help organizations develop the right strategic approach, raise funding, control projects, manage risks,
Varanasi Power Distribution Franchisee Model, 2015TechSci Research
The document discusses power distribution franchise models in Varanasi, India. It notes that Varanasi faced high distribution losses of over 20% in 2014, leading to financial issues for the local discom. The input and investment based franchise model, where the franchisee is responsible for supply, metering, billing and infrastructure work, is prominent in India. The report analyzes parameters like losses and sales data, as well as market trends and the competitive landscape, to understand opportunities in improving power distribution in Varanasi.
The DCF model reveals the intrinsic value of the corporation is higher than the market capitalization. The fair price range for the stock is estimated to be $119-127, representing 12-19% upside potential. The stock is currently trading around 105$
All Hands on Deck: Leveraging IT Relationships to Build ResilienceWorkday, Inc.
When it comes to navigating change, a good relationship between IT and finance is critical. Now, it’s more important than ever.
View this deck with Ventana Research and SMB Group to explore the opportunities available when you adapt to change—building strong relationships, leveraging technology, and improving business across the board.
Gain a Postgraduate Certificate in Renewable Energy Project Finance to support your professional development and practice in the finance industry or preparing you to enter the sector in a wide range of Renewable Energy Project Manager roles. Certification offered by Institute of Solar Technology (IST) in academic partnership with University of Petroleum and Energy Studies.
This postgraduate certificate will provide you with a strong foundation in project finance, financial decision-making, financial reporting and governance. This is a short term skill based non-accredited program.
You’ll build your understanding of both RE Project financial theory and practice in national and international contexts. You will also develop your knowledge in key areas of finance such as securities and company valuation, project appraisal, mergers and acquisitions, corporate governance and more.
Expert will discuss implications for policy makers, the financial sector, as well as energy scholars concerned with power generation investment decisions.
Clear Blue Technologies is a company that delivers clean, managed wireless power solutions anywhere using its patented smart off-grid technology. It has an energy-as-a-service business model to transform the power industry. The company has strong growth, global customers, and addresses markets like telecom, smart cities, and IoT. Clear Blue aims to power the connectivity of over 1 billion additional people through initiatives like 5G, rural internet access projects, and satellite/WiFi deployment.
Five Strategic Priorities: Generation and Transmission CooperativesScottMadden, Inc.
Generation and transmission cooperatives face complex challenges and must address five strategic priorities: (1) managing generation assets as asset profiles change, (2) ensuring grid security and reliability as NERC regulations evolve, (3) gaining access to capital markets as financing needs rise, (4) improving stakeholder management amid conflicting expectations, and (5) fostering economic development through long-term commitment and measurable objectives. The document outlines each priority in detail and provides contact information for the authors to learn more.
This document discusses Active-Matrix Organic Light-Emitting Diode (AMOLED) display technology. AMOLED uses organic thin-film transistors to light individual pixels for a screen, allowing for thinner, more flexible displays than traditional LCD screens. The document covers the history and development of AMOLED, how AMOLED screens work, different manufacturing processes, features and applications of AMOLED technology, as well as advantages like lower power consumption and disadvantages like limited lifespan.
This document discusses active matrix organic light emitting diode (AMOLED) display technology. It provides details on the physical structure and internal diagram of an AMOLED, how it works by delivering voltage to stimulate the organic layer and turn pixels on and off very quickly. It compares AMOLED to other display technologies like passive matrix OLED and LCD, noting advantages like higher refresh rates, lower power consumption, and better contrast ratio. Marketing terms for different AMOLED variants are also defined, such as Super AMOLED, Super AMOLED Plus, and HD Super AMOLED.
AMOLED is a major advancement of OLED (Organic Light Emitting Diode) which is nothing but a very subtle way of its exposure. As its attached theme, OLED is now known from AMOLED ever since its discovery thus proving its magnificence.AMOLED has brought laurels in this present era of display technologies where sheer visual pleasure along with the synergy of Dynamic and Vibrant performance becomes the utter demand. This technology thus has fulfilled all these demands of Excellent and Crisp Color reproduction and saturation with extraordinary wider viewing angles as its colossal Objectives.
AMOLED (Active Matrix Organic Light Emitting Diode) is an advanced display technology that uses organic light emitting diodes. Each pixel is made up of red, green, and blue subpixels. The design of AMOLED displays is simpler than LCDs, containing only three layers - a backplane, OLED layer, and electroluminescent layer. AMOLED displays offer better saturation, sharpness, and do not require backlighting like LCDs. However, images may not look as natural. Major companies like LG saw large increases in AMOLED production and sales between 2015-2019. AMOLED displays are categorized into types like Super AMOLED, Super AMOLED Plus,
hey guyz this is the presentation iv made in my last year of engineering and got very nice feedbacks. my topic was oled(organic light emitting diodes).. iv given all its highlited informations with pictures
This document profiles Maxwell Venture Service LLC, a consulting firm founded by Maxwell Chen in 2021. The company provides industry foresight analysis, strategic planning, business development services, and investment advice to clients in various industries including energy, water, solar, medical devices, semiconductors, and more. Maxwell Chen has established several Facebook groups and publishes presentations on SlideShare to share insights on topics like renewable energy, agriculture, life sciences, and startup management.
Pioneer Power Solutions (PPSI) May 2017 Investor PresentationGeoInvesting LLC
Pioneer Power Solutions, Inc. (PPSI) manufactures, sells and services a broad range of electrical transmission, distribution and on-site power generation equipment in the field of utility, industrial, commercial original equipment manufacturer, and in critical power markets.
This presentation covers:
Transmission and Distribution Solutions - Equipment that distributes, controls, conditions and monitors the flow of electrical energy while protecting critical equipment such as transformers, motors, data center equipment and other machinery.
Critical Power Solutions - Onsite power generation systems, control equipment and services that ensure uninterrupted power to operations in times of emergency and in primary power applications, including data centers
Markerstudy Group Drives Growth and InnovationCloudera, Inc.
Learn how Markerstudy Group is driving growth and innovation. The general insurer uses both Cloudera Enterprise powered by Hadoop and SAS Analytics. With it's big data analytics platform, Markerstudy has achieved significant ROI including 120% increase in policy count over 18 months.
Attracting and Maintaining Institutional Investment: Panel Session 2Eversheds Sutherland
Slides from the second afternoon panel session at the Eversheds event: Attracting and Maintaining Institutional Investment in Renewable Energy - 2nd July 2012
The document discusses the challenges facing the power and utilities sector in meeting the large infrastructure investment needs of over $7.2 trillion by 2025 due to population growth, GDP growth, and environmental challenges. It notes that many large capital projects in the sector suffer from cost overruns, delays, and suboptimal returns due to issues with financing, delivering assets, and managing assets long-term. It provides examples of average megaproject overspends of 35% and delays of two years and outlines five key questions organizations should ask to improve project performance in planning, analyzing, executing, and operating assets. EY offers its experience and tools to help organizations develop the right strategic approach, raise funding, control projects, manage risks,
Varanasi Power Distribution Franchisee Model, 2015TechSci Research
The document discusses power distribution franchise models in Varanasi, India. It notes that Varanasi faced high distribution losses of over 20% in 2014, leading to financial issues for the local discom. The input and investment based franchise model, where the franchisee is responsible for supply, metering, billing and infrastructure work, is prominent in India. The report analyzes parameters like losses and sales data, as well as market trends and the competitive landscape, to understand opportunities in improving power distribution in Varanasi.
The DCF model reveals the intrinsic value of the corporation is higher than the market capitalization. The fair price range for the stock is estimated to be $119-127, representing 12-19% upside potential. The stock is currently trading around 105$
All Hands on Deck: Leveraging IT Relationships to Build ResilienceWorkday, Inc.
When it comes to navigating change, a good relationship between IT and finance is critical. Now, it’s more important than ever.
View this deck with Ventana Research and SMB Group to explore the opportunities available when you adapt to change—building strong relationships, leveraging technology, and improving business across the board.
Gain a Postgraduate Certificate in Renewable Energy Project Finance to support your professional development and practice in the finance industry or preparing you to enter the sector in a wide range of Renewable Energy Project Manager roles. Certification offered by Institute of Solar Technology (IST) in academic partnership with University of Petroleum and Energy Studies.
This postgraduate certificate will provide you with a strong foundation in project finance, financial decision-making, financial reporting and governance. This is a short term skill based non-accredited program.
You’ll build your understanding of both RE Project financial theory and practice in national and international contexts. You will also develop your knowledge in key areas of finance such as securities and company valuation, project appraisal, mergers and acquisitions, corporate governance and more.
Expert will discuss implications for policy makers, the financial sector, as well as energy scholars concerned with power generation investment decisions.
Clear Blue Technologies is a company that delivers clean, managed wireless power solutions anywhere using its patented smart off-grid technology. It has an energy-as-a-service business model to transform the power industry. The company has strong growth, global customers, and addresses markets like telecom, smart cities, and IoT. Clear Blue aims to power the connectivity of over 1 billion additional people through initiatives like 5G, rural internet access projects, and satellite/WiFi deployment.
Five Strategic Priorities: Generation and Transmission CooperativesScottMadden, Inc.
Generation and transmission cooperatives face complex challenges and must address five strategic priorities: (1) managing generation assets as asset profiles change, (2) ensuring grid security and reliability as NERC regulations evolve, (3) gaining access to capital markets as financing needs rise, (4) improving stakeholder management amid conflicting expectations, and (5) fostering economic development through long-term commitment and measurable objectives. The document outlines each priority in detail and provides contact information for the authors to learn more.
Investment and business potentials in energy efficiency industry ZAINI ABDUL WAHAB
This document discusses energy efficiency (EE) outlooks, policies, and investment potentials in Malaysia. It notes that EE measures could halve energy demand growth by 2035 according to the IEA, but that 2/3 of economic EE potential remains untapped globally. The document outlines various EE investment options and models in Malaysia, including for energy service companies (ESCOs) and energy performance contracting. It also discusses barriers to EE investments and measures to encourage private sector participation in the EE industry.
Addressing the shifting landscape across policy & regulation, revenue, business model innovation, technology innovation and changing consumer behavior, Indigo Advisory Group has created a series of tools, frameworks and strategies to help utilities manage the energy transition
CPower provides demand response programs to over 1,600 customers across North America. It takes a highly customer-centric approach by customizing energy goals and assessments for each customer to maximize their available demand response capacity. CPower also conducts seasonal training programs to improve customer knowledge and engagement. This high level of customer service has resulted in significant returns on investment for customers and strong customer acquisition rates for CPower.
Public Power Forward: IT's Role in the Changing Electric UtilityKent Landrum
How IT leaders in public utilities can prepare for an uncertain future. Provides a 5-step process to achieve business and IT alignment: (1) vignette-based strategy, (2) capability modeling, (3) program and project governance, (4) solution portfolio management, and (5) delivery framework. Authored by Kent Landrum.
US solar PPA / leasing sector - research summaryHarald Överholm
How can innovative sustainable technologies be spread to make an impact on global warming and resource scarcity? This research deals with how business model innovation can contribute to the take-up of sustainable technologies. Property owners who would otherwise consider installing solar panels have been put off by the up-front costs and
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The document describes the services provided by Utility Research and Consulting to support innovations, services, and reforms in the utility sector. It provides market intelligence, stakeholder engagement, pilot project management, impact assessments, and communications services to operators, service providers, consultants, investors, and governments working in power, water, waste, renewables, and smart cities. The company aims to help build intelligence and engage stakeholders to shape sustainable utility businesses through new solutions, services, and reform models.
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The report provides a complete roadmap for setting up an electrical horn manufacturing plant. It covers a comprehensive market overview to micro-level information such as unit operations involved, raw material requirements, utility requirements, infrastructure requirements, machinery and technology requirements, manpower requirements, packaging requirements, transportation requirements, etc.
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Similar to Developing Trends of Renewable Energy-small size (20)
1. Maxwell Venture Service LLC All Rights Reserved & Confidential
Developing Trends of Renewable Energies
麥斯管理顧問有限公司
Maxwell Chen 陳世芳
Chief Executive Officer
An Industry, Business, and Investment Architect
2016創投學苑-創投經理人課程
2016/05/11
2. Maxwell Venture Service LLC All Rights Reserved & Confidential
Disclaimer and Cautionary Note
• You are about to review presentations, pictures, graphics, tables, comments, filings and/or other materials of
Maxwell Venture Service LLC. The information contained therein is accurate as of the date thereof.
However, that information may be updated, amended, supplemented or otherwise modified by
subsequent presentations, pictures, graphics, tables, comments, filings, events and/or other materials.
• In addition to the historical information contained therein, these materials contain forward-looking
statements that are inherently subject to risks and uncertainties, including but not limited to statements
regarding company, industry, geographic, product, technology or demand projections, estimates, forecasts,
trends, growth or opportunities, or our positioning or ability to capitalize thereon; target business or
financial outlook, projections, estimates, guidance, forecasts, trends or growth; target business or growth
initiatives or strategies; projections, estimates, forecasts, trends or growth in shipments, sales or average
selling prices; product roadmap; devices which may contain products; or future products, solutions,
technologies, innovations, features or functionality. Forward-looking statements are generally identified by
words such as "expects," "believes," "anticipates," "projects," "estimates," "guidance" and similar
expressions. Actual results may differ materially from those referred to in the forward-looking statements
due to a number of important factors, including but not limited to risks associated with the commercial
deployment of technologies and sales of equipment, products and services based on these technologies;
competition; our dependence on a small number of customers and industry players; our dependence on
third-party suppliers; the enforcement and protection of our intellectual property rights; claims by third
parties that we infringe their intellectual property; global economic conditions that impact the industry and
the potential impact on demand for our analysis and forecast. We undertake no obligation to update any
forward-looking statements.
• Content in this presentation is for reference only and should not be a basis for any investment or
business decision making. Maxwell Venture Service LLC assumes no liability.
2
3. Maxwell Venture Service LLC All Rights Reserved & Confidential
Introduction of Maxwell Chen
• Education:
2002~2004:M.S., Management of Technology, National Chiao Tung University
1996~2000:B.S., Electronic Engineering, National Chiao Tung University
• Venture Capital Experience (since 2004):
(1) Sunsino Venture Capital Group, (2) Vertex Venture Holdings, a Temasek
Holdings company.(3) C Squared Capital, (4)Waterland Venture Capital, a
Waterland Financial Holdings company.(5) Sasson Capital, a MTI company.
• Board Director:
2015/08~now:CEO at Maxwell Venture Service LLC. (麥斯管理顧問有限公司)
2015/02~now:Member of the Supervisory Board at uSenlight Inc. (佑勝光電)
2014/05~now:Member of the Supervisory Board at Dexatek Technology (海峽數
碼)
• Successful Exit Investment (19 cases):
穩懋半導體(WIN Semiconductor) 、創意電子(Global Unichip) 、光環科技(TrueLight) 、上詮光纖
(FOCI) 、隆達電子(Lextar Electronics)、晶宏半導體(UltraChip)、韋僑科技(Securitag Assembly Group)、
全智科技(Giga Solution) 、笙泉科技(Megawin Technology)。聯銓科技(EPITECH )、元砷光電(SOUTH
EPITAXY) 、聯鈞光電(eLaser)、前鼎光電(APAC Opto Electronics) 、奇力光電(Chi Mei Lighting
Technology)、興能高科技(SYNergy ScienTech)、星通資訊(Loop Telecom) 、光頡科技(Viking Tech)、
高平磊晶(Kopin Taiwan)、聯勝光電(High Power Opto)。
3
4. Maxwell Venture Service LLC All Rights Reserved & Confidential
Investment Performance in 2014
Company
Avg. Unit
Cost
Avg. Unit Selling
Price
First buying
date
Last Selling
Date ROI XIRR
TW.3141 Ultrachip -
first buy 10 18.53 2010/11/22 2014/3/17 85% 20%
TW.3141 UltraChip -
second buy 10.48 18.17
2013/7/9 2014/3/20
73% 122%
TW.3363 FOCI 31.99 44.00
2014/3/21 2014/4/15
37% 9805%
TW.6417 SAG - first
buy 13.84 27.38 2014/1/6 2014/9/19 97% 216%
TW.6417 SAG - second
buy 19.06 28.90 2014/6/23 2014/9/17 51% 476%
TW.3025 Loop Com. 12.00 13.70
2014/1/8 2014/2/21
12% 190%
Synergy ScienTech
Corp. 8.80 15.00 2014/1/18 2014/3/15 83% 4967%
5. Maxwell Venture Service LLC All Rights Reserved & Confidential
Business of Maxwell Venture Service LLC
• Venture Service:
a new business model which combines venture capital and business incubation/accelerator.
A venture service firm provides services and integrates cross-industry resources to help a single
company to growth in multiple industries and to play as a key player. It helps to strengthen a
client’s inside value chain and outside supply chain.
The first venture service theory is from Maxwell’s MBA thesis in 2004. “The Venture
Creation Services - The Convergence of Venture Capital and Business Incubation.”,
National Chiao-Tung University, Institute of Management of Technology
• Our Services:
Omni-Industry Analysis (全方位產業分析)
Technology Foresight & Forecast (技術前瞻與預測)
Strategic Alliance & Business Development (策略聯盟與企業發展)
Fund Raising Implementation
Market Foresight & Forecast
Building a Strong Team
Strategic Planning
Operation of Board/Shareholders Meeting & Corporate Governance
Financial Planning
Managing Family Investment Fund
6. Maxwell Venture Service LLC All Rights Reserved & Confidential
Evolution o f Venture Service
Source:陳世芳(2004),「創業服務-創業投資與企業育成之聚合」,國立交通大學,科技管理碩士學位論文;Revised in 2005
accelerator
8. Maxwell Venture Service LLC All Rights Reserved & Confidential
Outline
• Industry Analysis as a Venture Capitalist
• A Smart Energy/Power Era
CCS is expensive
Do not Invest CO2 Price/Emission Allowance
Nuclear Power is not as Cheap as Claimed
Very High Subsidies of Nuclear Power
32.97~55.07% Chance of a Reactor Meltdown if Year of Operations >40 Years
• Renewable Energies
• Wind Power
Small Wind Turbine was Dead since 2005
New “Electricity Formula (電價公式)” asked all electricity consumers to pay the FIT subsidies.
Ship Channel Problems
• Solar PV Power
Solar PV should replace OCGT/Light Diesel Oil Power first, and then Fuel Oil Power
• Geothermal Power
Earthquake Power Plant(地震發電廠), Comprising Water Injection Well
• Super Smart Grid
Microgrid/Distributed Power is expensive and a niche market
Phase 1 of Submarine Grid of Taiwan Straits
A lot of Wind and Solar PV Power Will be Abandoned after 2020 without Grid Upgrade
• Smart Power Dispatch
• Power Grid Storage
• Intersection between Renewable Energies & Financial Industry
• 100% Renewable Energy World by 2050
8
9. Maxwell Venture Service LLC All Rights Reserved & Confidential
Industry Analysis as a Venture Capitalist
• An industry is a set of supply chains. An industry comprises a lot of firms,
and a firm may cross multiple industries/supply chains.
How to define an industry? What is the proper resolution of industry analysis?
• We do industry analysis for Profits/Performance/IRR, not for report price.
• We do industry analysis for outstanding post-investment management.
• We monitor the whole supply chain, and engage the global leaders.
How much connections do you have?
Did you put connections in the right places? Scopes & depths.
How often do you gather information? Permanent monitoring?
What is the return path? Direct or indirect?
Signal to Noise Ratio? How to define a noise or a signal?
What is your techniques to analyze huge information/big data?
How do you meet the global leaders? Face to face? Why must they tell you the truth?
• Unfortunately, most VC bosses don’t care about industry analysis. They
don’t know too much about supply chains.
• Please customize an industry analysis for your investment case. You need
not tell everything into details.
9
10. Maxwell Venture Service LLC All Rights Reserved & Confidential
Industry Development & Financial Sector
• Financial Sectors support industry development in the ecosystems.
10
Source: UNEP (United Nations Environment Programme), Bloomberg New Energy Finance (2016), "GLOBAL TRENDS IN RENEWABLE ENERGY
INVESTMENT 2016".
(Operators,
Developers)
(Financial
Sectors)
11. Maxwell Venture Service LLC All Rights Reserved & Confidential
My Architecture of Industry Analysis
Source: Michael Porter, Ghemawa, Hill & Jones, Maxwell, 2006
Supplier’s Power Competitive Rivalry
Threat of Potential
Competitors
Buyer’s Power
Threat of
Substitution
Complementary
Factors
Political & Legal Environment
Population Structure Social Environment
Marco Economies
Technology Environment
How do you give weights? How do you define the needed depths of an industry analysis?
12. Maxwell Venture Service LLC All Rights Reserved & Confidential
What Can a VC do in the Global Renewable Energy Investment Context?
• VC funds must cooperate with project finance/M&A funds.
• Encourage renewable power developers go public.
12
Source: UNEP (United Nations Environment Programme), Bloomberg New Energy Finance (2016), "GLOBAL TRENDS IN RENEWABLE ENERGY INVESTMENT 2016".
13. Maxwell Venture Service LLC All Rights Reserved & Confidential
Asset Finance Plays a Key Role in Renewable Energy Investment
• New Investment of VC:$1.3B, 0.45%
• Transactions of VC:$1.3B, 0.34%
• Transactions ($380B) = New Investment ($285.9B) + M&A/Buy-out ($94B)
13
Source: UNEP (United Nations Environment Programme), Bloomberg New Energy Finance (2016), "GLOBAL TRENDS IN RENEWABLE ENERGY INVESTMENT 2016".
14. Maxwell Venture Service LLC All Rights Reserved & Confidential
Asset Finance & Renewable Power
14
Source: UNEP (United Nations Environment Programme), Bloomberg New Energy Finance (2016), "GLOBAL TRENDS IN RENEWABLE ENERGY INVESTMENT 2016".
15. Maxwell Venture Service LLC All Rights Reserved & Confidential
Invest in Wind Power, not Solar PV
15
Source: UNEP (United Nations Environment Programme), Bloomberg New Energy Finance (2016), "GLOBAL TRENDS IN RENEWABLE ENERGY INVESTMENT 2016".
16. Maxwell Venture Service LLC All Rights Reserved & Confidential
Solar PV’s High Growth Comes from Low Entry Barriers
16
Source: UNEP (United Nations Environment Programme), Bloomberg New Energy Finance (2016), "GLOBAL TRENDS IN RENEWABLE ENERGY INVESTMENT 2016".
*Small distributed capacity (SDC) of Solar PV is under 1MW.
(typically rooftop and small ground-mounted solar PV
installations.)
*This is a kind of distributed power generation if the power is
consumed in the distribution grid without transmission grid.
*Small distributed capacity and distributed power generation are
highly correlated with government policies.
17. Maxwell Venture Service LLC All Rights Reserved & Confidential
The World’s Lowest System Price of Solar PV in Germany Doesn’t Help the Market.
• Subsidy curtailment will hit the UK market in 2016, just as it dampened demand
in Germany in 2015, sending small distributed capacity investment there down
57%.
• Japan remains by far the largest small distributed power market in the world,
thanks to still-generous feed-in tariffs and falling PV system costs.
17
Source: UNEP (United Nations Environment Programme), Bloomberg New Energy Finance (2016), "GLOBAL TRENDS IN RENEWABLE ENERGY INVESTMENT 2016".
18. Maxwell Venture Service LLC All Rights Reserved & Confidential
LCOE Comparison (1:32.43)
• In late 2015, onshore wind is $83/MWh (NT$2.69/KWh), solar PV is $122/MWh
(NT$3.96/KWh), offshore wind is $174/MWh (NT$5.64/KWh), and solar
thermal/Parabolic trough with storage is $275/MWh (NT$8.92/KWh).
• IEA-STSAP & IRENA showed onshore wind power in 2014 is US$0.06-0.12/KWh
(NT$1.95-3.89/KWh), and offshore wind power with under 5MW turbines is US$0.1-
0.21/KWh (NT$3.24-6.81/KWh).
• The first offshore wind farm that used 6MW turbines is Westermost Rough which
was inaugurated on July 1st 2015.
• Using 6-8MW turbines and locating at a high-wind place, the LCOE of offshore
wind power is under NT$3/KWh. (Taipower’s average cost is NT$2.74/KWh)
18
Source: UNEP (United Nations Environment Programme), Bloomberg New Energy
Finance (2016), "GLOBAL TRENDS IN RENEWABLE ENERGY INVESTMENT 2016". Source: IEA-ETSAP, IRENA (2016), "Wind Power Technology Brief",
19. Maxwell Venture Service LLC All Rights Reserved & Confidential
Big Investment Drop in High Solar PV Countries, Japan & Germany
19
• Japan’s largest source of new investment in renewable comes from SDC, small distributed
capacity/Solar PV. Germany has a -46% drop due to reduction of Solar PV.
• Japan’s residential electricity price is around NT$10.11~11.60/KWh. (1:0.3028). 3~4 times of
Taiwan’s price. FIT price of Solar PV under 10KW in Japan 2012 is NT$9.39-11.51/KWh.
• High ratio of nuclear power has made Japan paid a lot in nuclear disaster and high solar PV price.
• If Taiwan has high penetration of SDC, we will have double to triple electricity price soon or later.
Source: UNEP (United Nations Environment Programme), Bloomberg New Energy Finance (2016), "GLOBAL TRENDS IN RENEWABLE ENERGY INVESTMENT 2016".
20. Maxwell Venture Service LLC All Rights Reserved & Confidential
Wind Power Leads Global Renewable Power Investment by 2040
20
Source: IEA, 2015
21. Maxwell Venture Service LLC All Rights Reserved & Confidential
Power Mix Transformation Has Begun
21
Source: UNEP (United Nations Environment Programme), Bloomberg New Energy Finance (2016), "GLOBAL TRENDS IN RENEWABLE ENERGY INVESTMENT 2016".
53%
9%
16%
6%
17%
22. Maxwell Venture Service LLC All Rights Reserved & Confidential
Renewable Power Generation by Technology
22
23. Maxwell Venture Service LLC All Rights Reserved & Confidential
Energy versus Power/Electricity
• “Energy” is not equal to “Power”. Power is a secondary energy.
• We will focus on “Renewable Power” in the coming slides.
23
Source: IPCC (2011), Special Report on Renewable Energy Sources and Climate Change Mitigation (SRREN)
24. Maxwell Venture Service LLC All Rights Reserved & Confidential
Oil is seldom to generate power.
• Oil price has very small impacts on renewable power.
• If renewable power becomes “new baseload” and the world has a super
smart grid/energy IoT, the use of natural gas power (OCGT+CCGT) will
decline.
24
Source: IRENA (2015), "REmap 2030 - A Renewable Energy Roadmap, RENEWABLE ENERGY PROSPECTS: USA“ .
25. Maxwell Venture Service LLC All Rights Reserved & Confidential
Carbon Capture Storage is Expensive
25
Source: US EIA
26. Maxwell Venture Service LLC All Rights Reserved & Confidential
Mix of a Power System
• Fossil-fuels power includes coal, natural gas, and oil.
• A smart power system is rising.
• Other rare renewable power includes wave, tidal…etc.
26
Source: REN21 (2014), "RENEWABLES 2014 - Global Status Report“ & Maxwell Venture Service LLC (2016).
Coal, Natural Gas, Oil, Nuclear
Stupid Power System
Smart
Power
System
27. Maxwell Venture Service LLC All Rights Reserved & Confidential
US Average Historical Electricity Prices & Grid Losses
27
28. Maxwell Venture Service LLC All Rights Reserved & Confidential
Nuclear Power is Low-carbon, but not Clean and Cheap
• Wind power has great potential to replace nuclear power as a new baseload.
Lower CO2 emission,
Lower LCOE (Levelized Cost of Electricity/Energy,
Lower SCOE (Social Cost of Electricity).
• Cheap LCOE of coal and nuclear power today comes from tomorrow’s air ,
water, and food pollution. Remember “Fukushima nuclear disaster” and
“PM 2.5 in China”.
28
Source: NEA (2012), "Nuclear Energy and Renewables - System Effects in Low-carbon Electricity Systems".
29. Maxwell Venture Service LLC All Rights Reserved & Confidential
Do not Invest CO2 Price/Emission Allowance
29
Source:Bernard Caillaud, Gabrielle Demange (2015), "Joint design of emission tax and trading systems", http://voxeu.org/article/joint-design-emission-tax-and-trading-systems
31. Maxwell Venture Service LLC All Rights Reserved & Confidential
Primary and Final Energy Demand in Taiwan 2012
31
32. Maxwell Venture Service LLC All Rights Reserved & Confidential
Power Capacity by 2030
• Based on BNEF’s forecast, global power capacity will grow to 10,569GW by
2030.
• Wind power will have largest generations because of its average capacity
factor is 2 to 3 times than Solar PV.
Generation of Wind over Solar PV: 12% * 2 ~ 3 times / 18% = 1.33 ~ 2 times
What is important to you if you’re the CEO of Taipower?
32
Source: BNEF (2014), "Bloomberg New Energy Finance’s (BNEF) 2030 Market Outlook".
Source: IRENA (2015), "REmap 2030 - A Renewable Energy
Roadmap, RENEWABLE ENERGY PROSPECTS: USA“ .
33. Maxwell Venture Service LLC All Rights Reserved & Confidential
Renewable Energy Mix by 2050
33
Source:IRENA (2016), "REmap: Roadmap for A Renewable Energy Future, 2016 Edition", http://www.irena.org/menu/index.aspx?mnu=Subcat&PriMenuID=36&CatID=141&SubcatID=1691
34. Maxwell Venture Service LLC All Rights Reserved & Confidential
Be Careful of Power-bias in Taiwan
• Power-bias in Taiwan:Some people mentioned German successful
experiences in renewable power, but they highly recommend developing
Solar PV in Taiwan. In fact, wind power is the largest power source in
Germany. German government is decreasing the EEG/FIT of solar PV due
to expensive cost.
• They won’t tell you the average annual generation of Solar PV in Germany
is around 900 ~ 1100 KWh/KWp. (Taiwan is around 1250 KWh/KWp.)
34
35. Maxwell Venture Service LLC All Rights Reserved & Confidential
Technical Potential Dominates the Future of Renewable Power
• Renewable power must consider local conditions/technical potential.
Solar PV and Biopower should not harm food supplies.
Utility-scale Solar PV has lower LCOE and higher generation than root-top.
Plenty of idle industrial land in Taiwan.
Food supply is also a national security issue. Taiwan’s food supply is under 35%.
EGS will be replaced by CEEG because most people will reject induced earthquakes.
I predict EGS will fail soon or later. We should put more attentions on CEEG.
35
Source: IRENA (2015), "REmap 2030 - A Renewable Energy Roadmap, RENEWABLE ENERGY PROSPECTS: USA“ .
36. Maxwell Venture Service LLC All Rights Reserved & Confidential
Enterprises are Key Buyers of Green Power.
• US EPA’s Green Power Partnership National Top 100 (Released on April
25, 2016)
• Buyers are enterprises, governments, colleagues and universities, K-12
schools…etc.
Taiwan’s suppliers will be asked to use green power by their customers.
36
1. Intel Corporation 3,107,050,000 100% Technology & Telecom Solar, Wind
2. Microsoft Corporation 2,699,210,000 100% Technology & Telecom Biogas, Biomass, Solar,
Wind
3. Kohl's Department Stores 1,430,381,349 109% Retail Solar, Wind
4. Cisco Systems, Inc. 1,085,086,742 97% Technology & Telecom Solar, Wind
5. Google Inc. 1,061,619,944 36% Technology & Telecom Biogas, Solar, Wind
6. Apple Inc. 1,021,607,000 100% Technology & Telecom Biogas, Biomass,
Geothermal, Small-hydro,
Solar, Wind
7. Starbucks (company-
owned cafe retail stores)
970,920,339 100% Restaurants & Cafes Wind
8. City of Houston, TX 951,799,375 80% Govt. (Local, Municipal) Solar, Wind
9. Wal-Mart Stores, Inc. 826,343,726 4% Retail Biogas, Solar, Wind
10. U.S. Department of
Energy
810,030,662 15% Govt. (Federal) Biogas, Biomass, Small-
hydro, Solar, Wind
Source: https://www.epa.gov/greenpower/green-power-partnership-national-top-100
37. Maxwell Venture Service LLC All Rights Reserved & Confidential
Investment Changes Direction from Generation to Super Smart Grid
• LCOE of renewable power is competing with fossil-fuel and nuclear power.
• Abandoned wind power and solar power in China
• Super Smart Grid = Transmission Grid + Distribution Grid + IoT
Super Grid = Transmission Grid + IoT
Smart Grid = Distribution Grid + IoT
It’s a world of energy IoT.
• Microgrid will keep in a stage of micro-scale for decades.
37
38. Maxwell Venture Service LLC All Rights Reserved & Confidential
Energy Sector Project Risk Factors
• Energy sector is a chartered industry. Policies and regulations dominate most of
investment risk factors.
• KMT’s offshore wind power plan:4GW by 2030
• A new plan after DPP wined the president election:10GW by 2030
• ITRI Green Energy and Environment Research Laboratories changed their view all the
time and serve for politicians.
In 2011, ITRI GEERL said there are 8,326.2 Km2 (57GW) for offshore wind power in Taiwan.
Only 6.2GW can be developed.
In 2013, ITRI GEERL said there are 5,640 Km2 for offshore wind power in Taiwan. Only
29.37GW can be developed.
• A VC should have independent views beyond ITRI GEERL.
38
Source: IRENA (2015), "Renewable Power Generation Costs in 2014".
39. Maxwell Venture Service LLC All Rights Reserved & Confidential
Nuclear Power is not as Cheap as Claimed
39
40. Maxwell Venture Service LLC All Rights Reserved & Confidential
Nuclear Power is Losing its Market Share in China
40
Source: Bernard CHABOT, BCCONSULT (2015), "Wind power and nuclear electricity production in China, India, Brazil
and South Africa up to 2014"
41. Maxwell Venture Service LLC All Rights Reserved & Confidential
Very High Subsidies of Nuclear Power
• The low LCOE of nuclear power comes from invisible government subsides.
41
Source:European Environment Agency (2016), "Renewable Energy in Europe 2016 - Recent Growth and Knock-on Effects"
42. Maxwell Venture Service LLC All Rights Reserved & Confidential
Dangerous Extension of Nuclear Power Plants
42
Source: David Lochbaum (2016), "Nuclear power in the future: risks of a lifetime", published on "Bulletin of the Atomic Scientists", http://thebulletin.org/nuclear-power-future-risks-lifetime9185
43. Maxwell Venture Service LLC All Rights Reserved & Confidential
32.97+% Chance of a Reactor Meltdown if Year of Operations >40 Years
43
Source: David Lochbaum (2016), "Nuclear power in the future: risks of a lifetime", published on "Bulletin of the Atomic Scientists", http://thebulletin.org/nuclear-power-future-risks-lifetime9185
44. Maxwell Venture Service LLC All Rights Reserved & Confidential
The Decline of Nuclear and Coal is Sure
44
Source:IRENA (2016), "REmap: Roadmap for A Renewable Energy Future, 2016 Edition", http://www.irena.org/menu/index.aspx?mnu=Subcat&PriMenuID=36&CatID=141&SubcatID=1691
45. Maxwell Venture Service LLC All Rights Reserved & Confidential
Power Concepts
45
• Generation:1 TWh (10億度電) = 1 billion KWh
• 8.76TWh/GW per year, if capacity factor is 100%.
1 GW * 8,760 hours * 100% = 8760 GWh = 8.76 TWh
• Capacity Factor:The net capacity factor of a power plant is the ratio of its actual output over a
period of time, to its potential output if it were possible for it to operate at fullnameplate
capacity continuously over the same period of time.
Source: IEA (2013), World Energy Outlook Special Report
49. Maxwell Venture Service LLC All Rights Reserved & Confidential
World Wind Potentials 250TW@100m
• If wind turbines cover all areas in the world, there is 6,000TW.
• These saturation potentials are >250TW at 100 m globally, approximately
80 TW at 100 m over land plus coastal ocean (nearshore). (1TW=1,000GW)
• 4,315GW/250,000GW = 1.73%; 2,834GW/80,000GW = 3.54%.
• 2015 Global Wind Power Installation:432.883GW/250,000GW = 0.173%
• No need to worry about the weather problems.
Source: Mark Z. Jacobson, "Saturation wind power potential and its implications for wind energy", September 25, 2012 vol. 109 no. 39,
PNAS., http://www.pnas.org/content/109/39/15679.abstract
NO, It’s reasonable.
49
50. Maxwell Venture Service LLC All Rights Reserved & Confidential
Small Wind Turbine was Dead since 2005
50
51. Maxwell Venture Service LLC All Rights Reserved & Confidential
Average LCOE in Good to Excellent Wind Sites & US Wind Power Capacity
Source: Wind Vision:A New Era for Wind Power in the United States, US Department of Energy, 2015
51
52. Maxwell Venture Service LLC All Rights Reserved & Confidential
US Onshore Wind LCOE without PTC, 1980-2050, $/MWh
Source: Lawrence Berkeley National Laboratory, Maxwell Venture Service LLC, 2015
52
53. Maxwell Venture Service LLC All Rights Reserved & Confidential
Regional Effects on LCOE in the US
Source: Source: 2014 Wind Technologies Market Report, US Department of Energy, August 2015
US$62.5/MWh
(LBNL)
Interior is about
US$48/MWh, 23%
lower than Nationwide
53
54. Maxwell Venture Service LLC All Rights Reserved & Confidential
US Onshore Wind LCOE without PTC, 1980-2050, NT$/KWh
Source: Lawrence Berkeley National Laboratory, Maxwell Venture Service LLC, 2015
USD/TWD=32.5
54
56. Maxwell Venture Service LLC All Rights Reserved & Confidential
11% Decline in LCOE in the UK this Year
• Results in 2015 confirmed an 11% decline in LCOE in the UK, ahead of a
predicted cost reduction pathway set out by the Crown Estate.
• Europe accounts for 92% of all offshore wind installations globally.
Growing at a five year compound annual growth rate (CAGR) of 31%, the
strong build-up of this emerging industry has resulted in total cumulative
installations topping 10 GW in 2015.
Crown Estate
Estimation
56
57. Maxwell Venture Service LLC All Rights Reserved & Confidential
Estimation of Prognos & Fichtner
57
58. Maxwell Venture Service LLC All Rights Reserved & Confidential
Asia Manufacturing Effects
• According to IRENA, average LCOE in China & India is around 43.75%
lower than OECD countries.
• We assume the price gaps are around 0% between 2000-2010, 40% to 30%
between 2010-2020, 30% to 20% between 2020-2030, 20% to 10% between
2030-2040, and 10% to 0% between 2040-2050.
58
59. Maxwell Venture Service LLC All Rights Reserved & Confidential
Optimistic Wind Farm Variation 8-25% below Average
Optimistic Wind Farm Variation
8% below the average ???
25% below the average
59
60. Maxwell Venture Service LLC All Rights Reserved & Confidential
Wind Farm Variation by BVG Association
60
61. Maxwell Venture Service LLC All Rights Reserved & Confidential
LCOE of Offshore Wind Power by 2050 in EU
2010, ₤150
2020(f), ₤85
2030(f), ₤55
2040(f), ₤35 2050(f),₤25
2010, ₤90
2020(f), ₤60
2030(f), ₤44
2040(f), ₤32 2050(f), ₤25
2010, ₤112 2020(f), ₤63
2030(f), ₤41
2040(f), ₤26
2050(f), ₤19
0
20
40
60
80
100
120
140
160
180
200
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015(f)
2016(f)
2017(f)
2018(f)
2019(f)
2020(f)
2021(f)
2022(f)
2023(f)
2024(f)
2025(f)
2026(f)
2027(f)
2028(f)
2029(f)
2030(f)
2031(f)
2032(f)
2033(f)
2034(f)
2035(f)
2036(f)
2037(f)
2038(f)
2039(f)
2040(f)
2041(f)
2042(f)
2043(f)
2044(f)
2045(f)
2046(f)
2047(f)
2048(f)
2049(f)
2050(f)
LCOE(₤/MWh)
Year
LCOE of Offshore Wind Power by 2050
Maxwell Forecast (₤/MWh), EU Supply Chain
Maxwell Forecast (₤/MWh), Asia Supply Chain
Optimistic Wind Farm Variation (₤/MWh), EU Supply Chain
Source: Maxwell Venture Service LLC, 2015
GBP:USD 1.51551
GBP:TWD 49.4618146
GBP:EUR 1.42609391
Exchange Rate
61
63. Maxwell Venture Service LLC All Rights Reserved & Confidential
LCOE Gap between Offshore & Onshore Wind Power by 2050
Source: Maxwell Venture Service LLC, 2015
0%
100%
200%
300%
400%
500%
600%
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015(f)
2016(f)
2017(f)
2018(f)
2019(f)
2020(f)
2021(f)
2022(f)
2023(f)
2024(f)
2025(f)
2026(f)
2027(f)
2028(f)
2029(f)
2030(f)
2031(f)
2032(f)
2033(f)
2034(f)
2035(f)
2036(f)
2037(f)
2038(f)
2039(f)
2040(f)
2041(f)
2042(f)
2043(f)
2044(f)
2045(f)
2046(f)
2047(f)
2048(f)
2049(f)
2050(f)
Offshore Wind LCOE over Onshore Wind LCOE
UK Offshore over US Onshore Asia Offshore&Supply Chain over US Onshore
Optimistic UK Offshore over US Onshore Optimistic Asia Offshore over US Onshore
Due to Wind Farm Variation (25% lower than
average)
100~150% by 2050
237~425% in 2015
63
64. Maxwell Venture Service LLC All Rights Reserved & Confidential
Taiwan Case (Without Grid Cost)
• Average Electricity Selling Price of Taipower is NT$2.0533/KWh in 2005,
and NT$3.0705 in 2014. CAGR from 2005 to 2014 is 4.57%.
• If we assume 1% CAGR from 2015 to 2050, NT$4.3932/KWh in 2050.
0.000
1.000
2.000
3.000
4.000
5.000
6.000
7.000
8.000
9.000
10.000
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015(f)
2016(f)
2017(f)
2018(f)
2019(f)
2020(f)
2021(f)
2022(f)
2023(f)
2024(f)
2025(f)
2026(f)
2027(f)
2028(f)
2029(f)
2030(f)
2031(f)
2032(f)
2033(f)
2034(f)
2035(f)
2036(f)
2037(f)
2038(f)
2039(f)
2040(f)
2041(f)
2042(f)
2043(f)
2044(f)
2045(f)
2046(f)
2047(f)
2048(f)
2049(f)
2050(f)
TaiwanElectricityPriceorLCOE(NT$/KWh)
Year
Taiwan Electricity Price & Offshore Wind Power LCOE
Maxwell Forecast (NT$/KWh), EU Supply Chain
Maxwell Forecast (NT$/KWh), Asia Supply Chain
Optimistic Wind Farm Variation (NT$/KWh), Asia Supply Chain
Taipower Average Selling Price (NT$/KWh), 1% inflation
Cross Point:2017 to 2026
Source: Taipower, Maxwell Venture Service LLC, 2015
64
65. Maxwell Venture Service LLC All Rights Reserved & Confidential
Taiwan Case (Considering Grid Cost)
• Grid Cost Assumption:NT$0.8/KWh (Current cost is NT$0.4811/KWh in 2015)
0.000
2.000
4.000
6.000
8.000
10.000
12.000
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015(f)
2016(f)
2017(f)
2018(f)
2019(f)
2020(f)
2021(f)
2022(f)
2023(f)
2024(f)
2025(f)
2026(f)
2027(f)
2028(f)
2029(f)
2030(f)
2031(f)
2032(f)
2033(f)
2034(f)
2035(f)
2036(f)
2037(f)
2038(f)
2039(f)
2040(f)
2041(f)
2042(f)
2043(f)
2044(f)
2045(f)
2046(f)
2047(f)
2048(f)
2049(f)
2050(f)
TaiwanElectricityPriceorLCOE(NT$/KWh)
Year
Taiwan Electricity Price & Offshore Wind Power LCOE+Grid Cost
Maxwell Forecast (NT$/KWh), EU Supply Chain+Grid Cost
Maxwell Forecast (NT$/KWh), Asia Supply Chain+Grid Cost
Optimistic Wind Farm Variation (NT$/KWh), Asia Supply Chain+Grid Cost
Taipower Average Selling Price (NT$/KWh), 1% inflation
Source: Taipower, Maxwell Venture Service LLC, 2015
Cross Point:2023 to 2030
65
66. Maxwell Venture Service LLC All Rights Reserved & Confidential
New “Electricity Formula (電價公式)” asked all electricity consumers to pay the FIT subsidies.
• New “Electricity Formula (電價公式)” asked all electricity consumers to pay the
FIT subsidies.
• DPP government’s 50TWh/year green power will need NT$150 ~ 250B of subsidies.
Subsidies of Solar PV in 2025:17.08 TWh * NT$3/KWh = NT$51B
Subsidies of Offshore Wind Power in 2025:9.99 TWh * NT$0.5/KWh = NT$5B (LCOE
NT$2.37/KWh)
Are you ready to pay ??? “Smart Grid” cost is not included.
66
Item Category 2010 2011 2012 2013 2014
OnshoreWind 32.2 45.11 93.42 136.63 152.73
SolarPV 3.53 37.96 125.68 277.1 370.22
Total 35.73 83.07 219.1 413.73 522.95
OnshoreWind 3,323 10,868 23,511 31,335 37,875
SolarPV 151 650 9,259 18,625 40,472
Total 3,474 11,518 32,770 49,960 78,347
OnshoreWind 908 2,703 2,305 2,929 4,516
SolarPV 760 4,061 57,563 103,185 202,564
Total 1,668 6,764 59,868 106,114 207,080
OnshoreWind 0.273 0.249 0.098 0.093 0.119
SolarPV 5.033 6.248 6.217 5.540 5.005
Total 0.480 0.587 1.827 2.124 2.643
2010~2014 Taiwan Feed-In Tariff Analysis
CumullativeCapacity (MW)
Generation (10,000 KWh)
FIT(NT$10,000)
AverageFITin NT$/KWh
Source:MOEABOE,MaxwellVentureServiceLLC,2015
Source: DPP, 2016
67. Maxwell Venture Service LLC All Rights Reserved & Confidential
Feed-In Tariff Policy in Germany Has Changed
67
68. Maxwell Venture Service LLC All Rights Reserved & Confidential
Factors Driving Cost Reduction - Competitions
*Alstom was acquired by GE Renewable Energy in 2015.
**Asia players are not clear on the radar map, but Goldwind & Envision are competitive.
Source:NREL, 2014-2015 Offshore Wind Technologies Market Report, September 2015
Enercon, Suzlon ???
68
69. Maxwell Venture Service LLC All Rights Reserved & Confidential
GE Renewable Energy’s Ambitions
• Anders Søe-Jensen, CEO of offshore wind power at GE Renewable Energy,
said GE has 2GW order backlog, the world’s 2nd largest order backlog behind
Siemens.
• Two months field test:99% availability & 80% capacity factor.
• GE acquired Enron Wind in 2002, and Alstom Power’s wind business in 2015.
• Turbine Capacity:The current offshore top range is 6 – 8.5MW, with a possible
ceiling at around 10MW. (Maxwell’s perdition:10MW turbine will be
series production in 2018~2019.)
• Backlog Project List (2,226MW):Arcadis Ost 1 (348MW), Østerild
(6MW), Merkur offshore (396MW), Belwind (6MW), Fécamp (498MW),
Courseulles (450MW), Saint-Nazaire (480MW), Le Carnet (6MW), Block
Island (30MW), VOWTAP (12MW), Taiwan (6MW)
There might be another 1500MW in Taiwan.
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Factors Driving Cost Reduction – Technology Improvements
• Larger Turbine:8MW to 50MW.
• Advanced Foundation (50 years):Twisted Jacket, Active/Passive Floater.
• Availability:95% to 99% (with predictive maintenance O&M Strategy).
• IoT Technologies in wind turbine:500 sensors to 3,000 sensors, data collecting period
from 10 minutes to 40ms, GE’s industrial internet technologies and “Power Up”
technologies with up to 5% generation increase.
• IoT Technologies in wind farm:GE’s “Digital Wind Farm” technologies with 20+%
generation increase.
• Big Data-based wind forecast:day-ahead forecast error from 10% to 3% by IBM/The
Weather Company.
• Siemens’s new transport vehicles: cost savings of 15 to 20% current cost, or
US$0.1/KWh.
• Siemens’s new offshore grid solution:New connection solution can drive the price of
offshore wind power below US$0.1 (NT$3.3)/KWh by 2020, Total cost decrease of 30%,
Transmission capacity increased by 33%, transmission losses decreased by 20%.
• Turbine design life time:from 20~25 years to 40~50 years, around 11% LCOE
reduction per 5 years.
• Other Technologies:Segmented Smart Blades, Direct-Drive, Batteries, ….
Source: Maxwell Venture Service LLC, 2015
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Factors Driving Cost Reduction – Economies of Scale
• For a country (local supply chain): 10GW cumulative installation capacity.
• For an offshore wind turbine manufacturer: 3.5GW/year (BVG Associate)
• For a model of offshore wind turbine:1,000 units.
• For a offshore wind farm:100 turbines.
Source:NREL, 2014-2015 Offshore Wind Technologies Market
Report, September 2015
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Wind Farm CAPEX Forecast
Source:NREL, 2014-2015 Offshore Wind Technologies Market Report, September 2015
Below US$2,000/KW is Onshore Wind CAPEX Area
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Larger Turbine is Cost-Competitive
• EU MFG:
8MW turbine will be US$1,500-2,000/KW
10MW turbine will be around US$1,500/KW
• Goldwind will deliver its 6MW offshore wind turbine in 2018.
China MFG:NT$1.66~1.85/KWh by 2023. (My Article on Technews)
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From Wind Farm Developer to Resource Developer & Protector
• Onshore Resource Developer:Onshore Wind Power + Livestock +
Agriculture +Tourism
• Offshore Resource Developer:Offshore wind power + Fish Farming +
Wave Power + Tourism
• It finds that large turbine arrays (300+ GW installed capacity) may
diminish(降低) peak near-surface hurricane wind speeds (最大近表面風速)
by 25–41 m/s (56–92 mph) and storm surge (暴風波浪) by 6–79%.
Source: Mark Z. Jacobson1, Cristina L. Archer, Willett Kempton, "Taming hurricanes with arrays of offshore wind turbines", NATURE
CLIMATE CHANGE | VOL 4 | MARCH 2014
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Policy Ecosystem
• Green Power Market & Legislation:
Time-of-Use Power Price Market (時間電價)
Power Court (電力專業法院)
Power Arbitration Commission (電力仲裁委員會)
• Capital Market Related to Wind Power:
Wind Power Index (風電指數)
Wind ETF (風電ETF, not including Solar PV and others)
YieldCo (Energy REITs Concept)
Green Bond Market (Usually 70% CAPEX from debt financing)
National Green Fund (UK, Green Investment Bank)
PPA, Futures, Options of Power (電力的現貨、期貨與選擇權)
Other Financial Derivatives
Power Market is a Part of Financial Market
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Ship Channel Problems
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• 在观测期间(2011/10~2012/09)通行海峡南北的航次规模(3.55万)高达闽台
直航航次总数(7126)的5倍, 因此, 二者是海西水域的交通主流。
• Solution: new design of precautionary area (警戒區) in western Taiwan Strait
• Longer distance & curve channel of ship channel enhances national security. We
have more time to response.
Source: 陈金海, 陆锋, 李明晓. .海上主航迹带边界统计推断与海西航路警戒区布局优化分析[J].地球信息科学学报, 2015,17(10): 1196-1206
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Submarine Grid of Taiwan Straits
• 28GW offshore wind power in Taiwan
(Phase 1):39 sites, including 3
demonstration projects, around 3,125 Km2.
• Multi-terminal HVDC Lite Submarine
Grid: (1) Stabilizing the power grid with a
network between Taiwan, Penghu, Kinmen,
Matsu; (2) lowering the cost for island power
(NT$1+B loss per year); (3) Transferring
offshore wind power to North Taiwan to
replace land-based transmission line.
• Upgrading Super Smart Grid:
Expanding “Smart Station” capacity alone
the west coast.
New Land-based transmission line to Taipei
City and New Taipei City.
• Maxwell predicted 100+GW offshore wind
power in Taiwan. (published on Technews)
We need a solution for oversupply in winter.
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Solar PV is Expensive and the Market is Shrinking in the EU
• Will Taiwan make mistakes of EU again?
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Source:European Environment Agency (2016), "Renewable Energy in Europe 2016 - Recent Growth and Knock-on Effects"
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EEG’s Big Mistake
• Solar PV in 2010 occupied 38.62%
EEG subsidies and 14.48% power
generation.
• Wind Power in 2010 occupied 25.15%
EEG subsidies and 46.42% power
generation.
• Output/Input of Solar PV = 0.37,
Output/Input of Wind Power = 1.85
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Source: Maxwell Venture Service LLC
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Direct Normal Irradiation Decides Generation of Solar PV
• The unit of DNI is KWh/m2 per day or KWh/m2 per year
• The average DNI in the US is around 2 to 3 times than Taiwan.
The LCOE of solar PV in Taiwan is 2 to 3 times than the US.
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DNI in Taiwan is Quite Low
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Empirical Study in Taiwan
• 新北市大覺禪寺:10165 KWh/y /9450 W =
1.076 KWh/W-y。在沒有政府補助之下, (財
務上)約需要31年才能回收投資成本。(尚
不包含每年的維護成本)
• 高雄永安太陽能:6M KWh/y / 4.6MW =
1.304 KWh/W-y。高雄市安裝太陽能在沒有
政府補助的情況下, 需要25.6年才能回收。
• You and me pay the bill.
新的電價公式已經改成全體用電戶分攤綠電補
助。
綠電佔比越高,平均電價上漲幅度越大,用電
戶的負擔也越重。電價上漲是必然的趨勢。
升級超級智慧電網,消納太陽能也需要很多
錢。
能源使用也是一種基本人權:照顧低收入族群
很重要。例如,政府補助安裝節能設備,如
LED燈、變頻冷暖氣等…。
提高工業電價,促進產業升級。
利用閒置工業土地開發地面型/電力級太陽
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*Taiwan:1250 KWh/KWp-year
*Germany:900~1100 KWh/KWp-year
*Japan:900~1100 KWh/KWp-year
*Arizona State:2380 KWh/KWp-year
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SDC/FIT & Public Markets Pay the High Cost of Solar PV
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Source: UNEP (United Nations Environment Programme), Bloomberg New Energy Finance (2016), "GLOBAL TRENDS IN RENEWABLE ENERGY INVESTMENT 2016".
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In the Long Run, Solar PV Will Be Price-competitive
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Solar PV is not Matured
• Utility-grade power should achieve 30% system capacity factor, but Solar
PV is around 15% right now.
• Utility-scale generator is beyond 6MW, but most solar PV system is under
1MWp.
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We Can Not Achieve These Goals in Taiwan
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• Average DNI/Insolation in Taiwan is 3.4, but Arizona State is 6.5
• System life time in Taiwan is around 8-12 years, not 30 years.
• Typhoon issues.
• Solution:Service + Landlord business model
Source: Josh Cornfeld (2014), "How Arizona’s Property Tax Ruling Will Affect State Solar Prices"
11.1 cents
11.6 cents
12.1 cents
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Solar PV should replace OCGT/Light Diesel Oil Power first, and then Fuel Oil Power
• Fuel Oil + Light Diesel Oil:NT$52,605,344,436 (21X), 13,332,200,000 KWh (16X)
• Solar PV should replace OCGT/Light Diesel Oil first, and then Fuel Oil.
FIT Root-top NT$6.8/KWh + Grid Cost NT$0.85/KWh = NT$7.65 per KWh
FIT Utility Scale NT$4.6/KWh + Grid Cost NT$0.85/KWh = NT$5.45 per KWh
2015 Taipower Cost Analysis (based on budget plan)
Generation Type Electricity (KWh) Cost (NT$)
Unit Cost
(NT$/KWh)
Unit Cost,
including grid
cost (NT$/KWh)
Unit Cost, including
grid cost & operating
cost (NT$/KWh)
Fossil-Fuel: 129,295,200,000 300,806,502,000 2.3265 2.8076 3.0771
Coal 56,527,000,000 67,737,061,581 1.1983 1.6794 1.9489
Fuel oil 12,908,000,000 48,997,621,745 3.7959 4.2770 4.5465
Light diesel oil 424,200,000 3,607,722,691 8.5048 8.9858 9.2553
Gas 59,436,000,000 180,464,095,983 3.0363 3.5174 3.7869
Nuclear 35,418,000,000 31,051,803,000 0.8767 1.3578 1.6273
Hydro 3,649,000,000 7,473,631,000 2.0481 2.5292 2.7987
Renewable (Wind, Solar & Others) 825,000,000 2,536,748,000 3.0748 3.5559 3.8254
Pumped Hydro 3,025,000,000
Generation Cost 341,868,684,000 1.9852
Expense:
Transmission 172,212,200,000 35,929,135,000 0.2086
Distribution 172,212,200,000 46,918,948,000 0.2724
Grid Cost 82,848,083,000 0.4811
Other Operating Cost 172,212,200,000 305,802,000 0.0018
Marketing Expense 172,212,200,000 6,205,971,000 0.0360
Administration Expense 172,212,200,000 1,485,525,000 0.0086
R&D Expense 172,212,200,000 3,512,907,000 0.0204
Employee Traning Expense 172,212,200,000 642,341,000 0.0037
Non-operating Expense 172,212,200,000 34,258,495,000 0.1989
Operating Cost 46,411,041,000 0.2695
Grid+Operating Cost 129,259,124,000 0.7506
Total Cost 172,212,200,000 471,127,808,000 2.7357
Source: Taipower, Maxwell Venture Service LLC, 2015
http://www.taipower.com.tw/content/announcement/ann01.aspx?BType=6
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(OCGT)
(CCGT)
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Earthquake Power (地震發電) versus Geothermal Power (地熱發電)
• Pumping water underground at geothermal power plants can lead to
dangerous earthquakes even in regions not prone to tremors, according to
scientists. They say that quake risk should be factored into decisions about where
to site geothermal plants and other drilling rigs where water is pumped
underground – for example in shale gas fracking.
• However, the new evidence reveals the potential for much larger earthquakes, of
magnitude 4 or 5, related to the weakening of pre-existing undergrounds faults
through increased fluid pressure. (magnitude >2, Felt earthquakes)
• The analysis of the Californian site showed that for a net injection of 500m
gallons of water into the ground per month, there is an earthquake on average
every 11 days.
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Source: The Guardian (2013) by Natalie Starkey, "Pumping water underground could trigger major earthquake, say
scientists", https://www.theguardian.com/science/2013/jul/11/fracking-water-injection-major-earthquakes
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Types of Geothermal Power
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Source:US Geothermal Energy Association (2016), "2016 Annual U.S. & Global Geothermal Power Production Report"
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Earthquake Power Plant, Comprising Water Injection Well
• EGS (Enhanced Geothermal Systems) is a kind of Binary geothermal technology.
• Back Pressure (a kind of binary geothermal):The condensate (冷凝水) and brine (鹽水) from
both of the subsystems are combined and re-injected into the reservoir.
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Back Pressure Steam Turbine
Source:ORMAT (2016), "Integrated Combined Cycle Units Geothermal
Power Plants",
http://www.ormat.com/solutions/Geothermal_Integrated_Combined_Cycle
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A System Overview of CEEG
• CEEG:Complex Energy Extraction from Geothermal resources
91
Source:NOX Holding AG (2014), "CEEG-TECHNOLOGY by BY PROF. BOHDAN
ZAKIEWICZ, PhD", http://umba.am/pics/2014/03/NOX-Holding.pdf
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CEEG is a Future Technology
• All the data, information, graphs, tables, texts…etc. which are claimed by
any CEEG company ,doctor, and professor need to be verified very
carefully.
92
Source:NOX Holding AG (2014), "CEEG-TECHNOLOGY by BY PROF. BOHDAN
ZAKIEWICZ, PhD", http://umba.am/pics/2014/03/NOX-Holding.pdf
Reliability and Security are very important for power equipment.
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Microgrid/Distributed Power is expensive and a niche market
• “Distributed Power Generation” is a power generation without transmission grid.
• As of 2Q 2013, Navigant Research has identified a total of 3,793 MW of total microgrid
capacity throughout the world, up from 3,179 MW in the previous tracker update in 4Q 2012.
• 3,793MW/5,579,000MWW = 0.068%
• Microgrid/Distributed Power is a very very niche market.
• People with energy-bias see this niche market as a main stream. They lied to you.
• Again, the additional cost of microgrid/distributed power is paid by you and me.
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Source: Navigant Research (2013), “Microgrid Deployment Tracker 2Q13”. Source: BNEF (2014), "Bloomberg New Energy Finance’s (BNEF) 2030 Market
Outlook".
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Microgrid/Small Distributed Capacity Investment
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Source: UNEP (United Nations Environment Programme), Bloomberg New Energy Finance (2016), "GLOBAL TRENDS IN RENEWABLE ENERGY INVESTMENT 2016".
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Renewable Power Will Fail without Super Smart Grid
• Where is Taiwan’s Super Grid Strategy?
• Smart Meter is not the core. Smart Dispatching & Super Grid are dual
cores for a smart power system.
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Slow Super Grid Development Makes Fast Growing of Offshore Wind Power in China
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Phase 1 of Submarine Grid of Taiwan Straits
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Northern Delivery of Offshore Power
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A lot of Wind and Solar PV Power Will be Abandoned after 2020 without Grid Upgrade
• Grid Cost of Solar PV in Taiwan, NT$0.85/KWh
Unfortunately, Taipower’s 345KV transmission grid is totally 5,545MW. It can’t afford 20GW
Solar PV from the southern Taiwan to northern Taiwan. There are 16-20GW offshore wind
power from Changhua to Taipei.
There will be a lot of wind and solar PV power abandoned after 2020 if Taipower doesn’t upgrade its
transmission grid.
• Transmission grid should be upgraded to super grid with IoT capabilities.
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Source: Taipower, 2016 Source: Maxwell Venture Service LLC, 2016
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Grid Power Storage
• Power Storage smooths the output curve.
• 30 seconds storage is a must, and 10 minutes (automatic generation control) is good.
It’s not necessary to store over 10 minutes due to high cost of storage solutions.
• Wind farm storage is around 2 minutes. Storage (MWh)/Wind Capacity (MW) =
1:30
• If Taipower has a 30 minutes grid power storage system, it will be very expensive.
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Solar PV plus Energy Storage is a Nightmare
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Source: UNEP (United Nations Environment Programme), Bloomberg New Energy Finance (2016), "GLOBAL TRENDS IN RENEWABLE ENERGY INVESTMENT 2016".
NT$6.84/KWh
NT$9.83/KWh
NT$4.15/KWh
NT$3.08/KWh
NT$3.89/KWh NT$4.09/KWh
NT$8.11/KWh
NT$5.80/KWh
NT$6.42/KWh
NT$6.23/KWh
It’s stupid to have 2 hours storage right now, and only 2 minutes is sufficient.
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The Challenges of Operating a Grid with High Renewable Penetration
103
Source: ICF International, "The Dynamic Challenge of Integrating Variable Resources", http://www.powermag.com/the-dynamic-challenge-of-integrating-
variable-resources/?pagenum=2
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SCADA is very Key to Energy IoT
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Wrong Scenario Leads the Wrong Roadmap
106
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Criteria for Evaluating Roles of Energy Sources
107
Source:US DOE (2012), "Role of Alternative Energy Sources: Wind Technology Assessment", http://netl.doe.gov/File%20Library/Research/Energy%20Analysis/Publications/DOE-NETL-2012-1536.pdf
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Financial Industries Help Renewable Industries
108
Source:IRENA (2016), "REmap: Roadmap for A Renewable Energy Future, 2016 Edition", http://www.irena.org/menu/index.aspx?mnu=Subcat&PriMenuID=36&CatID=141&SubcatID=1691
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YieldCo (Stock) & Green Bond
• Be careful of “Agent Problems” & “Fintech Fraud”.
109
Source: NREL (2014), "A Deeper Look into Yieldco Structuring", by Marley Urdanick
Source: UNEP (United Nations Environment Programme), Bloomberg New
Energy Finance (2016), "GLOBAL TRENDS IN RENEWABLE ENERGY
INVESTMENT 2016".
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100% Renewable Energy World by 2050
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Source: Source: Mark Z. Jacobson, Mark A. Delucchi, Guillaume Bazouin, Zack A. F. Bauer, Christa C. Heavey, Emma Fisher, Sean B. Morris, Diniana J. Y. Piekutowski,
Taylor A. Vencill and Tim W. Yeskoo (2015), "100% clean and renewable wind, water, and sunlight (WWS) all-sector energy roadmaps for the 50 United States", published on Energy & Environmental Science