CBI energy conference: Ed Wilson
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Ed Wilson, head of renewable energy, Lloyds Banking Group, at the CBI's energy conference. London, September 2010.
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CBI energy conference: Ed Wilson
- 1. CBI Energy Conference Exploring UK Energy Investment – Insights from a Senior Lender 15 th September 2010 Ed Wilson Head of Renewable Energy
- 4. Low Carbon Transition is Driving Policy The UK needs to demonstrate a 34% reduction in carbon emission by 2020 from power generation, transport and residential energy policies Source: KPMG 2010
- 5. The UK’s Changing Energy Mix Renewable Energy is expected to account for a significant proportion of electricity supply by 2020 Source: KPMG 2010
- 9. Retaining a Sense of Perspective Implied Annual Investment to Low Carbon is Greater than Historic Annual Investment in Electricity, Gas and Water Combined ….. Significant Challenge Source: KPMG 2010
- 13. Indicative UK “All-in” Cost of Debt for Projects
- 15. Margin Pricing Differs Across Geography Clearly legislative regimes differ across geography and this includes both the Wind and Solar asset classes However, this pricing is higher that what we see in the UK for broadly similar risk profile deals Lower pricing lower in the UK is due to recent thin deal flow levels Project Country FC Term loan Tenor Price* 192MW Waubra Wind Australia 18 Feb US$273m 5 yrs +340bps 150MW Alta Wind I US 3 Mar US$254m 7 yrs +275-325bps 150MW Cedro Hill US 10 Mar US$135m 15 yrs +300-375bps Eolia Wind Portfolio Spain 24 Mar US$114m 18 yrs Euribor+270-300bps Cellino 43MW PV Italy 26 Mar US$120m 18 yrs Euribor+310bps-335bps NextEra Central States US 15 Apr US$255m 17 yrs +250bps-375bps Fuente Alamo PV Spain 23 Apr US$39m 18 yrs Euribor+300bps Hudson Ranch Power US 13 May US$205m 7 yrs +325bps Duke Energy Wind US 24 May US$325m 15 yrs +250-350bps Beech Ridge wind US 9 June US$46m 10 yrs +300-425bps Source IJ, July 2010.
- 16. What Would Help Provide Regulatory Stability Establish Framework for Flexible Generation Transmission Investment and Charging to foster remote Renewable Growth Provide a Robust Carbon Price Smart Demand and Metering Key Areas that should be addressed to positively help entice Investors
- 18. Many thanks [email_address] Tel: +44 207 012 9262 Sustainable Resources creating a Sustainable Business
Notas del editor
- BENEFITS OF AN ACM BUSINESS MODEL: Able to measure participation in market more effectively which will influence approach to origination and risk Allocation of capital & resources to optimise returns Specialised teams will develop a deeper understanding of the market dynamics and create a competitive advantage Greater innovation in offering to customers and consistent approach to the market ROLES & RESPONSIBILITIES: Have a clearer definition of roles & responsibilities across the division - more transparency COMPETITIVE ADVANTAGE: The key is to convert all this specialist knowledge into value for HBOS, by creating a truly differentiated approach. We must use all this intelligence, to create product and service offerings that are unique. We have competitive advantage in all our asset class groupings. ACM will enhance this advantage to create deep and lasting relationships with barriers that our competitors will find difficult to penetrate or replicate. BETTER ASSET & PORTFOLIO MANAGEMENT & DISTRIBUTION: We are developing many options for enhancing return on equity and are already moving to a multi channel distribution strategy based on: Capital markets options 3rd party fund raising CDO / CLO distribution Primary and secondary trading to name but a few. Ultimately this will allow us to allocate capital and resources to maximum effect. IMPROVED CAPITAL & RESOURCE ALLOCATION: A comprehensive allocation of capital model only works with all the elements of an asset class being reported in one place. With ACM we now will be in a position to justify business plans based on total profitability including capital cost.