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(1)

Commercial Potential for US

Photovoltaics – Fundamental

Review and Discussion

Prepared For:

World Future Council’s Renewable Energy Payments

Forum

(2)

Who is Nexant?

Overview

Private Company Spun-Off from Bechtel in 2000 +300 Engineers, Business Consultants, Scientists

Acquired ChemSystems, Petrochemical Development Group, Resources2Energy and others

Policy, Economic, Research, Design, Engineering, and Project Management Services

Global Reach

Principal Offices: San Francisco, Washington DC, New York, London

Other Locations: Houston, Tokyo, Bangkok, Phoenix, Madison, Boulder, Dusseldorf, Beijing, and Shanghai

Technical Competency

Electric power, oil, coal and natural gas

Petroleum refining, chemical and polymer manufacture Biofuels and biochemistry

Renewable energy and nuclear

Energy efficiency and carbon management

2007 Marketing Presence

20%

11%

43%

26%

Asia/ ME Americas Emerging Markets 2007 Europe
(3)

Nexant Experience in Solar

Some Recent Work 2007- Current

Engineering and Economic Evaluation for 62 and 125 MW Solar Power plant for a large Independent Power Producer (IPP) in Arizona Consulting Engineer – Enhanced oil recovery using solar steam for production well for a Multi National Oil Company

Solar Integration with Merchant Combined Cycle Power Plants for two different sites and projects.

Technology and Economic Evaluation of Global Polysilicon Markets for Photovoltaics

Technical Advisor – Technology selection for 30MW installation (CSP vs Thin Film vs PolySi) Feasibility and Capital Cost Study for new Middle East Polysilicon plant build

Efficiency of Plan and System Design Study on behalf of applicants for $35mm implementation loan

Strategic Advisor – Assist Retail Producer During Net Metering Discussions with Utility Grid.

Solar Thermal

Photovoltaics

Engineering Design

Market Feasibility

Financial Review / Structures

Commercial Strategy

Supply Sourcing Strategy

Business Development

Government & Utility Support

Manufacturers

Grid and Utility

System Owners

Researchers

(4)

And because

Nexant engages in projects for major federal government customers including

:

-

U.S. Department of Energy,

-

Environmental Protection Agency

-

United States Agency for International Development (USAID)

-

National Aeronautics and Space Administration (NASA)

We remain on the forefront of new policies and issues facing solar energy generation

We provide a conduit for meaningful exchange between commercial industry and government and

We have experience translating incentives and opportunity into commercial success.

(5)
(6)

Solar Grade Capacity

Solar Grade Capacity

Global Energy Demand is an Incredible Driver for Solar Power

GLOBAL ENERGY DEMAND IN TWh

GLOBAL ENERGY DEMAND IN TWh

0 50000 100000 150000 200000 250000 2005 2010 2015 2020 2025 2030 TW h

Liquids Coal Nat Gas

Nuclear Unmet Demand Global energy demand

Solar Grade Capacity

Full PV capacity converted to electricity is not even 1% of Global energy demand.

Fossil fuels are running out – leaving renewables like solar as the only alternative. Source: Nexant2008 2025 0.392 0.162454 2020 0.045639 2015 0.009643 2010 0.002805 2005 TWh Year

Goal 1: Replace dependence on Fossil Fuels Goal 2: Fill Energy Gap with Supply from PV

(7)

PV is currently more expensive than other forms of energy

UNSUBSIDIZED PV VERSUS STANDARD ENERGY (Global Basis)

UNSUBSIDIZED PV VERSUS STANDARD ENERGY (Global Basis)

0.05 0.1 0.15 0.2 0.25 0.3 0.35 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 $k W h Average grid cost convergence Solar PV Cost

Grid Price (oil 100$/bbl)

Grid Price (oil 80$/bbl)

Most governments have programs in

place to help subsidize PV and

(8)

The global production of photovoltaic cells has kept pace with the demand but

the production is already shifting to the Far East.

PRODUCTION OF PV CELLS BY COUNTRY 2006

PRODUCTION OF PV CELLS BY COUNTRY 2006

GLOBAL PRODUCTION OF PHOTOVOLTAIC CELLS

GLOBAL PRODUCTION OF PHOTOVOLTAIC CELLS

0

1000

2000

3000

4000

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

M

W

NAFTA

Photovoltaic cell production set to accelerate over the next few years

Production is growing with demand at 44% CAGR since 2000 and this

growth is set to continue.

The shift in production to the Far East will also continue to accelerate

Japan 43% Germany 25% China 11% USA 10% Taiwan 5% Spain 4% Norway 2% CAGR 2000-2007= 40-45%

Japan expected to give up 50% of share as the EU

and China begin to gain ground for PV production.

Source: Nexant2008

(9)

The global use of photovoltaic solar cells to generate electricity has been

growing at over 40% a year since 2000

INSTALLED PV ELECTRIC GENERATION (2006)

INSTALLED PV ELECTRIC GENERATION (2006)

GLOBAL INSTALLED PHOTOVOLTAIC ELECTRICITY GENERATION

GLOBAL INSTALLED PHOTOVOLTAIC ELECTRICITY GENERATION

Source: Nexant 2008 0 1000 2000 3000 4000 5000 6000 7000 8000 9000 10000 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 M W h NAFTA

Solar power installations driving the growth in cell production

The global installation of solar generated electrical power has been rapidly growing in excess of 40% per year since 2000.

Germany and Japan are the most important markets accounting for over 80% of the total demand for installed PV generation. Japan is quickly losing ground to Southern Europe.

The USA is the third largest market for Photovoltaics accounting for almost 12% of the total market.

Growth in Photovoltaic solar cell is driven by government incentives

The rapid growth of the use of PV solar cells to generate electricity is

driven by the current demand for renewable energy projects.

Large government incentives are necessary to develop a commercially viable solar electricity generation sector.

Parity with grid costs is the aim.

Japan 30% Germany 51% China 1% USA 11% Spain 2% Other 5% CAGR 2000-2007= 40 -46% Source: Nexant2008

(10)

World of Photovoltaic Producers and Players (Sample Selection)

• Photovoltech

• Canadian Solar • BP SunOasis

• Yingli New Energy Resource

• CEEG Shanghai Solar Energy Science • China Solar Power

• China Sunergy • Conenergy

• J A Solar Holdings Co.

• Jiangsu Linyang Solarfun Power Holdings • Jiangsu Shunda

• Jiangsu Shunda PV Tech • Jiansu Sunshine Group

• Jinggong (P-D) Shaoxing Solar Energy Technology

• LDK Solar High Tech Co. • Nanjing CEEG PV-Tech • Amonix

• Cypress Semiconductor • Solec International

• Ningbo Solar Electric Power • Perfect Energy

• Renesola

• Shenzen Topraysolar • Suntech Power • Trina Solar Limited

• Wuhan Rixin Technology Co. • Xi'an Longji Silicon Industry Group • Yangguang Solar

• Free Energy Europe • Photowatt International • Solems SA • Tenesol • Aleo Solar • BP Solar • ErSol • Ever-Q • Emcore • Entech

• Sun Power Corporation

• GiraSolar • Q-Cells • Schott Solar • Shell Solar • Solar Fabrik • Solarwatt • SolarWorld AG • Solon AG • Sunways AG • Wurth Solar GmbH • Bharat Heavy Electricals • Central Electronics Ltd • Tata BP Solar india • Eurosolare • Helios • Canon • Fuji Electric

• Energy Photovoltaics, Inc. • Evergreen

• United Solar Ovonics

• Hitachi • Hoku Scientific • Honda

• Kaneka Solartech • Kyocera

• Matsushita Ecology Systems • Mitsubishi Electric

• Mitsubishi Heavy Industries • MSK

• Sanyo Electric • Sharp

• Showa Shell Sekiyu • BP DonhgHae • KD solar

• Kyungdong Photovoltaic Energy • LG Industrial System Co. • Neskor Solar

• First Solar • GE Solar

• United Solar Systems Corporation

• S-energy • REC Wafer • ScanWafer (REC) • Abengoa • Isofoton • Big Sun Energy • Del Solar

• E-Ton Solartech Co. • Gintech

• Yingli Green Energy • Motec Solar • Sinonar Corp

• ICP Solar Technologies • PV Crystalox Solar • Sharp

• Akeena Solar Inc. • GT Solar • Schott Splar

• Solar Power Industry Corp • Kaneka

Currently there are over 150 PV manufactures globally with a reported total production of 3092 MWp in 2007The top 25 producers by volume accounted for 95% of this production

Currently there are over 150 PV manufactures globally with a reported total production of 3092 MWp in 2007

(11)
(12)

0 100 200 300 400 500 600 700 800 Sh ar p Q -c el ls Su nt ec h Ky oc er a Sa ny o Fi rs tS ol ar M ot ec h Bp So la r Su n Po w er D eu ts ch e C el l/ So la r-W or ld C hi na Su ne rg y Sc ho tt So la r JA So la r M its ub is hi El ec tri cs Is of ot on Ev er gr ee n/ Ev er Q Er so l E-To n D el So la r U ni -S ol ar Ph ot ow at t So lla nd Sc an ce ll (R EC ) Ka ne ka Su nw ay s Sales Capacity

2007 Top 25 PV Producers Ranked by Capacity • Top 25 Culmulative Capacity:4796 MWp

• Top 25 PV Production: 2952 MWp (62% Utilization) • Accounts for 95% of all revenue produced in 2007

2007 Top 25 PV Producers Ranked by Capacity

• Top 25 Culmulative Capacity:4796 MWp

• Top 25 PV Production: 2952 MWp (62% Utilization) • Accounts for 95% of all revenue produced in 2007

M

W

p

Market Analysis: Polysilicon Demand

Source: Nexant 2008

USA Presence

World of Photovoltaic Producers: TOP 25 Photovoltaic Consumers (Polysilicon

and Thin Film)

(13)

The North American photovoltaic market is expected to boom in the near future

with government targeting an installed production capacity of 1717 MW by 2010

The United States photovoltaic market is expected to grow substantially with the initiation of the “Solar America Initiative” program, this is expected to achieve a national PV capacity of 5 - 10 GW by 2015.

North American PV markets are supported by a variety of programs and incentives, including green power/pricing, rebates and

“Renewable Portfolio Standards.”

North American market is expected to have a newly installed solar power capacity of 1.7 GW by 2010 which will then grow to 9 GW by 2020

United States subsidy funds are expected to create 30 GW of renewable capacity by 2017

-

Assuming a 50% capacity factor, this represents 3% of the total projected electricity generation in the USA for 2017

-

However, most sources of renewable energy are not meeting even a 50% CF rating:

• PV = 12-14% CF • CSP = 20-25% CF • Wind = 20-35% CF

-

Policy Makers and Technology reality need to be

brought into balance.

RISING PHOTOVOLTAIC (PV) MARKET

RISING PHOTOVOLTAIC (PV) MARKET

NORTH AMERICA NEWLY INSTALLED SOLAR POWER CAPACITY TARGETS

(2005-2030, MW)

NORTH AMERICA NEWLY INSTALLED SOLAR POWER CAPACITY TARGETS

(2005-2030, MW)

NORTH AMERICA NEWLY INSTALLED SOLAR POWER CAPACITY TARGETS

(2005-2010, MW)

NORTH AMERICA NEWLY INSTALLED SOLAR POWER CAPACITY TARGETS

(2005-2010, MW) 0 500 1000 1500 2000 2005 2006 2007 2008 2009 2010 CAGR (2005-2010) 49% 0 5000 10000 15000 20000 25000 2005 2010 2015 2020 2030 CAGR (2010-2030) 17% Source: Nexant 2008 Source: Nexant 2008

(14)

Polysilicon PV is extremely expensive and the primary raw material is in short

supply.

North America produces a significant amount of polysilicon with top producers such as: Hemlock, REC, MEMC, AE polysilicon, Hoku, Dow Corning, Global PV Specialists,Solsil, ARISE and 6N.

90 % of the solar grade polysilicon feedstock in North America is bought from the semiconductor industry

Despite the tight demand for polysilicon only a few companies are entering or are planning on entering the NA market to assist with the shortage of polysilicon supply

-

NA’s status as a net importer is primarily due to the disadvantaged cost structure faced by domestic producers.

-

By 2015, we expect this import to production gap to increase by 86% .

EMERGENCE OF POLYSILICON PLAYERS

EMERGENCE OF POLYSILICON PLAYERS

Emerging Polysilicon Players –Production Capacity

Emerging Polysilicon Players –Production Capacity

USA

Hoku– 1,500 MT

Dow Corning – 1,000 MT

Global PV Specialists– 1,000 MT Canada

ARISE plans 400 MT by 2010
(15)

Polysilicon Manufacture is an expensive proposition for the United States

5.50

3.11 3.12

Allocated Fixed Cost

3.13 3.13 3.13 Maintenance 23.35 23.11 8.23 Utilities 51.35 40.75 25.93

Total Cash Cost

12.09 4.11 4.16 Labor 7.29 7.29 7.29 Raw Material North America Asia Kingdom of Saudi Arabia Country

COP Basis:

- 7.5 KT Siemens Polysilicon plant, 750 employees

- Optimized recycle of STC with only 12% going to waste; no by product credits - Fully back integrated to MGS conversion (MGS and HCL are primary feedstock)

UNADJUSTED COST OF NEW PRODUCTION BY REGION $/KG (2008 BASIS)

UNADJUSTED COST OF NEW PRODUCTION BY REGION $/KG (2008 BASIS)

Source: Nexant2008

The costs do not end here, Polysilicon PV Value Chain includes wafer cutting,

cell production, module creation, and system installation

each with USA rates

for labor, utilities, and fix costs.

Building a New Polysilicon Plant is Better

Suited for Regions like ASIA and Saudi Arabia

The United States in Addition to Disadvantaged

Labor Costs have Higher than Average

Allocated Fixed Costs.

-

US property taxes and insurance are among the

highest in the world

Other Regions have significant advantages

that make them attractive for new investment.

-

Asia still boasts extremely low labor costs

-

Middle East nations have the lowest utility rates

AND plenty of sun and sand.

(16)

IMPACT OF RISING POLYSILICON COST–VALUE CHAIN

IMPACT OF RISING POLYSILICON COST–VALUE CHAIN

Polysilicon accounts for 55- 65% of total wafer costs and 20% and 10% of cell and module costs

respectively

Surge in polysilicon prices has had a ripple effect across the value chain, negatively impacting the operating profits of wafer, cell and module manufacturers

Polysilicon Wafers Cells Modules

55-65% of wafer cost 10% of module costs 20% of cell costs MODULE COST MODULE COST Silicon 50% Cell 20% Module Finishing 30% Source: Nexant 2008 SYSTEM COST SYSTEM COST Modules 55% Inverter 10% BOS 9% Installation 9% Other 17% Source: Nexant 2008 Source: Nexant 2008

(17)

Thin-Film has an economic advantage at the production level making it seem

more suited for USA production

MODULE PRODUCTION COST BASED ON A 100MW SYSTEM(2007)

MODULE PRODUCTION COST BASED ON A 100MW SYSTEM(2007)

0

0.5

1

1.5

2

2.5

3

3.5

4

Mono-Si

Poly-Si

A-Si

CIS/CIGS

CdTE

$/

W

Polysilicon

Wafer

Cell

Module

$1.15 CdTE $1.30 CIS/CIGS $1.52 A-Si $2.25 Poly-Si $2.32 Mono-Si $/W Source: Nexant2008

INCREASING ADOPTION OF THIN-FILM TECHNOLOGY

INCREASING ADOPTION OF THIN-FILM TECHNOLOGY

North America has the advantage of lower production cost, abundance of raw material for thin-film technologies, and a vast market

By 2019, the US Government plans to have one million buildings with solar roofs trading a cumulative of 3000 MW. This “American Initiative” is expected to be over 50% thin film

By 2010, the thin film production capacity is expected to exceed 1,771MW per year, making USA one of the major suppliers of thin-film silicon cells and modules in the global market.
(18)

Major Thin-Film Players Manufacturers In North America

CIS 3 MW Shell Solar CIGS on plastic ~8% to 11%

1.5MW line in place , 25 MW line for 2010 Ascent Solar CIGS on plastic ~ 8% to 11% 18 MW capacity for 2008 Global Solar CIGS on plastic 20 MW capacity in 2008 Solo Power

Characterization CIGS on glass ~8% to 11%

Plans to expand in 2008 Heliovolt

characterizing ink selenization CIGS on plastic ~8% to 11%

Not yet in production Nano Solar

characterizing ink selenization CIGS on glass ~8% to 11%

Not yet in production ISET

flexible CIGS modules ~10 %

25 MW production line in place MiaSole

none 8% to 10 %

commercial production to begin soon Canrom

glass modules ~ 7.5 %

early stage start up Prime Star

glass modules 9.5%

1 GW production by end 08 First Solar

a-si on flexible glass 6% to 8.5%

small production; ramp plans unknown Power Film

a-si on glass 6% to 8.5 %

10 MW installed Energy Photovoltaics

a-si on flexible steel ~ 7.8%

180 MW by end of 08 and 300MW by 2010 Uni Solar

Products Module Efficiency (Adjusting

for AC Conversion) Status

Company

Market Dynamics & Trends North America

(19)

Despite the economic disadvantages the United States continues to dominate

the polysilicon PV market

As the USA was the original pioneer for commercializing the solar industry due to NASA’s solar needs in outer space, North America’s

solar wafer manufacturing continues to remain strong ranking third in production behind Japan and Germany

Several companies in North America are planning to set up wafer manufacturing plants, increasing the potential customer base for

domestic and global polysilicon manufacturers (e.g. Evergreen Solar, Sunpower, United Solar OVONICS, Canadian Solar and Photowatt

Technologies)

Current domestic demand is 4743 MT of polysilicon to supply 474 MW of new PV production requiring no net import or export

-

By 2015, the gap is expected to grow by 86 %

INCREASING CAPACITY OF WAFER MANUFACTURERS

INCREASING CAPACITY OF WAFER MANUFACTURERS

Production capacity Expansion Plans Country Company Canada Canada USA USA USA

Plan to increase capacity from 100 MW in 2007 to 250 MW in 2008

Canadian Solar

Plans to increase capacity to 390 MW by end of 2011; Vertically integrated; produces ingots to make plates, cells, multi-crystalline modules

Photowatt Technologies

Increased capacity to 120 MW in 2007/2008 from 28 MW production in 2006.

United Solar OVONICS

With a capacity of 100 MW in 2007, the company plans to increase capacity to 255 MW by 2008 and 450+ MW by 2009

Sunpower

Plan to increase capacity from 60 MW in 2007 to 125 MW in 2009.

String Ribbon technology, currently accounts for 100 MW, and reduces silicon consumption by approximately 50%.

Evergreen Solar

EXPECTED FUTURE PRODUCTION CAPACITIES OF MAJOR WAFER MANUFACTURERS

EXPECTED FUTURE PRODUCTION CAPACITIES OF MAJOR WAFER MANUFACTURERS

(20)

As a result…

United States Photovoltaics have near 60,000 people

working in the industry

$230,000,000,000 USD in solar investments

50 States with some version of grants, loans, and other

incentives

Utility players beginning to ramp-up involvement with PV

(21)
(22)

Commercially feasible PV is on its way – help from the government

Federal Government Programs and Campaigns

-

HR 1424 – The Emergency Economic Stabilization Act of 2008

-

Solar America Initiative

-

Energy Efficient Commercial Buildings Tax Deduction

-

Modified Accelerated Cost-Recovery System (MACRS) + Bonus

Depreciation

-

Residential Energy Conservation Subsidy Exclusion)

-

Business Energy Tax Credit

-

Energy Efficient Appliance Tax Credit for Manufacturers

-

Energy-Efficient New Homes Tax Credit for Home Builders

-

Renewable Electricity Production Tax Credit (PTC)

-

Tribal Energy Program Grant

-

USDA Rural Energy for America Program (REAP) - Grants

-

Clean Renewable Energy Bonds (CREBs)

-

Energy Efficient Mortgages

-

U.S. Department of Energy - Loan Guarantee Program

-

USDA Rural Energy for America Program (REAP) - Loan

Guarantees

-

Residential Energy Conservation Subsidy Exclusion

-

Residential Energy Efficiency Tax Credit

-

Residential Renewable Energy Tax Credit

-

Renewable Energy Production Incentive (REPI)

The recent passing of House Rule 1424

should generate a sustained

investment in United States

Photovoltaics.

United States

-

RPS, Renewable Portfolio Standard: These states set a minimum renewable criteria to electrical utilities

• 26 states have mandatory RPS

• 2 states, Missouri and Virginia, have voluntary RPS commitments

-

Most incentive programs in the United States are RPS instead of feed-in-tariffs which are predominant in Europe

-

Policies are endorsed by states instead of the entire nation

-

The primary incentive are for environmental concerns to reduce GHG, and not due to the amount of sunlight

-

Other incentives include job creation, energy security, and cleaner air • Example: Texas plans to reduce 3.3 million tons / year of

CO2 emissions by requiring 2,000 MW of extra renewable generation by 2009

-

Only three states have implemented Feed in Tariff programs

• Michigan

• Hawaii

(23)

The Emergency Economic Stabilization Act of 2008 (H.R. 1424)

Long-term Extension of Business Solar Investment Tax Credit

-Extends the 30 percent investment tax credit for solar energy through 2016.

-Allows alternative minimum tax (AMT) filers and public utilities to claim the business solar investment tax credits.

-Companies and utilities that put solar energy property in service in the U.S. will receive a credit against their

income tax liability (includingAMT) in the amount of 30 percent of the cost of their installation costs, including solar

energy equipment and labor.

Long-term Extension and Modification of the Residential Solar Investment Tax Credit

.

-Extends the credit for residential solar property for 8 years through 2016.

-

Removes the cap on the credit (currently $2,000), effective for solar electric property placed in service after

December 31, 2008

.

-Individual taxpayers can use the credit to offset AMT liability, and to carry unused

credits forward to the next

succeeding taxable year

.

-Individuals who install residential solar electricity in the U.S. will receive a credit against their income tax liability

(including AMT) in the amount of 30 percent of the installed cost, including equipment and labor.

(24)

The Emergency Economic Stabilization Act of 2008 (H.R. 1424)

New Clean Renewable Energy Bonds (“CREBs”)

-Authorizes $800 million of new clean renewable energy bonds to finance facilities that generate

electricity from renewable resources, including: solar.

-$800 million authorization will be allocated as follows:

- 1/3 will be used for qualifying projects of State/local/tribal governments

-

1/3 for qualifying projects of public power providers

- 1/3 for qualifying projects of electric cooperatives

.

-The bill also extends the termination date for existing CREBs by one year.

-CREBs will be able to be issued through December 31, 2009

(25)

HR 1424 will encourage investment along the entire value chain.

Extension of Energy-Efficient Buildings Deduction :

Current law allows taxpayers to deduct the cost of energy-efficient

property installed in commercial buildings.

-

$1.80 per square foot of building floor area for (i) interior lighting systems, (ii) heating, cooling, ventilation, and hot water

systems, or (iii) the building envelope.

-

Expenditures must be certified as being installed as part of a plan designed to reduce the total annual energy and power costs

with respect to the interior lighting systems, heating, cooling, ventilation, and hot water systems of the building by 50 percent or

more in comparison certain established standards.

-

Deductions allowed through December 31,2013

Qualified Energy Conservation Bonds:

The bill creates a new category of tax credit bonds, "Qualified Energy Conservation

Bonds" (QECBs) to finance State and local government initiatives designed to reduce greenhouse emissions.

-

QECBs can be issued to finance

capital expenditures

incurred for:

reducing energy consumption by at least 20 percent;

implementing green community programs;

rural development involving the production of electricity from renewable resources.

-

The bonds can also be used to finance research facilities and provide research grants for, among other things,

technologies to reduce peak use of electricity.

(26)

HR 1424 will encourage investment along the entire value chain.

Research and Development Tax Credit:

-

Extends the research and development tax credit equal to 20 percent of the amount by which a taxpayer’s

qualified research expenditures for a taxable year exceed its base amount for that year.

-

The previous provision expired December 31, 2007. The new legislation will extend current law through the end

of 2009.

-

It Increases the alternative simplified credit from 12 percent to 14 percent for the 2009 tax year and repeals the

alternative incremental research credit for the 2009 tax year.

-

The proposal is effective for amounts paid or incurred after December 31, 2007.

Thus, research expenditures

incurred by the solar energy industry would qualify for the credit.

(27)

Combining these incentives with industry ingenuity will provide a robust

environment for photovolatics… what else is needed?

DISCUSSION POINTS

Redistribution of revenue and costs

More deregulation? Who owns the grid anyway?

Is Net-Metering sufficient enough to redistribute $ from decentralized solar production? REPs?

Energy Economy Renaissance or Revolution?

Effective Policy

(28)

Thank you for your attention and time

Sidhartha Sen

Principal, Global Chemicals

Nexant, Inc.

909 Fannin St., 1275

Houston, TX, 77010

ssen@nexant.com

Office: 713 982 5551

Cell: 281 658 7911

Fax: 713 739 9741

References

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