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InvestinGreenJanuary2011


2/31

TheGreekRESMarkettoday

TheGreekInvestmentProposal

Legislation&Regulation

RESInvestmentProjects


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TheGreekRESMarkettoday


4/31

TheGreekRESmarkethasshownstrong

performance

EvolutionofShareofRESinelectricityproduction

largehydroexcluded

3,5%

3,75%

Source:RAE

10


5/31

andhasreachedaconsiderablepercentage

ofelectricity

production

ElectricityProduction,2009 ShareofallSourcesinElectricityBalance

Hydro

10%

RES

3,75%70%

Lignite

NaturalGas19%

62%

52%

40%

50%

60%

Oil5% 19%

10% 8%

20%

12% 12%

10%

20%

30%

Hydro

RES4,3%

ElectricityProduction,2010*,

0.30%,

0%

Lignite

NaturalGas

2009 2010

Source:RAE

60%

Oil0%

Estimateyearend11


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A

B

C

527 209 246

A B C

588 179 106

A B C

682 236 4EasternMacedonia&Thrace

CentralMacedoniaWestMacedonia

Epirus

A B C

228 44 45

A B C

239 154 44

Thessaly

A B C

2574 1129 321

A B C

185 114 71

A B C

CentralGreece

ATTIKIWestGreece

715 329 120367 215 66

A B C

A B C

1485 749 218 SouthAegean

Islands

Peloponnese

76 4 2

A:Licensesatdifferentstages(MW)

B:LicensesatthestageofSupply

connection(MW)C:UnitsinOperation(MW) Source:HTSO,ReportfortheDevelopmentoftheTransmissionSystem20102014


7/31

anddifferentRESSourcespenetrating

inEvery

Region

EasternMacedonia

Thrace

Wind:

197

MWSolar:4,6MW

CentralMacedonia:

Wind:27MW

Solar:

20

MWSmallHydro:53

SmallHydro:2MW

Other:63MW

Biomass:8

Other:45MW

Epirus:

Wind:

212

MWSolar:20MW

SmallHydro:59MW

Biomass:2MW

Solar:4MWSmallHydro:46MW

er:

Peloponnese: Evia:Wind:216MW

Wind:71MW

Solar:0,2MW

Wind:213MW

Solar:18MW

SmallHydro:3MW Attiki:

Wind:2MW

Solar:1MW

Wind:3MW

Solar:2MW

Biomass:40MW

SmallHydro:1MWOther:30MW

Source:HTSO,ReportfortheDevelopmentoftheTransmissionSystem20102014


8/31

InvestmentsinRES,approvedforfunding

throughthe

Investment

Incentives

Law

88 projects,2,1 billion,224 newworkingplaces

ManufacturingFacilities6projects,270,65mil.

672newworkingplaces


9/31

*.

Company NAME Capacity (MW)* Market Share

Rokas Renewables (Iberdrola) 287,60 20,6%

, ,

Terna SA 141,97 12,1%

Enel 86,23 7,9%

Ellhnikh Texnodomikh SA 76,70 7,1%

Eunice 46,00 4,2%

Babcock & Brown 42,00 3,9%

PPC Renewables 39,25 3,6%

Acciona 34 85 3 2%

*Capacity

of

the

companys

wind

projects

operating

or

currently

under

development

Source:ELETAEN


10/31

.

Thetopfive(5)ofCompanieswithOperation

License*

Thetopfive(5)ofCompanieswithProduction

License*

A/A CompanyName

Capacity

(MW)A/A CompanyName

Capacity

(MW)

1 Iktinos SA 4,51 PPCRenewables 50

2 RokasSolarIILLC 22 Aktina S.A 24

3 Za eiratosEnergyEE 3

4 AnemosSA 2

3 SelectedVoltSA 10

4

InternationalAirportofGreece Eleftherios

Venizelos 8

5 Tekom A.B.E.T.E. 25 EDFENSA 8

*Source:RAE


11/31

The

Greek

Investment

Proposal


12/31

ThestrengthsoftheGreekRESmarketcreatea

veryattractive

business

opportunity

Bound by EU regulations and Kyoto Protocol agreements

National target for RES at 20% of electricity production by

44 Billions EurosInvestment

2020

Increased domestic demand for electrical energy, to

210.000newJobs

, ,

2009

High feedin tariffs through 20 year PPA (power purchase

Projectswith

strongcashflows

andattractive

agreement)

Ideal conditions for wind and solar energy

Investment

Decrease of RES production cost, attractive investmentincentives


13/31

Greeces attractivenessin RES

(Ernst&

Young,

August

2010)


14/31

Greecehasalongwaytogoinordertoreach

e

uropean

arge s

EUMemberState 2008Figure 2020Target %Tocover:

1 UnitedKingdom 1,5% 15% 13,5%2 Ireland 2,9% 16% 13,1%

3 Greece 7,1% 20% 12,9%4 Denmark 17,2% 30% 12,8%5 France 10,5% 23% 12,5%6 Netherlands 2,7% 14% 11,3%7 Spain 8,7% 20% 11,3%

EU 9,2% 20% 10,8%

8 Italy 6,3% 17% 10,7% , ,

10

Belgium

2,6

% 13

% 10,4

%11 Cyprus 2,7% 13% 10,3%12 Germany 7,8% 18% 10,2%13 Luxembourg 1% 11% 10%14 Malta 0% 10% 10%15 Portugal 21,5% 31% 9,5%16 Slovenia 15,5% 25% 9,5%17 Finland 28,9% 38% 9,1%18 Austria 25,1% 34% 8,9%

19 Lithuania 14,6% 23% 8,4% , ,

21 Hungary 5,1% 13% 7,9%22 Sweden 41,3% 49% 7,7%23 Poland 7,5% 15% 7,5%24 Slovakia 6,8% 14% 7,2%25 Bulgaria 8,9% 16% 7,1%

oman a27 Czechrepublic 6,5% 13% 6,5%


15/31

TheGreekRESMarketisexpectedtogrow

significantly

TargetedparticipationofRES&conventionaltechnologyinelectricity

generationfortheyear2020 inmarketshares&numericaltargets

In20201MWoutof3MW

shouldcomefromRES

TargetsarebindingfortheGreekgovernment

WindenergyisexpectedtodominateelectricitygenerationfromRES

Theinfrastructurecostto

meettargetsrepresents1/3

ofthepenaltytobepaidby

Greeksincasethetargets

arenotmet 7,500NationalTargetsfortheyear2020

PV 1,44% Hydro6,08% Biomass

3,237

4,650

2,200

ParticipationofRES&ConventionalTechnology

inElectricityGenerationfortheyear2020

Geothermal

0,24%

Biogas

0.53%

Wind24,09%0 184 0

1,327

60120 250350

Hydro Geothermal PV Concetraded Wind Biomass

Concetrated

Solar 0.73%

Conventional

66,90% Source:YPEKA,NationalRenewableEnergyActionPlan

Source:Committee fortheNationalEnergyStrategy

Solar

Capacity2010 Target2020


16/31

TheRenewableEnergySourcessectorin

Greecehas

various

opportunities

to

offer

Wind

Greenfieldinvestmentsinwindfarms

Cooperationwithexistingfirms

PV&SolarThermal GreenfieldinvestmentsinPV&Solar

Thermalparks

g manu ac ur ng

Geothermal Greenfieldinvestmentsingeothermal

GreenfieldinvestmentsinBiofuelplants

Biorefineries

y ro

plants


17/31

.accordingtotheWindEnergy

productionPotential


18/31

andtheSolarenergyproduction

potentialof

each

area


19/31

ElectricityProductionfrom:

Interconnected

System

(Euro/MWh)

Noninterconnected

Islands

(Euro/MWh)

OnshoreWindFarms>50kW 87,85 99,45

WindEnergy 50kW 250

,

PV 10KW onrooftops 550

SolarThermal 264,85

SolarThermal withstoragesystemwhich

ensures2operationalhours.

284,85

Geothermalenergy oflowenthalpy 150

Geothermalenergy ofhighenthalpy 99,45


20/31

ElectricityProductionfrom:

Interconnected

System

(Euro/MWh)

Noninterconnected

Islands

(Euro/MWh)

Biomass 1MW 200

1MW 2MW 99,45

Biogasoutof biomass 3MW 220

Biogasoutofbiomass>3MW 200

, ,


21/31

Year Month

Tariffs(/Wh)

InterconnectedSystem

>100KW


22/31

95.3871.76

70.47

68.76107.81

129.21

SLOVENIA

SPAINPrem

UK

396.96

330

277.46

324.85

333.33

68.76

107.81

SLOVAKREPUBLIC

SPAINFIT

UK

69.9114

94

94.5

91.79

76.46

186

MALTA

POLAND

ROMANIA

395

69.9

516.33

94

370

.

LUXEMBOURG

NETHERLANDS

PORTUGAL

114.22

58300

148.79145.31

75.31.

IRELAND

ITALYGC

LITHUANIA

391.2550

437.25

319.4

450

114.22

190

376.17

427.65

GREECE

IRELAND

LATVIA

Greece

70.62

51.76

128.965

92

85.94

95130

.

CZECH REPUBLIC GP

ESTONIA

FRANCE

GREECE 550

350

447.37

464.52

67.15

51.76

128.9

CYPRUS

CZECHREPUBLICGP

ESTONIA

102.88

75.4

142.3

86.24166

107.77

.

129.31

138.5

EU27AVERAGE

BELGIUM

CYPRUS

421.08282.63386.47

504.8

403.41

0 100 200 300 400 500 600

EU27AVERAGE

BELGIUM

2121

0 50 100 150 200 250 300 350Offshore Onshore

PV PVFullyorPartiallyIntegated

Source:EuropeanRenewableEnergiesFederation(EREF),Report2009


23/31


24/31

ew

ex e

ramewor

or

NationalRESTargets

fortheyear2020LandPlanningforRES

CasesExcludedofthe

productionlicense

issue

RESinBuildingsOnestopshopfor

RES

Contributionofthe

energyproduced

fromRES:

(a)tothegrossfinal

ener consum tion

InstallationofRESin

compliancewiththeGeneral

andSpecialFrameworkfor

LandPlanningandSustainable

Develo ment for RES

Geothermalstations

withcapacityless

than0.5MW

biomass,biogasand

biofuel roduction

TheuseofRESinnewbuildingsismandatory

Specialprovision(KENAK)forenergy

AnIndependent

ServiceforRESis

introducedinthe

MinistryOf

Environment Ener

by20%

(b)tothegross

electricalenergy

consumptionofat

InstallationofRESin

compliancewiththeGeneral

andSpecialFrameworkfor

LandPlanningandSustainable

withcapacityless

than1MWPVorsolarthermal

stationswith

sav ngs n ebuildingsector

ProgramSave

Energyathome(expectedtobe

andClimateChange

whichwillactasan

onestopshopand

willberesponsible

(c)tothefinalenergy

consumptionfor

heating&coolingof

atleast40%

Permissiongrantedforusing

highproductivityagricultural

land,providingthatitcovers

lessthan1%ofallfarmlandin

MW

windparkssmaller

than100KW

combinedcyrcle

January2011)

informationtoall

potentialinvestors

whoaareinterested

inRES(d)Tothegross

energyconsumption

intransportationby

10%

thespecificprefecture

Permissiongrantedforusing

highproductivityagricultural

land,providingthatitcovers

lessthan1%ofallfarmlandin

stationswith

capacitylessthan1

MW

standaloneREor

combinedcircle

23 PleaserefertothefulltextofthenewLaw3851/2010fordetailed

andanalyticalinformation

thespecificprefecture stationsnot

connected

with

the

grid withcapacity

lessthan5MW


25/31

OffshoreWindFarms:

thelight

just

turned

on

TheIndependentOfficeofRES,

whichbelongstotheMinistryof

Environment&ClimateChange

AccordingtothenewRESLaw3851/2010:

The

installation

of

wind

farms

for

the

production

of

(YPEKA)isresponsibleforthe

planningandthecoordinationof

offshorewindfarms.

allowed.

Fortheconstructionandtheoperationofeachoffshorewindfarm,thecontractorfollowstheprocedure

ofenvironmentalApproval.

Aftertheissueoftheinstallationlicense,anopenpublictenderingisannounced,fortheexecutionwith

theoffshorewindfarmanditsconnectiontothe

network.

TheOneStop ShopbelongstotheMinistryofEnvironment&ClimateChange(YPEKA)isresponsible

fortheplanningandthecoordinationof offshore

windfarms.

Thepotentialistremendousformanyareasofthecountry


26/31

O shoreWindFarms:

ProposedAreas

Theproposedareas*forthe

developmentofoffshorewindarms,accor ingtot e

preliminaryreportconducted

bytheIndependentOfficefor

RES arethefollowin :

Alexandroupolis Fanari Thassos amo ra Limnos Kymi

Petalion Kerkyra

Pleasenotethattheevaluationofthe

ro osedareasisunder ro ress.


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Licensing Procedure - Steps Time Needed

RAE / ProductionLicense

Region in charge /Operation License

Production License 3 months

(a) connection offer, 4 monthspprova o

environmental terms,(c) forestal license

(a) Installation Licenseb contract for connection

4 months

Region in charge /Application for:

(a) connection offer,

(b) approval ofenvironmental terms

Region in charge /(a)Installation License

(b)contract forconnection

(c) contract of purchase of

electric power

Operation License 1 month

(c) forestal license

of electric power Total Time Needed 12 MONTHS


28/31

LicensingProgressof

RESprojects

(by

technology)

TECHNOLOGY

WithOPERATION

License

WithINSTALATION

License

WithPRODUCTION

License

Totalca acit MW Totalca acit MW Totalca acit MW

Wind1218,5 1198,3 9504

Biomass43,3 21,2 319,6

Geothermal 0 0 8

SmallHydro185,1 84,9 754,4

PV139,7 232,2 1026,8

SolarThermal

0 0 0

Hybrid0 0 150,1

TotalCapacity(MW)1586,6 1536,6 11762,9

Source:YPEKA,October2010


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Iberdrola RokasWindFarminEvoia MytilinaiosWindFarminThrace


31/31

YourInvestmentPartnerintheregion

3MitropoleosSt.

10557Athens,Greece

t.+302103355700

f.+302103242079

[email protected]

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