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Thursday 21 January, Singapore
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CROSS
CURRENTS
Any reproduction,
distribution,
BUFFET
ASIA'Sdisplay or other
retransmission,
POWER
UTILITIES
use of this
material or the contents
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of Bloomberg is strictly prohibited.
Joseph Jacobelli
Asia Utilities & Infrastructure Analyst
Bloomberg Intelligence
Bloomberg L.P.
Thursday 21 January, Singapore
©2016 All rights reserved.
Bloomberg
Finance
L.P.
• Sector Equity Profile
reproduction,
distribution,
•Any
Fossil
Fuels: Lower For Longer?
• Clean Energy: Not Bust
retransmission,
display
or
other
• New Electricity Markets: East
Asiaof this material or the contents
use
thereof without the written permission
of Bloomberg is strictly prohibited.
©2016 All rights reserved.
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©2016 All rights reserved.
Bloomberg Finance L.P.
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Source: Bloomberg (as of 01/20/2016)
6
©2016 All rights reserved.
Bloomberg Finance L.P.
Median EV / Ebitda
Any reproduction, distribution,
of whole group 9.5x
5-year average
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Source: Bloomberg (as of 01/20/2016)
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©2016 All rights reserved.
Bloomberg
Finance
L.P.
• Sector Equity Profile
reproduction,
distribution,
•Any
Fossil
Fuels: Lower For Longer?
• Clean Energy: Not Bust
retransmission,
display
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other
• New Electricity Markets: East
Asiaof this material or the contents
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©2016 All rights reserved.
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Any reproduction, distribution,
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Sample
Benchmark
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Prices
Source: Bloomberg (as of 01/20/2016)
9
©2016 All rights reserved.
FOB Singapore
SGX LNG Index
Bloomberg Finance L.P.
Group (SLInG) is a
spot price index
Any reproduction, distribution,
for Asian LNG
retransmission, display or other
use of this material or the contents
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of Bloomberg is strictly prohibited.
Source: Energy Market Company, Singapore; Bloomberg
(as of 01/20/2016)
10
©2016 All rights reserved.
2015 YoY Change
% of Total
Bloomberg Finance L.P.
Consumption
0.5%
100.0%
Primary
2.5%
1.8%
Any Industry
reproduction, distribution,
Secondary
retransmission, display-1.4%
or other 72.2%
Industry
-1.4%
70.9%
use of thisIndustry
material or the
contents
Light Industry
1.3%
12.1%
thereof without
the written
permission
Heavy Industry
-1.9%
58.8%
of Bloomberg
is strictly 7.5%
prohibited.
Tertiary
Industry
12.9%
Residential Use
5.0%
13.1%
Source: China National Energy Administration; Bloomberg Intelligence
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©2016 All rights reserved.
Thermal
Period
Unit
Total
Hydro
Nuclear Wind
Bloomberg Finance L.P.
(Coal)
Any reproduction,
distribution,
2015
Hours
3,969.0 3,621.2
4,329.1 7,350.0 1,727.9
retransmission,
display or other
2015
vs.
Hours
(348.7) (47.9) (409.9) (437.0) (172.3)
2014
use of this material or the contents
2015
Rate
45.3%
41.3%
49.4%
83.9%
19.7%
thereof
without
the
written
permission
of Bloomberg
is strictly
prohibited.
2014
Rate
49.3%
41.9%
54.1%
88.9%
21.7%
Source: China National Energy Administration; Bloomberg Intelligence
12
©2016 All rights reserved.
Bloomberg
Finance
L.P.
• Sector Equity Profile
reproduction,
distribution,
•Any
Fossil
Fuels: Lower For Longer?
• Clean Energy: Not Bust
retransmission,
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• New Electricity Markets: East
Asiaof this material or the contents
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©2016 All rights reserved.
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Source: Bloomberg New Energy Finance
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©2016 All rights reserved.
Weak utilization rates will not stop capacity increases,
Bloomberg
Finance L.P.
ESPECIALLY
non thermal
Any reproduction, distribution,
 Nuclear
24.2 GW

58.0 GW
or
other
 retransmission,
Wind
128.3 GW display

200.0
GW
 use
Solar of this material
41.6 GW

160.0
GW
or the
contents
 Hydro
319.4 GW

420.0 GW
without
 thereof
Thermal
990.2 GWthe written
 1,200.0 permission
GW ???
of Bloomberg is strictly prohibited.
Source: National Energy Administration; NDRC, China Electricity Council;
16
Bloomberg Intelligence
©2016 All rights reserved.
Bloomberg
Finance
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• Sector Equity Profile
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Fossil
Fuels: Lower For Longer?
• Clean Energy: Not Bust
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display
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other
• New Electricity Markets: East
Asiaof this material or the contents
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©2016 All rights reserved.
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Source: ‘Japan’s Electricity Market Reform and Beyond’, Agency for
Natural Resources and Energy, METI, July 7, 2015
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 Electric power transmission and distribution pricing reform
pilot regions:
– Shenzhen, Western Inner Mongolia, Hubei, Anhui, Ningxia,
Yunnan, Guizhou
– Chongqing, Guangdong first pilot Placing electricity
reform
– Yunnan and Guizhou, was listed as the first
comprehensive reform.
 250 power retailing companies registered (01/19/2016)
Source: Bloomberg Intelligence; BJX.COM; Xinhua;
19
©2016 All rights reserved.
Bloomberg Finance L.P.
Any reproduction, distribution,
 retransmission,
New President Drive: power
liberalization
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or other
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 Taiwan Power Co. split up
– 电力自由化 台电成立4大事业部 Power liberalization –
Taipower set up four distinct business units (01/04/2016).
Source: Bloomberg News; Epoch Times; Taipei Times
20
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???
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Joseph Jacobelli – BI Asia Utilities & Infrastructure Analyst
[email protected]
 Joseph is a senior analyst heading Asia utilities and infrastructure
research for Bloomberg Intelligence. Joseph has held various
senior roles in downstream energy equities research at leading
global investment banks and brings with him over 25 years of
financial expertise in research comprising power generation,
power transmission, power distribution, gas distribution, water
treatment and supply and alternative energy generation.
 Prior to joining Bloomberg, Joseph was Head of Global
Cleantech and Asia-Pacific Utilities research at HSBC and
previously served as Group Director - Carbon Ventures at CLP
Holdings. Joseph earned his bachelor's degree in international
relations from the University of Queensland, and his master's
degree in international law from the National Taiwan University.
 Joseph speaks fluent Mandarin, Italian and French as well as
some Japanese.
22
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