©2016 All rights reserved.
Bloomberg Finance L.P.
Any reproduction, distribution,
retransmission, display or other
use of this material or the contents
Thursday 21 January, Singapore
thereof without the written permission
of Bloomberg is strictly prohibited.
©2016
All
rights
reserved.
Bloomberg Intelligence
offersBloomberg
valuable industry
Finance
L.P.
data and analysis from
independent
experts,
Any
reproduction,
distribution,
giving trading,
investment
and other
retransmission,
display
or
other
professionals insight
into where
crucial
use
of
this
material
or
the
contents
industries stand today
and where
they maywithout
be
thereof
the
written
permission
heading next.
of Bloomberg is strictly prohibited.
•
Bloomberg Intelligence (BI) provides
in-depth analysis and datasets on
industries, companies, and
government, ESG, credit, economic
and litigation factors that can impact
business decisions.
•
Bloomberg Intelligence research is
backed by 300+ third party data
providers and is delivered with no buy
or sell recommendations.
•
Our analyst team averages 20+ years
of buy- and sell-side research
experience.
•
BI is exclusively provided to clientsindependent,
who subscribe to the Bloomberg
Professional Service and can be
accessed at BI<GO>.
comprehensive, data-driven analysis
2
©2016 All rights reserved.
Bloomberg Finance L.P.
CROSS
CURRENTS
Any reproduction,
distribution,
BUFFET
ASIA'Sdisplay or other
retransmission,
POWER
UTILITIES
use of this
material or the contents
thereof without the written permission
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.
Bloomberg Finance L.P.
Any reproduction, distribution,
retransmission, display or other
use of this material or the contents
thereof without the written permission
of Bloomberg is strictly prohibited.
5
©2016 All rights reserved.
Bloomberg Finance L.P.
Any reproduction, distribution,
retransmission, display or other
use of this material or the contents
thereof without the written permission
of Bloomberg is strictly prohibited.
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
retransmission, display or other
use of this material or the contents
thereof without the written permission
of Bloomberg is strictly prohibited.
Source: Bloomberg (as of 01/20/2016)
7
©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.
Bloomberg Finance L.P.
Any reproduction, distribution,
retransmission, display or other
use of this material or the contents
thereof without the written permission
Sample
Benchmark
of Bloomberg is strictly
prohibited.
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
thereof without the written permission
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
11
©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,
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.
Bloomberg Finance L.P.
Any reproduction, distribution,
retransmission, display or other
use of this material or the contents
thereof without the written permission
of Bloomberg is strictly prohibited.
Source: Bloomberg New Energy Finance
14
©2016 All rights reserved.
Bloomberg Finance L.P.
Any reproduction, distribution,
retransmission, display or other
use of this material or the contents
thereof without the written permission
of Bloomberg is strictly prohibited.
15
©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
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.
Bloomberg Finance L.P.
Any reproduction, distribution,
retransmission, display or other
use of this material or the contents
thereof without the written permission
of Bloomberg is strictly prohibited.
Source: ‘Japan’s Electricity Market Reform and Beyond’, Agency for
Natural Resources and Energy, METI, July 7, 2015
18
©2016 All rights reserved.
Bloomberg Finance L.P.
Any reproduction, distribution,
retransmission, display or other
use of this material or the contents
thereof without the written permission
of Bloomberg is strictly prohibited.
 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
display
or other
use of this material or the contents
thereof without the written permission
of Bloomberg is strictly prohibited.
 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
©2016 All rights reserved.
Bloomberg Finance L.P.
Any reproduction, distribution,
retransmission, display or other
use of this material or the contents
thereof without the written permission
of Bloomberg is strictly prohibited.
???
21
©2016 All rights reserved.
Bloomberg Finance L.P.
Any reproduction, distribution,
retransmission, display or other
use of this material or the contents
thereof without the written permission
of Bloomberg is strictly prohibited.
Joseph Jacobelli – BI Asia Utilities & Infrastructure Analyst
gjacobelli@bloomberg.net
 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
©2016 All rights reserved.
Bloomberg Finance L.P.
Any reproduction, distribution,
retransmission, display or other
use of this material or the contents
thereof without the written permission
of Bloomberg is strictly prohibited.
The BLOOMBERG PROFESSIONAL® service and BLOOMBERG Data (the “Services”) are owned and distributed by Bloomberg
Finance L.P. (“BFLP”) in all jurisdictions other than Argentina, Bermuda, China, India, Japan, and Korea (the “BLP Countries”).
BFLP is a wholly owned subsidiary of Bloomberg L.P. (“BLP”). BLP provides BFLP with global marketing and operational support
and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries.
Certain functionalities distributed via the Services are available only to sophisticated institutional investors and only where the
necessary legal clearance has been obtained. BFLP, BLP and their affiliates do not guarantee the accuracy of prices or
information in the Services. Nothing in the Services shall constitute or be construed as an offering of financial instruments by
BFLP, BLP or their affiliates, or as investment advice or recommendations by BFLP, BLP or their affiliates of “an investment
strategy or whether or not to “buy”, “sell” or “hold” an investment. Information available via the Services should not be considered
as information sufficient upon which to base an investment decision. BLOOMBERG, BLOOMBERG PROFESSIONAL,
BLOOMBERG MARKETS, BLOOMBERG NEWS, BLOOMBERG ANYWHERE, BLOOMBERG TRADEBOOK, BLOOMBERG
TELEVISION, BLOOMBERG RADIO, BLOOMBERG PRESS and BLOOMBERG.COM are trademarks and service marks of
BFLP, a Delaware limited partnership, or its subsidiaries. © 2016 Bloomberg Finance L.P. All rights reserved. This document and
its contents may not be forwarded or redistributed without the prior consent of Bloomberg.
Bloomberg Intelligence is a service provided by Bloomberg Finance L.P. and its affiliates. Bloomberg Intelligence shall not
constitute, nor be construed as, investment advice or investment recommendations (i.e., recommendations as to whether or not to
“buy”, “sell”, “hold”, or to enter or not to enter into any other transaction involving any specific interest) or a recommendation as to
an investment or other strategy. No aspect of the Bloomberg Intelligence function is based on the consideration of a customer's
individual circumstances. Bloomberg Intelligence should not be considered as information sufficient upon which to base an
investment decision. You should determine on your own whether you agree with Bloomberg Intelligence.
Bloomberg Intelligence is offered where the necessary legal clearances have been obtained. Bloomberg Intelligence should not
be construed as tax or accounting advice or as a service designed to facilitate any Bloomberg Intelligence subscriber's
compliance with its tax, accounting, or other legal obligations. Employees involved in Bloomberg Intelligence may hold positions in
the securities analyzed or discussed on Bloomberg Intelligence.
23