cleantech today and the future

79
CleanTech: Today and The Future

Upload: cascadia-capital

Post on 07-Apr-2017

187 views

Category:

Economy & Finance


3 download

TRANSCRIPT

  • CleanTech: Today and The Future

  • 1

    Table of Contents

    I. Situation Overview

    II. Drivers of Change

    III. Major Themes of Clean Technology

    A. Energy Efficiency

    B. Energy Storage

    C. Water Technology

    D. Internet of Things (IoT)

    E. Industrial Technology

    IV. Recent Investments and Transactions

    V. Cascadia Capital Overview

  • 2

    Situation Overview

  • 3

    A Perfect Commodity Storm is on the Horizon

    Increased Demand40% by 2030 (IEA)

    ENERGY

    Climate Change

    Source: World Economic Forum, Bank of America Merrill Lynch

    Water, energy and food are inextricably linked. Water is an input for producing agricultural goods and producing energy, and energy is required to produce and distribute food and water. Advances in technology are needed to meet growing resource demand

    Pressures of Increased Demand The interlinkage between the water,

    energy and food supply systems is a major consideration in countries development of clean technology strategies

    Rapid economic growth, expanding populations and an expanding middle class are increasing the demand for energy, food and water

    Energy supply accounts for nearly 15% of global annual freshwater withdrawals

    The agri-food supply chain accounts for 30% of the worlds energy consumption and consumes approximately 70% of all freshwater use

    The challenge of meeting the growing energy, food and water demand is further compounded by climate change impacts and drives the need for clean technology solutions

    Major Themes Energy

    - Energy Production: the increase in renewable resources as an energy source

    - Energy Storage: the ability to more efficiently store produced energy

    - Energy Efficiency: increase in efficiencies to reduce waste and cost of generation

    Water Technology: technology that focuses on the treatment, management, infrastructure and supply of water

    Internet of Things (IoT): the connected network of devices and infrastructure to allow for seamless sourcing and distribution of information

    Industrial Technology: use of engineering and manufacturing technology to make production faster, simpler and more efficient

    FOODIncreased Demand

    40% by 2030(IFAO)

    WaterIncreased Demand

    30% by 2030(IFPRI)

  • 4

    The Change in Energy Climate Clean technology is propelling the world to become more efficient due to finite resources through energy

    efficiency, energy storage, water technology, IoT and industrial technology The combination of renewable resources and increased efficiency are the answers to increased global energy

    demand

    Coal ReservesThe U.S. has the largest coal reserve in the world, with Russia coming in second and China third

    Oil ReservesVenezuela has most of the worlds reserves, followed by Saudi Arabia, Canada, Iran and Iraq

    Sea Levels RiseThe rise in atmospheric temperature is causing the worlds ice caps to melt, leading to a rise in sea levels

    Gas ReservesThe country with the worlds largest natural gas reserves is Iran, followed by Russia and Qatar

    Oil SupplyThe worlds oil supply is expected to run out within the next 50 years

    Extreme WeatherGlobal warming also affects weather patterns, leading to more extreme weather like droughts, flooding and hurricanes

    Coal SupplyThe worlds coal supply is projected to run out in the next 250 years

    Climate ChangeGases such as carbon dioxide continue to trap heat within earths atmosphere

    Gas SupplyThe worlds supply of natural gas is likely to run out in the next 70 years

    Source: World Atlas

  • 5

    0 200 400 600 800 1000

    1990

    2000

    2012

    2020

    2030

    2040

    Non-OECD OECD Quadrillion Btu

    The Need for More Power

    Overall the U.S. has more than tripled its electrical consumption since 1960 on a per capita basis, increasing from 4,050 kWh in 1960 to 13,000 kWh in 2013

    World electrical consumption was roughly 3,100 kWh on a per capita basis In 2015, fossil fuels made up 82% of total U.S. energy consumption, the

    lowest fossil fuel share in the past century

    The consumption of biofuels and non-hydroelectric renewable energy sources more than doubled from 2000 to 2015, mainly because of state and federal government mandates and incentives for renewable energy

    In 2015, the renewable share of energy consumption in the United States was its largest since the 1930s at nearly 10%

    Projected World Energy Consumption

    Source: EIA Short-Term Energy Outlook, December 2016

    Years

    Global Power Generation by Source (2015)

    36%

    29%

    16%

    9%

    10%

    Petroleaum Natural GasCoal Nuclear Electric Power

    Current Renewable Energy Landscape (2015)

    2% 6%

    19%

    49%

    25%

    0%

    12%

    24%

    36%

    48%

    60%

    Geothermal Solar Wind Biomass Hydroelectric

    Percentage of Renewable Energy

  • 6

    World population growth is expected to hit 9 billion people before 2050

    Global demand for power / electricity will climb to over 300.0 quadrillion Btus, or 8,800 terawatts, by 2040

    Non-OECD countries are expected to be a primary driver of both population growth and energy consumption

    Not all countries have direct access / accessible fossil fuel reserves to promote this growth

    Challenge of Population Growth and Power Consumption

    2.53

    3.84.5

    5.26

    6.97.7

    8.29.0 9.2

    0

    2

    4

    6

    8

    10

    1950 1960 1970 1980 1990 2000 2010 2020 2030 2040 2050

    World Population (1950-2050)Billions of People Trillion kWh

    World Energy Consumption

    World Net Electricity Generation by Energy Source

    0

    8

    16

    24

    32

    40

    2012 2020 2025 2030 2035 2040Renewables Natural gas Nuclear Coal Liquids

    0

    125

    250

    375

    500

    625

    1990 2000 2010 2020 2030 2040OECD Non-OECD

    Quadrillion Btu

    Source: EIA Short-Term Energy Outlook, December 2016Definition: OECD Organization for Economic Co-operation and Development

    Overview

  • 7

    The International Energy Outlook 2016 reference case projects significant growth in global energy demand over the 28-year period from 2012 to 2040

    The energy market is expected to increase from 620 quadrillion Btu in 2020 to 815 quadrillion Btu in 2040, a 48% increase from 2012 to 2040

    Government policies and incentives worldwide support the rapid construction of renewable generation facilities

    By 2040, renewables, natural gas and coal will each hold a similar share of global electricity generation

    Net electricity generation is expected to increase by 2% per year on average from 2012 to 2040

    Coal, a source for electricity, is expected to decline from 40% of world generation to 28% by 2040

    Natural gas is excepted to grow its percentage of electrical generation from 22% in 2012 to 28%

    Renewables, led by hydropower and wind are expected to increase by roughly 2 trillion kWh in the U.S. IEA base case scenario from 2012 to 2040

    Future Power Consumption Breakdown

    0

    8

    16

    24

    32

    40

    2012 2020 2025 2030 2035 2040

    Renewables Natural gas Nuclear Coal Liquids

    Trillion kWh

    0.0

    1.5

    3.0

    4.5

    6.0

    7.5

    2012 2040 2012 2040

    OECD Non-OECD

    Nonhydropower renewables Hydropower

    Trillion kWh

    World Net Electricity Generation by Source

    World Net Electricity Generation by Renewable Source

    Source: EIA Short-Term Energy Outlook, December 2016

    20.5%9.7%

    8.5%9.1% 8.3%

  • 8

    Paris Agreement: Universally adopted in October 2016 by all parties to the UN Framework Convention on Climate Change, provides policy signals the private sector has asked for to help accelerate the low-carbon transformation of the global economy

    The Paris Conference produced an unprecedented agreement among 195 countries to act for zero net emissions in the second half of the century

    The global emission trends show energy-related emissions are not forecast to peak until the late 2020s, at the earliest

    Global investments in renewable energy for 2015 reach $286 billion but still remains relatively immature

    Total generating capacity from wind and solar photovoltaics increased by 118GW in 2015

    Overall renewables, excluding large hydro, made up 53.6% of the gigawatt capacity of all technologies installed in 2015, the first time it has represented a majority

    Global Trends in Renewable Energy

    $0

    $2

    $3

    $4

    $6

    $110

    $161

    Marine

    Geothermal

    Biofuels

    Small hydro

    Biomass

    Wind

    Solar

    Global New Investment in Renewable Energy Sector 2015

    12%

    4%

    -42%

    -35%

    -23%

    -42%

    -29%

    Growth$ Billions

    $103

    $49

    $48

    $10

    $44

    $13$13 China

    Europe

    ASOC (excl. China & India)

    India

    United States

    Americas (excl. U.S & Brazil)

    Middle East & Africa

    Global New Investment in Renewable Energy Sector 2015

    Source: Global Trends in Renewable Energy Investment 2016

    $ Billions

  • 9

    Global Water Shortages in the Near-Term

    Lack of Renewable Freshwater in Populated Areas The World Economic Forum (WEF) has recognized water as one of the top three risks for

    the 21st century- The WEF estimates that by 2030, 50% of the worlds population will experience water stress

    - The WEF projects that 45% percent of global GDP will be at risk in as many as 50 countries due to potential conflicts over water

    Currently, over 47 countries suffer from water stress to water scarcity- 18 countries facing water stress: when annual water supplies drop below 1,700m3 per person

    - 9 countries face water scarcity: when annual water supplies drop below 1,000m3 per person

    - 20 countries face absolute water scarcity: when annual water supplies drop below 500m3 per person

    10 Countries with Most Renewable Freshwater

    Oceans 97.5

    Fresh water 2.5

    Glaciers 68.7

    Groundwater 30.1

    Permafrost 0.8

    Surface and 0.4atmosphere

    Freshwater 67.5lakesSoil moisture 12.0

    Atmosphere 9.5

    Wetlands 8.5Rivers 1.5Vegetation 1.0

    Percent

    The Earths Water

    Source: Bank of America Merrill Lynch Thematic Investing

    Tota

    l Wat

    er o

    n Ea

    rth

    Tota

    l Fre

    shw

    ater

    Tota

    l Sur

    face

    &

    Atm

    osph

    ere

    Wat

    er

    Country Total Renewable Water (10m3 / person / yr)*Brazil 8,233Russian Federation 4,508United States 3,069Canada 2,902China 2,840Colombia 2,132Indonesia 2,019Peru 1,913India 1,911Democratic Republic of the Congo 1,283

  • 10

    Water Intensive Power Production

    Water Use by Plant Type

    Population, Energy and Water Consumption (2005-2050)

    370.0

    714.0 720.0

    480.0

    1,040.0

    30.0 1.00

    200

    400

    600

    800

    1000

    1200

    Water ConsumptionGallons / Megawatt-Hour

    Non-renewable Energy Production is Highly Reliant on Water The largest single use of water by industrials is for cooling purposes in

    power generating plants- Other uses include producing steam, condensing and processing waste,

    removing impurities and transporting fuel through pipelines

    - Gas-fired plants consume the least amount of water per unit of energy produced (from traditional fossil fuels)

    The future for non-renewable fuel sourced power plants is unclear- Integrated gasification combined cycle is able to reduce a coal plants water

    consumption by 50%

    - Greenhouse reduction technologies such as carbon capture and sequestration potentially increase water consumption by 30-50%

    Dry Summers Put Electricity and Water Supplies at Risk Water and energy generation are highly interlinked over 90% of global

    power generation is water intensive Cooling power plants requires the single largest share of U.S. freshwater

    withdrawals at 41% of all withdrawals annually Lack of water has and will continue to force power plants to decrease

    consumption Hot weather can make water supplies too warm for cooling, forcing power

    plants to reduce their electricity production when it is needed most Outgoing water has the potential to be too hot or polluted and can

    potentially harm or kill wildlife

    World 2005 2020 2035 2050Population (mm) 6,290 7,842 8,601 9,439Energy consumption 329 400 465 519Energy consumption (GJ/capita) 52 51 54 55Water for Energy (bn m3/yr) 1,816 1,986 2,088 2,020Water for Energy (m3/capita) 289 253 243 214With Improved Energy EfficiencyWater for Energy (bn m3/yr) 1,816 1,869 1,831 1,764Water for Energy (m3/capita) 289 238 213 187

    Source: Bank of America Merrill Lynch Thematic Investing

    H2O by Power Plant

    Water Use By Power Plant Type

    Energy SourceWater ConsumptionGallons/ Megawatt-Hour

    Natural Gas370

    Coal714

    Nuclear720

    Biomass480

    Solar-Thermal1040

    Solar Photovoltaic30

    Wind1

    H20 by country

    CountryTotal Renewable Water (10m3/person/yr)*

    Brazil8,233

    Russian Federation4,508

    United States of America3,069

    Canada2,902

    China2,840

    Colombia2,132

    Indonesia2,019

    Peru1,913

    India1,911

    Democratic Republic of the Congo1,283

    Aquastat * Total annual actual renewable water resources: natural resources that, after exploitation, can return to their previous tock levels by natural processes of growth or replenishment

    Sheet3

    Population, Energy Consumption and Water Consumption for energy, 2005- 2050

    World2005202020352050

    Population (mm)6,2907,8428,6019,439

    Energy consumption329400465519

    Energy consumption (GJ/capita)52515455

    Water for Energy (bn m3/yr)1,8161,9862,0882,020

    Water for Energy (m3/capita)289253243214

    With Improved Energy Efficiency

    Water for Energy (bn m3/yr)1,8161,8691,8311,764

    Water for Energy (m3/capita)289238213187

  • 11

    Energy Efficiency: energy efficiency has to be increased at all stages of the energy chain from generation to final consumption. At the same time, the benefits of energy efficiency must outweigh the costs, for instance those involved in renovations and adaptations of the current grid system

    Energy Storage: technological advancement in energy storage sector allows for the increased capture and preservation of energy for use at a later time. The biggest opportunity for energy storage technology is to provide utilities with ancillary aggregation capabilities. Optimized by software controls, energy management services add more value to solar storage without impeding the end customer application

    Water Technology: water technology for the advancement of water extraction, filtration and re-use will become exceedingly important

    Internet of Things (IoT): IoT is a system of interrelated computing devices, mechanical and digital machines, objects, animals or people that are provided with unique identifiers and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction

    Industrial Technology: is the use of engineering and manufacturing technology to make production and processes faster, streamlined and more efficient

    The Major Themes That Will Define Energy of the Future

  • 12

    Drivers of Change

  • 13

    The Confluence of Forces to Propel the CleanTech Industry

    EnvironmentalConcern

    Clean TechnologyExpansion

    Political and Social Pressures

    Energy Uncertainty

    TechnologicalAdvances

    InvestmentOpportunities

    SustainableDevelopment

    Energy Concerns Advances in Technology

    Environmental Concern:concern about the effects of using carbon-based resources for energy and the effect it has on the earth, including global warming, pollution and loss of natural habitat

    Energy Uncertainty: nations that do not have abundant natural fuel resources readily available and want to have reliable energy alternatives

    Political Pressure: pressure to reduce exposure to spikes in commodity prices and to decrease foreign political risk of importing fuel and resources

    Technological Advances: cleantech has become an immediately actionable alternative or improvement to the current source, production distribution and consumption of energy

    Sustainable Development: dramatic improvement through commercial and broad scale development of wind, solar and alternative energy sources

    Investment Opportunities: recent technological advances in energy production, distribution and efficiency has made clean technologies a viable investment prospect, with significant upside as the industry is still relatively young

  • 14

    In 2014, electricity production in the U.S. accounted for 30% of the greenhouse gases produced or roughly 2 billion metric tons of carbon dioxide

    The U.S. was the 2nd highest emitter of greenhouse gases in the world at 6,870 million metric tons of carbon dioxide

    On a per capita basis the U.S. is second to Canada, emitting 20 metric tons per person

    Energy production, distribution and consumption has been noted as a highly inefficient, with fossil fuel usage as the primary source of green house gases

    Obama administration has focused on reducing the number of coal-powered electricity plants in the U.S. by over one third since 2010 - Coal is the worst emitter of greenhouse gases in the energy production

    phase

    Global Warming has become an undisputed fact about our current livelihoods; the earth is heating up due to the increase in greenhouse gases, 30% of which come from electricity production

    Environmental Concern

    81%11%6%3%

    Fluorinated Gases Nitrous Oxide (N2O)

    Methane (Ch4)

    Carbon Dioxide (CO2)

    30%Electricity

    26%Transportation

    21%Industry

    13%Commercial/Residential

    6%Agriculture

    Total U.S. Greenhouse Gas Emissions by Economic Sector in 2014

    U.S. Greenhouse Emissions in 2014

    Source: EIA

  • 15

    Energy Uncertainty

    0

    100,000

    200,000

    300,000

    400,000

    500,000

    2001 2003 2005 2007 2009 2011 2013 2015

    0

    8,000

    16,000

    24,000

    32,000

    40,000

    2001 2003 2005 2007 2009 2011 2013 2015

    U.S. Reserves of Oil in Millions of Barrels

    U.S. Natural Gas Reserves in Billions of Cubic Feet

    U.S. Productive Capacity of Coal by Type

    Reverses in Billions of Cubic Feet

    Reverses in Millions of Barrels

    0

    300,000

    600,000

    900,000

    1,200,000

    1,500,000

    2008 2009 2010 2011 2012 2013 2014 2015underground thousand short tons surface thousand short tonstotal thousand short tons

    Reverses in Thousands of Short Tons

    The U.S. has a finite amount of resources at its disposal for power production

    At its the current run rate of 7 billion barrels of petroleum products per year, the U.S. would only have reserves left for 5 years

    Overall the U.S. is estimated to have:- Oil for 5 years at current consumption*

    - Natural gas for 55 years at current consumption

    - Coal for 120 years at current consumption

    The energy difference is made up through importing energy from foreign countries, predominately Canada

    Source: EIA U.S Crude Oil and Natural Gas Proved Reserves, Year-end 2015* Not including imported oil

  • 16

    Social, political and economic pressures have forced Fortune 100 companies to change their methods for sourcing power for their offices, installations and corporate entities

    60% of Fortune 100 companies have renewable electricity or climate change policies, and 81 companies globally have committed to get 100% of their energy from renewable sources, according to Bloomberg New Energy Finance

    Leading the 2016 charge, Amazon has signed a deal to source 417 MW from wind energy sources

    Since 2008, U.S. companies have signed agreements to purchase 10 GW of wind and solar power equivalent of $10 billion worth or enough energy to power 2 million U.S. households each year

    Over the next decade, BNEF researchers expect to dramatically increase with an additional 50 U.S. companies signing long-term agreements to buy an additional 22 gigawatts of clean-sourced energy

    The ability to lock in long-term, 15-year electricity prices let companies hedge exposure to volatile natural gas and coal prices, which have historically determined wholesale power prices in the U.S.

    As wind and solar energy decrease in price, companies have the ability to lock in renewable power for less than the average wholesale power price

    Political and Social Pressure Commercial Companies

    10 Largest Signers of Renewable Energy Deals in (2016)

    Source: Bloomberg News, Moodys investor Services

    Megawatts

  • 17

    Technological Advances and Sustainable Development

    0

    50,000

    100,000

    150,000

    200,000

    250,000

    300,000

    $0.0

    $16.0

    $32.0

    $48.0

    $64.0

    $80.0

    1977

    1979

    1981

    1983

    1985

    1987

    1989

    1991

    1993

    1995

    1997

    1999

    2001

    2003

    2005

    2007

    2009

    2011

    2013

    2015

    PV Cost $ / kWh vs. Cumulative World PV Installations$/kWh Total Megawatts

    Source: Earth Policy Institute

    1977: $75.0 / kWh

    2015: $0.3 / kWh

    0

    80,000

    160,000

    240,000

    320,000

    400,000

    Worldwide Cumulative Wind InstallationsTotal Megawatts

    2015:245,337 MWh

    2015: 369,597MWh

    In the U.S., the price of electricity produced from wind generated sources has declined from 55 / kWh in 1980 to 5 / kWh in 2012

    Total worldwide wind energy generation capacity has increased from 0 in 1970 to over 350,000 MW in 2015

    From 2008 to 2014, wind energy generation capacity has increased 3x, going from 120,715 MW in 2008 to 369,597 MW in 2014

    2014 was the single largest increase in worldwide MW capacity, increasing by 50,953 MW

    Worldwide the price of electricity produced from solar generated sources has declined from $75 / kWh to 30 / kWh in 2015

    Total worldwide solar generation capacity has increased from 0 in 1970 to over 240,000 MW in 2015

    From 2008 to 2015, solar energy generation capacity has increased 15x, increasing from 16,063 MW in 2008 to 245,337 MW in 2015

    2015 was the single largest increase in worldwide megawatt capacity in history, increasing by 58,100 MW

  • 18

    Investment Opportunities Venture Capital Investment

    Venture Capital Activity in CleanTech 2010-2016P

    Source: Pitchbook, Reuters

    Venture capital investment and deal count have recently seen highs in 2010 with $4 billion invested and 320 deals closed. In 2016 large private capital investors, such as Bill Gates, have pledged to dramatically increase investment in cleantech, pledging $5 billion over the next 5 years

    Microsoft co-founder Bill Gates and a group of high-profile executives have invested an initial $1 billion in a fund to spur clean energy technology in 2016- The new fund, Breakthrough Energy Ventures fund seeks to increase financings of emerging energy research and reduce

    greenhouse emissions to help meet goals set in the Paris climate change accord

    - Breakthrough Energy Ventures has pledged to invest in early-stage startups in nations that were ramping up their public, R&D funding for cleantech, with the expectation of $30 billion invested by 2020

    Note: Projected close for 2016

    Deal CountInvestment $ in Billions

    $4.6 $4.7 $4.5

    $2.3 $2.5 $2.1

    $3.2

    320 355 331

    344

    311

    234

    333

    0

    80

    160

    240

    320

    400

    $0

    $2

    $3

    $5

    $6

    $8

    2010 2011 2012 2013 2014 2015 2016

    Investment Deals

  • 19

    CleanTech Hype Cycle Coming Out of the Trough

    Source: Gartner, Kachan & Co 2013

    Innovation Trigger Peak of Inflated

    Expectations

    Trough of Disillusionment Slope of Enlightenment Plateau of Productivity

    High-growth adoption phase starts 20-30% of potential audience has adopted

    Third-generation commercial products

    Methodologies and best practices developing

    Second-generation commercial products

    Less than 5% of potential audience has fully developed

    Multiple financing rounds

    Supplier consolidation and failures

    Negative press begins

    Activity beyond early adoptersSupplier proliferation

    Mass media hype begins

    Supplier proliferation

    Startup companies, first round of venture capital funding

    R&DCurrent State of CleanTech

    CleanTech investment is coming out of a period of underwhelming returns generally used across the industry, with reasons varying from uncertainty in national policy to overhyped technologies

    Since 2008 to 2013, cleantech faced low returns for investors, but

    renewed investment and focus on the long term investment horizon combined with the rapid increase in technology adoption and social / political pressures have made the sector exceedingly attractive for new investment

  • 20

    Major Themes of Clean Technology

  • 21

    0

    2,500

    5,000

    7,500

    10,000

    12,500

    1990 1995 2000 2005 2010 2015Hydroelectric Power Geothermal EnergySolar Energy Wind EnergyWood Energy Waste EnergyBiofuels Total Biomass Energy

    Trillion Btu

    Wind energy accounted for 5% of total U.S. electricity generation in 2015, producing 182 billion kWh

    Hydro power energy accounted for 6% of total U.S. electricity generation in 2015 and 46% of all renewables

    Geothermal energy in the U.S. produced roughly 17 billion kWh in 2015, less than 1% of total U.S. electricity generation

    Biomass fuels accounted for 5% of the energy generated in 2015, 43% of which was derived from wood and 46% from biofuels such as ethanol

    Solar energy accounted for 1% of the energy generated in the U.S. in 2015, which amounts to roughly 25 billion kWh

    Sustainable Energy Production

    U.S. Renewable Energy Consumption by Source New Investment in Renewable Energy by Country

    U.S. Renewable Energy Supply

    Source: EIA Short-Term Energy Outlook, December 2016; Global Trends in Renewable Energy Investment 2016

    0

    2

    4

    6

    8

    10

    2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

    Solar Geothermal Other biomass Wind power

    Liquid biofuels Wood biomass Hydropower

    Quadrillion Btu

    $3.4

    $4.0

    $4.5

    $7.1

    $8.5

    $10.2

    $22.2

    $36.2

    $44.1

    $102.9

    0 20 40 60 80 100 120

    Chile

    Mexico

    South Africa

    Brazil

    Germany

    India

    United Kingdom

    Japan

    United States

    China 17%

    19%

    25%

    22%

    -46%

    -10%

    .1%

    Growth

    105%

    151%

    329%

    $ in Billions

  • 22

    Energy Efficiency The Outdated and Inefficient Grid

    Generating Stations

    Generating Step Up Transformer

    Transmission Lines

    Substation Step Down Transformer

    Sub transmission Customer

    Primary Customer

    Secondary Customer

    Energy lost in power plants equates to 65%of energy produced or 22 quadrillion Btus

    Energy lost in transmission and distribution equates to 6% or 69 trillion Btus of total energy distributed

    Current U.S. Grid Structure

    Source: EIA, InsideEnergy.org, npr.org, North American Energy Advisory

    The current U.S. power grid is three geographic grids that were developed in the 1950s for companies that adopted AC technology to transmit energy over long distances- The three grids that make up the national power grid are the Western Connection which stretches from the West Coast

    to the Rocky Mountains, the Eastern Connection which connects the Midwest and the East Coast and the Texas Interconnection which incorporates the majority of Texas

    - Approximately two thirds of the fuel burned to generate electricity is lost in the generation and delivery process for our current gird

    - Large scale rolling blackouts from the 1950s to the 1980s averaged fewer than five per year, with increased demand on an aged network has increased to 76 major blackouts in 2011 and over 300 major blackouts in 2011

    - Grid inefficiency and poor allocation of generation resources directly contribute to blackouts

    - Electricity price fluctuations can fluctuate by the hour, and there is currently not a uniform, low cost solution outside of increasing power generated at local power stations

  • 23

    Energy Efficiency The Smart Grid Overview

    SmartGrid

    Increase in Advanced Metering Infrastructure

    Smart Grid Streamlines and Simplifies Energy Transfer

    U.S. Smart Grid Spending (2008-2017)

    The Smart Grid: technology that enables the electrical grid to possess demand response capacity to help balance electrical consumption and supply to maximize efficiency

    Subsectors: Transmission & Distribution Equipment, Automated Control Systems, Advanced Metering Infrastructure and Consumer Smart Grid Interface

    Estimated Market Size 2016: $20 billion Expected Growth: $65 billion by 2021 a CAGR of 27% Leading Countries: China, U.S., Japan, South Korea

    $ in Billions

    0.1 0.20.8 0.4 0.4 0.6 0.4 0.3 0.2 0.2

    0.6 0.8

    11.2 1.3

    1.4 1.5 1.6 1.7 1.90.71.2

    3.1 3.6 3.01.2

    0.6 0.6 0.81.2

    $0.0

    $1.3

    $2.5

    $3.8

    $5.0

    $6.3

    2008 2009 2010 2011 2012 2013 2014 2015 2016P 2017P

    Advanced Smart Grid Project Distribution Automation Smart Metering

    Source: Bloomberg New Energy Finance, US Department of Energy, Statista

    0

    15,000

    30,000

    45,000

    60,000

    75,000

    2007 2008 2009 2010 2011 2012 2013 2014 2015AMR AMI

    Meters in Thousands

    Smart Grid spending in the U.S. was forecasted to increase $800 million from 2015 to 2016

    Automated Meter Reading (AMR) or one-way meter reading was overtaken by Advanced Metering Infrastructure (AMI) for the first time in 2013. AMI allows for both the utility and the consumer of energy to monitor energy usage

    Overview

  • 24

    Transmission entails moving large amounts of power over long distances and is separate from distribution, which refers to the process of delivering electric energy from the high voltage transmission grid to specific locations such as a residential street or commercial space

    The U.S. Department of Energy estimates that increasing energy efficiency has the ability to reduce national energy consumption by 20% or more by 2020

    Electricity prices are usually highest for residential and commercial consumers because it costs more to distribute electricity to them. Industrial consumers use more electricity and can receive it at higher voltages, so it is more efficient and less expensive to supply electricity to these customers- The average prices by major type of utility customers were:

    Residential: 13 / kWh Commercial: 11 / kWh Industrial: 7 / kWh

    Energy Efficiency Transmission & Distribution Equipment

    Electric Power Transmission and Distribution Losses

    Major Components of the U.S. Average Price of Electricity

    Source: EIA Factors Affecting Electricity Prices; The World Bank

    Generation, 65%

    Transmission, 9%

    Distribution, 25%

    * 2014 data

    0

    6

    12

    18

    24

    30

    1990 1993 1996 1999 2002 2005 2008 2011

    China India United States World

    (Losses as a % of Output)

  • 25

    8.7%

    25.8% 29.7%

    37.6%

    0%

    8%

    16%

    24%

    32%

    40%

    2010 2011 2012 2013

    43

    53 59

    65

    0

    14

    28

    42

    56

    70

    2012 2013 2014 2015

    Advanced metering infrastructure (AMI) is an integrated system of smart meters, communications networks and data management systems that enables two-way communication between utilities and customers- As of 2015 approximately 64 million smart meters had been installed across

    commercial, residential, industrial and transportation assets

    Benefits associated with AMI deployment entail the following:- System operation benefits: primarily associated with reduction in meter

    reads and associated management and administrative support, increased meter reading accuracy, improved utility asset management, easier energy theft detection and easier outage management

    - Customer service benefits: primarily associated with early detection of meter failures, billing accuracy improvements, faster service restoration, flexible billing cycles, providing a variety of time-based rate options to customers and creating customer energy profiles for targeting energy efficiency / demand response programs

    - Financial benefits: these accrue to the utility from reduced equipment and equipment maintenance costs, reduced support expenses, faster restoration and shorter outages and improvements in inventory management

    Energy Efficiency Advanced Metering Infrastructure

    U.S. Advanced Metering Infrastructure Installations

    Advanced Meter Penetration Rates

    Source: EIA, SmartGrid.Gov, Electric Power Institute, Federal Energy Regulatory Commission

    Millions of Installations

    As a % of Total Meters

  • 26

    As of 2015, residential and commercial buildings consumed around 40% of total national energy. To address energy security issues and environmental concerns there was a need to develop alternative technologies and systems that significantly reduce energy use and peak electric power in buildings

    Intelligent building automation systems can reduce energy consumption by up to 30%- Improved energy efficiency leads to lower operating costs and substantial

    environmental benefits all without sacrificing comfort

    Building automation control systems monitor, optimize, interlock and control:- Heating systems

    - Air conditioning systems

    - Cooling systems

    - Lighting systems

    - Fire and security systems

    Energy Efficiency Automated Control Systems

    Total Energy Consumption by Sector

    Average Retail Prices of Electricity

    Source: EIA Factors Affecting Electricity Prices; The World Bank

    0

    8,000

    16,000

    24,000

    32,000

    40,000

    1990 1995 2000 2005 2010 2015Residential Sector Commercial SectorIndustrial Sector Transportation Sector

    Trillion Btu

    11.5 11.7 11.9 12.112.5 12.7

    0

    3

    6

    9

    12

    15

    2010 2011 2012 2013 2014 2015

    Residential Sector Commercial Sector Industrial Sector Transportation Sector

    Cents per kWh

  • 27

    Disclosed Investments in Energy Storage

    Investment in Millions

    Energy Storage Overview

    Smart Grid Streamlines and Simplifies Energy Transfer

    U.S. Energy Storage Deployment (Q3 2013-2016)

    Energy Storage Systems: provide a wide array of technological approaches to managing our power supply in order to create a more resilient energy infrastructure and bring cost savings to utilities and consumers

    Subsectors: Reserve & Response Services, Transmission & Distribution Grid Support, Bulk Power Management

    Estimated Market Size 2016: $528 million in the U.S. Expected Growth: $3 billion in the U.S. by 2021 Leading Countries: China, Japan, U.S., Spain, Germany

    Energy Storage Deployments MWH

    Source: EIA, US Department of Energy, GTM Research/ES A, IBIS World

    The U.S. deployed 32 MWh of energy storage in Q3 2016, down 43% from 55 MWh in Q3 2015, driven by a slow quarter in the front-of-the-meter segment

    Power Generation

    Power Storage

    Power Load

    13.5

    46.6

    26.3

    3.70.1 1.7

    28.8 27.7

    13.6

    48.355.1

    31.4

    0.0

    12.0

    24.0

    36.0

    48.0

    60.0

    Q3 2013 Q3 2014 Q3 2015 Q3 2016Front of the Meter Behind the Meter Total

    Overview

    212

    502

    183 161

    801

    416167

    172

    64522

    29

    24

    32

    39

    35

    38

    0

    10

    20

    30

    40

    50

    $0.0

    $250.0

    $500.0

    $750.0

    $1,000.0

    $1,250.0

    2010 2011 2012 2013 2014 2015 Q1-Q3 16

    VC Project Finance Deal Count

    Number of Deals

  • 28

    $0

    $2

    $4

    $6

    $8

    $10

    Lead acidbatteries

    Flowbatteries

    (VRB)

    Lithiumion

    batteries

    NaSbatteries

    PHS CAES CSP(storage)

    Energy Storage Opportunity to Expand

    Current energy storage is inefficient to support peak demand times, forcing plants to peak in order to meet demand

    Energy plants that run at full capacity for longer duration are more likely to fail

    Energy plants running at full capacity require 3x the energy of the typical plants and therefore increase the cost of production by 4x

    98% of U.S. electricity storage is pumped hydroelectric, however these facilities are expensive to build and have stringent siting requirements

    0

    150

    300

    450

    600

    750

    Flow batteries Advanced lead-acid

    Litium-ion Sodium sulphur Sodium metalhalide

    2014 2017 2020

    Energy Storage Technologies Capital Costs (Installed) Total Operational Battery by Country

    Battery Cell Price by Type for Utility-Scale Applications$ per kWh

    0

    40

    80

    120

    160

    200

    UnitedStates

    China Japan SouthKorea

    Germany UnitedKingdom

    Italy Australia

    Project Count

    $3.5

    Source: AECOM Energy Storage Study

    Capital Costs ($ / W)

    Overview

  • 29

    Water Industry Overview

    Peak Water: the 21st Centurys Most Valuable Commodity

    Increase in Annual Water Demand (2005-2030)Overview The Water Industry: encompasses technology and practices that are

    set to improve the sourcing, distribution and use of water through its end uses in agriculture, energy production, municipal and consumer consumption

    Subsectors: Treatment, Management, Water Infrastructure & Supply, Water-friendly Energy

    Estimated Market Size 2015: $625 billion Expected Growth: $1 trillion by 2020 Leading Countries: China, Japan, United States, Spain, Germany

    Billion m3

    176

    338

    320

    243

    181

    72

    59

    85

    300

    89

    117

    124

    100

    68

    54

    40

    92

    80

    12

    0 100 200 300 400 500 600

    China

    India

    Sub-Saharan Africa

    Rest of Asia

    North America

    Europe

    South America

    MENA

    Oceania

    Municipal & Domestic Industry Municipal and AgricultureSource: KPMG

    0

    1,500

    3,000

    4,500

    6,000

    7,500

    2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050

    Agriculture Domestic Electricity Manufacturing

    Water Use (km3)

    Water is the most heavily sought after natural resource or commodity, with significant supply and demand side pressures

    The supply side of water is facing a combination of insufficient freshwater, uneven distribution, widely varying quality, water losses and adverse impacts from climate change

    The demand side of water will increase steadily over the next 20 years from agricultural, industrial and municipal / residential usage

    It is estimated that unless more sustainable behavior and practices are developed and adopted, 45% of projected 2050 GDP (at 2000 prices) or $63 trillion could be at risk

    Source: OECD, BofA Merrill Lynch Global Research

    Change from 2005 (%)

    61

    58

    283

    54

    43

    50

    95

    47

    109

    Power Generation

    EIA, Renewable Energy Explained

    http://www.eia.gov/energyexplained/index.cfm?page=renewable_home

    Power generation around thte world by source:

    Petroleaum36%

    Natural Gas29%

    Coal16%

    Nuclear Electric Power9%

    Renewable Energy10%

    Geothermal2%

    Solar 6%

    Wind19%

    Biomass49%

    Hydroelectric25%

    World Energy Consumption

    Figure 1-1. World energy consumption, 1990-2040 (quadrillion Btu)

    https://www.eia.gov/outlooks/ieo/world.cfm

    Non-OECDOECD

    History1990154.94201.06

    2000173.59236.21

    2012310.83238.44

    Projections2020375.01253.94

    2030450.50267.23

    2040532.84282.12

    Electricity Production Sources

    Figure 1-6. World net electricity generation by energy source, 2010-40 (trillion kilowatthours)

    https://www.eia.gov/outlooks/ieo/world.cfm

    201220202025203020352040

    Renewables4.736.877.898.689.6410.63

    Natural gas4.835.266.307.478.7810.14

    Nuclear2.343.053.403.954.254.50

    Coal8.609.7310.0710.1210.3110.62

    Liquids1.060.860.690.620.590.56

    World Energy Consumption by Reg

    International Energy Outlook 2016

    https://www.eia.gov/outlooks/ieo/electricity.cfm

    Figure 1-2. World energy consumption by region, 1990-2040 (quadrillion Btu)

    OECDNon-OECD

    1990201.06154.94

    1991203.73150.95

    1992205.68148.71

    1993209.12150.25

    1994213.29150.85

    1995218.05155.69

    1996224.98158.15

    1997227.79157.90

    1998227.42159.31

    1999231.37164.36

    2000236.21173.59

    2001234.64179.61

    2002236.43185.78

    2003238.44197.31

    2004243.93213.94

    2005243.75228.40

    2006245.03241.66

    2007245.94252.35

    2008239.85260.84

    2009228.65261.53

    2010243.69284.16

    2011241.98298.55

    2012238.44310.83

    2013239.76318.85

    2014241.78327.63

    2015242.91332.47

    2016246.74341.38

    2017247.81348.89

    2018249.95357.04

    2019252.07366.23

    2020253.94375.01

    2021255.36382.77

    2022256.77390.95

    2023257.97398.31

    2024259.42405.60

    2025260.61413.30

    2026261.80420.68

    2027263.10428.04

    2028264.56435.59

    2029265.88443.01

    2030267.23450.50

    2031268.53458.69

    2032269.81466.94

    2033271.20474.75

    2034272.78482.93

    2035274.33491.22

    2036275.82499.43

    2037277.47507.80

    2038279.05516.21

    2039280.60524.37

    2040282.12532.84

    World Population

    United Census Bureau

    https://www.census.gov/population/international/data/idb/worldpopgraph.php

    World PopulationU.S Census Bureau

    Year19501960197019801990200020102020203020402050

    #2.533.84.55.266.97.78.299.2

    14%

    World Electricity Generation

    International Energy Outlook 2016

    https://www.eia.gov/outlooks/ieo/electricity.cfm

    Figure 1-6. World net electricity generation by energy source, 2010-40 (trillion kilowatthours)

    201220202025203020352040

    Renewables4.736.877.898.689.6410.63

    Natural gas4.835.266.307.478.7810.14

    Nuclear2.343.053.403.954.254.50

    Coal8.609.7310.0710.1210.3110.62

    Liquids1.060.860.690.620.590.56

    Net Electricity Generation

    Figure 1-7. World net electricity generation from renewable energy sources, 2012 and 2040 (trillion kilowatthours)

    https://www.eia.gov/outlooks/ieo/world.cfm

    OECDNon-OECD

    2012204020122040

    Nonhydropower renewables0.792.290.292.77

    Hydropower1.371.702.273.87

    Global Investment in Renwables

    Source: Bloomberg, Global Trends in Renewable Energy Investment 2016 Report

    http://fs-unep-centre.org/sites/default/files/publications/globaltrendsinrenewableenergyinvestment2016lowres_0.pdf

    Page 22

    Page 15

    Global Investment in Renewables

    Global New Investment in Renewable Energy Sector

    $BnGrowth

    China102.9Solar 16112%

    Europe48.8Wind1100.04

    ASOC (excl. China & India)47.6Biomass 6-0.29

    India10.2Small hydro4-0.42

    United States44.1Biofuels3-0.35

    Americas (excl. U.S & Brazil)12.8Geothermal2-0.23

    Middle East & Africa12.5Marine0.2-0.42

    Marine0.2

    Geothermal2

    Biofuels3

    Small hydro4

    Biomass6

    Wind 110

    Solar161

    H2O and Pop

    Population, Energy Consumption and Water Consumption for energy, 2005- 2050

    World2005202020352050

    Population (mm)6,2907,8428,6019,439

    Energy consumption329400465519

    Energy consumption (GJ/capita)52515455

    Water for Energy (bn m3/yr)1,8161,9862,0882,020

    Water for Energy (m3/capita)289253243214

    With Improved Energy Efficiency

    Water for Energy (bn m3/yr)1,8161,8691,8311,764

    Water for Energy (m3/capita)289238213187

    H2O by Power Plant

    Water Use By Power Plant Type

    Energy SourceWater ConsumptionGallons/ Megawatt-Hour

    Natural Gas370

    Coal714

    Nuclear720

    Biomass480

    Solar-Thermal1040

    Solar Photovoltaic30

    Wind1

    U.S. Components of Crude Oil

    Yearextensionsnew fieldsnew reservoirsnet revisions & adjustmentsproductionnet acquisitions & salesnet reserves changes

    EIA U.S Crude Oil and Natural Gas Proved Reserces, Year-End 2015 Page 10

    http://www.eia.gov/naturalgas/crudeoilreserves/pdf/usreserves.pdf

    19847442421582,604-3,0370711

    1985742841692,027-3,0520-30

    19864054881912-2,9730-1,527Page 10

    1987484961112,549-2,8730367

    1988355711271,827-2,8110-431

    1989514112901,546-2,5860-324

    1990456981351,569-2,5050-247

    19913659792386-2,5120-1,572

    19923918851,025-2,4460-937

    1993356319110766-2,3390-788

    1994397641111,196-2,2680-500

    19955001143431150-22130-106

    1996543243141912-21730-334

    19974776371191434-21380529

    1998327152120-120-19910-1,512

    19992593211451958-19520731

    2000766276249889-1880-20280

    20018661407292-162-1915-87401

    20026003181871105-208251179

    2003530717137183-2068-416-917

    200473136159524-200137-514

    200594620957795-1907327427

    20066853862152-1834189-708

    200786581871296-187244501

    2008968166137-1871-1845187-2,258

    20091305141952054-1929951,761

    201017661241692131-19916672,866

    20113107481881621-20655373,769

    20125191551291049-23864154,453

    20134973191343-50-27293893,117

    20145021164219856-32003533,413

    201531862041-4493-3427-30-4,703

    Yearextensionsnew fieldsnew reservoirsnet revisions & adjustmentsproductionnet acquisitions & salesnet reserves changes

    19850.7420.0840.1692.027-3.052-0.03

    19860.4050.0480.0810.912-2.973-1.527

    19870.4840.0960.1112.549-2.87300.367

    19880.3550.0710.1271.827-2.8110-0.431

    19890.5140.1120.091.546-2.5860-0.324

    19900.4840.0960.1112.549-2.87300.367

    Yearextensionsnew fieldsnew reservoirsnet revisions & adjustmentsproductionnet acquisitions & salesnet reserves changes

    19910.3650.0970.0920.386-2.5120-1.572

    19920.3910.0080.0851.025-2.4460-0.937

    19930.3560.3190.110.766-2.3390-0.788

    19940.3970.0640.1111.196-2.2680-0.5

    19950.50.1140.3431.15-2.2130-0.106

    19960.5430.2430.1410.912-2.1730-0.334

    19970.4770.6370.1191.434-2.13800.529

    19980.3270.1520.12-0.12-1.9910-1.512

    19990.2590.3210.1451.958-1.95200.731

    20000.7660.2760.2490.889-1.88-0.020.28

    20010.8661.4070.292-0.162-1.915-0.0870.401

    20020.60.3180.1871.105-2.0820.0510.179

    20030.530.7170.1370.183-2.068-0.416-0.917

    20040.7310.0360.1590.524-2.0010.037-0.514

    20050.9460.2090.0570.795-1.9070.3270.427

    20060.6850.0380.0620.152-1.8340.189-0.708

    20070.8650.0810.0871.296-1.8720.0440.501

    20080.9680.1660.137-1.871-1.8450.187-2.258

    20091.3050.1410.0952.054-1.9290.0951.761

    20101.7660.1240.1692.131-1.9910.6672.866

    20113.1070.4810.0881.621-2.0650.5373.769

    20125.1910.0550.1291.049-2.3860.4154.453

    20134.9730.1910.343-0.05-2.7290.3893.117

    20145.0210.1640.2190.856-3.20.3533.413

    20153.1860.020.041-4.493-3.427-0.03-4.703

    Figure 9b. Components of U.S. crude oil and lease condensate reserves changes, 2005-15

    U.S Components of Nat Gas

    YearNet revisions & adjustmentsextensionsnew fieldsnew reservoirsproductionnet acquisitions & salesnet reserves changes

    19848888,2992,5362,686-17,1930-2,784EIA U.S Crude Oil and Natural Gas Proved Reserces, Year-End 2015 Page 20

    19857637,1699992,960-15,9850-4,094

    19864,8926,0651,0991,771-15,6100-1,783

    19874,5644,5871,0891,499-16,1140-4,375

    1988-12,8676,8031,6381,909-16,6700-19,187

    19896,0436,3391,4502,243-16,9830-908

    19907,0957,9522,0042,412-17,23302,230

    19917,3765,0908481,604-17,2020-2,284

    19928,3284,6756491,724-17,4230-2,047

    19936,3216,1038991,866-17,7890-2,600

    19947,4296,9411,8943,480-18,32201,422

    19958,3146,8431,6662,452-17,96601,309

    19967,8717,7571,4513,110-18,86101,328

    19974,31210,5852,6812,382-19,2110749

    19984,1058,1971,0742,162-18,7200-3,182

    199911,4867,0431,5682,196-18,92803,365

    20006,07114,7871,9832,368-19,2194,03110,021

    2001-58917,1833,6682,898-20,6422,7155,233

    20025,04415,4681,3741,752-20,2484283,818

    200360817,1951,2521,653-20,2311,1071,584

    200499519,0687901,244-20,0171,9754,055

    20054,40822,0699731,243-19,2592,67412,108

    2006-1,15322,8344251,197-19,3733,1786,700

    200716,92628,2558141,244-20,31845227,373

    2008-2,98327,8001,2291,678-21,4159377,246

    20094,02443,5001,4232,656-22,537-22228,844

    20105,34746,2838951,701-23,2242,76633,768

    20112,60347,6359871,260-24,6213,29831,162

    2012-46,42447,053780408-26,097-1,859-26,139

    20133,48751,0742631,680-26,4671,28731,324

    20145,88947,0716712,745-28,0946,56534,847

    2015-71,33232,940311,735-29,3291,417-64,538

    19850.7637.1690.9992.96-15.985-4.094

    Yearnet revisions & adjustmentsextensionsnew fieldsnew reservoirsproductionnet acquisitions & salesnet reserves changes

    19864.8926.0651.0991.771-15.610-1.783

    19874.5644.5871.0891.499-16.1140-4.375

    1988-12.8676.8031.6381.909-16.670-19.187

    19896.0436.3391.452.243-16.9830-0.908

    19907.0957.9522.0042.412-17.23302.23

    19917.3765.090.8481.604-17.2020-2.284

    19928.3284.6750.6491.724-17.4230-2.047

    19936.3216.1030.8991.866-17.7890-2.6

    19947.4296.9411.8943.48-18.32201.422

    19958.3146.8431.6662.452-17.96601.309

    19967.8717.7571.4513.11-18.86101.328

    19974.31210.5852.6812.382-19.21100.749

    19984.1058.1971.0742.162-18.720-3.182

    199911.4867.0431.5682.196-18.92803.365

    20006.07114.7871.9832.368-19.2194.03110.021

    2001-0.58917.1833.6682.898-20.6422.7155.233

    20025.04415.4681.3741.752-20.2480.4283.818

    20030.60817.1951.2521.653-20.2311.1071.584

    20040.99519.0680.791.244-20.0171.9754.055

    20054.40822.0690.9731.243-19.2592.67412.108

    2006-1.15322.8340.4251.197-19.3733.1786.7

    200716.92628.2550.8141.244-20.3180.45227.373

    2008-2.98327.81.2291.678-21.4150.9377.246

    20094.02443.51.4232.656-22.537-0.22228.844

    20105.34746.2830.8951.701-23.2242.76633.768

    20112.60347.6350.9871.26-24.6213.29831.162

    2012-46.42447.0530.780.408-26.097-1.859-26.139

    20133.48751.0740.2631.68-26.4671.28731.324

    20145.88947.0710.6712.745-28.0946.56534.847

    2015-71.33232.940.0311.735-29.3291.417-64.538

    Figure 11b. Components of U.S. natural gas proved reserves changes, 2005-15

    Source: U.S. Energy Information Administration, Form EIA-23L, Annual Report of Domestic Oil and Gas Reserves, 2005-15

    World PV Installations

    World Solar Photovoltaics Installations, 1996-2013, with Projection to 2015

    YearCumulative InstallationsAnnual Addition

    Megawatts

    1996309

    1997422113

    1998566144

    1999807241

    20001,250443

    20011,569320

    20022,012443

    20032,575563

    20043,6981,123

    20055,0481,350

    20066,6191,570

    20079,2912,672

    200816,0636,772

    200924,2658,202

    201041,33017,065

    201171,21829,888

    2012102,07630,858

    2013139,63737,561

    2014187,23747,600

    2015245,33758,100

    Source: Compiled by Earth Policy Institute with 1996-2013 from BP, Statistical Review of World Energy June 2014 (London: 2014); and with 2014 and 2015 from Bloomberg New Energy Finance, "Chinese PV Shipments Surge in Q4 2014 According to BNEF Shipment Survey," press release (London: 3 February 2015).

    Year$Annual Additions

    197776.000

    197858.000

    197940.000

    198030.000

    198124.000

    198218.000

    198316.000

    198415.000

    198512.000

    198611.000

    198710.000

    19887.500

    19896.000

    19906.500

    19916.750

    19926.800

    19937.250

    19947.400

    19957.000

    19967.30309

    19977.00422

    19986.00566

    19996.20807

    20005.001,250

    20015.001,569

    20024.502,012

    20034.002,575

    20043.753,698

    20053.505,048

    20062.506,619

    20072.509,291

    20082.2516,063

    20092.0024,265

    20101.7541,330

    20111.2571,218

    20121.00102,076

    20130.75139,637

    20140.50187,237

    20150.30245,337

    Green Companies

    CompanyMegaWatts

    Amazon417

    Microsoft257

    Google200

    Dow Chemical150

    3M120

    Swith SuperNAP117

    Walmart108

    Johnson & Johnson100

    Iron Mountain52

    Digital Realty45

    Cleantech

    PeriodInvestmentDeals

    20104.59320

    20114.69355

    20124.45331

    20132.27344

    20142.49311

    20152.06234

    20163.2333

    Renewable Energy Supply

    Short-Term Energy Outlook, December 2016, page 21

    U.S. Renewable Energy Supply (Quadrillion Btu)

    Energy Source2008200920102011201220132014201520162017

    Hydropower2.5112.6692.5393.1032.6292.5622.4672.3892.5902.504

    Wood biomass2.0591.9311.9812.0102.0102.1702.2302.0401.9632.004

    Liquid biofuels0.8710.9681.1411.2731.2171.2701.3441.3821.4531.470

    Wind power0.5460.7210.9231.1671.3391.6001.7261.8122.1032.244

    Other biomass0.4350.4520.4680.4620.4670.4960.5160.5140.5210.516

    Geothermal0.1920.2000.2080.2120.2120.2140.2140.2240.2290.230

    Solar0.0740.0780.0900.1110.1570.2250.3370.4500.5940.744

    Source: Short-Term Energy Outlook, December 2016.

    Note: Hydropower excludes pumped storage generation. Liquid biofuels include ethanol and biodiesel. Other biomass includes municipal waste from biogenic sources, landfill gas, and other non-wood waste.

    Forecast

    8.50

    8.51

    Note: Hydropower excludes pumped storage generation. Liquid biofuels include ethanol and biodiesel. Other biomass includes municipal waste from biogenic sources, landfill gas, and other non-wood waste.

    Renewable Energy Consumption

    U.S. Energy Information Administration

    November 2016 Monthly Energy Review

    https://www.eia.gov/totalenergy/data/annual/showtext.php?t=ptb1001

    Note: Information about data precision.

    (Trillion Btu)

    Release Date: November 22, 2016

    Next Update: December 22, 2016

    Table 10.1 Renewable Energy Production and Consumption by Source

    Hydroelectric Power Geothermal Energy Solar Energy Wind Energy Wood Energy Waste Energy Biofuels Total Biomass Energy Total Renewable Energy

    19903046.391170.74758.75429.0072216.166408.079110.8672735.1126040.011

    19913015.943177.62661.60830.7962214.082439.7151282781.7976067.77

    19922617.436178.69962.86429.8632313.471473.202145.0052931.6785820.54

    19932891.613185.67365.17230.9872259.774479.336169.0622908.1726081.617

    19942683.457173.46467.10735.562323.82515.323188.3913027.5345987.122

    19953205.307152.05768.2132.632369.869531.476199.7973101.1426559.346

    19963589.656163.35969.10833.442437.027576.99142.7893156.8067012.368

    19973640.458166.69868.13833.5812370.991550.602183.6273105.227014.094

    19983297.054168.4567.41730.8532184.161542.295201.0342927.496491.263

    19993267.575170.92166.02845.8942214.167540.156208.9672963.296513.709

    20002811.116164.36463.42757.0572261.715510.8235.7123008.2276104.191

    20012241.858164.46161.62269.6172005.834363.875252.6472622.3565159.914

    20022689.017171.16459.919105.3341995.284402.004303.3332700.6215726.055

    20032792.539173.44558.361113.2732002.037401.347403.0872806.4715944.089

    20042688.468178.14758.289141.6642121.252389.043497.7773008.0736074.64

    20052702.942180.70357.764178.0882136.697403.219574.0143113.936233.426

    20062869.035181.260.568263.7382099.319396.561766.263262.146636.681

    20072446.389185.77465.356340.5032088.775413.235982.8143484.8246522.846

    20082511.108192.43373.784545.5482058.985435.2631357.1443851.3927174.265

    20092668.824200.18577.614721.1291931.01451.6871553.3343936.037603.782

    20102538.541207.97990.34923.4271980.687467.9121821.1214269.728030.007

    20113102.852212.311110.6791167.6362010.246461.7931933.4134405.4528998.931

    20122628.702211.592156.6921340.0592010.266466.6041892.2524369.1228706.167

    20132562.382214.006224.5521601.3592169.543496.4362002.8734668.8529271.152

    20142466.577214.49337.3111727.5422229.612515.8772066.8334812.3229558.241

    20152388.612224.066449.8961815.7162040.33513.8422144.9784699.1499577.439

    New Investments by Country

    AECOM Energy Storage Study

    https://arena.gov.au/files/2015/07/AECOM-Energy-Storage-Study.pdf

    Chile3.4

    Mexico4

    South Africa4.5

    Brazil7.1

    Germany8.5

    India10.2

    United Kingdom22.2

    Japan36.2

    United States44.1

    China102.9

    Financing and Deals - Efficienc

    Energy Efficiency - i3

    Q1 2012Q2 2012Q3 2012Q4 2012Q1 2013Q2 2013Q3 2013Q4 2013Q1 2014Q2 2014Q3 2014Q4 2014Q1 2015Q2 2015Q3 2015Q4 2015Q1 2016Q2 2016Q3 2016Q4 2016

    Number of deals6668737575906287666361794544374256704445

    Funding293437617519311697341586483339685490704406366244366574369581

    292,818,250437,254,328616,603,843518,530,832310,541,727697,131,778340,759,216585,921,115482,767,902338,650,188684,938,871490,191,213704,095,092405,903,888366,032,206243,656,585365,513,551573,674,616369,074,218580,646,794

    Smart Grid

    YearAdvanced Smart Grid ProjectDistribution AutomationSmart Metering

    20080.10.60.7

    20090.20.81.2

    20100.813.1

    20110.41.23.6

    20120.41.33

    20130.61.41.2

    20140.41.50.6

    20150.31.60.6

    2016P0.21.70.8

    2017P0.21.91.2

    Meters

    YearResidentialCommercialIndustrialTransporationTotal

    AutomatedMeterReading(AMR)YearResidentialCommercialIndustrialYearAMRAMI

    200725785782232232944015109281522352007200728,1522,473

    20083642594335299857712213400330632008200840,0334,647

    200941462111423953110703311458086862009200945,8099,611

    2010439132254611877159315626486850432010201048,68520,335

    201141451888434110517269277459657622011201145,96637,290

    2012434554374691018185862125483308222012201248,33143,165

    20134249124246327441961321202473213202013201347,32153,341

    20144183078147811672164591252468296592014201446,83058,546

    20154232630250499782269081023476042112015201547,60464,744

    AdvancedMeteringInfrastructure(AMI)

    20072202222262159910622473489

    2008419024444400312757124647016

    2009871229787641922675109611401

    2010183699081904983595676720334525

    2011334535483682159154659737290373

    20123852463944613501791593543165183

    201347321995577006724851584553341422

    201451710725656361427068391658545938

    201557107785732434531088981364743832

    Standard(non-AMR/AMI)Meters

    2007

    2008

    2009

    2010

    2011

    2012

    201332059522510432224411413237408090

    2014329951765642247254621133138893375

    201532430105574483129035443238465722

    TotalNumberofMeters

    2007

    2008

    2009

    2010

    2011

    2012

    20131218727591550713368876121791380708321,500,000,000136,363,636.4

    2014126536682169870287417633499144268972

    2015131864192181191548281512268150813765ERROR:#NAME?

    Transmission and Distribution

    World Bank

    http://data.worldbank.org/indicator/EG.ELC.LOSS.ZS

    Data SourceWorld Development Indicators

    Last Updated Date12/21/16

    199019911992199319941995199619971998199920002001200220032004200520062007200820092010201120122013

    China6.99537075797.19424460437.24070709627.38431224276.42147277937.38674132917.12295415837.02868592686.77456102786.95145762616.90609303046.97490311797.06123186376.594225116.44311544546.81907728856.47716130136.27136121676.13983115956.03485712446.11880085575.74023334595.81005461075.8015039386

    India19.308104341219.244117573418.258739371418.016322797917.800840811318.732710192120.564023736520.715793838522.130774926525.681697418327.220689219428.241956845926.680010876326.740182257625.663349371625.165582346823.655567962122.768507084521.25537068820.953949735219.640071226119.394417683518.89775067718.4550222878

    United States9.26323204017.01704205067.26023414077.45105439456.97589394616.99063673466.9061393875.91693852766.00546089585.68816704095.69127036664.41420838796.19946011315.61264365926.41062853186.30520320646.22868572746.1759553965.66698572576.25890371965.99397614575.99839366716.29284501565.9558613759

    World8.50287846497.9938914188.0934884678.45170981868.39802205898.58922959918.72970954598.41635312448.66028244148.70927243158.87909827138.64253294919.00337572378.67786677758.8508812868.89480098828.68064112648.50137123148.39101959818.57945466838.25847880948.15559516528.23115752688.162783317

    Average Electricity Prices

    Major Components of the U.S. Average Price of Electricity, 2014

    https://www.eia.gov/Energyexplained/index.cfm?page=electricity_factors_affecting_prices

    Generation0.65

    Transmission0.09

    Distribution0.25

    Advanced Metering Inf.

    Data is in Advanced_Meters 2015 excel file

    http://www.eia.gov/electricity/data/eia861/index.html

    U.S. AMI Installations

    201243

    201353

    201459

    201565

    AMI Market Penetration

    20108.7%

    201125.8%

    201229.7%

    201337.6%

    Energy Consumption by Sector

    U.S. Energy Information Administration

    December 2016 Monthly Energy Review

    https://www.eia.gov/totalenergy/data/monthly/pdf/mer.pdf

    Note: Information about data precision.

    Page 40

    Release Date: December 22, 2016

    Next Update: January 27, 2017

    Table 2.1 Energy Consumption by Sector(Trillion Btu)(Trillion Btu)(Trillion Btu)(Trillion Btu)(Trillion Btu)

    Residential SectorCommercial SectorIndustrial SectorTransportation SectorPrimary Energy Consumption Total

    199016944.41913319.93931809.80522419.62484484.452

    199117419.32713499.96831399.3422117.98784437.216

    199217354.7713441.08332570.88422415.07385782.165

    199318216.51713819.79232627.87722711.7387365.426

    199418110.26114097.33133520.31323365.13389087.339

    199518516.65514689.91933969.7623851.12991030.611

    199619501.83515171.89934903.24224439.20894020.526

    199718962.25415681.20735199.39224751.33894600.335

    199818951.91715967.51234841.56425260.11495017.733

    199919553.5116376.26934762.83825949.48996648.388

    200020421.0417175.37134662.49726555.32998816.542

    200120037.5917136.77632719.22626282.15396169.665

    200220785.79117345.74832661.06726845.74997643.473

    200321119.31817346.10232553.07626900.17597917.499

    200421081.38517655.43633515.62227842.772100089.696

    200521612.64217853.39532441.50128280.349100187.712

    200620670.31517707.14332390.75528716.6599484.477

    200721518.98318252.86232385.23128858.342101014.734

    200821667.61218402.08431334.24227486.25398890.725

    200921077.34917887.23828465.926687.06694117.574

    201021794.51918058.29730525.63227059.07297444.39

    201121300.37517978.51630843.1326712.11696841.665

    201219857.92917421.79830914.82226219.25894415.976

    201321067.25817931.88431409.36926749.77897156.956

    201421419.32818259.02331647.03926986.43198317.365

    201520520.7117825.35231378.76127599.77797343.568

    Retail Electricity Prices

    U.S. Energy Information Administration

    December 2016 Monthly Energy Review

    https://www.eia.gov/totalenergy/data/monthly/pdf/sec9_11.pdf

    Note: Information about data precision.

    Release Date: December 22, 2016

    Next Update: January 27, 2017

    Table 9.8 Average Retail Prices of Electricity(Cents per Kilowatthour, Including Taxes)(Cents per Kilowatthour, Including Taxes)(Cents per Kilowatthour, Including Taxes)(Cents per Kilowatthour, Including Taxes)

    Residential SectorCommercial SectorIndustrial SectorTransportation Sector

    201011.5410.196.7710.56

    201111.7210.246.8210.46

    201211.8810.096.6710.21

    201312.1310.266.8910.55

    201412.5210.747.110.45

    201512.6510.646.9110.09

    Financing and Deals - Storage

    Energy Storage - i3

    Q1 2012Q2 2012Q3 2012Q4 2012Q1 2013Q2 2013Q3 2013Q4 2013Q1 2014Q2 2014Q3 2014Q4 2014Q1 2015Q2 2015Q3 2015Q4 2015Q1 2016Q2 2016Q3 2016Q4 2016

    Number of deals2123241618321816251515201918151520241710

    Funding10516215613913912792561252087210212731018711112816073146

    105,399,054162,119,502156,479,798138,817,246139,154,899126,807,36491,877,04256,323,889124,731,401208,018,00071,520,000101,664,885126,547,000310,336,590186,731,000111,122,545128,117,793159,940,44772,652,439145,848,289

    Annual562,815,600414,163,194505,934,286734,737,135506,558,968-0.3105575533

    4 year average544,841,837

    U.S. Annual Energy Storage

    U.S. Annual Energy Storage

    https://www.greentechmedia.com/research/subscription/u.s.-energy-storage-monitor

    ResidentialNon-ResidentialUtility

    2012008383

    2013004646

    20140106373

    20151020196226

    20161530215260

    20173080368478

    201880140435655

    2019200180584964

    20203502518501451

    202160040010452045

    ResidentialNon-ResidentialUtility

    2012010250260

    2013020130150

    2014040170210

    20155080300430

    201688160280528

    2017100180350630

    2018140220400760

    20193004507501500

    202060050010002100

    2021100060012552855

    VCProjected FinancingDeal Count

    2011502029

    2012183024

    2013161532

    201455117239

    2015416035

    201664516738

    Energy Storage Meter

    YearFront of the MeterBehind the MeterTotal

    Q3 201313.50.113.6

    Q3 201446.61.748.3

    Q3 201526.328.855.1

    Q3 20163.727.731.4

    Corporate Investments in Energy Sto

    YearVCProject FinanceDeal Count

    2010212022

    2011502029

    2012183024

    2013161532

    201480117239

    2015416035

    Q1-Q3 1616764538

    Energy Storage

    AECOM Energy Storage Study

    https://arena.gov.au/files/2015/07/AECOM-Energy-Storage-Study.pdf

    Page 32

    201420172020

    Flow batteries680550350

    Advanced lead-acid600550500

    Litium-ion550300200

    Sodium sulphur535535500

    Sodium metal halide488465400

    Page 33

    Project Count

    United States155

    China 57

    Japan29

    South Korea27

    Germany18

    United Kingdom15

    Italy 11

    Australia7

    Page 29

    xy

    Lead acid batteries1.753.25

    Flow batteries (VRB)31

    Lithium ion batteries0.755.250.75

    NaS batteries2.50.5

    PHS13

    CAES0.98.1

    CSP (storage)2.32.8

    Financing and Deals - Water

    Water and Wastewater - i3

    Q1 2012Q2 2012Q3 2012Q4 2012Q1 2013Q2 2013Q3 2013Q4 2013Q1 2014Q2 2014Q3 2014Q4 2014Q1 2015Q2 2015Q3 2015Q4 2015Q1 2016Q2 2016Q3 2016Q4 2016

    Number of deals41371227433631262628181618138101016106

    Funding260131444195262104828716997485162204721772351

    259,831,179130,689,42244,189,99540,886,93994,945,166261,669,940103,718,78582,268,92087,426,027169,108,03397,419,01948,155,00051,105,32062,307,00020,412,00046,689,94621,262,21077,156,25423,187,00051,499,644

    Global h2o demand

    Global Water Demand to 2050 (water use km3 )

    YearAgricultureDomesticElectricityManufacturing

    2000300020080050

    2001292520581575

    20022920210830100

    20032915215845125

    20042910220860150

    20052905225875175

    20062900230890200

    20072895235905225

    20082890240920250

    20092885245935275

    20102880250950300

    20112875255965325

    20122870260980350

    20132865265995375

    201428602701010400

    201528552751025425

    201628502801040450

    201728452851055475

    201828402901070500

    201928352951085525

    202028303001100550

    202128253051115575

    202228203101130625

    202328153151145675

    202428103201160725

    202528053251175775

    202628003301190825

    202727953351205875

    202827903401220925

    202927853451235975

    2030278035012501025

    2031277535512651075

    2032277036012801125

    2033276536512951175

    2034276037013101225

    2035275537513251275

    2036275038013401325

    2037274538513551375

    2038274039013701425

    2039273539513851475

    2040273040014001525

    2041272540514151575

    2042272041014301625

    2043271541514451675

    2044271042014601725

    2045270542514751775

    2046270043014901825

    2047269543515051875

    2048269044015201925

    2049268544515351975

    2050268045015502025

    World h20 demand

    CountryMunicipal & DomesticIndustryMunicipal and AgricultureTotalChange from 2005 (Percent)

    China1763005453061

    India338894046758

    Sub-Saharan Africa3202892440283

    Rest of Asia2431178044054

    North America1811242132643

    Europe721001218450

    South America59682315095

    MENA856910047

    Oceania217028109

    h20 mgmt solutions

    Country20102016

    China10,88719,308

    United States6,56810,741

    France1,3871,608

    Germany1,2731,121

    South Africa1,041882

    Brazil5971,334

    India4151,385

    Egypt440829

    Dirp Irrigation Market

    YearMarket Share

    20131,500

    20141,750

    20152,000

    20162,250

    20172,500

    20182,750

    20193,000

    20203,250

    US Household water use statisics - daily US average vs. efficient water use average

    UseDaily avg. Gallons% Daily UseDaily Efficient Gallons% daily use% Improvement

    Showers11.616.7%8.823.0%24.1%

    Clothes Washing1521.6%1026.2%33.3%

    Dishwashers1.11.6%1.12.9%0.0%

    Toilets18.526.7%0.71.8%96.2%

    Baths1.21.7%1.23.1%0.0%

    Leaks9.513.7%410.5%57.9%

    Faucets10.915.7%10.828.3%0.9%

    Other Domestic1.62.3%1.64.2%0.0%

    Total69.438.2

    wastewater treatment

    Top ten desalination markets by expected contracted capcity2007-20112012-2016

    Saudi Arabia3.83.6

    China31.5

    UAE3.12.6

    USA2.61.6

    Libya2.20.2

    Israel2.21.2

    Kuwait20.5

    Algeria1.71.5

    India1.21.2

    Australia1.91.1

    Jordan10.2

    Treated Wastewater Discahrged and Reused (North America)

    YearDischarged Reused

    20150.750.25

    YearDischarged Reused

    20120.870.13

    Water Supply and investment in water treatment per inhabitant, 2010

    CountryWater Treatment (USD Millions)Water Supply (m3 /yr/inhab)

    USA3603198

    China286938

    France70793

    South Africa46978

    Germany40362

    Brazil37873

    India11322

    Egypt43101

    Hungary2987

    Water Equipment

    Global Water equipment Capex by 2018 forecast

    CapexAmount

    Pipes$132

    Pumps$71

    Automation & Control$63

    Valves/fitting$56

    Aeration$33

    Agitation/Mixing / Setting$28

    Screening grit removal$19

    Disinfection$18

    Non-membrane filtration$17

    Meters$17

    Testing$15

    Chemical Feed Systems$14

    Sludge$32

    Membrane Elements$11

    Thermal process$1

    Ion exchange / EDI $3

    Other equipment$125

    655

    h2o supply

    Number of Connected Devices

    Number of Connected Devices Worldwide 2012-2020

    Devices

    20128.7

    201311.2

    201414.4

    201518.2

    201622.9

    201728.4

    201834.8

    201942.1

    202050.1

    U.S. IoT Penetration

    Percentage

    PC / Mac97%

    Smartphone91%

    Tablet71%

    Streaming Device39%

    Gaming Console32%

    Handheld Device18%

    Smart TV16%

    DVR15%

    Blu-ray Player8%

    Number of Developers

    Developers

    20140.3

    20150.8

    20161.5

    20172.2

    20182.8

    20193.5

    20204.5

    M&A Indust. Tech

    Industrial Technology

    Source: William Blair and Company June 2016 Industrial Tech Update

    YearAvg. Deal ValueNumber of DealsAprox. Deal Value

    2005$19138$7,258

    2006$51736$18,612

    2007$29846$13,708

    2008$21955$12,045

    2009$12742$5,334

    2010$43434$14,756

    2011$32644$14,344

    2012$62235$21,770

    2013$56343$24,209

    2014$28566$18,810

    2015$1,06286$91,332

    industrial tech

    Expert Systems

    Year

    2013

    2014

    2019

    2024

    Embedded Systems

    YearEmbedded SystemsExpert Systems

    2013$450$3,050

    2014$585$3,508

    2019$2,175$7,055

    2024$8,075$12,433

    U.S.

    Robots 2015 to 2020

    Country201520162017201820192020

    Germany700110030005000900015000

    United States100013006000110001600028000

    China800250012000200003000049000

    Japan70020006000100001600027000

    South Korea7002200200060001000016000

    Other Countries400100030006000900015000

    Co-Robots Research Market Demand Projections

    CountryCurrent Maunfacuting Workforce (mm)Robot Penetration by 2020Robot Penetration by 2025

    Germany7.81.0%4.0%

    United States12.21.0%5.0%

    China530.3%2.0%

    Japan10.40.3%5.0%

    South Korea4.110.0%7.0%

    Estimated Wordwide Annual Supply of Industrial Robots

    Year#

    2005120

    2006112

    2007114

    2008113

    200960

    2010121

    2011166

    2012159

    2013178

    2014229

    20152407.2%

    Industrial MEMs Sensors

    2014$1,121

    2015$1,262

    2016$1,415

    2017$1,536

    2018$1,792

    2019$1,885

    2020$2,106

    Sensor End Markets

    Industrial37%

    Automtive & Transportation21%

    Consumer19%

    Medical12%

    Aerospace, Defense & Marine5%

    Other6%

    Capital Intensity of Pressure Sensor manufacturing

    Economy0.14

    Technology0.14

    Pressure Sensor Manufacturing0.08

    6000

    Extra Graphs --->

    Total Industrial Production

    EIA Short-Term Energy Outlook, December 2016, page 22

    Industrial

    ProductionAnnual

    MonthIndexChange

    Jan 2012993.1%

    Feb 20121003.8%

    Mar 2012992.2%

    Apr 20121003.5%

    May 20121003.5%

    Jun 20121003.3%

    Jul 20121003.1%

    Aug 20121002.1%

    Sep 20121002.3%

    Oct 20121001.8%

    Nov 20121012.5%

    Dec 20121012.4%

    Jan 20131011.6%

    Feb 20131011.8%

    Mar 20131022.7%

    Apr 20131021.7%

    May 20131021.6%

    Jun 20131021.8%

    Jul 20131010.9%

    Aug 20131022.2%

    Sep 20131022.5%

    Oct 20131022.2%

    Nov 20131032.0%

    Dec 20131031.9%

    Jan 20141021.5%

    Feb 20141031.8%

    Mar 20141042.4%

    Apr 20141042.6%

    May 20141053.0%

    Jun 20141053.2%

    Jul 20141053.9%

    Aug 20141053.1%

    Sep 20141063.0%

    Oct 20141063.1%

    Nov 20141073.8%

    Dec 20141073.5%

    Jan 20151063.4%

    Feb 20151062.5%

    Mar 20151061.4%

    Apr 20151051.0%

    May 20151050.4%

    Jun 2015105-0.2%

    Jul 20151050.3%

    Aug 20151060.4%

    Sep 2015105-0.3%

    Oct 2015105-0.5%

    Nov 2015104-2.1%

    Dec 2015104-2.3%

    Jan 2016105-1.4%

    Feb 2016104-1.4%

    Mar 2016103-2.0%

    Apr 2016104-1.4%

    May 2016104-1.3%

    Jun 2016104-0.6%

    Jul 2016105-0.7%

    Aug 2016104-1.3%

    Sep 2016104-1.0%

    Oct 2016104-1.1%

    Nov 2016104-0.5%

    Dec 2016104-0.1%

    Jan 2017104-0.6%

    Feb 2017104-0.4%

    Mar 20171040.7%

    Apr 20171040.4%

    May 20171050.8%

    Jun 20171050.5%

    Jul 20171050.5%

    Aug 20171051.3%

    Sep 20171061.5%

    Oct 20171062.0%

    Nov 20171062.3%

    Dec 20171072.6%

    Source: Short-Term Energy Outlook, December 2016.

    Forecast

    59.5-0.2

    59.50.6

    CO2 Emissions

    Short-Term Energy Outlook, December 2016, page 22

    Annual CO2 Emissions (Million metric tons)Annual Growth

    Energy Source201320142015201620172014201520162017

    All fossil fuels5,3495,3955,2535,1855,2310.9%-2.6%-1.3%0.9%

    Coal1,7181,7131,4831,3821,406-0.2%-13.5%-6.8%1.7%

    Petroleum2,2312,2522,2952,3152,3241.0%1.9%0.9%0.4%

    Natural gas1,4001,4301,4761,4891,5012.1%3.2%0.9%0.8%

    Source: Short-Term Energy Outlook, December 2016.

    Forecast

    2.50

    2.51

    Energy Expenditures

    Short-Term Energy Outlook, December 2016, page 22

    Energy

    Expenditures

    as % of GDP

    19917.6%

    19927.3%

    19937.2%

    19946.9%

    19956.7%

    19966.9%

    19976.6%

    19985.8%

    19995.8%

    20006.7%

    20016.6%

    20026.0%

    20036.6%

    20047.1%

    20058.0%

    20068.4%

    20078.5%

    20089.6%

    20097.4%

    20108.1%

    20119.0%

    20128.4%

    20138.3%

    20148.0%

    20156.1%

    20165.4%

    20175.7%

    Source: Short-Term Energy Outlook, December 2016.

    Forecast

    25.50

    25.51

    Electricity Generation by Fuel

    Short-Term Energy Outlook, December 2016, page 21

    Electricity Generation, All Sectors (thousand megawatthours per day)Share of Total Generation

    NaturalHydroNonhydroOtherTotalNaturalHydroNonhydro

    YearCoalGasPetroleumNuclearPowerRenewablesSourcesGenerationCoalGasPetroleumNuclearPowerRenewablesOther

    20085,4262,4131262,2036793456411,255200848.2%21.4%1.1%19.6%6.0%3.1%0.6%

    20094,8112,5231072,1897363956210,823200944.4%23.3%1.0%20.2%6.8%3.7%0.6%

    20105,0612,7061022,2116984586611,302201044.8%23.9%0.9%19.6%6.2%4.1%0.6%

    20114,7492,777832,1658575317011,233201142.3%24.7%0.7%19.3%7.6%4.7%0.6%

    20124,1373,349632,1027415977011,059201237.4%30.3%0.6%19.0%6.7%5.4%0.6%

    20134,3323,082742,1627236957211,140201338.9%27.7%0.7%19.4%6.5%6.2%0.7%

    20144,3333,087832,1846947657011,215201438.6%27.5%0.7%19.5%6.2%6.8%0.6%

    20153,7053,653772,1846688097411,172201533.2%32.7%0.7%19.6%6.0%7.2%0.7%

    20163,4053,815662,1807249257411,189201630.4%34.1%0.6%19.5%6.5%8.3%0.7%

    20173,5323,691722,1727071,0147511,263201731.4%32.8%0.6%19.3%6.3%9.0%0.7%

    Source: Short-Term Energy Outlook, December 2016.

    Note: Labels show percentage share of total generation provided by coal and natural gas.

    Forecast

    8.50

    8.51

    Note: Labels show percentage share of total generation provided by coal and natural gas

    U.S Electricity Price

    Short-Term Energy Outlook, December 2016, page 21

    Residential PriceAnnual

    (Cents/kWh)AverageAnnual

    MonthHistoryForecastYearPriceGrowth

    Jan 20058.50ERROR:#N/A20048.95

    Feb 20058.74ERROR:#N/A20059.435.4%

    Mar 20058.86ERROR:#N/A200610.4010.3%

    Apr 20059.21ERROR:#N/A200710.652.4%

    May 20059.55ERROR:#N/A200811.265.7%

    Jun 20059.77ERROR:#N/A200911.512.2%

    Jul 20059.75ERROR:#N/A201011.540.2%

    Aug 20059.91ERROR:#N/A201111.721.6%

    Sep 20059.91ERROR:#N/A201211.881.4%

    Oct 20059.73ERROR:#N/A201312.132.1%

    Nov 20059.74ERROR:#N/A201412.523.2%

    Dec 20059.25ERROR:#N/A201512.651.1%

    Jan 20069.55ERROR:#N/A201612.53-1.0%

    Feb 20069.80ERROR:#N/A201712.872.7%

    Mar 20069.87ERROR:#N/A

    Apr 200610.32ERROR:#N/A

    May 200610.61ERROR:#N/A

    Jun 200610.85ERROR:#N/A

    Jul 200610.96ERROR:#N/A

    Aug 200610.94ERROR:#N/A

    Sep 200610.94ERROR:#N/A

    Oct 200610.58ERROR:#N/A

    Nov 200610.18ERROR:#N/A

    Dec 20069.84ERROR:#N/A

    Jan 200710.06ERROR:#N/A

    Feb 20079.89ERROR:#N/A

    Mar 200710.27ERROR:#N/A

    Apr 200710.63ERROR:#N/A

    May 200710.77ERROR:#N/A

    Jun 200711.09ERROR:#N/A

    Jul 200711.07ERROR:#N/A

    Aug 200711.07ERROR:#N/A

    Sep 200710.96ERROR:#N/A

    Oct 200710.82ERROR:#N/A

    Nov 200710.70ERROR:#N/A

    Dec 200710.33ERROR:#N/A

    Jan 200810.14ERROR:#N/A

    Feb 200810.16ERROR:#N/A

    Mar 200810.45ERROR:#N/A

    Apr 200810.93ERROR:#N/A

    May 200811.40ERROR:#N/A

    Jun 200811.77ERROR:#N/A

    Jul 200812.07ERROR:#N/A

    Aug 200812.09ERROR:#N/A

    Sep 200811.92ERROR:#N/A

    Oct 200811.81ERROR:#N/A

    Nov 200811.42ERROR:#N/A

    Dec 200810.86ERROR:#N/A

    Jan 200910.98ERROR:#N/A

    Feb 200911.18ERROR:#N/A

    Mar 200911.28ERROR:#N/A

    Apr 200911.50ERROR:#N/A

    May 200911.78ERROR:#N/A

    Jun 200911.81ERROR:#N/A

    Jul 200911.85ERROR:#N/A

    Aug 200911.94ERROR:#N/A

    Sep 200911.96ERROR:#N/A

    Oct 200911.65ERROR:#N/A

    Nov 200911.26ERROR:#N/A

    Dec 200910.90ERROR:#N/A

    Jan 201010.49ERROR:#N/A

    Feb 201010.89ERROR:#N/A

    Mar 201011.11ERROR:#N/A

    Apr 201011.71ERROR:#N/A

    May 201011.91ERROR:#N/A

    Jun 201011.91ERROR:#N/A

    Jul 201012.04ERROR:#N/A

    Aug 201012.03ERROR:#N/A

    Sep 201011.95ERROR:#N/A

    Oct 201011.86ERROR:#N/A

    Nov 201011.62ERROR:#N/A

    Dec 201011.06ERROR:#N/A

    Jan 201110.87ERROR:#N/A

    Feb 201111.06ERROR:#N/A

    Mar 201111.52ERROR:#N/A

    Apr 201111.67ERROR:#N/A

    May 201111.93ERROR:#N/A

    Jun 201111.97ERROR:#N/A

    Jul 201112.09ERROR:#N/A

    Aug 201112.09ERROR:#N/A

    Sep 201112.17ERROR:#N/A

    Oct 201112.08ERROR:#N/A

    Nov 201111.78ERROR:#N/A

    Dec 201111.40ERROR:#N/A

    Jan 201211.41ERROR:#N/A

    Feb 201211.51ERROR:#N/A

    Mar 201211.70ERROR:#N/A

    Apr 201211.92ERROR:#N/A

    May 201211.90ERROR:#N/A

    Jun 201212.09ERROR:#N/A

    Jul 201212.00ERROR:#N/A

    Aug 201212.17ERROR:#N/A

    Sep 201212.30ERROR:#N/A

    Oct 201212.03ERROR:#N/A

    Nov 201211.75ERROR:#N/A

    Dec 201211.62ERROR:#N/A

    Jan 201311.46ERROR:#N/A

    Feb 201311.63ERROR:#N/A

    Mar 201311.61ERROR:#N/A

    Apr 201311.93ERROR:#N/A

    May 201312.40ERROR:#N/A

    Jun 201312.54ERROR:#N/A

    Jul 201312.65ERROR:#N/A

    Aug 201312.53ERROR:#N/A

    Sep 201312.51ERROR:#N/A

    Oct 201312.36ERROR:#N/A

    Nov 201312.10ERROR:#N/A

    Dec 201311.72ERROR:#N/A

    Jan 201411.65ERROR:#N/A

    Feb 201411.94ERROR:#N/A

    Mar 201412.25ERROR:#N/A

    Apr 201412.31ERROR:#N/A

    May 201412.85ERROR:#N/A

    Jun 201412.99ERROR:#N/A

    Jul 201413.09ERROR:#N/A

    Aug 201413.04ERROR:#N/A

    Sep 201412.95ERROR:#N/A

    Oct 201412.60ERROR:#N/A

    Nov 201412.48ERROR:#N/A

    Dec 201412.17ERROR:#N/A

    Jan 201512.10ERROR:#N/A

    Feb 201512.29ERROR:#N/A

    Mar 201512.33ERROR:#N/A

    Apr 201512.62ERROR:#N/A

    May 201512.93ERROR:#N/A

    Jun 201512.92ERROR:#N/A

    Jul 201512.94ERROR:#N/A

    Aug 201512.91ERROR:#N/A

    Sep 201513.03ERROR:#N/A

    Oct 201512.72ERROR:#N/A

    Nov 201512.71ERROR:#N/A

    Dec 201512.32ERROR:#N/A

    Jan 201611.98ERROR:#N/A

    Feb 201612.14ERROR:#N/A

    Mar 201612.57ERROR:#N/A

    Apr 201612.43ERROR:#N/A

    May 201612.79ERROR:#N/A

    Jun 201612.72ERROR:#N/A

    Jul 201612.68ERROR:#N/A

    Aug 201612.90ERROR:#N/A

    Sep 201612.87ERROR:#N/A

    Oct 201612.62ERROR:#N/A

    Nov 201612.5312.53

    Dec 2016ERROR:#N/A12.03

    Jan 2017ERROR:#N/A12.04

    Feb 2017ERROR:#N/A12.35

    Mar 2017ERROR:#N/A12.68

    Apr 2017ERROR:#N/A12.63

    May 2017ERROR:#N/A13.03

    Jun 2017ERROR:#N/A13.07

    Jul 2017ERROR:#N/A13.14

    Aug 2017ERROR:#N/A13.39

    Sep 2017ERROR:#N/A13.45

    Oct 2017ERROR:#N/A13.15

    Nov 2017ERROR:#N/A12.98

    Dec 2017ERROR:#N/A12.48

    Source: Short-Term Energy Outlook, December 2016.

    Forecast

    U.S Electricity Consumption

    Short-Term Energy Outlook, December 2016, page 20

    Consumption (million kilowatthours per day)Consumption Growth (million kWh per day)

    201320142015201620172014201520162017

    Residential sales3,8213,8553,8473,8483,85334.0-8.51.45.1

    Industrial sales2,7002,7332,7032,5982,66133.5-30.3-104.462.3

    Commercial and transportation3,6843,7263,7493,7463,74841.723.2-2.61.9

    Direct use of electricity393380384389393-13.44.15.14.3

    Total consumption10,59810,69410,68210,58210,65695.7-11.5-100.573.6

    Source: Short-Term Energy Outlook, December 2016.

    Total Consumption (million kWh/day)

    HistoryForecast

    Jan 201411,396ERROR:#N/A

    Feb 201411,415ERROR:#N/A

    Mar 201410,123ERROR:#N/A

    Apr 20149,556ERROR:#N/A

    May 20149,762ERROR:#N/A

    Jun 201411,139ERROR:#N/A

    Jul 201411,738ERROR:#N/A

    Aug 201411,752ERROR:#N/A

    Sep 201411,284ERROR:#N/A

    Oct 20149,932ERROR:#N/A

    Nov 20149,890ERROR:#N/A

    Dec 201410,381ERROR:#N/A

    Jan 201511,144ERROR:#N/A

    Feb 201511,324ERROR:#N/A

    Mar 201510,195ERROR:#N/A

    Apr 20159,524ERROR:#N/A

    May 20159,641ERROR:#N/A

    Jun 201511,262ERROR:#N/A

    Jul 201512,111ERROR:#N/A

    Aug 201512,074ERROR:#N/A

    Sep 201511,486ERROR:#N/A

    Oct 20159,909ERROR:#N/A

    Nov 20159,572ERROR:#N/A

    Dec 20159,980ERROR:#N/A

    Jan 201610,623ERROR:#N/A

    Feb 201610,502ERROR:#N/A

    Mar 20169,470ERROR:#N/A

    Apr 20169,238ERROR:#N/A

    May 20169,429ERROR:#N/A

    Jun 201611,240ERROR:#N/A

    Jul 201612,247ERROR:#N/A

    Aug 201612,533ERROR:#N/A

    Sep 201611,466ERROR:#N/A

    Oct 201610,112ERROR:#N/A

    Nov 20169,6289,628

    Dec 2016ERROR:#N/A10,465

    Jan 2017ERROR:#N/A10,954

    Feb 2017ERROR:#N/A10,684

    Mar 2017ERROR:#N/A9,741

    Apr 2017ERROR:#N/A9,415

    May 2017ERROR:#N/A9,641

    Jun 2017ERROR:#N/A11,289

    Jul 2017ERROR:#N/A12,100

    Aug 2017ERROR:#N/A12,323

    Sep 2017ERROR:#N/A11,262

    Oct 2017ERROR:#N/A10,086

    Nov 2017ERROR:#N/A9,788

    Dec 2017ERROR:#N/A10,558

    Global Electricity Consumption

    World Bank Global Electricity Consumption Data, IEA Statistics

    http://data.worldbank.org/indicator/EG.USE.ELEC.KH.PC

    Data Source

    Last Updated Date

    196019611962196319641965196619671968196919701971197219731974197519761977197819791980198119821983198419851986198719881989199019911992199319941995199619971998199920002001200220032004200520062007200820092010201120122013

    China151.9893473466163.9119288192175.9337369889174.2333536958199.0397154066204.0303647314220.6570530656246.5557722778267.3742653547281.6246872564285.8177756984299.1979219337317.0202577909336.4116413088362.8120718526391.3516249684426.5544931667461.797518223487.3731730211510.6198549135548.9537531066604.6936830991662.6370455857727.1073596597770.2802411908821.0808591023852.7406865435870.6172223184913.9634479758993.4304574921077.13802728311195.53811308971380.29105867741586.86650078121783.86770165372041.96503485842330.259468772457.54177502822632.66304102882943.58995443693298.0039133123474.9836195443762.0769423448

    India97.9905941666100.5276586177100.8556904265104.2248132465114.8167636355124.40606498126.5479235278136.2367265578136.0678597073142.0579094772152.2672037563158.5190351439166.1428652612183.8218471087194.0977967223208.5924097473220.8809086865240.7513610754257.8230058873272.8997419367291.8029859138305.3875353394321.5660742028342.3165271643359.9000978048360.946036487376.6451221404387.0335250822393.2069476514394.8025370882394.953507231411.8229523205431.7079879575452.8961732893469.3687484816510.7030140881543.356622439562.9352825149601.5505834527643.8797543141698.4302264926724.4907458441765.0034086704

    Russian Federation6673.17859358566541.171008726107.47936969115724.09103151095190.72915543095101.55549297875016.44701207634935.6217068194848.03037287864998.83870049885198.4167677285274.37772117785304.4317233715478.1441300055633.85574608895770.11233595266098.53812310386286.05053623866399.6844664536095.38057484926409.89521772676485.76084470896617.13624077976539.2112021699

    United States4049.7866