文档介绍：Energy in 2021: Transition
17 December 2020 Equity Researchú Global
Energy Analysts Thomas Adolff
+44 207 888 9114
Thomas.******@credit-
David Farrell
+44 207 888 1515
David.******@credit-
Horace Tse
+852 2101 7379
Horace.******@credit-
Saul Kavonic
+61 2 8205 4253
Saul.******@credit-
Andrew Kuske
+1 416 352 4561
Andrew.******@credit-
Regis Cardoso
+55 11 3701 6297
Regis.******@credit-
William Janela
+1 212 325 2646
William.******@credit-
Manav Gupta
+1 212 325 6617
Manav.******@credit-
Spiro Dounis
+1 212 325 3463
Spiro.******@credit-
Jacob Lundberg
+1 212 325 6785
Jacob.******@credit-
Utilities Analysts Stefano Bezzato
+44 207 883 8062
Stefan.******@credit-
Arjun Saini
+44 207 888 1553
Arjun.******@credit-
Michael Weinstein
+1 212 325 0897
W.******@credit-
Maheep Mandloi
+1 212 325 2345
Maheep.******@credit-
DISCLOSURE APPENDIX AT THE BACK OF THIS REPORT CONTAINS IMPORTANT DISCLOSURES, ANALYST CERTIFICATIONS, LEGAL ENTITY DISCLOSURE AND
THE STATUS OF NON-US ANALYSTS. US Disclosure: Credit Suisse does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.
Key Energy Themes for 2021 5
Green Policy 18
Electricity Value Chain 25
Global Oil Macro 30
Global Refining Macro 38
Global Gas Macro 42
Energy in HOLT 49
European Energy 67
North American Energy 90
Canadian Infrastructure & Utilities 124
Asian Oil & Gas (including Australia) 139
Latin America Oil & Gas 150
Russian and Saudi Oil & Gas 159
Price-sensitive data priced as at 14th December, u