文档介绍：Athens, February 2006
The European market place for wind park projects
Christian Grütte
The European mark project market
100%
80%
60%
40%
20%
0%
20%
40%
60%
80%
100%
Captive wind park development channel investments – independent project market limited
Source: EWEA, AEE, BWEA, BWE, Suivi Eolien, Leonardo Venablers Analysis & Estimates
Under development
All Licenses
Turn-key
Under operation
Steady Yield
Return maximisation
Tax incentives
Strategic Asset
Corporate investors assume wind park investments as strategic assets, therefore they will consider all entry points, including portfolio and corporate deals
Retail Investors
Financial Investors
Corporate Investors
Investment Driver
Entry Point
As third party investors gain market experience they will seek co-development in order to reach projects and realize returns
Financial investors are divided between IPP-type reaching for return maximisation and pension fund type with steady yield orientation
Retail investors in Germany had been primarily attracted by tax incentives, however green investor profile increasingly present
200-400
200-300
150-200
100-150
Developement margin in ‘000 €/MW
700
650
600
650
German turn-key prices in €/MWh
Development prices driven by national peculiarities and new investors rushing into the markets
Source: Leonardo Venablers Analysis & Estimates
United Kingdom
Higher average wind speeds drive prices
Utility advantage within ROC trading
Italy
High certificates prices and low wind
Corporate investors rather passive
France
Utility and financial investor rush
Expensive grid connection
Spain
Wholesale market favour utilities with higher margin potential over fixed tariff scheme
Combined pipeline and asset deals traded between - mln €/MW
Germany
Diminishing tax incentives lead closed-end fund model dying out
Anglo-Saxon and private Danish investors revitalise market
Low wind sites and years together with decreasing tari