Alternative Energy

i n v e s t m e n tresearch

Published by Edison Investment Research

March 2009

Alternative Energy How to play a complex sector

AFC Energy

Ceres Power

Clipper Windpower

CMR Fuel Cells*

D1 Oils

Energem Resources*

FibreGen (Libra Natural Resources)

Gas Turbine Effi ciency

GEM BioFuels

GTL Resources

Hansen Transmissions

Idatech

Jetion Holdings

Kedco*

Landkom International

MP Evans Group

New Britain Palm Oil

Novera Energy

Nviro Cleantech

Oxford Catalysts Group*

Ocean Power Technologies

Protonex Technology Corporation*

ReneSola

Renewable Energy Holdings

Renewable Energy Generation

Solar Integrated Technologies

TMO Renewables

Zenergy Power

COMPANIES MET IN COMPILING THIS REPORT

Companies denoted with * are a research client of Edison Investment Research Limited.

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q~ÄäÉ=çÑ=ÅçåíÉåíë=INVESTMENT SUMMARY: HOW TO PLAY A COMPLEX SECTOR .................................................................. 3 1 GREENHOUSE GAS EMISSIONS: BAD AND GETTING WORSE .................................................................. 8 2 UK REGULATORY REGIME ACTS AS ‘ROBIN HOOD’ ........................................................................... 10 3 UK ALTERNATIVE ENERGY DOES NOT MAKE FINANCIAL SENSE WITHOUT SUPPORT .................................. 16 4 BIG GAINS TO BE MADE BY MAKING THE TECHNOLOGY CHEAPER ......................................................... 19 ALTERNATIVE ENERGY TECHNOLOGIES .............................................................................................. 21 5 WIND ..................................................................................................................................... 22 5.1 Industry analysis ........................................................................................................... 24 5.2 Planning ........................................................................................................................ 27 5.3 Offshore Wind ............................................................................................................... 28 5.4 Onshore Wind ............................................................................................................... 31

6 SOLAR .................................................................................................................................... 34 6.1 Solar photovoltaic ......................................................................................................... 34 6.2 Solar thermal ................................................................................................................ 36

7 BIO‐ENERGY ............................................................................................................................ 39 7.1 Industry analysis ........................................................................................................... 41 7.2 Other sources of biomass .............................................................................................. 45 7.3 Other conversion technologies ...................................................................................... 46

8 HYDRO ................................................................................................................................... 47 8.1 Industry analysis ........................................................................................................... 49

9 MARINE .................................................................................................................................. 52 9.1 Wave Energy ................................................................................................................. 53 9.2 Tidal energy .................................................................................................................. 56

10 GEOTHERMAL ........................................................................................................................ 59 10.1 Industry analysis ......................................................................................................... 60

COMPANY PROFILES ..................................................................................................................... 63 Wind: Clipper Windpower ................................................................................................... 64 Wind: Hansen Transmissions .............................................................................................. 66 Wind: Novera Energy .......................................................................................................... 68 Solar: Renesola Ltd .............................................................................................................. 70 Waste to Energy: Kedco ...................................................................................................... 72 Marine: Ocean Power Technologies ................................................................................... 74 Efficiency: Zenergy Power ................................................................................................... 76

OTHER COMPANIES MET IN COMPILING THIS REPORT .......................................................................... 78

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