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Transcript of Opportunities in the us cleantech market
Europæiske energiselskaber
25 May 2010
Welcome to "After Work Meeting":
The US Cleantech Market- Emerging Trends and Opportunities for
Danish Companies
May 25th, 2010
Europæiske energiselskaber
25 May 2010
Welcome
Nicolai Sederberg Rottbøll
Head of Secretariat
Copenhagen Cleantech Cluster
OPPORTUNITIES IN THE US
CLEANTECH MARKET25 MAY 2010
26.05.2010 CPHCLEANTECH.COM
T: +45 3322 0222
Europæiske energiselskaber
25 May 2010
Opportunity Spotting for Danish Companies
in the American CleantechMarket
Giles Jackson, PhD., Associate Professor, Byrd School of Business
Giles Jackson
“Summing up, it is clear the
future holds great opportunities.
It also holds pitfalls. The trick
will be to avoid the pitfalls, seize
the opportunities -- and get back
home by six o'clock”
Woody Allen
“WORK IN PROGRESS”
Climate Mitigation Initiative. http://cmi.princeton.edu/wedges/
2010 McKinsey
Study: 100%
renewables is
feasible by 2050.
Q: How do we grow a slither into a wedge?A: “New Industrial Revolution” (Dr. Steven Chu)
2010 EIA study: US energy supply = 48.3% coal, 20.5% natural gas, 1.2% petrol fired plants, 20.1 nuclear, 6.1% hydro, 3.7% renewables. Av. price 9.35c/kWh.
Utility industry spent 0.17% of sales on R&D 2003-2006. DOE R&D down from $6 billion 1978 to $1.8 billion 2004.
2009 Federal budget allocated just 8.2% of $147 billion R&D budget to all energy, general science, natural resources, environmental research and green buildings.
The bad news: Fossil fuel companies outspent renewables companies by 7-to-1 in lobbying services, Q1 2010 (Center for Responsive Politics).
The good news: States are forging ahead regardless. Green stimulus funds (US will spend 18% of $248 billion 2010).
Goal: reduce global warming pollution to 95.25 % of 2005
levels by 2013, 83 % of 2005 levels by 2020, 58 percent of
2005 levels by 2030, and 17 % of 2005 levels by 2050.
APA is ―crucial to the success of American entrepreneurship‖
- John Doerr, venture capitalist
INTRODUCED MAY 11
CLEANTECHNUCLEAR ENERGY $50bn in loan
guarantees, but storage issue unresolved. Rash of lawsuits filed by states.
OFFSHORE OIL/GAS States can veto drilling
up to 75 miles from shore.
COAL (CARBON CAPTURE) 80% projected increase
in cost of energy. Duke Energy’s 612MW plant (ready in 2012) will cost $2.88 billion.
Dr. Chu: goal is to reduce to 20-25% over current cost within 10 years.
FOSSIL FUELSRENEWABLE ENERGY Clean Energy Technology Fund; $5bn clean
energy manufacturing tax credit. But no Renewable Electricity Standard.
VEHICLES & TRANSPORTATION National Transportation Low Emissions
Energy Plan; Clean Vehicle Technology Fund; tax incentives for fleet conversion; mandatory targets/standards for states and metro areas (boosting urban transit).
BIOFUELS National Academies of Sciences to study
how different sources of biomass can contribute to energy independence, protect the environment and reduce global warming pollution.
CAP & TRADE Cap and trade system with introductory
carbon price of $12, increasing 3% annually. Ceiling set at $25, increasing 5 % over inflation annually. Utilities start in 2013 and other industries 2016.
APA
Today: no level carbon playing field.
The strategy to appease powerful special interests and lure Republicans failed. Idea of raising price of energy unpopular given fragile recovery … add to that Climategate and diminished credibility of the IPCC. … with more Republicans expected in November.
“It goes without saying that a cap and trade law –or, better, an outright carbon tax – is needed, and eventually it will happen. After healthcare, nobody should say the chances of reform in 2010 are nil, but the odds look long.”
Financial Times, May 17
TRENDS & OPPORTUNITIES
57% of US energy is wasted in production, distribution and consumption. A top priority is doing more with less. With guidance from the CCC, our study* profiled 45 US firms in four areas:
E-Vehicles – Pike Research projecting > 600,000 vehicles next 5 years. 12 contenders at the brink of commercialization. Chevy Volt, Coda Automotive (fall 2012), Tesla S Sedan (IPO), Nissan Leaf, etc.
Biofuels and materials – DOE wants a commodity. Advanced biofuels need investment. Biofuels could supply 58% of US fuel needs (2005 US government study). Three phases: (I) waste fuels 2010, (II) Jatropha 2014, (III) algae based fuels 2016 (Pike Research).
Smart grid – like the pre-Internet (lack of standards). Needs a platform, power storage to level the load, and high-voltage transmission lines. Huge shortage of manpower is projected. DOE has given $3.4 billion for 100 grid projects, which will rise to $8.1 billion (earth2tech.com).
Green homes & smart buildings – buildings are responsible for 2/5 of carbon. Innovation driven by building code reform, tax incentives and rebates (Energy Star, Home Star & soon Building Star), tightened standards for appliances, aging housing stock and better information, e.g. energy information on appliance labels.
*Co-authored with Morten King-Grubert & Lasse Becker, with student assistance
In 2009, 1125 patents filed with US Patent & Trademark Office. Biomass/biofuel up 260%; solar 60%; fuel cells and hybrid/EVs 20%; wind and geothermal flat; hydro/tidal in decline (Clean Energy Patent Growth Index).
In 2009 USPTO launched the fast-track program to speed up the patent process for 3,000 already-filed patents.
Eligible patents required to focus on one of four areas: environmental quality, renewable energy development, energy conservation or greenhouse gas emissions reductions.
Total clean energy investment reached $27.3 billion in Q1, down from $31.6 billion Q4 ‘09, but more than the $20.8 billion in Q1 ’09 (Bloomberg).
Venture investment showed strongest Q1 of all time with $1.9 billion invested, up 83 % from Q1 ‘09.
Corporate direct investment up 140 % from Q4. Utility investments in renewable power and smart grid.
Capital scarce and costly; large scale debt financing limited to proven technologies, leaving start-ups dependent on more costly equity financing.
Early stage ventures increasingly seeking corporate partnerships to escape Valley of Death. E.g. biofuels.
Energy efficiency has become a magnet (faster and more reliable returns), boosted by the Home Star Energy Retrofit Act of 2010 (invests $6 billion over two years).
FEDERAL
Qualified firms receive 30% cash grant from US Treasury in lieu of Production Tax Credit (PTC) or Investment Tax Credit (ITC). Reduces dependence on scarce tax equity.
$2.6 billion was disbursed as of March 1 2010, creating 4250MW of new renewables capacity: 86% ($2.2 billion) went to 40 large wind projects (almost
3900MW; 20% of total installed capacity in 2009) 6% went to 10 geothermal projects (137MW) 4.5% went to 302 solar projects (61MW) 2.8% went to 8 biomass projects (130MW) 0.5% went to 4 landfill gas projects (20.5MW) 0.1% went to 2 fuel cell projects (1.3MW) $883,009 went to 20 small wind projects (0.7MW)
2010 DOE/LBNL report deemed program a success.
$400 million earmarked for high-risk “moonshot” technologies (2009-2011).
Round I: $51 million went to 37 firms (out of 3600). Winning teams are required to share at least 10 percent of the project costs.
Round II: $106 million in grants announced April 30. $34.6 million allocated to 10 projects developing energy storage tech for plug-in vehicles. In addition, 13 projects working on electrofuels (e.g. converting hydrogen and CO2 into motor fuel) got $41.2 million.
Round III: Innovative Materials and Processes for Advanced Carbon Capture Technology (IMPACCT), Batteries for Electrical Energy Storage in Transportation (BEEST), Innovations in Electrofuels.
Cooperative Agreement: Smart Grid Research, Development,and Demonstration
FOA Number: DE-FOA-0000313Issue Date: Friday, April 16, 2010Total Funding Available: $30 millionCost Sharing: 20% for R&D projects; 50% for demonstration projects
Highly adaptive protection and control systems are needed to enable smart grid functionality. This announcement consists of three (3) areas of interest addressing the need to develop: Integrated distribution management systems for distribution
automation Advanced sensing, monitoring, and control technologies for
enhanced asset utilization and grid reliability Voltage regulation and overvoltage protection for high
penetration of renewable generation
CASE STUDY SMART GRID RFP (DOE)
STATE
VOLUNTARY MARKET:DISCRETIONARY
COMPLIANCE MARKET:MANDATORY
Pike Research, 2010
Scenario 1 (no federal renewable portfolio standard): 50% growth by 2015 (11.5% CAGR).
Scenario 2 (with 15% standard in all 50 states): 300% growth by 2015 (329 million MWh).
Scenario 1 (sluggish economic growth): 8.6% CAGR
Scenario 2 (normal economic growth 2-2.5%): 17.2% CAGR
CASE STUDY
California’s electricity use per-capita has remained relatively stable last 35 years.
By 2020 all new homes in California will be zero net energy. By 2030 all commercial buildings will be zero net energy.
California has $3.8 billion in rate payer funding for its energy efficiency programs 2010-2012, the largest in the world except China. It has a $78 million budget to fund emerging tech.
Utilities not penalized for “selling less” and incentivized to offer value-added services.
On the horizon: distributed generation meet target of 33% renewable energy by 2020 (feed in tariff for projects up to 20MW).
Utilities that want to finance innovation with ratepayer dollars have to go through the public utilities commissions.
CALIFORNIA
NREL is on a steep incline (2000 people up from 1200 two years ago; supercomputing complex for smart grid apps being built; full slate of additional infrastructure plans funded by Recovery Act).
NREL has expressed interest in exploring potential partnerships with Danish cleantech firms (Cooperative R&D Agreements, technical services agreements, licensing, etc).
Important event: 23rd Annual Industry Growth Forum, Oct 19-21.
NREL
pioneered the
National
Alliance of
Clean Energy
Business
Incubators
SBIR was established to meet the research and development needs of the federal agencies by providing funding to small businesses to stimulate technological innovation. http://www.oe.energy.gov/sbir.htm
Danish firms are eligible to participate but actual recipient must be 51% US-owned.
Small businesses that win an SBIR award retain the rights to any technology that they develop.
… identify players operating within and between clusters who
can assist with exploration, market entry and development.
Source: nvc.vt.edu
…leverage cluster knowledge, relationships and resources to get
basic questions answered.
Bloomberg New Energy Finance: US emissions will be 0.4% below 2005 levels by 2020, and 2.0% below 2005 levels by 2030, even without new carbon reduction policies. A major “step-change” in clean energy technology, along with new, more aggressive policies will be needed. The longer the delay, the more costly it will be.
Properly positioned, Danish experience and know-how could “catalyze” this step-change.
Although the “low-hanging fruit” is not quite as close as we’d like, it’s also true that in America, practically anything is still possible.
SPECIAL THANKS TO
Europæiske energiselskaber
25 May 2010
Danish CleantechCompetences and Potential
Anders Stouge, Director
Danish Energy Industries Federation
Confederation of Danish Industry
25. May 10Anders Stouge
Confederation of Danish Industry (DI)Committed Industry
•DI is a private organisation funded entirely by currently 11,000 companies
•DI aims to provide the best possible working conditions for the Danish industry
•DI has become a strong common voice for industry with a strong role in society.
•DI has a strong international strategy
33
25. May 10Anders Stouge
DI and Trade Federations
34
25. May 10Anders Stouge
• CRONTMIJ Carl Bro A/S
• COWI A/S
• DONG ENERGY A/S
• Vattenfall A/S
• SEAS-NVE
• TRE FOR
• SYD Energi Partner A/S
• Danfoss A/S
• Grundfos A/S
• Logstor A/S
• Siemens A/S
• ABB A/S
• Haldor Topsoe A/S
• Burmeister & Wain Scandinavian Contractor A/S
• BWE A/S
•Vestas Wind Systems A/S
• SolarCap A/S
• Semco Maritime A/S
35
Logstor A/S
25. May 10Anders StougeDenmark has taken a great leap towards being a Bright Green Nation
with GDP growth, CO2 reductions and stable energy consumption
25. May 10Anders Stouge
37
Denmark is now the leading energy technology
exporting nation in the EU
-10%
0%
10%
20%
30%
40%
50%
60%
0% 2% 4% 6% 8% 10% 12%
Catching Up Moving ahead
Share of total exports
Growth in exports share 2003-2008
Loosing momentumFalling behind
Exports to USA: 13% (2009)
25. May 10Anders Stouge
US - don't miss the train!!
38
Source: Steven Chu, Secretary of Energy, EIA Energy Conference, 2010
25. May 10Anders Stouge
Messages from Secretary Chu
"We can and must become the global leader in the clean energy economy of the future
America has the opportunity to lead the world in a new industrial revolution:
• To ensure American competitiveness,
• Decrease dependency on foreign oil,
• And mitigate climate change."
39
To achieve our clean energy goals, we need rapid, large-scale deployment of technology.
Technology deployment requires investment.
Investment flows toward opportunities for profit.
Market opportunities are structured by policy.
Source: EIA Energy Conference, 2010
25. May 10Anders Stouge
US and emissions targets
40
Copenhagen Accord:17 percent below 2005levels by 2020.
2013: - 4,75% 2020: - 17,0%2030: -42,0%2050: -83,0%Below 2005 levels
See: http://kerry.senate.gov/americanpoweract/intro.cfmCame out May 12, 2010
25. May 10Anders Stouge
US - Annual Energy Outlook 2010Total energy use
41
25. May 10Anders Stouge
US - Annual Energy Outlook 2010Electricity production by source
42
25. May 10Anders Stouge
US - Annual Energy Outlook 2010Electricity production and renewables
43
25. May 10Anders StougeA large part of electricity production worldwide is still
produced from fossil fuels, emitting CO2
25. May 10Anders StougeSmart Grid, Denmark and The US
25. May 10Anders Stouge
Where to focus?
Energy
Energy
Population
Population
GDP
GDPCOCO 22
22 COCO
Energy
CO
GDP
Energy
Population
GDPPopulationCO 2
2
46
(1)
(2)
(3)
Demography Wealth EnergyIntensity
CarbonIntensity
Kaya Identity
25. May 10Anders Stouge
47
Energy
CO
GDP
Energy
Population
GDPPopulationCO 2
2
EnergyIntensity
CarbonIntensity
May be influenced by choice of technology and instruments
Difficult to influence
Demography
Wealth
Efficient energy generation
Highly efficient gas and steam turbines Coal carbon capture storage (CCS) Cogeneration …
Switch to renewables Wind Biomass Solar …
Efficient energy distribution Smart grid High-voltage DC transmission systems Distributed heating and cooling systems …
Efficient energy consumption Fuel efficient vehicles Building technology measures Energy saving lighting Energy saving equipment Energy Management …
Innovative solutions for reduction of CO2 emissions
Where to focus?
25. May 10Anders Stouge
48
1990
2000
2008
2025 2030
CO2-udledningen reduceres med 50 pct.
Givet BNP og befolkning i 2030
0
10
20
30
40
50
60
70
80
0 100 200 300 400 500 600 700 800 900
Da
nm
ars
k u
ds
lip
af
CO
2 i
fo
rho
ld t
il
bru
tto
en
erg
ifo
rbru
ge
t K
g/G
J
Danmark bruttoenergiforbrug i forhold til BNP(GJ/kr.)
Vejen til lavere udslip af CO2 kræver stort fokus på energieffektiviseringer og CO2-venlig teknologi
Kilde: Danmarks statistik, Energi Styrelsen og DI Energibranchen
CO2-udslip nedbringes ved mere CO2-venlige teknologier
CO2-udslip nedbringes ved energieffektiviseringer
Hvad er det samfundsøkonomiske byttefold mellem energiintensitet og CO2-intensitet?
Har indflydelse på hvordan den ønskede CO2-reduktion opnås, og om det er ensamfunds-økonomisk optimal sti der betrædes
Hvilken betydning har det for forsyningssikkerhed?- på kort sigt- på længere sigt
The case of DenmarkCarbon Intensity vs. Energy Intensity
Energy Intensity
Carb
on
Inte
nsity
25. May 10Anders Stouge
How much will sales prices change if energy
prices double?
49
0
2
4
6
8
10
12
14
pe
r ce
nt
Energy-price sensitivity , whole Economy
Energy -price sensitivity, industry
Denmark
Taking into account direct and indirect use of energy (input-output calculations)Source: Danmarks Nationalbank, Monetary Review 2nd Quarter
25. May 10Anders Stouge
Heat/power production ► Most efficient plants ► Energy efficiency
0
0,2
0,4
0,6
0,8
1
1,2
1,4
1,6
1,8
20 25 30 35 40 45 50 55 60
Efficiency percentage
Ton CO2 pr.
MWh
World (average)
Most efficient power
plant in Denmark
In the future through
research and development
25. May 10Anders StougeDenmark produces a large proportion of its CO2-free
electricity from solar, wind, geothermal and biomass
In 2020 renewable energy sources will account for at
least 30% of total Danish final energy consumption
25. May 10Anders StougeDanish companies are among the world leaders in
developing and commercialising new energy competences
25. May 10Anders Stouge
European Climate Foundation - Roadmap 2050The costs of 80% RES in 2050 similar to BAU
53
Very important to focus on common EU finance mechanism For RES and the right common framework for building and financing transmissions line - else the calculations will not hold
25. May 10Anders Stouge
Smart energy systems will curtail the costs
54
Kilde: European Climate Foundation
25. May 10Anders Stouge
Environmentally friendly and intelligent infrastructures are essential
for achieving the necessary CO2 reductions and secure energy
supplies in every region of the world
25. May 10Anders Stouge
Fostering RETs’ transition towards mass market integrationM
ark
et D
eplo
yment
TimeDevelopment Niche markets Mass market
Imposed market risk, guaranteed but declining minimum returnPrice-based: FIPQuantity-based: TGC with technology banding
Stability, low-risk incentivesPrice-based: FIT, FIPQuantity-based: Tenders
Continuity, RD&D, create market attractivenessCapital cost incentives: investment tax credits, rebates, loan guarantees etc.
Stimulate market pullVoluntary (green) demand
Low cost-gap technologies (e.g. wind onshore)
High cost-gap technologies (e.g. PV)
Mature technologies (e.g. hydro)
Prototype & demonstration stage technologies (e.g. 2nd
generation biofuels)
Technology-neutral competitionTGCCarbon trading (EU ETS)
Note: The positions of the various technologies and incentive schemes along the S-curve are an indicative example at a given moment. The actual optimal mix and timing of policy incentives will depend on specific national circumstances. The level of competitiveness will also change in function of the evolving prices of competing technologies.
25. May 10Anders Stouge
25. May 10Anders Stouge
U.S. anchor companies
Europæiske energiselskaber
25 May 2010
Danish Business Case in the American Cleantech Market
Michael Zarin
Director, Government Relations
Vestas
Michael Zarin, Vestas Wind Systems A/S
Wind Energy, Vestas, and
U.S. Cleantech
61 | Vestas Wind Systems A/S, 25 May 2010
VESTAS STARTED THE WIND INDUSTRY
AND WE ARE HERE TO STAY- We installed our first wind turbine in 1979
62 | Vestas Wind Systems A/S, 25 May 2010
What we do…
A new value chain focused on customers
63 | Vestas Wind Systems A/S, 25 May 2010
OUR MAIN TASK IS TO SERVE OUR CUSTOMERS
- Business Case Certainty
- Cost of Energy
- Easy to Work With
64 | Vestas Wind Systems A/S, 25 May 2010
WE OFFER OUR CUSTOMERS THE
BROADEST PRODUCT RANGE
Constantly improving efficiency on platforms.
Competitive and predictable cash flows.
3MW
Platform
V90
V112
2MW
Platform
V80
V82
V90
V100
6MW
Platform
KW
Platform
V52
V60
65 | Vestas Wind Systems A/S, 25 May 2010
OUR QUALITY IS CONTINUOUSLY IMPROVING
- The generating effect of Vestas turbines has grown 100-fold in 30 years
- In 2010 our aim is to reach Five Sigma
66 | Vestas Wind Systems A/S, 25 May 2010
WIND, OIL AND GAS
Our vision is to put wind on a par with oil and gas.
67 | Vestas Wind Systems A/S, 25 May 2010
From Vision to Reality
68 | Vestas Wind Systems A/S, 25 May 2010
This is not about Quarters
– it’s about Years.
69 | Vestas Wind Systems A/S, 25 May 2010
Vestas’ Global Manufacturing Footprint
Norway
Kristiansand: Nacelles Castings
Spain
Olvega: Controls
León: Nacelles Assembly
Vivero: Nacelles Assembly
Damiel: Blades
Germany
Lübeck: Generators
Magdeburg: Nacelles Castings
Lauchhammer: Blades
Sweden
Lidköping: Nacelles Castings
Guldsmedshyttan: Nacelles Castings
Denmark
Lem: Blades
Controls
Nacelles Machining
Skagen: Nacelles Machining & Hubs
Varde: Towers
Rudkøbing: Towers
Ringkøbing: Nacelles Assembly
Viborg: Nacelles Assembly
Hammel: Controls
Nakskov: Blades
China
Tianjin: Nacelles Assembly
Blades
Generators
Controls
Nacelles Machining
Xuzhou: Nacelles Casting
Hohhot: V60 Factory Complex
(Blades, Controls, Nacelles Assembly)
Italy
Taranto: Nacelles Assembly
Blades
India
Chennai: Nacelles Assembly
USA
Pueblo, CO: Towers
Windsor, CO: Blades
Brighton, CO: Blades
Nacelles Assembly
70 | Vestas Wind Systems A/S, 25 May 2010
Our Biggest Markets are in Europe, US, Asia
71 | Vestas Wind Systems A/S, 25 May 2010
Globally Installed Wind Power Capacity
2003-2009
GWEC, 2010
Vestas and the U.S. market
73 | Vestas Wind Systems A/S, 25 May 2010
In the region, for the region – U.S. market
Sourcing Nacelles Blades Towers Service &
MaintenanceR&D
Sales and
HQ
•Chicago, IL •Brighton,CO•Brighton,CO•Windsor, CO •Pueblo, CO •Brighton, CO
•Houston, TX
•Boston, MA
•Brighton, CO
•Portland, OR
+ rep offices
74 | Vestas Wind Systems A/S, 25 May 2010
We know of no other
company in our industry
that invests* more in
the US than we do.
* ~ USD 1 Billion
Vestas is the largest Job Creator in the US wind industry:
75 | Vestas Wind Systems A/S, 25 May 2010
Vestas:
Supplying the U.S. market
Source: American Wind Energy Association and Vestas Wind Systems A/S
Ramping up in Colorado
Blades, Brighton
Towers, Pueblo
Nacelles, Brighton
• North America manufacturing base – four factories in
Colorado
• Sourcing office in Chicago – North America supply
chain in areas such as castings, metal fabrication,
composites, gears, bearings, and electro-mechanical
components
• Some of our main suppliers have established
themselves in the U.S.
• Suppliers are qualified through PPAP (Production Part
Approval Process)
• Process is highly rigorous
• Some examples of qualified suppliers have been in
machining, sheet metal, weldings and wiring
76 | Vestas Wind Systems A/S, 25 May 2010
Recovery underway… new challenges emerge
• Strong five-year North American industry forecast
• 2009 an active year, driven by pre-crisis financing and power purchase agreements
• Vestas ramping up for continued market growth
• U.S. approves >$1billion in ITC Grants to developers
• Capital infusions may allow developers to initiate new projects
• First indications that Congress may be open to extending program in 2011
• Policy environment relatively good, but much work remains
• National renewable energy standard would drive near-term investment
• Energy and climate legislation could also provide a boost
• Some state renewable energy requirements being challenged, but holding ground
• Green Energy Act in Ontario and transmission expansion in Alberta boost Canadian
outlook
• Ontario domestic production requirements – making the best of an unfortunate
policy
77 | Vestas Wind Systems A/S, 25 May 2010
Principle Challenges
• Wholesale power prices low; affects prices for power purchase agreements for wind and other sources
• Recession reduces overall U.S. demand for electricity by 6.5%
• Low natural gas prices, as unconventional gas supplies reach market while consumer demand falls
• Wildlife concerns could hamper siting of projects in parts of U.S.• E.g., Wyoming ban on wind in Sage Grouse Core Areas, may extend to other western states
• Public opposition to utility-scale wind growing in some parts of U.S. and Canada
• Increasing press coverage of noise and purported health concerns
• Transmission access is a challenge in much of the best wind regimes
• Challenge is both physical access as well as cost to get on line
• U.S. Manufacturers Tax Credit is over subscribed
• Some political pressure to increase local content requirements
78 | Vestas Wind Systems A/S, 25 May 2010
THANK YOU FOR YOUR ATTENTION
Copyright Notice
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Vestas wishes to acknowledge and respect all copyrights in connection with the illustrations used in this presentation. In case we have unintentionally violated copyrighted material, we want to be informed
immediately in order to straighten things out and thus to honour any obligatory fees.
Europæiske energiselskaber
25 May 2010
Q&A
Europæiske energiselskaber
25 May 2010
Networking and Snacks