EI NEW ENERGYGREEN UTILITIES REPORT

EnergyIntelligence

EnergyIntelligence

Vol. 7, No. 44 November 1, 2018www.energyintel.com

Copyright © 2018 Energy Intelligence Group. All rights reserved.

Print

Web

GREEN UTILITIES REPORT

EI New Energy Top 100 Green Utilities

TOP 100 RANKINGS BASED ON CARBON EMISSIONS AND RENEWABLE ENERGY

1 1 219 Acciona Spain 9.0 2 3 191 China General Nuclear (CGN) China 45.1 3 4 191 Iberdrola Spain 48.4 4 5 186 E.On Germany 8.3 5 2 185 NextEra Energy US 45.7 6 7 175 Invenergy US 6.2 7 6 166 Energias de Portugal (EDP) Portugal 26.8 8 NA 163 China Energy Investment China 229.0 9 NA 162 Orsted Denmark 5.9 10 11 159 State Power Investment (SPI) China 126.2 11 9 155 China Three Gorges China 70.0 12 10 149 Enel Italy 84.9 13 12 140 EDF France 134.9 14 13 127 Berkshire Hathaway Energy US 30.0 15 16 126 SSE UK 11.2 16 17 120 Statkraft Norway 19.1 17 18 119 Vattenfall Sweden 31.2 18 15 118 China Huaneng China 171.8 19 14 116 Exelon US 35.2 20 20 112 Verbund Austria 9.7 21 25 112 China Huadian China 146.9 22 19 111 China Datang China 137.8 23 22 110 Axpo Switzerland 8.9 24 24 109 Eletrobras Brazil 48.1 25 23 109 Ontario Power Generation Canada 16.2 26 31 105 Engie France 68.2 27 21 105 Sembcorp Industries Singapore 8.2 28 NA 102 PG&E US 7.7 29 33 100 Tata Power India 10.5 30 27 100 China National Nuclear Corp. China 14.3 30 27 100 Rosatom Russia 27.9 32 30 100 Hydro-Quebec Canada 37.3 33 29 100 BC Hydro Canada 12.1 34 37 99 Dominion Energy US 25.0 35 32 99 Energoatom Ukraine 14.2 36 36 98 Fortum Finland 13.7 37 34 96 Energie Baden-Wurttemberg (EnBW) Germany 13.1 38 38 93 Public Service Ent. Group (PSEG) US 11.0 39 40 91 Southern Co. US 46.9 40 35 90 Naturgy Spain 15.5 41 39 88 Duke Energy US 52.6 42 47 80 CEZ Czech Rep. 14.9 43 41 80 RusHydro Russia 37.5 44 46 79 RWE Germany 43.3 45 45 78 Calpine US 26.0 46 43 76 Comision Federal de Electricidad (CFE) Mexico 42.6 47 42 75 Entergy US 25.8 48 50 73 China Resources China 36.1 49 55 72 American Electric Power (AEP) US 28.8 50 48 72 Corpoelec Venezuela 24.0

51 49 72 EuroSibEnergo Russia 19.7 52 52 70 A2A Italy 9.4 53 51 69 Vietnam Electricity Vietnam 25.9 54 66 68 AES US 24.9 55 61 68 Dubai Elec. & Water Authority (Dewa) UAE 10.2 56 44 67 Elektrik Uretim AS (EUAS) Turkey 20.0 57 53 64 TransAlta Canada 8.3 58 56 63 Egyptian Electricity Holding (EEHC) Egypt 43.0 59 60 62 Kyushu Electric Power Co. Japan 18.8 60 72 61 Tennessee Valley Authority (TVA) US 33.6 61 59 61 Xcel Energy US 17.3 62 58 61 Talen Energy US 16.0 63 71 60 Kansai Electric Power Co. Japan 35.8 64 57 58 NRG Energy US 30.0 65 62 58 DTE Energy US 12.5 66 54 57 Korea Electric Power Corp. (Kepco) S. Korea 82.1 67 63 57 Taqa UAE 9.6 68 68 57 Inter Rao UES Russia 32.7 69 65 56 Tokyo Electric Power Co. (Tepco) Japan 63.7 70 67 56 Chubu Electric Power Co. Japan 34.6 71 75 56 Tenaga Nasional Berhad (TNB) Malaysia 14.0 72 69 55 Uniper Germany 36.4 73 70 54 Tohoku Electric Power Co. Japan 18.3 74 64 53 Taiwan Power Taiwan 31.8 75 78 53 Tavanir Iran 35.8 76 73 53 Sonelgaz Algeria 14.2 77 76 50 FirstEnergy US 16.4 78 77 48 Egat Thailand 16.1 79 74 47 J-Power Japan 24.3 80 84 45 Hokuriku Electric Power Co. Japan 8.1 81 81 43 AGL Australia 10.2 82 NA 43 Evergy US 13.1 83 88 43 CLP Holdings China 13.2 84 83 43 Israel Electric Corp. (IEC) Israel 13.6 85 85 42 Mosenergo Russia 12.9 86 89 42 Vistra Energy US 40.6 87 79 42 Hokkaido Electric Power Co. Japan 8.0 88 80 41 WEC Energy US 10.1 89 87 39 Min. of Electricity and Water (MEW) Kuwait 18.3 90 92 37 Chugoku Electric Power Co. Japan 11.5 91 86 36 Perusahaan Listrik Negara (PLN) Indonesia 39.7 92 91 34 Saudi Electricity Co. Saudi Arabia 56.6 93 90 33 Ameren US 11.5 94 93 27 OGK-2 Russia 19.0 95 95 21 NTPC India 53.7 96 96 19 PPL US 9.2 97 97 16 Yudean China 29.5 98 94 15 Polska Grupa Energetyczna (PGE) Poland 16.3 99 99 15 Eskom South Africa 45.6 100 98 14 Public Power Corp. (PPC) Greece 12.1

Rank Capacity Rank Capacity 2018 2017* Points Company Country (GW) 2018 2017* Points Company Country (GW)

www.energyintel.com3

EI N

ew E

nerg

y, Vo

l. 7,

No.

44,

Nov

embe

r 1,

201

8 Renewables Gain Ground at Utilities

Large power generators are steadily getting cleaner as they keep cutting carbon emissions while adding more and more renewable capacity. That’s the key lesson of Energy Intelligence’s annual ranking of 100 of the world’s top “green” power generators, now in its seventh year. For the second time in a row, companies in the ranking emitted less than 500 kilograms of carbon dioxide per megawatt hour generated last year — at 495 kg/MWh, down from 565 kg/MWh in 2011. Since the first edition, while total capacity accounted for in the ranking has increased by 18% to 3,371 gigawatts, up from 2,867 GW, non-hydro renewables have almost tripled to 299 GW or 9% of total capacity, up from 116 GW or 4%. In the meantime, fossil fuels dropped to 61%, down from 65%, and nuclear to 11%, down from 12%, while hydro-power stagnated at 19%.

This is mostly due to the progressive switch of large utilities’ and independent power producers’ (IPP) installed capacity to more renewables but also to the arrival in the ranking of special-ized renewable companies, such as Spain’s Acciona (ranked 1st this year) and the US’ Invenergy (6), which could soon be joined by smaller but growing developers, including India’s Greenko, Singapore’s Vena Energy or France’s Eren, now a Total subsidiary (NE Oct.4’18). Renewables, including wind, solar and hydro, accounted for 53 GW of new capacity added in 2017 by compa-nies in the ranking this year and last year. By contrast, nuclear stagnated and fossil fuels dropped by a substantial 25 GW year on year, mostly resulting from 22 GW being divested in Europe and the US, while 37 GW were added in Asia and 12 GW in the Mideast and Africa.

The 100 companies represent approximately half of the world’s power generating capacity. By technology, they account for over 85% of global nuclear capacity, which all belongs to large operators, but only one-third of wind and solar generation, where millions of “prosumers” are involved alongside utilities and large IPPs.

Once again, the ranking is led by a Spanish company and, for the fourth time in a row, by infrastructure conglomerate and IPP Acciona. The top 10 includes five European, three Chinese and two US firms together owning 136 GW or 25% of wind and solar capacity. Quite surprisingly, their average emissions reached 544 kg/MWh of CO2, 10% more than the total ranking’s average. This is because China Energy Investment (8) and State Power Investment (10), while being the two biggest owners of renewable capacity in the world, also have huge amounts of coal-fired gen-eration. The lowest-ranking companies own little or no renewable

capacity and are located in heavy fossil fuel-producing countries such as South Africa, Poland, China, the US, India, Russia, Saudi Arabia and Indonesia. The bottom 10 companies own less than 3 GW or just 1% of wind and solar capacity, and emit an average 865 kg/MWh of CO2.

The rankings are calculated using a system in which each company is awarded up to 300 points, 100 of which are based on carbon intensity, or CO2 per MWh generated, and 200 on non-hydro renewable capacity, in absolute and relative terms. The main table lists all 100 companies with points — in whole numbers, even though actual points are fractional — along with their rank in 2018 and 2017 and their total capacity as an indica-tion of size. Three other tables show the top 20 performers under each criterion — CO2 emissions per MWh, size of renew-able energy capacity in GW and proportion of non-hydro renew-ables in total capacity.

A fifth table shows the top CO2-free generators, with hydro-power and nuclear assigned equal status with non-hydro renew-ables. Hydro is not included as a form of renewable energy in the main ranking due to the controversial social and environmental impacts of large dams. The report also includes a summary graph showing each company as a “bubble” that is sized according to renewable capacity in GW and placed according to its emissions intensity and share of renewable capacity. Firms with large bub-bles in the upper right corner of the graphic rank best.

New additions this year include Denmark’s Orsted (9) — the former Dong Energy, which was in earlier editions of the ranking but was later dropped because of its small size — and the US’ PG&E (28), together with China Energy Investment (8), replacing China Guodian and Shenhua after they merged and, similarly, the US’ Evergy (82), replacing its now-merged parents Great Plains Energy and Westar Energy. The US’ Dynegy became part of Vistra Energy (86) while Brazil’s Cemig, a smaller hydro opera-tor, left the ranking.

The ongoing energy transition has had its most dramatic impact on European utilities, which, besides adding 35 GW of wind and solar capacity since 2011, have retired or divested almost 90 GW of fossil fuel assets. Spain’s Iberdrola (3), Italy’s Enel (12), Portugal’s EDP (7), and France’s EDF (12) and Engie (26) are among the leading renewable developers globally. Orsted, the largest offshore wind company in the world, and Sweden’s Vattenfall (17), winner of Energy Intelligence’s 2018 Leadership in New Energy award, are both committed to abandon all fossil fuel generation soon (NE Oct.25’18). Despite heavy reli-ance on coal, Germany’s EnBW (37) and the Czech Republic’s

Power Capacity Changes by Region Since 2011(in GW) Renewables Hydro Nuclear Fossil Fuels TotalChina 111.3 81.9 28.0 239.9 461.1Other Asia-Pacific 5.7 6.9 3.8 52.7 69.1Mideast-Africa 1.0 4.4 1.0 45.5 51.9FSU 0.2 3.4 10.3 32.6 46.5Japan 0.3 -0.9 -10.7 7.3 -3.9Other Americas 1.5 -2.0 -1.4 -4.1 -5.9Europe 35.0 8.0 -3.1 -88.9 -49.0US 27.3 -5.3 -4.0 -84.0 -66.0Total 182.4 96.5 23.8 201.1 503.9

Change in generation capacity in the Top 100 ranking from 2011-17, in gigawatts. As companies have changed over the period, capacity variations are either caused by internal changes within companies or changes in the ranking composition. Source: Energy Intelligence

Power Capacity Additions by Region(in GW) Renewables Hydro Nuclear Fossil Fuels TotalChina 26.2 7.2 2.2 34.7 70.3Mideast-Africa 0.4 0.8 1.0 11.6 13.7Other Asia-Pacific 0.6 3.1 -0.6 2.3 5.3Other Americas 0.1 2.0 0.0 -0.3 1.8FSU 0.0 0.0 0.8 0.6 1.4Europe 7.9 2.0 -2.3 -6.5 1.2Japan -0.1 0.0 -2.3 -1.2 -3.6US 2.9 0.0 1.0 -15.9 -12.0Total 38.0 15.1 -0.2 25.3 78.1

Generation capacity added in 2017 by companies present in 2018 and 2017 ranking, including additions minus retirements, in gigawatts. Source: Energy Intelligence

EI N

ew E

nerg

y, Vo

l. 7,

No.

44,

Nov

embe

r 1,

201

8

www.energyintel.com4

EI N

ew E

nerg

y, Vo

l. 7,

No.

44,

Nov

embe

r 1,

201

8

4www.energyintel.com

CEZ (42) are also investing significantly in renewables, keeping them in the first half of the ranking (NE Aug.2’18). Germany’s two biggest utilities, E.On (4) and RWE (44), are also working hard on decarbonization. After E.On spun off its legacy fossil fuel assets into newly created Uniper (72) in 2016, the two companies are now engaged in an asset swap that would basically turn E.On into a grid and retail operator, and RWE into a pure generator — but a bigger and greener one than today (NE Jun.14’18).

By contrast, Greece’s PPC (100), a lignite miner and generator, and Poland’s PGE (98) are among the lowest performers, together with coal-dependent Eskom (99) of South Africa, India’s NTPC (95), Indonesia’s PLN (91) and Australia’s AGL (81). Generators in Russia and the Mideast also tend to rank poorly because they do not consider renewables a priority while a large chunk of their generating fleets is made of inefficient steam-cycle plants — rath-er than modern combined-cycle gas turbines (CCGTs). Russia’s OGK-2 (94) and Mosenergo (85), Saudi Electricity Co. (92), Kuwait’s MEW (89), Algeria’s Sonelgaz (76) and Iran’s Tavanir (74) are ranked about as low as coal-based utilities. By compari-son, companies such as the UAE’s Dewa (55) and Taqa (67) achieve reasonably low emissions and comparatively good rank-ings thanks to modern CCGTs — often associated with seawater desalination — and investments in renewable projects.

Among oil-, gas- and coal-producing countries, Mexico’s CFE (46), Venezuela’s Corpoelec (50), Vietnam Electricity (53), Turkey’s EUAS (56) and Egypt’s EEHC (58) take advantage of substantial hydro resources. Likewise, hydro allows companies such as China Three Gorges (11), Norway’s Statkraft (16), Austria’s Verbund (20), Switzerland’s Axpo (23), Brazil’s Eletrobras (24), Canada’s Hydro-Quebec (32) and BC Hydro (33), and Russia’s RusHydro (43) and EuroSibEnergo (51) to achieve very low emissions levels. Nuclear operators such as Russia’s Rosatom (30) and Ukraine’s Energoatom (35) also per-form well because nuclear emits no CO2, while Canada’s Ontario Power Generation (25) and Finland’s Fortum (36) combine signif-icant hydro and nuclear capacity.

China’s largest generators, including China Energy Investment, State Power Investment (10), China Huaneng (18), China Huadian (21) and China Datang (22) are all in the first quarter of the ranking thanks to huge investments in wind and solar generation totaling well over 60 GW since 2011 (NE Aug.9’18). Together with China Three Gorges’ investments in hydro, and China General Nuclear’s (2) and China National

Nuclear’s (30) in nuclear, this allowed China’s reliance on coal to drop to around 70% now, down from 80%-85% until 2012. India’s Tata Power (29), another large operator of coal genera-tion, ranks well thanks to its rapidly growing renewable portfo-lio, the largest one in India (NE Feb.8’18).

The switch from fossil fuels to renewables among the largest US utilities has also been remarkable. NextEra (5), Berkshire Hathaway Energy (14), Exelon (19), Dominion Energy (34), PSEG (38), Southern (39), Duke Energy (41), Entergy (47) and AEP (49), which together account for around 300 GW or approxi-mately 30% of the US’ total capacity, have added 22 GW of renewable generation since 2011. Meanwhile, their fossil fuel-fired fleet shrank by a considerable 33 GW while being massively switched from coal to gas. These factors caused their average emissions to drop to 352 kg/MWh in 2017, down 37% from 556 kg/MWh in 2011. Invenergy, an IPP operating a mix of renewable and gas capacity, is another well-ranked US company. So are, to a lesser extent, Calpine (45), the owner of a state-of-the-art gas-fired fleet and the US’ main geothermal operator, and AES (54), up 12 positions from last year. AES is implementing an ambitious greening strategy involving utility-scale and distributed solar gen-eration as well as, through its joint venture Fluence with Germany’s Siemens, energy storage (NE Apr.26’18).

US companies in the second half of the ranking include IPPs and generators operating large fossil fuel-fired capacity. Many of them are currently struggling with low profits, which mostly result from slow demand — a consequence of energy efficiency and distributed generation — and depressed margins — caused by wind and power generation shaving off-peak power prices. Recent transactions such as the Vistra-Dynegy merger, the acqui-sition of GenOn Energy by NRG Energy (64), and the spinoff of IPP Talen Energy (62) by utility PPL (96) were initiated to address that situation.

Low-ranking US companies also include Midwest utilities. They typically tap into the region’s abundant wind resources but through power purchase agreements with IPPs — not included in the ranking to avoid situations of double-counting — while their own fleet mostly relies on local coal. Examples include Xcel Energy (61), which recently started to implement a new strategy of generating its own wind power instead of purchasing it from independent suppliers, DTE Energy (65), FirstEnergy (77), Evergy (82), WEC Energy (88) and Ameren (93). Federal govern-ment-owned TVA (60) gained 12 positions from last year’s rank-

ing as it continues its effort to “tirelessly move toward a sustainable mix of lean and green power production” emphasizing nuclear, gas and renew-ables as opposed to coal.

Japanese utilities are all in the second half of the ranking, from Kyushu Electric (59) to Chugoku Electric (90). Renewable generation tripled in Japan to almost 10% of total production now, up from 3.5% in 2010, but most of it belongs to small independent operators, while utilities had to increase the share of coal and gas after the 2011 Fukushima accident caused all nuclear capacity to be shut down. The generation fleets of Korea’s Kepco (66) and Taiwan Power (74) are similar to those of their Japanese counterparts, and their rankings equally poor (NE May10’18).

Top 10 Generators Based on Carbon Emissions and Renewable Energy Emissions RenewablesRank Company Country (kg CO2/MWh) (GW) (% of Total)

1 Acciona Spain 2 8.2 90%

2 China General Nuclear (CGN) China 62 13.8 31

3 Iberdrola Spain 187 16.6 34

4 E.On Germany 0 4.2 50

5 NextEra Energy US 207 15.5 34

6 Invenergy US 158 3.6 57

7 Energias de Portugal (EDP) Portugal 334 10.7 40

8 China Energy Investment China 819 36.0 16

9 Orsted Denmark 151 2.5 42

10 State Power Investment (SPI) China 617 25.5 20%

Top 10 companies in the ranking with emissions in kilograms of carbon dioxide per megawatt hour of electricity, and renewable capacity (excluding hydro) in gigawatts and % of total capacity. Source: Energy Intelligence

www.energyintel.com5

EI N

ew E

nerg

y, Vo

l. 7,

No.

44,

Nov

embe

r 1,

201

8

For the ranking, EI New Energy selected 100 of the largest power generators from around the world based on total generating capacity and renewable capacity. The capacity of the companies ranges from 229 gigawatts for China Energy Investment to just under 6 GW for Denmark’s Orsted, with non-hydro renewables ranging from China Energy Investment’s 36 GW and over 10 GW for another nine companies, to 100 megawatts or less for 30 companies. In all, they total 3,370 GW, or 50% of the world’s total generating capacity, based on 2016 data from the International Energy Agency — including 69% of capacity in Japan, 63% in China, 52% in Europe, 51% in the former Soviet Union, 49% in the US and 49% in the Mideast and Africa, but only about one-third in the rest of Asia and the Americas. Some large utilities in terms of sales, such as New York’s Con Edison, are not included, as they only supply power without generating it. Conversely, independent power producers without retail custom-ers, such as Spain’s Acciona and the US’ Invenergy, are included.

Big countries such as Australia, where the power sector is fragmented, are hardly represented or, as for Argentina, not repre-sented at all. Similarly, most power generation in countries such as the UK and the Netherlands has been taken over by foreign companies. Only one company is included from sub-Saharan Africa, South Africa’s Eskom, as power consumption remains very small in each African country.

To evaluate their “greenness,” each utility was awarded up to 300 points based on three criteria:

• The first assesses direct carbon dioxide emissions per megawatt hour of electricity produced, with 100 points for the lowest emit-ters — such as pure renewable or nuclear generators — and zero for the highest emitter, Poland’s PGE, at around 1,075 kilograms of CO2 per megawatt hour. Other companies’ points are based on how they compare to the highest and lowest emitters. Nuclear energy and renewable sources are considered to be emission-free, despite indirect emissions related, for example, to the manufac-

turing of equipment and maintenance of power plants. Emissions caused by generating the electricity that utilities procure from independent producers are not taken into account. On average, companies in the ranking emit 495 kg CO2/MWh, with the low-est regional level achieved in hydro-dominated Canada and Latin America and the highest in the Mideast and Africa.

• The second and third criteria measure a company’s renewable energy capacity in GW and in proportion to total capacity. These criteria exclude hydropower because large dams are controversial and often excluded from the “renewables” category in official statistics. The firm with the highest renewable capacity, China Energy Investment, earned 100 points in the second criterion, while companies without renewable generation received no points and the other companies were awarded points according to their relative performance — for example Enel, at 16 GW or 44% of China Energy Investment’s 36 GW, was given 44 points. Similarly, in the third criterion, a company can earn between zero points without any renewables and 100 points with 100% renew-ables. Points under these two criteria are to some extent correlat-ed, but large companies may own substantial renewable capacity that only amounts to a modest share of their total fleet, while smaller ones may have a high proportion of renewable capacity without it being huge in absolute terms.

The ranking uses the latest available full-year data, usually fiscal year 2017, mostly from official company sources. As information on CO2 emissions is often hard to obtain, especially outside of OECD countries, EI New Energy has produced its own estimates based on published or estimated fuel consump-tion data for about 25 companies. It is worth noting that US utilities’ emissions, which were seldom available until this year, are now provided by most companies under the sustainability template designed by the Edison Electric Institute, the indus-try’s lobby group (NE Sep.27’18). Several entries from last year were revised with corrected information, resulting in changes to initial rankings.

How We Rank the Top 100 Green Utilities

Top Green Power Generators: Carbon-Free Generation Capacity (GW) Total CO2-free Rank Company Country Nuclear Hydro Renewables CO2-free /Total

1 Acciona Spain 0.0 0.9 8.2 9.0 100% 1 China National Nuclear Corp. China 14.3 0.0 0.0 14.3 100 1 E.On Germany 4.2 0.0 4.2 8.3 100 1 Rosatom Russia 27.9 0.0 0.0 27.9 100 5 Energoatom Ukraine 13.8 0.3 0.0 14.1 100 6 Hydro-Quebec Canada 0.0 36.8 0.0 36.8 99 7 BC Hydro Canada 0.0 11.9 0.0 11.9 99 8 China Three Gorges China 0.0 58.8 8.6 67.4 96 9 Eletrobras Brazil 2.0 42.4 1.2 45.5 95 10 Verbund Austria 0.0 8.2 0.4 8.6 89 11 Statkraft Norway 0.0 15.7 1.0 16.7 87 12 Ontario Power Generation Canada 5.7 7.4 0.4 13.5 84 13 China General Nuclear (CGN) China 21.5 2.3 13.8 37.6 83 14 PG&E US 2.2 3.9 0.2 6.3 82 15 Axpo Switzerland 3.1 3.5 0.5 7.1 80 16 EDF France 75.1 22.8 9.3 107.2 79 17 RusHydro Russia 0.0 28.8 0.3 29.1 77 18 EuroSibEnergo Russia 0.0 15.1 0.0 15.1 77 19 Energias de Portugal (EDP) Portugal 0.2 9.0 10.7 19.9 74 20 Vattenfall Sweden 7.2 11.7 2.7 21.6 69%

Ranking of top 20 generators based on CO2-free generation, including nuclear, hydropower and renewables. Other generation emits CO2 and includes coal-, gas- and oil-fired capacity. Latest available data, usually 2017. Source: Energy Intelligence

EI N

ew E

nerg

y, Vo

l. 7,

No.

44,

Nov

embe

r 1,

201

8

www.energyintel.com6

Top Generators Ranked by Renewables Capacity (%) RenewablesRank Points % of Total Company Country

1 96 90% Acciona Spain 2 79 57% Invenergy US 3 75 50% E.On Germany 4 69 42% Orsted Denmark 5 67 40% Energias de Portugal (EDP) Portugal 6 62 34% Iberdrola Spain 7 62 34% NextEra Energy US 8 58 31% China General Nuclear (CGN) China 9 57 29% Tata Power India 10 56 28% Berkshire Hathaway Energy US 11 49 22% Sembcorp Industries Singapore 12 48 21% SSE UK 13 46 20% State Power Investment (SPI) China 14 44 19% Enel Italy 15 40 16% China Resources China 16 40 16% TransAlta Canada 17 39 16% China Energy Investment China 18 33 12% China Three Gorges China 19 33 12% China Datang China

20 33 12% China Huaneng China

Ranking of top 20 generators based only on % share of renewable power (excluding hydropow-er) in total generating capacity. 100 points = 100% renewables; 0 point = 0% renewables. Latest available data, usually 2017. Source: Energy Intelligence

Top Generators Ranked by Renewables Capacity (Volume) RenewablesRank Points (GW) Company Country

1 100 36.0 China Energy Investment China 2 71 25.5 State Power Investment (SPI) China 3 56 20.3 China Huaneng China 4 47 17.1 China Huadian China 5 46 16.6 Iberdrola Spain 6 45 16.3 China Datang China 7 44 15.8 Enel Italy 8 43 15.5 NextEra Energy US 9 38 13.8 China General Nuclear (CGN) China 10 30 10.7 Energias de Portugal (EDP) Portugal 11 26 9.3 EDF France 12 24 8.6 China Three Gorges China 13 23 8.4 Berkshire Hathaway Energy US 14 23 8.2 Acciona Spain 15 16 5.9 China Resources China 16 14 5.2 Engie France 17 12 4.2 E.On Germany 18 12 4.2 RWE Germany 19 11 4.1 Southern Co. US 20 10 3.6 Invenergy US

Ranking of top 20 generators based only on volume of renewable power generating capacity (excluding hydropower) in gigawatts. 100 points = greatest volume of renewables; 0 points = smallest volume. Latest available data, usually 2017. Source: Energy Intelligence

Top Power Generators Ranked by Carbon Emissions Emissions Rank Points (kg CO2/MWh) Company Country

1 100 0 China National Nuclear Corp. China 1 100 0 E.On Germany 1 100 0 Rosatom Russia 4 100 1 Hydro-Quebec Canada 5 100 1 BC Hydro Canada 6 100 2 Acciona Spain 7 99 8 Ontario Power Generation Canada 8 99 9 Energoatom Ukraine 9 99 12 Statkraft Norway 10 98 18 China Three Gorges China 11 97 32 Eletrobras Brazil 12 96 41 Verbund Austria 13 95 49 Exelon US 14 94 62 China General Nuclear (CGN) China 15 94 66 PG&E US 16 92 88 Axpo Switzerland 16 92 88 EDF France 18 86 151 Orsted Denmark 19 85 157 Vattenfall Sweden 20 85 158 Invenergy US

Ranking of top 20 generators based only on emissions intensity of power generation, or the vol-ume of carbon dioxide emitted per megawatt hour of electricity. 100 points = no emissions, 0 point = maximum emissions. Latest available data, usually 2017. Source: Energy Intelligence

Acciona (1)

E.On(4)

NextEra(5)

CGN(2)

Iberdrola (3)

Invenergy(6)

EDP (7)

China Energy

Invest. (8)

Orsted(9)

SPI (10)

02004006008001,0001,200

Top 10 Green Power Generators

Top 10 green power generators are represented in orange, with ranking. The other 90 are in blue. Size of bubble represents volume of renewable capacity in GW. Position on the chart represents % of renewable capacity and, shown in reverse order, carbon emissions intensity. Best position = top right with large bubble. Source: Energy Intelligence

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%1,200 1,000 800 600 400 200 0 (kg CO2/MWh)

(% Renewable Capacity)

302, NY, NY 10016. Tel.: +1 212 532 1112. Fax: +1 212 532 4479. Sales: sales@energyintel.com. Customer Service: customerservice@energyintel.com. Bureaus: Dubai: Tel: +971 4 364 2610. Houston: Tel.: +1 713 222 9700. London: Tel.: +44 (0)20 7518 2200. Moscow: Tel.: +7 495 604 8279. Singapore: Tel.: +65 6538 0363. Washington, DC: Tel.: +1 202 662 0700. Other publications: Petroleum Intelligence Weekly, Oil Daily, International Oil Daily, EI Finance, Energy Compass, Energy Intelligence Briefing, Jet Fuel Intelligence, Natural Gas Week, Nefte Compass, Nuclear Intelligence Weekly, Oil Market Intelligence and World Gas Intelligence.

CHAIRMAN: Raja W. Sidawi. VICE CHAIRMAN: Marcel van Poecke. CHIEF STRATEGY OFFICER & CHAIRMAN EXECUTIVE COMMITTEE: Lara Sidawi Moore. PRESIDENT: Thomas Marchetti. Executive Editors: Alex Schindelar, Jim Washer. EDITOR: Ronan Kavanagh (rkavanagh@energyintel.com). DEPUTY EDITOR: Lauren Craft. EDITORIAL: CANADA: James Irwin. DUBAI: Amena Bakr, Oliver Klaus, Katie McQue. INDIA: Rakesh Sharma. LONDON: Jason Eden, Jon Mainwaring. SINGAPORE: Kimfeng Wong. STRASBOURG: Philippe Roos. US: Noah Brenner, Bridget DiCosmo, Jason Fargo, Emily Meredith, Barbara Shook, Anthony Venezia. PRODUCTION: Michael Win. Published weekly. Copyright © 2018 by Energy Intelligence Group, Inc. ISSN 2168-5185. EI New Energy is a trademark of Energy Intelligence. All rights reserved. Access, distribution and reproduction are subject to the terms and conditions of the subscription agreement and/or license with Energy Intelligence. Access, distribution, reproduction or electronic forwarding not specifically defined and authorized in a valid subscription agreement or license with Energy Intelligence is willful copyright infringement. Additional copies of individual articles may be obtained using the pay-per-article feature offered at www.energyintel.com

The Americas

270 Madison Ave Suite 302New York, NY 10016USAT: +1 212 532 1112

1401 K Street, NW Suite 1000Washington, DC 20005USAT: +1 202 662 0700

808 Travis Street Suite 1014Houston, TX 77002USAT: +1 713 222 9700

Europe

3rd Floor Interpark House 7 Down StreetLondon W1J 7AJ UKT: +44 20 7518 2200

120 Chaussée de la Hulpe1000 BrusselsBelgiumT: + 32 2 663 1750

Daev pereulok 20 Office 509 107045 MoscowRussian FederationT: +7 495 604 8279/78/77

Middle East & Asia-Pacific

15 B Temple Street, #03-02Singapore 058562 SingaporeT: + 65 6538 0363

Dubai Media CityAl Thuraya Tower 2 - 1907P.O. Box 71338Dubai UAET: + 971 4 364 2607

1st floor, Freij Bldg, SodecoPresident Elias Sarkis StreetBeirut LebanonT: +961 1 614282 & 3

EnergyIntelligence

energyintel.com