GDPE0742ICR Nigeria Power Market Outlook to 2030, Update ... · NIGERIA POWER MARKET OUTLOOK TO 2030, UPDATE 2014 - MARKET TRENDS, REGULATIONS, AND COMPETITIVE LANDSCAPE Executive

REFERENCE CODE GDPE0742ICR | PUBLICATION DATE OCTOBER 2014

NIGERIA POWER MARKET OUTLOOK TO 2030, UPDATE 2014 - MARKET TRENDS, REGULATIONS,

AND COMPETITIVE LANDSCAPE

Nigeria Power Market Outlook to 2030, Update 2014 - Market Trends, Regulations, and Competitive Landscape 2 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.

NIGERIA POWER MARKET OUTLOOK TO 2030, UPDATE 2014 - MARKET TRENDS, REGULATIONS, AND COMPETITIVE LANDSCAPE

Executive Summary

Power Market Outlook of Nigeria

Reforms in the power sector of Nigeria have been

ongoing since 2013. Though delayed initially (the

reforms were planned in 2009), they have been

instrumental in the privatization of the power

sector. The generation and distribution companies

are now in private hands, and further changes to

the energy sector are imminent. For example,

further reforms will make it mandatory for gas

production companies (which are part of the

energy sector but not part of the power sector) and

generation companies to abide strictly by their

commitments as made out in the contracts they

sign. The same would be true of generation and

distribution companies. Such changes in the

regulatory environment would positively impact

power generation as the latter has been often

affected by a lack of fuel supply, which is mainly

gas.

Natural gas-based capacity is the predominant

form of power in Nigeria accounting for XX% of the

total installed capacity in 2013. Hydropower is the

next largest technology, accounting for XX% of the

total installed capacity in 2013. Other power

generation sources were oil (XX%) and renewable

sources (XX%).

Power Market, Nigeria, Cumulative Installed Capacity Breakdown by Fuel Type (%), 2013

Gas (thermal)

Hydropower

Oil (thermal) Renewables

Source: GlobalData, Power Database [Accessed on September 22, 2014]

Annual electricity consumption in Nigeria increased

from XX Terawatt hours (TWh) in 2000 to XX TWh

in 2013, at a Compound Annual Growth Rate

(CAGR) of XX%. The growth in electricity

consumption has mostly been due to the

residential sector, which is the largest power-

consuming segment in the Nigerian power market,

and a vibrant industrial sector, which has been

driving Gross Domestic Product (GDP) growth at a

CAGR of XX% over the same period. The trend is

expected to continue in the foreseeable future.


Table of Contents


1 Table of Contents

1 Table of Contents ......................................................................................................................... 4

1.1 List of Tables .......................................................................................................................... 8

1.2 List of Figures ......................................................................................................................... 9

2 Introduction ................................................................................................................................ 10

2.1 GlobalData Report Guidance ................................................................................................ 11

3 Nigeria, Power Market, Snapshot ............................................................................................... 12

3.1 Nigeria, Power Market, Macroeconomic Factors .................................................................. 12

3.2 Nigeria, Power Market, Supply Security ................................................................................ 15

3.3 Nigeria, Power Market, Generation Infrastructure ................................................................. 16

3.4 Nigeria, Power Market, Transmission and Distribution Infrastructure .................................... 16

3.5 Nigeria, Power Market, Opportunities ................................................................................... 17

3.6 Nigeria, Power Market, Challenges ...................................................................................... 17

4 Nigeria, Power Market, Market Analysis ..................................................................................... 18

4.1 Nigeria, Power Market, Supply Structure .............................................................................. 18

4.2 Nigeria, Power Market, Key Market Players.......................................................................... 19

4.3 Nigeria, Power Market, Financial Deals ................................................................................ 21

4.3.1 Deal Volume and Value Analysis, 2004 to September 2014 ........................................... 21

4.3.2 Deals, Split by Type, 2013 .............................................................................................. 22

4.4 Nigeria, Power Market, Demand Structure ........................................................................... 23

4.4.1 Breakup of Consumption by Sector, 2013 ....................................................................... 25

5 Nigeria, Power Market, Regulatory Scenario .............................................................................. 26


Table of Contents


5.1 Nigeria, Power Market, Key Electricity Policies ..................................................................... 26

5.1.1 Electric Power Sector Reform Act 2005 .......................................................................... 26

5.1.2 Renewable Electricity Policy Guidelines ......................................................................... 26

5.1.3 Privatization of Electricity Sector ..................................................................................... 27

5.1.4 New Regulations............................................................................................................. 28

5.2 Nigeria, Power Market, Foreign Investment Scenario ........................................................... 29

6 Nigeria, Power Market, Capacity and Generation Overview ....................................................... 30

6.1 Nigeria, Power Market, Cumulative Installed Capacity, Breakup by Type of Power Plant, 2013

....................................................................................................................................... 30

6.2 Nigeria, Power Market, Cumulative Installed Capacity and Annual Power Generation, 2000–

2030 ..................................................................................................................................... 31

6.2.1 Cumulative Installed Thermal Capacity and Annual Thermal Power Generation, 2000–

2030 ............................................................................................................................... 34

6.2.2 Cumulative Installed Hydro Capacity and Annual Hydropower Generation, 2000–2030.. 38

6.2.3 Cumulative Installed Nuclear Capacity and Annual Nuclear Power Generation, 2000–

2030 ............................................................................................................................... 41

6.2.4 Cumulative Installed Renewable Capacity and Annual Renewable Power Generation,

2000–2030...................................................................................................................... 41

7 Nigeria, Power Market, Transmission and Distribution Overview ................................................ 44

7.1 Nigeria, Power Market, Transmission Overview ................................................................... 44

7.2 Nigeria, Power Market, Distribution Overview ....................................................................... 47

7.3 Nigeria, Power Market, Grid Interconnection ........................................................................ 49

7.3.1 Electricity Import and Export Trends, 2000–2014............................................................ 49

7.4 Nigeria, Power Market, Electricity Trading ............................................................................ 50


Table of Contents


8 Nigeria, Power Market, Competitive Landscape: Snapshot of Leading Power Generating

Companies ................................................................................................................................. 52

8.1 Key Company in the Nigeria Power Market: Afam Power Plc ............................................... 52

8.1.1 Company Overview ........................................................................................................ 52

8.2 Key Company in the Nigeria Power Market: Sapele Power Plc ............................................ 52


8.3 Key Company in the Nigeria Power Market: Ughelli Power Plc ............................................. 52


8.4 Key Company in the Nigeria Power Market: Geregu Power Plc ............................................ 53


8.5 Key Company in the Nigeria Power Market: Shiroro Hydro Power Plc .................................. 53


8.6 Key Company in the Nigeria Power Market: Kainji Hydro Electric Plc ................................... 54


9 Appendix .................................................................................................................................... 55

9.1 Market Definitions ................................................................................................................. 55

9.1.1 Power ............................................................................................................................. 55

9.1.2 Installed Capacity ........................................................................................................... 55

9.1.3 Electricity Generation ...................................................................................................... 55

9.1.4 Electricity Consumption .................................................................................................. 55

9.1.5 Thermal Power Plant ...................................................................................................... 55

9.1.6 Hydropower Plant ........................................................................................................... 55

9.1.7 Nuclear Power ................................................................................................................ 55


Table of Contents


9.1.8 Renewable Energy Resources........................................................................................ 56

9.2 Abbreviations........................................................................................................................ 57

9.3 Bibliography.......................................................................................................................... 58

9.4 GlobalData’s Methodology .................................................................................................... 60

9.4.1 Coverage ........................................................................................................................ 60

9.4.2 Secondary Research and Analysis ................................................................................. 60

9.4.3 Primary Research and Analysis ...................................................................................... 61

9.5 Disclaimer ............................................................................................................................ 61


Table of Contents


1.1 List of Tables

Table 1: Power Market, Nigeria, Gross Domestic Product ($bn), Population (million) and Annual Electricity

Consumption (TWh), 2000–2018.................................................................................................... 15

Table 2: Power Market, Nigeria, Successor Generation Companies of Power Holding Company of Nigeria

and their Investors, 2013 ................................................................................................................ 19

Table 3: Power Market, Nigeria, Successor Distribution Companies of Power Holding Company of Nigeria

and their Investors, 2013 ................................................................................................................ 20

Table 4: Power Market, Nigeria, Deal Value ($bn) and Deal Volume (Units), 2004 to September 2014 ......... 22

Table 5: Power Market, Nigeria, Annual Electricity Consumption (TWh), 2000–2030 .................................... 24

Table 6: Power Market, Nigeria, Electricity Consumption by Sector (%), 2013 .............................................. 25

Table 7: Power Market, Nigeria, Cumulative Installed Capacity Breakdown by Generation Source (%), 2013

...................................................................................................................................................... 30

Table 8: Power Market, Nigeria, Cumulative Installed Capacity (GW) and Annual Power Generation (TWh),

2000–2030 .................................................................................................................................... 33

Table 9: Power Market, Nigeria, Leading Active Thermal Power Units (MW), 2013 ...................................... 34

Table 10: Power Market, Nigeria, Leading Upcoming Thermal Power Units (MW), 2014–2020 ...................... 35

Table 11: Power Market, Nigeria, Cumulative Installed Thermal Capacity (GW) and Annual Thermal Power

Generation (TWh), 2000–2030 ....................................................................................................... 37

Table 12: Power Market, Nigeria, Active Hydropower Projects (MW), 2012 .................................................... 38

Table 13: Power Market, Nigeria, Cumulative Installed Hydropower Capacity (GW) and Annual Hydropower

Generation (TWh), 2000–2030 ....................................................................................................... 40

Table 14: Power Market, Nigeria, Cumulative Installed Renewable Capacity (GW) and Annual Renewable

Power Generation (TWh), 2000–2030 ............................................................................................ 43

Table 15: Power Market, Nigeria, Growth in Transmission Line Length (Ckm), 2000–2020 ............................ 45

Table 16: Power Market, Nigeria, Electricity Distribution Companies, 2013 .................................................... 47

Table 17: Power Market, Nigeria, Growth in Distribution Line Length (Ckm), 2000–2020................................ 48


Table of Contents


Table 18: Power Market, Nigeria, Annual Electricity Exports (GWh), 2000–2004 ............................................ 50

Table 19: Abbreviations ................................................................................................................................. 57

1.2 List of Figures

Figure 1: Power Market, Nigeria, Gross Domestic Product ($bn) and Population (million), 2000–2019 ......... 13

Figure 2: Power Market, Nigeria, Gross Domestic Product ($bn) and Annual Power Consumption (TWh),

2000–2019 ................................................................................................................................... 14

Figure 3: Power Market, Nigeria, Deal Value ($bn) and Number of Deals, 2004 to September 2014 ............ 21

Figure 4: Power Market, Nigeria, Annual Electricity Consumption (TWh), 2000–2030 .................................. 23

Figure 5: Power Market, Nigeria, Electricity Consumption by Sector (%), 2013 ............................................ 25

Figure 6: Power Market, Nigeria, Cumulative Installed Capacity Breakdown by Fuel Type (%), 2013 ........... 30

Figure 7: Power Market, Nigeria, Cumulative Installed Capacity (GW) and Annual Power Generation (TWh),

2000–2030 ................................................................................................................................... 32

Figure 8: Power Market, Nigeria, Cumulative Installed Thermal Capacity (GW) and Annual Thermal Power

Generation (TWh), 2000–2030 ..................................................................................................... 36

Figure 9: Power Market, Nigeria, Cumulative Installed Hydropower Capacity (GW) and Annual Hydropower

Generation (TWh), 2000–2030 ..................................................................................................... 39

Figure 10: Power Market, Nigeria, Cumulative Installed Renewable Capacity (MW) and Annual Renewable

Power Generation (GWh), 2000–2030 .......................................................................................... 42

Figure 11: Power Market, Nigeria, Annual Electricity Exports (GWh), 2000–2004 .......................................... 49



Introduction

2 Introduction

Nigeria is a federal republic, and a member of the African Union (AU), the Economic Community of

West African States (ECOWAS), the Non-Aligned Movement (NAM), the Commonwealth of

Nations (also known as the British Commonwealth), and the UN. It is also a member of the

Organization of the Petroleum Exporting Countries (OPEC) and the Organization of African Trade

Union Unity.

Nigeria is in the process of making the transition from a socialist economy to a market-based

economy. In 2006, under the ECOWAS Common External Tariff, it removed some textile items

from its list of prohibited imports, and in 2008 the number of items listed under prohibited imports

was reduced from XX to XX. However, the country’s implementation of non-tariff barriers remains

uneven and arbitrary and continues to violate the World Trade Organization (WTO)’s prohibitions

against trade bans, which is hindering complete liberalization. Despite a weak regulatory

environment and a lack of adequate infrastructure, the country has a positive investment outlook in

areas such as energy and telecommunications, due to government-initiated reforms.

The slow but steady macroeconomic reforms being initiated by the government, along with high

international oil prices, have led to reduced inflation and strong Gross Domestic Product (GDP)

growth in recent years. In 2013, the nominal growth rate for GDP was XX%, compared with XX% in

2012. However, in terms of constant prices, the growth rate, actually fell from XX% in 2012 to XX%

in 2013. In terms of constant prices, Nigeria’s total GDP rose from an estimated $XX billion in 2012

to an estimated $XX billion in 2013 (IMF, 2014). In 2013, the share of the manufacturing sector, the

biggest contributor to national GDP, was estimated at XX%. The respective shares of the

agricultural and service sectors were estimated to be XX% and XX%, in 2012. The inflation rate fell

to XX% in 2013, from XX% in 2012. Exports decreased from $XX billion in 2012 to $XX billion in

2013 while imports increased from $XX billion in 2012 to $XX billion in 2013 (CIA, 2014).

Nigeria possesses sizable reserves of both oil and gas. Its oil reserves were five billion tons, and its

gas reserves were XX trillion cubic meters (tcm), at the end of 2013 (BP Statistics, 2014).

Petroleum and petroleum byproducts constitute XX% of the country’s exports, the revenues from

which have been instrumental in enabling the country to overcome many of its financial problems.

The oil sector accounts for around XX% of foreign exchange earnings and XX% of budgetary

revenues. Other major products exported by Nigeria include cocoa and rubber.



Introduction

The Energy Commission of Nigeria (ECN) is the main government body responsible for the

strategic planning and co-ordination of national policies on energy. The federal ministry of power is

the main authority for electricity in Nigeria. The Nigerian Electricity Regulatory Commission

(NERC), an independent entity, is responsible for monitoring, regulating, and issuing licenses in the

country’s power market. The Rural Electrification Agency (REA) oversees electrification in rural and

semi-urban areas of the country. The Power Holding Company of Nigeria (PHCN), a state-owned

company, which was the most important utility involved in electricity generation, transmission, and

distribution, has now been dissolved and unbundled into XX successor companies, XX of which are

being privatized. The power sector of the country has also been marked by the presence of some

Independent Power Producers (IPP).

2.1 GlobalData Report Guidance

The executive summary captures the key growth trends in the Nigerian power market.

Chapter three provides a snapshot of the key parameters that impact Nigeria’s power sector,

as well as key points about the power market.

Chapter four provides an analysis of Nigeria’s power market, such as market shares of the

leading power generation companies, ratio analysis of the leading power utilities, and an

analysis of electricity consumption.

Chapter five details the regulatory structure of the power market and the inward foreign

investment scenario.

Chapter six provides information on Nigeria’s cumulative installed capacity and annual

generation trends, by individual generation source.

Chapter seven describes the power transmission and distribution infrastructure in Nigeria and

provides information on interconnectors with neighboring countries. The section also covers

electricity imports and exports and upcoming grid-related projects in Nigeria.

Note: From 2013 onwards the report provides actual or estimated data depending upon the

availability of information at the time of writing the report.



Market Analysis

4.4 Nigeria, Power Market, Demand Structure

Annual electricity consumption in Nigeria increased from XX TWh in 2000 to XX Terawatt hours

(TWh) in 2012, at a CAGR of XX%. From 2014 to 2030, it is expected to rise from XX TWh to XX

TWh, at a CAGR of XX%. Electricity consumption in the country has been low due to a low rate of

industrialization. Additionally, the power supply itself has been very poor and the electricity access

rate in the country is also very low (around XX% and XX% in rural areas). GlobalData expects the

consumption rate in the country to increase due to increased electricity access rates and better

T&D infrastructure, leading to better supply.

Figure 4: Power Market, Nigeria, Annual Electricity Consumption (TWh), 2000–2030

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

Ann

ual p

ower

con

sum

ptio

n (T

Wh)




Market Analysis

Table 5: Power Market, Nigeria, Annual Electricity Consumption (TWh), 2000–2030

Year Annual consumption

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030




Market Analysis

4.4.1 Breakup of Consumption by Sector, 2013

The residential sector was estimated to be the largest electricity consuming sector in Nigeria in

2013, with a share of XX%. It was followed by the industrial sector with an estimated share of XX%

and the commercial sector with a share of XX% in 2013. Other smaller sectors are estimated to

have contributed the remaining XX% of total electricity consumption in 2013.

Figure 5: Power Market, Nigeria, Electricity Consumption by Sector (%), 2013

ResidentialIndustrial

Trade, commerce, and other services

Other

Source: GlobalData

Table 6: Power Market, Nigeria, Electricity Consumption by Sector (%), 2013 Sector Share

Residential

Industrial

Commercial

Others

Source: GlobalData


Appendix


9 Appendix

9.1 Market Definitions

9.1.1 Power

Power refers to the rate of production, transfer or energy use, usually related to electricity. It is

measured in Watts (W) and often expressed in kilowatts (kW) or Megawatts (MW). It is also known

as real power or active power.

9.1.2 Installed Capacity

Installed capacity refers to the generator’s nameplate capacity as stated by the manufacturer, or

the maximum rated output of a generator under given conditions. It is given in Megawatts (MW) on

a nameplate affixed to the generator.

9.1.3 Electricity Generation

Electricity generation refers to the process of generating electricity from other forms of energy. It

also refers to the amount of electricity produced, expressed in Gigawatt hours (GWh).

9.1.4 Electricity Consumption

Electricity consumption is the sum of electricity generated, plus imports, minus exports and

transmission and distribution losses. It is measured in Gigawatt hours (GWh).

9.1.5 Thermal Power Plant

A thermal power plant is a plant in which turbine generators are driven by burning fossil fuels.

9.1.6 Hydropower Plant

A hydropower plant is a plant in which the turbine generators are driven by falling water.

9.1.7 Nuclear Power

Nuclear power is the energy released from the fission of nuclear fuel in a reactor.


Appendix


9.1.8 Renewable Energy Resources

Renewable energy resources are those that provide energy that is naturally replenished but limited

in the amount of energy available per unit of time. Biomass, geothermal, solar, small hydropower

and wind are examples of renewable resources.


Appendix


9.2 Abbreviations

Table 19: Abbreviations AU African Union

CAGR Compound Annual Growth Rate

CCGT Combined-Cycle Gas Turbine

Ckm Circuit kilometer

ECN Energy Commission of Nigeria

ECOWAS Economic Community of West African States

FDI Foreign Direct Investment

GDP Gross Domestic Product

GW Gigawatt

GWh Gigawatt hours

IPP Independent Power Producer

kV kilovolt

kWh kilowatt hour

MVA Megavolt Ampere

MW Megawatt

NAM Non-Aligned Movement

NBET Nigerian Bulk Electricity Trading Company

NEPA National Electric Power Authority

NERC Nigerian Electricity Regulatory Commission

OPEC Organization of the Petroleum Exporting Countries

PHCN Power Holding Company of Nigeria

REA Rural Electrification Agency

T&D Transmission and Distribution

tcm trillion cubic meters

TEM Transitional Electricity Market

TCN Transmission Company of Nigeria

TWh Terawatt Hour

V Volts

WTO World Trade Organization

Source: GlobalData


Appendix


9.3 Bibliography

Ajulo L (2013). “Nigeria has 15,000 MW hydropower potential – ECN”, WorldStage Group,

September 17, 2013. Available from:

http://www.worldstagegroup.com/worldstagenew/index.php?active=news&newscid=10841&cati

d=26 [Accessed on September 18, 2014].

AllAfrica (2014). “Nigeria: FG Targets 2,483 MW Renewable Energy by 2015”, AllAfrica,

September 11, 2014. Available from: http://allafrica.com/stories/201409120107.html [Accessed

on September 18, 2014].

Amanze-Nwachuku C and Alike E (2013). “Nigeria’s Electricity Crisis: From Bad to Worse”,

This Day Live, July 9, 2013. Available from: http://www.thisdaylive.com/articles/nigeria-s-

electricity-crisis-from-bad-to-worse/152810/ [Accessed on September 18, 2014].

BP Statistics, 2014. BP Statistical Review of World Energy, June 2014 [database]. Available at:

http://www.bp.com/content/dam/bp/excel/Energy-Economics/statistical-review-2014/BP-

Statistical_Review_of_world_energy_2014_workbook.xlsx [Accessed on September 19, 2014].

CIA (2014). Nigeria: The World Factbook. Central Intelligence Agency. Available from:

https://www.cia.gov/library/publications/the-world-factbook/geos/ni.html [Accessed on

September 19, 2014].

ECN (2012). Renewable Energy Master Plan: Revised Edition. Energy Commission of Nigeria,

2012. Available from:

http://www.energy.gov.ng/index.php?option=com_docman&task=doc_download&gid=102&Ite

mid=49 [Accessed on: September 18, 2014].

EIA (2014). Total Electricity Exports [database]. Available from:

http://www.eia.gov/cfapps/ipdbproject/XMLinclude_3.cfm?tid=2&pid=2&pdid=&aid=4&cid=NI&s

yid=2000&eyid=2013&form=&defaultid=0&typeOfUnit=STDUNIT&unit=BKWH&products=

[Accessed on September 18, 2014].

FUAS (2012). Nigeria and Renewable Energy: Country at-a-Glance. Federation of Universities

of Applied Sciences. Available from:

http://www.laurea.fi/en/connect/results/Documents/Nigeria%20Fact%20Sheet.pdf


Appendix


9.4 GlobalData’s Methodology

GlobalData’s dedicated research and analysis teams consist of experienced professionals with

advanced statistical expertise and marketing, market research and consulting backgrounds in the

energy industry.

GlobalData adheres to the codes of practice of the Market Research Society (www.mrs.org.uk) and

Strategic and Competitive Intelligence Professionals (www.scip.org).

All of GlobalData’s databases are continuously updated and revised. The following methodology

has been followed for the collection and analysis of data presented in this report.

9.4.1 Coverage

This report covers the Nigerian power market, examining the market structure and providing

historical generation, capacity and consumption forecasts up to 2030. It also looks at the market’s

regulatory structure, import and export trends, competitive landscape and leading active and

upcoming power projects.

9.4.2 Secondary Research and Analysis

The capacity, generation and consumption data are collected and validated using a number of

secondary resources including but not limited to:

Government agencies, ministry websites, industry associations, the World Bank, IMF, and

statistical databases

Company websites, annual reports, financial reports, analyst reports and investor

presentations

Industry trade journals, market reports and other literature

GlobalData’s proprietary databases such as the Capacity and Generation Database, Power

Plant Database and Transmission and Distribution Database

Further to this, the following secondary information is collected and analyzed to project Nigeria’s

power market scenario to 2030:

Macro-economic scenario

Government regulations, policies and targets


Appendix


Government and private sector investment

Contract and deal announcements

Utility expansion plans

The sector’s historic track record

Other qualitative insights built through secondary research and analysis of company websites,

annual reports, investor presentations, industry and trade journals, and data from industry

associations

9.4.3 Primary Research and Analysis

Secondary research is further complemented through primary interviews with industry participants

to verify the market numbers obtained through secondary research and obtain first-hand

information on industry trends.

A typical research interview fulfills the following functions:

Obtains the interviewee’s perspective on the market size, growth trends, competitive landscape

and future outlook

Validates secondary research findings

Further develop the analysis team’s expertise and market understanding

The participants are drawn from a diverse set of backgrounds, including power producers,

equipment manufacturers, industry associations, government bodies, utilities, distributors, and

academia. The participants include, but are not limited to, C-level executives, industry consultants,

academic experts, business development and sales managers, purchasing managers, plant

managers, government officials and industry spokespersons.

9.5 Disclaimer

All Rights Reserved.

No part of this publication may be reproduced, stored in a retrieval system or transmitted in any

form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior

permission of the publisher, GlobalData.