Wmu 2013 - PPT - Final

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com
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2014 by Navigant Consulting, Inc
International Wind Energy Development
Forecast 2014-2018
World Market Update 2013
A BTM WIND REPORT
26
th
March 2014
Offshore Report 2013
For more information about Navigant, go to: www.navigant.com
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World Market Update 2013 March 2014 Page 2
World Market Update 2013
Forecast 2014-2018
Market Development in 2013: Demand Side

Supply Side of the Market in 2013

Wind Power Plant Owners

Market Forecasts and Estimates:

Forecast until 2018
Prediction 2018-2023

Penetration of Wind Power Electricity
and Wind Market Structures

Special Theme: Global Onshore Wind O&M
Market
Copyright Vestas Wind Systems A/S
Vestas V164-8.0 MW turbine at the Danish National Test Centre in sterild, Denmark
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Highlights of Wind Power Development in 2013
Global installation in 2013 of 36.13 GW
Vestas recaptures the No.1 position after it lost its leading position to GE Wind in 2012
China regains its title as the worlds largest annual market with 16,088 MW of new wind power
instaled in 2013
Offshore wind grows over 50% annually in 2013 and lines up for steady growth in Europe
Direct drive turbines take 28.1% of the global market even as traditional DFIG regains
popularity
Goldwind's GW 1.5 MW was the most installed wind turbine in 2013
Wind power will deliver at least 2.87% of the world's electricity in 2014, growing to 7.28% in
2018.
Wind power capacity installation in 2014 are expected to rebound with 29.6% growth
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Section 4
Market Development in 2013
Demand Side
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World market growth rates 2008-2013
Year: Installed MW Increase % Cumulative MW Increase %
2008 28,190 122,158
2009 38,103 35% 160,084 31%
2010 39,404 3% 199,520 25%
2011 41,712 6% 241,029 21%
2012 44,951 8% 285,761 19%
2013 36,134 -20% 321,559 13%
5.1% 21.4%
Source: BTM Consult - A Part of Navigant - March 2014
Average growth - 5 years
Source: BTM Consult a part of Navigant, March 2014
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Annual & cumulative global wind energy development 1983-2013
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
0
9,000
18,000
27,000
36,000
45,000
54,000
1983 1990 1995 2000 2005 2010 2013
C
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a
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M
W
M
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a
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Year
Installed Wind Power in the World
- Annual and Cumulative -
Installed MW in year Accu. MW
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Installed capacity in 2012 and 2013 (Global)
Installed Accu. Installed Accu. % of installed
MW MW MW MW MW
2012 2012 2013 2013 2013
Total Americas 15,820 72,382 4,734 77,116 13.1%
Total Europe 12,824 110,196 11,560 121,471 32.0%
Total South & East Asia 15,400 94,687 18,439 113,126 51.0%
Total OECD-Pacific 521 6,574 765 7,338 2.1%
Total Africa 195 1,441 501 1,942 1.4%
Total other continents
and areas:
142 431 135.0 566 0.4%
Annual MW installed
capacity
44,951 36,134
Cumulative MW installed
in the world
285,761 321,559
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Installed capacity in 2012 and 2013 (American continent)
Installed Accu. Installed Accu.
MW MW MW MW
2012 2012 2013 2013
Argentina 54 166 76.0 242
Brazil 1,077 2,921 948.0 3,869
Canada 936 6,214 1,599 7,813
Costa Rica 15 207 42 249
Mexico 389 1,512 476 1,988
USA 13,124 60,208 1,084 61,292
Other Americas 225 1,154 509 1,663
Total Americas 15,820 72,382 4,734 77,116
Source: BTM Consult - A Part of Navigant - March 2014 Source: BTM Consult a part of Navigant, March 2014
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Installed capacity in 2012 and 2013 (Asia)
MW MW MW MW
2012 2012 2013 2013
P.R. China 12,960 75,372 16,088 91,460
India 2,336 18,602 1,987 20,589
Pakistan 50 56 50 106
Taiwan 46 545 32 577
Rest of Asia: Indonesia, N.
Korea, Malaysia, Philippines,
Thailand, Vietnam, etc.
8 112 282.0 394
Total South & East Asia 15,400 94,687 18,439 113,126
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Installed capacity in 2012 and 2013 (rest of world)
MW MW MW MW
2012 2012 2013 2013
Australia 358 2,834 655 3,489
Japan 87 2,673 50 2,722
New Zealand 0 603 0 603
Pacific Islands 0 18 0 18
South Korea 76 446 60 506
Total OECD-Pacific 521 6,574 765 7,338
Egypt 0 552 82 634
Morocco 102 394 101 495
Tunisia 0 277 28 305
Rest of Africa: Algeria, Cape
Verde, Ethiopia, Libya, South
Af rica, etc.
93 218 290 508
Total Africa 195 1,441 501 1,942
Middle East: Jordan, Iran, Iraq,
Israel, Saudi Arabia, Syria, etc.
(excl. Egypt)
6 110 40 150
Transition Economies: incl.
Russia, White Russia, Ukraine,
Uzbekistan, Kazakstan, etc.
136 321.5 95.0 416.5
Total other continents
and areas:
142 431.2 135.0 566.2
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Installed capacity in 2012 and 2013 (Europe)
MW MW MW MW
2012 2012 2013 2013
Austria 296 1,378 283 1,661
Belgium 297 1,444 276 1,720
Bulgaria 61 643 7 650
Czech Rep. 44 239 8 247
Denmark 221 4,137 657 4,747
Estonia 86 259 11 270
Finland 90 268 160 428
France 757 7,593 535 8,128
Germany 2,415 31,467 3,237 34,468
Greece 137 1,993 75 2,068
Hungary 0 357 0 357
Ireland (Rep.) 125 1,812 288 2,100
Italy 1,272 7,998 450 8,448
Latvia 22 56 2 58
Lithuania 62 257 16 273
Luxembourg 14 42 0 42
Netherlands 243 2,552 162 2,714
Norway 195 683 110 793
Poland 880 2,547 894 3,441
Portugal 152 4,363 196 4,557
Romania 923 1,913 695 2,608
Spain 1,112 22,462 175 22,637
Sweden 846 3,750 724 4,474
Switzerland 4 49 13 62
Turkey 506 2,488 646 3,134
UK 1,958 9,113 1,833 10,946
Rest of Europe: Cyprus,
Malta, Iceland, Balkan states etc
107 333.7 106.8 440.5
Total Europe 12,824 110,196 11,560 121,471
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Total installed wind power capacity at the end of 2007, 2010 & 2013
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
Europe Americas S&E Asia OECD Pacific Rest of World
Global Wind Power Status
2007 (94,005 MW) 2010 (199,520 MW) 2013 (321,559 MW)
Cumulative MW by end of 2007, 2010 & 2013
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Global installed offshore wind power in 2012 -2013
MW MW MW MW
Country 2012 2012 2013 2013
Belgium 184.5 379.5 186 565.5
P.R. China 110 319.9 36 355.9
Denmark 0 832.9 400 1232.9
Germany 80 278 230 508
Ireland (Rep.) 0 25 0 25
Netherlands 0 246.8 0 246.8
Norway 0 2.3 0 2.3
Portugal 0 2 0 2
Sweden 0 163.3 48 211.3
Japan 0 0 16 16
UK 756 2861 805 3666
Total capacity - World 1,131 5,111 1,721 6,832
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Global offshore wind test sites
Project Country Units WTG Size Manufacturer MW Construction
Roenland (Siemens) DK 4 2.3 MW Siemens 9.2 2002
Fredrikshavn I DK 1 2.5 MW Nordex 2.5 2003
Fredrikshavn II DK 2 3 MW Vestas 6 2003
Fredrikshavn III DK 1 2.3 MW Siemens 2.3 2003
Setana I JP 2 0.66 MW Vestas 1.32 2003
Sakata JP 5 2 MW Vestas 10 2004
Roenland (Vestas) DK 4 2 MW Vestas 8 2005
Breitling (Rostock) DE 1 2.5 MW Nordex 2.5 2006
Kemi Ajos I FIN 5 3 MW WinWinD 15 2007
Beatrice I UK 2 5 MW Repower 10 2007
Bohai test project CN 1 1.5 MW Goldwind 1.5 2007
Hooksiel DE 1 5 MW Bard 5 2008
Kemi Ajos II FIN 5 3 MW WinWinD 15 2008
Avedre DK 2 3.6 MW Siemens 7.2 2009
Pori Offshore Pilot FIN 1 2.3 MW Siemens 2.3 2010
Kamisu JP 7 2 MW Fuji Heavy Industries 14 2010
Jiangsu Rudong intertidal trial project CN 16 1.5-3.0MW nine Chinese OEMs 32 2010
Jiangsu Xiangshui Intertidal trial
project
CN 3 2.0/2.5MW Sewind/Goldwind 6.5 2010
Avedre 2 DK 1 3.6 MW Siemens 3.6 2011
Demonstration offshore project of
Jeju Island
KR 1 2.0MW STXWindpower 2 2011
Jiangsu Xiangshui Intertidal trial
project extension
CN 1 3.0 MW Goldwind 3 2012
Demonstration offshore Project of
Jeju Island
KR 1
3 MW Doosan 3 2012
Choshi Offshore Demonstration JP 1 2.4 MW Mitsubishi 2.4 2013
Jiangsu Xiangshui Intertidal trial CN 1 3 MW Dongfang 3 2013
Kitakyusgu Demonstration JP 1 2.0 MW JSW 2 2013
Offshore of Kabashima (floating) JP 1 2.0 MW Hitachi 2 2013
Fukushima Recovery Experimental
Offshore phase 1 (floating)
JP 2 2.0 MW Hitachi
1 2013
Belwind Alstom Demonstration BE 1 6.0 MW Alstom 6 2013
Arinaga Quary ES 1 5.0 MW Gamesa 5 2013
Methil Demonstration ( Fife) UK 1 7.0 MW Samsung 7 2013
VolturnUS ( floating) US 1 0.75 MW N/A 0.75 2013
Total MW 191.07 MW
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Global operating offshore wind farms by end 2013
Project name (Country) WTG`s MW Type foundations Operation
Vindeby (DK) 11 x 450 kW, Siemens 4.95 Concrete Caisson 1991
Lely (NL) 4 x 500 kW, Vestas 2.00 Driven Monopile 1994
Tun Knob (DK) 10 x 500 kW, Vestas 5.00 Concrete Caisson 1995
Dronten Isselmeer( NL) 28 x 600 kW, Vestas 16.80 Driven Monopile 1996
Bockstigen (S) 5 x 550 kW, Vestas 2.75 Drilled Monopile 1997
Utgrunden (S) 7 x 1.5 MW, GE Wind 10.50 Driven Monopile 2000
Blyth (UK) 2 x 2 MW, Vestas 4.00 Drilled Monopile 2000
Middelgrunden (DK) 20 x 2 MW, Siemens 40.00 Concrete Caisson 2000
Yttre Stengrund (S) 5 x 2 MW, Vestas 10.00 Driven Monopile 2001
Horns Rev (DK) 80 x 2 MW, Vestas 160.00 Driven Monopile 2002
Palludan Flak (DK) 10 x 2.3 MW, Siemens 23.00 Driven Monopile 2002
Nysted Havmllepark 72 x 2.3 MW, Siemens 165.60 Concrete Caisson 2003
Arklow Bank Phase I(IRL) 7 x 3.6 MW, GE Wind 25.20 Driven Monopile 2003
North Hoyle (UK) 30 x 2 MW, Vestas 60.00 Driven Monopile 2003
Scroby Sands (UK) 30 x 2 MW, Vestas 60.00 Driven Monopile 2004
Kentish Flat (UK) 30 x 3 MW, Vestas 90.00 Monopile 2005
Barrow (UK) 30 x 3 MW, Vestas 90.00 Monopile 2006
Egmond aan Zee (NL) 36 x 3 MW, Vestas 108.00 Monopile 2006
Buro Bank (UK) 25 x 3.6 MW, Siemens 90.00 Monopile 2007
Lillgrund (S) 48 x 2.3 MW, Siemens 110.40 Concrete Caisson 2007
Inner Dowsing (UK) 27 x 3.6 MW, Siemens 97.20 Monopile 2008
Lynn (UK) 27 x 3.6 MW, Siemens 97.20 Monopile 2008
Q7 (NL) 60 x 2 MW, Vestas 120.00 Monopile 2008
Thornton Bank (BE) 6 x 5 MW, Senvion 30.00 Concrete Caisson 2008
Phyl Flats (UK) 25 x 3.6 MW, Siemens 90.00 Monopile 2009
Horns Rev 2 (DK) 91 x 2.3 MW, Siemens 209.30 Monopile 2009
Hywind ( NO) 1 x 2.3 MW, Siemens 2.30 Floating 2009
Great Belt (DK) 7 x 3 MW, Vestas 21.00 Concrete Caisson 2009
Alpha Ventus (GE) 12 x 5 MW, Senvion/Areva 60.00 Monopile 2009
Vneren Gsslingegrund (S) 10 x 3 MW, WinWinD 30.00 Gravity Base 2009
Gunfleet Sands (UK) 48 x 3.6 MW, Siemens 172.80 Monopile 2009
Donghai Bridge phase 1 (CN) 34 x 3 MW, Sinovel 102.00 Gravity base + piles 2010
Robin Rigg (UK) 60 x 3 MW, Vestas 180.00 Monopile 2010
Rdsand ? (DK) 90 x 2.3 MW, Siemens 207.00 Concrete Caisson 2010
Thanet (UK) 100 x 3 MW, Vestas 300.00 Monopile 2010
Baltic 1 (GE) 21 x 2.3 MW, Siemens 48.30 Monopile 2010
Bligh Bank (BE) 55 x 3 MW, Vestas 165.00 Monopile 2010
Walney 1 (UK) 51 x 3.6 MW, Siemens 183.60 Monopile 2010
Windfloat (PT) 1 x 2 MW, Vestas 2.00 Floating 2011
Ormonde (UK) 30 x 5 MW, Senvion 150.00 Grounded: Jacket 2011
Donghai Bridge phase 2 (CN) 1 x 5 MW, Sinovel 5.00 2011
1 x 3.6 MW, Sewind 3.60 2011
Thornton Bank Phase II 30 x 6.15 MW, Senvion 184.50 Jacket 2012
BARD Offshore 1- I,II,III (GE) 34 x 5 MW, Bard 170.00 Tripile 2012
Walney 2 (UK) 51 x 3.6 MW, Siemens 183.60 Monopile 2012
Greater Gabbard (UK) 150 x 3.6 MW, Siemens 504.00 Monopile 2012
Sheringham Shoal (UK) 88 x 3.6 MW, Siemens 316.80 Monopile 2012
London Array Phase 1 (UK) 54 x 3.6 MW, Siemens 194.40 Monopile 2012
Rudong Intertidal Project Phase 1
(CN)
21/17/20 x 2.3/3/2.5 MW,
Siemens/Sinovel/ Goldwind
149.30 Muiti-piles/Monopile 2012
Rudong Intertidal Project Phase 1
Extension (CN)
20 x 2.5 MW, Goldwind 50.00 Monopile 2012
Longyuan Rudong Intertidal Trial
Project Extension (CN)
2 x 5 MW, CSIC Haizhuang 10.00 Multi-piles 2012
London Array Phase 1(UK) 121 x 3.6 MW, Siemens 435.60 Monoplie 2013
Lincs(UK) 75 x 3.6 MW, Siemens 270.00 Monopile 2013
Gunfleet Sands 3(UK) 2 x 6 MW, Siemens 12.00 Monopile 2013
Teesside(UK) 27 x 2.3 MW, Siemens 62.10 Monopile 2013
Gwynt y Mr(UK) 7 x 3.6 MW, Siemens 25.20 Monopile 2013
Anholt(DK) 111 x 3.6 MW, Siemens 399.60 Monopile 2013
BARD Offshore 1- IV(GE) 46 x 5 MW, BARD 230.00 Tripile 2013
Thornton Bank Phase III(BE) 18 x 6.15 MW, Senvion 110.70 Jacket 2013
Northwind(BE) 25 x 3 MW, Vestas 75.00 Monopile 2013
Krehamn(S) 16 x 3 MW, Vestas 48.00 Concrete Caisson 2013
Kamisu nearshore Phase 2(JP) 8 x 2 MW, Hitachi 16.00 Monopile 2013
Guodian Binhai Intertidal
Project(CN)
18 x 1.5 MW, United Power 27.00 2013
Project Extension(CN)
2 x 4/5 MW, Envison/
Dongfang
9.00 Monopile/Multi-pile 2013
Total Number of WTGs: 2153 6,837 MW
Combination of gravity
base and piles
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Offshore wind projects under construction by the end of 2013
Project Country Units WTG Size WTG Total MW In full
operation
Year
Borkum Phase 1 Germany 80 5.0 MW AREVA 400 2014
Riffgat Germany 30 3.6MW Siemens 108 2014
Meerwind sud/ost Germany 80 3.6MW Siemens 288 2014
Global Tech I Germany 80 5.0MW AREVA 400 2014
Nordsee Ost Germany 48 6.15MW REpower 295 2014
EnBW Baltic 2 Germany 80 3.6MW Siemens 288 2014
DanTysk Germany 80 3.6MW Siemens 288 2015
Amrumbank West Germany 80 3.6 MW Siemens 288 2015
Gwynt y Mr UK 160 3.6 MW Siemens 576 2014
West of Duddon Sands UK 108 3.6 MW Siemens 389 2014
Westermost Rough UK 35 6.0 MW Siemens 210 2015
Humber Gateway UK 73 3.0 MW Vestas 219 2014
Eneco Luchterduinen Netherlands 43 3.0MW Vestas 129 2015
Northwind Belgium 72 3.0 MW Vestas 216 2014
Project Extension
China 6&1 4.0 & 6.5 MW
Envision/
Mingyang
30.5 2014
Longyuan Rudong Intertidal Project
Phase 1 Extension
China 50 4.0 MW
Siemens/Envis
ion
200 2014
Donghai Bridge Offshore Phase 2 China 26 3.6 MW Sewind 93.6 2015
Shanghai Lingang phase 1 China 17 6.0 MW Sinovel 102 2014
Zhuhai Guishan China 29 3.0 MW Mingyang 87 2015
Jiangsu Binhai China 100 3.0 MW Sinovel 300 2015
Jiangsu Dafeng China 80 2.5 MW Goldwind 200 2015
Jiangsu Dongtai China 55 3.6 MW Sewind 200 2015
Jiangsu Xiangshui China 67 3.0 MW N/A 201 2015
Zhejiang Putuo 6# China 50 5.0 MW N/A 250 2016
Fujian Putian Nanri Phase 1 China 100 4.0 MW Siemens 400 2015
Fukushima Recovery Experimental
Offshore Floating wind farm phase 2
Japan 2 7.0 MW Mitisubishi 18 2015
Tamra Offshore Wind S.Korea 10 3.0 MW Doosan 30 2014
Cape Wind US 130 3.6 MW Siemens 480 2016
Total
Source: BTM Consult- A Part of Navigant, March 2013
Europe
Asia
6686.1
North America
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Numbers of wind turbines worldwide
Total units Net increase per year Total
until end of by end of
Country/Region 2008 2009 2010 2011 2012 2013 2013
USA 33,660 4,975 3,379 3,489 6,022 695 52,220
Canada 1,866 357 492 479 671 643 4,508
Other Americas 1,137 353 355 638 1,137 1,633 5,253
Sum total 36,663 5,685 4,226 4,606 7,830 2,971 61,981
Austria 577 0 8 38 97 120 840
Denmark 5,460 -313 68 -87 15 182 5,325
Germany 20,421 856 798 685 642 839 24,241
Greece 1,294 146 128 147 39 40 1,794
Ireland (Rep.) 871 101 150 77 75 129 1,403
Italy 3,806 697 606 406 574 166 6,255
Netherlands 2,069 -52 19 38 89 92 2,255
Portugal 1,781 301 175 198 72 43 2,570
Spain 18,127 1,245 505 376 537 47 20,837
Sweden 1,151 201 327 314 333 299 2,625
UK 2,427 459 593 433 772 920 5,604
Rest of Europe 3,891 1,304 1,564 1,561 1,427 1,622 11,369
Sum total 61,875 4,945 4,941 4,186 4,672 4,499 85,118
P.R. China 11,857 10,240 12,951 11,358 8,026 9,360 63,792
India 13,941 1,049 2,051 3,039 1,900 1,480 23,460
Pakistan 0 0 0 0 61 33 94
Japan 1,607 83 43 60 35 25 1,853
Rest of Asia 329 117 56 35 24 148 709
Sum total 27,734 11,489 15,101 14,492 10,046 11,046 89,908
Rest of World 2,471 536 290 453 384 512 4,646
Total units 128,743 22,655 24,558 23,737 22,932 19,028 241,652
Cumulative 128,743 151,398 175,956 199,693 222,093 241,652
Installed capacity by the end of 2013: 321,559 MW
Average size WTG in the world : 1,331 kW/WTG
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Average size of turbine (kW) installed each year
Average size of turbine (kW) in cumulative installation
Year Brazil Canada P.R. China Denmark Germany India Spain Sweden UK USA Total
2008 1,426 1,945 1,220 2,277 1,916 999 1,837 1,738 2,256 1,677 1,566
2009 1,851 2,179 1,360 2,368 1,976 1,117 1,904 1,974 2,241 1,731 1,595
2010 1,806 2,013 1,469 2,514 2,047 1,293 1,915 2,013 2,568 1,875 1,655
2011 1,839 1,969 1,548 2,655 2,217 1,126 1,878 2,135 2,450 1,981 1,677
2012 1,694 1,921 1,646 3,080 2,385 1,229 1,987 2,294 2,536 1,930 1,847
2013 1,804 2,077 1,719 3,326 2,703 1,336 2,171 2,426 2,333 1,841 1,926
Year Brazil Canada P.R. China Denmark Germany India Spain Sweden UK USA Global
2008 1,388 1,292 1,022 579 1,172 693 921 890 1,406 750 953
2009 1,486 1,515 799 705 1,166 675 923 989 1,340 806 1,061
2010 1,340 1,263 1,278 730 1,240 761 1,035 1,275 1,738 959 1,137
2011 1,833 1,652 1,345 766 1,285 810 1,054 1,457 1,829 1,035 1,207
2012 1,634 1,608 1,385 804 1,345 846 1,080 1,612 1,945 1,169 1,284
2013 1,401 1,733 1,434 891 1,422 878 1,086 1,704 1,953 1,174 1,331
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The 10 largest markets in 2013 (annual installed MW)
Country 2011 2012 2013 Share % Cum. Share %
P.R. China 17,631 12,960 16,088 44.5% 45%
Germany 2,007 2,415 3,237 9.0% 53%
India 3,300 2,336 1,987 5.5% 59%
UK 1,293 1,958 1,833 5.1% 64%
Canada 1,267 936 1,599 4.4% 68%
USA 6,810 13,124 1,084 3.0% 71%
Brazil 583 1,077 948 2.6% 74%
Poland 436 880 894 2.5% 77%
Sweden 763 846 724 2.0% 79%
Romania 520 923 695 1.9% 81%
Total 34,610 37,455 29,089
Percent of World 83.0% 83.3% 80.5%
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The 10 largest markets by the end of 2013 (cumulative MW)
Country 2011 2012 2013 Share % Cum. Share %
P.R. China 62,412 75,372 91,460 28.4% 28%
USA 47,084 60,208 61,292 19.1% 48%
Germany 29,248 31,467 34,468 10.7% 58%
Spain 21,350 22,462 22,637 7.0% 65%
India 16,266 18,602 20,589 6.4% 72%
UK 7,155 9,113 10,946 3.4% 75%
Italy 6,733 7,998 8,448 2.6% 78%
France 6,836 7,593 8,128 2.5% 80%
Canada 5,278 6,214 7,813 2.4% 83%
Denmark 3,927 4,137 4,747 1.5% 84%
Total 206,288 243,166 270,528
Percent of World 85.6% 85.1% 84.1%
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Growth rates in the Top 10 markets
Accu. Accu. Accu. Accu. Growth rate 3 years
end end end end 2012-2013 average
Country 2010 2011 2012 2013 % %
P.R. China 44,781 62,412 75,372 91,460 21.3% 26.9%
USA 40,274 47,084 60,208 61,292 1.8% 15.0%
Germany 27,364 29,248 31,467 34,468 9.5% 8.0%
Spain 20,300 21,350 22,462 22,637 0.8% 3.7%
India 12,966 16,266 18,602 20,589 10.7% 16.7%
UK 5,862 7,155 9,113 10,946 20.1% 23.1%
Italy 5,793 6,733 7,998 8,448 5.6% 13.4%
France 5,961 6,836 7,593 8,128 7.0% 10.9%
Canada 4,011 5,278 6,214 7,813 25.7% 24.9%
Denmark 3,805 3,927 4,137 4,747 14.7% 7.7%
Total "Ten" 171,116 206,288 243,166 270,528 11.3% 16.5%
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Selected MW class onshore wind turbines in the market (1/3)
Technical Spec.: Capacity Rotor diam. Comments
Name/types: kW m
Acciona AW-1500 1500 70/77/82 6-pole double feeding generator
AccionaAW 3000 3000 100/109/116 6-pole double feeding generator
AlstomWind ECO 74/80/86 Platform 1670 80/85.5 Pure torque concept
AlstomWind ECO 100/110 Platform 3000 100/110 Pure torque concept
AlstomWind ECO 122 Platform 2700 122 Pure torque concept
CCWE-1500DF 1500 70/77/82 Doule-fed
CCWE-1500D 1500 78/82 Direct Drive - PMG
CCWE-2000 D 2000 103 Direct Drive - PMG
CCWE-3600 3600 115 Hybrid concept- PMG
CSIC Haizhuang 2.0 MW 2000 82/87/93/100 Double-fed
CSIC Haizhuang 2.5 MW 2500 82/87/93/101 Double-fed
CSR WT 1500-D82/88 1500 82/88 High Altitude
CSR WT 1650-D82/88 1650 82/88 Covering cold climate
CSR WT 2000-D103/110 2000 103/110 Low wind speed
CSR WT 2500-D103/110 2500 103/110 High-speed PMG
Dongfang, DEC, 1.5 MW 1500 70/77/82/89 IGBT-Inverter
Dongfang, DEC, 2.0 MW 2000 87/93/103/108 IGBT-Inverter
Dongfang, DEC, 2.5 MW 2500 90/100 6-pole double fed generator
Dongfang, DEC, 3.0 MW 3000 100/115 Double-fed
Enercon E70, 2.3 MW 2300 71 Direct-drive annular generator
Enercon E82 E2, 2.0 MW 2000 82 Direct-drive annular generator
Enercon E82 E2, 2.3MW 2300 82 Direct-drive annular generator
Envision E70/77/82 1500 70/77/82 Double-fed
Envision E87/93 1500 87/93 Low wind speed
Envision E90/100/103 2300 90/100/103 Double-fed
Envision EN136 4000 136 Three stage gearbox, three blade
FWT 2000 2050 93.2 Double fed asynchronous
FWT 2500 2500 90/100/104 Double fed asynchronous with slip-ring rotors
FWT 3000 3000 120 Medium speed PMG (HybridDrive)
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Name/types: kW m
GAMESA G80/87/90 2000 80/87/90 Doubly fed induction generator
GAMESA G97/114 2000 97/114 Doubly fed induction generator, Low wind speed
GAMESA G114 2500 114 Doubly fed induction generator
GAMESA G128-4.5 MW 4500 128 Permanent Magnet Synchronous generator
GAMESA G128/132 5000 128/132 Medium speed PMG (HybridDrive)
GE Wind 1.5 1500 77/82.5 IGBT-Inverter
GE Wind 1.6 1600 82.5/100 IGBT-Inverter
GE Wind 1.7 1700 100/103
GE Wind 1.85 1850 82.5/87
GE Wind 2.5 2500 100/103/120 IGBT-Inverter, PMG
GE Wind 2.75 2750 100/103 IGBT-Inverter, PMG
GE Wind 2.85 2850 100/103 IGBT-Inverter, PMG
GE Wind 3.2 3200 103
Goldwind GW1500 1500 70/77/82/87/93 Direct Drive - PMG
Goldwind GW2500 2500 100/109/112 Direct Drive - PMG
Goldwind GW3000 3000 100 Hybrid concept- PMG
HITACHI HTW2.0 2000 80 Downwind
IMPSA IV 70/77/82 1500 70/77/82 Direct Drive - PMG Vensys license
IMPSA IWP 70 1500-1800 70 Direct Drive - PMG Unipower License
IMPSA IWP 83/85/100 2000-2100 83/85/100 Direct Drive - PMG Unipower License
XEMC XE-2000 2000 72/82/87/93 Direct Drive - PMG
MHI,MWT 62 1000 62 Induction generator (4 pole)
MHI,MWT 92 2.4 2400 92/95/100/102 Doubly fed asynchronous generator, IGBT
Mingyang MY 1.5/2.0 1500/2000 77/83/89 Doubly fed asynchronous generator, IGBT
Mingyang SCD2.5/3.0 2500/3000 92/100/108 Permanent magnet synchronous generator
Mingyang SCD 6.5 Offshore 6500 92/100/109 Permanent magnet synchronous generator
Nordex N77/82 1500 77/82 Double-fed asynchronous generator
Nordex N90/N100 2500 90/100 Double-fed asynchronous generator
Nordex N117 2.4/3.0 2400/3000 117 Double-fed asynchronous generator
Nordex N100 3.3 3300 100 Double-fed asynchronous generator
Nordex N131 3.0 3000 131 Double-fed asynchronous generator
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Name/types: kW m
Senvion MM82/92 2050 82 Double-fed asynchronous generator, IGBT
Senvion MM100 1800/2000 100 Double-fed asynchronous generator, IGBT
Senvion 3.2M114 3200 114 Double-fed asynchronous generator
Senvion 3.4M104 3400 104 Double-fed asynchronous generator
Senvion 3.0M122 3000 122 Double-fed asynchronous generator, hybrid tower
Senvion 6.XM 6150 126/152 Double-fed asynchronous generator, IGBT
Sewind W1250 1250 62/64/70 Double-fed induction generator
Sewind W2000 2000 87/93/99/105 Double-fed induction generator
Sewind W3600 3600 116/122 Double-fed induction generator
Siemens G2 Platform 2300 182/93/101/108 Asynchronous generator
Siemens D3 Platform 3000 101/108/113 Direct Drive - PMG
Siemens G4 Platform 3600 107/120 Asynchronous generator
Siemens G4 Platform 4000 120/130 Asynchronous generator
Siemens D6 Platform 6000 120/154 Direct Drive - PMG
Sinovel SL1500 1500 70/77/82/89
Sinovel SL3000 3000 90/100/105/115 Double-fed
Sinvoel SL5000 5000 128 Double-fed
Suzlon S64/66-1.25 MW 1250 64/66 Asynchronous generator
Suzlon S82-1.5 MW 1500 82 Single speed induction generator with slip rings
Suzlon S88-2.1 MW 2100 88 Asynchronous slip ring type induction generator
Suzlon S95/S97 2100 95/97 DFIG
United Power UP/1500 1500 77/82/86/100/108 IGBT-Inverter
United Power UP/2000 2000 96/103 IGBT-Inverter
United Power UP/3000 3000 100/108 IGBT-Inverter
VESTAS V80 2000 80 Also available in PMG and GridStreamer
VESTAS V90-1.8/2MW 1800/2000 90 Also available in PMG and GridStreamer
VESTAS V90-3.0MW 3000 90 DFIG
VESTAS V100-1.8MW 1800 100 DFIG, slip rings
VESTAS V100-2.0MW 2000 100 DFIG, slip rings
VESTAS V100-2.6MW 2600 100 DFIG
VESTAS V105-3.3MW 3300 105 IECIA
VESTAS V112-3.3MW 3300 112 IECIB/IECIIA
VESTAS V117-3.3MW 3300 117 IECIIA
VESTAS V126-3.3MW 3300 126 IECIIIA
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Selected MW class offshore wind turbines in the market

Name/types: kW m
AlstomWind Halide 150 6000 150 Direct Drive - PMG, Offshore
Areva Wind M5000 -116/135 5000 116/135 Multibrid concept, Offshore
BARD 5.0 5000 122 Doubly-fed asynchronous generator, Offshore
Doosan WinDS3000 3000 91.6 Integrated drive train without main shaft, PMG
Dongfang, DEC, 5.5MW 5500 140 Permanent magnet synchronous generator
Envision EN136 4000 136 Three stage gearbox, three blade, on/offshore
GAMESA G128/132 5000 128/132 Medium speed PMG (HybridDrive), on/offshore
Goldwind GW2500 2500 100/109/112 Direct Drive - PMG
Hyundai HQ5500 5500 140 Permanent magnet synchronous generator
Mingyang SCD3.0 2500/3000 92/100/108 Permanent magnet synchronous generator
Mingyang SCD 6.5 Offshore 6500 92/100/109 Permanent magnet synchronous generator
Senvion 6.XM 6150 126/152 Double-fed asynchronous generator, IGBT, On/offshore
Sewind W3600 3600 116/122 Double-fed induction generator, On/offshore
Siemens G4 Platform 3600 107/120 Asynchronous generator, On/offshore
Siemens G4 Platform 4000 120/130 Asynchronous generator, On/offshore
Siemens D6 Platform 6000 120/154 Direct Drive - PMG, On/Offshore
Sinovel SL3000 3000 90/100/105/115 Double-fed, Onshore/offshore
Sinvoel SL5000 5000 128 Double-fed, Onshore/offshore
Sinvoel SL6000 6000 128 Double-fed, Offshore
United Power UP/6000 6000 136 Double-fed, Offshore
VESTAS V90-3.0MW 3000 90 DFIG, Onshore/offshore
VESTAS V112-3.3MW 3300 112 IECIB/IECIIA, On/offshore
VESTAS V164-8MW 8000 164 Medium speed PMG (HybridDrive), Offshore
XEMC XE/DD115/128 5000 115/128 Direct Drive - PMG, Offshore
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Section 5
Supply Side of the Market in 2013
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Typical onshore wind turbine development timeline
6 months 1-3 months 6 months Up to 1 week
Delivery
Order/
Sale
Construct foundation/
cabling and grid
preparation Installation
Grid
Connection
Commissioning
Commence
operation
Transfer of Risk
~15 months
Shipment
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
The top-10 suppliers in 2013
Accu. Supplied Share Accu. Share
MW MW 2013 MW accu.
2012 2013 % 2013 %
VESTAS (DK) 56,780 4,893 13.1% 61,673 18.9%
GOLDWIND (PRC) 15,452 4,112 11.0% 19,564 6.0%
ENERCON (GE) 29,370 3,687 9.8% 33,057 10.1%
SIEMENS (DK) 20,192 2,776 7.4% 22,968 7.0%
GE WIND (US) 37,108 2,458 6.6% 39,566 12.1%
GAMESA (ES) 27,745 2,069 5.5% 29,814 9.1%
SUZLON GROUP (IND) 23,582 1,995 5.3% 25,577 7.8%
UNITED POWER (PRC) 7,323 1,488 4.0% 8,811 2.7%
MINGYANG (PRC) 4,159 1,297 3.5% 5,456 1.7%
NORDEX (GE) 8,884 1,254 3.3% 10,138 3.1%
Others 58,962 11,448 30.5% 70,410 21.5%
Total 289,557 37,478 100% 327,034 100%
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
The five next in line
Accu. Supplied Share Accu. Share
MW MW 2013 MW accu.
2012 2013 % 2013 %
ENVISION (PRC) 1,279 1,142 3.0% 2,421 0.7%
XEMC (PRC) 2,696 1,052 2.8% 3,748 1.1%
SINOVEL (PRC) 14,369 1,037 2.8% 15,406 4.7%
SEWIND (PRC) 2,610 1,014 2.7% 3,624 1.1%
CSIC HAIZHUANG (PRC) 1,135 787 2.1% 1,922 0.6%
Remaining Others 36,873 6,416 17.1% 43,290 13.2%
Total 58,962 11,448 30.5% 70,410 21.5%
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
VESTAS (DK) 13.1%
GOLDWIND (PRC)
11.0%
ENERCON (GE) 9.8%
SIEMENS (DK) 7.4%
GE WIND (US) 6.6%
GAMESA (ES) 5.5%
SUZLON GROUP (IND)
5.3%
UNITED POWER
(PRC) 4.0%
MINGYANG (PRC)
3.5%
NORDEX (GE) 3.3%
Others 30.5%
Top-10 Suppliers (Global) in 2013
% of the total market 37,478MW
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Change in market share 2012-2013
GOLDWIND (PRC)
ENERCON (GE)
NORDEX (GE)
MINGYANG (PRC)
GAMESA (ES)
UNITED POWER (PRC)
VESTAS (DK)
SUZLON GROUP (IND)
SIEMENS (DK)
GE WIND (US)
-10% -8% -6% -4% -2% 0% 2% 4% 6%
Performed better than the
market
Underperformed the
market
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Global footprint of top ten wind turbine manufacturers 2013
VESTAS (DK)
GOLDWIND (PRC)
ENERCON (GE)
SIEMENS (DK)
GE WIND (US)
GAMESA (ES)
SUZLON GROUP (IND)
UNITED POWER (PRC)
MINGYANG (PRC) NORDEX (GE)
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
0 5 10 15 20 25 30
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No. of markets (Total supply >50MW)
Top-Ten manufacturers market strength and positions in 2013
Domestic
Supplier
Global
Supplier
Source: BTM Consult - A Part of Navigant - March
2014
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Leading suppliers in the top ten markets in 2013
Total
MW
Market/Country 2013
1. P.R. China 16,092 Goldwind United Power Mingyang
2. Germany 3,301 Enercon Vestas Suzlon Group
3. India 1,977 Gamesa Wind World India Suzlon Group
4. UK 2,146 Siemens Suzlon Group Vestas
5. Canada 1,336 Enercon Vestas Suzlon Group
6. USA 1,279 GE Wind Vestas Siemens
7. Brazil 1,757 GE Wind Gamesa Vestas
8. Poland 816 Vestas Suzlon Group Enercon
9. Sweden 725 Vestas Siemens Enercon
10. Romania 912 Vestas Siemens Enercon
Total MW in Top Ten 30,340
Positions in the Top
Ten markets
The Top Ten markets represent for 81%of global wind turbine supply in 2013
Suppliers in the leading markets
No. 1 No. 2 No. 3
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Share of supplied MW by top ten wind turbine suppliers
2009 2010 2011 2012 2013
Top-10 market share 80.9% 79.8% 78.2% 77.4% 69.5%
Other manufacturers 19.1% 20.2% 21.8% 22.6% 30.5%
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Market shares in 2011, 2012 and 2013
Supplied Share Supplied Share Supplied Share
MW 2011 MW 2012 MW 2013
2011 % 2012 % 2013 %
VESTAS (DK) 5,213 12.9% 6,020 14.0% 4,893 13.1%
GOLDWIND (PRC) 3,789 9.4% 2,609 6.0% 4,112 11.0%
ENERCON (GE) 3,188 7.9% 3,538 8.2% 3,687 9.8%
SIEMENS (DK) 2,540 6.3% 4,114 9.5% 2,776 7.4%
GE WIND (US) 3,542 8.7% 6,696 15.5% 2,458 6.6%
GAMESA (ES) 3,309 8.2% 2,625 6.1% 2,069 5.5%
SUZLON GROUP (IND) 3,104 7.7% 3,177 7.4% 1,995 5.3%
UNITED POWER (PRC) 2,859 7.1% 2,029 4.7% 1,488 4.0%
MINGYANG (PRC) 1,178 2.9% 1,183 2.7% 1,297 3.5%
NORDEX (GE) 970 2.4% 920 2.1% 1,254 3.3%
Others 10,806 26.7% 10,224 23.7% 11,448 30.5%
Total 40,495 100% 43,134 100% 37,478 100%
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Wind turbine size classes by market share 2011-2013
Year 2011 2012 2013
Total MW supplied 40,495 43,134 37,478
Product (Size range)
"Small WTGs" <750 kW 0.6% 0.1% 0.1%
"One-MW " 750-1499 kW 6.6% 3.5% 2.8%
"Mainstream" 1500-2500 kW 85.7% 83.5% 79.6%
"Multi-MW Class" >2500 kW 7.2% 12.8% 17.5%
Total 100.0% 100.0% 100.0%
% of total MW
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Wind turbine size classes by market share 2013
Product (Size range) Units MW kW/unit Share
0-749kW 72 32 445 0.1%
750-999kW 1,050 861 820 2.3%
1000-1499kW 144 173 1,202 0.5%
1500-2500kW 16,167 29,844 1,846 79.6%
2501 and up 2,025 6,568 3,243 17.5%
Total 19,458 37,478 1,926 100.0%
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Leading suppliers in the four wind turbine size classes 2013
Small turbines One-MW Mainstream Multi-MW Class
WTGs < 750 kW WTGs: 750-1499 kW WTGs: 1500-2500kW WTGs: >2500kW
Position:
1 Enercon Wind World India Goldwind Vestas
2 Suzlon Group Gamesa Vestas Siemens
3 Hitachi Enercon Enercon Enercon
Company Name
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Leading suppliers in the 1.5 MW+ size class 2013
WTG 1500 kW and larger Total MW supplied Share of the
Position Company in 2013 MW-segment
1 VESTAS, DK 4,843 13.3%
2 GOLDWIND, PRC 4,101 11.3%
3 ENERCON, GE 3,571 9.8%
4 SIEMENS, DK 2,737 7.5%
5 GE WIND, US 2,458 6.8%
Others 18,701 51.4%
Total installed MW: 36,412 100%
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Leading suppliers in the multi-MW size class - 2013
WTG larger than 2500 kW Total MW supplied Share of the
Position Company in 2013 MW-segment
1 VESTAS, DK 1,962 32.9%
2 SIEMENS, DK 1,274 21.4%
3 ENERCON, GE 1,017 17.0%
4 SUZLON GROUP, IND 568 9.5%
5 SINOVEL, PRC 432 7.2%
Others 715 12.0%
Total installed MW: 5,969 100%
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Section 6
Wind Power Plant Owner-Operators
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Leading utility and IPP wind farm owner-operators
Name of wind farm operator
Cumulative MW
capacity by end
of 2011
Cumulative MW
capacity by end
of 2012
Cumulative MW
capacity by end
of 2013
1. Iberdrola Renovables (ES) 13,274 13,619 13,834
2. Longyuan Power Group (CN) 8,945 10,544 11,910
3. NextEra Energy Resources (US) 8,569 10,057 10,210
4. EDP Renovaveis (P) 7,483 7,948 8,500
5. Acciona Energy (ES) 6,921 7,096 7,201
6. Huaneng Renewables Corporation (CN) 4,904 5,457 6,221
7. Datang Renewable Power (CN) 5,172 5,669 5,841
8. China Power Investment Corporation (CN) 2,718 3,605 5,317
9. Enel Green Power (It) 3,541 4,315 5,100
10. Shenhua Guohua Energy( CN) 3,385 4,232 5,055
11. E.ON Climate and Renewables (GE) 4,035 4,627 4,495
12. CGN Windpower (CN) 2,890 3,200 4,350
13. EDF Energies Nouvelles (FR) 2,790 3,629 4,019
14. GDF Suez ( FR) 3,440 3,210 3,668
15. Huadian Fuxin Energy (CN) 2,429 3,075 3,621
Total of the shown companies 80,496 90,283 99,342
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Market share of major utilities and IPPs
13.9%
12.0%
10.3%
8.6%
7.2%
6.3%
5.9%
5.4%
5.1%
5.1%
4.5%
4.4%
4.0%
3.7%
3.6%
Share of the operators / owners market (%)
Iberdrola Renovables (ES)
Longyuan Power Group (CN)
NextEra Energy Resources (US)
EDP Renovaveis (P)
Acciona Energy (ES)
Huaneng Renewables Corporation (CN)
Datang Renewable Power (CN)
China Power Investment Corporation (CN)
Enel Green Power (It)
Shenhua Guohua Energy( CN)
E.ON Climate and Renewables (GE)
CGN Windpower (CN)
EDF Energies Nouvelles (FR)
GDF Suez ( FR)
Huadian Fuxin Energy (CN)
Total market: 99,342 MW (100%)
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Potential major wind farm owner-operators/developers (1/2)
Region / Country Company
Denmark SEA-NVE
France Eolfi, Tholia, Akuo Energy, EOLE-RES
Germany Baywa, EnBW, Energiekontor, Energiequellle, EWE, Juwi, Ostwind, PNE Wind, SeeBa
Energy Farming, Stadtwerke Munich, WKN Windkraft Nord, WPD.
Ireland ESB International, Mainstream Renewable Power
Italy Erg Renew, Falck Renewables, IVPC, Moncada.
Netherlands Eneco, Shell Renewable
Norway Fred Olsen Renewables, Statkraft, Statoil
Poland Eco-Wind, CEZ, Polish Energy Partners, PGE, PS Wind Managment
Portugal Martifer Renewables, Iberwind
Spain Eolia Renovables, Enerfin Sociedad de Energia, Fersa, FCC Energia, Gas Natural
Fenosa, Gestamp, Renovalia , Repsol Sweden Vattenfall, Arise Windpower
Turkey Agaoglu Group, Bligin Enerji, Demirer, Eksim, Fina Enerji, Zorlu Enerji
UK BP Alternative Energy, Centrica, Fluor, RES, SSE Renewables, SeaEnergy
EUROPE
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Potential major wind farm owner-operators/developers (2/2)
Region / Country Company
USA Caithness, Cielo Wind Power, Cannon Power, Continental Wind Partner, Duke Energy,
Edsion Mission Energy, Element Power, Exelon Wind, First Wind, Infinity Wind Power,
MidAmerican Energy, Midwest Wind Energy, Nobel Environmental Power, Pattern
Energy, Sempra Generation, Terra-Gen
Canada Algonquin Power, Cartier Wind Energy, Enbridge, Schneider Power, Shear Wind,
TransAlta, Windstream
Brazil CPFL Energia, Eletrobras, Eletrosul, Energimp, Eolica Tecnologia, Renova Energia
China Beijing Clean Energy, BCEG, CECIC, CLP, China Resources Power Holding, China
WindPower Group, CNOOC, China Power Investment, HKC, Shandong Nuneng, Suntian
Green Energy, Ningxia Electric Power, Three Gorges Group, Tianrun
India Airvoice Group, Caparo Energy, Greenko Group, India Energy, National Thermal Power
Corporation, Reliance Energy, ReNew Power, Tata Power
Japan Eurus Energy, Japan Wind Development, Marubeni, Sumitomo
South Korea Korea Electric Power Corporation, POSCO
Australia Australia Gas Light, CBD Energy, Infigen, Origin Energy, Pacific Hydro
Morocco Nraeva
South Africa AFPOC Ltd, Cennergi, Eskom, Red Cap
North and South America
ASIA
Africa
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Section 7
Market Forecasts and Estimates
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Forecast for wind power development 2014-2018 (Global)
2013 2013 2014 2015 2016 2017 2018 Sum Accu.
Total Americas 77,116 4,734 11,100 11,000 7,425 8,250 9,350 47,125 124,241
Total Europe 121,471 11,560 12,217 11,890 12,890 15,025 16,600 68,622 190,093
Total South & East Asia 113,126 18,439 20,900 22,450 22,825 24,150 24,650 114,975 228,101
Total OECD-Pacific 7,321 766 910 771 920 1,300 1,650 5,551 12,872
Total other areas 2,525 636 1,727 2,092 3,115 3,500 3,360 13,794 16,319
Total MW new capacity
every year:
36,134 46,854 48,203 47,175 52,225 55,610 250,067 571,625
Accu. capacity (MW) 321,559 368,412 416,615 463,790 516,015 571,625
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Forecast for wind power development 2014-2018 (American continent)
2013 2013 2014 2015 2016 2017 2018 Sum Accu.
Argentina 242 76 100 125 125 150 175 675 917
Brazil 3,869 948 1,700 1,700 1,800 1,850 1,900 8,950 12,819
Canada 7,813 1,599 1,600 1,600 1,200 1,200 1,200 6,800 14,613
Chile 315 130 200 225 250 250 275 1,200 1,515
Mexico 1,988 476 600 650 700 750 800 3,500 5,488
USA 61,292 1,084 6,300 6,000 2,800 3,600 4,500 23,200 84,492
Other Americas 1,597 421 600 700 550 450 500 2,800 4,397
Total Americas 77,116 4,734 11,100 11,000 7,425 8,250 9,350 47,125 124,241
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Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Forecast for wind power development 2014-2018 (Asia)
2013 2013 2014 2015 2016 2017 2018 Sum Accu.
P.R. China 91,460 16,088 18,000 19,000 19,000 20,000 20,000 96,000 187,460
India 20,589 1,987 2,500 3,000 3,200 3,400 3,600 15,700 36,289
Pakistan 106 50 50 50 100 150 250 600 706
Taiwan 577 32 50 100 125 150 200 625 1,202
Rest of Asia: Indonesia,
Malaysia, Philippines,
Thailand, Vietnam, etc.
394 282 300 300 400 450 600 2,050 2,444
Total Asia 113,126 18,439 20,900 22,450 22,825 24,150 24,650 114,975 228,101
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o
f

2
0
1
3
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(
M
W
)

i
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2
0
1
3
(incl. Offshore)
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Forecast for wind power development 2014-2018 (rest of the world)
2013 2013 2014 2015 2016 2017 2018 Sum Accu.
Australia 3,489 655 650 400 450 500 600 2,600 6,089
Japan 2,722 50 100 200 200 300 400 1,200 3,922
New Zealand 603 1 60 71 120 150 150 551 1,154
South Korea 506 60 100 100 150 350 500 1,200 1,706
Total OECD-Pacific 7,321 766 910 771 920 1,300 1,650 5,551 12,872
Egypt 634 82 118 160 360 540 450 1,628 2,262
Ethiopia 258 84 67 171 220 250 300 1,008 1,266
Kenya 5 0 20 60 300 340 100 820 825
Morocco 495 101 523 300 250 250 200 1,523 2,018
South Af rica 200 196 531 600 550 600 400 2,681 2,881
Tunisia 305 28 40 60 100 0 50 250 555
Other Af rican Countries -
including: Algeria, Cape Verde,
Libya, etc.
45 10 121 109 190 150 200 770 815
Middle East: Jordan, Iran, Iraq,
Israel, Saudi Arabia, Syria, etc.
(excl. Egypt)
150 40 112 267 415 465 480 1,739 1,888
Transition Economies: incl.
Russia, White Russia, Ukraine,
Uzbekistan, Kazakstan, etc.
417 95 195 360 730 900 1,170 3,355 3,772
Rest of the world
18 0
0 5 0 5 10
20 38
Total other continents and
areas:
2,525 636 1,727 2,092 3,115 3,500 3,360 13,794 16,319
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2
0
1
4
-
2
0
1
8
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Forecast for wind power development 2014-2018 (Europe)
2013 2013 2014 2015 2016 2017 2018 Sum Accu.
Austria 1,661 283 300 325 350 375 375 1,725 3,386
Belgium 1,720 276 250 250 100 450 550 1,600 3,320
Bulgaria 650 7 25 50 100 100 150 425 1,075
Czech Rep. 247 8 25 50 50 50 100 275 522
Denmark 4,747 657 200 200 200 500 550 1,650 6,397
Estonia 270 11 15 50 50 75 100 290 560
Finland 428 160 150 250 250 300 350 1,300 1,728
France 8,128 535 500 750 1,000 1,650 1,800 5,700 13,828
Germany 34,468 3,237 3,500 3,000 3,000 3,000 3,000 15,500 49,968
Greece 2,068 75 100 175 200 200 225 900 2,968
Hungary 357 0 0 25 50 100 150 325 682
Ireland (Rep.) 2,100 288 250 250 300 300 300 1,400 3,500
Italy 8,448 450 500 500 550 550 550 2,650 11,098
Latvia 58 2 25 50 50 50 50 225 283
Lithuania 273 16 45 25 50 50 50 220 493
Netherlands 2,714 162 300 450 600 800 800 2,950 5,664
Norway 793 110 50 100 150 200 400 900 1,693
Poland 3,441 894 900 900 550 600 700 3,650 7,091
Portugal 4,557 196 125 100 100 150 150 625 5,182
Romania 2,608 695 1,000 1,000 1,000 600 500 4,100 6,708
Spain 22,637 175 5 25 25 50 50 155 22,792
Sweden 4,474 724 1,000 700 700 700 700 3,800 8,274
Switzerland 62 13 0 15 15 25 50 105 167
Turkey 3,134 646 850 1,000 1,200 1,300 1,500 5,850 8,984
UK 10,946 1,833 2,000 1,500 2,000 2,500 3,000 11,000 21,946
Rest of Europe: Luxembourg,
Cyprus, Malta, Iceland & Balkan
states etc.
483 107 102 150 250 350 450 1,302 1,785
Total Europe 121,471 11,560 12,217 11,890 12,890 15,025 16,600 68,622 190,093
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2
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1
8
(incl. Offshore)
Forecast 2014-2018
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1
4
-
2
0
1
8
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Cumulative installed capacity by region at the end of 2013 and by 2018
0
50,000
100,000
150,000
200,000
250,000
Europe Americas S&E Asia OECD Pacific Rest of World
Global Wind Power Forecast
2013 (321,559 MW) 2018 (571,625 MW)
Cumulative MW by end of 2013 & Forecast 2018
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Forecast of annual installation for the years 2014-2018
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
1990 1995 2000 2005 2012 2017
M
W
Annual Wind Power Development
Europe Americas Asia Rest of World Existing
Actual 1990-2013 & Forecast 2014-2018
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
United States
Market Forecast 2013-2018
Key Facts
Average size of WTG in 2013 (kW): 1,841
Market Structure: PTC/ITC
New installed global rank 2013: 6
st

Forecast installations for 2014 (MW) 6,300
Most popular model in 2013 GE 1.6-100
1,084
6,300
5,766
2,511
3,501 3,494
-
-
234
289
99
1,006
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2013 2014e 2015e 2016e 2017e 2018e
Onshore Offshore
0
6,000
12,000
18,000
24,000
30,000
36,000
42,000
48,000
54,000
60,000
66,000
72,000
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
11,000
12,000
13,000
14,000
1995 1998 2001 2004 2007 2010 2013
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Installed capacity in the USA
Installed MW Forecast Cumulative Cumul. forecast
Cumulative end 2013: 61,292MW
Source: BTM Consult - A Part of Navigant Consulting - March 2014
Siemens
7%
GE Wind
85%
Vestas
8%
2013 Market Share in USA
% of 1,279MW in total
Source: BTM Consult - A Part
of Navigant - March 2014
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Canada
Key Facts
Market Structure: SOP/RFP
th

Most popular model in 2013 Enercon E82-2300
1,599 1,600 1,600
1,200 1,200 1,200
-
-
-
- -
-
-
500
1,000
1,500
2,000
2013 2014e 2015e 2016e 2017e 2018e
Onshore Offshore
-6%
Siemens
10%
Enercon
41%
Acciona
2%
Vestas
32%
Suzlon Group
15%
Other
1%
2013 Market Share in Canada
Source: BTM Consult - A Part of Navigant -
March 2014
0
1,400
2,800
4,200
5,600
7,000
8,400
9,800
11,200
0
400
800
1,200
1,600
2,000
1995 1998 2001 2004 2007 2010 2013
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M
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Installed capacity in Canada
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Brazil
Key Facts
Market Structure: PPA Auctions
th

Forecast installations for 2014(MW) 1,700
Most popular model in 2013 GE 1.6-82.5
948
1,700 1,700
1,800 1,850 1,900 -
-
-
- -
-
-
500
1,000
1,500
2,000
2013 2014e 2015e 2016e 2017e 2018e
Onshore Offshore
+15%
Alstom Wind
11%
GE Wind
25%
Gamesa
20%
Impsa
15%
Acciona
5%
Vestas
19%
Suzlon Group
3%
Other
2%
2013 Market Share in Brazil
March 2014
0
600
1200
1800
2400
3000
3600
4200
4800
5400
6000
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
1995 1998 2001 2004 2007 2010 2013
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Installed capacity in Brazil
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Mexico
Key Facts
Market Structure: SOP/RFP
New installed global rank 2013: 15th
Forecast installations for 2014 (MW) 600
Most popular model in 2013 Gamesa G80 2.0
476
600
650
700
750
800
-
-
-
-
-
-
-
200
400
600
800
1,000
2013 2014e 2015e 2016e 2017e 2018e
Onshore Offshore
+11%
0
400
800
1200
1600
2000
2400
2800
0
100
200
300
400
500
600
700
1995 1998 2001 2004 2007 2010 2013
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Installed capacity in Mexico
GE Wind
5%
Gamesa
73%
Vestas
22%
2013 Market Share in Mexico
% of 476MW in total
March 2014
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Germany
Key Facts
Market Structure: FiT
New installed global rank 2013: 2nd
Most popular model in 2013 Enercon E-82-2300
3,237
2,700
2,100 2,100 2,200 2,200
-
800
900
900 800 800
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2013 2014e 2015e 2016e 2017e 2018e
Onshore Offshore
-2%
Enercon
46%
Nordex
8% Vestas
19%
Suzlon Group
15%
Others
13%
2013 Market Share in Germany
Source: BTM Consult - A Part of
Navigant - March 2014
0
4,000
8,000
12,000
16,000
20,000
24,000
28,000
32,000
36,000
40,000
0
450
900
1,350
1,800
2,250
2,700
3,150
3,600
1995 1998 2001 2004 2007 2010 2013
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M
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Installed capacity in Germany
Cumulative by end of 2013: 34,468 MW
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
France
Key Facts
Market Structure: FiT/Tender
th

Forecast installations for 2014(MW) 500
Most popular model in 2013 Senvion MM92
535 500
750 750 800
906
-
-
-
250
850
894
-
500
1,000
1,500
2,000
2013 2014e 2015e 2016e 2017e 2018e
Onshore Offshore
+27%
Siemens
2%
Enercon
19%
Gamesa
9%
Nordex
12%
Vestas
40%
Suzlon Group
17%
2013 Market Share in France
% of 649MW in total
March 2014
0
2,000
4,000
6,000
8,000
10,000
0
400
800
1,200
1,600
2,000
1995 1998 2001 2004 2007 2010 2013
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M
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Installed capacity in France
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Spain
Key Facts
Market Structure: None
New installed global rank 2013: 21st
Most popular model in 2013 Gamesa G87-2.0
175
-
25 25
50 50
-
5
-
-
-
-
-
50
100
150
200
2013 2014e 2015e 2016e 2017e 2018e
Onshore Offshore
-22%
Alstom Wind
3%
Gamesa
54%
Acciona
43%
2013 Market Share in Spain
% of 102MW in total
March 2014
0
4,800
9,600
14,400
19,200
24,000
0
660
1,320
1,980
2,640
3,300
1995 1998 2001 2004 2007 2010 2013
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Installed capacity in Spain
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
United Kingdom
Key Facts
Market Structure: ROC/CfD
th

Most popular model in 2013 Siemens SWT-3.6-120
1,833
1,100 1,000 1,000 1,000 1,000
-
900
500
1,000
1,500
2,000
-
500
1,000
1,500
2,000
2,500
3,000
3,500
2013 2014e 2015e 2016e 2017e 2018e
Onshore Offshore
+10%
Siemens
49%
Enercon
8%
Gamesa
9%
Nordex
8%
Vestas
11%
Suzlon Group
13% Other
2%
2013 Market Share in UK
March 2014
0
1,800
3,600
5,400
7,200
9,000
10,800
12,600
14,400
0
400
800
1,200
1,600
2,000
2,400
1995 1998 2001 2004 2007 2010 2013
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M
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Installed capacity in the UK
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Sweden
Key Facts
Market Structure: Green Certificate
th

Most popular model in 2013 Vestas V112-3.0
724
1,000
700 700
614
700
-
-
-
-
86
-
-
200
400
600
800
1,000
1,200
2013 2014e 2015e 2016e 2017e 2018e
Onshore Offshore
-1%
Siemens
28%
Enercon
11% GE Wind
10%
Nordex
10%
Vestas
32%
Sinovel
4%
Other
4%
2013 Market Share in Sweden
% of 725MW in total
0
400
800
1,200
1,600
2,000
2,400
2,800
3,200
3,600
4,000
4,400
4,800
5,200
5,600
6,000
0
100
200
300
400
500
600
700
800
900
1,000
1995 1998 2001 2004 2007 2010 2013
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M
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Installed capacity in Sweden
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Italy
Key Facts
Market Structure: Capped. FiT
th

Most popular model in 2013 Vestas V100-2.0
450
500 500
550 550 550
-
- -
-
-
-
-
100
200
300
400
500
600
2013 2014e 2015e 2016e 2017e 2018e
Onshore Offshore
+4%
Siemens
3%
Enercon
12%
Gamesa
5%
Vestas
56%
Sinovel
11% Suzlon Group
9%
Leitwind
3%
Other
1%
2013 Market Share in Italy
% of 355MW in total
March 2014
0
1,600
3,200
4,800
6,400
8,000
9,600
0
300
600
900
1,200
1,500
1995 1998 2001 2004 2007 2010 2013
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M
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Installed capacity in Italy
Cumulative by end of 2013: 8,448 MW
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Turkey
Key Facts
th

Forecast installations for 2014(MW) 850
Most popular model in 2013 Nordex N100/2500
646
850
1,000
1,200
1,300
1,500
-
-
-
-
-
-
-
200
400
600
800
1,000
1,200
1,400
1,600
2013 2014e 2015e 2016e 2017e 2018e
Onshore Offshore
+18%
Siemens
11%
Enercon
40%
GE Wind
6%
Gamesa
5%
Nordex
23%
Vestas
5%
Sinovel
3%
Suzlon Group
4%
Other
2%
2013 Market Share in Turkey
% of 698MW in total
0
400
800
1,200
1,600
2,000
2,400
2,800
3,200
3,600
4,000
4,400
0
100
200
300
400
500
600
700
800
900
1995 1998 2001 2004 2007 2010 2013
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M
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Installed capacity in Turkey
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
P.R. China
Key Facts
Average size of WTG in 2013(kW): 1,719
St

Most popular model in 2013 Goldwind GW1500
16,088
17,600 17,500 17,400 18,200 18,000
-
400
1,500
1,600 1,800
2,000
-
5,000
10,000
15,000
20,000
25,000
2013 2014e 2015e 2016e 2017e 2018e
Onshore Offshore
+4%
CSIC Haizhuang
5%
Goldwind
23%
Vestas
3%
Dongfang
4%
Sinovel
6%
Sewind
6%
Windey
3%
Mingyang
8%
XEMC
7%
United Power
9%
Envision
7%
TEG
2%
CCWE
3%
Other China
8%
Other
7%
2013 Market Share in P.R. China
March 2014
0
20,000
40,000
60,000
80,000
100,000
120,000
0
5,000
10,000
15,000
20,000
1995 1998 2001 2004 2007 2010 2013
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M
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Installed capacity in P.R. China
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
India
Key Facts
Market Structure: GBI,REC,FiT
New installed global rank 2013: 3rd
Most popular model in 2013 Wind World India E53-800
1,987
2,500
3,000
3,200
3,400
3,600
-
-
-
- -
-
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2013 2014e 2015e 2016e 2017e 2018e
Onshore Offshore
+13%
GE Wind
12%
Gamesa
19%
Vestas
4%
Suzlon Group
17%
Wind World India
18%
Leitwind
3%
Regen Power Tech
13%
Other India
12%
Other
3%
2013 Market Share in India
0
5,000
10,000
15,000
20,000
25,000
0
1,000
2,000
3,000
4,000
1995 1998 2001 2004 2007 2010 2013
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M
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Installed capacity in India
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Japan
Key Facts
Average size of WTG in 2013 (kW): 2010
th

Most popular model in 2013 Hitachi 2.0 MW
50
93
158
50
75
200
-
7
42 150
225
200
-
100
200
300
400
500
2013 2014e 2015e 2016e 2017e 2018e
Onshore Offshore
+52%
Enercon
33%
Mitsubishi
5%
Samsung
5%
Hitachi
48%
Other OECD
9%
2013 Market Share in Japan
% of 50MW in total
March 2014
0
600
1,200
1,800
2,400
3,000
0
100
200
300
400
500
1995 1998 2001 2004 2007 2010 2013
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M
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Installed capacity in Japan
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
South Korea
Key Facts
Market Structure: ROC
th

Most popular model in 2013 Hyundai
HQ2000-2MW
60 70
40 50 50 50
-
30 60
100
300
450
-
100
200
300
400
500
600
2013 2014e 2015e 2016e 2017e 2018e
Onshore Offshore
+53%
0
200
400
600
800
0
100
200
300
1995 1998 2001 2004 2007 2010 2013
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M
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Installed capacity in South Korea
Cumulative end 2013: 506MW
Hyundai
67%
Dewind
33%
2013 Market Share in South Korea
% of 60MW in total
March 2014
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Australia
Key Facts
Market Structure: RECs
th

Most popular model in 2013 Vestas
V90- 3.0 MW
655 650
400
450
500
600
-
-
-
-
-
-
-
100
200
300
400
500
600
700
2013 2014e 2015e 2016e 2017e 2018e
Onshore Offshore
-2%
GE Wind
13%
Goldwind
40%
Vestas
40%
Suzlon Group
7%
2013 Market Share in Australia
% of 418MW in total
March 2014
0
750
1,500
2,250
3,000
3,750
4,500
0
200
400
600
800
1995 1998 2001 2004 2007 2010 2013
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M
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Installed capacity in Australia
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
South Africa
Key Facts
Market Structure: RFP
New installed global rank 2013: 20th
Most popular model in 2013 Vestas V100- 1.8 MW
0
200
400
600
800
0
50
100
150
200
250
300
350
400
450
500
550
600
1995 1998 2001 2004 2007 2010 2013
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M
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Installed capacity in South Africa
Cumulative end 2013: 206MW
Nordex
39%
Vestas
33%
Sinovel
28%
2013 Market Share in South Africa
% of 196MW in total
March 2014
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Expected world market in euro sales five years ahead
0
80,000
160,000
240,000
320,000
400,000
0
20,000
40,000
60,000
80,000
100,000
2013 2014 2015 2016 2017 2018
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The Global Wind Power Market in EURO
Forecast world Offshore 2013 Onshore 2013
Forecast onshore Cumulative market
Source: BTM Consult - A Part of Navigant - March
2014
Expected development 2014-2018
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Forecast for offshore wind power development 2014 to 2018
2013 2013 2014 2015 2016 2017 2018 Sum Accu.
Belgium 566 186 141 165 0 400 450 1,156 1,722
Denmark 1,233 400 0 0 0 300 350 650 1,883
Finland 0 0 0 0 0 0 200 200 200
France 0 0 0 0 250 850 894 1,994 1,994
Germany 508 230 800 900 900 800 800 4,200 4,708
Ireland (Rep.) 25 0 0 0 0 0 0 0 25
Netherlands 247 0 0 129 300 500 228 1,157 1,404
Norway 2 0 0 10 0 0 0 10 12
Spain 0 0 5 0 0 0 0 5 5
Portugal 2 0 0 0 0 0 0 0 2
Sweden 211 48 0 0 0 86 0 86 297
UK 3,666 805 900 500 1,000 1,500 2,000 5,900 9,566
Total Europe 6,460 1,669 1,846 1,704 2,450 4,436 4,922 15,358 21,818
Canada 0 0 0 0 0 0 0 0 0
USA 0 0 0 234 289 99 1,006 1,628 1,628
P.R. China 356 36 400 1,500 1,600 1,800 2,000 7,300 7,656
South Korea 0 0 30 60 100 300 450 940 940
Taiwan 0 0 7 14 50 100 95 267 267
Japan 16 16 7 42 150 225 200 624 640
Total Others 372 52 444 1,850 2,189 2,524 3,751 10,759 11,131
Total World 6,832 1,721 2,290 3,554 4,639 6,960 8,673 26,117 32,948
4.9% 7.4% 9.8% 13.3% 15.6% 10% 6%
Accu. capacity (MW) 6,832 9,122 12,676 17,315 24,275 32,948
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1
8
(only Offshore)
Offshores global share (% of MW)
Forecast 2014-2018
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Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Actual 1990-2013 - Forecast 2014-2018 - Prediction 2019-2023
0
25,000
50,000
75,000
100,000
125,000
1990 2013 2018 2023
M
W
Annual Global Wind Power Development
Offshore (Prediction) Prediction Offshore (Forecast)
Forecast Existing capacity
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Prediction for cumulative installed wind capacity by 2018 and 2023
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
Europe North
America
Latin
America
S&E Asia OECD
Pacific
Rest of
World
Global Wind Power Projections
2018 (571,625 MW) 2023 (917,967 MW)
Cumulative MW - Forecast 2018 & Prediction 2023
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Cumulative Wind Power Development up to 2023
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
1,000,000
1,100,000
1990 2013 2018 2023
M
W
Cumulative Global Wind Power Development
Prediction Forecast Existing capacity
Actual 1990-2013 Forecast 2014-2018 Prediction 2019-2023
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Carbon emission permit price evolution in the EU
Source: ICE market data, March 2014
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Renewable energy targets for EU states to meet the 20% by 2020 policy
Note: Some countries have decided to pursue more aggressive national
targets than those outlined above.
Share of energy from
renewable sources in
final consumption of
energy, 2005
Target for share of
energy from
renewable sources
in final consumption
of energy, 2020
Belgium 2.20% 13%
Bulgaria 9.40% 16%
Czech Republic 6.10% 13%
Denmark 17.00% 30%
Germany 5.80% 18%
Estonia 18.00% 25%
Ireland 3.10% 16%
Greece 6.90% 18%
Spain 8.70% 20%
France 10.30% 23%
Italy 5.20% 17%
Cyprus 2.90% 13%
Latvia 34.90% 42%
Lithuania 15.00% 23%
Luxembourg 0.90% 11%
Share of energy from
renewable sources in
final consumption of
energy, 2005
Target for share of
energy from
renewable sources
in final consumption
of energy, 2020
Hungary 4.30% 13%
Malta 0.00% 10%
Netherlands 2.40% 14%
Austria 23.30% 34%
Poland 7.20% 15%
Portugal 20.50% 31%
Romania 17.80% 24%
Slovenia 16.00% 25%
Slovak Republic 6.70% 14%
Finland 28.50% 38%
Sweden 39.80% 49%
United Kingdom 1.30% 15%
Source: European Commission COM (2008) 19 final, Brussels Jan. 21, 2008
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Section 8
Penetration of Wind Power Electricity
and Wind Market Structures
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Penetration Rate of Wind Power in Select Countries
Region Country Cumulative installation
- end 2013 (MW)
Penetration rate
%
Denmark 4747 33.20
Portugal 4557 27.00
Spain 22637 20.90
Germany 34468 11.70
The UK 10946 7.70
Sweden 4474 7.00
The Netherlands 2714 4.77
Italy 8448 4.70
France 8128 3.10
The US 61292 4.13
Canada 7813 3.00
China 91460 2.60
Australia 3489 2.40
New Zealand 603 5.00
Europe
North America
Asia-Pacific
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Estimate of electricity from 2013 wind power capacity, by country
Note: Annual Production of electricity = full load hour x capacity or capacity x capacity factor (in decimal figures or in %: 100) x
8760 hours
Cumulative Est. average Est. average Est. electricity
MW - end full load hours capacity factor production in
Country/Region 2013 2014 TWh
USA 61,292 2,715 31.0% 166.41
Germany 34,468 1,813 20.7% 62.49
Spain 22,637 2,200 25.1% 49.80
P.R. China
1)
91,460 2,000 22.8% 148.17
India 20,589 1,800 20.5% 37.06
Italy 8,448 2,000 22.8% 16.90
France 8,128 2,100 24.0% 17.07
United Kingdom 10,946 2,628 30.0% 28.77
Denmark 4,747 2,250 25.7% 10.68
Portugal 4,557 2,200 25.1% 10.02
Canada 7,813 2,278 26.0% 17.80
The Netherlands 2,714 2,100 24.0% 5.70
Japan 2,722 2,100 24.0% 5.72
Australia 3,489 2,630 30.0% 9.18
Greece 2,068 2,500 28.5% 5.17
Sweden 4,474 2,100 24.0% 9.39
Austria 1,661 1,794 20.5% 2.98
Rest of World 29,346 2,000 22.8% 58.69
Total 321,559 (avg. 2,167) (avg. 24.7%) 661.99
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Growth of wind power compared to worldwide electricity generation
1)
Wind power capacity is taken from BTM
Consult World Market Update 2013 and
previous editions.
2)
World electricity growth projections are
from IEA World Energy Outlook 2013 (New
Policies Scenario) and previous editions
(Reference Scenario). Specific years are
calculated by interpolation within the WEO
intervals.
Annual Annual
growth capacity
2)
Growth
Capacity Energy % of Capacity Energy % of
Year GW TWh TWh GW TWh TWh
1996 6.07 12.23 - (3,148) (12,938) IEA WEO
1997 7.64 15.39 25.8% 3,229 13,416 3.7%
1998 10.15 21.25 38.1% 3,312 13,912 3.7%
1999 13.93 28.18 32.6% 3,397 14,427 3.7%
2000 18.43 37.30 32.0% 3,478 14,960 3.7%
2001 24.93 50.27 34.8% 3,562 15,514 3.7%
2002 32.04 64.81 28.9% 3,719 16,074 2.9%
2003 40.30 82.24 26.9% 3,811 16,540 2.9%
2004 47.91 96.50 17.3% 4,054 17,408 5.2%
2005 59.40 120.72 25.1% 4,180 17,982 3.3%
2006 74.31 152.35 26.2% 4,344 18,921 3.3%
2007 94.00 194.16 27.4% 4,509 19,756 4.4%
2008 122.16 254.13 30.9% 4,719 20,183 2.2%
2009 160.08 331.91 30.6% 4,957 20,043 -0.7%
2010 199.52 409.91 23.5% 5,183 21,408 6.8%
2011 241.03 473.88 15.6% 5,456 22,113 3.3%
2012 285.76 586.79 23.8% 5,592 22,599 2.2%
2013 321.56 661.99 12.8% 5,732 23,096 2.2%
2023 (est.) 918.0 2,090.8 12.2% 7,337 28,711 2.2%
3.0%
Average Annual growth (CAGR)
1996 through 2023
Wind Power
1)
All electricity generation
Generation
21.0%
Source: BTM Consult- A part of Navigant March 2014; IEA World Energy Outlook 2013
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Contribution of wind power to worldwide electricity generation
Source: BTM Consult- A part of Navigant March 2014; IEA World Energy Outlook 2013
Generation Electricity gen. Electricity from all Wind Power's share
Technology by Wind Power gen. sources of the world's electricity
(BTM-C) (incl. Wind) IEA generation:
Year: TWh TWh %
1996 12.23 13,613 0.09%
1997 15.39 13,949 0.11%
1998 21.25 14,340 0.15%
1999 23.18 14,741 0.16%
2000 37.30 15,153 0.25%
2001 50.27 15,577 0.32%
2002 64.81 16,233 0.40%
2003 82.24 16,671 0.49%
2004 96.50 17,408 0.55%
2005 120.72 17,982 0.67%
2006 152.35 18,921 0.82%
2007 194.16 19,756 1.01%
2008 254.13 20,183 1.30%
2009 331.91 20,043 1.60%
2010 409.91 21,408 1.92%
2011 473.88 22,113 2.14%
2012 586.79 22,599 2.60%
2013 661.99 23,096 2.87%
2018 (forecast) 1301.9 25,751 5.06%
2023 (est.) 2,090.8 28,711 7.28%
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Wind Incentives in selected countries (1/3)
*) Prices are in some cases indicative. *) 1 Euro = 1.38 USD
Country Rate per kWh Comments
Euro-cent
Australia 2.14
Commercial wind operates under a certificate system awarding a price per 1 MWh of
generation. Fluctuating prices are determined by the marketplace. Oversupply has pushed the
price low, ranging from $10 and $60 in the past (6.46/MWh - 38.78/MWh). Closing price at
31 December 2013 was $ 33/LGC (21.33XX/MWh). Note 1.
Bulgaria 6.26
Bulgaria's FiT program has been consistently reduced since 2011. Its current rate now stands
at BGN 122.5/MWh (62.6/MWh). A new fee on revenue threatens to close the wind market.
See note 2.
Brazil 3.75
Brazil operates a system of competitive power contract auctions. contract prices have
averaged around BRL 120.5 /MWh (37.34/MWh) over the 11 rounds since 2009. See note 3.
Canada 7.49
Many projects operating under Ontario's now-discontinued FiT program that pays $0.115/kWh
(0.075/kWh) for 20 years. New projects secure funding from utility tenders. British columbia
also has a FiT program for projects under 15 MW. Details at note 4.
China 6.01
China has been divided into four regions based on varying qualities of wind resource and the
fixed feed-in tariff rates vary accordingly, ranging from CNY 0.51/kWh (0.061) for the best
wind speed areas up to CNY 0.62/kWh (0.075) for the poorest. Competitive bidding is used
for offshore. See note 5 for more info.
Denmark 3.34
Onshore wind receives a subsidy of DKK 0.25/kWh (0.033/kWh) on top of the market
(Nordpool) price for electricity during the first 22,000 hours of full load operation. The market
price on NordPool varies from DKK 0.26/kWh to DKK 0.38/kWh (0.034/kWh - 0.050/kWh).
See note 6 for repowering payments and offshore tenders.
France 8.20
For onshore installations the payment is 0.082/kWh for the first ten years of a 15 year
contract, subsequently varying between as little as 0.028/kWh for highly productive plants.
This is intended to set a limit on profits from high wind speed sites. Offshore wind is supported
by a contract tendering system. See note 7.
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Euro-cent
Germany 8.80
The 2014 feed-in tariff rate for onshore projects begins at 0.088/kWh, paid for at least five
years of a guaranteed payment period of 20 years. %. After five years the rate is reduced in
stages, depending on site productivity. Offshore tarrifs vary and are explained in note 8.
India 3.75
India operates a system of preferential FiTs available in 13 Indian states determined by
regulators. FiT price ranges from INR 3.2 - 6.14/kWh (0.045-0.086/kWh) and are offered for a
varying number of years depending on the state. The government has announced it plans to
bring back additional funding via the Generation Based Incentive. See note 9.
Italy 12.70
A new FiT system was enacted beginning January 2013. Wind plants below 5 MW receive
135/MWh. Wind plants above 5 MW receive 127/MWh. Both are for 20 years. Offshore wind
is supported by tenders described in note 10.
Japan 16.43
Japan's FIT program provides JPY 23.1/kWh for wind plants over 20 kW and JPY 57.75/kWh
for wind plants under 20 kW. Both are for 20 years operation. Offshore rates are being
determined during 2014. See note 11.
Poland 7.13
Poland operates a system of tradable green certificates that must be purchased by utilities.
The value in 2013 was 297.35 PLN( 71.47 /MWh). See note 12.
Romania 2.63
Romania operates a quote system of green cetificates set at minimum 0.027/kWh and
maximum 0.055/kWh and guaranteed for 15 years. Up to 2017 two certificates are issued per
MWh, reverting back to one in 2018. See note 13
Spain 7.32
Spain operated a successful FiT system but austerity measures prompted the government in
Q4 2013 to 2013 scrap the FiT tariffs entirely for all wind plants going forward and attempts to
pull back revenue from existing wind plants. See note 14.
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Euro-cent
South Africa
South Africa discontinued its FiT program and beginning in 2011 replaced it with a tender
process. The first two rounds averaged average ZAR 1.15/kWh (0.098/kWh) and ZAR
0.90/kWh (0.077/kWh). The third in 2013 averaged ZAR 737 /kWh (0.054 /kWh). See note
15.
Sweden 2.01
Sweden operates a cross-border green certificate trading program with Norway. Average price
per certificate per MWh was 178.50 kronor (approx. 20.26) in the period from 1 April 2012
until 31 March 2013. See note 16.
Turkey 7.20
Most wind plants in Turkey sell output on the open electricity market due to its high average
prices around 0.075/kWh. A FiT program provides a cost floor at 0.055/kWh for 10 years.
Local content rules offer a bonus rate at 0.080/kWh for the first five years. Note 17.
UK 5.15
The UK uses FiT for projects under 5 MW and renweable energy certificates (ROCs) for plants
above 5 MW. ROC prices have been stable. In January 2014, the average ROC price was
42.57 (51.35/MWh). The ROC scheme will be replaced in 2017 by a proposed Contracts for
Difference (CfDs) plan. Details on note 18.
USA 1.67
PTC and ITC were extended for 2013 but again expired for 2014. Nearly 12 GW of construction
began in 2013 in order to qualify for the PTC/ITC. See note 19
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Section 9
Special Theme:
Global Onshore Wind Operation & Maintenance Market
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Growth of Global Onshore Wind Market for O&M,
in Warranty and off Warranty: 1995-2013
-
50.00
100.00
150.00
200.00
250.00
300.00
350.00
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Global Onshore O&MMarket 1995-2013
(GW)
off-warranty
warranty
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Global Onshore Market for O&M by Wind Turbine Size Class: 1995-2013
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
M
W

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MW installed by OEM class each year
WTGs 0-499 kW WTGs: 500-749 WTGs: 750-999 WTGs: 1000-1300 WTGs: 1301-1500 WTGs: 1501-2500 WTGs 2501 & up
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Global Onshore Market for O&M by Wind Turbine Size Class: 1995-2013
0
5,000
10,000
15,000
20,000
25,000
30,000
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
U
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s

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Units installed by OEM class each year
WTGs 0-499 kW WTGs: 500-749 WTGs: 750-999 WTGs: 1000-1300 WTGs: 1301-1500 WTGs: 1501-2500 WTGs 2501 & up
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
GAMESA
33%
VESTAS
17%
ENERCON
11%
Micon (acquired by
Vestas)
11%
Goldwind
10%
Enercon-India
4%
Wind World India
3%
Windey
3%
GE (formerly Zond / Enron)
2%
Alstom (formerly
ECOTCNIA)
1%
Others
5%
Cumulative MW by OEM in the 750 - 999MW class Top 10 ranked in 2013
(Total MW Market Size 28,290)
GAMESA
VESTAS
ENERCON
Micon (acquired by Vestas)
Goldwind
Enercon-India
Wind World India
Windey
GE (formerly Zond / Enron)
Alstom (formerly ECOTCNIA)
Others
Breakdown of OEMs in the 750kW to 999kW Turbine Size Group
of Global Onshore O&M Market
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
GE Wind
28%
Goldwind
15%
Sinovel
10%
United Power
9%
Dongfang
8%
Mingyang
5%
Acciona
4%
CCWE
2%
Envision
2%
Suzlon Group
2%
Others
15%
Cumulative MW by OEM in the 1301 - 1500 MW class Top 10 ranked in 2013
GE Wind
Goldwind
Sinovel
United Power
Dongfang
Mingyang
Acciona
CCWE
Envision
Suzlon Group
Others
Breakdown of OEMs in the 1,301kW to 1,500kW Turbine Size Group
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
VESTAS
22%
ENERCON
17%
GAMESA
11%
Siemens
(formerly
Bonus)
10%
GE Wind
7%
Suzlon Group
5%
NORDEX
5%
Sinovel
3%
Suzlon
3%
Hunan XEMC
2%
Others
15%
Cumulative MW by OEM in the 1501 - 2500 MW class Top 10 ranked in 2013
VESTAS
ENERCON
GAMESA
Siemens (formerly Bonus)
GE Wind
Suzlon Group
NORDEX
Sinovel
Suzlon
Hunan XEMC
Others
Breakdown of OEMs in the 1,501kW to 2,500kW Turbine Size Group
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Growth of Global Onshore Wind Market for O&M,
in Warranty and off Warranty: 2013-2023
-
100.00
200.00
300.00
400.00
500.00
600.00
700.00
800.00
900.00
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
GW
Global Onshore O&M Market 2013-2023
20 years operation scenario
off-warranty
in-warranty
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Projected Value of the Out-of-Warranty Onshore Market for
Wind Turbine O&M: 2013-2023
-
2,000.00
4,000.00
6,000.00
8,000.00
10,000.00
12,000.00
14,000.00
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
mil.
Estimated Value of Onshore Global O&M Market 2013-2023
(14.37mil.-20.8mil./GW/yr)
low range 14.37mil./GW/yr high range 20.8mil./GW/yr
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Selected OEMs Offering O&M Service (1/2)
Package Years
A0M 3000 Flexible O&M one of 4 strategic focus areas
AOM 4000 Up to 20
O&M unit makes up 32% of total
workforce
AOM 5000 Up to 20 Global market coverage
Goldwind China Y
4.8% of 2013
revenues
2 (to 5) N/A N/A
About 12,000 wind turbines under
its coverage. O&M business is
operated by its subsidiary
Enercon Germany Y N/A
15-year
Full Warranty
PartnerKonzept
(EPK)
Up to 15
About 2,500 employees in Service
Dept. Guarantees a technical
availability up to 97%
SWPS-100B 6 to 20
SWPS-200A Up to 20
SWPS-300W
SWPS-400O Up to 20
SWPS-420O
SWPS-430O
Full Service
Agreement
5-10+ years
Maintenance &
Remote
Operations
5-10+ years
Operational
Service
Agreement
5-10+ years
Availability warranty for up to 20
years
GE Wind USA Y
Turbine OEM Country
O&M business
unit (Y/N)
Size of business
unit
Terms will vary to meet market
conditions
Siemens Germany Y N/A Up to 12
Standard
Warranty (Year)
Service Contract
N/A
Varies by region;
2 in North
America, up to 5
in most other
regions
Other comments
Vestas Denmark Y
44 GW
or 15.7% of 2013
revenues
2 (to 5)
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Selected OEMs Offering O&M Service (2/2)
Package Years
Time-based Extended Up to 15
Time-based Full Up to 15
Energy-based Premium Up to 15
ISP 5; 10; or 15
SWV
OFS 5
OMS 5
OBS 5
United Power China Y
4000 turbine
under coverage
2 (to 5) N/A N/A
O&M business is perated by its
subsidiary with 1000 employees
2 Basic N/A Covering all Nordex focus markets
2 Extended N/A
2 Premium N/A
2 Premium Light N/A
2 (to 5)
India & emerging markets coverage
and Europe (Senvion)
Nordex Germany N
10.2% of 2013
revenues
Warranty negotiable within service
contract O&M service is just part of
the respective country organisation
Suzlon Group India Y
Circa 20 GW
or 9.6% of group
revenues in 2013
FY
Gamesa Spain Y
19.7 GW or 16%
of 2013 revenues
Global market coverage
Turbine OEM Country
O&M business
unit (Y/N)
Size of business
unit
Standard
Warranty (Year)
Service Contract
Other comments
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Selected Independent Service Providers and Speciality (1/2)
Availon GmbH
Germany
US
2007 O&M on 2 GW
Germany, US,
Italy, Spain,
Poland
GE Wind, Vestas,
Gamesa, Nordex,
Dewind
About 300 staff. Acquired Voith
wind servicesin 2013. Technical
solutions more than operations.
GL ISO 9001, DIN EN 1808 and
GL OHSAS 18001
B9 Energy O&M
Ltd
UK 1994 O&M UK, Ireland
Vestas, Gamesa,
Siemens, Acciona
Complete technical asset
management function
DMP Group
Denmark,
Germany,
Sweden
1987
O&M (1750 WTGs)
Gearbox reconditioning
, Sales of spare parts
Northern Europe
Vestas Nordtank
Wind World, NEG
Micon, Bonus,
Repower/Senvion
Around 180 employees. DMP
Mlleservice A/S (DK).
Windservice NF(DE). Acquired
Triventus Service AB (SE) in
2014
Deutsche
Windtechnik
Service GmbH
Germany
General O&M (1516
WTG/2096 MW).
Repair, Optimisation
Germany
Vestas/NEG Micon
Siemens/AN BONUS
Onshore wind, some offshore
DIN EN ISO 9001:2008 certified
UpWind
Solutions
US 2007
O&M, asset
management,
inspections, blade
services, upgrades
US
Services turbines
from 9 OEMs
In-house training and safety
programs. ISO 9001:2008
certified
Global Energy
Services (GES)
Spain,
Germany,
US
Balance of plant (10.8
GW) and O&M (12.5
GW) Turbine Assembly
and installation
Europe, North
America, Africa
Gamesa, Vesas,
Acciona, GE Wind,
Repower/Senvion,
Dewind, Suzlon,
Clipper, Areva,
Nordex, Alstom
Predominantly onshore; offshore
(Alpha Ventus)
Other comments OEMs Country ISP Founded
Wind Service
Portfolio
Coverage
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Selected Independent Service Providers and Speciality (2/2)
Bettink Service
Team
Netherlands
Service and
Maintenance
Netherlands Siemens
Green Energy
Services BV
Netherlands 2004
NEG Micon,
Nordtank, Nedwind,
Bouma, Vestas
About 14 technicians
EDF-Renewable
Services
US 6100 turbines/7GW
US, Canada,
Mexico
Formerly enXco Service Corp,
over 450 wind technicians, US
market leader, training programs,
corrective maintenance excludes
major parts
General Power
Services (GPS)
Spain
O&M, supply of spare
parts, project
construction,
consulting, diagnosis,
QC
Spain, Portugal,
France, Latin
America
Weir YES Spain
O&M, wind
construction,
commissioning,
maintenance,
inspection, blade
repair, due diligence,
repowering
Spain, Portugal,
US, Italy, UK,
Turkey,
Romania, Brazil
Nordex, Gamesa,
GE Wind, Alstom,
Suzlon, Vestas,
Siemens, Acciona,
M Torres
Weir Group acquired majority
stake in Ynfiniti Engineering
Services (YES) in 2010; 170 staff
(12 engineers). UNE-EN-ISO
9001:2000 and ISO 14.000:2004
certified
EN.TE.KA Greece 1984
O&M, commissioning,
engineering, installation
Greece NEG Micon
Other comments OEMs Country ISP Founded
Wind Service
Portfolio
Coverage
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Cost Strategy Focus of Different Types of Owner
Utility or Independent Power Producer Reliable energy production
Financial owner Cash flow and return on investment
Asset manager The return (profit) when trading the asset
Wind farm operator (for an owner) EBITDA achievable under contract conditions
Type of Owner Core statry focus
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Disadvantages and Advantages of Different Types of Service Providers
Advantage
OEM has unlimited access to
proprietary data
OEM learning incorporated into
design upgrades
Owners gain comfort from well
capitalised service provider
OEMs often have control over
spare part supplies
technicians with long term
experience
multi brand competence provides
one stop solution for owners of
multiple brands
tough ISP competition with OEMs
drives down prices and drives up
quality
highly flexible contracts
price independence for owner
from OEM monopoly
owner obtains full control of asset
costs visibility for owner with
potential cost saving
owner can direct data acquisition
and analyses to best advantage
enables fleet-wide uniformity of
data collection & analysis, service
scheduling and processes
Disadvantage
high prices for long term service
contracts
owner interests not fully aligned
with OEM interests
OEM may hide problems to avoid
bad brand publicity
incentive to improve performance
can be outweighed by OEM's
broader commercial interests
Only one brand in service offering
best technicians tend to migrate
to ISPs
dependence on OEM competitor
for full spare part
supplies
restricted access to data and
data analysis held by OEMs
can be small and
undercapitalised companies
may need to outsource daily
operation to specialist
reliant on external specialists for
component repairs, refurbishment
can lack sufficient knowledge for
authority over OEM or ISP
can be hard to extract data held
by the OEM
increases business complexity
and diversion from core business
OEM ISP Owner
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Broad Contract Models for O&M Applicable to
Different Periods of a Wind Plant Lifespan
Source: Carsten Brinck, DMP, March 2014
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Typical Modules Offered by Service Providers for Flexible Packaging of O&M
Source: Carsten Brinck, DMP, March 2014
Phone: +45 97 32 52 99 / Fax: +45 97 32 55 93
Contacts:
Per Krogsgaard (Copenhagen, Denmark)
E: per.krogsgaard@navigant.com
T: +45 97 32 52 99

Birger T Madsen (Copenhagen, Denmark)
E: birger.madsen@navigant.com
T: +45 97 32 52 99

Bruce Hamilton (Sacremento, CA, USA)
E: bruce.hamilton@navigant.com
T: +1 503 476 2711
Feng Zhao (Copenhagen, Denmark)
E: feng.zhao@navigant.com
T: +45 97 32 52 99

Jesse Broehl (Boulder, CO, USA)
E: jesse.broehl@navigant.com
T: +1 303 493 5476
This publication is intended for the sole and exclusive use of the original purchaser and may not be distributed or transferred in any form to any other person or entity.

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Contact information:
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