2008

Barack Obama Makes Energy Policy Top Priority

President-elect Barack Obama made energy policy one of his top priorities. This will likely affect utilities in the following three areas: (i) Implementation of a federal renewable energy quota - this would create investment opportunities for regulated utilities and developers such as FPL Energy. (ii) Greenhouse gas legislation - a price for CO2 would raise power prices and benefit renewable and nuclear power generators. (iii) Significant investments in the energy infrastructure area, particularly in the area of high-voltage transmission systems.

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Wind Sector meets 2008 Targets

FPL group, the largest operator of wind generation in the U.S., is reducing its 09 wind turbine additions from 1,500 MW to 1,100 MW due to the difficult economic situation. Spanish wind-turbine maker Gamesa reported adjusted 9-months net profit of EUR143 million (+67%), driven by strong international sales. Iberdrola Renovables 9-months net income stood at EUR 231 million reflecting strong production growth and inclusion of Scottish Power’s assets. The company has installed 1,400 MW this year and is well on track to meet its 2008 target of 2,000 MW.

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Le Temps: Questions à Andreas Schneller

Utilities as a safe heaven in rough times. Interview with Portfolio Manager Andreas Schneller. [FR]

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EIC Energy Utility Fund focusing on defensive Values during Turmoil

As index heavy weights, many utility stocks suffered under the turmoil of global equity markets. This being said, many utilities are well positioned to cope with the challenges of the near future. Stable cash flows and modest leverage is the convincing response to economic downturn and credit crunch. As illustrated with our top ten holdings, the EIC Energy Utility Fund is positioned to capture the defensive qualities of the industry.

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Solar Sector going Utility Scale: PG&E sings 800 MW Solar Contracts

Californian utility PG&E has signed contracts to buy a total of 800 MW of solar energy from OptiSolar and SunPower. Privately held Optisolar's 550 MW Topaz Solar Farm project is expected to begin delivering power in 2011, while SunPower's 250 MW project is expected to start power delivery in 2010. This large-scale utility order represents a significant milestone for the entire solar power industry. Please refer to the PDF document below to view the full monthly report for the EIC Renewable Energy Fund.

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Solid Outlook for Italian Utilities

The Italian Utilities A2A, Iride and Enel reported solid 2008 financial results and their respective business plans paint a promising outlook. Please refer to the PDF file below to view the full monthly report for the EIC Energy Utility Fund.

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