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INTERNATIONAL CONFERENCE ON INVESTING IN EUROPEAN ELECTRICITY MARKETS TODAY: CHALLENGES AND OPPORTUNITIES


A half-day event organized jointly by the Chaire European Electricity Markets (CEEM) of Université Paris-Dauphine and the HEC Energy and Finance Chair sponsored by Deloitte and Société Générale.

LUNDI 24 NOVEMBRE 2014
Université Paris-Dauphine
Salle Raymond Aron
2nd Floor


La conférence a eu lieu en Anglais.


COMPTE RENDU

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Résumé
High demand and price volatility, average prices below costs and high regulatory risk – since the inception of liberalised electricity markets in Europe, investing in power generation has never been so challenging. While many renewable technologies have constituted attractive investment options due to stable fee-in tariffs, recent experiences with ex post tariff adjustments or large off-shore wind projects show that market price may not be the only risk factor holding back investors. At the same time, since 2009 low carbon prices are not providing investors with the incentives to invest in low-carbon technologies.
These developments are taking place in the context of changing legal and institutional frameworks. While the declared objective of the European Commission is still the completion of the internal energy market by the end of 2014 or early 2015, there are signs that the current framework might be adapted significantly. The Communication on state aid for energy of July 2014 foreshadows a move away from feed-in-tariffs in the area of renewables. In parallel, individual countries aim at introducing measures to support investment in dispatchable capacity such contracts-for-difference for nuclear or capacity mechanisms aimed at gas power stations and demand response. In classic manner these important developments signal new risks as well as new opportunities to investors.

This half-day conference which is organized jointly by the Chaire European Electricity Markets (CEEM) of Université Paris-Dauphine and the HEC Energy & Finance Chair sponsored by Deloitte and Société Générale brings together academics, energy industry experts and investors to gain better insight of the magnitude of current investment challenges as well as to assess the nature of current and emerging opportunities. The two sessions of the conference, on financing production, emerging opportunities and regulatory risk also aim at achieving a better understanding of the needs and constraints of different investment communities in terms of timeframes, aversion towards different types of risk and hedging opportunities. Portfolio investors, project developers or bank lenders have different skills, opportunities and priorities.

The conference aims at confronting their views with those of academics and electricity producers. Two cross-cutting questions will introduce the proceedings:
1. Are current pressures on returns forcing a change in the capital structure of electricity producers, a process which may include an adaptation of the business model of the vertically integrated utility that has dominated European electricity markets in past decades?
2. Are current low levels of investment a result of exogenous, structural forces (e.g. increasing efficiency, low economic growth) or of the institutional particularities of the current European market design? Which regulatory changes may improve the investment climate?


PROGRAMME ET PRÉSENTATIONS

13h30- 14h00 Registration

14h00-14h10 Welcome and Introduction
• Jan Horst KEPPLER
, Scientific Director, Chaire European Electricity Markets (CEEM), Université Paris-Dauphine

Jean-Michel GAUTHIER, Chief Economist, Deloitte, and Director HEC Energy and Finance Chair


14h10-16h00
Session 1 Can Investment in Base-load and Mid-Load Electricity Generation Still Be Profitable?

Keynote Address 1
: Challenges to Investing in Electricity: The Investor View, Allan BAKER (Global Head of Power Advisory and Project Finance, Société Générale)
Présentation

Challenges to Investing in Electricity: The Electricity Industry View, Gunnar LORENZ (Head of Markets Unit, Eurelectric)

Addressing Electricity Price Volatility to Facilitate Investment in Baseload Power, Marco COMETTO (Analyst OECD Nuclear Energy Agency)
Présentations

Carbon Markets, Price Floors, Mechanisms for Differences and Targets: Under Which Circumstances Are Low Carbon Investments for Financial Investors Still a Winning Proposition?, Gautier CHATELUS (CEO, CDC Infra Management)
Présentations

Towards the Separation of Ownership and Operations: Risks Allocation for the New Scenario and the Emergence of the Integrated Energy Service Companies, Antonio HAYA (Director, Haya Energy Solutions)
Présentation


Questions and Answers

16h00 – 16h30 Coffee Break


16h30-18h20
Session 2 New Perspectives for Financial Sustainability

Keynote Address 2
: Feed-in Tariffs and Contracts-for-Difference: Financing Projects with Long-Term Price Guarantees, Jonas TORNQUIST (Head of Economics and Regulation, Électricité De France)
Présentation

Capacity Remuneration Mechanisms: Paying the Right Price for the Security of Supply, Dr. Stephan KRIEGER (Director International Relations, BDEW)
Présentation

The Perfect Storm Hitting Combined Cycle Gas Turbines, Didier SIRE (Director, Strategy, Energy Europe, GDF Suez)
Présentation

Innovation and Integration: Contributions from Operators of Exchange Platforms in Volatile Price Environments, Juan PEREZ (Director, Strategy and Business Development, EPEX Spot)
Présentations

Public intervention to ensure adequacy: markets as an appropriate solution to trigger Europe’s investment needs?, Thomas VEYRENC (Director, Markets Department, Réseau de Transport d'Électricité)
Présentation


Questions and Answers

18h20 – 19h00 Roundtable with representatives of CDC, CEEM and HEC Energy and Finance Chair Sponsors


19h00-20h00 Reception (Hall of 2nd floor, across from Salle Raymond Aron, Paris- Dauphine)




Pour toute information, contacter la coordinatrice de la Chaire European Electricity Markets Fatoumata Diallo:
fatoumata.diallo@fondation-dauphine.fr
Fondation partenariale Paris-Dauphine
Place du Maréchal de Lattre de Tassigny-75116 Paris Cedex
Tél. +33 (0)1 44 05 45 54

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