ovidiu demetrescu - hidro tarnita sa, prezentare simpozionul international de energie nucleara...
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TARNITA – LAPUSTESTI PSHPPa project for
national energy security
2015 Hidro Tarnița S.A. all rights reserved
October 2015
INVESTMENT CONSIDERATIONS
WHY ROMANIA ?- EU member- NATO member- Strong macro indicators- Well qualified work force
WHY Tarnita Lapustesti Pumped Storage ?- Sizeable project – approx. EUR 1 Billion- Romania lacks pumped storage capacities- Location - regional provider of energy security- Mature technology - 99% from total storage ;- Quick NPS balancing- Clean technology;- Good financials
WHY ENERGY SECTOR?- Mature market with room to grow- Access to EU Energy Union - Key sector of economy- Regional leadership role Romania- Regulated sector
2015 Hidro Tarnița S.A. all rights reserved
PROJECT LOCATION
2015 Hidro Tarnița S.A. all rights reserved
Balance point and storage point for Wind Farm Energy on the NPS
Relative equal distances from 2 nuclear power plants, Cernavoda in Romania, Pecs in Hungary or Kozlodui in Bulgaria
ROLE AND ADVANTAGES
RenewablesDispatchable consumerBlack startEnergy StorageNPS securitySustainable developmentClean source
2015 Hidro Tarnița S.A. all rights reserved
ROLE AND ADVANTAGES
Hydroelectric parameters:- NWL upper reservoir, Lapustesti storage 1,086.00 masl - NWL lower reservoir, Tarnita storage 521.50 masl- Mean gross head 564.50 m - Total installed flow in turbine mode 212.00 m3/s- Total installed flow in pump mode 152.00 m3/s - Total installed capacity 4 x 250 MW reversible- Pumping cycle weekly- Energy produced in generator mode 1,649 TWh/year- Energy consumed in pump mode 2,103 TWh/year
Estimated investment cost: 966 mil. EuroEstimated construction period: 5-7 years
*Data from the feasibility study drawn up and updated by ISPH PD SA in 2014.
2015 Hidro Tarnița S.A. all rights reserved
© 2015 Hidro Tarnița S.A
DESCRIPTION AND MAIN CONSTRUCTIVE CHARACTERISTICS OF THE DEVELOPMENT SCHEME
TECHNICAL DATA - OVERVIEW
© 2015 Hidro Tarnița S.A
MACROECONOMIC INVESTMENT APPROACH
2015 Hidro Tarnița S.A. all rights reserved
Similar investments opportunity
7% gross dividend yield Electrica shares (2014)
6,28% yield USD 30 years T-bills
5,80% coupon rate for USD 15 years T-bills
5,3% gross dividend yield Fondul Propietatea shares (2014)
8% IRR for equity shares in hydro project (Tarnița – Lăpuștești PSHPP)
Source: Public information and Tarnita Feasibility Study
Good technical solutionProven feasibilityMature TechnologySustainabilityGreen field project
Project bankability
Economic growthespecially on local level
Energy security national security
component
NATIONAL POWER SYSTEM
2015 Hidro Tarnița S.A. all rights reserved
Coal27%
Oil&Gas23%
Hydro27%
Wind12%
Biomass0%
Solar5%
Geothermal0%
Nuclear6%
Total Installed Capacity (April 2015) – 24.555 MW
CoalOil&GasHydroWindBiomassSolarGeothermalNuclear
Resources Coal Nuclear Hydro Gas Wind & Solar
Challenges Network capacity, increased share of RES Interconnections Energy price Phasing out of existing plants
© 2015 Hidro Tarnița S.A* Source: TRANSELECTRICA S.A.
NATIONAL POWER GRID - CONNECTION
Elements of NPS connection are:
- 400 kV substation- PSP double circuit line 400 kV – Mintia (158 km);- PSP double circuit line 400 kV– Cluj Gădălin (74 km).- 400 kV ring to be closed with Tarnita PSHPP node – investment of Transelectrica S.A.
TOTAL INSTALLED CAPACITY EVOLUTION ON TYPE OF RESOURCES
2015 Hidro Tarnița S.A. all rights reserved
RENEWABLES DEVELOPMENT
2015 Hidro Tarnița S.A. all rights reserved
Puterile instalate si disponibile intre anii 2010-2014EOLIAN
0.000
200.000
400.000
600.000
800.000
1000.000
1200.000
1400.000
1600.000
1800.000
2000.000
2200.000
2400.000
2600.000
2800.000
Pi,Pd [MW]
Pi
Wind installed capacity
Puterile instalate si disponibile intre anii 2010-2014FOTOVOLTAIC
050
100150200250300350400450500550600650700750800850900950
10001050110011501200
Pi,Pd [MW]
Pi
Solar installed capacity
INVESTMENTS IN ENERGY FIELD
2015 Hidro Tarnița S.A. all rights reserved
Foreign direct investment in energy sector 2008 - 2012
Investments evolution on resources 2011 - 2013
ENERGY POLICIES AND STRATEGY
2015 Hidro Tarnița S.A. all rights reserved
European energy policy OBJECTIVES Competitiveness : Affordable and
competitive prices; Improved energy
efficiency; Promotion of new technologies, growth
and jobs
Security of energy supply: Diversification of energy sources, supply countries and routes;
Grid Stability; Adequate energy infrastructures
Sustainability : Reduction of emissions; Reduction of energy consumption; Development of
alternative energy sources
National energy strategy Keeping a diversified and well balanced energy mix Increasing energy security by new generation units and by using the national potential for new energy sources Developing nuclear energy, essential to achieving decarbonisation targets; Using the potential of energy efficiency Encouraging investments and building an attractive and predictable environment for investors Prudent and sustainable development of renewable energy, in a cost-effective manner, with an emphasis on the
sustainable biomass potential Keeping coal as an important energy resource for ensuring our energy security Sustaining clear regulations for vulnerable consumers in the context of the energy price increases Taking advantage of the national geographical and energy potential Consolidating the management of the state companies from the energy sector
DRIVERS OF INVESTMENTS
2015 Hidro Tarnița S.A. all rights reserved
European energy policy OBJECTIVES
Policy
Sustainability Security
Bankability
EnvironmentMain objective of the WFD is to prevent deterioration of the water bodies status
EnergyReduction of CO2 emissionsDirective 2009/28/EC renewable source encouragement
Usage of existing
facilities for Hydro Power
generation
ENERGY POLICIES AND STRATEGY
2015 Hidro Tarnița S.A. all rights reserved
Investment opportunities include:Development of new
production
Rehabilitation of operating units
Strengthening interconnections Balancing NPS
Secure the proper operation of the National Grid considering the impact of the renewable energy
Areas of development
Investments need according to Romanian Energy Strategy 2015 – 2035
100 billion euro
NATIONAL STRATEGIC PROJECTS
2015 Hidro Tarnița S.A. all rights reserved
Nuclear
• Cernavoda NPP Units 3 and 4 – New Nuclear Build
• Cernavoda NPP Unit 1 – LTO Project considered for 2022-25
Hydro
• Pump Storage Hydro Power Plant Tarnita – Lapustesti
• Turnu-Magurele – Nicopole HPP (in cooperation with Bulgaria)
Coal
• Mintia TPP Rehabilitation (hard coal)
• New Unit at Rovinari TPP (lignite)
REGIONAL DEVELOPMENT Enhancing interconnections with the neighboring countries - Moldavia, Bulgaria, Serbia, Hungary Market coupling
© 2015 Hidro Tarnița S.A
Lapustesti plateau view
Lapustesti plateau viewTarnita Dam
TARNIŢA – LĂPUŞTEŞTI
2014 Hidro Tarnița S.A. all rights reserved
Ovidiu DemetrescuCEO
Telefon: +40 21 313 83 29Fax: +40 21 313 51 30