TALKING ENERGY Volume 9

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05 September 2014 Contents

Share Price Data ......................................................................... 2

Industry News .............................................................................. 3

Political Developments and National Trends ................................ 5

Electric Vehicles .......................................................................... 6

Green Energy .............................................................................. 6

Companies and institutions mentioned in this

report.

ABB ......................................................................................... 2, 3 Airbnb .......................................................................................... 6 Atlantis Resources, Limited .......................................................... 6 BHP Billiton .............................................................................. 2, 3 BMW ............................................................................................ 6 Cheverolet ................................................................................... 6 Chevron ................................................................................... 2, 3 Chevron Energy Solutions ........................................................... 3 Duke Energy Corp ................................................................... 2, 3 Ecotricity ...................................................................................... 6 Elster ........................................................................................... 3 Energy Technologies Institute of the United Kingdom .................. 6 McKinsey ..................................................................................... 5 Melrose Industries........................................................................ 3 National Grid PLC. ................................................................... 2, 5 Nest ............................................................................................. 6 Nissan .......................................................................................... 6 OpTerra Energy Services ............................................................. 3 Pemex ......................................................................................... 5 Progress Energy Inc .................................................................... 3 Salesforce .................................................................................... 3 Tesla Motors ............................................................................ 2, 6 Toyota .......................................................................................... 6

Talking energy is a periodic energy

news publication prepared by

Analysts at NRG Expert discussing

key energy topics and delivering

insights on major energy news

events.

Talking Energy compiles news

stories and events from around the

world and presents them to the

reader in a bite-sized form.

Copyright of the articles lies with the

author/publisher of the referenced

works and reproduction here is

assumed to be fair use. Analyst

insights and other NRG Expert

original content is copyright © NRG

Expert. : NRG Expert is not acting as

a financial advisor and the opinions

or views contained herein are not

intended to be, and do not

constitute, financial, investment, or

legal advice.

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and informative and we would

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TALKING ENERGY Volume 9

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Share Price Data

Company Currency Price 4/9/14

Price 14/8/14

Percentage Difference

Vestas Wind Systems A/S DKK 242.7 261.3 -7.12%

Electricite de France SA EUR 25.16 24.045 4.64%

GDF Suez SA EUR 19.27 19 1.42%

E.ON EUR 14.35 13.79 4.06%

Alstom SA EUR 27.405 26.595 3.05%

Enel S.p.A. EUR 4.25 3.896 9.09%

BP plc GBX 455 472 -3.60%

BG Group plc GBX 1233 1156.5 6.61%

Royal Dutch Shell Plc GBX 2449 2381 2.86%

National Grid plc GBX 911 870.5 4.65%

Gazprom OAO RUB 138.15 131.41 5.13%

Exxon Mobil Corporation USD 98.36 99.09 -0.74%

Chevron Corporation USD 126.8 126.96 -0.13% PetroChina Company Limited (ADR) USD 149.48 138.69 7.78%

ConocoPhillips USD 79.85 80.17 -0.40%

First Solar, Inc. USD 71.55 69.21 3.38%

BHP Billiton Limited (ADR) USD 66.82 71.15 -6.09%

Nordic American Tanker Ltd USD 8.63 9.04 -4.54% Sinopec Shanghai Petrochemical Co. (ADR) USD 34.57 32.48 6.43%

ABB Ltd (ADR) USD 23.11 22.65 2.03% Petroleo Brasileiro Petrobras SA (ADR) USD 19.33 15.46 25.03%

Energy Transfer Partners LP USD 56.99 57.33 -0.59%

Acorn Energy Inc USD 1.69 1.68 0.60%

Duke Energy Corp USD 74.02 72.08 2.69%

Tesla Motors Inc USD 286.04 261.38 9.43%

Enbridge Inc (USA) USD 50.52 49.15 2.79% TransCanada Corporation (USA) USD 54.9 50.72 8.24%

Had you bought one of each of the shares above on December 31, 2012, your portfolio would

have increased in value by 65.97%.1

1 Past performance is not an indication of future results nor does the information contained in any part of this document constitute financial advice.

TALKING ENERGY Volume 9

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Industry News

Duke Energy Corp. is returning to the pipeline business as the co-owner of a new

$5 billion natural-gas line that will run from West Virginia to the southeast corner

of North Carolina. The electricity giant spun off its natural-gas division as Spectra

Energy Corp. in 2007. But Duke now needs a steady supply of natural gas,

especially for customers in eastern North Carolina it gained by its 2012 merger

with Progress Energy Inc., said Lynn Good, chief executive of Duke, which is

based in Charlotte, N.C.2

Chevron has finalized the sale of its renewable-energy subsidiary, Chevron

Energy Solutions, to OpTerra Energy Services, a Chevron spokesman confirmed

on Tuesday. The sale, on Aug. 29, marks the latest in a series of moves away

from renewables by the oil company.3

Melrose Industries is gearing up to sell its Elster water business as the

engineering turnround specialist became the latest UK company to be hit by a

strong pound. The company, which operates a private equity-like business model,

on Thursday said it had improved profitability at Elster, the German manufacturer

of utility meters, by almost 50 per cent since its acquisition in 2012 for £1.8bn.4

MAJOR BHP Billiton shareholders in the company’s three key listings are backing

chief executive Andrew Mackenzie’s $17 billion demerger proposal, making it

almost certain it will pass a planned shareholder vote. London, Australian and

South African shareholders have all told The Australian the demerger was a good

idea. Aberdeen Asset Managers, the second-biggest holder of BHP’s London-

listed stock has backed the plan.5

Power and industrial technology provider ABB has signed a deal with Salesforce

that will see the two companies work to enhance and tailor the latter’s flagship

CRM platform for power, utilities and industrial automation applications.As part of

the deal ABB plans to implement Salesforce to support its global sales

organisation. All of the data contained in the firm’s legacy CRM platform across

its global business units and subsidiaries will be migrated over to Salesforce.6

2 From: http://online.wsj.com/articles/duke-energy-to-own-40-stake-in-atlantic-pipeline-venture-1409682332 3 From: http://www.businessweek.com/articles/2014-09-02/chevron-makes-it-official-with-sale-of-renewable-energy-unit-to-opterra 4 From: http://www.ft.com/intl/cms/s/0/82602c4a-2e83-11e4-bffa-00144feabdc0.html#axzz3CSvgaQtF 5 From: http://www.theaustralian.com.au/business/mining-energy/bhp-billiton-demerger-plan-wins-backing-from-major-investors/story-e6frg9df-1227048722015?nk=6101e64417dbe8598e8d76eb6f219a6d 6 From: http://www.businesscloudnews.com/2014/09/05/abb-salesforce-collaboration-on-cloud-for-utilities/

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TALKING ENERGY Volume 9

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Political Developments and National Trends

Mexico reopened its energy market to outside producers in August for the first

time in more than 75 years. Until now, private companies could only serve as

contractors to the national hydrocarbon or electricity monopolies. Mexicans

formerly took pride in keeping a major natural resource in national hands. Pemex,

the state petroleum monopoly, provided almost a third of federal revenues.7

Germany's flagship green energy policy is in tatters, according to a new report by

the consultancy firm McKinsey which says many of its goals are "no longer

realistic". Angela Merkel was hailed as the 'Klimakanzlerin', or 'Climate

Chancellor' in 2010 when her government placed Germany at the forefront of the

battle against climate change and announced ambitious plans to move to

renewable energy sources.8

National Grid is seeking additional electricity supplies for winter after unexpected

plant shutdowns have raised fears of potential shortages. The firm, which runs

Britain's supply network, said it was accelerating an emergency plan asking

providers how much more electricity they could provide to fill a possible shortfall.9

British oil and gas reserves off Scottish shores in the North Sea have become a

flash point in Scotland's debate over independence. "Our policy has been

primarily designed by industry," Scottish Energy Minister Fergus Ewing said

recently, promising oil companies that energy policy wouldn't change in an

independent Scotland.10

KIEV/MOSCOW, Sept 3 (Reuters) - Ukraine reduced electricity supplies to

consumers in Crimea on Wednesday and threatened to cut power altogether if

quotas were breached, as it battles a power crisis on the mainland that threatens

to cause rolling blackouts across the country. Kiev has declared a state of

emergency on the electricity market after months of fighting between pro-Russian

rebels and Ukrainian forces disrupted supplies to thermal power plants (TPP),

which provide around 40 percent of Ukraine's electricity. 11

7 From: http://www.scientificamerican.com/article/mexico-is-poised-for-an-energy-boom/ 8 From: http://www.telegraph.co.uk/news/worldnews/europe/germany/11070145/Germanys-flagship-green-energy-policy-in-tatters.html 9 From: http://www.bbc.com/news/business-29038804 10 From: http://online.wsj.com/articles/energy-industry-will-flourish-in-independent-scotland-says-minister-1409234138 11 From: http://uk.reuters.com/article/2014/09/03/ukraine-crisis-electricity-idUKL5N0R42NQ20140903

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Electric Vehicles

Tesla Motors is finally ready to confirm that it’s building its $5 billion Giga Factory

in Nevada, putting to rest a five-state competition for what’s to be the world’s

biggest lithium-ion battery plant. But the scope of Tesla’s plans extend far beyond

the state’s borders.12

The Nissan Leaf, Chevy Volt, Toyota Prius, BMW i3, and other electrified cars

were projected to take over an ever-increasing chunk of the auto market. Only

sales have gone flat in 2014. What happened? At first glance, the electric car

market appears to be pretty darn electrified.13

According to Ecotricity, the company that has installed a network of charging

stations along the UK's motorways, we are seeing a "revolution". Figures from the

Society of Motor Manufacturers and Traders indicated that electric car sales have

now topped the 10,000 mark in the UK. As well as government incentives that

have cut ownership costs, a key development is the roll-out of a network of

superfast chargers at motorway stations.14

Green Energy

Starting [September 4], select Airbnb hosts will be given free Nest thermostats to

install in their apartments and homes. The partnership is being billed as a way to

make the rental service more environmentally friendly. It's also a shrewd business

move for Nest.15

In an effort to create enough electricity to power 175,000 homes, the Energy

Technologies Institute of the United Kingdom (UK) has awarded a £7.5 million

($12.4 million) contract to a private firm to create a renewable energy “multi-

turbine foundation structure” in a tidal stream in northern Scotland. Known as

MeyGen, the project will be built by Atlantis Resources, Limited and will be the

world’s largest tidal stream energy project.16

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12 From: http://www.greentechmedia.com/articles/read/The-Local-and-Global-Impact-of-Teslas-Giga-Factory 13 From: http://time.com/money/3269068/hybrid-electric-cars-sales-nissan-leaf-tesla/ 14 From: http://www.bbc.com/news/science-environment-29034483 15 From: http://www.greentechmedia.com/articles/read/nests-new-partnership-with-airbnb-is-about-much-more-than-energy-savings 16 From: http://guardianlv.com/2014/09/tidal-power-plant-will-generate-renewable-energy-for-175000-homes-video/#dxD2h5sSeZSTStMJ.99