gdpe0797icr- mexico power market outlook sample 1,2,4-10 ... · mexico power market outlook to...

REFERENCE CODE GDPE0797ICR | PUBLICATION DATE JULY 2015

MEXICO POWER MARKET OUTLOOK TO 2025, UPDATE 2015 – MARKET TRENDS, REGULATIONS,

AND COMPETITIVE LANDSCAPE

Mexico Power Market Outlook to 2025, Update 2015 – Market Trends, Regulations, and Competitive Landscape 2 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.

MEXICO POWER MARKET OUTLOOK TO 2025, UPDATE 2015 – MARKET TRENDS, REGULATIONS, AND COMPETITIVE LANDSCAPE

Executive Summary

Mexico Power Sector Outlook

Mexico’s trillion-dollar economy is tilted towards

manufacturing, although its principal revenue

earner is petroleum exports. The manufacturing

sector contributed XX% of total power consumption

in 2014. Both Gross Domestic Product (GDP) and

power consumption grew by a Compound Annual

Growth Rate (CAGR) of XX% between XX and

2014, as shown in the following figure.

Power Market, Mexico, Gross Domestic Product ($tn), and Annual Power Consumption (TWh), 2000–2014

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Annu

al p

ower

con

sum

ptio

n (T

Wh)

GD

P ($

tn)

GDP (constant prices) Annual power consumption Source: GlobalData; IMF, 2015 TWh: Terawatt hours

Keeping with the trend of rising consumption,

annual power generation increased at a CAGR of

XX% between 2000 and 2014. Most of the

increase in generation was contributed by the

renewable sector, whose figures grew at a CAGR

of XX% during this period, the highest of all the

energy sources.

Power Market, Mexico, Annual Power Consumption and Generation (TWh), 2000–2014

2000 2007 2014

Annu

al p

ower

con

sum

ptio

n an

d ge

nera

tion

(TW

h)

Annual power consumption Annual power generation Source: GlobalData, Power Database [Accessed on June 12, 2015]

Mexico possesses sizeable reserves of natural

gas, which it both exports and uses for power

generation. In 2014, gas-based capacity accounted

for XX% of total installed capacity. The next largest

contributor to total installed capacity was

hydropower, with a XX% share, followed by oil-

based capacity with XX%, coal-based capacity with

XX%, onshore wind capacity with XX%, other

renewable sources with XX%, and nuclear power

with XX%.


Table of Contents


1 Table of Contents

1 Table of Contents ....................................................................................................................... 4

1.1 List of Tables ...................................................................................................................... 7

1.2 List of Figures ..................................................................................................................... 8

2 Introduction ................................................................................................................................. 9

2.1 GlobalData Report Guidance ............................................................................................ 10

3 Mexico, Power Market, Snapshot.............................................................................................. 11

3.1 Mexico, Power Market, Macro-economic Factors .............................................................. 11

3.2 Mexico, Power Market, Supply Security ............................................................................ 13

3.3 Mexico, Power Market, Opportunities ................................................................................ 14

3.4 Mexico, Power Market, Challenges ................................................................................... 14

4 Mexico, Power Market, Market Analysis.................................................................................... 16

4.1 Mexico, Power Market, Supply Structure........................................................................... 16

4.2 Mexico, Power Market, Key Market Players ...................................................................... 16

4.3 Mexico, Power Market, Financial Deals............................................................................. 16

4.3.1 Deal Volume and Value Analysis, 2004 to May 2015 .................................................... 16

4.3.2 Deals by Type, 2014 ..................................................................................................... 18

4.4 Mexico, Power Market, Demand Structure ........................................................................ 18

4.4.1 Power Consumption by Sector, 2014 ............................................................................ 20

5 Mexico, Power Market, Regulatory Scenario ............................................................................ 22

5.1 Mexico, Power Market, Key Electricity Policies ................................................................. 22

5.1.1 Electricity Sector Reform and Energy Policy.................................................................. 22

5.1.2 Energy Saving Program (Programa Nacional para el Aprovechamiento Sustentable de la Energiá)........................................................................................................................ 24

5.1.3 Renewable Energy Policy.............................................................................................. 25

5.2 Mexico, Power Market, Foreign Investment Scenario........................................................ 26

6 Mexico, Power Market, Capacity and Generation Overview ...................................................... 27


Table of Contents


6.1 Mexico, Power Market, Cumulative Installed Capacity by Generation Technology, 2014 .. 27

6.2 Mexico, Power Market, Cumulative Installed Capacity and Annual Power Generation, 2000–2025 ........................................................................................................................ 28

6.2.1 Cumulative Installed Thermal Power Capacity and Annual Thermal Power Generation, 2000–2025 ................................................................................................................... 31

6.2.2 Cumulative Installed Hydropower Capacity and Annual Hydropower Generation, 2000–2025 ............................................................................................................................. 35

6.2.3 Cumulative Installed Nuclear Power Capacity and Annual Nuclear Power Generation, 2000–2025 ................................................................................................................... 38

6.2.4 Cumulative Installed Renewable Power Capacity and Annual Renewable Power Generation, 2000–2025 ................................................................................................ 41

7 Mexico, Power Market, Transmission and Distribution Overview .............................................. 45

7.1 Mexico, Power Market, Transmission Overview ................................................................ 45

7.2 Mexico, Power Market, Distribution Overview ................................................................... 46

7.3 Mexico, Power Market, Grid Interconnection ..................................................................... 47

7.3.1 Mexico and US .............................................................................................................. 47

7.3.2 Mexico and Belize ......................................................................................................... 48

7.3.3 Electricity Import and Export Trends, 2000–2014 .......................................................... 48

7.4 Mexico, Power Market, Electricity Trading ......................................................................... 50

8 Mexico, Power Market, Competitive Landscape: Snapshot of Leading Power Generating Companies ............................................................................................................................... 51

8.1 Key Company in the Mexico Power Market: Comision Federal de Electricidad ................. 51

8.1.1 Brief Overview ............................................................................................................... 51

8.1.2 Business Description ..................................................................................................... 51

8.1.3 SWOT Overview ........................................................................................................... 51

9 Appendix................................................................................................................................... 56

9.1 Market Definitions ............................................................................................................. 56

9.1.1 Power ............................................................................................................................ 56

9.1.2 Installed Capacity .......................................................................................................... 56


Table of Contents


9.1.3 Electricity Generation .................................................................................................... 56

9.1.4 Electricity Consumption ................................................................................................. 56

9.1.5 Thermal Power Plant ..................................................................................................... 56

9.1.6 Hydropower Plant .......................................................................................................... 56

9.1.7 Nuclear Power............................................................................................................... 56

9.1.8 Renewable Energy Resources ...................................................................................... 57

9.2 Abbreviations .................................................................................................................... 57

9.3 Bibliography ...................................................................................................................... 58

9.4 GlobalData’s Methodology ................................................................................................ 59

9.4.1 Coverage ...................................................................................................................... 59

9.4.2 Secondary Research and Analysis ................................................................................ 59

9.4.3 Primary Research and Analysis..................................................................................... 60

9.5 Disclaimer ......................................................................................................................... 61


Table of Contents


1.1 List of Tables

Table 1: Power Market, Mexico, Gross Domestic Product ($tn), Population (million), and Annual Power

Consumption (TWh), 2000–2020 ................................................................................................. 13

Table 2: Power Market, Mexico, Deal Value ($bn) and Number of Deals, 2004– May 2015 ....................... 18

Table 3: Power Market, Mexico, Annual Power Consumption (TWh), 2000–2025 ...................................... 20

Table 4: Power Market, Mexico, Power Consumption by Sector (%), 2014 ................................................ 21

Table 5: Power Market, Mexico, Cumulative Installed Capacity by Fuel Type (%), 2014 ............................ 28

Table 6: Power Market, Mexico, Cumulative Installed Capacity (GW) and Annual Power Generation (TWh),

2000–2025 .................................................................................................................................. 30

Table 7: Power Market, Mexico, Leading Thermal Power Plants, 2015 ...................................................... 32

Table 8: Power Market, Mexico, Cumulative Installed Thermal Power Capacity (GW) and Annual Thermal

Power Generation (TWh), 2000–2025 ......................................................................................... 34

Table 9: Power Market, Mexico, Leading Hydropower Plants, 2015 ........................................................... 35

Table 10: Power Market, Mexico, Cumulative Installed Hydropower Capacity (GW) and Annual Hydropower

Generation (TWh), 2000–2025 .................................................................................................... 37

Table 11: Power Market, Mexico, Cumulative Installed Nuclear Power Capacity (GW) and Annual Nuclear


Table 12: Power Market, Mexico, Leading Renewable Power Plants, 2015 ................................................. 42

Table 13: Power Market, Mexico, Cumulative Installed Renewable Power Capacity (GW) and Annual

Renewable Power Generation (TWh), 2000–2025 ....................................................................... 44

Table 14: Power Market, Mexico, Line Length of Transmission Network (Ckm), 2000–2020 ........................ 46

Table 15: Power Market, Mexico, Length of Distribution Network (Ckm), 2000–2020 ................................... 47

Table 16: Power Market, Mexico, Annual Power Import and Export (TWh), 2000–2014 ............................... 50

Table 17: Power Market, Mexico, Comision Federal de Electricidad, SWOT Analysis .................................. 52

Table 18: Abbreviations .............................................................................................................................. 57


Table of Contents


1.2 List of Figures

Figure 1: Power Market, Mexico, Gross Domestic Product ($tn), Population (million) and Annual Power

Consumption (TWh), 2000–2020 ................................................................................................. 12

Figure 2: Power Market, Mexico, Deal Value ($bn) and Number of Deals, 2004–May 2015 ........................ 17

Figure 3: Power Market, Mexico, Annual Power Consumption (TWh), 2000–2025 ...................................... 19

Figure 4: Power Market, Mexico, Power Consumption by Sector (%), 2014 ................................................ 21

Figure 5: Power Market, Mexico, Cumulative Installed Capacity by Fuel Type (%), 2014 ............................ 27

Figure 6: Power Market, Mexico, Cumulative Installed Capacity (GW) and Annual Power Generation (TWh),

2000–2025 .................................................................................................................................. 29

Figure 7: Power Market, Mexico, Cumulative Installed Thermal Power Capacity (GW) and Annual Thermal


Figure 8: Power Market, Mexico, Cumulative Installed Hydropower Capacity (GW) and Annual Hydropower

Generation (TWh), 2000–2025 .................................................................................................... 36

Figure 9: Power Market, Mexico, Cumulative Installed Nuclear Power Capacity (GW) and Annual Nuclear


Figure 10: Power Market, Mexico, Cumulative Installed Renewable Power Capacity (GW) and Annual

Renewable Power Generation (TWh), 2000–2025 ....................................................................... 43

Figure 11: Power Market, Mexico, Annual Power Imports and Exports (TWh), 2000–2014 ........................... 49



Introduction

2 Introduction

Mexico has a federal republic government and practices a free market economy. In 2013, its

economy was the third largest in terms of constant prices in North America. However, there is a

substantial income disparity; XX% of Mexico’s population is considered poor, and XX% lives under

conditions of extreme poverty.

Between 2011 and 2014, Gross Domestic Product (GDP) increased from $XX trillion to $XX trillion

(IMF, 2015). The services sector accounted for an estimated XX% of total GDP in 2014, followed

by the industrial sector with XX% and the agricultural sector with XX% (CIA, 2015). The economy

showed progress between 2010 and 2012, leading to a large increase in the generation,

transmission and distribution of power.

Mexico has an export-oriented economy, and its main exports are crude oil and manufactured

goods. The energy sector is very important to the economy. The taxes and royalties paid by the

state-owned oil company Petróleos Mexicanos (Pemex) fund more than a third of the government’s

budget. Remittances from Mexicans living abroad, primarily in the US, are also a major source of

income for the government.

Private sector participation is increasing in the industrial sector. The government has expanded the

reach of the private sector, opening competition in relation to power generation,

telecommunications, railroads, seaports, airports and natural gas distribution. Mexico is a member

of the North American Free Trade Agreement, along with the US and Canada, and has been

exporting an increasing amount of goods to the US. In addition to the US, Mexico has free trade

agreements with over fifty countries, including Guatemala, El Salvador, and Japan.

Mexico possesses a substantial amount of gas and oil reserves. Its proved oil reserves amounted

to 1.5 billion tons at the end of 2014, equivalent to XX% of global oil reserves, while its proved gas

reserves amounted to XX trillion cubic feet (tcf), equivalent to XX% of global gas reserves (BP,

2015). Of its gas reserves, XX% is associated with oil reserves, while the remaining XX% is non-

associated. Although it possesses gas reserves, it continues to import gas. This is partly due to the

rapidly increasing requirements of the power generation industry but is also due to the absence of

distribution logistics in certain areas of Mexico.

The Secretary of Energy (Secretaría de Energia, SENER), which was established in 1994, is

Mexico’s apex power body and is responsible for framing energy policies. SENER manages the



Introduction

activities of Pemex and is responsible for granting power-related concessions, including

authorizations and permits. The Energy Regulatory Commission (Comisión Reguladora de

Energía, CRE) was formed in 1993 and functioned as an advisory body until 1995. In 1995,

through the Energy Regulatory Commission Act, CRE was turned into an autonomous agency in

charge of regulating the natural gas and power industries.

2.1 GlobalData Report Guidance

The executive summary captures the key growth trends in the Mexican power market.

Chapter three provides a snapshot of the key parameters affecting Mexico’s power sector, as

well as key points about the Mexican power market.

Chapter four provides an analysis of the power market in Mexico.

Chapter five provides details of the regulatory scenario for the power market and the inward

foreign investment scenario in Mexico.

Chapter six provides information on Mexico’s total installed capacity and annual generation

trends, as a whole and according to individual generation source.

Chapter seven describes the power transmission and distribution infrastructure of Mexico and

includes information on interconnections with neighboring countries. The section also covers

power imports and exports and upcoming grid-related projects.

Note: All 2014 market numbers provided in the report are estimates, except where actual data were

available.



Capacity and Generation Overview

6 Mexico, Power Market, Capacity and Generation Overview

6.1 Mexico, Power Market, Cumulative Installed Capacity by Generation Technology, 2014

In 2014, gas-based capacity was the dominant source of power, with a XX% share of installed

capacity, followed by hydropower with XX%, oil-based capacity with XX%, and coal-based capacity

with XX%. Onshore wind power capacity accounted for a XX% share in 2014, while other

renewable sources, including geothermal power, biopower, and solar PV, accounted for a

combined share of XX%. Nuclear power constituted a XX% share. The government considers

nuclear power to be a clean generation technology, along with renewables. However, it has been

considered separately in this report.

Figure 5: Power Market, Mexico, Cumulative Installed Capacity by Fuel Type (%), 2014

Gas (thermal)

Hydropower

Oil (thermal)

Coal (thermal)

Wind (onshore)

Other renewables Nuclear

Source: GlobalData, Power Database [Accessed on June 11, 2015]




6.2.3 Cumulative Installed Nuclear Power Capacity and Annual Nuclear Power Generation, 2000–2025

The Laguna Verde nuclear power plant, which has two power reactors, is the only nuclear power

producer. Installed nuclear capacity increased from XX GW in 2000 to XX GW in 2014, at a CAGR

of XX%. This increase was due to the up-rating of existing reactors. The up-rating process started

in 2007 and was completed at the end of 2011, leading to increased capacity in 2012.

Nuclear generation has varied in relation to fluctuations in demand. Annual nuclear power

generation increased from XX TWh in 2000 to XX TWh in 2014, at a CAGR of XX%. Between 2015

and 2025, installed nuclear capacity is expected to remain at XX GW, while annual nuclear power

generation is expected to amount to XX TWh by 2025. The government initially had plans to build

new nuclear plants but then decided to focus on the expansion of thermal power generation.

However, the current government has been focusing on increasing clean generation, which, for the

government, includes nuclear power. It intends to start a program to educate the public about the

necessity of nuclear power and about safety matters related to the technology.




Figure 9: Power Market, Mexico, Cumulative Installed Nuclear Power Capacity (GW) and Annual Nuclear Power Generation (TWh), 2000–2025

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Ann

ual n

ucle

ar p

ower

gen

erat

ion

(TW

h)

Cum

ulat

ive

inst

alle

d nu

clea

r pow

er c

apac

ity (G

W)

Cumulative installed nuclear power capacity Annual nuclear power generation Source: GlobalData, Power Database [Accessed on June 11, 2015]




Table 11: Power Market, Mexico, Cumulative Installed Nuclear Power Capacity (GW) and Annual Nuclear Power Generation (TWh), 2000–2025

Year Cumulative installed nuclear power capacity Annual nuclear power generation

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Source: GlobalData, Power Database [Accessed on June 11, 2015]


Appendix


9 Appendix

9.1 Market Definitions

9.1.1 Power

Power refers to the rate of production, transfer or energy use, usually related to power. It is

measured in Watts (W) and often expressed in kilowatts (kW) or Megawatts (MW). It is also known

as real power or active power.

9.1.2 Installed Capacity

Installed capacity refers to the generator’s nameplate capacity as stated by the manufacturer, or

the maximum rated output of a generator under given conditions. It is given in Megawatts (MW) on

a nameplate affixed to the generator.

9.1.3 Electricity Generation

Electricity generation refers to the process of generating power from other forms of energy. It also

refers to the amount of power produced, expressed in Gigawatt hours (GWh).

9.1.4 Electricity Consumption

Electricity consumption is the sum of power generated, plus imports, minus exports and

transmission and distribution losses. It is measured in Gigawatt hours (GWh).

9.1.5 Thermal Power Plant

A thermal power plant is a plant in which turbine generators are driven by burning fossil fuels.

9.1.6 Hydropower Plant

A hydropower plant is a plant in which the turbine generators are driven by falling water.

9.1.7 Nuclear Power

Nuclear power is the energy released from the fission of nuclear fuel in a reactor.


Appendix


9.1.8 Renewable Energy Resources

Renewable energy resources are those that provide energy that is naturally replenished but limited

in the amount of energy available per unit of time. Biomass, geothermal, solar, small hydro and

wind are examples of renewable resources.

9.2 Abbreviations

Table 18: Abbreviations CAGR Compound Annual Growth Rate

CCGT Combined-Cycle Gas Turbine

CDM Clean Development Mechanism

CENACE Centro Nacional de Control de la Energía (Center for Energy Control)

CFE Comisión Federal de Electricidad (Federal Electricity Commission) Ckm Circuit kilometer

CRE Comisión Reguladora de Energía (Energy Regulatory Commission)

ENE Estrategia Nacional de Energía (National Energy Strategy)

FIDE Fideicomiso para el Ahorro de Energía Eléctrica (Electric Power Savings Trust Fund)

GDP Gross Domestic Product

GW Gigawatt

IPP Independent Power Producer

kV kilovolt

kW kilowatt

kWh kilowatt hour

LFC Luz y Fuerza del Centro (Central Light and Power)

MW Megawatt

PFAEE Programa de Financiamiento para el Ahorro de Energía Eléctrica (Program for the Financing of Electric Energy Saving)

PRONASE Programa Nacional para el Aprovechamiento Sustentable de la Energiá (Energy Saving Program)

SEN Sistema Eléctrico Nacional (National Transmission Grid)

SENER Secretaría de Energia (Secretary of Energy)

tcf trillion cubic feet

TWh Terawatt hour

WECC Western Electric Coordinating Council

Source: GlobalData


Appendix


9.3 Bibliography

APEC (2013). APEC Energy Demand and Supply Outlook, 5th Edition Mexico. Asia-Pacific

Economic Cooperation. Available from: http://publications.apec.org/publication-

detail.php?pub_id=1389#indi [Accessed on June 11, 2015]

Arrubarrena M and Pelayo L (2012). Potential Development Zones for Geothermal Direct Uses

in Mexico with a Specific Site Recommendation. Geo-Heat Center, Oregon Institute of

Technology. Available from: http://geoheat.oit.edu/bulletin/bull31-2/art2.pdf

BP, 2015. British Petroleum Statistical Review of World Energy June 2015 [database].

Available from: http://www.bp.com/en/global/corporate/about-bp/energy-economics/statistical-

review-of-world-energy.html [Accessed on June 12, 2015]

CIA (2015). Mexico: The World Factbook. Central Intelligence Agency. Available from:

https://www.cia.gov/library/publications/the-world-factbook/geos/mx.html [Accessed on June

12, 2015]

Hughes K and O’Boyle M (2013). “Mexico unveils historic energy reform to boost foreign

investment.” The Globe and Mail Inc.. Available from: http://www.theglobeandmail.com/report-

on-business/international-business/mexico-unveils-historic-energy-reform-to-boost-foreign-

investment/article13711947/ [Accessed on June 11, 2015]

IMF, 2015. International Monetary Fund, World Economic Outlook Database, April 2015

[database]. Available from:

http://www.imf.org/external/pubs/ft/weo/2015/01/weodata/weoselco.aspx?g=2001&sg=All+coun

tries [Accessed on June 12, 2015]

Rosales M and Gerado H (2011). “TransAmerica Interconnections: Mexico strengthens and

expands ties with the United States and Central America.” T&D World. Available from:

http://tdworld.com/overhead-transmission/transamerica-interconnections [Accessed on June

11, 2015]

Thomson Reuters (2014). “Mexico saw record $35 bln in foreign direct investment in 2013.”

Thomson Reuters. Available from: http://www.reuters.com/article/2014/02/23/mexico-fdi-

idUSL1N0LS0A220140223 [Accessed on June 11, 2015]


Appendix


UNCTAD (2013). World Investment Report 2013, Global Value Chains: Investment and Trade

for Development. United Nations Conference on Trade and Development. Available from:

http://unctad.org/en/publicationslibrary/wir2013_en.pdf

US Embassy (2014). US Embassy–Mexico City Renewable Energy. US Embassy. Available

from:

http://photos.state.gov/libraries/mexico/310329/july2014/2014_07_Renewable%20Energy.pdf

Wood D, et al. (2012). Wind Energy Potential in Mexico’s Northern Border States. The

Woodrow Wilson International Center for Scholars. Available from:

http://www.wilsoncenter.org/sites/default/files/Border_Wind_Energy_Wood_0.pdf

9.4 GlobalData’s Methodology

GlobalData’s dedicated research and analysis teams consist of experienced professionals with

advanced statistical expertise and marketing, market research and consulting backgrounds in the

energy industry.

GlobalData adheres to the codes of practice of the Market Research Society (www.mrs.org.uk) and

Strategic and Competitive Intelligence Professionals (www.scip.org).

All of GlobalData’s databases are continuously updated and revised. The following methodology

has been followed for the collection and analysis of data presented in this report.

9.4.1 Coverage

This report covers Mexico’s power market, examining the market structure and providing historical

generation, capacity and consumption forecasts until 2025. It also looks at the market’s regulatory

structure, import and export trends, competitive landscape and leading active and upcoming power

projects.

9.4.2 Secondary Research and Analysis

The capacity, generation and consumption data is collected and validated using a number of

secondary resources including but not limited to:

Government agencies, ministry websites, industry associations, the World Bank, IMF, and

statistical databases


Appendix


Company websites, annual reports, financial reports, analyst reports and investor

presentations

Industry trade journals, market reports and other literature

GlobalData’s proprietary databases such as the Capacity and Generation Database, Power

Plant Database and Transmission and Distribution Database

Further to this, the following secondary information is collected and analyzed to project Mexico’s

power market scenario to 2025:

Macro-economic scenario

Government regulations, policies and targets

Government and private sector investment

Contract and deal announcements

Utility expansion plans

The sector’s historical track record

Other qualitative insights built through secondary research and analysis of company websites,

annual reports, investor presentations, industry and trade journals, and data from industry

associations

9.4.3 Primary Research and Analysis

Secondary research is further complemented through primary interviews with industry participants

to verify the market numbers obtained through secondary research and obtain first-hand

information on industry trends.

A typical research interview fulfills the following functions:

Obtains the interviewee’s perspective on the market size, growth trends, competitive landscape

and future outlook

Validates secondary research findings

Further develop the analysis team’s expertise and market understanding


Appendix


The participants are drawn from a diverse set of backgrounds, including power producers,

equipment manufacturers, industry associations, government bodies, utilities, distributors, and

academia. The participants include but are not limited to C-level executives, industry consultants,

academic experts, business development and sales managers, purchasing managers, plant

managers, government officials and industry spokespersons.

9.5 Disclaimer

All Rights Reserved.

No part of this publication may be reproduced, stored in a retrieval system or transmitted in any

form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior

permission of the publisher, GlobalData.

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