发帖
雷达卡
Table of Contents
Executive summary ........................................................................... 3
Key themes..............................................................................................................................3
Valuation ..................................................................................................................................3
Risks ........................................................................................................................................3
Valuation and risks............................................................................ 4
Diversified universe… plenty of upside! ...................................................................................4
But political and investment risks blur the outlook....................................................................4
Focus on regulation........................................................................... 6
Performance – end of the road or inflexion point? ....................................................................6
Significant regulatory changes likely in 2009 ............................................................................7
Administrated tariffs: electricity and gas...................................................................................7
New regulation for electricity networks ..................................................................................11
Nuclear life extension debate… not clear cut .........................................................................12
Valuation based on forward curve shows significant upside ..................................................13
Investments...................................................................................... 14
Bumping into an investment wall............................................................................................14
GDF Suez.......................................................................................... 16
EDF.................................................................................................... 28
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