注： 摩根房地产报告 时间Asia Pacific Equity Research
05 November 2007 不过确实200页，资料很详实
智能电网目录
Table of Contents
Portfolio Strategy .....................................................................4
Sustainable Energy a Critical Secular Story ................................................................4
Finding “Smart” Investments in Alternative Energy ...................................................4
Investment Thesis ....................................................................6
Smart Meter Projects – US.....................................................13
Transmission & Distribution: Outlook..................................16
Smart Meter Projects – International ....................................17
European Legislation .................................................................................................17
International Projects .................................................................................................17
Smart Grid Overview: Japan .................................................22
Electronics companies’ initiatives .............................................................................22
Smart grids as part of a renewable energy policy ......................................................22
Smart grids in Japan...................................................................................................23
Policies on reverse power flows.................................................................................23
Power system simulator .............................................................................................23
Smart meters in Japan ................................................................................................24
Smart homes and home energy management systems ...............................................24
Regulatory Environment – United States .............................26
Federal Energy Regulatory Commission (FERC)......................................................26
FERC Report..............................................................................................................26
American Recovery and Reinvestment Act of 2009..................................................28
U.S. Department of Energy Tax Credits ....................................................................34
Smart Grid and Smart Meter Standards ...............................35
NIST Standards..........................................................................................................36
AMI Security .............................................................................................................37
The Association of Home Appliance Manufacturers (AHAM) .................................41
ZigBee Alliance .........................................................................................................44
Electric Vehicles and Grid Infrastructure ..................................................................46
The J.P. Morgan Smart Grid Basket......................................51
Basket Methodology and Composition......................................................................51
Basket Performance ...................................................................................................52
Top Picks – ENOC/OW and ITRI/OW.....................................55
Itron, Inc (ITRI/Overweight)....................................................58
Company Description ................................................................................................58
Investment Thesis ......................................................................................................58
Valuation and Rating Analysis ..................................................................................58
Risks to Our Rating and Price Target ........................................................................59
EnerNOC Inc. (ENOC/Overweight) ........................................60
Company Description ................................................................................................60
3
North America Equity Research
11 March 2010
Paul Coster, CFA
(1-212) 622-6425
paul.coster@jpmorgan.com
Investment Thesis ......................................................................................................60
Valuation and Rating Analysis ..................................................................................61
Risks to Our Rating and Price Target ........................................................................61
Echelon Corporation (ELON/Neutral) ...................................63
Company Description ................................................................................................63
Investment Thesis ......................................................................................................63
Valuation and Rating Analysis ..................................................................................64
Risks to Our Rating and Price Target ........................................................................65
ESCO Technologies (ESE/Underweight) ..............................66
Company Description ................................................................................................66
Investment Thesis ......................................................................................................66
Valuation and Rating Analysis ..................................................................................66
Risks to Our Rating and Price Target ........................................................................67
Demand Response......................................................................................................79
Energy Efficiency ......................................................................................................81
Appendix I: Company Profiles...............................................68
Appendix II: Electricity Demand Side Management ............79
Appendix III: Smart Meters ....................................................82
Appendix IV: C&I Demand Response ...................................84
Appendix V: Smart Grid Technologies Overview................86
Appendix VI: Glossary ...........................................................88
Appendix VII: Utilities’ Awareness of Vendors .....
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