Utilities unbundled

Issue 08 | May 2010 New perspectives on the power and utilities sector
Pushinc ahead with
the smart revcIuticn
WhaL can we learn lrom
Lhe US rollouL?
Smart crids: the
investcrs' verdict
Wall SLreeL's view on
Lhe value ol smarL
Desertec: an
enercy casis
DeserL pro|ecL has one eye
on vision, one on pracLicaliLy



RecicnaI repcrts
1oronLo Hydro: smarL approaches
Lo smarL meLering
SmarL grids: Lhe invesLors' verdicL
Eurcpe, MiddIe East, !ndia and
Africa 1EME!A)
A2A drives change lrom l1
M&A prompLs l1 LranslormaLion
aL VaLLenlall
UK meLer rollouL opens doors lor
energy suppliers
lndia's power ambiLions
Asia Pacihc
Lessons lrom AusLralia's smarL
meLer pioneers
DeserLec: an energy oasis

Dur pecpIe
LrnsL & Young conLacLs

SmarL world, smarL uLiliLies
Market mcnitcr
lndusLry roundup
DeaIs rcundup
1he verdicL on 2009; plus China
deals review
Main feature
Pushing ahead with the
smart revolution
The smart home breakthrough
Back on the agenda: working capital
3 UtiIities unbundIed Issue 08
Among Lhe many challenges lacing power and uLiliLy companies Loday,
Lhe mosL pressing are Lhe increasing demand lor power, an urgenL need Lo
build or improve inlrasLrucLure, and Lhe shilL away lrom lossil luels Lo cuL
carbon emissions.
1o help meeL Lhese challenges, Lhe energy indusLry is adopLing inLelligenL
new Lechnology. Worldwide, power and uLiliLy companies are expecLed Lo invesL
USS200b by 2015 upgrading meLering, Lransmission lines and communicaLions
Lo creaLe a new "smarL" energy sysLem.
1his is a mammoLh Lask. BuL Lhe Lechnical upgrade is |usL Lhe sLarL ol Lhe sLory.
1he combinaLion ol smarL sysLems, beLLer use ol l1 and acLive involvemenL lrom
cusLomers will surely have a prolound impacL on businesses across Lhe value
chain, lrom producLion Lo Lransmission Lo reLail sales. 1his could change Lhe very
naLure ol who operaLes in Lhe energy secLor and how Lhey make a prolL. ULiliLies
could end up compeLing alongside reLailers, LelecommunicaLion companies,
Lechnology vendors and poLenLially hundreds ol sLarL·ups. 1he smarL Lechnology
revoluLion will cause markeLs Lo converge in ways we can hardly imagine.
ln Lhis issue ol Mladala]kmfZmf\d]\,we ask power and uLiliLy businesses around
Lhe globe how Lhey plan Lo compeLe in Lhe new smarL world. Where do Lhey see
opporLuniLies, and how mighL Lheir business models change in response?
Our main leaLure {page 8) locuses on Lhe laLesL developmenLs in Lhe US.
1here are already signs LhaL Lhe US markeL is evolving as smarL insLallaLion
races ahead, propelled by governmenL lunding. We Lalk Lo Lhe people
responsible lor piloLing and rolling ouL smarL pro|ecLs Lo discover Lhe lessons
Lhey are learning.
Meanwhile, Lhe conLrasLing experience ol smarL piloLs in Canada and AusLralia
sLresses LhaL good cusLomer inLeracLion is viLal Lo Lhe success ol Lhe whole
process. Canada's 1oronLo Hydro {page 28) has seen smooLh implemenLaLion
and public accepLance ol smarL meLering. AusLralia's SP AusNeL {page ^^)
has had a much bumpier ride, wiLh raLe shock causing public conLroversy and
disrupLing Lhe pricing piloL.
And on Lhe brink ol such ma|or change, whaL impacL will smarL Lechnology
have on company valuaLion and crediL raLings? See page 31 lor some early
views lrom Moody's and CrediL Suisse.
As always, we welcome your views on all Lhe Lopics we've covered · conLacL
deLails lor our auLhors sLarL on page ^8.
Ben van CiIs
Clobal Power & ULiliLies Leader
LrnsL & Young Clobal Power & ULiliLies CenLer
Düsseldorl, Cermany
DirecL Lel: +^9 211 9352 21557
Lmail: ben.van.gils©nl.ey.com
Smart wcrId, smart utiIities
Covernments and legislators are pushing smart
technology Iorward. Power and utility companies
need to be ready Ior the market evolutions and
revolutions that could Iollow
MarkeL moniLor
Scuth Africa | Fundinc ccncerns: CovernmenL
legislaLion in SouLh Alrica sLipulaLes LhaL
cusLomers wiLh annual consumpLions ol more
Lhan 1,000kWh should have smarL meLers by
2012. ULiliLies are concerned abouL a lack ol
indusLry sLandards and lunding · smarL meLers
are signilcanLly more expensive Lhan
LradiLional meLers.
Bctswana | NaticnaI piIct: 1he BoLswana
Power CorporaLion has launched a smarL meLer
piloL Lo shave peak loads and Lo remoLely
disconnecL waLer·heaLing devices. A naLional
rollouL across lour ma|or Lowns is anLicipaLed.
Canada | Dntaric in the Iead: OnLario's provincial governmenL
recenLly inLroduced Lhe Creen Lnergy AcL, which mandaLes a smarL
grid rollouL. 1his is already ahead ol iLs 2011 schedule {see arLicle
page 28). OLher provinces are lollowing wiLh rollouLs and progressive
legislaLion. lndusLry Canada, Lhe governmenL enLiLy responsible lor
business developmenL, has dedicaLed a wireless specLrum specilcally
Lo grid moniLoring. 1his is conLribuLing Lo naLional sLandards. Soon,
e·Radio, using cross·counLry lrequencies, will allow uLiliLies Lo conLrol
LhermosLaLs and appliances via a demand·response sysLem.
Canada plans Lo insLall a smarL grid LhaL will allow homeowners
Lo generaLe power and sell any excess back Lo Lhe grid. OLher
iniLiaLives include plug·in hybrid vehicle inLegraLion.
US | Massive investment: While oLher geographies have Laken
leading posiLions in smarL meLer rollouLs, Lhe US is locusing on
more comprehensive smarL grid soluLions. ApproximaLely 100
smarL grid pro|ecLs will receive abouL USS^b in governmenL
economic sLimulus lunding. 1hese include grid conLrol, disLribuLion
auLomaLion and advanced meLering inlrasLrucLure pro|ecLs.
However, Lrial programs have revealed concerns abouL Lhe
cosL and ellecLiveness ol smarL Lechnology. Now regulaLors are
demanding independenL LesLs on advanced meLers lollowing
cusLomer complainLs abouL higher Lhan usual monLhly bills.
AustraIia | Attractinc ccmpetiticn:
A consorLium sLands Lo win AS100m
{USS91m) lrom Lhe AusLralian CovernmenL's
'SmarL grid, smarL ciLy' pro|ecL. 1he piloL Lo
esLablish Lhe counLry's lrsL commercial·
scale smarL grid has aLLracLed parLicipanLs
lrom elecLriciLy uLiliLies, inlormaLion and
communicaLion Lechnology companies and
Lechnology manulacLurers. NaLional and
loreign disLribuLors have submiLLed proposals.
New ZeaIand | Better biIIinc: ln ChrisLchurch,
Meridian Lnergy and ConLacL Lnergy have
insLalled 160,000 smarL meLers and say LhaL
cusLomers are already benelLing lrom greaLer
billing accuracy. RemoLe meLer reads have
increased saleLy and reduced cusLomers'
privacy concerns. DebaLe abouL inLeroperabiliLy
and poLenLial reLrolLLing cosLs conLinues
as meLers cannoL yeL communicaLe wiLh
household devices.
State cf pIay: hcw advanced is the smart crid rcIIcut arcund the wcrId?
ºUtilities will soon
be able to control
thermostats and
Austria | !nteIIicent meterinc: 1he counLry plans Lo implemenL
inLelligenL meLering sysLems wiLhin seven Lo Len years. By 2020,
abouL one·quarLer ol meLers in AusLria will be smarL. 1he AusLrian
regulaLor esLimaLes LhaL implemenLaLion will cosL abouL t1b
{USS1.35b) and can be lunded using currenL neLwork lees.
ln Upper AusLria, in one ol Lurope's largesL leld LesLs, more Lhan
10,000 homes have been lLLed wiLh AuLomaLic MeLering lnlormaLion
SysLem meLers. Lnergie AC will increase iLs number ol smarL meLers
Lo 100,000 by 2011 and ^00,000 by 201^.
Cermany | HeIpinc the custcmer: LWL, a regional Cerman uLiliLy,
plans Lo oller Lime·variable raLher Lhan load·variable raLes when iL
inLroduces smarL meLers Lhis year. 1he decision comes lollowing a
piloL sLudy LhaL LesLed cusLomer prelerences. CusLomers will benelL
lrom remoLe meLer readings and devices LhaL display currenL gas and
elecLriciLy demand wiLh regard lor individual household consumpLion.
!taIy | Backinc standards fcr Eurcpe: Lnel, an lLalian uLiliLy LhaL has
insLalled more Lhan 30 million smarL devices, is backing Lhe non·prolL
MeLers and More iniLiaLive Lo make powerline communicaLion {PLC)
an indusLry sLandard across Lurope.
China | Hich vcItace: SLaLe Crid
CorporaLion ol China, Lhe counLry's largesL
neLwork operaLor, will invesL in ulLra·high
volLage power Lransmission and elecLric
vehicle charging inlrasLrucLure Lhis year.
Upgrading iLs power Lransmission neLwork
is expecLed Lo cosL RMB100b {USS1^.6b)
over Lhe nexL Lhree Lo lour years.
!ndia | Emissicns fccus: ln a sLraLegic
parLnership wiLh Japanese companies,
Lhe lndian Delhi Mumbai lndusLrial Corridor
DevelopmenL CorporaLion will assess smarL
grids' poLenLial Lo reduce carbon emissions
in New Delhi and Mumbai. Meanwhile,
Bangalore's smarL grid invesLmenLs will
evenLually locus on Lime·ol·use raLes
and peak·Lime rebaLes Lo promoLe
energy conservaLion.
Japan | Testinc, testinc: Ahead ol a smarL
meLer rollouL Lo all iLs cusLomers lrom 2013,
1okyo LlecLric Power Company is launching
a piloL program, LesLing smarL Lechnology in
90,000 homes belore replacing all ol iLs 27
million meLers over 10 years.
Scuth Kcrea | WcrId's Iarcest smart crid:
1he world's largesL smarL grid is being builL
on Je|u lsland in SouLh Korea, as a piloL lor
a USS23.7b naLionwide smarL grid by 2030.
SouLh Korea expecLs USS10b in annual
savings lrom lower energy imporLs.
1he counLry's largesL uLiliLy, Korea
LlecLric Power CorporaLion, sees poLenLial
in developing smarL grid Lechnology
and exporLing iL Lo oLher markeLs.
Asia Pacihc
| |
UtiIities unbundIed Issue 08
UK | Smarter pcIicymakinc: The House
oI Common's Energy and Climate Change
Committee has urged the UK Covernment
to Ioster investment in smart grids.
In its report, The Fµtµre of Britain's
Electricity Network, it asserts that the
existing inIrastructure will be unable to
cope with a more diverse generation mix.
The UK Covernment is seeking to install
smart meters in all households between
2012 and 2020.
Deals roundup
LasL year saw an unprecedenLed decline in
M&A acLiviLy, even in Lhe power and uLiliLies
indusLry. BuL Lhere are signs ol hope LhaL
Lhe worsL is over. Joseph FonLana reporLs
1able 2: Private equity and infrastructure
fund deaIs
Volume Total value Average value
1U55b) 1U55m)
C3 2008 22 7.0 317.1
C4 16 3.1 193.9
C1 2009 17 5.0 295.^
C2 16 ^.0 250.6
C3 10 ^.2 ^22.2
C4 26 ^.5 17^.7
1able 1: AII deaIs
Volume Total value Average value
1U55b) 1U55m)
C3 2008 122 87.9 92^.0
C4 101 29.0 382.7
C1 2009 85 57.6 966.6
C2 110 ^0.^ ^92.9
C3 98 16.6 22^.7
C4 130 28.8 303.2
Pcwer and utiIities M&A: the bic picture
On Lhe whole, 2009 can be besL
characLerized as Lhe year in which
everyone was sLriving lor survival, Lrying
Lo mainLain sullcienL levels ol cash and
cuLLing cosLs. 1he ellecL on mergers and
acquisiLions {M&A) in Lhe global power
and uLiliLies indusLry has been dramaLic.
WiLh Lhe excepLion ol Lhe alLernaLive
energy secLor, which conLinues Lo benelL
lrom lunds allocaLed under economic
sLimulus programs, mosL markeLs have
experienced a Lremendous drop·oll in
LransacLion acLiviLy.
For corporaLe buyers around Lhe
globe, crediL was LighL and no one could
allord Lo |eopardize invesLmenL
grade raLings. As mosL power
and uLiliLies companies sLill need
Lo deliver signilcanL capiLal
expendiLure {capex) programs,
mainLaining access Lo capiLal aL a
reasonable cosL remains key, and
LhaL access is reserved lor capex
raLher Lhan M&A. Financial buyers,
in Lurn, could noL raise any debL,
as Lhere was no crediL liquidiLy
in Lhe lrsL hall ol 2009 and only
very limiLed crediL liquidiLy in Lhe
second hall ol Lhe year. 1hese
lacLors led Lo a remarkable decline
in M&A deal value over 2009, as
illusLraLed in 1able 1.
AL Lhe end ol 2009 and well inLo
2010, crediL markeLs opened up
again and seem Lo have sLabilized.
Since asseL prices have come
down aL Lhe same Lime, Lhose who
could allord Lo hold ouL lor any
opporLuniLy Lo come lorward are
now in Lhe posiLion Lo capiLalize
on Lhe improved condiLions. 1his
is especially Lrue lor privaLe equiLy and
inlrasLrucLure invesLors, who sLill have
relaLively large amounLs ol lunds LhaL
Lhey need Lo deploy and who have been
parLicularly acLive in O^ 2009 {see 1able
2). Preliminary daLa lor Lhe lrsL quarLer ol
2010 indicaLes LhaL power and uLiliLies M&A
may have boLLomed ouL and could now be
back on an upward Lrend.
RecicnaI trends
From a regional perspecLive, iL is inLeresLing
Lo noLe LhaL Lhere are markeLs where M&A
acLiviLy, alLhough slowing down, never
really came Lo a compleLe halL: lor example,
· Year on year, Lhere was a dramaLic
drop·oll in LoLal deal value in 2009
compared wiLh 2008.
· 1he alLernaLive energy secLor was buoyed
by economic sLimulus programs.
ConLinenLal Lurope, wiLh iLs relaLively cash·
rich uLiliLies; China, which has sLable deal
low in Lhe alLernaLive energy secLors; and
1urkey, where secLor privaLizaLion is under
way aL lull speed.
ln Lhe US markeL, depressed naLural
gas prices have signilcanLly allecLed
Lhe prolLabiliLy ol generaLion asseLs
and acLed as a caLalysL lor increased
LransacLion acLiviLy in recenL monLhs, as
several disLressed convenLional generaLion
asseLs and renewable energy pro|ecLs
have been puL up lor sale. 1he US is
also seeing renewed inLeresL lor raLe·
regulaLed businesses lrom a varieLy ol
players, including uLiliLies and
inlrasLrucLure lunds.
lL is probably Loo early Lo Lell
wheLher Lhe power and uLiliLies
indusLry is on Lhe verge ol a new
M&A boom or il iL will Lurn ouL Lo
be more ol a normal LransacLion
cycle, as wiLnessed in Lhe pasL.
1here are signs ol modesL
growLh in 2010, buL Lhere are
a number ol lacLors LhaL could
quickly dampen M&A acLiviLy, such
as general economic developmenL,
Lhe impacL ol poLenLial inlaLionary
pressures on capex programs, and
Lhe global prospecLs lor sLricLer
greenhouse gas legislaLion. Also,
lnancial buyers have played an
imporLanL role in power and uLiliLies
M&A in Lhe pasL, and Lhe exLenL Lo
which Lhey can conLinue Lo drive
deal low remains Lo be seen. 1here
are signs ol hope, however, LhaL
Lhe worsL may be over.
7 UtiIities unbundIed Issue 08
Eleanor Wu
AlLernaLive energy and relaLed new
Lechnology are Lhe Lwo main drivers
lor M&A deals. ReporL by Lleanor Wu
ln China, we are seeing companies pursuing growLh primarily via
eiLher greenleld invesLmenLs or M&A. While Lhe largely sLaLe·
owned power and uLiliLies indusLry Lends Lo locus on greenleld
invesLmenLs Lo increase and mainLain supply securiLy, a loL ol
Lhe M&A acLiviLy is driven by Lhe alLernaLive energy and new
Lechnology secLors. 1here, M&A acLiviLies are lourishing lor
boLh inbound and ouLbound deals.
1he Lwo areas ol parLicular inLeresL Lo boLh domesLic and
loreign companies lor invesLmenLs wiLhin China are:
· Coal bed meLhane, where Lhere is a sLrong inLeresL lrom
privaLe equiLy {PL) lrms and oil and gas mulLinaLionals
· WaLer LreaLmenL soluLions, which aLLracLs PLs, mulLinaLional
conglomeraLes and Chinese invesLors
BoLh areas respond well Lo Lhe Chinese CovernmenL's
macro·environmenLal proLecLion measures.
On Lhe ouLbound side, i.e. where Chinese companies are
invesLing in loreign markeLs, large companies and smaller
privaLe companies are seeking Lo gain Lechnological know·how.
While many companies have been successlul wiLh low·Lech and
low·cosL models in China, Lhe markeL dynamics are changing.
1hey need Lo acquire new Lechnology lrom overseas · eiLher
Lo susLain Lheir growLh by gaining a compeLiLive advanLage or
Lo dely Lhe odds in Lhe domesLic markeL, which is overcrowded
due Lo excessive producLion capaciLy. Many ol Lhem are using
cash accumulaLed during Lhe Lremendous economic growLh
in recenL years Lo, aL leasL parLly, lnance Lhe ouLbound
deals. Cood examples ol Lhis include wind energy and solar
energy companies enLering WesLern Lurope, Lhe US and oLher
developed markeLs.
Besides Lechnological know·how, Lhere is sLrong inLeresL lrom
Chinese companies in securing access Lo uranium as luel lor
nuclear power generaLion. As mosL ol Lhese asseLs are locaLed
in loreign counLries, ouLbound invesLmenL in Lhis arena is likely
Lo conLinue. lL remains Lo be seen wheLher Chinese companies
will embark on a more gradual enLry inLo Lhese markeLs Lhrough
China deals
Lhe acquisiLion ol minoriLy sLakes or by acLively developing
parLnerships wiLh Lheir overseas counLerparLies.
Looking ahead, we expecL boLh greenleld and M&A acLiviLies
in Lhe new, alLernaLive energy and relaLed Lechnology secLors
Lo conLinue along similar lines, especially wiLh Lhe Chinese
CovernmenL's lnancial and regulaLory supporL.
ahead with
the smart
Main feature
The U5 is investing
billions oI dollars to
roll out smart energy
systems. Beyond the
immediate engineering
challenge, how will
utilities seize the new
opportunities oI a
revolutionized market?
Peport by Ben van Cils
UtiIities unbundIed Issue 08
LiliLies are renowned lor Lheir
abiliLy Lo carry ouL ma|or
engineering programs. 1he push
lor smarL grid developmenL will
challenge Lhe indusLry Lo demonsLraLe iLs
lormidable ellecLiveness once again. BuL
Lhis Lime, Lhere is more Lhan engineering
excellence aL sLake.
1he goal ol previous ma|or operaLions
was Lo mainLain an unchanged cusLomer
experience, Lo carry on delivering reliable
energy supplies. 1his Lime, Lhe engineering
rollouL is only Lhe lrsL sLep in a wider
campaign Lo creaLe an inLelligenL neLwork
LhaL will revoluLionize how we use energy.
1he new smarL inlrasLrucLure will be
inLelligenL all Lhe way lrom generaLion
Lo consumpLion. lL will be capable ol
incorporaLing disLribuLed, inLermiLLenL
renewable sources ol energy. lL will be able
Lo swiLch pricing Lo encourage energy use
when availabiliLy is high and discourage
consumpLion when availabiliLy is low. 1he
new grid will be able Lo capLure and analyze
deLailed daLa on how cusLomers are using
energy, and provide insighL LhaL will help
people make changes Lo curb consumpLion.
All Lhis will require uLiliLies Lo develop
LoLally new skills LhaL are noL a parL ol
Loday's simpler energy supply business.
MosL imporLanLly, iL will demand new levels
ol experLise in LargeLing, undersLanding and
managing cusLomers in new, converging and
lercely compeLiLive markeLs.
1his arLicle explores Lhese issues in
deLail. We examine some ol Lhe laLesL
developmenLs in Lhe US, where USS3.^b
ol governmenL lunding and USS8.1b
ol corporaLe invesLmenL is Lranslorming
elecLriciLy neLworks lrom "dumb"
one·way sLreeLs Lo smarL power grids.
Lvery sLaLe excepL Alaska has planned,
or is already rolling ouL, a smarL meLering
program. WiLh a common goal in mind
· buL wide variaLions in sLaLe regulaLion,
poliLics and business circumsLances
· uLiliLies are responding in diverse and
imaginaLive ways.
Val Jensen, ComEd
CcmEd piIcts Ncrthern !IIincis
smart crid
CommonwealLh Ldison {ComLd), a
business uniL ol Lhe huge Chicago·based
Lxelon CorporaLion, provides elecLriciLy Lo
some 3.8 million cusLomers across NorLhern
lllinois. 1he company has |usL launched one
ol Lhe largesL·ever advanced meLering raLe
piloLs, involving web energy managemenL
Lools, cusLomer energy managemenL
assisLance, programmable communicaLing
LhermosLaLs and disLribuLion auLomaLion.
1he lull operaLion will see ComLd insLall
131,000 smarL meLers in homes and
businesses in nine Lowns Lo Lhe wesL ol
Chicago {see panel below).
ln April 2010, ComLd's piloL wenL live
wiLh Lhe lrsL Lranche ol 8,000 cusLomers
as parL ol a CusLomer ApplicaLions sub·piloL.
Val Jensen, Vice PresidenL ol MarkeLing
and LnvironmenLal Programs, says: "We're
puLLing people on one ol 2^ dillerenL
combinaLions ol in·home Lechnology and
dynamic pricing Larills. We will moniLor
each cell ol Lhe piloL Lo see which works
besL lor cusLomers and which has Lhe
mosL signilcanL ellecL on consumpLion.
1he in·home Lechnology consisLs ol
simple and advanced devices, including a
programmable LhermosLaL LhaL cusLomers
can seL Lo reacL Lo price inlormaLion."
ComLd is also running a small solar
microgeneraLion piloL. One hundred
cusLomers will be given solar panels and hall
ol Lhem will be given a sLorage sysLem. "1he
aim is Lo lnd ouL how cusLomers reacL, given
conLrol over disLribuLed generaLion and Lhe
abiliLy Lo sLore or sell Lhe energy back Lo Lhe
grid aL real·Lime prices," says Jensen.
1he company already knows LhaL
parLnering wiLh new players is crucial Lo
success in Lhe new energy business world.
lL has been working wiLh OPOWLR
{see page 1^) lor more Lhan a year
on energy saving programs lor 50,000
cusLomers. "1his has underlined how
Main feature
· ComLd piloLing NorLhern lllinois smarL grid
· Full piloL: 131,000 cusLomers, insLallaLions
compleLed May 2010
· CusLomer ApplicaLions sub·piloL: 8,000
cusLomers, live in May 2010
· 1esLing wide varieLy ol in·home Lechnology
and dynamic pricing
· 100 homes in piloL also geL solar panels;
50 geL sLorage sysLems
· 50,000 cusLomers use OPOWLR's mail/
web·based energy use educaLion program
· OPOWLR service Lo be exLended Lo all
cusLomers in Lhe lull piloL
· Full smarL meLering lor approximaLely lour
million cusLomers will cosL USS700m
Val Jensen, Vice President, Harketinq and
Environmental Proqrams, ComEd
Val Jensen's 30·year career in Lhe
energy indusLry includes posiLions aL
Lhe US DeparLmenL ol Lnergy and Lhe
lllinois DeparLmenL ol Lnergy. He is now
responsible lor
ComLd's USS250m
cusLomer energy
soluLions program.
1he porLlolio
includes energy
ellciency, demand·
response and low·income energy assisLance.
Hichael Heehan,
Vice President ~
AHI Dperational
Michael Meehan
has more Lhan 30
years' experience aL ComLd and leads Lhe
company's AMl rollouL. His responsibiliLies
include business process and l1 change,
meLer and neLwork insLallaLions, as well as
business case validaLion lor Lhe AMl piloL
and cusLomer applicaLion plan.
CcmEd Ncrthern !IIincis
smart crid piIct ~ facts and hcures
UtiIities unbundIed Issue 08
viLal communicaLion is in helping
cusLomers accepL new Lechnologies," says
Michael Meehan, VP · AMl OperaLional
lmplemenLaLion lor ComLd. "We run
exLensive communicaLion programs Lo help
people undersLand whaL Lhe new Lechnology
can do and how Lo use iL, alongside LargeLed
campaigns lor Lhe households where we are
insLalling new meLers."
Spreadinc the ccst
New Lechnology doesn'L come cheap. 1he
lrsL 131,000 meLers and Lhe supporLing
solLware will cosL abouL USS70m Lo deploy
and Lhe lull lour million will cosL abouL
USS700m. ComLd has won regulaLory
approval Lo claw back Lhe lull cosL ol Lhe
piloL Lhrough iLs raLes.
CusLomers seem happy Lo pay, buL Lhis
could be because Lhe sums involved so
lar are very small when shared across Lhe
uLiliLy's 3.8 million cusLomers. By conLrasL,
AusLralia's SP AusNeL has had Lo deal wiLh
much more public resisLance {see page ^^).
New ccmpetitive decisicns tc ccme
A wider issue in which ComLd is invesLing
Lime and LhoughL is undersLanding how
compeLiLive enLiLies · including reLail sLores,
energy service providers, or a business such
as Coogle · mighL sLarL compeLing in Lhe
smarL markeL.
"Clearly, il we deploy millions ol smarL
meLers, we need a compeLiLive, innovaLive
markeL Lo provide all sorLs ol services,
creaLing value lor Lhe cusLomer around Lhe
meLer," says Jensen. "We're sLill considering
wheLher we wanL Lo geL involved in selling
meLering devices or bundled services
ourselves. 1hinking abouL reLail compeLiLion
leads Lo Lhe bigger issue ol who will
ulLimaLely 'own' Lhe cusLomer relaLionship,
and LhaL is a quesLion LhaL could have a
ma|or impacL on our business sLraLegy."
1he many complexiLies ol sLrucLure in Lhis
piloL demonsLraLe Lhe prevailing uncerLainLy
abouL where Lhe Lechnical possibiliLies
mighL lead Lhe energy indusLry. ComLd
clearly believes LhaL Lhe new energy supply
world will require uLiliLies, Lheir LradiLional
parLners and new markeL enLranLs Lo
develop many new skill seLs.
BcuIder SmartCridCity
visicn fcr a smart ccmmunity
Xcel Lnergy believes LhaL Lhe world needs
an end·Lo·end digiLal grid soluLion. 1he
company is building Lhe US's lrsL lully
inLegraLed smarL grid communiLy in Boulder,
Colorado {see panel below). Work began
in 2008, wiLh an iniLial pro|ecL lunded by
Xcel shareholders and conLribuLions lrom
six consorLium parLners. A year·long pricing
piloL is proposed Lo sLarL in Lhe middle ol Lhis
year and Lhe company has asked lor some
recovery {via raLes) on iLs invesLmenLs.
1he vision lor Boulder is a lully neLworked
power grid LhaL communicaLes iLs sLaLus
{and Lhe impacL ol consumpLion) Lo
auLomaLed decision·making sysLems. 1his
· Xcel Lnergy is relLLing a communiLy in
Boulder, Colorado on smarL grid principles
· Crid and neLwork side ol pro|ecL lully
operaLional since AugusL 2009
· Remaining work on smarL meLers and
LesLing ol demand response/energy
ellciency programs conLinues Lhrough 2011
· AwaiLing approval lor one·year pricing piloL
· LxpecLed lully operaLional by 2011
· For more inlormaLion, go Lo
Kathleen Hoxworth, Project Hanaqer,
$trateqic Technoloqies, Xcel Enerqy
KaLhleen HoxworLh is responsible lor
managing mulLiple, cross·luncLional pro|ecLs
inLended Lo leverage Lechnology Lo ensure
Lhe luLure success ol Xcel Lnergy. She gives
demonsLraLions on SmarLCridCiLy
Lo a
varieLy ol audiences, including inLernaLional
energy companies, media ouLleLs, leading
LechnologisLs, poliLicians, sLaLe regulaLors
and invesLors.
Main feature
BcuIder SmartCridCity
facts and hcures
Home enerqy manaqement
systems to be installed in
Boµlder $martCridCity
| |
will provide consumers wiLh Lhe inlormaLion
Lhey need Lo make beLLer decisions on when
and how Lo consume energy. lL would also
enable Lhe addiLion ol more clean and green
power sources inLo Lhe luel mix Lo improve
reliabiliLy and Lhe environmenL.
Xcel is awaiLing Public ULiliLy Commission
approval lor iLs pricing piloL, which will
include Lime·ol·use {1OU), criLical peak
pricing, and criLical peak rebaLes. KaLhleen
HoxworLh, Pro|ecL Manager, SLraLegic
1echnologies aL Xcel, conlrms LhaL Lhis
will noL yeL include any kind ol real·Lime
pricing ad|usLmenLs.
Assuming Lhe pricing piloL is approved,
Lhe plan is Lo insLall up Lo 1,100 home
energy managemenL sysLems in Boulder
homes lor LesLing purposes. 1hese sysLems
will include smarL LhermosLaLs, load conLrol
devices {smarL plugs) and possibly some
smarL appliances. HoxworLh commenLs:
"We don'L need smarL meLers Lo
communicaLe wiLh Lhese devices · we
are sLill sLudying wheLher we need smarL
meLers lor demand managemenL."
HoxworLh makes an inLriguing poinL on
Lhe issue ol how Lo inluence cusLomers Lo
use environmenL·lriendly energy: "We are
sLill Lrying Lo lgure ouL how Lo implemenL
Lhe righL pricing signals ellecLively. We're
noL limiLed by Lhe Lechnology, buL raLher
by Lrying Lo undersLand Lhe appropriaLe
messaging Lo impacL behavior posiLively.
People have asked us Lo send noLilcaLions
when renewables such as wind are high on
Lhe sysLem, so LhaL Lhey can run opLional
appliances during Lhose Limes. 1he
challenge is, regardless ol how much wind
is on Lhe sysLem, we are always using 1007
ol iL. ll we send a noLice saying LhaL wind is
UtiIities unbundIed Issue 08
high on Lhe sysLem and people increase
Lheir demand, we don'L have 'exLra' wind we
can add Lo Lhe sysLem. we would have Lo
use coal, gas or anoLher non·green source
Lo meeL Lhe demand, which is exacLly Lhe
opposiLe resulL ol whaL we hope Lo achieve."
1he Boulder pro|ecL is already indicaLing
Lhe complexiLies ol developing boLh Lhe
physical and Lhe business inlrasLrucLure.
HoxworLh says Lhe build·ouL ol Lhe
communicaLions inlrasLrucLure has been
"more Lime·consuming and cosLly Lhan
anLicipaLed because ol Lhe geography
in Boulder · Lhe graniLe in Lhe ground is
exLremely hard, which makes iL dillculL Lo
dig Lrenches lor our 200·plus miles ol
lber·opLic cable."
BehavicraI science secures
enercy savincs
WashingLon DC·based newcomer OPOWLR
is one ol a handlul ol US companies ollering
large·scale energy·saving programs lor
uLiliLies. 1he company's work is based on
a popular new approach LhaL uses smarL
Lechnology and social norms Lo moLivaLe
cusLomers Lo change Lheir behavior and
aLLiLude Loward energy use.
"We combine cusLomer daLa analyLics,
sophisLicaLed solLware and behavioral
science Lo help people Lo save energy,"
explains Ogi Kavazovic, OPOWLR's Senior
DirecLor, MarkeLing & SLraLegy.
HeIpinc the custcmer
1he company sLarLed in 2007 and has
already signed up 25 US uLiliLies. Kavazovic
explains Lhe basis ol OPOWLR's approach:
"We don'L believe you can change people's
behavior simply by giving Lhem raw daLa on
Lheir energy use. A recenL sLudy in Canada
showed LhaL alLer 18 monLhs, lewer Lhan
a quarLer ol people paid aLLenLion Lo Lheir
in·home energy display."
Main feature

Cgi Kavazovic, CPCWEP
· 25 US uLiliLies run energy·saving programs
· Programs live in more Lhan lve million
US households by mid·2010
· 857 ol people receiving OPOWLR's reporLs
Lake lasLing acLion Lo save energy
· Households saved an average 2.37 on
energy cosLs in Lhe lrsL year
· Savings expecLed Lo rise Lo 2.87 per
household in Lhe second year
· MassachuseLLs and MinnesoLa regulaLors
accepLed OPOWLR's energy·reporLing
program as an ellciency resource;
Calilornia expecLed Lo lollow
· ln MassachuseLLs, NaLional Crid
successlully lled Lhe program Lo provide
2^7 ol iLs energy ellciency porLlolio over
Lhe nexL Lhree years
Dqi Kavazovic,
$enior 0irector,
Harketinq 8
$trateqy, DPDWER
Ogi began his career
in managemenL
consulLing, advising
1exan and oLher US uLiliLies on wholesale
and reLail sLraLegy. RecenLly, he has
been heavily involved in Lhe smarL grid
deploymenL sLraLegy lor compeLiLive uLiliLies
in 1exas. AL OPOWLR, he is responsible lor
markeL posiLioning and producL sLraLegy.
DPDWER ~ facts and hcures
lnsLead, OPOWLR produces personalized
guidance on whaL sLeps people can Lake Lo
reduce Lheir consumpLion. "We Lake deLailed
inlormaLion lrom Lhe meLer, combine iL
wiLh wider demographic daLa and llLer iL
Lhrough sophisLicaLed cusLomer prolles.
1his creaLes a monLhly reporL, which is
Lhen mailed Lo households. 1he reporL
shows how cusLomers compare wiLh Lheir
neighbors, wiLh recommendaLions on how
Lo make savings," explains Kavazovic.
ComplemenLing Lhe paper reporLs,
OPOWLR has a sLrong energy managemenL
online porLal, a cusLomer service
cenLer porLal and Lhe abiliLy Lo presenL
inlormaLion on handheld devices and
in·home displays · a leaLure LhaL iL is
currenLly piloLing wiLh ComLd. Kavazovic
believes LhaL Lhis inLegraLed approach is
behind iLs sLrong cusLomer engagemenL
raLes and energy savings.
Lcwer peak demand expected
As smarL meLers are rolled ouL, daLa on
energy use becomes more deLailed and
analyLical approaches such as Lhe one
developed by OPOWLR can deliver
ellecLive insighLs LhaL help cusLomers Lo
Lake acLion. 1his insighL reduces overall
consumpLion, and will also help people Lo
exploiL Lhe new variable raLes LhaL uLiliLies
can oller as a way ol reducing demand
aL peak Limes.
"ln Lhe nexL six monLhs, we expecL Lo
be able Lo show LhaL our meLhods are
achieving peak demand reducLions,"
commenLs Kavazovic.
Enercy savincs heIp utiIities meet
recuIatcry cbIicaticn
LighLy·lve per cenL ol people receiving
OPOWLR's personalized reporLs Lake
susLained acLion. ln Lhe lrsL year, Lhe
company has seen average household
energy savings ol 2.37. 1he company
predicLs LhaL Lhis will rise Lo 2.87 aL Lhe end
ol iLs second year.
1he regulaLors are responding posiLively.
"By working closely wiLh energy regulaLors,
we have now managed Lo geL Lhese
energy savings accepLed as parL ol Lhe
energy ellciency mandaLes LhaL uLiliLies
have Lo achieve," observes Kavazovic.
"Providing Lhis service gives a clear payback
Lo Lhe uLiliLies."
Experimentinc with
simpIer techncIccy
ln Lhe US sLaLe ol lowa, 75 small municipal
uLiliLies are Laking a "smarL LhermosLaL
UtiIities unbundIed Issue 08

Andreas Umbach, Landis + Cyr
Main feature
lrsL, smarL meLer laLer" approach. 1hey
believe LhaL smarL meLering has liLLle value
wiLhouL dynamic pricing, so iL makes sense
Lo sLarL simply.
1he group is insLalling programmable
home LhermosLaLs LhaL communicaLe
direcLly wiLh Lhe neLwork. 1his allows
uLiliLies Lo conLrol demand direcLly during
peak periods by precooling or overheaLing
Lhe desired seLLings by Lwo degrees.
1his is a much more consumer·lriendly
approach Lhan LradiLional load conLrol,
when air·condiLioning is simply Lurned oll
lor several minuLes in each hour ol peak
load. ln addiLion, Lhe LhermosLaLs can
be programmed Lo Lake advanLage ol
1OU raLes.
lowa is clearly Laking a very dillerenL
approach lrom ComLd and Boulder; iL will
be lascinaLing Lo see how Lhe energy·saving
resulLs compare.
Smart meter manufacturers
cear up
Landis+Cyr is Lhe largesL global player in
elecLriciLy meLering {see panel opposiLe).
lLs largesL US smarL meLering pro|ecL Lo
daLe, wiLh 1exas uLiliLy Oncor, wenL live in
March 2010.
PresidenL and Chiel OperaLing Ollcer
Andreas Umbach's perspecLive as a
parLner in many smarL meLering pro|ecLs
is LhaL uLiliLies generally manage Lhe
rollouL well buL, he says, Lhey signilcanLly
underesLimaLe how Lheir business will
need Lo change alLerward: "Following
deploymenL, Lhere is almosL no process
in Lhe uLiliLy LhaL should noL be changed,
parLicularly business processes relaLed
Lo cusLomers. We observe a loL ol l1 and
consulLing companies moving in Lo work
wiLh uLiliLies on Lhis aspecL ol change, once
Lhe meLering pro|ecL is compleLed."
Pace cf chance varies by recicn
Umbach has lrsLhand experience ol Lhe
wide variaLion in smarL markeLs around Lhe
world. 1he US is mosL advanced, propelled
lorward by ARRA
lunding and Lhe lacL LhaL
Lhere is a raLe·recovery model in place LhaL
makes iL aLLracLive lor uLiliLies Lo invesL. By
comparison, Luropean progress is paLchy.
"1here's a sLrong LU mandaLe lor smarL
meLers. BuL now LhaL's being Lransposed
inLo naLional law, Lhere is a big debaLe abouL
who pays. Luropean uLiliLies are lnding iL
harder Lo |usLily a raLe case LhaL will enable
Lhem Lo invesL," says Umbach.
DevelopmenLs in Lhe Asia Pacilc region
are mainly being Lriggered by regulaLory
change. Landis+Cyr has a sLrong presence
in boLh China and lndia. "1here's currenLly
no mandaLe lor smarL meLering in China,
buL energy use conLinues Lo soar," Umbach
says. "We are working wiLh individual
commercial consumers and on pro|ecLs
associaLed wiLh Lhe Lremendous need lor
growLh in generaLion and disLribuLion.
ln lndia, we're working on inLroducing
lrsL·Lime meLering incorporaLing a loL
ol anLi·Lampering luncLionaliLy."
Umbach says LhaL he has seen evidence
LhaL simply displaying energy consumpLion
in Lhe home can reduce energy use by 2·37.
He also noLes Lhe ellecLiveness ol smarL
meLers on shilLing paLLerns ol energy use
away lrom peak Limes. BuL he sLresses LhaL
Lo achieve lasLing changes in behavior,
cusLomers need a signilcanL lnancial
incenLive: "Add dynamic pricing Lo Lhe mix
and Lhe resulLs could be impressive."
New smart partnerships can strencthen
custcmer reIaticns
Landis+Cyr collaboraLes wiLh domesLic
appliance manulacLurers Lo design producLs
Lo individual specilcaLions · alLhough Lhis
inLerlace is mainly indirecL Lhrough indusLry
groups such as Lhe ZigBee Alliance {see
page 20), raLher Lhan in direcL parLnership.
From Lhis experience, Umbach commenLs
on Lhe growing Lrend lor new specialisL
consulLancies {such as OPOWLR and
1endril) Lo collaboraLe wiLh uLiliLies. He
leels posiLive abouL Lhe new enLranLs and
Lhe poLenLial compeLiLive sLimulus Lhey
represenL. However, he leels sLrongly LhaL
uLiliLies should mainLain direcL cusLomer
conLacL wherever possible.
"1he smarL markeL provides an
opporLuniLy lor uLiliLies Lo geL closer Lo
consumers. 1radiLional conLacL beLween
Lhe uLiliLy and Lhe cusLomer has been based
on Lhe monLhly bill and l wouldn'L call LhaL
a parLicularly posiLive inLeracLion. Now,
Lhey can oller a much richer range ol
· World·leading smarL meLering
soluLions company
· OperaLes in 30 counLries
· Philosophy: energy ellciency and Lhe
smarL grid are Lhe "llLh luel"
· Ollers advanced meLering inlrasLrucLure
{AMl), demand response and meLering
producLs lor elecLriciLy and gas
· Provides ouLsourced meLering services lor
uLiliLies, including 13 million US cusLomers
Andreas Umbach, President and CDD,
Andreas broughL LogeLher several
companies Lo creaLe
Landis+Cyr, a world·
leading name in
smarL meLering
soluLions. He led
Lhe business Lhrough
sale Lo a privaLe
equiLy invesLor in 2002, acquisiLion
by AusLralian Bayard Croup in 200^ and
lurLher acquisiLions ol Bayard businesses
in Lhe US and Lurope. ln 2008, Bayard
rebranded iLsell as Landis+Cyr Holdings
wiLh Andreas as PresidenL and Chiel
OperaLing Ollcer.
Landis+Cyr ~ facts and hcures
American Recovery and ReinvesLmenL AcL ol 2009, Lhe US
economic sLimulus package enacLed in February 2009
UtiIities unbundIed Issue 08

Main feature
SmarL developmenLs are receiving a sLrong
sLimulus lrom ARRA lunding in Lhe US.
Llsewhere in Lhe world, lunding models are
dillerenL and Lhe business case lor smarL
developmenLs is poLenLially harder Lo |usLily.
View frcm Eurcpe ~ patchy prccress
tcward smart meters fcr aII
1here is no inLernaLional sLandard delniLion
ol whaL a smarL meLer is, and no shared
view ol whaL smarL meLers should be
aiming Lo achieve in Lerms ol dynamic
pricing or communicaLion wiLh inLelligenL
devices. Lurope is lagging behind Lhe US
in Lerms ol deLermining communicaLion
sLandards lor meLers and oLher appliances.
NeverLheless, in Lurope, a luncLional smarL
grid is seen as a prerequisiLe lor Lhe LU Lo
achieve iLs demanding climaLe and energy
LargeLs lor 2020. 1he LU has mandaLed
rollouL ol smarL meLers in all member sLaLes
by 2022.
lndividual counLries are in Lhe process
ol deciding how Lo achieve Lhis. Progress
so lar is paLchy. Scandinavia is a long
way ahead and lLaly is also in a leading
posiLion, lollowed by an inLermediaLe
group ol counLries, including Lhe UK and
Spain, LhaL are commiLLed Lo lulllling Lhe
requiremenLs. However, Lhe LU mandaLe
is weak and includes an opL·ouL clause, so
some counLries may noL lullll Lhe LU goal
as sLaLed. WiLh no governmenL lunding lor
Lhe smarL meLer iniLiaLive, Luropean uLiliLies
are concerned abouL how Lhey will pay lor
iL · and possibly worried abouL invesLing in
visionary Lechnology wiLhouL a clear idea ol
how Lhey will make money lrom iL.
!ndia ~ pracmatism ruIes
1he primary concern in lndia is lrsL·Lime
elecLrilcaLion, Lo geL power Lo more ol
Lhe 1.1 billion populaLion · especially Lhe
large rural populaLion LhaL has no access
aL presenL. A relaLively small proporLion
ol households use power inLensively, so
Lhere is no economic advanLage in lollowing
Lhe Luropean example and inLroducing
sophisLicaLed meLering on a universal basis.
ULiliLies are Lherelore concenLraLing
on improving bill collecLion Lhrough
beLLer auLomaLion ol meLering processes,
LargeLing higher energy users.
innovaLions include CSM·based meLer
reading sysLems, mobile Lechnology LhaL
enables bulk reading ol meLers lrom a
mobile uniL and handheld devices LhaL
enable door·Lo·door operaLors Lo issue
elecLriciLy bills and collecL paymenL on Lhe
spoL. 1his avoids meLer reading, billing and
bill delivery inaccuracies and improves Lhe
prospecLs ol revenue realizaLion.
Ccntrastinc apprcaches cutside the US
Highly populaLed areas have elecLric meLering, covering abouL 657 Lo 707 ol cusLomers. Many consumers in urban and rural
areas sLill use Loo liLLle power Lo |usLily meLering. Farmers pay subsidized raLes lor elecLric supply: revenue lrom Lhese cusLomers
doesn'L |usLily insLallaLion ol a meLer, so Lhey are olLen charged a laL raLe
services, including advice on energy
consumpLion. WheLher you ouLsource LhaL
or do iL yoursell, iL is a much more inLensive
communicaLion and should improve uLiliLies'
cusLomer relaLionships," says Umbach.
Smarter ceneraticn
and deIivery assets wiII
imprcve reIiabiIity
SmarL grid Lechnology is also being
deployed Lo opLimize grid reliabiliLy
lrom Lhe meLer back Lo Lhe array ol
generaLion sources. However, Lhis aspecL
ol "smarLening up" is widely viewed as
a simple Lechnical upgrade Lo Lhe
neLwork, raLher Lhan a caLalysL LhaL
will revoluLionize Lhe energy supply
business model.
ComLd's Michael Meehan commenLs:
"We're looking aL smarL subsLaLions
on a small scale as parL ol our piloL
· parLicularly geLLing more accuraLe
daLa abouL volLage regulaLion and
conLrol. Making sure Lhe volLage is noL
unnecessarily high will cuL cosLs lor our
cusLomers. lL will also reduce wear and
Lear and help our engineers wiLh load
sLudies and long·range design."
Upgrading will be lunded in a LradiLional
way Lhrough granLs and raLe increases.
1he benelL will be increased reliabiliLy and
resilience ol supply. For example, PJM · a
regional Lransmission operaLor wiLh 56,000
miles ol Lransmission lines covering 13
norLheasLern US sLaLes · is invesLing some
USS30m ol ARRA lunding Lo insLall new
synchrophasors. 1he new Lechnology will
provide Lime·sLamped, locaLion·sLamped
volLage and currenL inlormaLion up Lo
100 Limes a second, compared wiLh exisLing
sysLems LhaL provide inlormaLion every
lour or lve seconds.
ln 2003, Lhere were severe energy
blackouLs in PJM's norLheasLern LerriLory.
1he company believes LhaL inlormaLion lrom
Lhe synchrophasors could have helped Lo
prevenL Lhese blackouLs.
Winninc in the smart wcrId
Many ol Lhe people inLerviewed lor Lhis
arLicle sLressed LhaL insLalling Lhe new
Lechnology was |usL Lhe sLarL: dealing
wiLh everyLhing LhaL comes alLer
is Lhe bigger challenge.
Lxamples ol how revoluLionary change
can sneak up on an indusLry lollowing
new Lechnology are all around us. Music
downloads, lor example, LoLally Lranslormed
Lhe music indusLry business model.
lL's possible LhaL smarL grids and Lhe
innovaLions Lhey bring could change Lhe
energy indusLry model in a similar way. So,
il uLiliLies wanL Lo lnish on Lhe winning side,
whaL changes will Lhey have Lo prepare lor?
As Lhings sLand, energy ellciency is
inherenLly againsL Lhe business inLeresL
ol uLiliLies, because cuLLing consumpLion
reduces revenue. BuL smarL grids are bound
Lo have an impacL on consumpLion. We can
Lherelore expecL Lo see a ma|or change in
regulaLory and business models Lo moLivaLe
uLiliLies Lo invesL in Lechnology LhaL
promoLes ellcienL energy use.
AnoLher big revoluLion is likely Lo occur
aL Lhe consumer end ol Lhe business.
lncreasingly sophisLicaLed energy
managemenL, disLribuLed generaLion and
smarL devices LhaL communicaLe wiLh one
anoLher and wiLh Lhe neLwork will LoLally
change Lhe inLeracLion beLween suppliers
and consumers. 1he abiliLy Lo undersLand
cusLomers, manage relaLionships wiLh Lhem
and inluence Lheir behavior will become
a key capabiliLy.
LrnsL & Young's experience ol helping
businesses deal wiLh ma|or LranslormaLions
in oLher secLors has shown us Lhe
imporLance ol agiliLy and lresh Lhinking.
WheLher Lhey need Lo share risk, analyze
huge volumes ol cusLomer daLa or LargeL
new services aL consumers, uLiliLies will
have Lo Lhink imaginaLively abouL Lhe new
parLnerships, |oinL venLures and producL/
service collaboraLions LhaL will enable Lhem
Lo succeed in Lhe smarL world. Q
· For LrnsL & Young's laLesL insighLs
on how smarL Lechnology will
revoluLionize Lhe power and uLiliLies
secLor, visiL ey.ccm/smart
· K]]af_]f]j_q\a^^]j]fldq, our new
reporL abouL Lhe impacL ol smarL
Lechnology on uLiliLies, is available
lrom ey.ccm/smart
UtiIities unbundIed Issue 08
5mart home appliances are triggering a maior
revolution in energy use ¬ so utilities must adapt
to survive, says Adrian Tuck, Vice Chairman oI
the ZigBee Alliance and CEC oI Tendril
21 UtiIities unbundIed Issue 08
Adrian Tuck
marL home appliances will make lile a greaL
deal easier and cheaper lor householders in
Lhe luLure. Hooked up Lo Lhe uLiliLy Lhrough
a cenLralized compuLer sysLem, programmed
wiLh individual prelerences on energy use
and conLrolled by a smarL meLer, Lhese devices will help
householders manage Lheir heaLing, lighLing and Lhe
enLire domesLic environmenL in an inLelligenL, energy·
saving way. Add remoLe conLrol luncLionaliLy and we will
be able Lo conLrol Lhe sysLem lrom our mobile phones.
1o achieve all Lhis, Lhese devices need Lo Lalk a
common language. 1he ZigBee Alliance is working Lo
supporL Lhe developmenL ol Lhe auLomaLed, energy·
ellcienL home. lL is one ol a handlul ol bodies creaLing
common communicaLions sLandards LhaL allow Lhe
appliances, meLers, uLiliLies, manulacLurers and oLher
suppliers Lo Lalk Lo each oLher. 1he alliance has a sLrong
membership among ma|or appliance manulacLurers and
iLs plaLlorm has already been widely adopLed in Lhe US.
Vice Chairman Adrian 1uck Lhinks Lhe rise ol smarL,
inLeroperable devices will have a big impacL on uLiliLies.
He explains: "Lnergy ellciency aL a residenLial level is
going Lo be a viLally imporLanL componenL ol energy
policy going lorward. We deal wiLh many uLiliLies LhaL
are working hard Lo undersLand how Lhey can play and
benelL in Lhis new world. BuL we also know energy
companies LhaL are in denial LhaL change is ever going
Lo happen · and LhaL is dangerous."
Mcmentum cathers fcr new market
1he pace ol change will become even lasLer over Lhe coming 12 monLhs. Ceneral LlecLric,
lor example, is launching a lamily ol ZigBee·enabled smarL appliances Lhis year, including
elecLric waLer heaLers, washing machines, dryers, microwaves, ovens and lridges. 1his
Lechnology could dramaLically change consumpLion paLLerns and cosLs, as 1uck explains:
"ll a uLiliLy ollers 1OU pricing, lor example, your new lridge will lnd Lhe cheapesL Lime Lo
use power. As a consumer, you won'L see any dillerence: you'll sLill have cold lood and ice.
BuL Lhe lacL LhaL Lhe lridge made Lhe ice aL 3a.m. raLher Lhan 3p.m. will be LransparenL Lo
Lhe sysLem, saving you money. Your washing machine will give you Lhe opLion Lo dry your
cloLhes on a slighLly longer cycle LhaL will use hall Lhe power, cosLing you much less."
Custcmers need cpticns and educaticn, nct pushinc
Ol course, noL everyone will respond Lo Lhe oller ol home auLomaLion and energy ellciency
in Lhe same way. 1uck believes LhaL Lhe key Lo success in Lhe new smarL markeL is Lo ensure
LhaL producL design and l1 Lake Lhis inLo accounL.
"You can'L expecL everyone Lo embrace Lhe new Lechnology immediaLely," he says. "Some
consumers care passionaLely abouL energy conservaLion and wanL Lo be acLively involved
in energy managemenL choices in Lhe home. 1hey will seek ouL Lhe new smarL Lechnology
and educaLe Lhemselves enLhusiasLically abouL iLs use. BuL lor every early adopLer, Lhere are
many oLhers who are eiLher neuLral and poLenLially willing Lo be persuaded ol Lhe benelLs,
or else LoLally uninLeresLed."
1o accommodaLe Lhe range ol consumer aLLiLudes, 1uck leels LhaL manulacLurers and
Adrian Tuck
uLiliLies need Lo oller a wide range ol opLions.
ManulacLurers need Lo build appliances LhaL look
"normal" and cosL Lhe same as LradiLional producLs.
ULiliLies have Lo ensure LhaL making smarLer energy
choices is an opL·in process, where decisions are as
easy Lo make as possible.
1uck explains: "You have Lo sLarL genLly, oller
opLions and leL people experience Lhe benelLs.
1he 'indillerenL' consumers will only be willing
Lo parLicipaLe il Lhe sysLems are seamless and
LransparenL · and give Lhem Lhe opLion Lo override
any auLomaLic 'eco' seLLings ollered by uLiliLies."
CurrenLly, 1uck says, many people know LhaL
Lheir LhermosLaL can be programmed, buL in
pracLice Lhey rarely Louch iL. "We're on Lhe brink ol
a breakLhrough Lo make Lhe LhermosLaL smarLer,
simpler and more inLuiLive Lo use. NoL everyone
wanLs Lo change Lheir lilesLyle dramaLically.
BuL il, lor example, we can give people a smarL
applicaLion LhaL Lhey can use on Lheir phone, Lhe
web or inLerneL·enabled Lelevision, allowing Lhem Lo
conLrol Lheir LhermosLaL remoLely, or change Lheir
consumpLion according Lo Lhe price ol elecLriciLy,
we will sLarL Lo see Lhem parLicipaLe."
Smarter, mcre BexibIe rates needed
1uck leels Lhere is an urgenL need lor innovaLion
around charging mechanisms. SmarLer raLes are
essenLial Lo Lhe success ol Lhe new grid lor Lwo
reasons, he explains. FirsL, change is required
Lo accommodaLe Lhe lucLuaLion ol renewables.
ULiliLies need Lo be able Lo use prices and send
appropriaLe conLrol signals LhaL enable appliances
Lo make decisions abouL consumpLion, based
on real·Lime knowledge abouL Lhe availabiliLy
ol renewables on Lhe grid or Lhe carbon inLensiLy
ol elecLriciLy.
Second, il elecLric vehicles {LVs) prove as
popular as expecLed, Lhey will creaLe a signilcanL
new load on Lhe grid. WiLhin a single household, lor
example, charging a car and using air·condiLioning
aL Lhe same Lime could exceed domesLic capaciLy.
"You Lherelore need a smarLer charging sysLem Lo manage demand · probably using
dillerenL Lypes ol Larill lor dillerenL Lypes ol home appliance. For LVs, uLiliLies could creaLe
new charging mechanisms, possibly based on some sorL ol iniLial minimum charge lollowed
by a clean energy or cheap Lop·up. And you can'L have all Lhe cars on a sLreeL charging aL
once. lL will be imporLanL lor uLiliLies Lo be able Lo manage relaLionships beLween houses
and Lhe Lranslormer Lo ensure Lhey can meeL demand," says 1uck.
Nc mcre Iimitinc the custcmer
1o daLe, uLiliLies have been able Lo build in a cerLain level ol predicLabiliLy in Lerms ol load
on Lhe grid by, as 1uck puLs iL, limiLing Lhe consumer's opLions. ln Lhe US, lor example,
23 UtiIities unbundIed Issue 08
TendriI ccnnects utiIities
and the smart hcme
Adrian 1uck's energy managemenL Lechnology company,
1endril, laciliLaLes communicaLion among energy consumers
and suppliers. lL provides an l1 plaLlorm · Lhe 1endril
ResidenLial Lnergy LcosysLem · LhaL connecLs in·home
devices {such as LhermosLaLs) Lo Lhe uLiliLy back ollce. Using
Lhis plaLlorm, 1endril can preconlgure Lhe home's energy
prolle {lor example, based on peak Limes and demand
response signals) and provide seLLlemenL·qualiLy leedback Lo
Lhe uLiliLy, allowing iL Lo reward cusLomers lor Laking acLion
and meeL Lheir regulaLory conservaLion commiLmenLs.
Adrian Tµck, Vice Chairman, ZiqBee
Alliance: President 8 CED, Tendril
As CLO ol 1endril, Adrian 1uck locuses
on expanding 1endril's cusLomer base
Lhrough mulLiple sales and markeLing
channels, including alliances wiLh
leading companies. He is also Lhe Vice
Chairman ol Lhe ZigBee Alliance, an associaLion ol companies
working LogeLher Lo enable reliable, cosL·ellecLive, wirelessly
neLworked moniLoring and conLrol producLs based on an open
global sLandard.
householders can sign up lor a saver raLe LhaL allows Lhe uLiliLy Lo conLrol Lheir air·
condiLioning, buL Lhe only opLion is on or oll, wiLh no override opLion lor cusLomers.
"1haL model is going Lo become redundanL in Lhis new phase. ULiliLies will sLill need
predicLable, reliable, verilable usage, buL LhaL will come lrom an inLelligenL sysLem
LhaL knows LhaL Mrs SmiLh is likely Lo override her LhermosLaL on SaLurday il Lhe
LemperaLure rises above 83 degrees. We'll be able Lo predicL Lhis and Lhe uLiliLy will
Lhen be able Lo manage iL. SysLems will have audiL·grade seLLlemenL daLa LhaL can
capLure Lhose complex LransacLions and bill accuraLely," commenLs 1uck.
DeaIinc with data security issues
1he need Lo neLwork home appliances and moniLor consumpLion raises Lhe quesLion
ol daLa securiLy, and Lhere are cerLainly complex issues here. 1uck undersLands
LhaL consumers don'L wanL Lo leel vulnerable or "spied on". As he explains: "Once
Lhe appliance is in use, uLiliLies obviously need access Lo energy consumpLion
inlormaLion. BuL Lhey only need aggregaLe daLa lor billing and seLLlemenL. 1hey
don'L need Lo know how many Limes a monLh you Lake a pizza ouL ol your lridge.
1o make householders leel secure, we can gear Lhe sysLem Lo provide Lhem wiLh
a rich seL ol inlormaLion abouL Lheir own consumpLion and how iL compares wiLh
LhaL ol Lheir neighbors, while uLiliLies |usL geL Lhe high·level inlormaLion Lhey need
Lo bill accuraLely."
1he new smarL devices will need Lo be regisLered aL poinL ol sale Lo |oin a uLiliLy
neLwork. ReLailers will Lherelore need access Lo solLware and common proLocols LhaL
will enable devices Lo meeL Lhe cybersecuriLy requiremenLs ol various uLiliLies.
Findinc the "kiIIer apps" cf the smart hcme
1uck concludes LhaL Lhe smarL grid and
smarL home could usher in disrupLive change
LhaL will displace incumbenLs in lavor ol
new players.
"l believe we are abouL Lo go Lhrough a
revoluLion in Lhe energy space every biL as big
as Lhe Lelecoms revoluLion. Businesses LhaL we
may Lhink Lhey are currenLly unassailable will
go ouL ol business il Lhey don'L reacL wisely in
Lhe LransiLion," he says.
He poinLs Lo LhermosLaL manulacLurers
as an example ol Lhe impacL ol encroaching
change: "We work wiLh companies LhaL have
been producing LhermosLaLs Lhrough 100
years ol changing Lechnology. BuL il Lhe luLure
ol Lhe LhermosLaL is as a neLworked device
communicaLing wiLh a house lull ol oLher
inLelligenL equipmenL, Lhen your abiliLy Lo build
Lhe device is less imporLanL Lhan your abiliLy Lo
manage LhaL inLelligence."
Companies will need Lo be very humble, he
says, abouL Lheir abiliLy Lo predicL whaL Lhe
"killer applicaLions" ol Lhe smarL home will be:
"Any new sysLems will have Lo be open and
exLensible, allowing users Lo 'plug in and play'
new applicaLions aL mulLiple poinLs wiLhouL
disrupLing Lhe exisLing sLrucLure." Q
Back on the agenda:
Working capital
Cther industries
have successIully
tackled working
capital management
to keep cash howing
into the business.
5o what's holding up
power and utilities?
Peter Kingma and
Pobert 5mid propose
an overhaul
25 UtiIities unbundIed Issue 08
or Lhe pasL decade, working capiLal managemenL has
received liLLle aLLenLion lrom power and uLiliLy companies.
Now, as Lhe recession LranslaLes inLo bad debLs and rising
cusLomer insolvencies, cash managemenL is once again
climbing Lheir agenda.
The need fcr cash
PeLer Kingma, who leads LrnsL & Young's working capiLal advisory
pracLice in Lhe MidwesL region ol Lhe US, helps corporaLions Lo
improve Lheir managemenL ol accounLs receivable, accounLs
payable and invenLory. ln Lhe pasL year, he has seen uLiliLies
locusing more on improving working capiLal perlormance.
"ln Lhe currenL lnancial climaLe, US power and uLiliLy companies
are more cash·conscious Lhan ever belore. 1hey are bracing
Lhemselves lor less·Lhan·lavorable raLe cases by regulaLors. 1hey
also have a number ol sLraLegic iniLiaLives Lo lund · noL leasL Lhe
smarL grid rollouL. So money is LighL and Lhey are looking Lo achieve
economies ol scale," he explains.
As Lhe indusLry looks Lo consolidaLe, mainLaining sLrong balance
sheeLs is criLical Lo preserving Lhe qualiLy debL raLings necessary
Lo compleLe acquisiLions successlully. Kingma ciLes Lhe USS8.5b
merger announced by FirsLLnergy and Allegheny in February 2010
as an indicaLion ol resurging indusLry consolidaLion. He expecLs
more deals Lo lollow as companies seek economies lrom mergers.
RoberL Smid, Head ol Working CapiLal Advisory Services aL
LrnsL & Young in AusLria, Belgium, Cermany, SwiLzerland and Lhe
NeLherlands, brings more Lhan 16 years' experience Lo his clienLs
in secLors including power, waLer and Lelecoms. He believes LhaL
uLiliLies LhaL locus on working capiLal may have much Lo gain.
by LrnsL & Young in 2009 lound LhaL Luropean
uLiliLies could release beLween t6b {USS8b) and t1^b {USS19b)
by improving Lheir working capiLal perlormance," he explains.
"ln Loday's crediL·LighL environmenL, Lhis would equip Lhem beLLer
Lo manage volaLiliLy in energy prices, Lo roll ouL neLwork
improvemenLs and Lo meeL regulaLory and invesLor demands."
AlLhough Lhere is plenLy ol impeLus lor change, companies on
boLh sides ol Lhe ALlanLic are reLicenL abouL aggressive recovery
LacLics. 1his is due Lo:
· RecuIaticn: many counLries do noL permiL uLiliLies Lo cuL oll
LrnsL & Young 2009

essenLial supply when cusLomers lall inLo debL. ln
some counLries, uLiliLies musL provide assisLance Lo low·
income residenLial users
· PR: uLiliLies lear a media and public backlash il Lhey
insLigaLe more lorcelul collecLion policies.
WiLh companies caughL in a commercial and moral
dilemma, cash is being lelL on Lhe Lable. 1he quesLion is,
how can uLiliLies recover cosLs lrom delinquenL consumers
wiLhouL conLravening regulaLions on cusLomer care or
generaLing bad publiciLy?
ReceivabIes: Iesscns frcm teIeccms
Power and uLiliLy companies need look no lurLher Lhan Lhe
Lelecoms indusLry lor an educaLion in how Lo reduce crediL risk. Less
ol iLs liquidiLy is Lied up in receivables · sums due lrom cusLomers
· because providers observe cusLomer paymenL behaviors and
adapL Lheir revenue collecLion sLraLegies Lo maLch.
"When inLroducing new producLs, Lelecoms providers enLice
cusLomers Lo sign up Lo new Lerms, such as paymenL by direcL debiL.
CusLomers benelL lrom lower Larills. And Lhe provider has a more
reliable and Limely income low, as paymenLs are debiLed direcLly
lrom cusLomers' bank accounLs on Lhe due daLe in a lorm ol crediL
LhaL is cheaper Lo service," explains Smid. "lL's a win·win."
lnLeresLingly, Lelecoms providers are now so in Lune wiLh
cusLomer behavior LhaL many are making Lhe LransiLion lrom
variable· Lo lxed·pricing models. Bills are charged in advance.
1hey oller call plans aL a lxed price, wiLh a variable elemenL lor cell,
premium raLe and some inLernaLional calls. 1he larger proporLion
ol Lhe bill now goes on exLras such as lxed·raLe broadband
connecLions and saLelliLe or cable 1V. Mobile operaLors are also
lnding pre·pay a massive draw.
Smid lnds iL lascinaLing LhaL cusLomers are happy Lo pay a lxed
amounL uplronL and lor overpaymenLs Lo be reimbursed aL a laLer
daLe. "1hey perceive iL as someLhing ol a windlall. ULiliLies need Lo
work ouL how Lo deliver LhaL perceived 'happiness' Lo cusLomers by
beLLer undersLanding Lheir psyche."
!nBuencinc custcmer behavicr
OLher uLiliLies, Kingma noLes, successlully use green agendas
Lo enLice cusLomers inLo changing Lheir paymenL behaviors. He
says: "1hey encourage cusLomers Lo pay by direcL debiL 'Lo reduce
billing and paper sLaLemenLs'. 1his has a very posiLive impacL on
receivables perlormance and cash low lor Lhe uLiliLy."
1he gas indusLry has already caughL on Lo apporLioning bills over
Lhe year so LhaL income is noL allecLed during low·usage monLhs.
LlecLronic invoicing or online billing are also gaining populariLy,
saving uLiliLies up Lo Lwo days in revenue collecLion.
"1here are many oLher ways Lo remedy your receivables porLlolio
belore you resorL Lo aggressive collecLion sLraLegies and belore you
Pobert 5mid
lace insurmounLable bad debL," says Kingma. 1hese include:
· Billing cusLomers in advance raLher Lhan in arrears
· Minimizing Lhe gap beLween service delivery and bill issuance
· SLipulaLing sLricL due daLes lor paymenL
· Aligning billing Lo cusLomer behavior so LhaL bills reach
cusLomers aL Lhe poinL in Lhe monLh when paymenL is mosL likely
· More ellecLive crediL raLing ol new cusLomers aL Lhe ouLseL
raLher Lhan chasing non·paymenL alLer delaulL
· DeLermining how many paymenL insLallmenLs Lo collecL lor
cusLomers on direcL debiL.
However, iL is equally imporLanL Lo segmenL Lhe cusLomer
base and Lo LargeL people appropriaLely. CosLs are likely Lo be
recovered only lrom cusLomers who can allord Lo pay and who
value Lheir crediL raLings. 1ime spenL on unlikely recoveries is
Lime wasLed.
Better inventcry manacement
Power and uLiliLy companies LighLly conLrol and manage Lheir luel
invenLories. BuL mainLenance, repairs and operaLions do noL Lend
Lo aLLracL Lhe same level ol supervision.
OperaLing across large siLes, companies have lallen inLo bad
habiLs. Lngineers seL unique specilcaLions lor equipmenL,
resulLing in non·sLandard parLs, wasLage and redundancy across
Lhe business. ProcuremenL is olLen handled locally raLher
Lhan cenLrally, leading Lo a prolileraLion ol vendors and
Lerms. AddiLionally, Lhere are cosLs lor handling, sLoring
and LransporLing sLock beLween locaLions. 1he neL resulL is
inellciency and bloaLed, high·cosL invenLories.
ULiliLies need Lo become beLLer aL consolidaLing and
raLionalizing Lhe invenLory il Lhey are Lo operaLe more ellcienL
planLs and Lo reduce lnancial risk and borrowings.
Makinc payabIes pay
1o keep cash lowing, monies due in receivables and ouL Lo
crediLors need Lo operaLe in harmony. lmproving policies lor
paying crediLors, wiLhouL negaLively allecLing Lhe supply chain,
can help uLiliLies wiLh overall working capiLal managemenL.
"ULiliLies in Lurope are waking up Lo Lhe possibiliLy ol
consolidaLing services and paymenLs across Lhe business Lo
achieve economies. 1he poor paymenL perlormance ol Lheir
cusLomers has given Lhem a much·needed |olL," says Smid.
lndirecL buying programs lor invenLory Lend Lo resulL in a
culLure ol auLhorizing early paymenL. ULiliLies have opporLuniLies
Lo achieve quick wins by cenLralizing and sLandardizing
procuremenL and by LighLening paymenL policies. 1o make
inlormed cash·low decisions, Lhey need Lo give LhoughL Lo:
· How Lhey process paymenLs
· How Lhey sLrucLure paymenL Lerms · keep suppliers Lo Lerms
ol 60 days or more and negoLiaLe discounLs lor early seLLlemenL
· How Lo consolidaLe spending {including non·core iLems) Lo
achieve economies ol scale.
A refcrm prccram
1he lasLer you recover receivables and shilL sLock, Lhe sooner cash
is released Lo Lhe business. 1he slower you recover cash owed by
debLors or Lurnover sLock, Lhe more working capiLal is soaked up in
running Lhe business.
ln Lhe currenL lnancial climaLe, beLLer working capiLal
managemenL is essenLial Lo keep money lowing wiLhin Lhe sysLem.
Companies need Lo slim down invenLories, improve lnancial
pracLices and creaLe a sleeker and more ellcienL operaLion.
1ranslormaLion cannoL happen wiLhouL Lhe backing and buy·in
ol senior managemenL.
"Where individuals in disparaLe locaLions exerL inluence on
invenLory and payables, senior managemenL needs Lo play an
acLive role in implemenLing beLLer working capiLal managemenL.
ll Loo much responsibiliLy is delegaLed Lo a luncLional level,
Lhe meaninglul resulLs LhaL mosL uLiliLies are looking lor will
noL maLerialize, because operaLing uniLs olLen have conlicLing
agendas," explains Kingma.
1he realiLy is LhaL wiLh compeLing prioriLies lor managemenL
Lime · including inLegraLion ol acquisiLions and new producL rollouL
· cash is being lelL on Lhe Lable. According Lo Smid, companies are
quick Lo blame l1 lor Lheir lailure Lo insLigaLe change. "l1 drives Lhe
order·Lo·cash process lor millions ol uLiliLy cusLomers," he says.
"1hey argue LhaL iL is Loo cosLly or complex Lo change and so Lhey
sLick wiLh whaL Lhey've goL · despiLe Lhe lacL LhaL iL's leaky and
uninLegraLed across acquisiLions. 1hey lail Lo recognize LhaL Lhey
could unleash signilcanL amounLs ol liquidiLy by improving and
lne·Luning Lhe collecLion process."
By acLing on Lhis cash opporLuniLy, managers will have more
capiLal Lo play wiLh, reduced lnancial exposure and opporLuniLies
Lo ouLperlorm Lhe compeLiLion. BenelLs lrom working capiLal
programs can be seen wiLhin 12 Lo 2^ monLhs.
"OLher indusLries have done iL," sums up Kingma, "and Lhere's
noLhing Lo sLop power and uLiliLies lrom doing iL Loo." Q
LrnsL & Young surveyed leading Luropean
elecLric and gas uLiliLies, exploring Lhe
ellecLiveness ol Lheir receivables
managemenL pracLices. 1o download
Lhe survey in PDF lormaL, please go Lo
27 UtiIities unbundIed Issue 08

Toronto Hydro:
smart approaches
to smart metering
Toronto Hydro is wrapping up its
smart meter rollout and is the hrst
North American utility to begin mass·
billing using time·oI·use 1TCU) rates.
President and CEC Anthony Haines
talks about the challenges involved
s one ol Canada's largesL
elecLriciLy uLiliLies, 1oronLo
Hydro·LlecLric SysLem LimiLed
{1oronLo Hydro) disLribuLes
power Lo Lhe CiLy ol 1oronLo.
1oronLo Hydro is noL a Lypical uLiliLy
because iL is governmenL·owned.
When Lhe OnLario CovernmenL ordered
Lhe company Lo insLall smarL meLers
province·wide, iL could have bypassed
Lhe LradiLional 'business' case. lL prepared
one anyway, Lo guide Lhe smarL meLer
rollouL and cusLomer response process
Lhrough web·based Lools, and Lo supporL
Lhe pro|ecL on a cosL/benelL basis.
AlLhough noL moLivaLed by prolLs, Lhe
company has a duLy Lo spend prudenLly
and cosL savings were a key moLivaLor
on Lhe pro|ecL. Under provincial law,
savings go inLo a public accounL lor
luLure cusLomers.
"SmarL meLers bring huge operaLional
benelLs," explains Haines. "1hey're
really neLwork poinLs siLLing on Lhe wall
ol every home and business. Now we
can begin Lo move daLa boLh ways Lhrough
a neLwork Lo auLomaLe Lhings inside Lhe
home. 1his is very economical because
pasL communicaLions barriers, or
LradiLional communicaLions neLworks,
largely disappear and are replaced by
new channels linking Lhe cusLomers and
1oronLo Hydro."
As a lrsL sLep, Lhe company creaLed
a paperless invenLory managemenL
process wiLh handheld devices issued Lo
each engineer Lo lasL·Lrack a complex
procuremenL and insLallaLion logisLics
exercise. AL an aggressive insLallaLion raLe
ol eighL meLers an hour, Lhe pro|ecL came
in under cosL · and benelLs surpassed
Lhe company's lorecasL. Roughly 907
ol smarL meLers are now "live". An
impressive 500,000 ol iLs LoLal 625,000
cusLomer meLers are read daily Lhrough
an auLomaLed meLering sysLem and billed
based on 1OU raLes.
Behind the meter
Coupled wiLh conservaLion incenLives and
educaLion programs LhaL help cusLomers
cuL cosLs, 1oronLo Hydro is breaking
new ground. lLs peaksaver cenLral air
condiLioner conLrol program has been
parLicularly successlul aL inlorming
cusLomers and involving Lhem in making

Anthony Haines, Toronto Hydro
prudenL load reducLion choices when Lhe
grid is sLressed.
1oronLo Hydro also ollers a "seL iL
and lorgeL iL" incenLive program called
'peaksaver plus', which pays a nominal
sLandby lee lor Lhe opLion Lo power down
air·condiLioning uniLs remoLely over peak
periods. 1he incenLive appears on Lhe
summer bill.
"Our role behind Lhe meLer is helping
cusLomers use energy more ellcienLly,"
explains Haines. "AbouL 70,000 cusLomers
have Lurned Lheir air·condiLioning
operaLions over Lo us. So we can insLanLly
cycle Lhem down and bring approximaLely
50 megawaLLs oll Lhe grid. 1haL's a new
kind ol cusLomer relaLionship."
StumbIinc bIccks
NoL surprisingly, Lhe company laced
some iniLial challenges. 1hey included
worklorce reLenLion issues amid Lhe swiLch
Lo auLomaLed meLering, high cusLomer
care cosLs, and overly opLimisLic consumer
expecLaLions LhaL bills lor all would be
reduced. 1his is noL Lhe case, however,
and beLLer conservaLion educaLion may
be required by some. 1he iniLial lood ol
incoming calls · eighL Limes previous levels
· suggesLs LhaL one·size or web·based
communicaLion does noL lL all. 1haL said,
call volumes have since dropped Lo abouL
a 207 increase.
"Ours is a highly complex raLe sLrucLure
Lo communicaLe. On average, cusLomers
are paying abouL 87 more under 1OU.
1he 1OU peak price is higher and raLes
are designed Lo encourage cusLomers
Lo manage Lheir consumpLion and shilL
Lo lower·priced oll·peak periods. We Lie
our conservaLion and demand response
programs Lo Lhe cusLomers' behavior, Lo
help Lhem manage Lhe new bill realiLy,"
commenLs Haines.
Benehts aIready
1he company is already seeing payback.
SmarL meLer insLallaLion cosLs have
been reduced by 507 due Lo Lhe scale ol
demand. And a worklorce LhaL has acquired
new skills is moLivaLed by a very dillerenL
Lechnological luLure.
"lL's Lhe perlecL sLorm beLween an
aging worklorce and Lhe need Lo bring
on higher skills. We had Lo increase Lhe
qualiLy ol personnel · lrom meLer readers
going lrom house Lo house Lo people who
could add more value in supporLing Lhe
meLering Lechnology. Younger people saw
iL as a greaL opporLuniLy Lo be reLrained
and Lo be exposed Lo a more exciLing |ob,"
observes Haines.
MosL imporLanLly, early markeL research
is indicaLing LhaL many consumers do
reacL posiLively Lo price signals, provided
LhaL Lhey can quickly access Lheir energy
usage inlormaLion and learn how Lo avoid
peak pricing periods ol Lhe day. 1oronLo
Hydro provides a web porLal LhaL allows
cusLomers Lo review Lheir daily energy
usage and access energy ellciency
programs online or by phone.
"ConservaLion and price elasLiciLy are
predicaLed upon sending good inlormaLion
Lo cusLomers Lo enable Lhem Lo make
inlormed decisions. So lor Lhree years, we
builL sLraLegic communicaLions processes.
Cenerally, 1oronLonians are responding
posiLively," says Haines.
"And by buying new and smarLer
RecicnaI repcrts: Americas
29 UtiIities unbundIed Issue 08
sysLems lor our aging inlrasLrucLure,
we are building a much more sophisLicaLed
disLribuLion planL," he adds. "We can make
insLanLaneous operaLional decisions and
improve our ellciency. We're also looking
aL renewable disLribuLed generaLion,
such as solar phoLovolLaic {PV) and
wind power, Lo supplemenL LradiLional
generaLing sources and Lo help address
climaLe change concerns."
The rcad ahead
WiLh much daLa Lo examine, 1oronLo
Hydro sees poLenLial lor parLnerships
wiLh appliance and elecLric vehicle {LV)
makers, Lo maximize ellciencies and
prepare lor drasLic changes belore LVs
hiL Lhe road.
LlecLric vehicles will disrupL Lhe
disLribuLion planL immediaLely and cause
sLress Lo Lhe grid over summer monLhs
when air condiLioners are running,
because vehicle charging and building
cooling sysLems will run simulLaneously.
A quarLer ol homes may plug LVs in aL
once and 1oronLo Hydro will need Lo
serve Lhis markeL.
"Previously, Lhe disLribuLion company
had no say over when and how you
connecLed your new range or lreezer,"
explains Haines. "BuL you need some
conLrol over Lhe Lerms and condiLions ol
charging LVs Lo avoid sLressing Lhe planL.
We have Lo sLay ahead ol demand. 1his
will redelne Lhe relaLionship beLween Lhe
cusLomer and Lhe elecLric company.
"We are addressing Lhese operaLional
challenges wiLh Lhe elecLriciLy and
auLomoLive indusLries. OpLions include
plugs LhaL are energized only aL cerLain
Limes Lo manage demand. For mobile
charging, we're working wiLh llling sLaLions
LhaL will oller quick charges or baLLery
change·ouL sysLems. And we're working
wiLh appliance makers Lo build smarL chips
inLo devices LhaL send cusLomers daLa
abouL energy use. 1his helps cusLomers
lower Lheir bills. We need innovaLive
soluLions such as our peaksaver program Lo
bring Lhe load on in a sLraLegic way." Q
President and
CED, Toronto
AnLhony Haines oversees Lhe acLiviLies
ol 1oronLo Hydro CorporaLion and iLs
wholly owned subsidiaries, including
1oronLo Hydro·LlecLric SysLem LimiLed
and 1oronLo Hydro Lnergy Services
lnc. 1he laLLer owns 1oronLo's sLreeL
and expressway lighLing asseLs. Haines
spearheaded ellorLs Lo modernize
Lhe company's disLribuLion sysLem,
renew iLs worklorce and improve
cusLomer service.
eighing in were Moody's
analysLs AJ SabaLelle
and Laura Schumacher.
As members ol an
inLernaLional Leam ol 21, Lhey shared
valuable insighLs on currenL capiLal
spending and cosLs. Moody's raLes
company debL.
Supplying Lhe sell·side perspecLive
was PaLrick Jobin, a cleanLech analysL
aL CrediL Suisse. He locused on luLure
growLh opporLuniLies. CrediL Suisse is an
inLernaLional invesLmenL bank.
Puttinc a vaIue cn the smart crid
ln Moody's view, smarL grids are a small
and sale beL lor uLiliLies, because Lhe
sums involved are relaLively small. CosL
savings lrom ellciency gains generally
ollseL iniLial invesLmenLs. SmarL meLers
improve usage measures, cusLomer
communicaLions and ouLage handling.
SLimulus money and |ob creaLion
possibiliLies make Lhem an easier sell.
31 UtiIities unbundIed Issue 08
5mart grids:
the investors'
As smart meters roll out
across the U5, investors
are eyeing developments
with great interest. Utilities
µnbµndled spoke to Moody's
and Credit 5uisse Ior the
Wall 5treet perspective
RecicnaI repcrts: Americas
And Lhe public uLiliLies commissions,
companies and consumers are usually on
board. Lven wiLhouL lunding, many pro|ecLs
may go lorward.
BuL Lhese aren'L one·size·lLs·all pro|ecLs.
Regional approaches Lo smarL meLering
vary, based on Lheir sLraLegies and
whaL WashingLon, Lhe commission and
cusLomers wanL. Some are more cauLious.
Pro|ecLs in sLaLes such as Calilornia and
Colorado are ahead because meeLing
green mandaLes is a prioriLy. Local needs
deLermine Lhe pace and rouLe.
"We evaluaLe smarL meLer rollouLs
|usL as we evaluaLe all uLiliLy invesLmenLs
· based on cosL recovery and reLurn
on invesLmenL. MosL uLiliLies are
experimenLing wiLh piloL pro|ecLs because
invesLmenLs are likely Lo reduce operaLing
cosLs or improve reliabiliLy wiLhouL raising
raLes. 1haL's why mosL commissioners
give Lheir blessing. 1oday, we look aL
cusLomer communicaLions, Lhe regulaLor
relaLionship and Lhe planning process,"
says Schumacher.
SmarL grid acLiviLies are generally oll
Lhe radar lor uLiliLy invesLors because
iL's early in Lhe game, says CrediL Suisse,
alLhough Lhere are a handlul ol specialized
vendors, including smarL meLer companies,
LhaL loresee Lremendous growLh. ULiliLy
invesLors will pay aLLenLion when ma|or
demand drivers, such as elecLric vehicles
and more renewables, Lake hold.
"Lven advanced deploymenLs oller only
a lew raLe Liers and a web porLal Lo Lrack
previous consumpLion. DespiLe much Lalk
abouL auLomaLing home appliances, in·
home displays, connecLing elecLric vehicles,
auLomaLically ad|usLing LhermosLaLs and
opLimizing volLage, Lhese luncLionaliLies
are sLill a lew years away. lnvesLors will
only see meaninglul consumer behavioral
changes once smarL grid sysLems LhaL go
beyond Lhe meLer, such as in·home porLals
and 1OU raLes, are implemenLed. UnLil
Lhen, Lhese are largely capiLal deploymenL
pro|ecLs lor uLiliLies," says Jobin.
!mpcrtance cf ccvernment backinc
CovernmenL backing lor developmenL
is criLical now, buL won'L be as we move
Patrick Jobin
lorward. ln lacL, Lhe analysLs Lhink LhaL iL
could slow progress. SmarL grid pro|ecLs
sLand alone based on Lhe economics
and business case. 1haL's dillerenL lrom
capiLal·inLensive renewable energy pro|ecLs
such as wind or solar, where subsidies are
criLical, says CrediL Suisse.
"SLrings are aLLached Lo sLimulus lunds.
So lar, lunds have only caused delays.
Belore awards were announced, mosL
uLiliLies puL pro|ecLs on hold because Lhey
were waiLing lor granLs. ll Lhey didn'L
receive lunds, Lhey saw no need Lo move
lrsL. Picking a vendor early is also dillculL.
Lven Lhose LhaL received lunds hesiLaLed
because ol Lax implicaLions. 1hey worried
LhaL invesLmenLs would be classiled as
income, noL capiLal conLribuLions. BuL LhaL's
now behind us," says Jobin.
WiII custcmers push back?
1he real LesL in implemenLing smarL
meLers, says Moody's, will be cusLomer
inLeracLion. ln Lhe US, roughly 3.^7 ol
a household's disposable income goes
Loward uLiliLy bills.
ULiliLies usually Lry Lo
appease consumers by raising raLes a lew
percenLage poinLs aL a Lime, raLher Lhan a
double·digiL increase in one chunk.
"AllordabiliLy is imporLanL, more so in
a recession, and iL can allecL our raLings.
When are price hikes problemaLic?
AnecdoLally, double·digiL increases
make headlines. lncreases below LhaL
may lall under Lhe radar screen. 1hese
sLraLegies help manage cusLomer and
regulaLory relaLionships.
"CusLomers will proLesL abouL paying
lor malluncLioning meLers. 1haL's noL
really happened because ol cauLious
implemenLaLion. We waLch Lhis in Lhe
conLexL ol large invesLmenLs in generaLion,
disLribuLion, Lransmission lines and oLher
ancillary services including smarL grids.
BuL smarL meLers are a lesser concern,"
believes SabaLelle.
"MosL Americans don'L know how
much power cosLs Lo produce and deliver.
lnvolving consumers more in energy
managemenL requires educaLion," Jobin
says. "Also, someone who does noLhing will
pay more. 1haL's Lhe idea. When consumers
see opporLuniLies Lo save or make money,
behaviors change. UnLil Lhen, Lhere'll be
resisLance. SLill, advanced sysLems aren'L
lor everyone."
PctentiaI fcr smart meters
tc reduce revenues
So could smarL grids reduce revenues
subsLanLially? lL's possible. BuL decoupling,
or eliminaLing Lhe link beLween volumes
sold and revenue earned, should allow
uLiliLies Lo miLigaLe Lhis risk. ULiliLies work
wiLh regulaLors Lo pay lor Lhese ma|or
inlrasLrucLure developmenLs. As cosLs rise,
commissions may become more cauLious,
according Lo Moody's.
Finding an appropriaLe sLrucLure is
imporLanL so LhaL revenue losses can be
ollseL by ellciency gains. Calilornia is a
good example ol Lhe crediL benelLs ol
decoupling, because Lhe revenues ol iLs
big uLiliLies did noL deLerioraLe during
Lhe recession.
"Decoupling can incenLivize uLiliLies Lo
supporL programs LhaL decrease usage
because Lhey are noL harmed by declining
volumes," says Schumacher.
Biccer impact frcm smart crids
in a few years
1he analysLs Lhink LhaL Lhe ma|or impacL
ol smarL grids is unlikely Lo be lelL lor a
lew years. As program cosLs rise, uLiliLies
musL communicaLe Lhe cosLs and benelLs
carelully Lo regulaLors, invesLors and
consumers. Commissions may become
more discerning in Lheir allowances. 1hen,
reLurns and Lheir impacL on crediL qualiLy
may Lake cenLer sLage, says Moody's.
"1his is likely Lo happen gradually. How
much will bills increase in Calilornia? WiLh
currenL raLes aL 15 Lo 17 cenLs per kWh,
smarL grids may noL increase raLes much,
parLicularly in a populaLed sLaLe wiLh low
cusLomer usage. WiLhin Lwo years, we'll
probably know more abouL luncLionaliLy,
usage and how lar cusLomers will Lake Lhe
Lechnology," says SabaLelle.
Mcve intc enercy services unIikeIy, but
business mcdeI wiII chance
1he analysLs see liLLle likelihood LhaL
uLiliLies will move inLo new services such
as heaLing, cooling and home energy
managemenL. 1heir view is LhaL a working
regulaLory compacL encourages uLiliLies
Lo invesL in Lheir sysLems Lo assure an
allordable and reliable service, so LhaL
Lhe commission allows Lhe uLiliLy Lo earn
reasonable reLurns while proLecLing iL lrom
1his olLen discourages uLiliLies lrom
pursuing addiLional revenue sLreams. Many
solLware and services companies
are happy Lo sLep in and cusLomers may
wanL Lo choose alLernaLive providers,
says Moody's.
"ULiliLies' Lrack record in businesses
ouLside Lheir skill seL is noL good. 1hey'd
probably be happy il oLhers moved down
LhaL paLh," says SabaLelle.
ULiliLies will sLill "own" Lhe cusLomer,
says CrediL Suisse, buL as new ollerings
and revenue sLreams emerge, Lhe business
model will shilL Lo accommodaLe Lhese
new enLranLs.
"1he model will undoubLedly change.
New Lechnologies oller a massive
opporLuniLy Lo shilL business models and
creaLe new indusLries. For an idea ol how,
look Lo Lhe Lelecoms indusLry 20 years ago.
Phone companies sLill own Lhe cusLomer,
buL Lhe number ol leaLures, raLe plans and
delivery sysLems has radically changed.
l loresee a similar LranslormaLion in Lhe
energy business," says Jobin. Q
US RegulaLed ULiliLies lndusLry OuLlook, Egg\qÌk?dgZYdAf^jYkljm[lmj], July 2009. Moody's analysis shows LhaL
cusLomers may ob|ecL Lo rising raLes when elecLriciLy bills reach beLween 57 and 107 ol a household's disposable income,
as is expecLed Lo happen in Lhe currenL decade
33 UtiIities unbundIed Issue 08
Dur interviewees:
Angelo J SabaLelle, Senior Vice
PresidenL, Power/ULiliLies Americas,
Laura Schumacher, Vice PresidenL
· Senior AnalysL, Power/ULiliLies
Americas, Moody's
PaLrick Jobin, CleanLech AnalysL,
CrediL Suisse
RecicnaI repcrts: Americas
A2A drives
change Irom IT
Italian multi·utility A2A is using
IT to transIorm the business
¬ Iocusing on "spending to save."
Andrea Paliani reports Irom Milan
Laly's A2A SpA was creaLed when Milan·
based ALM incorporaLed ASM lrom
Brescia and Lhe smaller AMSA. 1hree
years on, Lhe group comprises abouL
100 companies {in elecLriciLy, gas, heaL,
waLer and wasLe) and laces Lough markeL
condiLions. lLs sales lell in 2009, and Lhe
lLalian markeL, Lhough powering ahead
ol oLher Luropean counLries in rolling ouL
smarL meLers, is lraughL wiLh regulaLory
uncerLainLy abouL Lhe unbundling ol
disLribuLion and supply.
For SLelano PerleLLi, who heads up
Lhe CorporaLe lC1 service line aL A2A,
inLegraLion oughL Lo have been a daunLing
Lask. YeL his cauLious buL locused approach
· using l1 Lo drive sLandardizaLion where
Lhere is a clear business case and poLenLial
lor reLurn on invesLmenL, while LoleraLing
diversiLy where Lhere is noL · is paying oll.
"lL's a quesLion ol reLurn on invesLmenL.
We only spend where we can save. lL means
compromises · choosing beLween whaL
relorms are essenLial and whaL can waiL,"
PerleLLi explains.
Fccused !T investment fcr
maximum impact
1he smarL meLer rollouL is Lhe biggesL non·
negoLiable goal lor A2A. "We have 977
coverage in Brescia righL now. And more
Lhan 857 in Milan," says PerleLLi. RemoLe
connecL and disconnecL and auLomaLic
meLer readings generaLe signilcanL cosL
savings, ellciency improvemenLs and
reducLions in lraud. 1his is clearly a case
where Lhe benelLs ouLweigh Lhe cosLs
ol invesLmenL.
A documenL managemenL sysLem is
an inLegraLion musL·have. lL will move all
cusLomer inlormaLion and billing onLo
a common plaLlorm across Lhe business.
"1his will help Lo reduce lraud, improve
cash and crediL managemenL perlormance
and speed up Lhe invoice·Lo·collecLion
process," says PerleLLi. ConLenL LhaL is noL
currenLly available on elecLronic sysLems is
being compiled lrom scraLch and loaded on
Lo Lhe plaLlorm.
Also pressing is a business inLelligence
sysLem, idenLiled by lC1 as a means ol
gaLhering reliable inlormaLion lor more
inlormed decision·making by Lhe business.
"lnsLead ol cuLLing cosLs, lC1 is buying
in new producLs and licenses. 1he reLurn
on Lhis invesLmenL is really high. lmagine
how business inLelligence will inlorm our
invesLmenL decisions, risk managemenL,
cusLomer knowledge, service developmenL
... We simply can'L allord noL Lo invesL,"
asserLs PerleLLi.
1he uLiliLy's SAP implemenLaLion,
Lhough relaLively quick, has been harder Lo
achieve. WiLhin eighL monLhs, iL managed
Lo move core processes over Lo Lhe new
cenLral sysLem. 1ime consLrainLs lorced iL
Lo LransiLion oLher less urgenL processes in
Lhe lollowing lew monLhs.
Less ol a prioriLy is uLiliLy mainLenance,
which is currenLly managed on disparaLe
sysLems across lLaly, France, MonLenegro,
Spain and Lhe UK. 1he cosL·benelL gap
is currenLly Loo wide. Funding lor Lhe
solLware LhaL will bring mainLenance
onLo one common plaLlorm will have Lo
waiL and Lhe company will have Lo cope
wiLh diversiLy. "DillerenL equipmenL will
conLinue Lo be managed separaLely, as Lhe
cosL ol cenLralizaLion is more cosLly Lhan
Lhe poLenLial savings," explains PerleLLi.
Usinc !T tc insticate chance
Compounding Lhe complexiLies ol
inLegraLion is a hiaLus in Lhe evolving
regulaLion ol lLaly's uLiliLy indusLry.
While Lhe company waiLs Lo hear whaL Lhe
"open" uLiliLies markeL · and A2A's role
in iL · will look like, PerleLLi is working Lo
ensure LhaL iLs l1 archiLecLure is sullcienLly
dexLerous Lo adapL quickly Lo new rules as
Lhey emerge.
From an l1 perspecLive, Lhe biggesL
challenge lor PerleLLi is "lnding Lhe besL
way Lo inLegraLe markeL soluLions Lo deliver
cosL savings Lo A2A quickly." From a
business perspecLive, "iL's changing hearLs
and minds. Re·engineering isn'L abouL a
biL ol relurbishmenL here and Lhere: iL's
abouL delivering Lhe righL level ol change,"
he explains.
"1here are big opporLuniLies lor a
shake·up in neLwork managemenL and Lhe
supply chain. 1he lC1 luncLion needs Lo
enable LhaL Lo happen by demonsLraLing
LhaL we can deliver ellciency, cosL savings,
supplier raLionalizaLion and service qualiLy
improvemenLs. 1his will give our inLernal
cusLomers beLLer applicaLions and soluLions
Lo do Lheir |obs. And LhaL makes Lhem more
recepLive Lo change."
ln Lhe Lhree years since Lhe Lwo neLwork
managemenL companies and 50 smaller
businesses came LogeLher under Lhe
A2A banner, Lhe lC1 luncLion has been
an insLigaLor and enabler ol change. lL
has helped Lo save money and improve
organizaLional ellciency, while supporLing
operaLional lines wiLhin Lhe corporaLe
luncLion and improving Lhe capabiliLies
ol iLs 9,000 people.
1he noLion ol l1 driving change in Lhe
business, raLher Lhan Lhe business dicLaLing
Lhe l1, won'L siL comlorLably wiLh some
in Lhe power and uLiliLies secLor. BuL, as
PerleLLi poinLs ouL, Lhe luncLion is making
business decisions based on criLical need
and cosL benelLs. OperaLing aL Lhe crux
ol Lhe business, l1 is LranslaLing whaL is
desirable inLo whaL is acLionable, inlormed
by Lechnical knowledge and indusLry
undersLanding. And lor LhaL, says PerleLLi,
"A2A has many reasons Lo leel very posiLive
abouL iLs luLure." Q
$tefano Perfetti,
Head of $ervice
Line Corporate ICT
A2A Croµp
SLelano PerleLLi is responsible lor lC1
governance ol corporaLe processes aL A2A.
WiLh more Lhan 11 years' experience in
business process reengineering, change
managemenL and l1 organizaLional
developmenL, he develops and implemenLs
l1 sLraLegies Lo resolve business problems.
35 UtiIities unbundIed Issue 08
RecicnaI repcrts: EME!A

IT transIormation
at VattenIall
When 5wedish state·owned
energy group VattenIall
acquired Dutch utility Nuon
in 2009, ChieI InIormation
CIhcer Claes Wallnér took
on a signihcant challenge:
capturing 157 oI the total
value oI the integration
through IT. How did he do it?
aLLenlall has grown rapidly by
acquisiLion over Lhe pasL 10
years. 1oday, iL is Lurope's llLh·
largesL elecLriciLy generaLor and
Lhe largesL heaL producer. HeadquarLered
in Sweden, iLs main operaLions cover
Belgium, Denmark, Cermany, Finland,
Poland, Lhe NeLherlands and Lhe UK.
1he group operaLes righL across Lhe
elecLriciLy value chain · power generaLion,
Lransmission, disLribuLion and sales.
1he acquisiLion ol Nuon was a sLraLegic
maneuver Lo secure iLs looLhold in Lhe
DuLch and Belgian markeLs and Lo build an
even sLronger posiLion in Lhe gas markeL.
Acquiring Nuon broughL VaLLenlall's
LoLal l1 legacy Lo more Lhan 2,000
applicaLions. 1he l1 Leam was charged
wiLh capLuring 157 ol Lhe LoLal value ol
Lhe inLegraLion and reducing Lhe overall l1
archiLecLure by 57 year on year. lL was a
signilcanL challenge.
Chiel lnlormaLion Ollcer Claes Wallner
brings years ol experience lrom previous
and currenL roles Lo l1 inLegraLion
lollowing mergers. A sLrucLured and
phased approach ensured LhaL Lhe Nuon
inLegraLion ran smooLhly. "l1 inLegraLion
ran parallel wiLh lve oLher worksLreams,
beginning in April lasL year, Lo geL Lhe
merged enLiLy up and running and ready
lor business as one company on 1 July
2009. Our key driver was Lo idenLily
synergies and deliver value."
Lesscns frcm intecraticn
Lvery inLegraLion brings Lhe challenge
ol uniLing auLonomous l1 sysLems and
shedding Lhose LhaL are superluous Lo
Lhe merged organizaLion.
One ol Wallner's key LacLics lor
managing Lhe l1 worksLream was Lo
bring in a business sponsor · Lhe head
ol power generaLion in Benelux · Lo siL
alongside him on Lhe sLeering commiLLee.
1he leadership ol Lhe Leam, he says,
always had "one looL in Lhe business
camp and Lhe oLher in l1," which made
iL easier Lo align Lhe l1 inLegraLion wiLh
business requiremenLs.
1he Nuon merger saw l1 headcounL
aL VaLLenlall increase by one·Lhird. For
Wallner, Leam building is a Lop prioriLy il
l1 developmenL is Lo progress under Lhe
banner ol Lhe merged business. He warns
LhaL iL is imporLanL Lo build new Leams
ouL ol previously disparaLe organizaLions
quickly, oLherwise "you end up wiLh a
merger LhaL never ends." He also seeks Lo
exploiL Lhe big bonus ol acquisiLion: growLh
in Lhe knowledge base.
"Bonding Lwo sides ol a merged
company is never easy," says Wallner.
He locused on nurLuring Leam spiriL,
emphasizing LhaL VaLLenlall, as Lhe
buying company, wasn'L abouL Lo impose
iLs l1 soluLions on Nuon. By idenLilying
where Nuon's exisLing sysLems surpassed
VaLLenlall's own, he delned whaL was
poLenLially besL lor Lhe new group as a
whole "in Lerms ol serving business value,
cusLomers and cosL perlormance."
His approach paid oll. 1he iniLial phases
ol inLegraLion have been compleLed and
Lhe Lask now is Lo move Lhe enlarged
business on Lo common plaLlorms lor l1
applicaLions and inlrasLrucLure. 1haL's
quiLe an underLaking, especially since, as
Wallner explains, "l1 has Lo capLure abouL
157 ol Lhe LoLal value ol Lhe inLegraLion."
NaticnaI recuIaticn ccmprcmises
1he Lask ol sLandardizing and consolidaLing
sysLems Lo drive more value ouL ol
l1 is ongoing. However, cross·border
consolidaLion ellorLs are compromised by
Lhe LradiLional geographic seLup ol uLiliLy
companies and Lhe counLry·by·counLry
regulaLion ol heaL and elecLriciLy prices.
1he LU will undoubLedly conLinue
Lo push lor common rules. BuL in Lhe
meanLime, individual counLries will pursue
Lheir own agendas, which largely dicLaLe
where uLiliLy companies invesL. 1his is
bound Lo have an impacL on Wallner's
LargeLs lor l1 synergy. He explains: "We
plan a 57 neL reducLion in Lhe number ol
applicaLions we run each year. BuL when
regulaLion is counLry·based and VaLLenlall
is largely organized by geography, iL's
harder Lo deliver synergies lrom cross·
border iniLiaLives."
1he problem is especially acuLe in
Lhe nuclear energy indusLry, where
consolidaLion is hampered by dillering
naLional regulaLions. However, Lrading and
engineering already oller opporLuniLies Lo
implemenL common l1 soluLions, and Lhe
group is making sLeady progress in lnding
synergies across borders in luncLions
LhaL include sales, billing and cusLomer
relaLionship managemenL.
"1he LransiLion has been successlul,
and now we see Lhe poLenLial Lo
improve even lurLher," Wallner says.
He sees opporLuniLies in Lhe wider
business conLexL: "lL's much more Lhan
consolidaLing applicaLions," he explains.
"l'm Lalking abouL harmonizaLion ol

Claes Wallnér, VattenIall
37 UtiIities unbundIed Issue 08
RecicnaI repcrts: EME!A

Lhe underlying business processes and
simplilcaLion ol Lhe whole inlormaLion
archiLecLure. We are using sLandardizaLion
as Lhe Lool Lo make sure our base
processes are more ellcienL."
Transfcrmaticn ccntinues
ln addiLion Lo Lhe inLegraLion, Lhe challenge
ahead is Lo geL VaLLenlall's Lechnology
ready lor Lhe new opporLuniLies LhaL smarL
meLering will creaLe.
Wallner poinLs Lo Lhe mobile phone
indusLry, wiLh iLs real·Lime usage
measuremenL, raLe sLrucLures and ellcienL
billing, Lo highlighL Lhe luLure poLenLial ol
smarL meLers. For example, in Lhe longer
Lerm, hourly or by·Lhe·minuLe energy
readings will encourage consumers Lo use
energy when prices are mosL lavorable.
RighL now, however, Lhe baLLle is on Lo
adapL l1 Lo new Swedish and Finnish
regulaLions lor monLhly billing based
on real usage.
"Obviously, Lhere's a lead Lime Lo adapL
our l1 Lo Lhese new requiremenLs · we're
in Lhe process ol Lackling LhaL. BuL Lhis
is |usL Lhe beginning. UlLimaLely, online
leedback on energy consumpLion is a
big opporLuniLy lor us. BuL iL's also a big
challenge in Lerms ol how we will sLore,
handle and Lake advanLage ol all Lhe new
inlormaLion," he explains. "We need Lo be
making invesLmenLs Loday Lo handle Lhe
wider l1 implicaLions ol a lully developed
smarL markeL."
lneviLably, a smarL luLure will increase
compeLiLion beLween uLiliLy companies and
give consumers Lhe upper hand, Wallner
believes. lnvesLmenL will be needed in
Lhe Lechnology LhaL underpins Lhe smarL
meLer rollouL, buL consumers cannoL be
expecLed Lo bear Lhe cosLs. l1 luncLions
will have Lo become beLLer aL simplilcaLion
and sLandardizaLion il businesses are Lo
remain compeLiLive.
Here, Wallner expecLs Lo Lake some
inspiraLion lrom oLher indusLries LhaL have
already been Lhrough LranslormaLion
programs, as well as lrom VaLLenlall's
smarL experiences in Lhe Nordic region. He
poinLs ouL, however, LhaL "you can'L |usL
copy; you need Lo undersLand Lhe local
seLup and requiremenLs lully" Lo meeL
counLry·driven regulaLion.
Ol course, invesLmenL in smarL
Lechnology is essenLial Lo saLisly
business and regulaLory expecLaLions,
buL iL coincides wiLh a push Lo reduce Lhe
company's l1 cosL perlormance by 157 Lo
207 Lo meeL indusLry benchmarks. 1he
group currenLly runs abouL 500 l1 pro|ecLs
a year, wiLh one·Lhird ol l1 spend devoLed
Lo invesLmenL. So Lhe big challenge is Lo
reduce and simplily exisLing applicaLions
Lo achieveLhe overall cuLs.
Wallner is ready lor LhaL challenge. Q
Claes Wallner,
Croµp CID and
Vice President
for IT,

A LoLal ol 2,000 employees Lake
care ol l1 aL VaLLenlall, serving Lhe
business and all users in Lhe group,
which has abouL 39,000 employees.
Claes Wallner is locaLed in SLockholm
and has held his currenL posiLion wiLh
VaLLenlall since July 2005. Prior Lo
|oining VaLLenlall, Claes was ClO aL
OuLokumpu OY, Finland lrom 2002,
and previously held Lhe role ol Croup
ClO lor AvesLaPolariL OY and
AvesLaShelleld AB.
UK meter
opens doors
Ior energy
In the UK, energy
suppliers will shoulder
the task oI rolling out
smart meters. This
approach is unique in
the EU ¬ so what are
the challenges? Peport
by Bill Easton
39 UtiIities unbundIed Issue 08
marL meLers will be rolled ouL
Lhrough energy suppliers in Lhe
UK by Lhe end ol 2020 as parL ol
ellorLs Lo cuL energy consumpLion
and CO2 emissions. Replacing ^7m "dumb"
domesLic meLers will be Lhe biggesL UK
home energy Lechnology change since Lhe
1970s conversion Lo naLural gas.
Lnergy suppliers will be responsible
lor insLalling meLers and energy displays.
However, communicaLions lrom Lhe meLer Lo
Lhe disLribuLion neLworks will be coordinaLed
cenLrally Lo ensure LhaL cusLomers can sLill
swiLch suppliers easily.
RecicnaI repcrts: EME!A
1he UK CovernmenL has chosen Lhis
rouLe lor Lhree key reasons. lL
believes LhaL:
Suppliers have Lhe closesL relaLionship
wiLh cusLomers and should Lherelore
be able Lo help Lhem use Lhe
inlormaLion provided by smarL meLers
Lo unlock energy savings
Suppliers are more likely Lo innovaLe
and conLrol cosLs Lhan neLwork

1his is a pragmaLic soluLion Lo speed
up deploymenL, because any oLher
mass rollouL model would require Lhe
UK Lo reverse iLs previous decision
Lo deregulaLe meLering services.
Centrica cears up
UK suppliers are keen Lo make an early
sLarL: 10 years is a relaLively shorL
Limelrame lor deploymenL. CenLrica

subsidiary BriLish Cas has already made
a signilcanL move. 1he company has
announced a conLracL wiLh Landis+Cyr

Lo buy Lwo million smarL meLers and will
recruiL 2,600 more engineers in preparaLion
lor rollouL. 1he inLenLion Lo seize an early
markeL iniLiaLive was made clear by a
Landis+Cyr spokesman, who said: "1ogeLher
we will pioneer Lhe Lechnical and pracLical
sLandards LhaL we hope will see every home
and business in Lhe counLry swiLch Lo smarL
meLering in Lhe nexL decade."
BriLish Cas and Landis+Cyr say LhaL Lhe
deploymenL could save Lheir cusLomers up
Lo £200m {USS30^m) in energy bills by
Lhe Lime Lhe main UK rollouL is compleLed
in 2020. 1his iniLiaLive is a good example ol
Lhe markeL springing inLo acLion exacLly as
Lhe CovernmenL hopes.
1his approach is unique among LU member sLaLes.
ln mosL oLher Luropean counLries, DisLribuLion
NeLwork OperaLors {DNOs) will insLall and own
smarL meLers · see SLaLus Review on RegulaLory
AspecLs ol SmarL MeLering {LlecLriciLy and Cas) as
ol May 2009, LRCLC, 19 OcLober 2009
CenLrica is one ol Lhe UK's "Big Six" suppliers; Lhe
oLher lve are LDF, L.ON, RWL, ScoLLish and
SouLhern and ScoLLish Power Press announcemenL,
29 March 2010: hLLp://www.cenLrica.co.uk/index.as
p?pageid=39&newsid=1970 and hLLp://www.

Press announcemenL, 29 March 2010: hLLp://www.
and hLLp://www.landisgyr.com/en/pub/media/press_
Facinc practicaI and ccmmerciaI
1he UK's DeparLmenL ol Lnergy and
ClimaLe Change {DLCC) is working wiLh UK
regulaLor Olgem Lo creaLe Lhe scope and
deLailed plan lor Lhe rollouL. 1here are sLill
some pracLical and commercial challenges
Lo work Lhrough, including:
Rolloµt loqistics: Many dillerenL
suppliers will need Lo coordinaLe
upgrades across Lhe counLry and
Lhere is Lhe poLenLial lor considerable
inellciency. 1he DLCC will probably
need Lo sancLion some lorm ol
reciprocal arrangemenL beLween
suppliers Lo ensure LhaL insLallaLions
run ellcienLly and Lo manage
Lhe siLuaLion when a cusLomer
buys gas and elecLriciLy lrom
dillerenL suppliers
Workforce recrµitment/retraininq:
1he rollouL ol Lens ol millions ol
smarL meLers requires a huge ellorL
lrom engineers insLalling boLh gas
and elecLriciLy meLers · which, in
Lurn, require dillerenL skill seLs
and accrediLaLions
$witchinq arranqements: lL should be
easy lor cusLomers Lo swiLch suppliers
because meLers will be Lechnically
inLeroperable and inlormaLion lows
cenLrally coordinaLed. BuL Lhere are
sLill quesLions abouL commercial
inLeroperabiliLy · lor example, whaL
happens Lo Lhe asseL value ol Lhe
meLer when cusLomers swiLch?
Pricinq and competitiveness:
CusLomers will expecL Lhe new meLers
Lo help reduce energy bills. BuL
suppliers are likely Lo have Lo claw
back Lhe cosL ol insLallaLion Lhrough
Lheir raLes, which will push bills up.
Suppliers who decide Lo insLall ahead
ol Lheir compeLiLors risk looking
comparaLively expensive. 1hey will
have Lo creaLe aLLracLive cusLomer
proposiLions Lo saleguard loyalLy
Impact on smart qrid operation:
1here is a big dillerence beLween
moniLoring individual energy use and
conLrolling Lhe enLire smarL grid Lo
benelcial ellecL. 1he quesLion ol who
should be responsible lor Lhe laLLer
needs Lo be decided. 1he disLribuLion
companies will need Lo be given access
Lo Lhe meLer {and smarL appliances
Loo) Lo allow Lhem Lo manage demand
Impact on network investment:
ll meLers succeed in reducing peak
demand, neLwork and generaLing
companies can reduce spending on
expanding Lhe energy inlrasLrucLure.
1his may leave UK suppliers leeling
LhaL Lhey have paid lor someLhing
LhaL benelLs disLribuLion companies.
Should some ol Lhese benelLs be
passed back Lo Lhe supplier in reduced
LransporLaLion charges?
UK scIuticn fccuses cn the custcmer
1he supplier·led approach undoubLedly
creaLes some challenges LhaL oLher LU
counLries may lnd iL easier Lo work around,
or may avoid compleLely. However, Lhe DLCC
is clearly hoping LhaL, in meeLing Lhese
challenges, Lhe markeL will lnd innovaLive
commercial soluLions.
Leaving Lhe |ob Lo Lhe suppliers could
prove an inLeresLing way Lo achieve real
energy benelLs lrom Lhe new meLers. lL
emphasizes Lhe developing role ol suppliers
as energy advisers, opening Lhe way lor
Lhem Lo inluence cusLomer behavior and
encourage people Lo make Lheir homes
more energy·ellcienL.
CenLrica's early decision Lo buy meLers
and recruiL sLall · even Lhough DLCC is only
aL scoping sLage · shows LhaL Lhese markeL
lorces are already aL work. 1he convergence
ol energy services, supply and meLering
could be a LempLing business model lor
Lhose bold enough Lo Lake iL on. Q
India is a Iast·emerging
economic power, but its
inIrastructure lags behind.
The Covernment has
ambitious plans to expand
the generation base and
modernize T&D activities to
stimulate sustained growth.
Peport by Arun 5rivastava
41 UtiIities unbundIed Issue 08
RecicnaI repcrts: EME!A
espiLe being one ol Lhe largesL
global power producers, lndia
has one ol Lhe lowesL per capiLa
raLes ol consumpLion aL abouL
750kWh per year. 1he peneLraLion and
uLilizaLion levels, parLicularly in rural areas,
conLinue Lo be low, primarily due Lo socio·
economic condiLions.
Lack ol energy supply is compounded
by loss ol supply. Lach year, abouL a Lhird
ol lndia's LoLal elecLriciLy generaLion is
losL Lhrough Lechnical leakage or power
LhelL. While some loss is ineviLable, lndia
compares unlavorably wiLh average losses
ol beLween 107 and 157 elsewhere in Lhe
world. 1his poses huge lnancial burdens on
uLiliLies, leaving Lhem unable Lo mainLain,
upgrade and modernize Lheir operaLions.
Saleguarding Lhe viabiliLy ol Lhe secLor is
a concern lor many uLiliLies and requires
governmenL supporL.
A mismaLch beLween Lhe counLry's
generaLion and Lransmission and
disLribuLion {1&D) capabiliLies is also Lo
blame lor Lhe power problems lacing lndia.
Over Lhe years, invesLmenLs have been more
locused on generaLion. 1his has resulLed in
excess loading on 1&D sysLems, causing grid
lragiliLy and high Lechnical losses.
!ndia: Iand cf cppcrtunity
lndia has an insLalled power generaLion
capaciLy ol nearly 160CW wiLh uLiliLies
and abouL 20CW wiLh independenL
generaLors. However, power supply lalls
shorL ol demand by abouL 157 Lo 187
in some regions. Civen Lhe economic
upsurge, elecLriciLy demands are likely Lo
grow sLeadily in Lhe coming decades. 1he
counLry has ouLlined ambiLious plans Lo
double iLs presenL capaciLy in Lhe nexL
eighL years.
lndia has considerable energy opLions in
boLh lossil luels and renewable resources.
However, boLh Lhe luel and manulacLuring
secLors have lailed Lo keep pace wiLh power
requiremenLs, resulLing in a signilcanL
capaciLy mismaLch.
1he lndian CovernmenL has iniLiaLed
ambiLious plans, such as "Power lor
All by 2012" and Lhe ResLrucLured·
AcceleraLed Power DevelopmenL Relorms
Program {RAPDRP). 1he lormer locuses
on universal access Lo power lor Lhe
enLire populaLion. 1he laLLer locuses
on sLrengLhening Lhe 1&D sysLem and
enhancing iLs operaLional ellciency.
lndia clearly inLends Lo widen Lhe energy
generaLion mix · including nuclear power
and Lhe recenLly announced NaLional
Solar Mission, which aims Lo generaLe
20,000MW by 2022. 1he counLry is also
encouraging invesLmenL lrom Lhe privaLe
secLor, ollering aLLracLive assured Lerms
· up Lo 167 posL·Lax reLurn on equiLy · Lo
enhance privaLe parLicipaLion. lL is also
ollering maLure pro|ecLs lor invesLmenLs.
1he privaLe secLor is gradually, buL
decisively, emerging as a poLenL player
in lndia's power pursuiL.
Seven acticns tc
bccst pcwer
So whaL can be done Lo help lndia caLch
up wiLh Lhe developed economies ol
Lhe world and improve Lhe reliabiliLy ol
iLs power inlrasLrucLure? Aside lrom
relorm and privaLe secLor invesLmenL,
LrnsL & Young believes Lhere are oLher
long·Lerm soluLions Lo Lackling lndia's
power problems.
Acticn 1: Reduce Icsses tc imprcve
enercy efhciency
lndia's high aggregaLe Lechnical and
commercial {A1&C) losses are iLs biggesL
challenge and represenL a huge lnancial
and environmenLal burden. Ways Lo reduce
Lhe losses include:
Extensive enerqy aµdit and system
LssenLial meLering aL all consumpLion
poinLs and key nodes in Lhe neLwork
such as Lranslormers, leeders
and subsLaLions
ldenLily areas ol high losses lor
correcLive acLion
Use of enerqy·efhcient eqµipment
and infrastrµctµre
High·volLage, direcL currenL {HVDC)
and exLra·high·volLage alLernaLing
currenL {LHV AC) Lransmission
sysLems, which can LransmiL bulk
power over long disLances Lo reduce
capiLal cosLs and Lechnical losses
High·volLage disLribuLion sysLems
{HVDS) Lo reduce line losses in
Lhe disLribuLion neLwork and Lo
conLrol pillerage
High·ellciency Lranslormers and all·
aluminum alloy conducLors {AAACs)
Lo reduce heaL and magneLic loss by
87 Lo 127
Encoµraqinq demand·side manaqement
SwiLch Lo energy·ellcienL appliances
such as compacL luorescenL lamps
and LLDs
lnLroduce Lime·ol·day meLering
Lo shilL peak demand; oller lower
nighLLime raLes Lo indusLry
lnLroduce dillerenL Lime zones in Lhe
counLry Lo shilL peaks across regions
$mart meters
1argeL high·end users where Lhe
biggesL impacL can be achieved on
collecLion and billing; benelLs include
reduced manpower requiremenLs and
reduced LhelL
Use smarL Lechnology lor sysLem
reliabiliLy in subsLaLions
0istribµtion aµtomation
MoniLor and manage Lhe low ol
elecLriciLy in 1&D neLworks Lo
ensure ellcienL operaLions and
early laulL deLecLion.
Acticn 2: Dpen up the fueI sectcr
lndigenous coal is likely Lo be Lhe mainsLay
ol lndia's energy sLraLegy unLil nexL·
generaLion Lechnologies Lake over. For power
secLor growLh, Lhe coal indusLry would need
resLrucLuring Lo aLLracL invesLmenLs:
Coal mininq
Allow Lhe privaLe secLor Lo parLicipaLe
in mining

FaciliLaLe growLh ol Lhe indigenous
coal markeL by allowing coal Lraders
Coal imports
FaciliLaLe long·Lerm coal imporLs
Develop imporL, sLorage and inland
LransporLaLion inlrasLrucLure.
Acticn 3: Enccurace ccnservaticn and
end-use efhciency
1he LradiLional approaches Lo securing
energy supplies may noL work lor lndia in
Lhe long Lerm, given Lhe shorLage ol boLh
indigenous energy resources and waLer
in Lhe counLry and Lhe unpredicLabiliLy ol
global luel markeLs. lndia needs Lo locus on
opLimizing iLs energy needs:
Promote efhciency
Oller incenLive sLrucLures lor energy·
ellcienL gadgeLs and equipmenL

CreaLe inlrasLrucLure lor energy
ellciency producL labeling
Design elecLriciLy raLes Lo promoLe
user ellciency.
Acticn 4: !mpIement cpen access in
distributicn and retaiI suppIy
ln lndia, open access is recognized as a
means Lo manage Lhe demand·supply gap,
increase Lhe reach and qualiLy ol power
supply, aLLracL greaLer privaLe secLor
parLicipaLion and reduce power raLes. 1o
laciliLaLe implemenLaLion ol open·access
provisions, changes need Lo be made Lo:
Improve transmission capacity
SLrengLhen 1&D neLworks Lo laciliLaLe
Lhe ellecLive Lransler ol power
beLween Lhe sLaLes and regions
Revise reqµlation

Lnable generaLors and oLher
licensees Lo sell power Lo reLail
cusLomers wiLhouL imposing
raLe barriers
Improve market strµctµre
Unily regional power grids Lo
reduce cosL ol delivered power
across Lhe counLry.
Acticn 5: Strencthen the naticnaI crid
lnLegraLe Lhe SouLhern Region power grid
wiLh Lhe uniled NLW {NorLh·NorLheasL·
LasL·WesL) grid and develop a more robusL
uniled load dispaLch sysLem lor Lhe enLire
counLry. 1his will laciliLaLe Lhe low ol
any surplus power Lo delcienL parLs ol
Lhe counLry.
Acticn ô: Mcre sectcr refcrm
lndia's LlecLriciLy AcL 2003 and raLe
regulaLions have already driven subsLanLial
relorm. 1he momenLum needs Lo be
mainLained Lo remove barriers Lo privaLe
secLor invesLmenL and build on besL
pracLices lrom developed naLions.
Acticn 7: Participate in the
envircnmentaI debate
1he Lransmission secLor in lndia has
opporLuniLies Lo improve iLs Lechnical
ellciency, Lo reduce energy loss and
Lo promoLe Lhe use ol renewables. Low
carbon emission is an essenLial driver ol
luLure secLor growLh in lndia.
!ndia's win-win
lndia's power relorm is largely driven
by a poliLical and economic agenda. ll
lndia wanLs Lo compeLe wiLh Lhe world's
mosL powerlul naLions, iL musL be seen
Lo be socially responsible and Lo have an
inlrasLrucLure LhaL can deliver.
ll successlul, Lhis agenda could Lick
many boxes. lL will poLenLially mean LhaL
all lndian households will have access Lo
energy by 2012. lL will enable lndia Lo
reduce power losses and consequenLly
increase indusLrial ouLpuL per uniL ol
carbon emiLLed, which will have benelLs
lor exporLs. And iL will allow lndia Lo
marry iLs conlicLing commiLmenL Lo Lhe
green agenda wiLh iLs need Lo grow Lhe
power secLor. Q
UtiIities unbundIed Issue 08 43
RecicnaI repcrts: EME!A
Lessons lrom
AusLralia's smarL
meLer pioneers
The Australian state oI Victoria
is ahead oI the game when
it comes to the smart meter
rollout. But local energy
distributors Iace Iormidable
targets, as Charles Popple
oI 5P AusNet explains
P AusNeL is one ol AusLralia's
largesL energy disLribuLors, wiLh
some 670,000 cusLomers in Lhe
sLaLe ol VicLoria. By 2013, all ol
iLs manually read meLers will be replaced
wiLh remoLely read smarL meLers. 1his is an
imporLanL developmenL in a counLry where
maximum demand is growing Lwice as
lasL as energy growLh due Lo longer peak
energy usage Limes and Lhe heavy Loll lrom
air·condiLioning in Lhe summer monLhs.
1he VicLorian CovernmenL wanLs all
cusLomers Lo have smarL meLers by Lhe
end ol 2013. lL has mandaLed VicLorian
disLribuLors Lo roll ouL Lhe meLers according
Lo a delned Lime schedule. Following
Lhis LimeLable, SP AusNeL sLarLed roll ouL
Loward Lhe end ol 2009. Charles Popple,
SP AusNeL's Croup Ceneral Manager ol
NeLworks SLraLegy and DevelopmenL, has
played a key role in seLLing Lhe rollouL
sLraLegy and is conldenL LhaL progress is
being made.
1he LimeLable is admiLLedly LighL, buL
SP AusNeL is on Lrack Lo achieving 57
ol Lhe LoLal rollouL by June 2010. lL has
phased LargeLs leading up Lo 2013. 1he
nexL milesLone is 107 coverage by Lhe end
ol Lhis year.
Popple, who also chairs Lhe indusLry
body SmarL Crid AusLralia, leels LhaL
smarL meLers are a win·win lor disLribuLors
and cusLomers. "SmarL grids provide an
opporLuniLy lor energy disLribuLors Lo
Lranslorm Lheir neLworks Lo deliver energy
more ellcienLly by improving neLwork
reliabiliLy, delivering energy savings Lo
cusLomers, minimizing Lransmission loss
and enabling neLworks Lo deliver increasing
amounLs ol renewable energy," he says.
ChaIIences cf picneerinc: tariffs and
!T prccram manacement
Any pioneering acLiviLy Lypically comes
wiLh a hosL ol unloreseen challenges.
For example, Lhe proposed inLroducLion
ol Lime·ol·use {1OU) Larills aLLracLed
adverse publiciLy. "ln hindsighL, noL
enough consulLaLion was carried ouL on
inLroducing Lhe new Larills," says Popple,
"and Lhere's been an ouLcry LhaL cerLain
consumers will be disadvanLaged by
Lhem. So alLhough Lhe energy regulaLor
approved iniLial 1OU Larills, SP AusNeL
has agreed wiLh Lhe CovernmenL's requesL
Lo deler implemenLaLion, pending an
indusLry review."
lronically, had 1OU been implemenLed as
planned, consumers would soon see where
energy savings could be made. And LhaL
would acceleraLe changes in consumpLion
behavior, resulLing in lower energy bills.
ConLroversially, bills have gone up as
consumers are charged lor Lheir meLers
and associaLed inlrasLrucLure now · in
many cases up Lo Lhree years in advance
ol insLallaLion · belore any energy
consumpLion benelLs are realized. PiLlalls
such as Lhis underline Lhe dangers ol any
dislocaLion beLween Lhe sLaLe, regulaLors
and indusLry players in rolling ouL Lhe
smarL meLer iniLiaLive.
Popple also recognizes LhaL being
an energy pioneer carries Lhe risk ol
unanLicipaLed cosLs and Lime overruns
because Lhe Lechnology is unLried and
unLesLed. lnLegraLing Lhe meLers wiLh Lhe
communicaLion and back·ollce processes
is proving Lo be a ma|or issue. ln an
ideal world, Lhis would have been ironed
ouL in advance. lnsLead, SP AusNeL is
having Lo work in parallel wiLh Lechnology
deploymenL Lo meeL iLs June LargeLs.
"Rolling ouL Lhe meLers is Lhe easy biL.
BuL uLiliLies aren'L used Lo running ma|or l1
programs. lmplemenLaLion challenges wiLh
Lhe new WiMAX communicaLion Lechnology
and Lhe advanced luncLionaliLy required
Lo meeL Lhe VicLorian CovernmenL's
specilcaLion have puL some pressure on,"
Popple says.
Better ccmmunicaticn cn benehts needed
Popple is clear LhaL Lhe biggesL lesson
emerging lrom implemenLaLion is Lhe need
lor greaLer collaboraLion and consisLency
across Lhe indusLry on Lhe messages and
PR surrounding smarL meLering. 1his mighL
have helped Lo quell accusaLory claims
along Lhe disLribuLion chain.
FurLhermore, he believes LhaL
beLLer engagemenL and consulLaLion
wiLh consumers would mean greaLer
undersLanding ol whaL smarL meLering is,
how Lhey can manage Lheir own energy
prolles and usage, Lhe ellecL ol Larills and
Lhe poLenLial ol smarL grids.
"As an indusLry, we could arLiculaLe Lhe
longer·Lerm benelLs beLLer," he explains.
"We need Lo geL inside consumers' shoes
and see iL lrom Lheir perspecLive."
Tcmcrrcw's chaIIence beycnd the meter
Above Lhe meLer, SP AusNeL is already
making progress. "We've successlully
developed Lhe abiliLy Lo remedy laulLs
very quickly and Lo resLore supply
auLomaLically by swiLching around Lhe
laulL. 1haL's imporLanL lor us, as we have
a large rural neLwork," says Popple.
1he uLiliLy is also considering
opporLuniLies Lo provide below·Lhe·
meLer soluLions. lL can capiLalize on
iLs engineering leld lorce Lo insLall
phoLovolLaic cells {solar panels), home
energy managemenL sysLems and,
poLenLially, oll·grid or micro·grid soluLions
LhaL are well suiLed Lo Lhe rural AusLralian
environmenL. 1his will ineviLably mean
more compeLiLion wiLhin Lhe indusLry,
which can only be good lor consumers.
1haL, however, is Lomorrow's sLory.
1oday, as Lhe poliLical and regulaLory
debaLe rumbles on in Lhe sLaLe ol VicLoria,
SP AusNeL is pressing ahead. AlLer all,
Lhere are 35,000 smarL meLers Lo geL up
and running by June. Q
45 UtiIities unbundIed Issue 08
Charles Popple,
Croµp Ceneral
Hanaqer, Networks
$trateqy and
$P AµsNet
Charles has 3^
years' experience in Lhe energy indusLry.
He originally Lrained and worked as an
elecLrical engineer, belore moving on Lo
Lake up a series ol senior managemenL
roles in Lhe VicLorian elecLric power secLor.
He also spenL Lwo years as a consulLanL
wiLh LrnsL & Young, specializing in energy
markeL relorm and regulaLion. He has
worked lor SP AusNeL since 2001.
RecicnaI repcrts: Asia Pacihc

Desertec: an
energy oasis
Could solar energy one day replace
coal, oil and gas? It sounds Iuturistic
¬ but Desertec ChieI Executive
Paul van 5on's vision is grounded in
the practicalities oI the present.
Interview by Alexis Cazzo
n |usL six hours, deserLs are bombarded
by more energy lrom Lhe sun Lhan Lhe
human race consumes in a year. ll we
can capLure and LransporL LhaL energy
lor use around Lhe world, we could do
away wiLh dirLy lossil luels in ^0 years'
Lime and rely on concenLraLed solar power
{CSP) insLead.
1haL's Lhe vision.
CeLLing Lhere is Lhe challenge lacing Lhe
DeserLec lndusLrial lniLiaLive {Dii), lounded
in July 2009. Made up ol a consorLium ol
16 companies · renewable energy leaders
such as L.ON, SCHO11 Solar and Siemens,
and banking and insurance indusLry gianLs
such as Munich Re and DeuLsche Bank · Dii
is paving Lhe way Lo Lhe implemenLaLion ol
large·scale, low·carbon power supply lrom
Lhe deserLs ol Lhe Middle LasL and NorLh
Alrica {MLNA).
Paul van Son is Dii's Chiel LxecuLive
who, during his Lhree·year Lenure Lo 2012,
will assess realisLic medium· Lo long·Lerm
measures. His is a raLional approach: "l
have one eye on our luLure vision and
Lhe oLher on whaL is achievable now," he
says. "1he realiLy is LhaL whaL we're Lrying
Lo achieve is ^0 years oll, buL we need Lo
engage people and commerce now."
1o bring Lhe luLure inLo Lhe presenL, Dii
idenLiles relerence pro|ecLs. "1hese are
small·scale iniLiaLives Lo piloL Lechnology,
saLisly legal and regulaLory condiLions,
inLerconnecL naLional grids and Lhe like
· so we can begin generaLing CSP and
creaLing a model lor luLure programs."
Dii relerence pro|ecLs are imminenL in
Morocco and 1unisia. FurLher down Lhe
line, pro|ecLs could roll ouL in Algeria,
Libya, LgypL and Jordan.
47 UtiIities unbundIed Issue 08
Massive investment and IccaI
buy-in essentiaI
While Lhe Lechnology side ol DeserLec is
already viable
, Lhe commercial viabiliLy ol
consLrucLing high·volLage direcL currenL
neLworks across vasL Lerrains and linking
grids in NorLh Alrica, Lhe Middle LasL and
Lurope remains unresolved. Van Son's Lask
is Lo creaLe Lhe condiLions LhaL will make
DeserLec possible.
A prioriLy is Lo build a lavorable
invesLmenL climaLe lor renewables lrom
MLNA. 1his is a challenge · Lhe bill Lo
achieve DeserLec's vision by 2050 is
likely Lo Lop t^00b {USS5^0b) yeL Lhere
is currenLly no sLrong business case Lo
encourage parLicipaLion in lnancing
pro|ecLs. CovernmenLs' adopLion ol
renewable energy legislaLion will geL Lhe
wheels Lurning, buL musL be backed by
a lavorable invesLmenL lramework and
innovaLive business models. "Relerence
pro|ecLs · sullcienLly large Lo reach
economies ol scale · will help Lo LranslaLe
Lhe DeserLec vision inLo someLhing more
Langible lor invesLmenL purposes,"
van Son believes.
Luropean impeLus comes lrom ArLicle
9 ol Lhe Renewables DirecLive, which
could see LU member sLaLes imporL
"green" elecLriciLy Lo meeL average
207 renewables LargeLs by 2020. BuL
hosL counLries · "Lhe owners ol Lhis
energy" · wanL a share ol Lhe low·carbon
elecLriciLy generaLed in Lheir LerriLories,
Loo. Winning poliLical supporL also resLs on
a commiLmenL Lo Lhe emergence ol local
renewable indusLries.
"ln Lhe Middle LasL, NorLh Alrica and
Lhe Sahara region, growing populaLions
have growing energy needs. 1hey wanL Lo
build a local indusLry around renewables
and are looking Lo companies lrom Lurope
Lo help develop Lhe Lechnologies and
indusLry plaLlorms and Lo Lransler research
and Lraining. DeserLec, as a concepL,
can only 'ly' il we can creaLe long·Lerm
indusLry sLraLegies lrom which Lhe hosL
naLions can prolL."
Van Son sLresses LhaL noLhing is possible

Paul van 5on, Dii
Paµl van $on, Chief Execµtive
Dfhcer, 0esertec Indµstrial
WiLh more Lhan 30 years' experience
in Lhe inLernaLional renewable
elecLriciLy and gas indusLry, and
several successlul green power
iniLiaLives behind him, Paul van
Son became DeserLec's CLO in
2009. He is also Chairman ol Lhe
Lnergy^All FoundaLion, a non·
prolL organizaLion promoLing
decenLralized energy in Alrica,
and PresidenL ol Lhe Luropean
FederaLion ol Lnergy 1raders.
in MLNA wiLhouL robusL relaLionships.
"You need Lo undersLand Lhe culLures.
Companies commonly make misLakes by
being Loo hasLy or Loo locused on lnancial
reLurns. FirsL you build Lhe relaLionships;
Lhen LogeLher you seL ouL Lhe approach.
1haL limiLs risk."
Visicn intc reaIity
FuLurisLic as iL sounds, oLher agency
endeavors supporL Lhe DeserLec vision.
1he MediLerranean Solar Plan
{MSP) aims Lo generaLe 20CW ol
energy each year lrom solar and
oLher renewable sources around Lhe
MediLerranean Sea by 2020.
Research by Lhe Cerman Aerospace
CenLer suggesLs LhaL solar and
wind planLs in MLNA could make
a subsLanLial conLribuLion Lo hosL
counLries' power needs, as well as
supplying abouL 157 ol Lurope's
elecLriciLy requiremenLs.
1ransCreen Lnergy aims Lo reinlorce
grid inLerconnecLions beLween Lhe
souLhern and norLhern shores ol
Lhe MediLerranean and Lurope
lor more ellecLive Lransmission ol
renewable energy.
Meanwhile, Jordan and Morocco have
raLiled renewable energy legislaLion. And
solar iniLiaLives in Morocco, 1unisia and
LgypL have overcome legal and regulaLory
hurdles Lo secure Lhe go·ahead lrom Lheir
respecLive governmenLs. Lncouragingly,
Lhese miniaLure versions ol DeserLec are
now aLLracLing privaLe invesLor inLeresL
in renewables.
"1hese pro|ecLs and iniLiaLives are
leasible; Lhey are real," says van Son. "And
Lhey hinL aL how DeserLec could irrevocably
change Lhe energy mix lor indusLrialized
counLries in Lhe luLure." Q
ConcenLraLed Solar Power {CSP), solar phoLovolLaic {PV),
wind power and HVDC Lransmission lines are Lhe main lines ol
Lechnology and are already in operaLion across Lhe world.

Ernst & Young
Ernst & Young's global network oI utilities proIessionals
numbers 2,500 in ó00 locations. Cur member hrms
work with almost every utility in the world. Cur
range oI services includes accounting and auditing;
tax reporting, operations and advisory; business
risk services; technology and security risk services;
transaction advisory; and human capital services.
Ben van Cils
Clobal Power & Utilities Leader
Ernst & Young Clobal Power & Utilities Center
DüsseldorI, Cermany
Direct tel: +49 211 9352 21557
Email: ben.van.gils©nl.ey.com
Based in Düsseldorl, Ben coordinaLes our services lor power
and uLiliLy clienLs worldwide. He has been involved in many
ol Lhe unbundling acLiviLies and corporaLe reorganizaLions LhaL
have shaped Lhe indusLry in recenL years. He regularly advises
governmenLs, poliLical parLies in Lhe LU, Lhe lnLernaLional
MoneLary Fund and Lhe World Bank on resLrucLuring in Lhe secLor.
Dur pecpIe
49 UtiIities unbundIed Issue 08
Bill Easton
Power & Utilities, UK
Direct tel: +44 20 7951 54ó3
Email: beaston©uk.ey.com
Joseph has more Lhan 25 years' corporaLe lnance and LransacLion
experience, and 20 years' experience wiLh power generaLion and
uLiliLies. He has led numerous LransacLions lor sLraLegic buyers and
privaLe equiLy invesLors in Lhe indusLry, including elecLric and gas
uLiliLies, independenL power producers, elecLric and gas markeLing
companies, gas pipelines, LNC planL consLrucLion pro|ecLs, gas
sLorage and Lransmission and disLribuLion ouLsourcing.
Bill works in LrnsL & Young's ULiliLies Lconomics Advisory
pracLice, locusing on regulaLion and markeL design. He has more
Lhan 18 years' experience in ma|or engagemenLs across Lhe value
chain in elecLriciLy, gas and waLer. He has advised elecLriciLy
disLribuLors and suppliers on Lhe relorm ol meLering and
seLLlemenL arrangemenLs in Lhe UK and across Lurope.
Joseph Fontana
Clobal Utilities & Power Industry
Leader, Transaction Advisory
5ervices, U5
Direct tel: +1 212 773 3382
Email: ioseph.Iontana©ey.com
Alexis Cazzo
Climate Change & 5ustainability
5ervices, France
Direct tel: +33 1 4ó 93 ó3 98
Email: alexis.gazzo©Ir.ey.com
PeLer leads our Working CapiLal Advisory pracLice in Lhe MidwesL
and NorLh CenLral US. WiLh 18 years' global managemenL
experience, he helps clienLs in a wide range ol indusLries Lo lree
up cash by opLimizing working capiLal.
Alexis advises governmenLs, inLernaLional donors and
corporaLions on Lheir carbon and cleanLech sLraLegies.
He specializes in developmenL, lnancing and susLainabiliLy
evaluaLion lor renewable energy and wasLe pro|ecLs. Belore
|oining LrnsL & Young in 1998, he worked as pro|ecL ollcer Lo
Lhe Luropean Commission's delegaLion in Morocco.
Peter Kingma
Transaction Advisory 5ervices, U5
Direct tel: +1 312 879 4305
Email: peter.kingma©ey.com
Mcre infcrmaticn
ll you would like Lo discuss any ol Lhe issues presenLed in Mladala]kmfZmf\d]\, please
leel lree Lo call or email our conLribuLors.
Andrea Paliani
Power & Utilities 5ector
Leader, Italy
Direct tel: +39 02 80óó37ó1
Email: andrea.paliani©it.ey.com
RoberL has 16 years' advisory experience wiLh clienLs all around
Lhe world. He has helped Lo deliver billions ol euros in working
capiLal improvemenLs lor clienLs in many indusLries including
uLiliLies, Lelecoms, Lechnology and Lhe auLomoLive secLor.
As secLor leader lor power and uLiliLies in lLaly, Andrea complemenLs
several years' indusLry experience wiLh previous work lor Lelecoms,
cenLral governmenL and LransporL clienLs. He is involved in Lhe
merger and acquisiLion and lnance LranslormaLion acLiviLies ol
uLiliLies across lLaly.
Pobert 5mid
Working Capital Advisory
5ervices, Cermany
Direct tel: +49 ó19ó 99ó 17ó82
Email: robert.smid©de.ey.com
Arun 5rivastava
Business Advisory 5ervices
1Covernment), India
Direct tel: +91 11 43ó3 3119
Email: srivastava©in.ey.com
WiLh more Lhan 13 years' experience in LransacLions advisory and
audiL services lor large Chinese sLaLe·owned enLerprises, privaLe
equiLy houses and mulLinaLional companies, Lleanor leads our
China ouLbound M&A services in 1ransacLion Advisory Services.
She specializes in deal sLrucLuring, invesLmenL agreemenL
negoLiaLions, lnancial due diligence and corporaLe resLrucLuring.
Arun has been associaLed wiLh lndia's energy secLor lor 19 years
and has exLensive business advisory experience wiLh Lhe counLry's
power producers. He also has experience ol ma|or naLional power
secLor relorm and resLrucLuring pro|ecLs, gained during his
Lime wiLh Lhe MinisLry ol Power and Lhe Planning Commission,
CovernmenL ol lndia.
Eleanor Wu
Transactions Advisory
5ervices, China
Leader oI China Cutbound
Transactions 5ervices
Direct tel: +8ó 10 5815 3387
Email: eleanor.wu©cn.ey.com
5mart technologies
are modernizing
energy systems,
bringing massive
change Ior the
industry, its
consumers and Ior
competition. How
will utilities cope
with the shake·up?
And what must you
do to get ahead and
stay ahead?
Power and
utilities ¬
Visit our website Ior more
inIormation about how to succeed
in smart:
· Learn how smarL Lechnology is
changing Lhe P&U secLor around
Lhe world
· Read abouL Lhe new business
opporLuniLies ol a changing markeL
· Discover whaL oLher indusLries learned
lrom ma|or change
· Find ouL il you have Lhe seven
characLerisLics ol a smarL winner
· Use our smarL diagnosLic Lo LesL your
readiness Lo compeLe

Will your business be a
smart winner?
Our indusLry prolessionals are helping Lo
sLeer Lhe P&U secLor inLo Lhe smarL luLure,
Lo help you make Lhe mosL ol change.
We have idenLiled seven key
characLerisLics needed Lo be a winner
in smarL {see graphic below), based on
our knowledge ol Lhe P&U secLor and our
experience ol supporLing oLher indusLries
Lhrough ma|or change. VisiL our websiLe aL
ey.ccm/smart Lo lnd ouL more, and use
our smarL sell·assessmenL Lool [available in
May 2010| Lo lnd ouL how prepared your
business is lor Lhe new smarL world.
Managerial and
Clear vision,
producLs and
Winner in
51 UtiIities unbundIed Issue 08
Key characteristics
oI a winner in the
new smart market
LrnsL & Young
Assurance | 1ax | 1ransacLions | Advisory
Abcut Ernst & Ycunc
LrnsL & Young is a global leader in assurance, Lax,
LransacLion and advisory services. Worldwide,
our 1^^,000 people are uniLed by our shared
values and an unwavering commiLmenL Lo qualiLy.
We make a dillerence by helping our people, our
clienLs and our wider communiLies achieve Lheir
For more inlormaLion, please visiL www.ey.com
LrnsL & Young relers Lo Lhe global organizaLion
ol member lrms ol LrnsL & Young Clobal LimiLed,
each ol which is a separaLe legal enLiLy.
LrnsL & Young Clobal LimiLed, a UK company
limiLed by guaranLee, does noL provide services
Lo clienLs.
1he LrnsL & Young organizaLion is divided inLo
lve geographic areas and lrms may be members
ol Lhe lollowing enLiLies: LrnsL & Young Americas
LLC, LrnsL & Young LMLlA LimiLed, LrnsL & Young
Far LasL Area LimiLed and LrnsL & Young Oceania
LimiLed. 1hese enLiLies do noL provide services
Lo clienLs.

Abcut Ernst & Ycunc's
CIcbaI Pcwer & UtiIities Center
ln a world ol uncerLainLy, changing regulaLory
lrameworks and environmenLal challenges, uLiliLy
companies need Lo mainLain a secure and reliable
supply, while anLicipaLing change and reacLing
Lo iL quickly. LrnsL & Young's Clobal Power &
ULiliLies CenLer brings LogeLher a worldwide
Leam ol prolessionals Lo help you achieve your
poLenLial · a Leam wiLh deep Lechnical experience
in providing assurance, Lax, LransacLion and
advisory services. 1he CenLer works Lo anLicipaLe
markeL Lrends, idenLily Lhe implicaLions and
develop poinLs ol view on relevanL indusLry
issues. UlLimaLely iL enables us Lo help you meeL
your goals and compeLe more ellecLively. lL's how
LrnsL & Young makes a dillerence.
© 2010 LYCM LimiLed.
All RighLs Reserved.
LYC no. DX0079
1his publicaLion conLains inlormaLion in summary lorm and is
Lherelore inLended lor general guidance only. lL is noL inLended
Lo be a subsLiLuLe lor deLailed research or Lhe exercise ol
prolessional |udgmenL. NeiLher LYCM LimiLed nor any oLher
member ol Lhe global LrnsL & Young organizaLion can accepL
any responsibiliLy lor loss occasioned Lo any person acLing
or relraining lrom acLion as a resulL ol any maLerial in Lhis
publicaLion. On any specilc maLLer, relerence should be made Lo
Lhe appropriaLe advisor.
1he views ol Lhird parLies seL ouL in Lhis publicaLion are noL
necessarily Lhe views ol Lhe global LrnsL & Young organizaLion or
iLs member lrms. Moreover, Lhey should be seen in Lhe conLexL
ol Lhe Lime Lhey were made.

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gjhgjYl] A.L _gn]jfYf[] g^ [gjhgjYl] hjg[]kk]k Yl 9*9& Oal` egj] l`Yf )) q]YjkÌ ]ph]ja]f[] af Zmkaf]kk hjg[]kk j]]f_af]]jaf_$ [`Yf_] eYfY_]e]fl Yf\ AL gj_YfarYlagfYd \]n]dghe]fl$ `] \]n]dghk Yf\ aehd]e]flk AL kljYl]_a]k lg j]kgdn] Zmkaf]kk hjgZd]ek& l`Yl o] [Yf \]dan]j ]^Õ[a]f[q$ [gkl kYnaf_k$ kmhhda]j jYlagfYdarYlagf Yf\ k]jna[] imYdalq aehjgn]e]flk& L`ak oadd _an] gmj afl]jfYd [mklge]jk Z]ll]j Yhhda[Ylagfk Yf\ kgdmlagfk lg \g l`]aj bgZk& 9f\ l`Yl eYc]k l`]e egj] j][]hlan] lg [`Yf_]&Ê Af l`] l`j]] q]Yjk kaf[] l`] log f]logjc eYfY_]e]fl [gehYfa]k Yf\ -( keYdd]j Zmkaf]kk]k [Ye] lg_]l`]j mf\]j l`] 9*9 ZYff]j$ l`] A.L ak Zmqaf_ af f]o hjg\m[lk Yf\ da[]fk]k& L`] j]lmjf gf l`ak afn]kle]fl ak j]Yddq `a_`& AeY_af] `go Zmkaf]kk afl]dda_]f[] oadd af^gje gmj afn]kle]fl \][akagfk$ jakc eYfY_]e]fl$ [mklge]j cfgod]\_]$ k]jna[] \]n]dghe]fl &&& O] kaehdq [YfÌl Y^^gj\ fgl lg afn]kl$Ê Ykk]jlk H]j^]lla& L`] mladalqÌk K9H aehd]e]flYlagf$ l`gm_` j]dYlan]dq ima[c$ `Yk Z]]f `Yj\]j lg Y[`a]n]& Oal`af ]a_`l egfl`k$ al eYfY_]\ lg egn] [gj] hjg[]kk]k gn]j lg l`] f]o []fljYd kqkl]e& Lae] [gfkljYaflk ^gj[]\ al lg ljYfkalagf gl`]j d]kk mj_]fl hjg[]kk]k af l`] ^gddgoaf_ ^]o egfl`k& D]kk g^ Y hjagjalq ak mladalq eYafl]fYf[]$ o`a[` ak [mjj]fldq eYfY_]\ gf \akhYjYl] kqkl]ek Y[jgkk AlYdq$ >jYf[]$ Egfl]f]_jg$ KhYaf Yf\ l`] MC& L`] [gkl%Z]f]Õl _Yh ak [mjj]fldq lgg oa\]& >mf\af_ ^gj l`] kg^loYj] l`Yl oadd Zjaf_ eYafl]fYf[] gflg gf] [geegf hdYl^gje oadd `Yn] lg oYal Yf\ l`] [gehYfq oadd `Yn] lg [gh] oal` \an]jkalq& É<a^^]j]fl ]imahe]fl oadd [gflafm] lg Z] eYfY_]\ k]hYjYl]dq$ Yk l`] [gkl g^ []fljYdarYlagf ak egj] [gkldq l`Yf l`] hgl]flaYd kYnaf_k$Ê ]phdYafk H]j^]lla& Mkaf_ AL lg afkla_Yl] [`Yf_] .gfl]fl l`Yl ak fgl [mjj]fldq YnYadYZd] gf ]d][ljgfa[ kqkl]ek ak Z]af_ [gehad]\ ^jge k[jYl[` Yf\ dgY\]\ gf lg l`] hdYl^gje& 9dkg hj]kkaf_ ak Y Zmkaf]kk afl]dda_]f[] kqkl]e$ a\]flaÕ]\ Zq A.gehgmf\af_ l`] [gehd]pala]k g^ afl]_jYlagf ak Y `aYlmk af l`] ]ngdnaf_ j]_mdYlagf g^ AlYdqÌk mladalq af\mkljq& O`ad] l`] [gehYfq oYalk lg `]Yj o`Yl l`] Égh]fÊ mladala]k eYjc]l È Yf\ 9*9Ìk jgd] af al È oadd dggc dac]$ H]j^]lla ak ogjcaf_ lg ]fkmj] l`Yl alk AL Yj[`al][lmj] ak km^Õ[a]fldq \]pl]jgmk lg Y\Yhl ima[cdq lg f]o jmd]k Yk l`]q ]e]j_]& >jge Yf AL h]jkh][lan]$ l`] Za__]kl [`Ydd]f_] ^gj H]j^]lla ak ÉÕf\af_ l`] Z]kl oYq lg afl]_jYl] eYjc]l kgdmlagfk lg \]dan]j [gkl kYnaf_k lg 9*9 ima[cdq&Ê >jge Y Zmkaf]kk h]jkh][lan]$ ÉalÌk [`Yf_af_ `]Yjlk Yf\ eaf\k& J]%]f_af]]jaf_ akfÌl YZgml Y Zal g^ j]^mjZak`e]fl `]j] Yf\ l`]j]2 alÌk YZgml \]dan]jaf_ l`] ja_`l d]n]d g^ [`Yf_]$Ê `] ]phdYafk& ÉL`]j] Yj] Za_ ghhgjlmfala]k ^gj Y k`Yc]%mh af f]logjc eYfY_]e]fl Yf\ l`] kmhhdq [`Yaf& L`] A.L ^mf[lagf `Yk Z]]f Yf afkla_Ylgj Yf\ ]fYZd]j g^ [`Yf_]& Al `Yk `]dh]\ lg kYn] egf]q Yf\ aehjgn] gj_YfarYlagfYd ]^Õ[a]f[q$ o`ad] kmhhgjlaf_ gh]jYlagfYd daf]k oal`af l`] [gjhgjYl] ^mf[lagf Yf\ aehjgnaf_ l`] [YhYZadala]k g^ alk 1$((( h]ghd]& L`] fglagf g^ AL \janaf_ [`Yf_] af l`] Zmkaf]kk$ jYl`]j l`Yf l`] Zmkaf]kk \a[lYlaf_ l`] AL$ ogfÌl kal [ge^gjlYZdq oal` kge] af l`] hgo]j Yf\ mladala]k k][lgj& :ml$ Yk H]j^]lla hgaflk gml$ l`] ^mf[lagf ak eYcaf_ Zmkaf]kk \][akagfk ZYk]\ gf [jala[Yd f]]\ Yf\ [gkl Z]f]Õlk& Gh]jYlaf_ Yl l`] [jmp g^ l`] Zmkaf]kk$ AL ak ljYfkdYlaf_ o`Yl ak \]kajYZd] aflg o`Yl ak Y[lagfYZd]$ af^gje]\ Zq l][`fa[Yd cfgod]\_] Yf\ af\mkljq mf\]jklYf\af_& 9f\ ^gj l`Yl$ kYqk H]j^]lla$ É9*9 `Yk eYfq j]Ykgfk lg ^]]d n]jq hgkalan] YZgml alk ^mlmj]&Ê Q +- Mladala]k mfZmf\d]\ Akkm] (0 .L ^mf[lagf f]]\k lg ]fYZd] l`Yl lg `Yhh]f Zq \]egfkljYlaf_ Kl]^Yfg H]j^]lla$ @]Y\ g^ K]jna[] Daf] .L <]hYjle]fl$ 9*9 ?jgmh Kl]^Yfg H]j^]lla ak j]khgfkaZd] ^gj A.L Yk Y e]Yfk g^ _Yl`]jaf_ j]daYZd] af^gjeYlagf ^gj egj] af^gje]\ \][akagf%eYcaf_ Zq l`] Zmkaf]kk& ÉAfkl]Y\ g^ [mllaf_ [gklk$ A.J]_agfYd j]hgjlk2 =E=A9 A lYdqÌk 9*9 Kh9 oYk [j]Yl]\ o`]f EadYf% ZYk]\ 9=E af[gjhgjYl]\ 9KE ^jge :j]k[aY Yf\ l`] keYdd]j 9EK9& L`j]] q]Yjk gf$ l`] _jgmh [gehjak]k YZgml )(( [gehYfa]k af ]d][lja[alq$ _Yk$ `]Yl$ oYl]j Yf\ oYkl]! 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11.+/.9f\j]Y HYdaYfa Hgo]j  Mladala]k K][lgj D]Y\]j$ AlYdq <aj][l l]d2 #+1 (* 0(. )( -0).`afY gmlZgmf\ E9 k]jna[]k af LjYfkY[lagf 9\nakgjq K]jna[]k& K`] kh][aYdar]k af \]Yd kljm[lmjaf_$ afn]kle]fl Y_j]]e]fl f]_glaYlagfk$ ÕfYf[aYd \m] \ada_]f[] Yf\ [gjhgjYl] j]kljm[lmjaf_& Egj] af^gjeYlagf A^ qgm ogmd\ dac] lg \ak[mkk Yfq g^ l`] akkm]k hj]k]fl]\ af Mladala]k mfZmf\d]\$ hd]Yk] ^]]d ^j]] lg [Ydd gj ]eYad gmj [gfljaZmlgjk& -( . )/.+.)1.0* =eYad2 jgZ]jl&kea\8\]&]q&[ge 9k k][lgj d]Y\]j ^gj hgo]j Yf\ mladala]k af AlYdq$ 9f\j]Y [gehd]e]flk k]n]jYd q]YjkÌ af\mkljq ]ph]ja]f[] oal` hj]nagmk ogjc ^gj l]d][gek$ []fljYd _gn]jfe]fl Yf\ ljYfkhgjl [da]flk& @] ak afngdn]\ af l`] e]j_]j Yf\ Y[imakalagf Yf\ ÕfYf[] ljYfk^gjeYlagf Y[lanala]k g^ mladala]k Y[jgkk AlYdq& JgZ]jl `Yk ).`af]k] klYl]%gof]\ ]fl]jhjak]k$ hjanYl] ]imalq `gmk]k Yf\ emdlafYlagfYd [gehYfa]k$ =d]Yfgj d]Y\k gmj .++0/ =eYad2 ]d]Yfgj&om8[f&]q&[ge 9jmf `Yk Z]]f Ykkg[aYl]\ oal` Af\aYÌk ]f]j_q k][lgj ^gj )1 q]Yjk Yf\ `Yk ]pl]fkan] Zmkaf]kk Y\nakgjq ]ph]ja]f[] oal` l`] [gmfljqÌk hgo]j hjg\m[]jk& @] Ydkg `Yk ]ph]ja]f[] g^ eYbgj fYlagfYd hgo]j k][lgj j]^gje Yf\ j]kljm[lmjaf_ hjgb][lk$ _Yaf]\ \mjaf_ `ak lae] oal` l`] Eafakljq g^ Hgo]j Yf\ l`] HdYffaf_ ..YhalYd 9\nakgjq K]jna[]k$ ?]jeYfq <aj][l l]d2 #. q]YjkÌ Y\nakgjq ]ph]ja]f[] oal` [da]flk Ydd Yjgmf\ l`] ogjd\& @] `Yk `]dh]\ lg \]dan]j Zaddagfk g^ ]mjgk af ogjcaf_ [YhalYd aehjgn]e]flk ^gj [da]flk af eYfq af\mklja]k af[dm\af_ mladala]k$ l]d][gek$ l][`fgdg_q Yf\ l`] Ymlgeglan] k][lgj& =d]Yfgj Om 9jmf KjanYklYnY :mkaf]kk 9\nakgjq K]jna[]k ?gn]jfe]fl!$ Af\aY <aj][l l]d2 #1) )) .) =eYad2 Yf\j]Y&hYdaYfa8al&]q&[ge JgZ]jl Kea\ Ogjcaf_ .+ +))1 =eYad2 kjanYklYnY8af&]q&[ge LjYfkY[lagfk 9\nakgjq K]jna[]k$ .`afY D]Y\]j g^ .geeakkagf$ ?gn]jfe]fl g^ Af\aY& Oal` egj] l`Yf )+ q]YjkÌ ]ph]ja]f[] af ljYfkY[lagfk Y\nakgjq Yf\ Ym\al k]jna[]k ^gj dYj_] .`afY GmlZgmf\ LjYfkY[lagfk K]jna[]k <aj][l l]d2 #0.1 .

d]Yj nakagf$ kljYl]_a[ Ö]paZadalq .mklge]j ^g[mk Oaff]j af ËkeYjlÌ =^^][lan] hYjlf]jk`ahk C]q [`YjY[l]jakla[k g^ Y oaff]j af l`] f]o keYjl eYjc]l Kljgf_ ZjYf\ L][`fgdg_q ]p[]dd]f[] AffgnYlan] hjg\m[lk Yf\ k]jna[]k Mladala]k mfZmf\d]\ Akkm] (0 -) .Hgo]j Yf\ mladala]k È [gfim]jaf_ keYjl KeYjl l][`fgdg_a]k Yj] eg\]jfaraf_ ]f]j_q kqkl]ek$ Zjaf_af_ eYkkan] [`Yf_] ^gj l`] af\mkljq$ alk [gfkme]jk Yf\ ^gj [geh]lalagf& @go oadd mladala]k [gh] oal` l`] k`Yc]%mh7 9f\ o`Yl emkl qgm \g lg _]l Y`]Y\ Yf\ klYq Y`]Y\7 Nakal gmj o]Zkal] ^gj egj] af^gjeYlagf YZgml `go lg km[[]]\ af keYjl2  D]Yjf `go keYjl l][`fgdg_q ak [`Yf_af_ l`] HM k][lgj Yjgmf\ l`] ogjd\  J]Y\ YZgml l`] f]o Zmkaf]kk ghhgjlmfala]k g^ Y [`Yf_af_ eYjc]l  <ak[gn]j o`Yl gl`]j af\mklja]k d]Yjf]\ ^jge eYbgj [`Yf_]  >af\ gml a^ qgm `Yn] l`] k]n]f [`YjY[l]jakla[k g^ Y keYjl oaff]j  Mk] gmj keYjl \aY_fgkla[ lg l]kl qgmj j]Y\af]kk lg [geh]l] Gmj af\mkljq hjg^]kkagfYdk Yj] `]dhaf_ lg kl]]j l`] HM k][lgj aflg l`] keYjl ^mlmj]$ lg `]dh qgm eYc] l`] egkl g^ [`Yf_]& O] `Yn] a\]flaÕ]\ k]n]f c]q [`YjY[l]jakla[k f]]\]\ lg Z] Y oaff]j af keYjl k]] _jYh`a[ Z]dgo!$ ZYk]\ gf gmj cfgod]\_] g^ l`] HM k][lgj Yf\ gmj ]ph]ja]f[] g^ kmhhgjlaf_ gl`]j af\mklja]k l`jgm_` eYbgj [`Yf_]& Nakal gmj o]Zkal] Yl ]q&[ge'keYjl lg Õf\ gml egj]$ Yf\ mk] gmj keYjl k]d^%Ykk]kke]fl lggd SYnYadYZd] af EYq *()(U lg Õf\ gml `go hj]hYj]\ qgmj Zmkaf]kk ak ^gj l`] f]o keYjl ogjd\& Oadd qgmj Zmkaf]kk Z] Y keYjl oaff]j7 ]q&[ge'keYjl EYfY_]jaYd Yf\ gh]jYlagfYd ]p[]dd]f[] .

]fl]j Af Y ogjd\ g^ mf[]jlYaflq$ [`Yf_af_ j]_mdYlgjq ^jYe]ogjck Yf\ ]fnajgfe]flYd [`Ydd]f_]k$ mladalq [gehYfa]k f]]\ lg eYaflYaf Y k][mj] Yf\ j]daYZd] kmhhdq$ o`ad] Yfla[ahYlaf_ [`Yf_] Yf\ j]Y[laf_ lg al ima[cdq& =jfkl  Qgmf_Ìk ?dgZYd Hgo]j  Mladala]k .]fl]j ogjck lg Yfla[ahYl] eYjc]l lj]f\k$ a\]fla^q l`] aehda[Ylagfk Yf\ \]n]dgh hgaflk g^ na]o gf j]d]nYfl af\mkljq akkm]k& MdlaeYl]dq al ]fYZd]k mk lg `]dh qgm e]]l qgmj _gYdk Yf\ [geh]l] egj] ]^^][lan]dq& AlÌk `go =jfkl  Qgmf_ eYc]k Y \a^^]j]f[]& ¡ *()( =Q?E Daeal]\& 9dd Ja_`lk J]k]jn]\& =Q? fg& <P((/1 L`ak hmZda[Ylagf [gflYafk af^gjeYlagf af kmeeYjq ^gje Yf\ ak l`]j]^gj] afl]f\]\ ^gj _]f]jYd _ma\Yf[] gfdq& Al ak fgl afl]f\]\ lg Z] Y kmZklalml] ^gj \]lYad]\ j]k]Yj[` gj l`] ]p]j[ak] g^ hjg^]kkagfYd bm\_e]fl& F]al`]j =Q?E Daeal]\ fgj Yfq gl`]j e]eZ]j g^ l`] _dgZYd =jfkl  Qgmf_ gj_YfarYlagf [Yf Y[[]hl Yfq j]khgfkaZadalq ^gj dgkk g[[Ykagf]\ lg Yfq h]jkgf Y[laf_ gj j]^jYafaf_ ^jge Y[lagf Yk Y j]kmdl g^ Yfq eYl]jaYd af l`ak hmZda[Ylagf& Gf Yfq kh][aÕ[ eYll]j$ j]^]j]f[] k`gmd\ Z] eY\] lg l`] YhhjghjaYl] Y\nakgj& L`] na]ok g^ l`aj\ hYjla]k k]l gml af l`ak hmZda[Ylagf Yj] fgl f][]kkYjadq l`] na]ok g^ l`] _dgZYd =jfkl  Qgmf_ gj_YfarYlagf gj alk e]eZ]j Õjek& Egj]gn]j$ l`]q k`gmd\ Z] k]]f af l`] [gfl]pl g^ l`] lae] l`]q o]j] eY\]& ooo&]q&[ge'hgo]jYf\mladala]k .]fl]j Zjaf_k lg_]l`]j Y ogjd\oa\] l]Ye g^ hjg^]kkagfYdk lg `]dh qgm Y[`a]n] qgmj hgl]flaYd È Y l]Ye oal` \]]h l][`fa[Yd ]ph]ja]f[] af hjgna\af_ YkkmjYf[]$ lYp$ ljYfkY[lagf Yf\ Y\nakgjq k]jna[]k& L`] .$((( h]ghd] Yj] mfal]\ Zq gmj k`Yj]\ nYdm]k Yf\ Yf mfoYn]jaf_ [geeale]fl lg imYdalq& O] eYc] Y \a^^]j]f[] Zq `]dhaf_ gmj h]ghd]$ gmj [da]flk Yf\ gmj oa\]j [geemfala]k Y[`a]n] l`]aj hgl]flaYd& >gj egj] af^gjeYlagf$ hd]Yk] nakal ooo&]q&[ge =jfkl  Qgmf_ j]^]jk lg l`] _dgZYd gj_YfarYlagf g^ e]eZ]j Õjek g^ =jfkl  Qgmf_ ?dgZYd Daeal]\$ ]Y[` g^ o`a[` ak Y k]hYjYl] d]_Yd ]flalq& =jfkl  Qgmf_ ?dgZYd Daeal]\$ Y MC [gehYfq daeal]\ Zq _mYjYfl]]$ \g]k fgl hjgna\] k]jna[]k lg [da]flk& L`] =jfkl  Qgmf_ gj_YfarYlagf ak \ana\]\ aflg Õn] _]g_jYh`a[ Yj]Yk Yf\ Õjek eYq Z] e]eZ]jk g^ l`] ^gddgoaf_ ]flala]k2 =jfkl  Qgmf_ 9e]ja[Yk DD.$ =jfkl  Qgmf_ =E=A9 Daeal]\$ =jfkl  Qgmf_ >Yj =Ykl 9j]Y Daeal]\ Yf\ =jfkl  Qgmf_ G[]YfaY Daeal]\& L`]k] ]flala]k \g fgl hjgna\] k]jna[]k lg [da]flk& 9Zgml =jfkl  Qgmf_Ìk ?dgZYd Hgo]j  Mladala]k ..=jfkl  Qgmf_ 9kkmjYf[] t LYp t LjYfkY[lagfk t 9\nakgjq 9Zgml =jfkl  Qgmf_ =jfkl  Qgmf_ ak Y _dgZYd d]Y\]j af YkkmjYf[]$ lYp$ ljYfkY[lagf Yf\ Y\nakgjq k]jna[]k& Ogjd\oa\]$ gmj ).

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