luzon power situation and outlook · 2017-11-02 · luzon electricity supply-demand outlook 1 april...
TRANSCRIPT
LUZON POWER SITUATION AND OUTLOOK
3 APRIL 2014
0
2,000
4,000
6,000
8,000
10,000
12,000
W1
W2
W3
W4
W5
W6
W7
W8
W9
W1
0W
11
W1
2W
13
W1
4W
15
W1
6W
17
W1
8W
19
W2
0W
21
W2
2W
23
W2
4W
25
W2
6W
27
W2
8W
29
W3
0W
31
W3
2W
33
W3
4W
35
W3
6W
37
W3
8W
39
W4
0W
41
W4
2W
43
W4
4W
45
W4
6W
47
W4
8W
49
W5
0W
51
W5
2
Geothermal Coal Natural Gas Hydro Wind Biomass Oil-based 2013 System Demand
Summer 2013
Source: NGCP Daily Operations Report
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
MalampayaTurnaround (11
Nov-10 Dec 2013)
2013 Max Demand =8,305 MW (08 May)
08 May 2013 Luzon Blackout
ILIJAN A on biodiesel operation (11 Nov-05 Dec)ILIJAN B (08 Nov-11 DEc, SAN LORENZO 1 (01 Nov-05 Dec)
on maintenance; SAN LORENZO 2 on Forced Outage (28 May-09 Dec)
2013 Min Demand =4,800 MW (01 Jan)
SUAL 1 on PMS (02 Aug-01 Sep)SUAL 2 on PMS (14 Sep-21 Oct)PAGBILAO 2on PMS (31 Aug-26
Oct)
PAGBILAO 1 and 2, GNPower 2 , MASINLOC
1 on boiler tube leak
2013 Max Avail Cap =10,078 MW (23 Dec)
2013 Min Avail Cap =6,110 MW (08 May)
2013 LUZON SUPPLY-DEMAND SITUATION
POWER SUPPLY and DEMAND SITUATION
SUMMER MONTHS 2014
LUZON ELECTRICITY SUPPLY-DEMAND STUATION1 January – 31 March 2014
0
2,000
4,000
6,000
8,000
10,000
12,000
1-J
an
3-J
an
5-J
an
7-J
an
9-J
an
11-
Jan
13-
Jan
15-
Jan
17-
Jan
19-
Jan
21-
Jan
23-
Jan
25-
Jan
27-
Jan
29-
Jan
31-
Jan
2-F
eb
4-F
eb
6-F
eb
8-F
eb
10-
Feb
12-
Feb
14-
Feb
16-
Feb
18-
Feb
20-
Feb
22-
Feb
24-
Feb
26-
Feb
28-
Feb
2-M
ar
4-M
ar
6-M
ar
8-M
ar
10-
Mar
12-
Mar
14-
Mar
16-
Mar
18-
Mar
20-
Mar
22-
Mar
24-
Mar
26-
Mar
28-
Mar
30-
Mar
Capacity Demand
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
1-J
an
3-J
an
5-J
an
7-J
an
9-J
an
11-
Jan
13-
Jan
15-
Jan
17-
Jan
19-
Jan
21-
Jan
23-
Jan
25-
Jan
27-
Jan
29-
Jan
31-
Jan
2-F
eb
4-F
eb
6-F
eb
8-F
eb
10-
Feb
12-
Feb
14-
Feb
16-
Feb
18-
Feb
20-
Feb
22-
Feb
24-
Feb
26-
Feb
28-
Feb
2-M
ar
4-M
ar
6-M
ar
8-M
ar
10-
Mar
12-
Mar
14-
Mar
16-
Mar
18-
Mar
20-
Mar
22-
Mar
24-
Mar
26-
Mar
28-
Mar
30-
Mar
Reserve Regulating Reserve Contingency Reserve Dispatchable Reserve
Actual Reserve Profile
Actual Supply-Demand
"Yellow Alert" status declaredlast 3.20.14 due to outage ofMalaya U2 and tripping ofGMCP U1.
Jan Max Demand7063 MW Feb Max Demand
7470 MW
Mar Max Demand7706 MW
LUZON ELECTRICITY SUPPLY-DEMAND OUTLOOK1 April - 31 May 2014
NGCP FORECAST PEAK DEMAND 8,504 MW FOR APRIL AND 8,654 MW FOR MAY.
MAJOR PLANT/UNIT ON OUTAGE/DERATED:
o BCF UNIT 1 EMERGENCY SHUTDOWN ON MARCH 24, 2014 DUE TO
INSTRUMENT TRANSFORMER TROUBLE, WITH ESTIMATED TIME-IN ON APRIL 4,
2014.
o MALAYA U1 ON FORCED OUTAGE DUE TO HIGH TURBINE VIBRATION ON MAR
21, 2014. INSPECTION OF UNIT IS ON-GOING
o MASINLOC U2 ON FORCED OUTAGE DUE TO BOILER TUBE LEAK ON MARCH
25, 2014, WITH ESTIMATED TIME-IN APRIL 9, 2014.
o GNPOWER U1 UNDER OBSERVATION OF TURBINE MASTER/GOVERNOR VALVE.
CAPABILITY TODAY IS 260 MW, WHILE U2 IS GOOD FOR 302 MW.
o EXTENDED FORCED OUTAGE OF STA RITA M40 (250 MW) UP TO JUNE 2014.
o EXTENDED MAINTENANCE OF CALACA U2 (300 MW) UP TO APRIL 15, 2014.
o STA RITA M10 ON MAINTENANCE OUTAGE, APR 5 - 9, 2014.
o MAGAT HEPP NO IDR FROM APR 1 TO MAY 15, 2014. NO GENERATION.
Supply and Demand Assumptions:
0
2000
4000
6000
8000
10000
12000
1-A
pr
3-A
pr
5-A
pr
7-A
pr
9-A
pr
11
-Ap
r
13
-Ap
r
15
-Ap
r
17
-Ap
r
19
-Ap
r
21
-Ap
r
23
-Ap
r
25
-Ap
r
27
-Ap
r
29
-Ap
r
1-M
ay
3-M
ay
5-M
ay
7-M
ay
9-M
ay
11
-May
13
-May
15
-May
17
-May
19
-May
21
-May
23
-May
25
-May
27
-May
29
-May
31
-May
Geothermal Coal Combined Cycle/Nat Gas Hydro Diesel Thermal Symtem Peak Required Reserve
LUZON ELECTRICITY SUPPLY-DEMAND OUTLOOK1 April - 31 May 2014
1031
1015955
988
1024
1400
971971
10701066
11371172
1604
962967
1571
24822402
2331
1972
1017973
1021
1015
967
1548
2044
1029984
991
1857
974
1544
2040
1025980
997991
984
1482
1982
976981
987991
1076
1588
2092
10541009
984988
1003
1591
2095
998993
9881002
1007
1507
0
500
1000
1500
2000
2500
3000
1-A
pr
3-A
pr
5-A
pr
7-A
pr
9-A
pr
11
-Ap
r
13
-Ap
r
15
-Ap
r
17
-Ap
r
19
-Ap
r
21
-Ap
r
23
-Ap
r
25
-Ap
r
27
-Ap
r
29
-Ap
r
1-M
ay
3-M
ay
5-M
ay
7-M
ay
9-M
ay
11
-May
13
-May
15
-May
17
-May
19
-May
21
-May
23
-May
25
-May
27
-May
29
-May
31
-May
Gross Reserve/Deficiency (MW) Required Regulating Reserve Required Contingency Reserve Required Dispatchable Reserve
Max Demand8,654 MW
Average ReserveApr 2014: 1,289 MWMay 2014: 1,251 MW
Projected CapacityMax: 9,652 MW
Average: 9,115 MW
Reserve Profile
POWER SUPPLY and DEMAND OUTLOOK
2014-2020
LUZON SUPPLY-DEMAND OUTLOOK 2014-2020
Notesa. Required Reserve Margin (RM) i.e. 4% regulating reserve and contingency and dispatchable reserve requirement b. 4.2 % peak demand growth rate resulted from observed 0.6 elasticity ratio of demand for electric power with national
economic growth applied to 7 percent GDP growth rate (GR) target for 2014-2015.c. 4.8 % peak demand growth rate resulted from observed 0.6 elasticity ratio of demand for electric power with national
economic growth applied to 8 percent GDP growth rate (GR) target for 2016-2020.d. Assumed 5.49 percent average forced outage of the total available capacity
6000
7000
8000
9000
10000
11000
12000
13000
14000
Jan
20
14
Mar
20
14
May
20
14
Jul 2
01
4
Sep
20
14
No
v 2
01
4
Jan
20
15
Mar
20
15
May
20
15
Jul 2
01
5
Sep
20
15
No
v 2
01
5
Jan
20
16
Mar
20
16
May
20
16
Jul 2
01
6
Sep
20
16
No
v 2
01
6
Jan
20
17
Mar
20
17
May
20
17
Jul 2
01
7
Sep
20
17
No
v 2
01
7
Jan
20
18
Mar
20
18
May
20
18
Jul 2
01
8
Sep
20
18
No
v 2
01
8
Jan
20
19
Mar
20
19
May
20
19
Jul 2
01
9
Sep
20
19
No
v 2
01
9
Jan
20
20
Mar
20
20
May
20
20
Jul 2
02
0
Sep
20
20
No
v 2
02
0
Committed Available Capacity Peak Demand Required Reserve
2014Jul : 150 MW Southwest Luzon Coal U1Aug: 135 MW Puting Bato U1
87 MW Burgos Wind18 MW Northwind P3
Sep: 67.5 MW Pililia Wind81 MW Caparispisan Wind
Oct: 150 MW Southwest Luzon Coal U2Nov: 20 MW SJCI BiomassDec: 200 MW EWC P1
2015Mar : 18 MW IBEC Biomass
100 MW AvionJun: 18 MW Cj Global Biomass Jul : 10.8 MW Green BiomassNov: 135 MW Puting Bato U2Dec: 200 MW EWC P2
2016Mar : 82 MW Anda PowerDec: 200 MW EWC P3
LUZON SUPPLY-DEMAND OUTLOOK 2014-2020Projected Reserve
-1500
-1000
-500
0
500
1000
1500
2000
2500
Jan
20
14
Mar
20
14
May
20
14
Jul 2
01
4
Sep
20
14
No
v 2
01
4
Jan
20
15
Mar
20
15
May
20
15
Jul 2
01
5
Sep
20
15
No
v 2
01
5
Jan
20
16
Mar
20
16
May
20
16
Jul 2
01
6
Sep
20
16
No
v 2
01
6
Jan
20
17
Mar
20
17
May
20
17
Jul 2
01
7
Sep
20
17
No
v 2
01
7
Jan
20
18
Mar
20
18
May
20
18
Jul 2
01
8
Sep
20
18
No
v 2
01
8
Jan
20
19
Mar
20
19
May
20
19
Jul 2
01
9
Sep
20
19
No
v 2
01
9
Jan
20
20
Mar
20
20
May
20
20
Jul 2
02
0
Sep
20
20
No
v 2
02
0
Projected Reserve Regulating Reserve Contingency Reserve Dispatchable Reserve
Notesa. Regulating Reserve: Refers to a Generating Unit that assists in Frequency Control by providing automatic Primary
and/or Secondary Frequency response. Equals to 4 % of the peak demandb. Contingency Reserve: Generating Capacity that is intended to take care of the loss of the largest Synchronized
Generating Unit or the power import from a single Grid interconnection, whichever is larger.c. Dispatchable Reserve: Kept in operable condition and available for service but not for immediate loading, also equal
to the largest single unit operating in the system
COMMITTED POWER PROJECTSLuzon Grid Committed Power Projects, 1,724.65 MW
List of Power Projects as of 28 February 2014
Type Name of the Project Project Proponent Mother/ JV Company Location
Rated
Capacity
(MW)
Project Cost
(Php Billion)
Target
Commissioning
COAL
2 X 150 MW SLPGC
Coal-Fired Power Plant
Phase I
Southwest Luzon
Power Generation
Corporation (Project
Company)
DMCI Power
Corporation
Brgy. San Rafael,
Calaca, Batangas300 45.4
Unit I – Jul 2014; Unit
II – Oct 2014
COAL
135 MW Puting Bato
Coal Fired Power Plant
Phase I
South Luzon Thermal
Energy Corp.
(SLTEC)
Trans Asia Oil and
Energy Development
Corporation (TAOil)
Brgy. Puting Bato
West, Calaca,
Batangas
135 12.9 August 2014
WIND
Phase 1:
Burgos Wind Power
Project
EDC Burgos Wind
Power Corporation
Energy Development
Corporation (EDC)
Nagsurot-Saoit,
Burgos, Ilocos Norte87 12.8 August 2014
WIND
Phase 3:
Bangui Bay Wind
Power Project
NorthWind Power
Development
Corporation
NorthWind Power
Development
Corporation
Bangui, Ilocos Norte 18 1.5 August 2014
WIND
Phase 1:
Pililla Wind Power
Project
Alternergy Wind One
CorporationAlternergy
Brgy. Halayhayin,
Pililla, Rizal67.5 7.7 September 2014
WINDCaparispisan Wind
Energy Project
Northern Luzon UPC
Asia CorporationUPC Asia Corporation
Brgy. Caparispisan,
Pagudpud, Ilocos
Norte
81 11.2 September 2014
NATGAS100 MW San Gabriel
Avion Project
Prime Meridian
PowerGen
Corporation (Project
Company)
First Gen Corporation
First Gen Power
Corporation
Barangay Bolbok,
Batangas100 10.0 September 2014
BIOMASS
24 MW SJCiPower
Rice Husk-Fired
Biomass power Plant
Project
San Jose City I Power
Corporation
San Jose City I Power
Corporation
Brgy. Tulat, San Jose,
Nueva Ecija20.00 1.2
November 2014
(Subject to FIT)
COMMITTED POWER PROJECTSLuzon Grid Committed Power Projects, 1,724.65 MW
List of Power Projects as of 28 February 2014
Type Name of the Project Project Proponent Mother/ JV Company Location
Rated
Capacity
(MW)
Project Cost
(Php Billion)
Target
Commissioning
NATGAS
Pagbilao 600 MW
Combined Cycle Gas
Fired Power Plant
Proposed 3x200 MW
CCGT Power Plant
Energy World
Corporation
Energy World
Corporation
Brgy. Ibabang Polo,
Grande Island,
Pagbilao, Quezon
600 12.9
Dec 20141st Unit -
200MW, Dec
2015:2nd Unit-
200MW
Dec 2016:3rd Unit-
200MW
BIOMASS20 MW IBEC Biomass
Power Plant
Isabela Biomass
Energy Corporation
(IBEC)
Isabela Biomass Energy
Corporation (IBEC)Isabela 18 1.9
March 2015
(Subject to FIT)
BIOMASS
20 MW Waste-to-
Energy Project using
Thermal Gasifier
Conversion
CJ Global Green
Energy Philippine
Corp.
CJ Global Green Energy
Philippine Corp.Camarines Sur 18 June 2015
BIOMASS12 MW Biomass
Power Plant Project
Green Innovations for
Tomorrow
Corporation
Green Innovations for
Tomorrow CorporationNueva Ecija 10.80 July 2015
BIOMASS3.5 MW Bicol Biomass
Energy Corporation
Bicol Biomass
Energy Corporation
Bicol Biomass Energy
CorporationCamarines Sur 3.15 Dec 2015
BIOMASS
12 MW Multi-
Feedstock Biomass
Power Plant Project
Cagayan Biomass
Energy Corporation
Cagayan Biomass
Energy CorporationCagayan 10.80 Dec 2015
COAL
135 MW Puting Bato
Coal Fired Power
Plant Phase II
South Luzon Thermal
Energy Corp.
(SLTEC)
Trans Asia Oil and
Energy Development
Corporation (TAOil)
Brgy. Puting Bato
West, Calaca,
Batangas
135 9.6 November 2015
HYDRO Inabasan Ormin Power, Inc. Ormin Power, Inc.San Teodoro,
Oriental Mindoro10.0 December 2015
COAL
Anda Power
Corporation's 82 MW
Circulating Fluidized
Bed Coal Fired Power
Plant
Anda Power
Corporation
Anda Power
Corporation
Brgy. Bundagul,
Mabalacat,
Pampanga
82 8.6 March 2016
COMMITTED POWER PROJECTSLuzon Grid Committed Power Projects, 1,724.65 MW
List of Power Projects as of 28 February 2014
Type Name of the Project Project Proponent Mother/ JV Company Location
Rated
Capacity
(MW)
Project Cost
(Php Billion)
Target
Commissioning
HYDRO CatuiranSta. Clara Power
Corp.Sta. Clara Power Corp.
Naujan, Oriental
Mindoro8.0 March 2016
HYDROLinao-Cawayan
(Upper Cascade)
Oriental Mindoro
Electric Cooperative,
Inc. (ORMECO)
Oriental Mindoro Electric
Cooperative, Inc.
(ORMECO)
Baco, Oriental
Mindoro2.1 0.3 March 2016
TOTAL1,724.65
INDICATIVE POWER PROJECTSLuzon Grid Indicative Power Projects, 10,185.20 MW
List of Power Projects as of 28 February 2014 13
Name of the Project Project Proponent Mother/ JV Company LocationRated Capacity
(MW)
Target
Commissioning
2 X 20 MW FDC Camarines
CFB Coal Power PlantFDC Utilities, Inc. FDC Utilities, Inc. Camarines Sur 40.00 March 2016
300 MW Limay Power Plant
Project Phase I
(2x150MW)
SMC Consolidated Power
Corporation
SMC Consolidated Power
CorporationBrgy. Lamao, Limay, Bataan 300.00
Unit 1 - 150 MW -
Feb. 2016
Unit 2 - 150 MW -
July 2016
2 X 300 MW Coal-Fired Power
Plant
Redondo Peninsula Energy,
Inc.
MERALCO MGEN Power
Corporation/ Aboitiz Power
Corporation/ Taiwan
Cogeneration Corporation
Sitio Naglatore, Cawag,
Subic Bay Freeport Zone600.00
Unit I - October
2016
Unit II - December
2016
2 X 150 MW SLPGC Coal-
Fired Power Plant Phase II
Southwest Luzon Power
Generation Corporation
(Project Company)
DMCI Power CorporationBrgy. San Rafael, Calaca,
Batangas300.00
Unit I - 2016
Unit II - 2016
2 X 300 MW Masinloc
Expansion
AES Masinloc Power
Partners Co., Inc.
AES Philippines Power Partners
Co., LTD.Zambales 600.00
Unit 3 (300 MW) -
October 2017
Unit 4 (300 MW) -
October 2017
Quezon Power Expansion
ProjectQuezon Power Phils.
SMC Consolidated Power
CorporationMauban, Quezon 500.00 July 2017
300 MW Limay Power Plant
Project Phase II
(2x150MW)
SMC Consolidated Power
Corporation
SMC Consolidated Power
CorporationBrgy. Lamao, Limay, Bataan 300.00
Unit 1 - 150 MW -
Jan. 2017
Unit 2 - 150 MW -
July 2017
1 x 420 MW Pagbilao Coal-
Fired Thermal Power PlantPagbilao Energy Corporation TeaM Energy / Aboitiz Power
Pagbilao Power Station,
Nrgy. Ibabang Polo,
Pagbilao, Quezon
420.00 January 2018
2 X 600 MW Mariveles
Expansion Project
GNPower Mariveles Coal
Plant Ltd. Co.GNPower Ltd. Co. Mariveles, Bataan 1,200.00 2018
300 MW Limay Power Plant
Project Phase III
1x300MW)
SMC Consolidated Power
Corporation
SMC Consolidated Power
CorporationBrgy. Lamao, Limay, Bataan 300.00 2019/2020
TOTAL COAL 4,560.00
INDICATIVE POWER PROJECTSLuzon Grid Indicative Power Projects, 10,185.20 MW
List of Power Projects as of 28 February 2014 14
Name of the Project Project Proponent Mother/ JV Company LocationRated Capacity
(MW)
Target
Commissioning
Aero Derivative Combined
Cycle Power Plant
Calamba Aero Power
Corporation
MERALCO MGEN Power
CorporationCalamba, Laguna 150.00 TBA
TOTAL OIL-BASED 150.00
San Gabriel Power Plant First Gas Power Corp. First Gen Power Corporation San Gabriel, Batangas 450.00 December 2015
2 x 1,200 MW Combined
Cycle Gas Turbine Power
Plant Project
Atlantic, Gulf and Pacific
Company of Manila, IncAG&P
Limay, Bataan
(PNOC-AFC Industrial
Estate)
2,400.00
Unit 1 - March
2017
Unit II - March
2018
415 MW San Isidro Combined
Cycle Gas Turbine Plant
Project
Trans Asia Oil and Energy
Development Corporation
(TAOil)
Trans Asia Oil and Energy
Development Corporation
(TAOil)
Pilipinas Shell Petroleum
Co.'s Tabangao Refinery,
Brgy. San Isidro and
Tabangao-Ambulong,
Batangas City
415.00 September 2017
LNG-Fired Combined Cycle
Power Plant * Onshore
Regasification and Storage
Terminal
Meralco PowerGen
Corporation and Chubu
Electric Power
MERALCO MGEN Power
CorporationAtimonan, Quezon 1,750.00 2018-2019
TOTAL NATGAS 5,015.00
Tanawon Geothermal ProjectEnergy Development
Corporation (EDC)
Energy Development
Corporation (EDC)Guinlajon, Sorsogon 40.00 December 2018
Rangas Geothermal ProjectEnergy Development
Corporation (EDC)
Energy Development
Corporation (EDC)Bacon District, Sorsogon 40.00 June 2019
Kayabon Geothermal ProjectEnergy Development
Corporation (EDC)
Energy Development
Corporation (EDC)Manito, Albay 40.00 December 2019
TOTAL GEOTHERMAL 120.00
INDICATIVE POWER PROJECTSLuzon Grid Indicative Power Projects, 10,185.20 MW
List of Power Projects as of 28 February 2014 15
Name of the Project Project Proponent Mother/ JV Company LocationRated Capacity
(MW)
Target
Commissioning
Ibulao Hydroelectric Power
ProjectHydrocore, Inc. Hydrocore, Inc. Lagawe, Ifugao 4.50 May 2015
Dupinga Hydroelectric Power
Project
Constellation Energy
CorporationExelon Corporation Gabaldon, Nueva Ecija 3.00 October 2015
Main AklanSunwest Water & Electric Co.,
Inc. (SUWECO)
Sunwest Water & Electric Co., Inc.
(SUWECO)Libacao, Albay 15.00 July 2016
Tinoc 2Philnew Hydro Power
CorporationPhilnew Hydro Power Corporation Tinoc, Ifugao 11.00 December 2016
Tinoc 3Philnew Hydro Power
CorporationPhilnew Hydro Power Corporation Tinoc, Ifugao 5.00 June 2017
PinacanauanSunwest Water & Electric Co.,
Inc.
Sunwest Water & Electric Co., Inc.
(SUWECO)Peñablanca, Cagayan 6.00 July 2017
Tinoc 1 Quadriver Energy Corp. Quadriver Energy Corp. Tinoc, Ifugao 4.10 April 2018
Tinoc 4Philnew Hydro Power
CorporationPhilnew Hydro Power Corporation Tinoc, Ifugao 5.00 April 2018
TOTAL HYDRO 53.60
Currimao Solar Photovoltaic
Power ProjectMirae Asia Energy Corporation Mirae Asia Energy Corporation Currimao, Ilocos Norte 20.00 August 2014
Macabud Solar Photovoltaic
Power Project
ATN Philippines Solar Energy
Group, Inc.
ATN Philippines Solar Energy
Group, Inc.
Brgy. Macabud, Rodriguez,
Rizal30.00 February 2016
TOTAL SOLAR 50.00
Phase 2:
Burgos Wind Power Project
EDC Burgos Wind Power
Corporation
Energy Development Corporation
(EDC)
Nagsurot-Saoit, Burgos, Ilocos
Norte63.00 September 2014
Balaoi Wind Power ProjectNorthern Luzon UPC Asia
CorporationUPC Asia Corporation
Brgy. Balaoi, Pagudpud, Ilocos
Norte45.00 August 2015
Phase 2:
Mabitac Wind Power Project
Alternergy Sembrano Wind
CorporationAlternergy Mt. Sembrano, Mabitac, Laguna 72.00 April 2017
Phase 1:
Pasuquin East Wind Power
Project
Energy Logics Philippines, Inc. Delgado Group of Companies Pasuquin, Ilocos Norte 48.00 January 2017
TOTAL WIND 228.00
10 MW Serin CorporationRice
Husk-Fired Power PlantSerin Corporation Tarlac 8.60 TBA
TOTAL BIOMASS 8.60
TOTAL 10,185.20
LUZON POWER SITUATION AND OUTLOOK
3 APRIL 2014
end of presentation