ser for 2020

Set for 2020

Solar Photovoltaic Electricity: A mainstream power source in Europe by 2020

ExEcutivE summary

Solar Photovoltaic (PV) Electricity is poised to become a significant and competitive supplier to the European electricity market, concludes a comprehensive study conducted by the European Photovoltaic Industry Association (EPIA) with the strategic management consultancy A.T. Kearney. While boosting the share of PV will yield huge benefits to European society and economy, it requires the active support of policy makers, regulators and the energy sector at large.

Contents1. Context and rationale 12. What the study shows 23. Variables and different paths to full competitiveness 54. Recommendations to stakeholders 8

Time has come for PV• The economic, financial and energetic world is changing: this fluid situation creates a perfect window

of opportunity to create the basis for the Paradigm Shift. These difficult times need to be seen as an opportunity to start a new wave of decentralised energy generation.

Oil is a finite resource, PV is renewable and sustainable• There is a now a widespread awareness of the finiteness of the traditional hydrocarbon fuels and

of their negative impact on the environment. This awareness facilitates communicating the advantages of renewable power generation.

Solar energy is de facto an infinite resource• No technological or physical limitations to PV growth have been identified. This de facto infiniteness

sets PV apart from most other electricity sources.

PV can grow faster than other sources• PV is already demonstrating quick ramp up capability, outperforming most optimistic previsions: in 2008,

about 4.5 GW have been installed in Europe, representing about 19% of new installed capacity in Europe (however, it should be noted that the operating hours of PV plants are lower than those of conventional plants). PV is the fastest growing renewable energy technology.

PV prices can decrease faster than other sources• PV system and its components are technology driven products and prices will decrease quickly based

on the rapid technological development. With the current technological advancements and volume installations, a 8% price decrease year-on-year can be expected. This price decrease progression is not expected by any other electricity source.

PV can grow well above 12% once Paradigm Shift is enabled• The SET For 2020 study considers different scenarios for PV deployment in Europe. The Paradigm Shift

Scenario demonstrates that PV electricity could provide up to 12% of the EU electricity demand by 2020, provided the right conditions are created. Once the Paradigm Shift has been enabled, the 12% target by 2020 is just an intermediary stage to a higher penetration rate.

SET FOR 2020 Solar Photovoltaic ElEctricity: a mainStrEam PowEr SourcE in EuroPE by 2020 1

© EPia. all rights reserved www.setfor2020.eu

1. CONTEXT AND RATIONALE

In March 2007, the European Union adopted an integrated climate and energy policy, putting forth ambitious quantita-tive policy goals for implementation by 2020. These goals are to: • Reduce greenhouse gas emissions unilaterally by 20% from 1990 levels;• Ensure that renewable energy represents a 20% share of total energy use. This implies a share of as much as 35%

of electricity consumption; • Reduce overall energy consumption by 20%.

The so-called “20/20/20” goals are underpinned by a broader EU policy rationale to:• Promote environmental sustainability and combat Climate Change;• Increase the security of energy supply;• Support the EU economic competitiveness and the availability of affordable energy.

Dramatically increasing the share of PV in the European electricity market will support all of these objectives and help the EU meet its 20/20/20 targets.

Achieving the 20/20/20 targets, however, requires decisive action. Current projections from the European Environment Agency indicate that, even taking into account the positive effects of the current national measures and policies and including the additional planned actions under discussion, the EU would reach 12% emission reduction, i.e. 8% short of its unilateral 20% reduction target (relative to 1990).

The “SET For 2020” study, conducted by EPIA with the strategic management consultancy A.T. Kearney, is based on interviews with nearly 100 key people in industry, research institutes, utilities, regulatory agencies and governments across Europe and other parts of the world, backed up by the firm’s global expert network.It delves deeper and is more comprehensive than other existing studies on PV in Europe.

This study was commissioned by EPIA for the following fundamental reasons:• The global environmental, economic and energy landscape is changing. These are challenging times, but

they provide a unique opportunity to reconsider some of the fundamentals of the current, dominant model of centralised energy production and distribution.

• Widespread awareness of the limited nature of hydrocarbon resources and their impact on the environment is creating growing consensus on the urgent need for renewable power generation.

• PV has a unique advantage in that there are virtually no technological or physical growth limitations.• PV is technology-driven and the industry has consistently demonstrated its ability to cut costs. Based on the

current pace of progression in technology and installation volumes, the cost of PV electricity is expected to decline 8% each year, halving the generation cost every 8 years.

EU 27 Greenhouse gas emission trends and projections until 2020

110105100

9590858075706560555045403530

Inde

x 10

0 =

199

0 em

issi

ons

1995 2000 2005 2010 2015 20201990

EU 27 GHG emissions

EU 27 GHG emissions with existing measures

EU 27 GHG emissions with additional measures

-20% unilateral 2020 EU target

Source: EEA “Greenhouse gas emission trends and projections in Europe”, 2008.

2 SET FOR 2020 Solar Photovoltaic ElEctricity: a mainStrEam PowEr SourcE in EuroPE by 2020


• The PV industry has been demonstrating quick ramp-up capability. In 2008, PV accounted for about 19% of all new installed power capacity in the EU.

• PV power generation will be competitive in parts of southern Europe as early as 2010 and is poised to become progressively competitive in the entire European region.

Providing a unique, wide-ranging combination of facts, figures and analysis, “SET For 2020” is indispensable for anyone with an interest in the future of the European energy market and the now upcoming National Action Plans for renewable energy in EU Member States.

2. WHAT THE STUDY SHOWS

The SET For 2020 study considers different scenarios for PV deployment in Europe, concluding that the most ambi-tious scenario is not only achievable, but also the most desirable.

Ambitious 12% market shareThe study demonstrates that PV electricity could provide up to 12% of the EU electricity demand by 2020, from less than 1% today, provided the right conditions are created by EU policy makers, national governments and energy industry stakeholders, including the PV sector.

A 12% market share for PV is a demanding, but achievable and desirable objective.

The 12% PV target is a necessary objective if the EU is to generate sufficient renewable energy to meet its 20/20/20 objectives.

PV can supply a significant share of the 1,244 TWh gap in renewable energy production required by 2020. With a 12% market share, PV will yield more than a third of the additional renewable production required, with the remainder supplied by wind, biomass, concentrated solar power, geothermal, hydro, tidal, wave and other forms of renewable energy.

Major net benefitsThe study demonstrates that the development of PV has important and wide-ranging benefits for European society. Supporting the development of PV now and for the coming few years is an investment that will yield hugely positive returns for European society.

Environmental benefitsPV directly reduces rising CO2 emissions by replacing CO2 power generation, such as, for example, gas-fired power plants. With a 12% penetration by 2020, PV would cut as much as 196 million tons in CO2 emissions per year.

EU 27 policy target for total final energy consumption vs. likely RES Scenario

Current Grid Topology: Tree Network

Average Share of Variable and Fixed Electricity Production Costs Per Source

Flexible Grid Topology: Meshed Network

Consumer Consumer Consumer

Dist Local Generation

Central Generation

Consumer Consumer Consumer Consumer

Dist Local Generation

Local Generation

Consumer

Fixed Costs % of Total Variable Costs % of Total

Nuclear Coal CCGT WindHydro

98%

10%

90%

83%

17%

20%

80%

75%

25%

Maximum Modulation Speed per Type of Generator (% of rated power per minute)

Nuclear Coal CCGT Hydro

Daily minimumDaily minimumDaily minimum

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

System pricing capability range (high)

System pricing capability range (low)

Annual decrease

1,334

1,471

1,411

1,554

1,500

1,644

1,590

1,744

1,700

1,8571,820

1,9871,970

2,1422,125

2,3122,300

2,4972,500

2,7022,800

2,9933,300

3,500

-14% -10% -8% -7% -7% -7% -7% -6% -6%

%

-6% -5%

Unidirectional energy and information flow

Risk of bottlenecks when important and rapid balancing shifts occur

High dependence on distribution hubs

No PV energy below daily minimum

Bidirectional energy and information flow

Flexible local balancing based on real time production information

Better resistance to local faults (flow can be redirected when faults occur locally)

2%

40%/min

5%/min3%/min3%/min

Baseline Scenario: 4% of the Electricity Demand

Germany

France

UK

Italy

Spain

Turkey

Greece

Romania

Portugal

BulgariaWeightedAverage

0.0%

0.0%

0.1%

0.0%

0.0%

0.1%

0.0%

0.0%

0.1%

0.0%

0.0%

0.0%

0.5%

0.1%

0.1%

0.3%

0.4%

0.0%

0.6%

0.3%

0.1%

0.2%

6.0%

7.3%

2.5%

5.6%

6.9%

3.8%

2.9%

6.3%

6.2%

4.7%

4.4%

Very limited PV energy below daily minimum

Germany

France

UK

Italy

Spain

Turkey

Greece

Romania

Portugal


Significant PV energy below daily minimum

Germany

France

UK

Italy

Spain

Turkey

Greece

Romania

Portugal


Accelerated Growth Scenario: 6% of the Electricity Demand

Paradigm Shift Scenario: 12% of the Electricity Demand

Daily energy demand covered by PV: 7%

Daily Demand on Average Winter Week Day

Daily energy demand covered by PV: 27% Daily energy demand covered by PV: 38%

Daily Demand on Average Summer Week Day

Daily Demand on Average Summer Weekend Day

60

50

40

30

20

10

0

1h 3h 5h 7h 9h 11h

13h

15h

17h

19h

21h

23h

GW

60

50

40

30

20

10

0

1h 3h 5h 7h 9h 11h

13h

15h

17h

19h

21h

23h

GW

60

50

40

30

20

10

0

1h 3h 5h 7h 9h 11h

13h

15h

17h

19h

21h

23h

GW

Daily minimum

100%

Up to 100% of power demand

75%23%

400

350

300

250

200

150

100

50

0

Bn

Electricity Price - LCOE Reduced CO2 Grid Losses Hedging Value Operating Reserve Lost Margins Net Benefit

high case292

low case192

35

63

32

76

87

high case195

low case95

05

05

04

04

03

03

02

02

01

01

00

ct/k

Wh

Reduced CO2 Reduced Grid Losses Hedging Value Operating Reserve Utility Lost margins Added PV Value

high case3.2

low case1.61.2

0.5

-1.0

-0.6

high case3.1

low case1.5

160

140

120

100

80

60

40

20

0

-20

Bn


high case95

low case44

18

31

16

38

8

high case98

low case47

80

60

40

20

0

-20

-40

Bn


high case39

low case5

12

21

11

2529

high case65

low case31

3,500

3,000

2,500

2,000

1,500

1,000

500

0

TWh

from

RES

Status 2005 Projection based on Reference case 2020 EU Energy and Transport*

EU Target 2020 Gap

Gap 20% of the FinalEnergy Consumption

1,2251,961

3,205

782

462

1,244

Baseline Scenario Accelerated Growth Scenario Paradigm Shift Scenario

30 70 1305

2008 2012 2016 2020

30 85 1955

2008 2012 2016 2020

35 140 3905

2008 2012 2016 2020

80

536

538

543

99164

154

230

462

Cumulative GWTWh

~4% of PV penetration on electricity demand by 2020 ~6% of PV penetration on electricity demand by 2020 ~12% of PV penetration on electricity demand by 2020

Country Country Demand (TWh)

Peak as a % of the Demand

Average Irradiation (KWh/m2)**

Germany 580 20% 1,157 France 478 16% 1,437 UK 371 26% 1,090 Italy 328 25% 1,664 Spain 253 22% 1,819 Sweden 139 18% 1,079 Poland 131 19% 1,162 Turkey 127 19% 1,724 Norway 113 N/A 1,023 Netherlands 113 22% 1,115 Belgium 89 16% 1,111 Finland 88 N/A 1,054 Austria 64 19% 1,377 Czech Republic 64 14% 1,172 Greece 57 25% 1,671 Romania 49 12% 1,534 Portugal 48 24% 1,873 Hungary 37 20% 1,395 Denmark

* Other 9 EU countries consume below 30 Twh/p.a. each and are: Slovakia, Ireland, Slovenia, Lithuania, Luxembourg, Estonia, Latvia, Cyprus, Malta** Global yearly irradiation (kWh/m2), optimum angle fixed mounting

36 26% 1,129 Bulgaria 31 18% 1,484 Others 9 EU countries* 104 N/A N/A Total / Average 3299 20% 1,354

24%

16%

8%

0%

Rela

tive

Coun

try

Ener

gy %

of T

otal

1,8001,5001,200900600 2,100

Average Irradiation (KWh/m²)**

Relative country electricity demand vs. average PV operating hours

DE

61%of thedemand

UK

FR

IT

ES

SE

BE PLATCZ

DK HU RO

BG GRPT

TR

NL

Potential�PV share at 12%

Other renewables

* These projections include 75 TWh or “Solar and other RES” which make up a portion of the overall PV share.Sources: EREC “Renewable Energy Technology Roadmap” - EU DG TREN “European Energy and Transport: trends to 2030 - update 2007”.



Economic benefitsPV deployment will bring overall net economic benefits to the EU. The higher the penetration of PV is, the greater the net benefits are.

The net benefit calculation takes into account avoided CO2 emissions, reduced volatility of energy prices and reduced grid losses, among other factors. The required temporary investment in the form of Feed-in Tariffs is relatively modest as it does not exceed 2.2% of the total value of electricity consumption.

Mass penetration of PV will support European competitiveness and employment. It will underpin Europe’s global industrial leadership in a competitive, high-tech industry sector and support the creation of quality employment firmly anchored in Europe.

The mainstream integration of PV will promote energy efficiency and sustainability across the board. It will reduce network losses and promote the emergence of smart, decentralised electricity distribution systems that are needed for most forms of renewable energy and also beneficial to traditional utility markets.

Social benefitsBy transforming sunlight into electricity, PV uses a resource that has virtually unlimited potential. PV therefore has a direct, positive effect on Europe’s energy independence and security of supply. Energy independence is an increasingly important factor for economic stability and political security.

Net present benefit from PV deployment

3,500

3,000

2,500

2,000

1,500

1,000

500

0

110105100

9590858075706560555045403530

3,500

3,000

2,500

2,000

1,500

1,000

500

0

300

250

200

150

100

50

0

100

10

0

10

9

8

7

6

5

4

3

2

1

0

700650600550500450400350300250200150100

500


18% 13% 18% 14% 5% 16% 14% 13% 13% 13% 12.0%

PV Industry Companies

EU

National Governments

Power Generators

National PowergridOperators

PV SectorPolicy Makers & Regulators

Utilities

PV R&D Community

National PV Associations

EPIA

AutomotiveIndustry

BuildingIndustry

700650600550500450400350300250200150100

500

GW

Paradigm Shift 12%

Accelerated Growth 6%

Baseline 4%

2010 20142012 20182016 20222020 20262024 203020282006 2008

Asymptote without �Paradigm Shift

Indicative

Possible evolution after Paradigm Shift

TWh

from

RES

Inde

x 10

0 =

199

0 em

issi

ons

Chal

leng

e �fo

r im

plem

enta

tion

Time horizon

GW

Cumulative Module Production (MW)

1980

1990

2000

2006

Paradigm Shift 12%


Baseline 4%

Status 2005

Energy efficiency�in industry(without CHP in industry)

Energy efficiency�in buildings

Carbon capture & storage

Concentratedsolar power

Hydrogen cars

Wave

Geothermal�power Fusion

Cogeneration

Solar heating�& cooling

Geothermal�heating

Biofuels

Fission

Hydro�power

Solar�photovoltaics


Supply side technologies

Demand side technologies

Transport

Current annual Global Primary Energy Consumption (GPEC)

Solar power (continents, 1,800 x GPEC)

Wind energy (200 x GPEC)

Biomass (20 x GPEC)

Geothermal energy (10 x GPEC)

Ocean and wave energy (2 x GPEC)

Hydro energy (1 x GPEC)

1995 2000 2005 2010 2015 20201990

Gt C

O 2 yr

1980 1990 20001970

2010 20142012 20182016 20222020 20262024 203020282006 2008

Projection based on Reference case 2020 EU DG TREN

Target 2020 Gap

Gap

20% of the FinalEnergy Consumption

1,2251,961

3,205

1,244

TWh

from

RES

Status 2005 Projection based on Reference case 2020 EU DG TREN1

Target 2020 Gap



1,2251,961

3,205

782

462

1,244

Bn P

V M

odul

es p

rices

$/W

1.4%

5% 17% 57%0%

1.7% 2.2%

155 182 235

Baseline 4%

Average percentage of the present value of Feed-in Tariff investment needed as share of total electricity prices in Europe during the feed-in period

%

% Investment competitive market in % of total electricity consumption

Bn Feed-in Tariff investment needed in absolute values

Accelerated Growth 6% Paradigm Shift 12%

5 44

191

291

Wind

Chal

leng

e �fo

r im

plem

enta

tion


Energy efficiency�in transport




Hydrogen cars

Wave


Cogeneration



Biofuels

Fission

Hydro�power




Transport

Wind


Indicative


Paradigm Shift Scenario12% of electricity demand by 2020

Accelerated Growth Scenario6% of electricity demand by 2020

Baseline Scenario4% of electricity demand by 2020

39

95

Low CaseHigh Case

EU 27 GHG emissions




-30% multilateral 2020 EU target

Electricity plants

Industry (excl. cement)

Road transport

Residential and service sectors

Deforestation

Other

Refineries etc.

International transport

MW

2001 2002 2003 2004 2005 2006 2007 20081998 1999 2000

EU 27

Global

Industrial Commercial Residential

2008 2012 2016 2020

0 1 10 100 1,000 10,000 100,000

5% 18% 59%0%

2008 2012 2016 2020

5% 24% 76%0%

2008 2012 2016 2020

108 236195

188

854

802

547

0185 185

620

5580

4060

22 20 6 7 4 6

78 79 62 73

21 3010 9 5 9

236227

188651

236400

211847

2,194

870

841

547

2,258

1,081

995

844

2,920

78108

0

78185108

0

78

Italy Germany Spain France UnitedKingdom

Turkey Portugal Romania Bulgaria Greece



2020 PVInstalledCapacity GW

PV Penetrationon totalelectricityconsumptionin 2020

2020 PVElectricityProductionTWh

Rest of Europe

Focus countries

Europe

Rest of Europe

Focus countries

Europe

389

462

301

88

87

375

System Integration

1

CostCompetitiveness

2

Market Deployment

3

PolicyFramework

4

Interactionwith Alternatives

5

SupplyChain

6

PV contribution to EU power generation by 2020 depends on:

Historical Price Experience Curve:Doubling of cumulativeproduction reducesprices by 22%

948108

1,150139

1,428

1998 - 2003

+24%

2003 - 2008

+39%

189

1,762

286

2,201

394

2,795

605

3,847

1,089

5,167

1,981

6,770

2,971

9,162

4,765

14,730

9,405

Time horizon

1


Sources: LBBW “PV Sector, Valuing the invaluable”, 2008 - A.T. Kearney analysis.

The physical potential of renewable energies

3,500

3,000

2,500

2,000

1,500

1,000

500

0

110105100

9590858075706560555045403530

3,500

3,000

2,500

2,000

1,500

1,000

500

0

300

250

200

150

100

50

0

100

10

0

10

9

8

7

6

5

4

3

2

1

0

700650600550500450400350300250200150100

500


18% 13% 18% 14% 5% 16% 14% 13% 13% 13% 12.0%


EU


Power Generators



Utilities

PV R&D Community


EPIA

AutomotiveIndustry

BuildingIndustry

700650600550500450400350300250200150100

500

GW

Paradigm Shift 12%


Baseline 4%

2010 20142012 20182016 20222020 20262024 203020282006 2008


Indicative


TWh

from

RES

Inde

x 10

0 =

199

0 em

issi

ons

Chal

leng

e �fo

r im

plem

enta

tion

Time horizon

GW


1980

1990

2000

2006

Paradigm Shift 12%


Baseline 4%

Status 2005





Hydrogen cars

Wave


Cogeneration



Biofuels

Fission

Hydro�power





Transport




Biomass (20 x GPEC)




1995 2000 2005 2010 2015 20201990

Gt C

O 2 yr

1980 1990 20001970

2010 20142012 20182016 20222020 20262024 203020282006 2008


Target 2020 Gap

Gap


1,2251,961

3,205

1,244

TWh

from

RES


Target 2020 Gap



1,2251,961

3,205

782

462

1,244

Bn P

V M

odul

es p

rices

$/W

1.4%

5% 17% 57%0%

1.7% 2.2%

155 182 235

Baseline 4%


%




5 44

191

291

Wind

Chal

leng

e �fo

r im

plem

enta

tion






Hydrogen cars

Wave


Cogeneration



Biofuels

Fission

Hydro�power




Transport

Wind


Indicative





39

95

Low CaseHigh Case

EU 27 GHG emissions





Electricity plants


Road transport


Deforestation

Other

Refineries etc.


MW

2001 2002 2003 2004 2005 2006 2007 20081998 1999 2000

EU 27

Global


2008 2012 2016 2020

0 1 10 100 1,000 10,000 100,000

5% 18% 59%0%

2008 2012 2016 2020

5% 24% 76%0%

2008 2012 2016 2020

108 236195

188

854

802

547

0185 185

620

5580

4060

22 20 6 7 4 6

78 79 62 73

21 3010 9 5 9

236227

188651

236400

211847

2,194

870

841

547

2,258

1,081

995

844

2,920

78108

0

78185108

0

78








Rest of Europe

Focus countries

Europe

Rest of Europe

Focus countries

Europe

389

462

301

88

87

375

System Integration

1

CostCompetitiveness

2

Market Deployment

3

PolicyFramework

4


5

SupplyChain

6



948108

1,150139

1,428

1998 - 2003

+24%

2003 - 2008

+39%

189

1,762

286

2,201

394

2,795

605

3,847

1,089

5,167

1,981

6,770

2,971

9,162

4,765

14,730

9,405

Time horizon

1


Source: Nitsch F. “Technologische und energiewirtschaftliche Perspektiven erneuerbarer Energien, Deutsches Zentrum für Luft- und Raumfahrt (DLR)”, 2007.



Because PV power can be produced virtually anywhere and on a small scale, it supports energy independence at national, regional, local and individual levels, and allows for local communities and households to become energy self-sufficient.

PV is already a responsible profitable investment for many homeowners, farmers, and communities in Europe. By bringing secure, renewable power to society in a decentralised way, PV is an enabling technology for a secure, prosperous and sustainable European society.

Price-driven growth potentialThe many benefits of PV explain why the technology is experiencing rapid growth in the EU and in the world.

Cost is the only major factor that, so far, has limited the growth of PV and prevented it from joining the energy mainstream. The PV industry, however, has consistently demonstrated its capability to achieve fast price reduction.

PV can make an important contribution to meeting the EU’s policy objectives and provides many additional benefits

EconomicDevelopment

socialresponsibility

PV

EnvironmentalProtection

Cumulative installed PV capacity in EU 27 and in the world

3,500

3,000

2,500

2,000

1,500

1,000

500

0

110105100

9590858075706560555045403530

3,500

3,000

2,500

2,000

1,500

1,000

500

0

300

250

200

150

100

50

0

100

10

0

10

9

8

7

6

5

4

3

2

1

0

700650600550500450400350300250200150100

500


18% 13% 18% 14% 5% 16% 14% 13% 13% 13% 12.0%


EU


Power Generators



Utilities

PV R&D Community


EPIA

AutomotiveIndustry

BuildingIndustry

700650600550500450400350300250200150100

500

GW

Paradigm Shift 12%


Baseline 4%

2010 20142012 20182016 20222020 20262024 203020282006 2008


Indicative


TWh

from

RES

Inde

x 10

0 =

199

0 em

issi

ons

Chal

leng

e �fo

r im

plem

enta

tion

Time horizon

GW


1980

1990

2000

2006

Paradigm Shift 12%


Baseline 4%

Status 2005





Hydrogen cars

Wave


Cogeneration



Biofuels

Fission

Hydro�power





Transport




Biomass (20 x GPEC)




1995 2000 2005 2010 2015 20201990

Gt C

O 2 yr

1980 1990 20001970

2010 20142012 20182016 20222020 20262024 203020282006 2008


Target 2020 Gap

Gap


1,2251,961

3,205

1,244

TWh

from

RES


Target 2020 Gap



1,2251,961

3,205

782

462

1,244

Bn P

V M

odul

es p

rices

$/W

1.4%

5% 17% 57%0%

1.7% 2.2%

155 182 235

Baseline 4%


%




5 44

191

291

Wind

Chal

leng

e �fo

r im

plem

enta

tion






Hydrogen cars

Wave


Cogeneration



Biofuels

Fission

Hydro�power




Transport

Wind


Indicative





39

95

Low CaseHigh Case

EU 27 GHG emissions





Electricity plants


Road transport


Deforestation

Other

Refineries etc.


MW

2001 2002 2003 2004 2005 2006 2007 20081998 1999 2000

EU 27

Global


2008 2012 2016 2020

0 1 10 100 1,000 10,000 100,000

5% 18% 59%0%

2008 2012 2016 2020

5% 24% 76%0%

2008 2012 2016 2020

108 236195

188

854

802

547

0185 185

620

5580

4060

22 20 6 7 4 6

78 79 62 73

21 3010 9 5 9

236227

188651

236400

211847

2,194

870

841

547

2,258

1,081

995

844

2,920

78108

0

78185108

0

78








Rest of Europe

Focus countries

Europe

Rest of Europe

Focus countries

Europe

389

462

301

88

87

375

System Integration

1

CostCompetitiveness

2

Market Deployment

3

PolicyFramework

4


5

SupplyChain

6



948108

1,150139

1,428

1998 - 2003

+24%

2003 - 2008

+39%

189

1,762

286

2,201

394

2,795

605

3,847

1,089

5,167

1,981

6,770

2,971

9,162

4,765

14,730

9,405

Time horizon

1


Sources: EPIA « Global Market Outlook for Photovoltaics until 2013 », 2009 - A.T. Kearney analysis.

Source: A.T. Kearney analysis.



Technological progress will enable further substantial PV cost reductions, while fossil fuel-based electricity prices are expected to continue their long-term increase.

3. VARIAbLES AND DIFFERENT PATHS TO FULL COMPETITIVENESS

Three scenariosThe SET For 2020 study has identified three possible PV deployment scenarios, which are determined by a series of conditions. Only the more ambitious scenario will yield the full benefits described above.

The Baseline Scenario foresees 4% penetration of PV by 2020. This is the “business as usual” case. The scenario does not require changes to the existing electricity system, but it does require full dedication from the PV industry to achieve cost reductions, marketing efforts and wider policy support of PV in Europe.

The Accelerated Growth Scenario aims for 6% of the market, largely within the current infrastructure limits. In addition to the baseline requirements, accelerated growth requires minor changes to the existing electricity system, optimised PV supply chains, greater cooperation with utilities and a compelling product and service offering.

The Paradigm Shift Scenario sets a target of 12%. In addition to the conditions above, this requires the rapid and wide-spread adoption of power storage and smart grid technologies, and further improvements in the supply chain, operations and marketing strategies of the PV industry. EPIA’s vision goes beyond 2020, with PV penetration well above this 12% target.

Photovoltaic module price experience curve since 1976 ($/W)

3,500

3,000

2,500

2,000

1,500

1,000

500

0

110105100

9590858075706560555045403530

3,500

3,000

2,500

2,000

1,500

1,000

500

0

300

250

200

150

100

50

0

100

10

0

10

9

8

7

6

5

4

3

2

1

0

700650600550500450400350300250200150100

500


18% 13% 18% 14% 5% 16% 14% 13% 13% 13% 12.0%


EU


Power Generators



Utilities

PV R&D Community


EPIA

AutomotiveIndustry

BuildingIndustry

700650600550500450400350300250200150100

500

GW

Paradigm Shift 12%


Baseline 4%

2010 20142012 20182016 20222020 20262024 203020282006 2008


Indicative


TWh

from

RES

Inde

x 10

0 =

199

0 em

issi

ons

Chal

leng

e �fo

r im

plem

enta

tion

Time horizon

GW


1980

1990

2000

2006

Paradigm Shift 12%


Baseline 4%

Status 2005





Hydrogen cars

Wave


Cogeneration



Biofuels

Fission

Hydro�power





Transport




Biomass (20 x GPEC)




1995 2000 2005 2010 2015 20201990

Gt C

O 2 yr

1980 1990 20001970

2010 20142012 20182016 20222020 20262024 203020282006 2008


Target 2020 Gap

Gap


1,2251,961

3,205

1,244

TWh

from

RES


Target 2020 Gap



1,2251,961

3,205

782

462

1,244

Bn P

V M

odul

es p

rices

$/W

1.4%

5% 17% 57%0%

1.7% 2.2%

155 182 235

Baseline 4%


%




5 44

191

291

Wind

Chal

leng

e �fo

r im

plem

enta

tion






Hydrogen cars

Wave


Cogeneration



Biofuels

Fission

Hydro�power




Transport

Wind


Indicative





39

95

Low CaseHigh Case

EU 27 GHG emissions





Electricity plants


Road transport


Deforestation

Other

Refineries etc.


MW

2001 2002 2003 2004 2005 2006 2007 20081998 1999 2000

EU 27

Global


2008 2012 2016 2020

0 1 10 100 1,000 10,000 100,000

5% 18% 59%0%

2008 2012 2016 2020

5% 24% 76%0%

2008 2012 2016 2020

108 236195

188

854

802

547

0185 185

620

5580

4060

22 20 6 7 4 6

78 79 62 73

21 3010 9 5 9

236227

188651

236400

211847

2,194

870

841

547

2,258

1,081

995

844

2,920

78108

0

78185108

0

78








Rest of Europe

Focus countries

Europe

Rest of Europe

Focus countries

Europe

389

462

301

88

87

375

System Integration

1

CostCompetitiveness

2

Market Deployment

3

PolicyFramework

4


5

SupplyChain

6



948108

1,150139

1,428

1998 - 2003

+24%

2003 - 2008

+39%

189

1,762

286

2,201

394

2,795

605

3,847

1,089

5,167

1,981

6,770

2,971

9,162

4,765

14,730

9,405

Time horizon

1


PV deployment Scenarios in Europe 27, Norway and Turkey

3,500

3,000

2,500

2,000

1,500

1,000

500

0

110105100

9590858075706560555045403530

3,500

3,000

2,500

2,000

1,500

1,000

500

0

300

250

200

150

100

50

0

100

10

0

10

9

8

7

6

5

4

3

2

1

0

700650600550500450400350300250200150100

500


18% 13% 18% 14% 5% 16% 14% 13% 13% 13% 12.0%


EU


Power Generators



Utilities

PV R&D Community


EPIA

AutomotiveIndustry

BuildingIndustry

700650600550500450400350300250200150100

500

GW

Paradigm Shift 12%


Baseline 4%

2010 20142012 20182016 20222020 20262024 203020282006 2008


Indicative


TWh

from

RES

Inde

x 10

0 =

199

0 em

issi

ons

Chal

leng

e �fo

r im

plem

enta

tion

Time horizon

GW


1980

1990

2000

2006

Paradigm Shift 12%


Baseline 4%

Status 2005





Hydrogen cars

Wave


Cogeneration



Biofuels

Fission

Hydro�power





Transport




Biomass (20 x GPEC)




1995 2000 2005 2010 2015 20201990

Gt C

O 2 yr

1980 1990 20001970

2010 20142012 20182016 20222020 20262024 203020282006 2008


Target 2020 Gap

Gap


1,2251,961

3,205

1,244

TWh

from

RES


Target 2020 Gap



1,2251,961

3,205

782

462

1,244

Bn P

V M

odul

es p

rices

$/W

1.4%

5% 17% 57%0%

1.7% 2.2%

155 182 235

Baseline 4%


%




5 44

191

291

Wind

Chal

leng

e �fo

r im

plem

enta

tion






Hydrogen cars

Wave


Cogeneration



Biofuels

Fission

Hydro�power




Transport

Wind


Indicative





39

95

Low CaseHigh Case

EU 27 GHG emissions





Electricity plants


Road transport


Deforestation

Other

Refineries etc.


MW

2001 2002 2003 2004 2005 2006 2007 20081998 1999 2000

EU 27

Global


2008 2012 2016 2020

0 1 10 100 1,000 10,000 100,000

5% 18% 59%0%

2008 2012 2016 2020

5% 24% 76%0%

2008 2012 2016 2020

108 236195

188

854

802

547

0185 185

620

5580

4060

22 20 6 7 4 6

78 79 62 73

21 3010 9 5 9

236227

188651

236400

211847

2,194

870

841

547

2,258

1,081

995

844

2,920

78108

0

78185108

0

78








Rest of Europe

Focus countries

Europe

Rest of Europe

Focus countries

Europe

389

462

301

88

87

375

System Integration

1

CostCompetitiveness

2

Market Deployment

3

PolicyFramework

4


5

SupplyChain

6



948108

1,150139

1,428

1998 - 2003

+24%

2003 - 2008

+39%

189

1,762

286

2,201

394

2,795

605

3,847

1,089

5,167

1,981

6,770

2,971

9,162

4,765

14,730

9,405

Time horizon

1


Sources: EU Joint Research Centre - EIA - National Renewable Energy Laboratory - A.T. Kearney analysis.

Sources: EPIA - EU DG TREN “European Energy and Transport: trends to 2030 - update 2007” - Eurostat Data Portal - EU Joint Research Centre Photovoltaic Geographical Information System - A.T. Kearney analysis.



Investment competitivenessAn important concept explored in the study is that of “investment competitiveness”.

Investment competitiveness describes the moment when the business case to invest in a PV installation that will de-liver electricity for 20 years is profitable compared to the price of a grid contract for 20 years, in the absence of any form of external price support or subsidy.

The study shows that investment competitiveness will be reached in some regions of Europe as soon as 2010. By the end of 2020, PV can be competitive in as much as 76% of the European electricity market. The faster the penetration of PV, the greater the accessible market, as costs will decline more rapidly.

Framework conditionsThe potential of PV deployment depends on six different framework conditions: • System integration• Cost competitiveness• Market deployment• Policy framework• Interaction with other renewable energy sources• Supply chain

These framework conditions are interdependent. They are shaped by numerous stakeholders ranging from the PV industry to policy makers, regulators, the R&D community, utilities and grid operators, among others.

System Integration The evolution of the generation mix in place as well as the “smartening” and strengthening of distribution and transmission infrastructure will determine the technical limits to the penetration of PV (and of other renewable energy sources).

The daily and seasonal variations of PV generation across geographic regions also require increased flexibility in grid management and in the generation mix, as well as grid-integrated power storage capacity. Increased flexibility in the generation mix will only be possible through better coordinated long-term planning of investments in new generation capacities (additional and replacement) across the European electricity market.

Cost CompetitivenessIncreased global deployment of PV will quickly fuel fast price reductions towards investment competitiveness across Europe, thus enabling, in the near to mid-term, market-driven growth without Feed-in Tariffs.

Size of the accessible end-user market for PV (TWh of final energy consumption in Europe)

3,500

3,000

2,500

2,000

1,500

1,000

500

0

110105100

9590858075706560555045403530

3,500

3,000

2,500

2,000

1,500

1,000

500

0

300

250

200

150

100

50

0

100

10

0

10

9

8

7

6

5

4

3

2

1

0

700650600550500450400350300250200150100

500


18% 13% 18% 14% 5% 16% 14% 13% 13% 13% 12.0%


EU


Power Generators



Utilities

PV R&D Community


EPIA

AutomotiveIndustry

BuildingIndustry

700650600550500450400350300250200150100

500

GW

Paradigm Shift 12%


Baseline 4%

2010 20142012 20182016 20222020 20262024 203020282006 2008


Indicative


TWh

from

RES

Inde

x 10

0 =

199

0 em

issi

ons

Chal

leng

e �fo

r im

plem

enta

tion

Time horizon

GW


1980

1990

2000

2006

Paradigm Shift 12%


Baseline 4%

Status 2005





Hydrogen cars

Wave


Cogeneration



Biofuels

Fission

Hydro�power





Transport




Biomass (20 x GPEC)




1995 2000 2005 2010 2015 20201990

Gt C

O 2 yr

1980 1990 20001970

2010 20142012 20182016 20222020 20262024 203020282006 2008


Target 2020 Gap

Gap


1,2251,961

3,205

1,244

TWh

from

RES


Target 2020 Gap



1,2251,961

3,205

782

462

1,244

Bn P

V M

odul

es p

rices

$/W

1.4%

5% 17% 57%0%

1.7% 2.2%

155 182 235

Baseline 4%


%




5 44

191

291

Wind

Chal

leng

e �fo

r im

plem

enta

tion






Hydrogen cars

Wave


Cogeneration



Biofuels

Fission

Hydro�power




Transport

Wind


Indicative





39

95

Low CaseHigh Case

EU 27 GHG emissions





Electricity plants


Road transport


Deforestation

Other

Refineries etc.


MW

2001 2002 2003 2004 2005 2006 2007 20081998 1999 2000

EU 27

Global


2008 2012 2016 2020

0 1 10 100 1,000 10,000 100,000

5% 18% 59%0%

2008 2012 2016 2020

5% 24% 76%0%

2008 2012 2016 2020

108 236195

188

854

802

547

0185 185

620

5580

4060

22 20 6 7 4 6

78 79 62 73

21 3010 9 5 9

236227

188651

236400

211847

2,194

870

841

547

2,258

1,081

995

844

2,920

78108

0

78185108

0

78








Rest of Europe

Focus countries

Europe

Rest of Europe

Focus countries

Europe

389

462

301

88

87

375

System Integration

1

CostCompetitiveness

2

Market Deployment

3

PolicyFramework

4


5

SupplyChain

6



948108

1,150139

1,428

1998 - 2003

+24%

2003 - 2008

+39%

189

1,762

286

2,201

394

2,795

605

3,847

1,089

5,167

1,981

6,770

2,971

9,162

4,765

14,730

9,405

Time horizon

1


Sources: EPIA “Solar Generation V”, 2008 - A.T. Kearney analysis.



Technological progress will enable substantial price reduction at system level. Price declines require extensive R&D investment as well as continued support of PV market development to secure economies of scale.

Market DeploymentThe development of the right value proposition for final customers will be key to a successful PV deployment. This means innovative products that fit the different customers requirements, certification for safety and reliability, but also availability of appropriate financing solutions, from banks or suppliers, customised for the specific cash flow profiles of PV installations. Cost improvements must be passed on to consumers as pricing is clearly a key success factor. Utilities are in a very good position to market PV to their final customers, but PV deployment could benefit from active promotion via installers and building material wholesalers. Finally, various business models will emerge involving tra-ditional stakeholders (Utilities, PV distributors and installers) and new players to combine a broad range of customer services (installation, maintenance, optimisation of electricity flows) and develop growing capabilities to directly oper-ate in the electricity markets. Policy FrameworkThe implementation of temporary support policies including lean and transparent administrative procedures is needed to ensure sustained PV penetration.Feed-in Tariffs are the best support scheme for successful PV deployment, but the level of support must be sustainable and not unduly generous. Support schemes must evolve with the growing share of PV. High administrative barriers and slow or costly grid connections will hamper PV deployment despite appropriate Feed-in Tariffs.

Interaction with other renewable energy sourcesCurrent projections indicate that the EU’s 20/20/20 objectives can be met only with a combined effort, and PV is an essential component of the solution. Wind and PV have common interests, such as grid development, CO2 aware-ness, smart grids and metering, financing needs, resource mapping and forecasting, and proving the feasibility of the “Virtual Power Plant” concept (ability of PV in combination with Wind and Biomass to deliver baseload power).

Supply ChainThe PV supply chain is expected to deliver and sustain production at a multi-gigawatt level in the coming years to support a market between 80 GW and 160 GW worldwide.The supply chain will need to address four key challenges: the avail-ability of polysilicon, the availability of commodity materials, cell and module capacities, and the availability of qualified professionals. Education and training is an important condition to maintaining a leading PV industry base in Europe.

PV framework conditions map

Society

Price of Electricity – PV LCOE + CO2 Reduction+ Reduced Grid Losses + Hedging Value – Operating Reserve – Lost Margins

Net Benefit for 1 kWh of PV electricity

Net Value Adding CharacteristicsNet Economic Value

PV Owners

+ Feed-in Tariff

- PV LCOE2

Electricity Users

- Feed-in Tariff

+ Price of Grid Electricity

Utilities

- Lost Margin3

+ Reduced Grid Losses

- Operating Reserve4

Externalities

+ Hedging Value

+ CO2 Reduction

Supply Chain6Drives cost

R&D support

Alternatives offers

Policy Framework4

Interaction with Alternatives5

Cost Competiveness2

& pricing strategy

& pricing strategy

System Integration1

constraints

Market Deployment3

Consumer Consumer

Distribution Local Generation

Central Generation

Consumer Consumer

100

10

1

10

10

10

10

10

Consumer Consumer

Distribution Local GenerationLocal Generation

Consumer Consumer

June 09 June 10 2012 2018

Positive

Negative

National Action EC a forecast EC to present an analysis and action plan on RES

EC to report to EP and Council

progress reports

EC to present a report

EC to present

for post 2020 period

report on progress

use of RES

2 Levelised Cost of Energy, as described in the Cost Competitiveness Section.3 Lost Margins from producing and selling electricity.4 Additional balancing cost incurred by utilities for compensate for lack of production predictability.

Segmentation of the Market

Module efficiency

Yield

Material utilisation

Scale

Standards

PV fo

r sel

f-co

nsum

ptio

n

Pric

e co

mpa

rison

Cost

co

mpa

rison

Sola

r P

lant

Assessment of PV Generation Cost Vs. Relevant Benchmark

Estimate of Investment Competitive Market

Driver Targets and actions

Module efficiency

Yield

Material utilisation

Scale

Standards

Driver Targets and actions

Relevant Benchmark ResultCost of PV-Generated Electricity

Type of Application

cost of PV electricity

cost of PV electricity

Reaching “Investment Competiveness” means that the cost of electricity over the lifetime of the PV asset is less than buying electricity from the grid over the same period

Residential

Industrial

Residential Electricity Retail

Electricity Retail Price

Generation cost of

2

C-Si module cost reduction roadmap Thin Film module cost reduction roadmap

Cumulative bits

VLSI/DRAM

DRAM

Cen

ts/b

it

10 10

'80 '90 '00

109 1011 10 10 10 1019




4. RECOMMENDATIONS TO STAkEHOLDERS

Achieving a significant penetration of PV in the European electricity market requires the active involvement of EU policy makers, governments and energy industry stakeholders, including the PV sector.

The need for a comprehensive approach Policy makers, regulators and industry need to collaborate to support PV’s mass-market penetration by fostering technological progress and cost reductions, as well as by creating an appropriate financial and regulatory environment.

While PV moves towards the mainstream and plays an increasingly significant role in supporting EU policy objectives, it will require temporary support of policy makers to bridge the competitiveness gap.

Public support can only be justified if the PV industry commits its own resources to this goal. The EPIA membership strongly believes in seeking a sustainable, long-term development of the industry that will deliver the full benefits of PV to society.

Recommendations to the PV industryPV Industry companies must maintain their strong R&D commitment to continue the dynamic PV cost reduction momentum. Technology research can lead to efficiency improvements of 30% by 2020 and to electricity generation costs being cut by half every 8 years. The PV industry is committed to reaching a target cost of below 10 €ct per kWh of electricity by 2020 for industrial size systems and well below 15 €ct per kWh for residential systems. The competitiveness of PV investment vs. grid purchase will be reached by 2010 in some southern regions of the EU. But attaining this competitive level will not, by itself, necessarily lead to a rapid market uptake. Therefore, the PV industry must direct increased efforts at developing and marketing innovative PV applications to final consumers.

The PV stakeholders’ interaction

3,500

3,000

2,500

2,000

1,500

1,000

500

0

110105100

9590858075706560555045403530

3,500

3,000

2,500

2,000

1,500

1,000

500

0

300

250

200

150

100

50

0

100

10

0

10

9

8

7

6

5

4

3

2

1

0

700650600550500450400350300250200150100

500


18% 13% 18% 14% 5% 16% 14% 13% 13% 13% 12.0%


EU


Power Generators



Utilities

PV R&D Community


EPIA

AutomotiveIndustry

BuildingIndustry

700650600550500450400350300250200150100

500

GW

Paradigm Shift 12%


Baseline 4%

2010 20142012 20182016 20222020 20262024 203020282006 2008


Indicative


TWh

from

RES

Inde

x 10

0 =

199

0 em

issi

ons

Chal

leng

e �fo

r im

plem

enta

tion

Time horizon

GW


1980

1990

2000

2006

Paradigm Shift 12%


Baseline 4%

Status 2005





Hydrogen cars

Wave


Cogeneration



Biofuels

Fission

Hydro�power





Transport




Biomass (20 x GPEC)




1995 2000 2005 2010 2015 20201990

Gt C

O 2 yr

1980 1990 20001970

2010 20142012 20182016 20222020 20262024 203020282006 2008


Target 2020 Gap

Gap


1,2251,961

3,205

1,244

TWh

from

RES


Target 2020 Gap



1,2251,961

3,205

782

462

1,244

Bn P

V M

odul

es p

rices

$/W

1.4%

5% 17% 57%0%

1.7% 2.2%

155 182 235

Baseline 4%


%




5 44

191

291

Wind

Chal

leng

e �fo

r im

plem

enta

tion






Hydrogen cars

Wave


Cogeneration



Biofuels

Fission

Hydro�power




Transport

Wind


Indicative





39

95

Low CaseHigh Case

EU 27 GHG emissions





Electricity plants


Road transport


Deforestation

Other

Refineries etc.


MW

2001 2002 2003 2004 2005 2006 2007 20081998 1999 2000

EU 27

Global


2008 2012 2016 2020

0 1 10 100 1,000 10,000 100,000

5% 18% 59%0%

2008 2012 2016 2020

5% 24% 76%0%

2008 2012 2016 2020

108 236195

188

854

802

547

0185 185

620

5580

4060

22 20 6 7 4 6

78 79 62 73

21 3010 9 5 9

236227

188651

236400

211847

2,194

870

841

547

2,258

1,081

995

844

2,920

78108

0

78185108

0

78








Rest of Europe

Focus countries

Europe

Rest of Europe

Focus countries

Europe

389

462

301

88

87

375

System Integration

1

CostCompetitiveness

2

Market Deployment

3

PolicyFramework

4


5

SupplyChain

6



948108

1,150139

1,428

1998 - 2003

+24%

2003 - 2008

+39%

189

1,762

286

2,201

394

2,795

605

3,847

1,089

5,167

1,981

6,770

2,971

9,162

4,765

14,730

9,405

Time horizon

1





The PV R&D Community must further accelerate its progress on delivering research results in line with the focus areas defined by the PV Technology Platform in its Strategic Research Agenda. These focus areas are to: • Enhance performance by higher device outputs and improved systems performance; • Improve manufacturability and reduce process costs;• Ensure the sustainability aspects of the technology through the entire life cycle, from manufacture to use and

recycling; • Address applicability by developing products and technologies to meet specific market needs.

PV industry companies will continue to collaborate closely with R&D institutes to ensure the ready uptake of innovation in the end product. They will seek to fully leverage the research support granted by EU and national governments to this end.

EPIA will help to increase market transparency in Europe and provide support to policy makers to define sustainable support schemes and manage the policy transition to competitive PV markets. For this purpose, a “PV observatory” will provide an annual overview of the policy status, including comparisons of the internal rate of returns based on a European reference price for various systems. Such a PV observatory will also measure administrative and connection lead times and formulate country-specific recommendations.

National PV Associations must be proactive in supporting national industry and governments in their task while maintaining a long-term perspective on sustainable PV market development. EPIA will support and strengthen na-tional associations where needed, and seek to organise national PV stakeholders to establish national PV associations in countries where they do not yet exist.

Recommendations to policy makers, regulators and utilitiesThe EU must increase its support for PV R&D efforts and large demonstration projects, with a focus on accelerated cost reduction and integrated approaches to make the necessary changes in the power distribution system. Decisive action must be taken on PV integration and facilitating investment in EU-based production capacities to boost the European export potential of PV technology.Regarding energy sector regulation, the EU must promote time-of-use electricity billing and net metering to facilitate the penetration of renewable energy sources. The EU must further promote PV market deployment by supporting high and certified European quality standards which will help lower the investment barrier.

National governments must act swiftly to de-bottleneck administrative procedures and ensure sustainable lev-els of temporary financial support by means of well-designed Feed-in Tariffs to ensure continuous PV deployment. In addition, national governments must be proactive in facilitating domestic investment in PV production capacity and supplying the required skilled workforce through adapted education and training programmes.

Utility sector companies with generation assets and established end-user relationships must consider PV develop-ment as an opportunity and become proactive PV investors and marketers to maintain and expand their market share by meeting client demand and offering them advanced customer services.

Grid operators must help decentralise the infrastructure and become actively involved in implementing the necessary smart grid technology such as improved measurement, communication and control technologies. They also need to help develop and install storage technologies to increase the absorption of distributed power in grids, while collabo-rating with the renewable energy sector to ensure that regulators reflect the necessary investments in their distribution tariffs. By seizing the opportunity offered by fast PV growth, DSOs will be able to quickly internalise related high-tech evolutions and create new sources of value for their customers and their employees.

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Title (Mr., Mrs, Ms.): ....................... First name: ................................................................................. Last name: ...................................................................................

Position: .............................................................................................................................................................................................................................................................................................................

Phone: .................................................................................................................................................................................................................................................................................................................

Fax: .................................................................................................................................................. Mobile: ...........................................................................................................................................

Email: ............................................................................................................................................. Website: .......................................................................................................................................

Shipping address: ..............................................................................................................................................................................................................................................................................

Zipcode: ...................................................... City: .................................................................................................... Country: ..........................................................................................

Billing address: ......................................................................................................................................................................................................................................................................................

Zipcode: ...................................................... City: .................................................................................................... Country: ..........................................................................................

VAT number: .................................................................................................................................................................................................................................................................................................

Please send back to Emmanuelle Lenain by fax: +32 2 400 10 10 or email: [email protected]

Order your copy of the report now!

www.setfor2020.eu

For more information:European Photovoltaic Industry AssociationRenewable Energy House Rue d’Arlon 63-671040 Brussels - BelgiumTel.: +32 2 465 38 84 Fax: +32 2 400 10 10E-mail: [email protected]

For more information:European Photovoltaic Industry AssociationRenewable Energy House Rue d’Arlon 63-671040 Brussels - BelgiumTel.: +32 2 465 38 84 Fax: +32 2 400 10 10E-mail: [email protected]

Order the report:

www.setfor2020.eu

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About EPIAWith over 200 members active along the whole value chain, the European Photovoltaic Industry Association (EPIA) is the world’s largest industry association devoted to the solar photovoltaic electricity market. EPIA’s mission is to deliver a distinct and valuable service driven from the strength of a single photovoltaic voice. The association aims to promote PV at national, European and worldwide levels and to assist its members in their business development in both the European Union and export markets.

ser for 2020

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