Introductions: Summit Power Group, LLC Founded twenty-one years ago by former U.S. Secretary of Energy Donald Paul Hodel & Chief Operating Officer of

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1 THE TEXAS CLEAN ENERGY PROJECT (TCEP): A POLY-GENERATION COAL GASIFICATION PLANT 德州清洁能源项目 (TCEP) 介绍 Eric Redman, President & CEO Summit Power Group, LLC China-US Clean Energy Workshop Taiyuan, Shanxi Province 2014 年 08 月 0

2 Introductions: Summit Power Group, LLC Founded twenty-one years ago by former U.S. Secretary of Energy Donald Paul Hodel & Chief Operating Officer of Department of Energy Earl Gjelde Eric Redman (President & CEO) joined Summit in 2007 & founded Summit Carbon Capture, LLC (a wholly owned subsidiary of Summit Power Group) Summit s Traditional Business is Power Project Development o Developed over 9,000 MW of large, clean energy projects o Over 1,500 MW in development or under construction Summit s Current Principal Business Lines o Wind power o Solar power o Natural Gas-fired Power Plants o Carbon Capture including from Coal Gasification 1

3 简介 : Summit Power Group, LLC 二十年前由前美国能源部长唐纳德保罗霍德尔 (Donald Paul Hodel) 和前美国能源部首席运营官艾尔杰德 (Earl Gjelde) 建立 Summit 的传统业务是电力项目开发 o 开发了总量超过 9,000 兆瓦的多项大型清洁能源项目 o 目前有超过 1,500 兆瓦的项目正在开发或建设中 Summit 目前的主要业务 o 风能 o 太阳能 o 天然气发电厂 o 煤气化及碳回收 2

Some Key Members of the TCEP Development Team Person Background Eric Redman President & CEO & President, Summit Carbon Capture For the past six years, Eric has headed Summit s carbon capture project

4 Some Key Members of the TCEP Development Team Person Background Eric Redman President & CEO & President, Summit Carbon Capture For the past six years, Eric has headed Summit s carbon capture project efforts, including the Texas Clean Energy Project and the Captain Clean Energy Project in the UK. He is a frequent speaker and author on coal gasification, carbon management, and climate matters. He began his career as a legislative assistant to Sen. Warren Magnuson (D-WA) and wrote The Dance of Legislation, a best-selling account of Congressional enactment of the National Health Service Corps. He was educated at Harvard College, Oxford University (as a Rhodes Scholar), and Harvard Law School. In 2013 he was elected to the Executive Committee of the Gasification Technologies Council. Ann Banks Chief Operating Officer Ann was a Senior VP of Business Development & Finance at Sindicatum Carbon Capital, a private equity start-up pursuing greenhouse gas reduction and renewable energy projects. Prior to that, Ann was employed at Calpine for nine years where she successfully developed several power projects, preceded senior positions at Koch Industries and Amoco and has received her MBA from Kellogg. Karl Mattes VP, Project Development Jeff Brown Senior VP, Finance Karl has over 25 years experience in the power generation industry. Most recently, Karl was the Combustion Turbine Business Segment Manager for a major integrated service provider. In this position, Karl was responsible for all aspects of combustion turbine repairs and service. Prior to this position, he was employed as the Project Director for numerous turnkey combined cycle projects. Jeff worked at Goldman Sachs and Merrill Lynch for 25 years in debt capital markets, derivatives, leveraged finance and project finance. He offers Summit clients and development associates a history of varied and successful energy financial services experience, including municipal and private electric utilities, natural gas producers / pipeline operators and coal, hydro, nuclear and geothermal developers. He received his MBA from Harvard Business School. 3 3

5 Some Key Members of the TCEP Development Team Person Background Eric Redman SPG 共同主席 & 高峰二氧化碳回收, 总裁在过去的六年里,Eric 负责高峰公司的碳回收项目, 包括德克萨斯州的清洁能源项目和在英国的 Captain Clean Energy 项目他在煤炭的气化, 碳管理和气候问题上经常演讲和著文他他的职业生涯始于作为参议员沃伦马格努森 ( 民主党 - 华盛顿州 ) 的司法助理, 并著述 : 立法之舞, 是关于国会设立国家卫生服务总队的畅销书他曾就读于哈佛大学, 牛津大学 ( 作为罗德学者 ) 和哈佛大学法学院在 2013 年, 他被选进气化技术委员会执行委员会 Ann Banks 首席商务官 Ann 是一家私人创业基金,Sindicatum Carbon Capital 的业务发展及财务高级副总裁, 该基金致力温室气体减排和可再生能源项目在这之前,Ann 受聘于 Calpine 9 年, 她成功地开发多个发电项目, 更早, 她在科赫工业和阿莫科公司任高级职位, 并取得了 Kellogg 的工商管理硕士学位 Karl Mattes 项目开发, 副总裁 Karl 在发电行业拥有超过 25 年的经验最近,Karl 是一个大型综合性服务提供商的燃气轮机业务部经理在这个位置上, 他负责燃气轮机维修和服务的各个方面在此之前, 他受聘为众多联合循环一站式项目的项目总监 Jeff Brown 项目融资, 副总裁 Jeff 曾在高盛和美林从事 25 年的债务资本市场, 衍生金融产品, 杠杆融资和项目融资的业务他为高峰公司的客户和开发人员提供了多样化和成功的能源金融服务, 他们包括市政和私营电力公司, 天然气生产商 / 管道运营商和煤炭, 水电, 核能和地热开发商他自哈佛商学院获得工商管理硕士学位 4 4

Texas Clean Energy Project: US-China CCUS Partnership $3 billion international joint venture, led by US and China Commercial-scale, advanced carbon

6 Texas Clean Energy Project: US-China CCUS Partnership $3 billion international joint venture, led by US and China Commercial-scale, advanced carbon capture project: 2 million tons per year US Government is providing over $1 billion in support China Export-Import Bank plans to provide $2 billion project loan 5

7 德州清洁能源项目 : 美中 CCUS 伙伴 30 亿美元的国际合资企业, 由美国和中国统领具有商业规模的先进的碳回收项目 : 每年 200 万吨美国政府提供超过 10 亿美元支持中国进出口银行提供超过 $20 亿美元项目贷款 6

TCEP conceptual schematic Coal Gasification and Gas Cleanup High Hydrogen Power Plant (400MW Combined Cycle) PRB Coal via Railroad Coal 1+ mm tons per year Brackish Water Purified By Reverse Osmosis

8 TCEP conceptual schematic Coal Gasification and Gas Cleanup High Hydrogen Power Plant (400MW Combined Cycle) PRB Coal via Railroad Coal 1+ mm tons per year Brackish Water Purified By Reverse Osmosis Water Air Separation Unit Oxygen 60% of Syngas Low carbon power delivered to City of San Antonio and used for onsite commercial loads. 40% of Syngas 1/6 of CO 2 5/6 of CO 2 Ammonia / Urea Complex CO 2 Delivered to Oil Fields via Pipeline * Additional revenue from sales of sulfuric acid, argon gas, & minor products 756,000 tons/yr delivered to CHS Inc. 7 2 mm tons per year delivered to Oil Companies 7

9 TCEP 的概念模式煤气化和气体净化通过铁路运输来自怀俄明州的煤炭 >100 万吨煤炭通过反渗透净化苦咸水水空气分离装置 Air Separation Unit 氧气高氢气发电涡轮合成气的 60% 195 兆瓦的低碳电力传输至圣安东尼奥市 Low carbon power delivered to City of San Antonio and used for onsite commercial loads. 合成气的 40% 氨 / 尿素复合产品二氧化碳的 1/6 二氧化碳的 5/6 二氧化碳通过管道运往油田额外收入来自销售硫酸, 氩气及其他产品 75 万吨 / 年氨 / 尿素运输至化肥厂 200 万吨二氧化碳运往石油公司 8 8

10 IGCC with >90% Carbon Capture Unique Project Benefits Diversified and contracted major revenue streams: Electricity, Urea for fertilizer, and CO 2 for enhanced oil recovery CO 2 sold into well-developed, 40-year old Permian Basin market for enhanced oil recovery (EOR) Contingent fourth stream (though not by Financial Closing): carbon credits to be listed on the American Carbon Registry and others Project is a high priority for the U.S. Government (Dept. Of Energy, EPA, the Administration) Support, rather than opposition, from leading environmental groups because of outstanding environmental characteristics (capture of >90% CO2, ~99% Sulfur, >95% Mercury, >90%NOx) Likely significant follow-on opportunities for other plants including ownership of oil production using CO 2 9

11 碳回收率达 90% 的煤气化联合循环一体化发电项目完全商业性的盈利项目项目特有优势包括 : 多样化并已签订销售合同的主要收入来源 : 发电作为化肥的尿素和提高石油采收率所需的二氧化碳 ( 所有产品已通过长期合同售出 ) 二氧化碳出售到开发完善有 40 年采收龄的帕米亚盆地市场用于高采收率产油 (EOR) 可能的第四项收入来源 ( 后续实现 ): 碳排放量的抵扣额可以在美国碳注册处以及其他认证减排额 (VER) 交易中心挂牌出售美国政府部门 ( 奥巴马政府, 能源部和环境保护局 ) 的优先重点项目由于其优越的环保特性 ( 回收超过 90% 的二氧化碳, 大约 99% 的硫,95% 以上的汞以及 90% 以上的氮氧化物 ), 受到政党和主要环保组织的支持而非反对可能提供重要的对其他工厂的后续投资机会, 包括参股使用二氧化碳产油的油田 10

12 Project Maximizes Use of Tested and/or Off-the- Shelf Technology Integration of Existing Technologies rather than Experimentation Siemens gasification technology used in TCEP was proven in Germany before Siemens bought the technology and scaled it up to SFG 500 units. These have had numerous sales in the U.S., and China, and five such gasifiers are already operating in China; Linde air separation technology is mature and widely used for commercial production of pure gas from the atmospheric constituents of air; Linde Rectisol gas cleanup process that removes acid gases like sulfur dioxide and captures the carbon dioxide has been deployed and used internationally for decades; Ammonia/Urea processes are existing, licensed systems provided by 3rd party expert vendors; Siemens power island is a state-of-the-art F-class combustion turbine matched with a steam turbine in combined cycle operation, identical to a natural gas combined cycle power island with certain modifications, including special combustion turbine fuel nozzles, burners, and front-row turbine blades for the low-carbon, high-hydrogen syngas that will fuel TCEP. Siemens heavy duty GTs have accumulated more than 320,000 hours of successful operating experience on syngas in IGCC plants located in Europe and the United States and on low heat content gases, such as blast-furnace gas. 11

13 项目尽可能采用经过试验的和 / 或现有成形的技术整合现有技术而非试验新技术 TCEP 采用的西门子气化技术在西门子公司购买该技术并将其产能扩大之前, 就已经在德国被认可该技术在美国和中国售出很多, 其气化器已被各化工厂使用, 神华在宁夏运营 5 个该种气化器 ; 林德空气分离技术成熟, 被广泛用于从空气中分离纯化空气组分的商业量产 ; 林德低温甲醇洗 (Rectisol ) 气体净化流程, 用以去除二氧化硫等酸性气体并回收二氧化碳, 已经在不同国家使用了几十年 ; 氨 / 尿素流程是现成的取得许可并已整合的技术, 由第三方专业供应商提供 ; 西门子电力岛由最先进的 F 级燃气轮机配备蒸汽轮机进行联合循环运行, 等同于一座天然气联合循环运行电力岛加上若干改装, 包括特别的燃气轮机燃料喷嘴火口和前排涡轮叶片, 以适应 TCEP 用作燃料的低碳高氢合成气 12

14 Technology and Construction Status: Overview Use of Existing Technology Powder River Basin low-sulfur coal Natural gas for startup, backup & during maintenance Base load operation; includes some turn-down capability Emissions NO x, So x, & PM far below lowest-set limits osulfur removal ~ 99% despite using low sulfur coal omercury removal 95%; oco 2 capture rate of 90% (i.e., emissions will be 1/11th or less of those of a conventional coal power plant s) oco 2 emissions 25% of those of combined cycle natural gas turbines 13

15 技术和施工状况 : 概述现有成形技术的使用保德河盆地低硫煤启动备用及维护期间用的天然气基荷运行 ; 包括一些下调负荷的功能排放氮氧化合物 ( No x ) 硫氧化合物 (So x ) 及可吸入颗粒物 (PM) 远低于最低的限制在使用低硫煤的情况下, 硫的去除率仍能达到约 99% 汞的去除率 95%; 二氧化碳回收率为 90%( 即排放量将为传统煤电厂排放量的十一分之一或更少 ) 二氧化碳排放量联合循环天然气轮机排放量的 25% 14

16 SFG-500 Gasifiers Fuel Pressurized water inlet Oxygen, steam Pressurized water outlet Burner Cooling screen Reactor 1300 to 1800 C Quench water Quench Gas outlet Granulated slag 15

17 SFG-500 气化炉 16

18 Technology and Construction Status: Plant Construction, Warranties and Damages Plant configuration, components & commercial structure are designed to make the plant financeable o Respected EPC contractor counterparties o Integration of proven technologies with long-term warranties o Single long-term O&M contract with Siemens and Linde Warranties at Commercial Operation o Capital cost o Completion (i.e., no "dry hole risk") o Schedule (provisional acceptance & tuning period) o Capacity (power output, CO 2 capture, fertilizer production, other) o Heat rate (fuel conversion efficiency) o Emissions - satisfy new low permit requirements O&M Agreement Warranties o Cost and performance (excludes some variable costs) o Annual availability & reliability of entire project and the outputs from project 17

19 技术和施工状况 : 工厂施工担保及损害赔偿工厂布局组件设计及商业结构均采用有助于工厂融资的设计 o 有声誉的工程总承包商 o 可靠的技术与长期担保相结合 o 架构涵盖西门子和林德公司的单一运维合同商业运行担保 o 资金成本 o 竣工 ( 即, 无干井风险 ) o 进度 ( 暂定验收及调试期 ) o 产能 ( 电力输出二氧化碳回收量肥料产量其他 ) o 热效率 ( 燃料转换效率 ) o 排放满足新的低排放许可的要求运维协议担保 o 成本和绩效 ( 不包括某些可变成本 ) o 整个项目的年度利用率及可靠性以及项目的产出 18

20 Project Financing: Revenue Components and Contracts Project will yield three major revenue streams (power, CO 2 and urea sales) Power off-take arrangement [EXECUTED]: 25- year power purchase agreement as baseload generation to CPS Energy (San Antonio municipal) Fixed price for capacity and fixed O&M expenses; pass through of coal cost and variable O&M expenses CO 2 contracted sales will be year contracts [EXECUTED]: First contract executed with Whiting Petroleum; two remaining contracts now signed Revenue from CO 2 sales does not depend on any new carbon or climate legislation CO 2 contracts will cover TCEP s full output for 30 years, with sales prices linked to WTI crude oil prices 15-year urea contract executed with major fertilizer market participant for full output of TCEP [EXECUTED]: Prices will be tied to sales prices received by the off-taker subject to a price floor and with upside price sharing mechanism Floor is equivalent of pricing in the U.S. Corn Belt of about $200 per ton Power CO 2 Urea 400 MW gross output On-site use includes urea production & CO2 compression ~195 MW net to CPS Energy ERCOT peak demand 63,594 MWs 2 M tons/year 90% capture rate 33 M tons /year market & higher demand locally Will be qualified as Carbon Credits on American Carbon Registry and other registries 756k tons/year US demand 8.5 M tons/year US imports 5 M tons/year 19

21 收入构成及合同项目将产生三类主要收入来源 ( 电力二氧化碳和尿素销售 ) 拟议的电力包销安排包括 : 与 CPS 能源 ( 圣安东尼奥市区供电商 ) 签定约 25 年期基本负荷发电电力采购合同二氧化碳销售将签订年期合同 : 已与怀汀石油 (Whiting Petroleum) 签订第一份合同 ; 另外两项合同已完成二氧化碳的销售收入并不依靠新的碳排放或气候立法二氧化碳合同预计将涵盖 TCEP 30 年的全部产量, 价格与西德克萨斯中质原油价格 (WTI) 挂钩已与主要肥料市场参与方就全部尿素产量签订 15 年期合同价格将与包销商的实际销售价格挂钩, 设定最低销售价格及价格增幅共享机制电力二氧化碳尿素总发电量 400 兆瓦对 CPS 能源出售净发电量约 195 兆瓦 ERCOT 峰值需求 63,594 兆瓦 200 万吨 / 年 90% 回收率年度市场需求及更高本地需求 3,300 万吨将获得美国碳注册处及其他注册处的碳排放额度 75 万吨 / 年美国需求 850 万吨 / 年美国进口 500 万吨 / 年 20

22 CO2 is a Major Revenue Stream instead of Disposal Problem Texas Permian Basin is 40-year old market for CO2 used for Enhanced Oil Recovery; TCEP sits at heart of 3,000 miles of interconnected CO2 pipelines, within 100 miles or less of 72% of all existing EOR-using fields (see map at right); Market participants include some of the nation s largest oil producers and midstream energy (e.g. pipeline) companies; Current market volumes exceed 33 million tons per year, but that number is limited only by available CO2 supplies. TCEP, at 2.5 M tpy is a small increment to that supply; Feasibility consultant (Advanced Resources International) estimates that CO2 demand is 3x all existing sources of supply (geologic and manmade) available in Permian. Project Location at Center of Pipeline System 21

23 二氧化碳是主要收入来源, 而非排放问题德州帕米亚盆地购入二氧化碳用于高采收产油已有 40 年之久 ; TCEP 项目坐落在 3,000 英里相互连通的二氧化碳管道的中心区域, 离 72% 进行高采收产油的油田不超过 100 英里 ( 见右图 ); 市场参与方包括美国最大的原油生产商和主流能源公司 ( 如管道公司 ); 目前市场总量超过每年 3,300 万吨新的二氧化碳, 但该总量仅受限于可得的二氧化碳供应量 TECP 年产 250 万吨, 对供应总量增加甚小可行性顾问 (Advanced Resource International) 估计二氧化碳需求量是帕米亚地区现有全部 ( 地质和人造 ) 供应量的三倍项目位于管道系统的中心 22

Chinese oil import policies and reforms 随着经济的发展, 目前中国石油消费总量已经跃居世界第二作为一个负责任的大国, 中国正在积极推进能源进口多元化, 鼓励替代

Chinese oil import policies and reforms SINOPEC EDRI 2014.8 Chinese oil import policies and reforms 随着经济的发展, 目前中国石油消费总量已经跃居世界第二作为一个负责任的大国, 中国正在积极推进能源进口多元化,