Financing today's nuclear industry - Euromoney Institutional Investor ...

Financing today's nuclear industry●●●●●Financing European new build projectsWaste management and decommissioning liabilitiesOvercoming barriers to investmentConstruction and licensing risk managementGlobal opportunities for the nuclear energy industryUK Energy Review -Responding to thefinancial challenges ofnuclear new buildSAVE £150Book by 15 September 2006Law Society of England andWales accredited: 12 CPD hoursSponsorsSupported by:

30-31 October 2006, The Jumeirah Carlton Tower, London"In view of the potential benefits for our public policy goals, theGovernment proposes to address potential barriers to new nuclear build"UK Energy Review, 11 July 2006The UK Energy Review's emphasis on energydiversity and low carbon capacity showshow the Government is again turning tonuclear generation as one way of meeting itspolicy objectives. This must be set in a globalcontext where nuclear energy is experiencing arenaissance as the need for secure, low carbongenerating capacity becomes paramount.As the world struggles to cope with soaring energydemand, which the IEA expects to rise by more than50% by 2030, it must also come to terms with theharsh reality of climate change. These imperatives,together with the need to ensure energy securitythrough a diverse generating mix, have promptedgovernments worldwide to put nuclear energy firmlyback on their national agendas.Euromoney Energy Events' inaugural Nuclear EnergyFinance Forum will unite senior professionals fromaround the world, drawing on international expertiseto identify how the complex issues surroundingnuclear energy are being addressed now, by those atthe heart of the nuclear industry.Using leading edge case studies, the conference willmaintain a strong practical focus, enabling delegatesto gain an in-depth understanding of the most recentdevelopments in this rapidly changing field.Financing nuclear energy projects● Financial mechanisms for new build projects● Waste management and decommissioning finance● Operational finance and market economicsNuclear power in the UK● Responding to the Energy Review● Public and industry perception● Is nuclear power economically feasible?Investment risk breakdown● Licensing and construction risk● Market risk and insurance● Managing back-end liabilitiesCase studies● Financing new build in Europe● Lessons learnt from the US nuclear industry● Worldwide financing options for new buildWho should attend● Project financiers, fund managers and investors in the energy sector ● Corporate finance andfinancial services professionals ● Nuclear engineering, construction and operating companies● Waste management and decommissioning professionals ● Management consultants and strategy consultants"It's difficult for me tosee how we can havesecure energy suppliesand tackle climatechange withoutreplacing our nuclearpower stations"About the organisersEuromoney Energy Events organises high-profile eventsfor energy professionals world-wide. Our diverse rangeof conferences address topical issues in the energysector, with a particular focus on financial, commercialand marketing aspects. In 2006 Euromoney Energy Events will beholding events in London, Berlin, Beijing, New Delhi and New York.Tony Blair, 4 July 20065

“We're about to move to a situation of importing energy. We have to at least replace our nuclear power stations.These decisions have to be taken now.” - Tony Blair, 11 July 2006Chair:SESSION 3: NUCLEAR POWER IN THE UK - POLICY,PERCEPTION, AND THE FINANCING CHALLENGEChris Lambert, Director, Westminster Energy Forum1415 From policy to implementation - industryresponse to the UK Energy Review■ Industry update - the immediate and ongoing effectsof the Energy Review■ Financial mechanisms for new build in the UK - hasthe situation changed?■ Future developments in the UK energy market andconsequences for nuclear powerGareth Davies, Managing Consultant, Oxera1435 Public and stakeholder perception■ Trends in public opinion across the UK■ The impact of public and stakeholder perception andengagement on nuclear energy projects■ The implications on investment in new build and how tomanage risksSam Usher, Senior Programme Manager, AMEC1455 Site selection for nuclear new build in the UK■ Criteria for site selection and effects oncapital expenditure■ How does site selection affect the licensing timetable?■ Technical and environmental considerations, andfinancial consequencesAlan Thomson, Nuclear Energy Business Leader, Arup1515 Questions and answers1525 Networking refreshment break1545 Capturing the low-carbon value of anuclear investment■ Low-carbon value as a factor in the investment decision■ Risk management of revenue deriving from EU ETS■ Managing CO 2 price volatilitySeb Walhain, Director of Environmental Products,Fortis Bank1605 Project finance for nuclear new build- insurance issues■ Identifying the insurable elements of a nuclear newbuild project■ Project finance perspective on how these risks canbe underwritten■ Impact of insurance on project financeinvestment decisionsMark Popplewell, Senior Vice President, Marsh Ltd1625 Questions and answers1640 Panel: Market drivers and financing models fornuclear new build in the UK■ Economic catalysts for the nuclear market■ Trends in deal finance and likely funding mechanisms■ The role of government - policy versus reality■ The influence of externalities on project economicsModerator:Ajay Saldanha, Director, European Energy &Utilities Group, Lehman BrothersPanellists:Paul Dawson, Director, Commodities Regulation,Barclays CapitalAndrew Jameson, Head of Power,Royal Bank of ScotlandRob Cormie, Partner, UK Head of Energy and NaturalResources, KPMG Corporate FinanceRobert Pitcher, Corporate Partner, Eversheds1730 Chairman's closing remarks followed by NetworkingDrinks ReceptionDAY TWO: TUESDAY, 31 OCTOBER 20060730 Registration and coffee0800 - 0900Networking Breakfast, with roving microphone –delegates will have the opportunity to briefly introducethemselves to their fellow conference attendees enablingthem to make additional business contacts.Sponsored by Eversheds0900 Opening remarksAllison Lindsay, Director of Conferences,Euromoney Energy EventsChair:SESSION 4: LICENSING ANDCONSTRUCTION RISKBill Bryce, Consultant, Mitsui Babcock0910 Quantifying construction risk■ Construction time and cost overruns■ Supply chain capacity and associated risks■ Initial and ongoing licensing process■ Contract structures and formsNigel Robson, Head of Energy, Eversheds0930 Licensing and construction risk – lessons learntfrom the US■ Managing the front-end risk of a new build project■ Supply chain management■ Government support for new build – lowering thelicensing risk profileJohn Polcyn, Vice President, Bechtel Power Corporationw: www.euromoneyplc.com3

“Political consensus is one of the key conditions on which investors must make their decisions”Vincent de Rivaz, Chief Executive, EDF Energy, 21 May 20061200 Panel: Market risk and effects on investment■ Electricity price and volume fluctuation■ Fuel supply and price risk■ Factoring market uncertainty into investment decisionsAndrew Nind, Principal Consultant, PoyryGraham Shuttleworth, Director, NERA EconomicConsultingDavid Newbery, Professor of Economics,0950 Panel: Licensing and construction riskUniversity of Cambridge■ Assessing and pricing the risk of construction■ How can construction risk be reduced?1245 Lunch■ Balancing the risks of civil and nuclear engineeringRoger Hull, Corporate Development Manager,Sir Robert McAlpine LtdSESSION 6: BACK-END RISK MANAGEMENTAND FINANCEAjay Saldanha, Director, European Energy & Utilities Group,Lehman BrothersChair: Mark Richards, Partner, Pinsent MasonsChris Harrop, Senior Project Manager,1400AMEC Nuclear ProjectsThe challenges for effective project managementof decommissioning liabilities■1040 Networking refreshment breakCurrent and future options for decommissioningprojects, and financial mechanisms■ Ongoing risk management of a waste managementSESSION 5: MANAGING OPERATIONAL UNCERTAINTYand decommissioning investment- INSURANCE, SECURITY, AND MARKET RISKChair:Ulrik Stridbaek, Senior Policy Advisor,International Energy Agency1110 Insurance structures for the nuclearenergy industry■ Current and future options for risk transfer insurance■ Challenges ahead for nuclear insurers■ Trends and forecasts for nuclear insurance costsMark Tetley, Managing Director, Nuclear Risk Insurers Ltd1130 Security risk management of nuclear energyfacilities■ Identifying the security liabilities of a nuclear energy project■ Risk management and protection of these liabilities■ Impact of security risk on finance and investment decisionsMichael Minieri, Senior Managing Associate EMEA,Security Group, Kroll1150 Questions and answersSponsorship opportunities at theNuclear Energy Finance ForumTaking a sponsorship position or an exhibition stand at theNuclear Energy Finance Forum is the most cost-effective andtargeted way of gaining exposure to the financial communityactive in the nuclear energy sector. Sponsorship offers a primeopportunity to raise your company profile and boost yourposition as a leading market player in the industry.Sponsorship opportunities available include:■ Lunches ■ Refreshment breaks ■ Documentation■ Delegate bag ■ Evening ReceptionWe welcome your ideas regarding sponsorship and exhibitionopportunities, and will be happy to develop a package to suit yourneeds. Please contact Tom Plinston to discuss how your companycan benefit from being involved on tel: +44 20 7779 8915 oremail: tplinston@euromoneyplc.com.■ Transferring experience and expertise from US projectsto a European contextPaul Longsworth, Executive Director, Fluor Ltd1420 The impact of decommissioning liabilities oncredit rating■ Key risk factors assessed by a credit rating agency■ Impact of these on the ability to raise finance forcurrent and future projects■ Managing the impact of decommissioning liabilitieson overall credit ratingLaurence Monnier, Senior Director, Fitch Ratings1440 A generator's perspective on wastemanagement and decommissioning finance■ How decommissioning liabilities can be funded,now and in the future■ Effects of back-end finance on investors, operatorsand consumers■ Case study: the Finnish model of decommissioningfinanceHeikki Raumolin, Senior Adviser, Fortum Generation1500 Panel: Waste management and decommissioningrisk and financing■ Financial mechanisms underlying a successful wastemanagement policy■ Quantifying and managing the decommissioning risk■ Ensuring an efficient and economical decommissioningoperationPeter Bird, Managing Director, RothschildDave Holman, Managing Director, Nuclear Technologies plcAlun Roberts, Business Development Manager,Nuclear Power Group, Weir Strachan and HenshawPhilip Thomas, Professor of Engineering Development,City University1600 Chairman’s closing remarks and close of conferencee: prisebury@euromoneyplc.com4

NUCLEAR ENERGY FINANCE FORUM REGISTRATION FORM30-31 OCTOBER 2006, LONDONplease quote this referencewhen booking your placeBrochure ref: EEE WEBThe easiest way to register is online at www.euromoneyenergy.com/nuclearFourother waysto registerEmail:prisebury@euromoneyplc.com(quoting brochure ref:)Fax:+44 20 7246 5200Telephone:+44 20 7779 8050(quoting brochure ref:)Post:Paul Risebury, Euromoney PlcNestor House, Playhouse YardLondon EC4V 5EX, UKEARLY BIRD FEE £999+VAT (by 15 September) - REGISTRATION FEE £1,149+VAT (after 15 September)The conference fee includes: Attendance at all conference sessions,conference documentation, lunches, refreshments and receptions.Delegates By 15 September After 15 September Discount■ 1 st £999.00+VAT = £1173.83 £1149.00+VAT = £1350.08■ 2 nd £999.00+VAT = £1173.83 £1149.00+VAT = £1350.08■ 3 rd £499.50+VAT = £586.91 £574.50+VAT = £675.04 50%■ *Concessions: £574.50 +VAT = £675.04 50%For information on group booking discounts for 4+ delegates please contactGlenn Cooney on + 44 20 7779 8914; gcooney@euromoneyplc.comPlease note for on-site bookings an additional £50 will be payable* The concessions are for Govt/Non profit organisations, students andacademics. This rate is at the sole discretion of Euromoney Energy Events.■ Documentation only ■ Hard copy ■ Soft copy £399IT IS IMPORTANT TO FILL OUT ALL THE INFORMATION BELOW1 st Delegate detailsMr/Mrs/Ms ______ First name ___________________________________________________________Surname ________________________________________________________________________________Job title__________________________________________________________________________________Tel________________________________________ Fax __________________________________________Email ____________________________________________________________________________________2 nd Delegate detailsMr/Mrs/Ms ______ First name ___________________________________________________________Organisation detailsCompany Name _______________________________________________________________________Please supply your company descriptionCompany Activity (EXAMPLE: Power GenCo operates three 200MW power plants in the UK)(15-20 words)_______________________________________________________________________________________________________________________________________________________________________________________________________________________________________Address ___________________________________________________________________________________________________________________________________________________________________________________Postcode __________________________ Country __________________________________Tel________________________________________ Fax _______________________________________VAT: Organisations registered for VAT in the UK may reclaim the tax.Delegates from outside the UK but within the European Community may alsobe able to reclaim the VAT. Organisations outside the UK and the EC shouldcheck with their excise authority as to which domestic fiscal regulations apply.Surname ________________________________________________________________________________Job title__________________________________________________________________________________Tel________________________________________ Fax __________________________________________Email ____________________________________________________________________________________3 rd Delegate details (50% discount)Mr/Mrs/Ms ______ First name ___________________________________________________________Surname ________________________________________________________________________________Job title__________________________________________________________________________________50% DISCOUNTTel________________________________________ Fax __________________________________________Email ____________________________________________________________________________________HOTEL BOOKING: To make a booking at a London hotel please contactReservations at Banks Sadler. Tel: 01904 682610,Email: reservations@banks-sadler.co.uk. Please mention that you are attendingEuromoney Energy Events Nuclear Energy Finance ForumPAYMENTPayment may be made in one of three ways - please tick appropriate box ✓■ 1. Please debit my CREDIT CARD No.■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■Visa/Master/Euro ■ Amex ■ (no other cards accepted)Expiry date ■ ■ / ■ ■Signed......................................................................................................■ 2. Payment by BANK TRANSFER should be made through Lloyds Bank plc,PO Box 72, Bailey Drive. Gillingham Business Park, Gillingham, Kent, ME8 0LS,account number 1083711, sort code: 30-00-02(all charges to be paid by sender)■ 3. CHEQUES should be drawn on a UK Bank and made payable toEuromoney Energy Events Ltd. 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