20
Tue, Nov

Abstract

This report presents the highlights and progress of the Central Asia Energy-Water Development Program (CAEWDP). The reporting period for this Annual Report is the calendar year from January to December 2017. The Central Asia Energy-Water Development Program... See More + This report presents the highlights and progress of the Central Asia Energy-Water Development Program (CAEWDP). The reporting period for this Annual Report is the calendar year from January to December 2017. The Central Asia Energy-Water Development Program was initiated in 2009 with the goal to support the Central Asia countries (Kazakhstan, the Kyrgyz Republic, Tajikistan, Turkmenistan and Uzbekistan) to promote energy and water security through regional cooperation.The long-term vision of the Program is to catalyze economic growth and livelihood security within Central Asia through regional cooperation and integrated energy and water development initiatives. CAEWDP is designed as a catalytic program that aims at precipitating policy change, institutional effectiveness, investments and increased coordination among beneficiary through targeted Bank and recipient executed grants. CAEWDP is structured around three pillars: Energy Development, Water Productivity, and Energy-Water Linkages, to reflect the Program’s goal. The objective of the Energy Development Pillar is to promote and analyze high-value energy investments that focus onenergy security, efficiency, trade and accountability, infrastructure planning and institutional development. The Water Productivity Pillar aims to enhance the productive and efficient use of shared water resources in the various water related sectors through capacity building, institutional strengthening and investment planning. The Energy-Water Linkages Pillar aims toimprove the understanding of linkages between energy and water at national and regional levels and to explore the future impact of regional climate change.  See Less -

Document also available in : Russian

Read more: Central Asia Energy-Water...

| Source: Savosolar Plc

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Savosolar Plc
Company Announcement                   15 November 2018 at 3.00 p.m. (CET)

Validity period of Savosolar's bank guarantee limit has been extended by 12 months

The bank Suur-Savon Osuuspankki has extended the validity period of its bank guarantee limit granted to Savosolar Plc ("Savosolar" or the "Company") by 12 months, up and until 30.11.2019.  The limit amounts to EUR 2 million and the Company uses it in large projects for guarantees needed during deliveries and the warrant period, among others. The extension of the limit's validity period is conditional upon Finnvera Plc granting a counter guarantee to the bank on behalf of Savosolar and the Company giving an additional collateral to the bank. Finnvera has already made a positive decision regarding the guarantee. Suur-Savon Osuuspankki's bank guarantee limit has been extended on the same terms as with the earlier limit.

Savosolar's financial position has improved as a result of the successful rights issue and directed issue carried out during the summer of 2018, when the Company raised approximately EUR 3.7 million in net proceeds.

Savosolar aims to increase its revenue and to improve its profitability so that the Company can ensure the coverage of needed working capital and meet the terms of its loan funding.

SAVOSOLAR PLC.

For more information:

Savosolar Plc
Managing Director Jari Varjotie
Phone: +358 400 419 734
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

This company announcement contains information that Savosolar Plc is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication by aforementioned contact person on 15 November 2018 at 3.00 p.m. (CET).

Savosolar in brief

Savosolar with its highly efficient collectors and large-scale solar thermal systems has taken solar thermal technology to the next level. The company's collectors are equipped with the patented nano-coated direct flow absorbers, and with this leading technology, Savosolar helps its customers to produce competitive clean energy. Savosolar's vision is to be the first-choice supplier to high performance solar installations on a global scale. Focus is on large-scale applications like district heating, industrial process heating and real estate systems - market segments with a big potential for rapid growth. The company primarily delivers complete systems from design to installation, using the best local partners. Savosolar is known as the most innovative company in the business and aims to stay as such. The company has sold and delivered its products to 17 countries on four continents. Savosolar's shares are listed on Nasdaq First North Sweden with the ticker SAVOS and on Nasdaq First North Finland with the ticker SAVOH. www.savosolar.com.

The company's Certified Adviser is Augment Partners AB, phone: +46 8-505 65 172.

Read more: Validity period of Savosolar's bank guarantee...

| Source: Savosolar Plc

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Savosolar Plc
Company Announcement                   13 November 2018 at 11.30 a.m. (CET)

The schedule for legal proceedings between Sunti SAS and Savosolar has been postponed

The schedule for legal proceedings between Sunti SAS and Savosolar Plc ("Savosolar" or the "Company") has been postponed.

Sunti SAS delayed their written answer, which has led to that the court has postponed the timing for the first verbal hearing. The timing has not yet been set, but will not take place before 2019.

As earlier stated, Savosolar considers Sunti's claim for compensation to be without just cause.

SAVOSOLAR PLC.

For more information:

Savosolar Plc
Managing Director Jari Varjotie
Phone: +358 400 419 734
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

This company announcement contains information that Savosolar Plc is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication by aforementioned contact person on 13 November 2018 at 11.30 a.m. (CET).

Savosolar in brief

Savosolar with its highly efficient collectors and large-scale solar thermal systems has taken solar thermal technology to the next level. The company's collectors are equipped with the patented nano-coated direct flow absorbers, and with this leading technology, Savosolar helps its customers to produce competitive clean energy. Savosolar's vision is to be the first-choice supplier to high performance solar installations on a global scale. Focus is on large-scale applications like district heating, industrial process heating and real estate systems - market segments with a big potential for rapid growth. The company primarily delivers complete systems from design to installation, using the best local partners. Savosolar is known as the most innovative company in the business and aims to stay as such. The company has sold and delivered its products to 17 countries on four continents. Savosolar's shares are listed on Nasdaq First North Sweden with the ticker SAVOS and on Nasdaq First North Finland with the ticker SAVOH. www.savosolar.com.

The company's Certified Adviser is Augment Partners AB, phone: +46 8-505 65 172.

Read more: The schedule for legal proceedings between Sunti...

| Source: Savosolar Plc

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Savosolar Plc
Company Announcement                   7 November 2018 at 1.30 p.m. (CET)

Milestones in delivery contract with Grenaa Varmevaerk achieved according to schedule

As earlier informed, Savosolar Plc ("Savosolar" or the "Company") is doing a turnkey delivery of a solar thermal system to Grenaa Varmevaerk A.m.b.a. in Denmark. Project is advancing well and by end of this week 50% of the collectors will be mounted. Savosolar has passed two more payment milestones; starting the mounting of the collectors and starting installations at the technical building. With these milestones Savosolar has so far received 50% of the contract value (contract value approximately EUR 3.5 million) as payments from the customer. Hand-over is still planned to take place at the end of February 2019

SAVOSOLAR PLC.

For more information:

Savosolar Plc
Managing Director Jari Varjotie
Phone: +358 400 419 734
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

This company announcement contains information that Savosolar Plc is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication by aforementioned contact person on 7 November 2018 at 1.30 p.m. (CET).

Savosolar in brief

Savosolar with its highly efficient collectors and large-scale solar thermal systems has taken solar thermal technology to the next level. The company's collectors are equipped with the patented nano-coated direct flow absorbers, and with this leading technology, Savosolar helps its customers to produce competitive clean energy. Savosolar's vision is to be the first-choice supplier to high performance solar installations on a global scale. Focus is on large-scale applications like district heating, industrial process heating and real estate systems - market segments with a big potential for rapid growth. The company primarily delivers complete systems from design to installation, using the best local partners. Savosolar is known as the most innovative company in the business and aims to stay as such. The company has sold and delivered its products to 17 countries on four continents. Savosolar's shares are listed on Nasdaq First North Sweden with the ticker SAVOS and on Nasdaq First North Finland with the ticker SAVOH. www.savosolar.com.

The company's Certified Adviser is Augment Partners AB, phone: +46 8-505 65 172.

Read more: Milestones in delivery contract with Grenaa...

Abstract

Economic performance remains strong. Accelerating reform momentum after the 2018 general elections will be key to consolidating and furthering Bhutan’s development. Efforts aimed at enabling a vibrant and job-creating private sector will need to be prioritized... See More + Economic performance remains strong. Accelerating reform momentum after the 2018 general elections will be key to consolidating and furthering Bhutan’s development. Efforts aimed at enabling a vibrant and job-creating private sector will need to be prioritized. The hydropower sector has served Bhutan well, but it has not created enough jobs for the country’s educated youth. In addition, the sector has also witnessed construction delays in the past few years, which have adversely impacted growth, revenues, and exports.  See Less -

Read more: Bhutan Development Update...

Complete Report in English

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Read more: Hierarchy and Information

| Source: RGS Energy

DENVER, Nov. 06, 2018 (GLOBE NEWSWIRE) -- RGS Energy (NASDAQ: RGSE), the exclusive worldwide manufacturer of the visually stunning POWERHOUSE™ Solar Shingle System, reported results for its third quarter ended September 30, 2018 and filed its quarterly report on Form 10-Q. RGS Energy encourages investors to read the filing for a complete report of its results for the third quarter.

Reinvented Company Focused on POWERHOUSE™

RGS received UL certification for its next generation POWERHOUSE™ 3.0 solar shingles earlier this month, and immediately began taking purchase orders. The company has received over $127 million to date in written reservations from roofing companies. The company anticipates the revenue from an average POWERHOUSE™ kit sold to a roofer, including shingles, inverter, monitoring, non-electrical balance of system components and freight charges to be $19,000.

As the manufacturer of POWERHOUSE™ 3.0, RGS believes it will be the first real mover and the industry leader of built-in photovoltaic shingles. The company’s manufacturing supply chain and distribution channel are already in place for the nationwide rollout of POWERHOUSE™ 3.0. Recent legislation such as the California Solar Mandate is expected to place the company in a position to significantly grow revenue.

“We have POWERHOUSE™ manufacturing capacity lined up to cover our annual written reservations and we believe these reservations exceed the amount of potential annual revenue for us to operate at a profit for 2019,” said Alan Fine, CFO of RGS Energy. “The commercial launch of POWERHOUSE™ is a major game-changer for us that will drive strong growth and profits.”

The company needed financial capital to commercially launch POWERHOUSE™ 3.0, which it obtained from an April convertible notes and common stock warrants offering. As of September 30, 2018, the company reported shareholders’ equity of $6.6 million.

New Cash Resulting from the Convertible Note Financing

       
  Cash Note Principal and
Additional
Amount
Series Q Common
Stock Warrants
Shares
At closing of the offering on April 9, 2018 $ 5,000,000     $ 11,500,000     9,857,143  
Additional amounts arising from shareholder approval reset   -       25,577,431     -  
Conversions of notes to Class A common stock   2,118,000       (26,310,968 )   -  
Exercises of warrants   8,278,667       -     (7,391,667 )
Placement agent fees   (602,457 )     -     -  
As of September 30, 2018   14,794,210       10,766,463     2,465,476  
       
Activity during the period October 1 to November 5, 2018      
Conversions of notes to Class A common stock   -       (6,659,319 )   -  
Funding of investor notes   272,000       -     -  
Exercises of warrants   -       -     -  
Placement agent fees   (19,040 )     -     -  
As of November 5, 2018   15,047,170       4,107,144     2,465,476  
       
Expected future activity:      
Series Q common stock warrants   559,293       -     (1,735,317 )
Funding of remaining balance on investor notes   2,610,000       -     -  
Placement agent common stock warrants   -       -     (730,159 )
Conversions of notes to Class A common stock   -       (4,107,144 )   -  
Placement agent fees   (182,700 )     -     -  
Expected net cash from the 2018 Convertible Note Offering $ 18,033,763     $ 0     0  
                     

Accounting for the Convertible Notes and Series Q Warrants

The 2018 convertible notes and Series Q common stock warrants include terms that are derivatives under generally accepted accounting principles.  The company engaged an independent third-party appraiser to value the convertible notes and related common stock warrants. 

The company expects to ultimately receive cash from the convertible note financing as follows:

       
Gross proceeds received through November 5, 2018 $  15,668,667  
Expected future proceeds   3,169,293  
Expected gross cash proceeds   18,837,960  
Fees and expenses related to the 2018 Convertible Note Offering   (804,197 )
Expected net cash from the 2018 Convertible Note Offering $  18,033,763  
       

               
Ultimately, the company expects it will record an increase in shareholders’ equity equal to the net cash of $18 million. However, due to the recording of non-cash derivative items, the financing is reflected separately in the statement of operations and the statement of shareholders’ equity and in different accounting periods as follows:

         
($000’s omitted) Through
Sept 30, 2018
Oct 1, 2018 –
Nov 5, 2018
Future
Periods
Total
         
Statement of Operations:        
Derivative loss, assuming average stock price in future periods of $1.00 through April 9, 2019 $ 23,624     $ 3,806     $ 9,525     $  36,955  
Reflected in statement of operations $ (23,624 )   $ (3,806 )   $ (9,525 )   $ (36,955 )
         
         
Statement of Shareholders’ Equity:        
Issuance of Class A shares for convertible notes and warrants $ 32,993     $ 8,362     $ 13,634     $ 54,989  
Reflected in statement of operations   (23,624 )     (3,806 )     (9,525 )     (36,955 )
Change in shareholders’ equity from 2018 Note Offering $ 9,369     $ 4,556      $ 4,109      $ 18,033  
                               

3rd Quarter Financial Summary

The company expects to receive revenue from POWERHOUSE™ beginning in December 2018 and, accordingly, the results for the third quarter of 2018 do not reflect what the company believes the reinvented company will operate at in future periods.

             
($000’s omitted) Q3 2018
  Q2 2018
  Q3 2017
 
Operational Data:      
Net sales $ 3,674   $ 4,997   $ 7,913  
Total Revenue   3,885     3,630     4,019  
Backlog (at quarter end)   15,760     15,683     13,911  
       
Financial Data:      
Cash $ 8,593   $ 1,541   $ 4,658  
Shareholders’ (deficit) equity   6,632     (123 )   9,503  
Operating cash outflow   (3,124 )   (3,379 )   (4,705 )
Operating loss   (3,038 )   (4,137 )   (4,386 )
Net loss*   (18,294 )   (7,762 )   (4,422 )
Working capital   5,181     2,300     7,091  
                   

*Net loss includes a non-cash derivative loss and amortization of debt discount of $15.2 million and $4.5 million for September 30, 2018 and June 30, 2018, respectively, attributable to the 2018 convertible notes.

Updated Company Financial Model

Presented below are hypothetical examples of earnings per share at varying degrees of future market share in succeeding years, ranging from one-quarter of one percent of the addressable market to one percent of the addressable market.

         
  Reservations
through
Nov 5, 2018
    One Quarter of
One Percent
    One Half of 
One Percent
    One Percent
 
POWERHOUSE™ annual revenue $ 127,000,000     $ 250,000,000     $ 500,000,000     $ 1,000,000,000  
Anticipated gross profit percentage   30%       32%       34%       38%  
POWERHOUSE™ gross profit   37,554,487       79,790,000       171,916,000       380,658,000  
Anticipated POWERHOUSE™ Division expenses   (3,393,313)       (5,493,000)       (11,334,000)       (20,132,000)  
POWERHOUSE™ license fee   (3,013,159)       (5,697,000)       (11,137,000)       (21,986,000)  
Contribution from Solar Division   0       0       0       0  
Corporate segment expenses   (8,200,000)       (8,200,000)       (8,200,000)       (8,200,000)  
Pre-tax income   22,948,016       60,400,000       141,245,000       330,340,000  
Taxes @ 25%   (5,737,004)       (15,110,000)       (35,311,250)       (82,585,000)  
Hypothetical net income $ 17,211,012     $ 45,300,000     $ 105,933,750     $ 247,755,000  
         
         
Hypothetical Fully Diluted Shares Outstanding:        
Shares outstanding as of November 5, 2018   78,900,000       78,900,000       78,900,000       78,900,000  
Issuable under Convertible Notes   13,400,000       13,400,000       13,400,000       13,400,000  
Common stock warrants   9,700,000       9,700,000       9,700,000       9,700,000  
Employee stock options   1,300,000       1,300,000       1,300,000       1,300,000  
Fully diluted shares outstanding   103,300,000       103,300,000       103,300,000       103,300,000  
         
         
Hypothetical EPS $ 0.17     $ 0.44     $ 1.03     $ 2.40  
         
         
Hypothetical Cash from exercise of common stock warrants $ 19,700,000  
       

The financial model above is not a forecast or a projection but a mathematical demonstration of financial information with hypothetical future revenue from written reservations received to date and different future hypothetical levels of market penetration of the annual reroof market. Additionally:

  • Gross margins include the cost of the Section 201 and 301 tariffs on imported materials.
     
  • The hypothetical maximum cash from exercise of common stock warrants is the mathematical result of the number of warrant shares times the respective exercise price per share. The hypothetical results are premised upon an increase in the future trading value of the company’s common stock resulting in the exercise of common stock warrants. It further assumes all investors, except the Series Q placement agent warrant holders, elect cash exercises (not cashless exercises) and warrant exercise prices are not reduced or reset to a lower amount. The majority of common stock warrants have exercise prices at or below $3.10 per share.

Conference Call

RGS Energy will hold a conference call tomorrow afternoon to discuss its current financial results and position.

Date: Wednesday, November 7, 2018
Time: 4:30 p.m. Eastern time (2:30 p.m. Mountain time)
Toll-free dial-in number: 1-800-239-9838
International dial-in number: 1-323-794-2551
Conference ID: 3162689
Webcast: http://public.viavid.com/index.php?id=132152

The conference call will be webcast live and available for replay via the investor relations section of the company's website at RGSEnergy.com.

Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact CMA at 1-949-432-7566.

A replay of the call will be available after 7:30 p.m. Eastern time on the same day through November 14, 2018.

Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 3162689

About RGS Energy

RGS Energy (Nasdaq: RGSE) is America’s Original Solar Company providing solar, storage and energy services whose mission is clean energy savings. The company is the exclusive worldwide manufacturer of the visually stunning POWERHOUSE™ Solar Shingle System. RGS Energy also sells, designs and installs solar systems for residential homeowners, commercial businesses, non-profit organizations and government entities. 

For more information, visit RGSEnergy.com and RGSPOWERHOUSE.com, on Facebook at www.facebook.com/RGSEnergy and on Twitter at twitter.com/rgsenergy. Information on such websites and the websites referred to above in this press release is not incorporated by reference into this press release.

RGS Energy is the company’s registered trade name. RGS Energy files periodic and other reports with the SEC under its official name “Real Goods Solar, Inc.”

POWERHOUSE™ is a trademark of The Dow Chemical Company, used under license.

Forward-Looking Statements and Cautionary Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including statements regarding RGS Energy’s results of operations and financial positions, and RGS Energy’s business and financial strategies.  Forward-looking statements are neither historical facts nor assurances of future performance.  Instead, they provide RGS Energy’s current beliefs, expectations, assumptions, forecasts, and hypothetical constructs about future events, and include statements regarding our future results of operations and financial position, business strategy, budgets, projected costs, plans and objectives of management for future operations.  The words “plan,” “future,” “may,” “will,” “expect,” “hypothetical,” believe  and similar expressions as they relate to us are intended to identify such forward-looking statements.

Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements.  Therefore, RGS Energy cautions you against relying on any of these forward-looking statements.

Key risks and uncertainties that may cause a change in any forward-looking statement or that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include: the ability to obtain requisite international product certification of POWERHOUSE™ 3.0; RGS Energy’s ability to successfully commercialize POWERHOUSE™ 3.0 and achieve market share; RGS Energy’s ability to satisfy the conditions and obligations under the POWERHOUSE™ 3.0 license agreement; RGS Energy’s ability to manage supply chain in order to have production levels and pricing of the POWERHOUSE™ 3.0 shingles to be competitive; the ability of RGS Energy to successfully expand its operations and employees and realize profitable revenue growth from the sale and installation of POWERHOUSE™ 3.0, and to the extent, anticipated; RGS Energy’s ability to realize revenue from sales of POWERHOUSE™ arising from the California Energy Commissions’ mandate for solar systems with new home building commencing in 2020; RGS Energy’s ability to realize revenue from written reservations for initial POWERHOUSE™ deliveries; RGS Energy’s ability to obtain future purchase orders for POWERHOUSE™ deliveries; competition in the built-in photovoltaic solar system business; RGS Energy’s ability to successfully and timely expand its POWERHOUSE™ 3.0 business outside of the United States; foreign exchange risks associated with the POWERHOUSE™ 3.0 business; intellectual property infringement claims and warranty claims related to the POWERHOUSE™ 3.0 business; the performance of the Solar Division; cost and availability of raw materials including the impact from changes in the price of oil and the foreign currency exchange rate for Chinese yuan; RGS Energy’s ability to successfully implement its revenue growth strategy, achieve its target level of sales, generate cash flow from operations, and achieve break-even and better results; the adequacy of, and access to, capital necessary to implement its revenue growth strategy; RGS Energy’s ability to satisfy the conditions to receive additional funds underlying the investor promissory notes received in the 2018 convertible note offering; whether RGS Energy will receive any proceeds from exercise of common stock warrants; rules, regulations and policies pertaining to electricity pricing and technical interconnection of customer-owned electricity generation such as net energy metering; the continuation and level of government and utility incentives for solar energy; changes in general economic, business and political conditions, including tariffs on imported solar cells and changes in the financial markets; non-compliance with NASDAQ continued listing standards; the impact on future hypothetical earnings per share of future employee incentive compensation by cash bonuses and stock option awards; RGS Energy’s future shareholders’ equity; and other risks and uncertainties included in the Company’s filings with the Securities and Exchange Commission.

You should read the section entitled “Risk Factors” in our 2017 Annual Report on Form 10-K and in our Quarterly Reports on Form 10-Q for the quarters ended March 30, 2018,  June 30, 2018 and September 30, 2018, each of which has been filed with the Securities and Exchange Commission, which identify certain of these and additional risks and uncertainties.  Any forward-looking statements made by us in this presentation speak only as of the date of this presentation. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

POWERHOUSE™ is a trademark of The Dow Chemical Company, used under license.
RGS Energy is the Company’s registered trade name. The Company files periodic and other reports with the Securities and Exchange Commission under its official name “Real Goods Solar, Inc.”

Investor Relations Contact

Ron Both
Managing Partner, CMA
Tel 1-949-432-7566
This email address is being protected from spambots. You need JavaScript enabled to view it.

Read more: RGS Energy Reports on Current Financial Results

| Source: EDF

multilang-release

        PRESS RELEASE
13 November 2018
 
 
 

Quarterly Financial Information at 30 September 2018

Sales up 5.3%1 

2018 targets confirmed

                                  Key figures

Group sales                                                                                                                  €49.6bn
+5.3 % org.[1]

Electricity Output 
Nuclear France:                         290.0TWh
Nuclear United Kingdom:            45.9TWh
Group Renewables:                    54.8TWh
   of which Hydropower France[2]: 38.0TWh

+2.4%
-5.7%
+28.9%
+32.9%

       Highlights and deployment of CAP 2030

  • New developments in renewable energies
  • Commissioning of five solar photovoltaic facilities in Israel (100MWp)
  • Signing of two Power Purchase Agreements for a 128 MWac solar projet with storage in California
  • EDF Renouvelables awarded:
    • one wind energy project in India totalling 300 MW
    • two wind energy projects in Brazil totalling 276MW
    • two solar energy projects in France totalling 20MWp
  • Signing of binding agreements for the construction of the Nachtigal hydroelectric dam in Cameroon : 420 MW project
  • Innovation at the service of customers
  • "Vert Electrique":100,000 subscriptions one year after launch
  • Digiwatt: launch of the first fully digital electricity supply contract in France
  • "Plan lumière 4.0": the consortium led by Citelum and EDF Luminus is selected as preferred tenderer for the smart lighting of major roads in Wallonia, Belgium
  • Electric Mobility Plan: objective to become the sector's leading energy company in Europe by 2022
  • Strengthened financial structure
  • Disposal plan realised for €9.6bn: completion of the disposal of Dunkerque LNG
  • Refinancing of €1.25bn hybrid bond notes
  • Senior bond offering of $3.75bn in three tranches of 10- to 30-year maturity and €1bn with a 12-year maturity
2018 targets confirmed

 

Operating expenses[3]:  -€0.8bn compared to 2015 EBITDA[4]:  €14.8 - 15.3bn Cash flow4,[5] excluding Linky[6], new developments and 2015-20 asset disposal plan:  ~0 Asset disposals[7] since 2015:   ~€10bn Total net investments excluding acquisitions and 2015-20 disposal plan:   <= €15bn of which net investments excluding Linky6, new developments and 2015-20 disposal plan:  ~€11bn Net financial debt/EBITDA4 :  <= 2.5x Target payout ratio of net income excluding non-recurring items[8] :  50%

Change in EDF group sales

(in millions of Euros) 9M 2017
restated[9]
9M 2018 % % organic
France - Generation and supply activities 17,871 18,942 +6.0 +6.0
France - Regulated activities 11,292 11,571 +2.5 +2.5
EDF Renouvelables 898 1,090 +21.4 +13.1
Dalkia 2,472 2,760 +11.7 +7.3
Framatome - 2,290 - -
United Kingdom 6,189 6,466 +4.5 +4.9
Italy 5,548 6,052 +9.1 +5.7
Other international 2,400 1,667 -30.5 +1.0
Other activities 1,713 2,055 +20.0 +20.1
Inter-segment eliminations (2,138) (3,301) +54.4 +8.8
Total Group 46,245 49,592 +7.2 +5.3

The Group's sales over the first nine months of 2018 amounted to €49.6bn, up 5.3% in organic terms compared to the first nine months of 2017.

Each segment contributed to the growth's sales. The France - Generation and supply activities segment had the most significant impact in absolute-value.

Change in Group sales[10] by segment

France - Generation and supply activities 

(in millions of Euros) 9M 2017[11] 9M 2018 % organic
Sales 17,871 18,942 +6.0

Sales in France - Generation and supply activities amounted to €18.9bn, up 6.0% in organic terms compared to the first nine months of 2017.

Nuclear output reached 290TWh, up 6.6TWh compared to the first nine months of 2017. This improvement can be explained by the fact that 2017 was heavily penalised, in particular by several reactor outages linked to the manufacturing records of the Creusot plant and by the "carbon segregation" issue.

Hydropower output[12] stood at 38TWh, up 32.9% (+9.4TWh) compared to the first nine months of 2017.

The higher nuclear and hydropower output contributed to EBITDA but was only partially reflected in sales.

The net selling position (in euros) on the wholesale markets at the end of September 2018 was recorded in sales, as opposed to the end of September 2017, when there was a net buying position (in euros). The ARENH volumes sold and the balance of purchases and sales on the wholesale market had a positive impact on sales, estimated at €99 million compared to the first nine months of 2017.

The favourable weather affected sales by an estimated +€49 million (+1.0TWh) compared to the first nine months of 2017.

The changes in regulated sales tariffs[13] , for the part excluding the delivery component, had a positive impact of around €67 million.

The downstream market conditions had a positive effect on sales for an estimated €117 million to the extent that the negative effect of the erosion in electricity sales to end customers was more than offset by the positive electricity price effects and by increased gas sales.

Resales of purchase obligations were up due to the increase in electricity generation from renewable sources and to better price conditions, with a positive impact on sales estimated at €438 million (neutral effect on EBITDA with the CSPE mechanism which offset expenses linked to purchase obligations).

In addition, other favourable factors boosted sales by an estimated €301 million.

France - Regulated activities[14]

(in millions of Euros) 9M 2017[15] 9M 2018 % organic
Sales 11,292 11,571 +2.5

Sales in France - Regulated activities amounted to €11.6 billion, up 2.5% in organic terms compared to the first nine months of 2017.

Sales benefited from a favourable weather effect of around €36 million and from a positive change in the distribution tariffs[16] for an estimated €225 million.

In addition, growth of the grid connection services activity contributed €54 million.

Renewable Energies

EDF Renouvelables

(in millions of Euros) 9M 2017 9M 2018 % organic
Sales 898 1,090 +13.1

Sales in EDF Renouvelables amounted to €1.1bn, up 13.1% in organic terms compared to the first nine months of 2017.

This change was mainly due to the commissioning in 2017 of both wind and solar power projects, which contributed to a 27% increase in output (11.3TWh).

Sales also benefited from the increase in distributed solar activities, notably in the United States, for an amount of +€34 million.

Gross installed capacities during the nine first months totalled 902MW, mainly in recent geographical areas (Chile, Brazil, Dubai), the majority of which is solar.

Total installed net capacity increased by 3.1% compared to the end of December 2017 to 8.1GW.

Finally, the gross portfolio of projects under construction reached 2.2GW (of which 1.4GW in solar power) at the end of the third quarter 2018.

Group Renewables[17]

(in millions of Euros)   9M 2017 9M 2018 Change (%)
Sales   2,622 3,292 +25.6
including EDF Renouvelables   898 1,090 +21.4

Sales of the entire Group Renewables[18] contributed €3.3 billion to Group sales over the first nine months of 2018. They were driven by good hydro conditions in France and in Italy and, for wind and solar energy, by the effect of the commissioning and the acquisitions realised in 2017.

Energy services

Dalkia

(in millions of Euros) 9M 2017[19] 9M 2018 % organic
Sales 2,472 2,760 +7.3

Dalkia's sales amounted to €2.8 billion, up organically by 7.3% compared to the first nine months of 2017, due mainly to the positive trend in service contract review indexes, the positive effect of increasing fuel prices and the signing or the renewing of numerous contracts, such as the creation of a heating network in Montbéliard (France).

Group Energy Services[20]

(in millions of Euros) 9M 2017 9M 2018 Change (%)
Sales 3,203 3,671 +14.6

Sales for Group Energy Services19 amounted to €3.7 billion, up 14.6% compared to the first nine months of 2017. They benefited notably from Dalkia's organic growth and targeted acquisitions in the United Kingdom (Imtech in July 2017, €198 million), in Italy (Zephyro) and Belgium.

Framatome 

(in millions of Euros) 9M 2017 9M 2018 % organic
Sales    2,290  

Framatome's sales amounted to €2.3 billion in the first nine months of 2018, out of which €960 million was realised within the Group.

Activity in the Fuel business was sustained, whereas there was a slowdown in the Installed Base business, particularly in the United States.

There was a gradual recovery in the Components business, following the authorisation granted by the ASN in January 2018 to resume the manufacture of forged parts on the Creusot site.

In China, Framatome and the Chinese National Nuclear Corporation (CNNC) delivered the first batch of fuel cladding tubes for the "Hualong-1" reactor of the Fuqing nuclear power plant.

In the United States, Framatome signed a contract with Talen Energy to provide its new ATRIUM 11 fuel to the Susquehanna nuclear power plant.

United Kingdom 

(in millions of Euros) 9M 2017 9M 2018 % organic
Sales 6,189 6,466 +4.9

In the United Kingdom, sales amounted to €6.5bn, up 4.9% in organic terms compared to the first nine months of 2017.

Sales benefited from higher electricity tariffs and prices on the residential and business market, higher electricity volumes sold to business customers and higher gas volumes sold due to cold weather in the first quarter of 2018. This increase was partially offset by a reduction in volumes sold to residential electricity customers.

Nuclear output amounted to 45.9TWh, down 2.8TWh, compared to the first nine months of 2017, mainly because of the Hunterston B outage.

Italy

(in millions of Euros) 9M 2017[21] 9M 2018 % organic
Sales 5,548 6,052 +5.7

In Italy, sales amounted to €6.1 billion, up 5.7% in organic terms compared to the first nine months of 2017.

The volumes of gas sold to residential customers increased in line with favourable weather conditions.

Sales were up in Electricity activities, supported by higher sales volumes to residential customers and growth in hydropower generation.

Sales in exploration-production activities were up thanks to the favourable change in Brent prices and gas prices, and to the increase in volumes.

Other international

(in millions of Euros) 9M 2017[22] 9M 2018 % organic
Sales 2,400[23] 1,667 +1.0

Sales in Other international amounted to €1.7bn, up 1.0% in organic terms compared to the first nine months of 2017.

In Belgium, generation was affected by the extended outages of the Engie Group's nuclear reactors. Wind power capacities reached 399MW, up 6.1% compared to the end of December 2017. Sales amounted to €1.3 billion, up 1.2% in organic terms. This change is related to an increase in prices and a decrease in volumes due to a strongly competitive environment.

Sales in Brazil remained stable compared to the first nine months of 2017, reaching €283 million.

Other activities 

(in millions of Euros) 9M 2017[24] 9M 2018 % organic
Sales  1,713 2,055 +20.1

Sales in Other activities amounted to €2.1 billion, up 20.1% in organic terms compared to the first nine months of 2017.

EDF Trading's sales amounted to €832 million, up strongly by 107.2% in organic terms. This change was driven by strong performance overall, thanks to favourable volatility in commodities markets, favourable weather effects and to occasional tensions in the supply-demand balance in Europe and in the United States. Activities related to LNG (Liquefied Natural Gas) also contributed to this performance, which was driven by rising Asian demand and an upward price environment for oil.

Main events[25]

since the 31 July 2018 press release
Major Events

  • EDF, IFC and the Republic of Cameroon signed final and binding agreements for the construction of the Nachtigal hydroelectric dam in Cameroon (see press release of 8 November 2018).
  • EDF launched the first French microgrid demonstrator operational in Singapore (see press release of 31 October 2018).
  • EDF closed the disposal of its stake in Dunkerque LNG (see press release of 30 October 2018).
  • EDF launched Digiwatt, its first fully digital electricity supply contact at -5% per KWh excluding taxes (see press release of 25 October 2018).
  • EDF announced its intention to become Europe's leading e-mobility energy company by 2022 (see press release of 10 October 2018).
  • EDF announced the success of its hybrid refinancing operation (see press release of 3 October 2018).
  • EDF successfully priced a €1 billion senior note offering (see press release of 25 September 2018).
  • EDF raised $3.75 billion through a multi-tranche U.S. Dollar senior bond issuance (see press release of 19 September 2018).

New investments, partnerships and investment projects

Development of renewable energies, EDF Renouvelables[26]

  • On 9 November 2018, EDF Renewables signed a Power Purchase Agreements for a 128 MWac solar project with storage in California.
  • On 24 October 2018, EDF Renouvelables commissioned more than 100MWp in solar capacity in Israel.
  • On 25 September 2018, EDF and EnterSolar signed a strategic partnership.
  • On 6 September 2018, EDF Énergies Nouvelles was rebranded EDF Renouvelables.
  • On 5 September 2018, EDF Énergies Nouvelles won a 276MW wind energy project in Brazil.

Framatome[27]

  • On 24 September 2018, Framatome signed a contract with Talen Energy to provide its new ATRIUM 11 fuel to the Susquehanna nuclear power plant.
  • On 21 September 2018, Framatome and CNNC delivered the first fuel cladding tubes for the "Hualong-1" nuclear power plant.

Other significant events

  • EDF announced the payment of an interim cash dividend of €0.15 per share for 2018 fiscal year (see press release of 6 November 2018).
  • Another milestone reached in the development of the Son My 1 combined-cycle gas power plant project
    (2,250 MW) in Vietnam (see press release of 2 November 2018).
  • "Plan Lumières 4.0": the consortium led by Citelum and EDF Luminus was selected as the preferred tenderer for the smart lighting project for the main Walloon roads (see press release of 26 October 2018)[28].
  • BBOXX Togo and EDF teamed up to develop off-grid energy solutions (see press release of 26 October 2018).
  • Sodeltrel, a wholly-owned subsidiary of the EDF group, dedicated to electric mobility, rebranded IZIVIA (see press release of 18 October 2018).
  • EDF and GIBB partnered to form GIBB Power, a company specialising in engineering in the energy sector. (see press release of 8 October 2018).

A key player in energy transition, the EDF Group is an integrated electricity company, active in all areas of the business: generation, transmission, distribution, energy supply and trading, energy services. A global leader in low-carbon energies, the Group has developed a diversified generation mix based on nuclear power, hydropower, new renewable energies and thermal energy. The Group is involved in supplying energy and services to approximately 35.1 million customers, 26.5 million of which are in France. It generated consolidated sales of €70 billion in 2017. EDF is listed on the Paris Stock Exchange.

Disclaimer

This presentation does not constitute an offer to sell securities in the United States or any other jurisdiction.
No reliance should be placed on the accuracy, completeness or correctness of the information or opinions contained in this presentation, and none of EDF representatives shall bear any liability for any loss arising from any use of this presentation or its contents. The quarterly financial information is not subject to an auditor's report.
The present document may contain forward-looking statements and targets concerning the Group's strategy, financial position or results. EDF considers that these forward-looking statements and targets are based on reasonable assumptions as of the present document publication, which can be however inaccurate and are subject to numerous risks and uncertainties. There is no certainty that the forecast events will take place or that the expected results will actually be achieved. Important factors that could cause actual results, performance or achievements of the Group to differ materially from those contemplated in this document include in particular the successful implementation of EDF strategic, financial and operational initiatives based on its current business model as an integrated operator, changes in the competitive and regulatory framework of the energy markets, as well as risk and uncertainties relating to the Group's activities, its international scope, the climatic environment, the volatility of raw materials prices and currency exchange rates,  technological changes, changes in the general economic situation.
Detailed information regarding these uncertainties and potential risks are available in the reference document (Document de référence) of EDF filed with the Autorité des Marchés Financiers (AMF) on 15 March 2018, which is available on AMF's website at www.amf-france.org and on EDF's website at www.edf.com. 
EDF does not undertake nor does it have any obligation to update forward-looking information contained in this presentation to reflect any unexpected events or circumstances arising after the date of this presentation.

 
Only print what you need.

EDF SA
22-30, avenue de Wagram
75382 Paris cedex 08
Capital of €1,463,719,402
552 081 317 R.C.S. Paris

www.edf.fr

   

CONTACTS

 

Press: +33 (0) 1 40 42 46 37

 

Analysts and investors: +33 (0) 1 40 42 40 38

[1] Organic change at comparable scope and exchange rates.

[2] Hydropower, excluding island activities.

[3] Sum of personnel expenses and other external expenses. At comparable consolidation scope and exchange rates. At constant pension discount rates. Excluding change in operating expenses of the service activities.

[4] At comparable exchange rates and "normal" weather conditions, on the basis of a nuclear output in France assumption between 393-396TWh. At constant pension discount rates

[5] Excluding eventual interim dividend for the 2018 fiscal year.

[6] Linky is a project led by Enedis, an independent EDF subsidiary as defined in the French Energy Code.

[7] Disposals signed or realised.

[8] Adjusted for the remuneration of hybrid bonds accounted for in equity.

[9] 9M 2017 data restated of IFRS 15 impact on sales and changes in segment reporting (IFRS 8).

[10] Breakdown of sales across the segments, before inter-segment eliminations.

[11] 9M 2017 data restated of IFRS 15 impact on sales and changes in segment reporting (IFRS 8).

[12] Hydro output, excluding island activities before deduction of pumped volumes. For your information, after deduction of pumped volumes: 23.5TWh over 9M 2017 and 32.7TWh over 9M 2018.

[13] Tariff changes of +1.7% at 1 August 2017 on the "blue" residential and non-residential tariffs (incorporating in particular the indexation of TURPE 5 distribution tariff at +2.71% at 1 August 2017 and -0.21% at 1 August 2018) and +0.7% and +1.6% respectively at 1 February 2018.

[14] Regulated activities include Enedis, Électricité de Strasbourg and island activities.

[15] 9M 2017 data restated of IFRS 15 impact on sales.

[16] Change of the TURPE distribution of +2.71 % on 1 August 2017 and -0.21% on 1 August 2018.

[17] For the optimised renewable electricity generation activities within a larger portfolio of generation assets, in particular relating to France's hydropower fleet, sales are estimated, by convention, as the valuation of the output generated at market prices (or the purchase obligation tariff), without taking into account hedging effects, and taking into account the valuation of the capacity, if applicable.

[18]Group Renewables incorporates EDF Renouvelables and the Group's hydropower output, as well as EDF Luminus' and Edison's renewable activities.

[19] 9M 2017 data restated of IFRS 15 impact on sales.

[20] Group Energy Services consist of Dalkia, street lighting, heating networks, decentralised low-carbon generation based on local resources, control of consumption and electric mobility.

[21] 9M 2017 data restated of IFRS 15 impact on sales.

[22] 9M 2017 data restated of IFRS 15 impact on sales.

[23] 9M 2017 data restated of IFRS 15 impact on sales. 2017 figures include EDF Polska's activities for €731m, sold on 13 November 2017

[24] 2017 data restated for changes in segment reporting (IFRS 8).

[25] A full list of press releases is available on EDF's website: www.edf.fr

[26] A full list of EDF Renouvables press releases is available from the website www.edf-edf-renouvelables.com

[27] A full list of Framatome press releases is available on Framatome's website: www.framatome.com

[28] Press release published by Sofico : www.sofico.org

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If trade tensions between the United States and certain trading partners escalate into a full-blown trade war, what should developing countries do? Using a global, general-equilibrium model, this paper first simulates the effects of an increase in U.S... See More + If trade tensions between the United States and certain trading partners escalate into a full-blown trade war, what should developing countries do? Using a global, general-equilibrium model, this paper first simulates the effects of an increase in U.S. tariffs on imports from all regions to about 30 percent (the average non-Most Favored Nation tariff currently applied to imports from Cuba and the Democratic Republic of Korea) and retaliation in kind by major trading partners—the European Union, China, Mexico, Canada, and Japan. The paper then considers four possible responses by developing countries to this trade war: (i) join the trade war; (ii) do nothing; (iii) pursue regional trade agreements (RTAs) with all regions outside the United States; and (iv) option (iii) and unilaterally liberalize tariffs on imports from the United States. The results show that joining the trade war is the worst option for developing countries (twice as bad as doing nothing), while forming RTAs with non-U.S. regions and liberalizing tariffs on U.S. imports (“turning the other cheek”) is the best. The reason is that a trade war between the United States and its major trading partners creates opportunities for developing countries to increase their exports to these markets. Liberalizing tariffs increases developing countries’ competitiveness, enabling them to capitalize on these opportunities.  See Less -

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| Source: RGS Energy

DENVER, Nov. 13, 2018 (GLOBE NEWSWIRE) -- The battle for solar shingles market share dominance in the U.S. really kicks-off in the first quarter of 2019 as both Tesla and RGS Energy (NASDAQ: RGSE) start or get close to ramping to volume production, according to a new article published by PV Tech, the number one source for in-depth and up-to-the-minute news on the solar PV supply chain internationally.

“Of course, there is potentially a ‘no contest’ call as Tesla’s tiles are pegged at the luxury end of the housing market, due to technology, manufacturing and quality perceptions and costs, as well as and its target of its existing customer base from the EV sector,” noted PV Tech senior news editor, Mark Osborne, in the article. “RGS, we suspect would not turn that market away or dissuade its roofer customer base from such business but clearly the initial market is addressing residential homeowners with asphalt rooftops, which represent about 85% of US homes, according to RGS.”

Dennis Lacey, CEO of RGS Energy, commented: “We agree with Mark’s analysis in his article regarding our spot in the competitive landscape. An asphalt roof with POWERHOUSE™ Solar Shingles can be thousands of dollars less expensive than other integrated solar products installed with high-cost tile or concrete roofing materials. POWERHOUSE™ solar shingles are designed to integrate with asphalt roofing products, and when combined with incentives and tax credits, we believe makes POWERHOUSE™ the most affordable solar shingle system on the market.”

Osborne noted in his article: “Major China-based PV manufacturer, Risen Energy is a key [RGS] supplier with the solar cells and wire harness connectors for the next step of encapsulation into what RGS describes as a solar laminate. Risen Energy completed a 2 GW high-efficiency P-type monocrystalline solar cell plant in the first half of 2018, bringing total solar cell capacity to around 3.5GW.”

Lacey said in RGS’ November 4th earnings call: “We provided guidance on October 1 with our updated corporate presentation that we expect revenue for the first quarter of 2019. That is still our opinion, although we may record some POWERHOUSE™ revenue during December. It is simply a matter of how quickly we can manufacture solar laminate, ship it from China, assemble it in the U.S., and then distribute POWERHOUSE™ kits over the remaining 50-plus days this year.”

The full article, ‘Tesla and RGS set for solar roof tile market share battle in US,’ is available under the ‘RGS In the News’ section at RGSPOWERHOUSE.com or by clicking here.

About PV Tech
PV Tech.org is the number one source for in-depth and up-to-the-minute news and articles on the solar PV supply chain internationally. With journalists based in Europe, North America and China, PV Tech provides the most authoritative news, the busiest blog and proprietary product reviews to keep solar professionals informed round the clock. Launched in 2009, the website attracts more than 170,000 visits monthly (Google Analytics, 2017) and geographically the largest audiences are drawn from the US, India, Germany, China, UK, Australia, Canada and Japan.

Photovoltaics International is the solar industry's first and most authoritative technical journal distributed internationally to over 12,500 decision makers and implementers responsible for producing solar cells, modules, thin films and utility-scale power plants. PV Tech Power, launched in 2015 caters for the downstream solar sector from design and build to yield performance and even finance. For more information, visit www.pv-tech.org

About RGS Energy

RGS Energy (Nasdaq: RGSE) is America’s Original Solar Company providing solar, storage and energy services whose mission is clean energy savings. The company is the exclusive worldwide manufacturer of the visually stunning POWERHOUSE™ Solar Shingle System. RGS Energy also sells, designs and installs solar systems for residential homeowners, commercial businesses, non-profit organizations and government entities. 

For more information, visit RGSEnergy.com and RGSPOWERHOUSE.com, on Facebook at www.facebook.com/RGSEnergy and on Twitter at twitter.com/rgsenergy. Information on such websites and the websites referred to above in this press release is not incorporated by reference into this press release.

RGS Energy is the company’s registered trade name. RGS Energy files periodic and other reports with the SEC under its official name “Real Goods Solar, Inc.”

POWERHOUSE™ is a trademark of The Dow Chemical Company, used under license.

Forward-Looking Statements and Cautionary Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including statements regarding RGS Energy’s results of operations and financial positions, and RGS Energy’s business and financial strategies.  Forward-looking statements are neither historical facts nor assurances of future performance.  Instead, they provide RGS Energy’s current beliefs, expectations, assumptions, forecasts, and hypothetical constructs about future events, and include statements regarding our future results of operations and financial position, business strategy, budgets, projected costs, plans and objectives of management for future operations.  The words “plan,” “future,” “may,” “will,” “expect,” “hypothetical,” “believe,” and similar expressions as they relate to us are intended to identify such forward-looking statements.

Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements.  Therefore, RGS Energy cautions you against relying on any of these forward-looking statements.

Key risks and uncertainties that may cause a change in any forward-looking statement or that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include: the ability to obtain requisite international product certification of POWERHOUSE™ 3.0; RGS Energy’s ability to successfully commercialize POWERHOUSE™ 3.0 and achieve market share; RGS Energy’s ability to satisfy the conditions and obligations under the POWERHOUSE™ 3.0 license agreement; RGS Energy’s ability to manage supply chain in order to have production levels and pricing of the POWERHOUSE™ 3.0 shingles to be competitive; the ability of RGS Energy to successfully expand its operations and employees and realize profitable revenue growth from the sale and installation of POWERHOUSE™ 3.0, and to the extent, anticipated; RGS Energy’s ability to realize revenue from sales of POWERHOUSE™ arising from the California Energy Commissions’ mandate for solar systems with new home building commencing in 2020; RGS Energy’s ability to realize revenue from written reservations for initial POWERHOUSE™ deliveries; RGS Energy’s ability to obtain future purchase orders for POWERHOUSE™ deliveries; competition in the built-in photovoltaic solar system business; RGS Energy’s ability to successfully and timely expand its POWERHOUSE™ 3.0 business outside of the United States; foreign exchange risks associated with the POWERHOUSE™ 3.0 business; intellectual property infringement claims and warranty claims related to the POWERHOUSE™ 3.0 business; cost and availability of raw materials including the impact from changes in the price of oil and the foreign currency exchange rate for Chinese yuan; rules, regulations and policies pertaining to electricity pricing and technical interconnection of customer-owned electricity generation such as net energy metering; the continuation and level of government and utility incentives for solar energy; changes in general economic, business and political conditions, including tariffs on imported solar cells and changes in the financial markets; and other risks and uncertainties included in the Company’s filings with the Securities and Exchange Commission.

You should read the section entitled “Risk Factors” in our 2017 Annual Report on Form 10-K and in our Quarterly Reports on Form 10-Q for the quarters ended March 30, 2018,  June 30, 2018 and September 30, 2018, each of which has been filed with the Securities and Exchange Commission, which identify certain of these and additional risks and uncertainties.  Any forward-looking statements made by us in this presentation speak only as of the date of this presentation. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

POWERHOUSE™ is a trademark of The Dow Chemical Company, used under license.
RGS Energy is the Company’s registered trade name. The Company files periodic and other reports with the Securities and Exchange Commission under its official name “Real Goods Solar, Inc.”

Investor Relations Contact

Ron Both
Managing Partner, CMA
Tel 1-949-432-7566
This email address is being protected from spambots. You need JavaScript enabled to view it.

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