PwC power & utilities roundtable

discussion paper

The future of distributed

generation
What are the regulatory, commercial
and technological barriers to
implementing DG?

www.pwc.com/utilities
Contents
Introduction 3
The growth and challenges of distributed energy
resources 4
Financing – developments in PPA-based
distributed generation 6
Technological transformation and the growth
of storage in energy 8

The roundtable
Senior executives and experts from 16 countries and four continents gathered for
a PwC roundtable on market design in Madrid. The event brought together leading
players with substantial experience from the regulatory and corporate spheres to discuss
the regulatory, commercial and technological barriers to implementing distributed
generation and integrating renewables into the grid.

Leonardo Benítez, Head of Utilities, Indra

Mark Coughlin, Global Leader, Market Design, PwC Australia

David Etheridge, Global Leader, Power & Utilities, Advisory, PwC US

Kevin Fitzgerald, Chief Utility Officer, Energy Impact Partners

Jeroen van Hoof, Global Leader, Power & Utilities, Assurance, PwC Netherlands

Steve Hunter, Senior Project Developer and PPA Leader - EMEA, GE Renewable Energy

Weero Koster, Partner Energy, Sustainability & Climate Change, Aeolian

Carlos Fernandez Landa, Global Leader, Power & Utilities Renewables, PwC Spain

Rodolfo Martinez Campillo, Head of Infrastructure Regulation, Iberdrola

Mark McCullough, EVP – Generation, American Electric Power

Paul Nillesen, Partner, Strategy& Energy Practice, PwC Netherlands

Jean Rappe, CEO, Engie Solar

Eliano Russo, Head of e-Industries, Enel X

Norbert Schwieters, Global Leader, Power & Utilities, PwC Germany

Jan Teichmann, VP, Global Markets, Fluence, a Siemens and AES Company

Ken Zagzebski, President, AES Southland Energy and Executive Chairman of the Board,
Indianapolis Power & Light Company and Dayton Power and Light Company
Introduction
Distributed generation is The roundtable brought together leading
figures from the utilities sector to discuss these
a fast-growing feature of challenges, the lessons learnt so far and to look
modern electricity systems. at what the future might bring, not just the
It is transforming the technological and sector impact that lies ahead
but the possible financial mechanisms of the
traditional centralised grid future as well. The roundtable event is part of
model and, in parts of the PwC’s industry programme for power & utilities
world without developed grid companies worldwide. This report focuses its
summary of the roundtable discussion on:
systems, it offers leapfrog • Growth – meeting the challenges of
opportunities to increase distributed energy resources
access to electricity. • Financing – developments in PPA- (power
purchase agreement) based distributed
But the complexities – generation
technological, regulatory, • Technological transformation and the growth
of storage in energy
commercial and financial – of
integrating renewables and
distributed generation into the
grid are immense. They carry
wide sector impact and require
fresh thinking about company
business models and the
role of grids. “It’s a ‘burning
platform’ issue for utilities
globally,” observed Norbert
Schwieters, PwC’s Global
Power & Utilities Leader as he
welcomed participants to the
roundtable event.

The future of distributed generation 3

The growth and challenges of
distributed energy resources
Distributed generation (DG) is electricity-generating plant that is connected
to a distribution network rather than the transmission network. DG is a
key element in a growing number of distributed energy resources (DERs)
that are being deployed across the distribution grid. They range from larger
generation plants to small-scale resources. They are typically close to load,
giving value to individual customers as well as exporting to the grid, and
many are behind the meter.
Global DER capacity is expected to up by Jean Rappe, CEO of Engie Solar:
grow from 132.4 GW in 2017 to 528.4 “What we’re seeing now puts the first
GW in 2026.1 It is adding considerable half of my career into perspective. Then
complexity to energy systems and it was a slow evolution. Each time a gas
constitutes a major shift from turbine was improving its efficiency by
centralised grid systems designed for a quarter of a percentage; that was a
one-way flows to a grid network that has great achievement. Today the pace of
to manage multi-directional flows and change is a technology revolution. On
a proliferation of energy sources, many the renewables side it is so quick that it’s
with a high degree of intermittency. a game changer for everyone.”
Parallel technology advances, such
as rapid digitalisation, advances in Mark McCullough, EVP Generation with
energy storage and the development American Electric Power, highlighted
of electric vehicles, are adding to the the need for mindset and business
opportunities and challenges. Together model change: “We’ve been operating
these developments are reshaping one-way, single-direction electricity for
the relationship between utilities and over 100 years and the advent of new
customers. technology across this value stream
is changing the way we think about
The implications for utility companies the business.” It is taking AEP towards
are considerable. David Etheridge, different value streams, including
Global Leader, Power & Utilities, virtual power plants and micro-grids
Advisory, PwC US, observed: “We know close to the customer, adding to supply
the cat is out of the bag. Our industry resilience particularly in locations
is evolving fast, some would say it’s a vulnerable to severe weather events.
revolution not an evolution and many “We need to be with our customers
have different ideas for where this when they’re considering these types of
industry will go. One thing’s for sure – it solutions,” stressed McCullough. “We
is going to look very different in ten to can help them design better solutions
fifteen years’ time.” The point about the and choices, taking advantage of scale at
pace of technology change was picked a local level.”

1 Navigant Research, Global DER Deployment Forecast Database, 2017.

4 PwC global power & utilities www.pwc.com/utilities

 Q: We’re in an exciting phase of Ken Zagzebski, President, AES US
very rapid technological change. It’s Strategic Business Unit:

Q&A
very promising but it raises the risk My concern is what looks good today is
that today’s investments may have not going to look good ten years from now.
a much shorter working life than So the critical criterion that I’m asking
one actually expects. How do you my team to use is that it has it has to add
respond to that risk? customer value. If you’re not looking
Technology Jean Rappe, CEO, Engie Solar:
specifically at customer value, whether it’s
a transmission line or distribution assets, I
investment risk That’s why PPAs are important. Without
PPAs, investors would need to assume
think you have got a real risk of stranded
investments.
much faster amortisation cost because
the pace of technological progress is such Mark McCullough, EVP Generation,
that investments are rapidly becoming American Electric Power:
obsolete. The PPAs provide for long- We see evidence in the media quite often
term stable revenue, making it possible today where large investment has been
to reduce the cost of capital and make the cause of write-offs and so forth. This
renewables more competitive. One good points us more towards smaller solutions
thing about renewables that investors like like distributed generation and I couldn’t
is that variable costs are very low. Once agree more with the statement about
you have invested, there is very little cost customer value; it has to be the highest
to run, so the likelihood of you not being customer value solution for it to work.
able to sell your production is zero.

Rodolfo Martinez Campillo, Head of The growth of DG is pretty much

Infrastructure Regulation at Iberdrola, universal but the nature and pace
talked about the challenge of integrating of change is heavily influenced by
distributed generation into the grid: regulation. Ken Zagzebski, President,
“First there is a technical integration AES Southland Energy and Executive
issue that needs to be solved. There is
also a commercial issue in the economic
Chairman of the Board, Indianapolis
Power & Light Company and Dayton
“It may not be a
compensation to exported production. Power and Light Company, emphasised: death spiral, but
And it is an operational issue due to the “Each market is very different. In the
need to balance the whole system.” US, if you do something in Hawaii clearly there’s a
Martinez Campillo went on to observe
it doesn’t mean you can do it in
Indiana and I’m sure you experience
spiral that can take
how volumetric tariffs and net
metering have fostered inefficient DG
the same thing here in Europe.” He you downward
cautioned: “States that are pushing
growth, particularly roof-top solar: renewables aggressively are going to if you don’t
“Large DG penetration has confirmed
the existence of hidden subsidies,
have issues to contend with such as
stranded costs, affordability and grid
participate in it.”
increasing prices to other customers.” reliability. In states where generation
Ken Zagzebski, President, AES
The National Association of Regulatory is more traditional, there will be the
Southland Energy and Executive
Utility Commissioners in the US and issue of cannibalisation of the current
Chairman of the Board, Indianapolis
the Council of European Regulators load through the growth of ‘market-
Power & Light Company and Dayton
in Europe have both produced policy driven’ distributed generation and
Power and Light Company
papers on the topic which are now renewables. It may not be a death
beginning to be reflected in regulatory spiral, but there’s clearly a spiral that
modifications. These are taking different can take you downward if you don’t
forms in different jurisdictions. Among participate in it. In those markets that
the boldest are reforms in Hawaii and are not as aggressive, you still need to
Maine where regulators are ending net be participating now so that you’re in a
metering and moving towards buy-all, good position before distributed energy
sell-all payment frameworks. or renewables are more integrated.”

The future of distributed generation 5

Financing – developments
in PPA-based distributed
generation
Distributed generation and renewables is a growth area that is increasingly
standing on its own two feet without the need for subsidies. Power purchase
agreements (PPAs) with utilities have been a staple of financing in many
markets for some time. Now corporate buyers are joining the market as they
weigh up the attractiveness of distributed generation. As well as delivering on
clean energy ambitions, a corporate PPA with the right pricing structure can
also provide a hedge against electricity price volatility.

“We need to wean the renewables

industry off subsidies,” observed Steve
Mark Coughlin, Global Leader, Market
Design, PwC Australia, explained how
“We’re moving
Hunter, Senior VP Global Markets renewable infrastructure players and to networks
Development, GE. “It’s happening corporate customers in Australia have
in some markets but investors need started to turn to PPAs in response to as enablers, as
to mitigate merchant power price
exposure. PPAs are the biggest tool we
turbulence and disruption in the energy
market: “It has gathered some real
platforms that
have in the box today to help investors momentum in the last 12 months. We allow different
manage that exposure. Then on the expect to see announcements coming
other side we have consumers who want through, with some of the biggest participants in the
to do their part in going renewable and
demonstrate that to their customers.
energy users signing up major corporate
PPAs with distributed generation at the
market to converse
The structures that we put in place with end of it. That is a significant shift from and transact with
PPAs are very important to help them a few years ago. It’s been driven by a
do that. We’re seeing a huge variety of lack of trust in the system as a result of each other to
different structures. The development
of these contracts is still at an early
wholesale price volatility and the system
shocks we’ve been experiencing.”
develop and utilise
stage and I think we will see some new technologies.
standardisation developing.”
PPAs form a part of
that development,
a very strong part
at the moment”
Weero Koster, Partner Energy,
Sustainability & Climate Change,
Aeolian

6 PwC global power & utilities www.pwc.com/utilities

Looking ahead, Weero Koster, Partner services. In the Netherlands, we’ve to a PPA with terms which are more
Energy, Sustainability & Climate Change seen the market change completely friendly to the consumer, my experience
at Aeolian, sees PPAs as an important with corporates needing to take on is they will do that if they don’t have an
stepping stone towards a future where those responsibilities. In the past, alternative.”
networks act as market platforms: projects would just go to the utility
“We’re moving to networks as enablers, but now there is such a large demand Koster picked up on the diversity theme:
as platforms that allow different from corporates that the competition “This market is very diverse around the
participants in the market to converse for projects means the balancing and world for a number of reasons - different
and transact with each other to develop portfolio management responsibility regulatory regimes, different incentive
and utilise new technologies. PPAs is lying with the off-taker for 15 years. regimes and very different corporate
form a part of that development, a very Depending on their business model and cultures. The contracts that I see are
strong part at the moment with about capabilities, they may either hold or very bespoke, which is good but also has
70 countries in the world that have outsource it.” its own difficulties: mainly illiquidity.
market structures that allow for PPAs. So we do need some standardisation.”
Eventually, we will move to enabling Steve Hunter from GE observed: “I think Hunter singled out the Nordic market:
networks of DERs that may take some the Netherlands is quite a special case. “Nordpool is the most liquid power
of the load from the PPA market in due If we look at Spain, the power is all trading market we have and consumers
course.” with the consumer. There are literally have a long history of hedging their
gigawatts of projects that are trying to long-term power price exposure. It’s a
One of the key issues for PPAs is financially close. We see the same thing market design which is very facilitating
which party to the agreement takes in the UK and in Ireland, where you towards corporate PPAs. The economics
the balancing risk. Should balancing have markets where the subsidies have are challenging for new wind projects
sit with the generator or does the off- ended, in some cases quite abruptly, or because electricity prices are low but
taker take the balancing responsibility? they’re in a transition from one subsidy we are still seeing projects close. While
It is clear that this varies considerably regime to another. But developers don’t the US is the biggest market, the biggest
in different markets. Aeolian’s Weero stop developing. Once they’ve spent deals we have seen done are in the
Koster said: “I’ve seen very few instances their money, they want their revenue; Nordics.”
where the project itself offers portfolio they don’t want to sit on it. They are
management services or balancing incentivised to go out and close the
project and, if that means signing up

Q: Do you see the length of PPAs Mark Coughlin, Global Market

coming down over time? Design Leader, PwC Australia: We’re

Q&A
seeing more like ten years. Developers
Weero Koster, Partner Energy, would love to see 20, but they’re just not
Sustainability & Climate Change, being written at the moment, so ten years
Aeolian: Yes, depending on different is about the maximum in Australia.
markets. In the Nordics we see PPAs
Longevity of that are much shorter. Speaking about
my home market in the Netherlands, the
Steve Hunter, Senior VP Global
Markets Development, GE: Around ten
PPAs PPA market is still very much driven by
subsidies. Subsidy schemes are 15 years
years is about the minimum if you want to
finance a new-build project. We’re trying
so the PPAs are based on the length of the to work on opportunities where we could
subsidy. Fifteen years is very difficult for perhaps bundle some ten-year volume and
most of the corporate clients. What I’m some shorter volume and see if we can still
going for is trying to make the product get the project past financial close on that
more liquid, so that at least you can basis. But that increases the complexity so
get out of the PPA by transferring it to goes against the simplification that we’re
somebody else. You need to go into an trying to achieve.
investment with the exit in mind.

The future of distributed generation 7

Technological transformation
and the growth of storage in
energy
Innovations in power-sector technology, such as battery storage, grid
automation and smartphone-linked energy saving and control devices,
are advancing at a pace that has surprised developers and adopters alike.
Technological innovation will be key to the transformation of grids into
platforms that are able to successfully host, manage and integrate a plethora of
distributed energy resources.

Companies are responding to the Greenlots, whose SKY platform aims Markets, Fluence, explained: “We are
pace of technological change with the to provide real-time charger health focusing on projects greater than 1MW,
launch of new business units, new status, utilisation data, dynamic so what you would generally define as
partnerships and a stronger emphasis pricing capabilities and a seamless utility grid scale. Nobody buys storage
on collaborative working across and charging experience for EV customers. just because it looks good. It is only if
beyond the traditional boundaries of the “The Greenlots business model is to there is an economic case.” To date,
sector. One such example is the coalition whiteboard this for the utility company over 500MW of Fluence storage has
of power industry and other partners or the automaker based on open been deployed or been awarded in 16
that are backing Energy Impact Partners standards,” said Fitzgerald. different countries around the world.
(EIP), a US-based investment platform
that seeks to invest in emerging trends, Fitzgerald outlined another key The advantages of storage are widely
new technologies and innovative investment theme: “There’s so much recognised in relation to integrating
business models to build a better energy inefficiency in the system that we renewables into the grid, but Teichmann
future. believe there is a ton of opportunity explained how storage also makes
in the digitisation of the grid. We lose economic sense in a wide variety of
EIP’s Chief Utility Officer Kevin between 60 to 70% of the product situations. Storage for reliability,
Fitzgerald told the roundtable: “The before it is finally consumed. Utilities frequency, resilience and critical power
network that we have behind us makes can create substantial customer value security are among the reasons for
it the largest clean energy network on in core grid infrastructure through deploying storage, as well as the obvious
the planet.” He explained that one of optimisation of the platform. And that one of adding an on-demand capability
the themes driving their investment may be done with all the new tools in to renewables. Energy cost control is
strategy is that the renewable energy the tool kit, like distributed generation, another motivation for customers of
transition and DER proliferation will battery storage, EV charging etc.” battery storage. In Finland, Fluence has
go hand in hand. He outlined EIP’s installed 1.6MW of storage in a Helsinki
investment in two companies, AutoGrid Electricity storage, long viewed as shopping centre, enabling the customer
and Opus One, as examples of creating the holy grail for the power industry, to cut grid consumption at times of peak
the software pillars that will be needed is coming of age with utility-scale prices.
for a DER-rich grid. storage solutions being deployed at an
increasing rate. One of the companies In other situations, storage is integral
Electric vehicles will be a key element leading the storage charge is Fluence, a to energy security. For example, storage
in a future DER world. EIP is an investor joint venture collaboration between AES can be used for black start recovery
in EV-charging software company and Siemens. Jan Teichmann, VP, Global of gas-fired generation, getting it

8 PwC global power & utilities www.pwc.com/utilities

 Q: We’ve talked a lot about Eliano Russo, Head of e-Industries,
distribution networks becoming Enel X: When we think about networks,

Q&A
platforms. Do we need to consider we need to think as network orchestrators
splitting up roles and start thinking and as platform businesses. Look at
about a distribution owner and a other sectors, what happened in tourism,
system operator at the distribution mobility, real estate. There are network
level? orchestrators that are eating margins of
Implications Leonardo Benítez, Head of Utilities,
traditional capex-intensive players and
it’s clear that when it comes to energy
of distribution Indra: I do believe that will be the future.
The DSO will become a platform operator,
we have to go in the same direction. I
think today the energy business, also the
networks as generating a playing field where there
will be other companies, new companies
energy solution business, is still a pipeline
business. We generate leads, we develop

platforms coming in and offering new services. solutions and then we sell, implement and
operate those solutions. I think we need
Jan Teichmann, VP, Global Markets, to move to the next level because we want
Fluence: I’m not sure that something to be less capital-intensive, we want to
like this should be forced. I think some move to a softer intelligent solution. So
regulatory topics are too complicated for the direction is clear but the jury is still
change to be forced. It needs to evolve. out on how we are going to get there.

online without reliance on external Instead of selling services and asking

transmission lines. For this very reason, money for them, we are going to
a steel plant in Eisenhüttenstadt, them to identify and monetise their
Germany has added 2.8MW of battery flexibility.”
storage to its gas-fired generation plant.
As Teichmann explained: “Our storage Leonardo Benítez, Head of Utilities
is an insurance. The facility has never at global technology company Indra,
“Utilities can had a power cut but, if it did, the facility highlighted the technology challenges

create substantial would suffer irreparable damage. With

storage, the steel plant has complete
facing the grid: “Distributed generation
poses a variety of technical issues for
value in core grid insurance.” existing networks. They were designed
for traditional one-way power flow from
infrastructure Italian global energy group Enel has the big centralised generation to the

through brought its digitisation, sustainability,

innovation and technological solutions
consumer and are not ready to absorb a
big amount of energy resources without
optimisation of the together under a new Enel X brand
which delivers four key areas of activity
investing in technology.”

platform” – e-City, e-Home, e-Industries and “The grid is becoming more complex
e-Mobility. Eliano Russo heads up the and growing faster than existing
Kevin Fitzgerald, Chief Utility e-Industries division, providing a range control methods and tools can
Officer, Energy Impact Partners of energy efficiency and distributed handle,” observed Benitez. “We
generation technology services and need fundamental changes in how
the creation of off-grid and demand we monitor and control a far more
response solutions. complex system. Utilities need real-time
monitoring and control infrastructure
Enel’s acquisition of Enernoc has helped to achieve situational awareness. The
to secure its position as a demand Industrial IoT is a key technology which
response aggregator: “We are managing will enable utilities to have visibility on
more than 6GW of demand response what’s happening in the medium to low
capacity” said Russo. “It’s changing the voltage, to be able to control, react, and
customer relationship substantially. be able to do things like self-healing.”

The future of distributed generation 9

PwC contacts
Key contacts Belgium Russia
Koen Hens Tatiana Sirotinskaya
Norbert Schwieters Telephone: +32 2 710 7228 Telephone: +7 495 967 6318
Global Power & Utilities Leader Email: koen.hens@pwc.com Email: tatiana.sirotinskaya@ru.pwc.com
Telephone: +49 211 981 2153
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Per Timmermann Anna Elmfeldt
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Energy, Utilities & Resources
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