应对美国可再生能源的不确定性

Ahmed Farman * | Equity Analyst44 (0) 20 7029 8987 | afarman@jefferies.comZach Ho * | Equity Analyst+44 (0) 20 7548 4714 | zach.ho@jefferies.comArturo Murua * | Equity Analyst+44 (0) 20 7548 4344 | amurua@jefferies.comAlejandra Botbol * | Equity Associate+44 (0)20 7548 4326 | abotbol@jefferies.com Company Valuation/RisksEDP RenovaveisOur PT is derived from our SOTP, which includes a mixture of DCF- and multiples-based valuation. Risks include general construction risk,increased capex costs, supply chain issues causing delays to planned projects, government policy risk, and declines in power prices.Engie SAOur price target is derived from our SOTP valuation, benchmarked against trading multiples of peers. Risks include general construction risk,political risk, delays to planned projects, and declines in power prices.OrstedOur price target is derived from our SOTP. Risks include general construction risk, delays to planned projects, government policy risk, and declinesin power prices.RWE AGOur price target is derived from our SOTP. Risks include near-term capacity closures in Germany, a mandated coal phase-out in Germany,government compensation, power prices, and renewables capacity growth.Analyst Certification:I, Ahmed Farman, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Zach Ho, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Arturo Murua, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Alejandra Botbol, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.Registration of non-US analysts:Ahmed Farman is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.Registration of non-US analysts:Zach Ho is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualifiedas a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subjectto the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.Registration of non-US analysts:Arturo Murua is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.Registration of non-US analysts:Alejandra Botbol is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate,but various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports arepublished at irregular intervals as appropriate in the analyst's