Profiting from Clean Energy : A Complete Guide to Trading Green in Solar, Wind, Ethanol, Fuel Cell, Carbon Credit Industries, and More

by Asplund, Richard W.

• ISBN13: 9780470117996
• ISBN10: 0470117990
• Edition: 1st
• Format: Hardcover
• Copyright: 2008-03-03
• Publisher: Wiley

Summary

With Profiting from Clean Energy, respected investment analyst Richard Asplund provides an in-depth explanation of the technology and industry structure behind various sectors of this field and in the process identifies more than 150 stocks related to clean energy. Along the way, Asplund discusses exactly what it takes to effectively invest in clean energy-whether it be through buying individual stocks, investing in green exchange-traded funds or mutual funds, or trading the biofuel and carbon credit markets.

Author Biography

Richard W. Asplund is a professional investment analyst and advisor with twenty-five years of experience. He received an MBA cum laude from the University of Chicago Graduate School of Business, a juris doctor degree from the University of Wisconsin-Madison, and a bachelor of science degree in industrial engineering cum laude from the University of Minnesota. Asplund founded his own investment research firm in 1983 and is currently a professional equity analyst and advisor specializing in clean energy stocks. He has been interviewed on CNBC, Fox, Bloomberg TV, Japanese NHK TV, and National Public Radio, and has been quoted in print publications such as Dow Jones, Reuters, USA Today, Newsweek, and others.

Table of Contents

Acknowledgments	p. xiii
Introduction	p. 1
Clean Energy Investments and Performance: The Show Has Just Begun	p. 5
Clean Energy Business Startup	p. 5
Angel Investing	p. 7
Venture Capital	p. 7
Publicly Traded Stocks	p. 8
Clean Energy Stocks Listed Outside the U.S.	p. 10
Large-cap Stocks	p. 11
Global Petroleum Companies	p. 12
Clean Energy Exchange-Traded Funds (ETFs)	p. 14
Green Mutual Funds	p. 15
Global ETFs and Green Mutual Funds	p. 20
Futures and Options	p. 21
Investment Criteria for Publicly Traded Stocks	p. 21
Valuation and Bubbles	p. 22
Clean Energy Stock Performance	p. 23
Catalysts for the Clean Energy Industry	p. 27
Fossil Fuel Negatives: Pollution, CO[subscript 2] Emissions, Cartels, Price Spikes, and Rising Prices	p. 27
Energy Security	p. 31
Growing Global Energy Demand	p. 33
Greenhouse Gas Emissions and Climate Change	p. 36
Clean Energy Technology Improvements	p. 39
Demand for Distributed Power Solutions Due to Grid Unreliability	p. 40
Rising Electricity Prices	p. 41
Could the Clean Energy Movement Fizzle if Oil Prices Plunge?	p. 43
Clean Energy Catalysts: Investment Conclusion	p. 46
The Government Push: Strong Enough to Get Clean Energy to Fossil Fuel Parity?	p. 47
Types of Government Clean Energy Incentives and Mandates	p. 48
Renewable Energy Targets Worldwide	p. 50
Government Clean Energy Support Initiatives in the United States	p. 53
A Post-Kyoto Carbon Emissions Framework	p. 57
Clean Energy Potential: Double-Digit Growth for Decades	p. 61
Overview of Global and U.S. Energy Flows	p. 62
Overview of U.S. Electricity Generation Sources	p. 65
Fossil Fuel Market Size: Even a Nose Under the Tent Is Worth Billions	p. 69
Renewable Energy Forecasts	p. 70
Solar Power: The Sky Is the Limit	p. 75
Solar Thermal Power	p. 75
Solar Photovoltaic Power	p. 81
Solar Power Industry Growth Rates	p. 89
Demand Generated by Government Incentives and Regulation	p. 91
Solar Power Pricing and Competitiveness	p. 99
Upstream Solar Players: Polysilicon and Wafer Producers	p. 103
Thin Film Threats to Crystalline Silicon Solar Cells	p. 112
Upgraded Metallurgical Silicon (uMGS): A Threat to Traditional Polysilicon Producers?	p. 116
Solar PV Cell and Module Producers	p. 118
The Investment Outlook for Solar Cell/Module Manufacturers	p. 122
Wind Power: The Dutch Windmill Gets a Technology Makeover	p. 125
Advantages and Disadvantages of Wind Power	p. 126
How Do Wind Turbines Work?	p. 128
Technological Developments	p. 129
Offshore Wind	p. 130
Industry Growth Rates and Prospects for Future Growth	p. 131
The Economics of Wind Power	p. 133
Government-Sponsored Incentives	p. 135
Wind Industry Issue: Component Shortages	p. 137
Wind Industry Players	p. 137
Fuel Cells: Present and Accounted for in Some Applications Already	p. 147
Advantages and Disadvantages of Fuel Cells	p. 148
What is a Fuel Cell? Overview of the Technology	p. 149
Fuel Cell Industry Analysis: Industry Players	p. 154
Fuel Cell Industry Target Markets	p. 158
Commercialization Challenges	p. 158
Geothermal Power: Dante's Contribution to Clean Energy	p. 163
Advantages and Disadvantages of Geothermal Power	p. 163
Geothermal Resources	p. 165
The Extraction of Geothermal Energy	p. 167
Geothermal Power Plant Systems Under Development	p. 169
Geothermal Heat Pumps	p. 170
Economics of Geothermal Power	p. 171
The Future of Geothermal Energy	p. 172
Cleaner Utilities: Teaching an Old Dog New Tricks	p. 177
Green Power Marketing Programs	p. 178
Renewable Energy Certificates	p. 180
Sources of Renewable Energy	p. 181
Methane Gas Extraction	p. 183
Companies Operating in Biomass and Biogas	p. 184
Wave and Tide Power	p. 185
Power Efficiency: 'The Cheapest and Most Available Source of Energy Is the Energy We Waste'	p. 187
Efficient Appliances	p. 189
Efficient Lighting	p. 190
Efficient Buildings-Green Buildings	p. 197
Companies Involved in Building Efficiency	p. 198
Smart Meters: Getting Smart on Grid Efficiency and Reliability	p. 201
Smart Grid	p. 201
Demand Response as a Power Efficiency Solution	p. 203
The Role of Smart Meters	p. 206
Demand Response and Advanced Metering	p. 210
Benefits of Smart Meters	p. 210
Current Smart Meter Usage	p. 211
Advanced Metering Costs and Benefits	p. 212
Southern California Edison's Business Case Experience for Advanced Metering	p. 214
Interoperability and Industry Standards	p. 214
Global Demand Response	p. 215
U.S. Regulators-Generally Positive Toward Advanced Metering	p. 216
What is Ahead for the Smart Meter Industry?	p. 216
Industry Meter Penetration Rates and Upgrade Opportunities	p. 217
Smart Meter Industry Growth Rates	p. 218
Electricity Meter Market Shares	p. 219
Power Storage and Backup Systems: When the Grid Just Won't Do	p. 225
Types of Direct Electricity Storage Systems	p. 227
Types of Power Storage Systems	p. 231
Target Market Sizes	p. 233
Clean Transportation: Electric Hybrids Are Charged Up and Ready to Go	p. 237
The Internal Combustion Engine: Can It Be Saved?	p. 238
Alternative Fuels for the Internal Combustion Engine	p. 239
Eliminating the Internal Combustion Engine	p. 241
Hybrid Gasoline-Electric Vehicles	p. 242
Plug-in Electric Hybrid Vehicles (PHEVs)	p. 244
Hybrid and Electric Vehicle Players	p. 246
All-Electric Vehicles	p. 247
Clean Transportation Investment Conclusions	p. 249
Ethanol and Biofuels: Long-Term Transportation Solution or Flash in the Pan until More Environmentally Friendly Vehicle Technologies Take Over?	p. 253
Biofuels: What Are They?	p. 253
Advantages and Disadvantages	p. 254
U.S. Government Support for Ethanol	p. 257
Obstacles for the U.S. Ethanol Industry	p. 258
Brazilian Competition	p. 260
How Far Can Ethanol Go to Replace Gasoline in the U.S. Transportation Fuel Supply?	p. 263
The Future of Ethanol: Cellulosic-Based Ethanol	p. 265
Ethanol Company Investment Analysis	p. 266
U.S. Ethanol Industry Market Shares	p. 269
Ethanol Investment Conclusions	p. 271
Companies Supporting the U.S. Ethanol Industry	p. 272
Trading Biofuel Markets: Feedstock Frenzy	p. 275
Ethanol	p. 275
Corn	p. 278
Sugar	p. 280
Soybean Oil	p. 281
Palm Oil	p. 283
Big Coal-Meet Your New Partners: Cleaner Coal Technology and Carbon Capture	p. 285
Global Coal Usage	p. 286
U.S. Coal Companies	p. 287
Cleaner Coal Technologies	p. 289
Cleaner Burning Coal	p. 289
Coal-Fired Power Plant Pollution Controls	p. 290
Coal Gasification and CO[subscript 2] Sequestration	p. 291
Algae-Based CO[subscript 2] Absorption	p. 293
Coal-to-Liquid Transportation Fuel	p. 294
Clean Coal Investment Conclusions	p. 295
Carbon Trading: Poised to Become the World's Largest Commodity Market?	p. 297
Trading European CO[subscript 2] Allowances	p. 297
Causes of Price Movements	p. 300
European Cap-and-Trade CO[subscript 2] Emissions Background Explanation	p. 302
Chicago Climate Exchange	p. 303
Investment Conclusions	p. 307
Appendix	p. 311
Notes	p. 319
Index	p. 351
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