Every indexed document

but even small changes would have a significant impact on

and provide other monetary policy support

we expect coal exports from the US to Europe to

thereby supporting South African and European coal

with China’s GDP growth reaccelerating and 70%

well below the cost required to spur investment in low‐carbon generating

the carbon market (EU ETS) in Europe is dysfunctional

potentially higher power prices from both higher European coal and carbon

and see several interesting short opportunities)

European utilities have underperformed by ‐40% and the relative PE has de‐rated

we are comfortable that we are close to a bottom

European utilities suffered a ‐43% derating and

European utilities used to trade at a 20%

whereas for pure generators such as NRG the leverage

as we expect firm natural gas and thus power prices to flow through

we believe US utility regulators will continue to pressure returns on equity

and it is the region which is only slightly underweight by investors.

we expect the US utilities market to face the strongest headwinds and be

utilities account for the lowest in gross assets held of the 10 global

utilities rarely show up Goldman Sachs Hedge Fund VIP list –