Around the world, renewable energy is playing an increasingly important role in power generation. Wind, solar and biomass capacity is growing at a faster rate than any other energy source. The European Union aims for renewables to meet 20 percent of its power needs by 2020. This figure could rise to 30 percent if a global climate-protection agreement is reached.

At year end 2007, renewables already accounted for 14 percent of our generating capacity, up from just under nine percent at year end 2006. We intend to further expand our renewable-source generating capacity, which we expect to account for 18 percent of our generation portfolio by 2015. We plan to make significant investments in offshore wind farms and in biogas power.