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    renewal CertiQ BV 2010 Annual Report

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    CertiQ BV 2010 Annual Report Introduction 1 Foreword 3 Renewal is the theme of our annual report for 2010. This choice was The magic of maize, manure and algae 4 inspired by the technological innovations we have seen in relation to the sustainable generation of electricity. Government bodies and 2 Developments 5 the scientific and business communities have launched interesting 2.1 Production, use and imports of sustainable electricity 5 initiatives to make our energy supplies smarter, more sustainable and 2.2 Requirements of the European Directive on Renewable more affordable. In this annual report, we illustrate this development Energy applicable in the Netherlands 6 with a number of examples. At CertiQ we, too, caught the renewal bug 2.3 The AIB facilitates reliable operation of the international trade in certificates 7 in the past year. We decided to renew our certification system, to make 2.4 The SDE+ scheme 7 it more user-friendly and ready to cope with future changes. We also 2.5 Automation at CertiQ 7 saw something new in our statistics. In 2010, as in the previous year, 2.6 New developments relating to full certification of electricity 8 the Netherlands used more green power generated within the country Predictability provides new energy 9 and therefore imported less from other countries. This is a favourable development which, if it continues in the coming years, will stimulate 3 CertiQ 10 the Netherlands’ growing production capacity for green energy. 3.1 The certification system 10 3.2 Overview of tariffs 11 3.3 Organisational structure 12 3.4 Code of Corporate Governance 12 Day by day, the sun delivers more 14 4 Results for 2010 15 4.1 Guarantees of Origin issued 15 4.2 Guarantees of Origin imported and exported 16 4.3 Financial results 17 A drive for the lighter breeze 19 5 Financial statements for 2010 20 Appendix: CertiQ works together with… 29 Publication details 31 (table of content clickable) 2 CertiQ BV 2010 Annual Report

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    Foreword A great deal of energy is being put into the quest for energy. In the Netherlands, Progress is not as rapid as we would desire. An innovative device installed on a government bodies and the scientific and business communities have launched test site today cannot be applied on a large scale tomorrow. Nevertheless we are a number of interesting initiatives to make our energy supplies smarter, more increasingly seeing recent innovations being successfully applied, and existing modes sustainable and more affordable. The quest for renewal yields many valuable of power generation being made more efficient. Inspired by these new developments technological innovations, in generation and transmission, but also with respect in the field of energy, we have chosen Renewal as the theme for our annual report. to energy consumption. The theme pages in this report highlight a number of striking innovations. At CertiQ we, too, caught the renewal bug in the past year. We decided to further update our certification system. In the course of 2011 it will be made more user- friendly, and restructured so that we will be able to respond better to possible changes. A flexible system will enable us to certify the generation of all types of electricity. For example, should the Dutch government require a certain portion of all electricity supplied to the grid to be generated sustainably, we will be ready to facilitate that change. Our figures also reveal something new. In both 2009 and 2010, the consumption of sustainably generated electricity rose, while imports of green electricity declined. That means that the Netherlands is relying more on its own capacity to generate green energy. It remains to be seen whether this welcome trend will continue. The data and developments are discussed in more detail in the following chapters. We trust they present a clear picture of our activities in 2010. G.C. van Dijk, LLD B.G.M. Voorhorst, MBA Eng Manager of CertiQ BV Operational Director of TenneT TSO BV 3 CertiQ BV 2010 Annual Report

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    The magic of maize, manure and algae There’s a touch of magic in science, and certainly in the ingenious form of sustainable energy production that the Application Centre for Renewable RESources (ACRRES) in Lelystad has come up with. Together with the companies ZeaFuels, AF&F and Sustec, they have developed a way of utilising biomass that is unique in the world. ACRRES’s pilot plant combines a co-fermenter and a CHP plant with a bio-ethanol plant. Biogas is produced from manure and silage maize in the co-fermenter and the CHP plant then produces electricity and heat from the biogas. In contrast to the usual practice in the past, only the straw from the maize is used in the co-fermenter and it undergoes special pre-treatment so that it yields 40% more biogas. The maize kernels do not go to waste: the high-protein portion is used to produce animal feed and the high-starch portion goes to the plant that makes bio-ethanol fuel. The plant utilises the very useful heat produced in the CHP plant. But that’s not all. In the course of 2011, ACRRES will add a third system to this process: algae ponds. What’s remarkable is that residues and products from the previous processes – minerals from the co-fermenter and CO2 and heat from burning the biogas – are ideal inputs for algae production, from which oil is extracted. The by-products from this process are also useful (for example, they can be used as animal feed). In short, an ingenious chain of production systems delivers a yield of sustainably generated energy per acre that is fifty to a hundred percent higher than that from the more usual approaches to CHP power and fermentation plants. In addition, the linkage creates a sustainable recycling process with less pollution and less unused residues. ACRRES has developed this formula for agricultural companies that want to get more out of their biomass processing, both economically and ecologically. More information here

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    Developments 2.1 Production, use and imports of sustainable electricity Table 2 Installed capacity in megawatts 2009 and 2010 Sustainable electricity is gradually gaining ground in the Netherlands. The number of Installed capacity by energy source 31 December 2010 31 December 2009 generating plants for sustainable electricity and the total installed capacity increased Biomass 2 6,780 6,771 in 2008, in 2009 and again in 2010. Wind 2,263 2,247 Hydro-electric 38 38 Production Solar 29 18 The number of production plants registered by CertiQ grew from 4,837 in 2009 Total 9,110 9,074 to 7,599 in 2010, a 57.1 percent increase. This growth was almost entirely due to the number of new private solar panel plants that CertiQ registered. Table 1 provides an overview of the number of production plants for each energy source. CertiQ records show that a total of 10,049,353 megawatt hours (MWh) of sustainably generated electricity were produced in the Netherlands in 2010. We expect to certify Table 1 Generating plants in 2009 and 2010 more production from 2010 retrospectively, in the course of 2011, thus raising the figure for total production in 2010. Generating plants by energy source 31 December 2010 31 December 2009 Biomass 220 205 As a rule, the volume of sustainable electricity production we recorded for a year is Wind 1 1,047 1,041 not the same as the number of megawatt hours certified in a year. In other words, Hydro-electric 18 17 the volume of certificates issued differs from the volume of production. This is because, Solar 6,314 3,574 in a given fiscal year, we issue Guarantees of Origin not only for production in that Total 7,599 4,837 year, but also for the remaining portion of sustainably generated electricity produced in previous years. The figures for overall certification in 2010 are shown in section 4.1 of this report. At the end of 2010, the total installed capacity of plants registered by CertiQ was 9,110 megawatts, a 0.4 percent increase over the previous year. Table 2 shows the changes in registered capacity, broken down by energy sources. 1 This figure includes plants on land and at sea. A wind generating plant that is registered with CertiQ may contain 2 The total capacity of the plants that can consume pure biomass or a biomass mix. one or more wind turbines. 5 CertiQ BV 2010 Annual Report

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    Table 3 shows production for 2009 and the provisional calculation of production for Imports 2010, specified for the four sources of energy. Biomass accounted for 59.3 percent To satisfy the growing local demand for sustainably generated electricity, of production in 2010, wind energy for 39.6 percent, and hydro-electric power and 15,987,028 megawatt hours of Guarantees of Origin were imported in the past year. solar power together accounted for 1 percent. This is 5.6 percent less than in 2009. Whether the Netherlands will continue to import lower volumes of sustainable energy from other countries in the coming years depends Table 3 The production of sustainably generated electricity in 2009 and 2010, on the rate at which new sustainable production capacity can be established within in megawatt hours3 the country and also on the rate at which private consumers and companies switch from grey to green power. As long as the demand for sustainable electricity is greater Production by energy source 2010 2009 than the supply within the country, imports will be needed in order to supply all Biomass 5,958,428 5,568,089 buyers with green power. Wind 3,979,578 4,601,477 Hydro-electric 103,038 101,266 Solar 8,309 7,841 2.2 Requirements of the European Directive on Renewable Energy applicable Total 10,049,353 10,278,673 in the Netherlands Consumption In 2010, CertiQ worked with the Ministry of Economic Affairs (now called the Ministry As in previous years, the consumption of sustainably generated electricity rose. of Economic Affairs, Agriculture and Innovation) on the implementation of the 2009 In 2010 there was an increase of 8.2 percent compared to the previous year. European Directive on Renewable Energy in Dutch laws and regulations. Our contribution The number of megawatt hours cancelled, which provide proof of consumption, related mainly to the conditions that the EU prescribes for certifying sustainably increased from 25,371,724 megawatt hours in 2009 to 27,450,124 MWh in 2010. generated electricity. This process resulted in a number of changes in the Dutch scheme for Guarantees of Origin for Sustainable Electricity. While overall energy consumption in the Netherlands declined in 2009, it increased in 2010. In 2010, sustainably generated electricity accounted for about 9 percent The changes to the scheme also incorporated some reductions in the administrative 3 of total energy consumption within the country. burden. One of these was the abolition of the biomass declaration. Biomass producers are no longer required to provide an advance estimate of the composition of the biomass they will use to generate electricity. The changes in the scheme were published in December 2010 in the digital Bulletin of Acts, Orders and Decrees (The Staatsblad) and came in force from 1 January 2011. 3 The figures for 2010 reflect known production as of 1 March 2011. 6 CertiQ BV 2010 Annual Report

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    2.3 The AIB facilitates the reliable operation of the international trade If an SDE+ scheme is introduced, the changes in comparison to the present situation in certificates will relate mainly to funding and the allocation of subsidies. These would affect CertiQ’s work very little, so we do not expect the introduction of an SDE+ scheme Last year CertiQ was again very active within the Association of Issuing Bodies (AIB), to lead to any problems in relation to our activities. an international partnership of the organisations that manage Guarantees of Origin. We participated in various AIB working groups and CertiQ’s Manager, Gineke van Dijk, was also the chairperson of the AIB’s Executive Board in 2010. 2.5 Automation at CertiQ One important AIB activity in 2010 related to implementing the European Directive In 2010 – in consultation with our Participants’ Council – we decided that we would in the countries to which it relates. Since the effects vary somewhat from country to update our certification system in 2011, making it more user-friendly for producers, country, agreements were made within the AIB to ensure there were no problems in grid operators and traders alike. The system will also be structured in such a way that the transitional phase. This has ensured that optimal harmonisation in the international we can provide transparency with respect to origins for any energy source, including market for sustainably generated electricity could continue in this period, while for example natural gas and coal. In this respect we are following the example of guaranteeing good liquidity and transparency. Sweden, which began certifying all energy produced in that country in 2010. A third update for our system is in the way we monitor the supply of green power and the retrospective purchase of certificates to turn grey power into green power. 2.4 The SDE+ scheme We are seeking further ways to increase transparency for end-users. In the past year we have again been working closely with the NL Agency (Agentschap This automation project, which is quite radical for CertiQ, will be completed in NL), which implements the Sustainable Energy Production Incentives (SDE) scheme. the fourth quarter of 2011. We will then have a computer system with which Under this scheme, we provide the NL Agency with the required data on Guarantees we can continue to respond flexibly to innovations in the energy market, as well as of Origin and on sustainable electricity production in the Netherlands. to new government regulations. The SDE scheme may be modified in 2011. The Minister of Economic Affairs, Agriculture and Innovation presented the outlines of a new scheme, called the SDE+ scheme, in the Lower House last year. In essence, the SDE+ scheme is designed to stimulate more cost-efficient ways of achieving the Netherland’s sustainable energy target of 14 percent in 2020, as prescribed by Brussels. The Minister also intends the new scheme to create better opportunities for innovative technological developments in the field of the sustainable energy. 7 CertiQ BV 2010 Annual Report

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    2.6 New developments relating to full certification of electricity In the past year there was some discussion in political circles and in the media about the Dutch government requiring a certain percentage (the ‘compulsory sustainable In Europe, it is considered very important to have a uniform, unambiguous and share’) of all electricity supplied by power supply companies to be sustainably reliable electricity labelling system for all electricity supplied to users. To achieve generated. Such an obligation could be an alternative to subsidising sustainable energy. this, an international project known as RE-DISS (Reliable Disclosure Systems for Should the government decide to introduce this method, CertiQ would advocate that Europe) was initiated last year. Issuing bodies and the regulatory bodies for green the compulsory sustainable share should be combined with certification of all Dutch electricity certification from a number of European Member States are participating electricity generation. That would lead to electricity labelling showing the origins in this project, which will run from April 2010 to October 2012. Among these are of all electricity accurately, which would further stimulate international electricity the Dutch Office of Energy Regulation (Energiekamer) and CertiQ. This project receives trading. Our system is ready to facilitate such a development. financial support from the European Commission. In 2010, RE-DISS worked on a best practice recommendation, through which it is intended to achieve European harmonisation in electricity labelling. The goal is to minimise the possibility of double counting in the international trade in certificates and to inform the customers for green electricity ánd other types of electricity, in all Member States, in the same transparent manner about the origin of their electricity. As in 2009, CertiQ certified the electricity generated in a natural gas power station in the Netherlands in 2010. The RE-DISS project also recommends that such electricity should be certified. CertiQ provides energy labelling certificates that meet the highest internationally accepted quality standards. This certification makes an international market in certificates for other kinds of electricity possible. CertiQ expects that this new trade will begin in 2011. 8 CertiQ BV 2010 Annual Report

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    Predictability provides new energy In the Netherlands we have been experts in managing water since time immemorial. Nowadays we also know a great deal about generating energy from water. The Tocardo company in North Holland is developing high-quality hydro-electric turbines, for installation in the Netherlands and for the international market. A hydro-electric turbine such as this, which looks like a smaller version of a wind turbine, can generate electricity at dike openings, in rivers or at sea. One of Tocardo’s test turbines has been installed by the tidal gates on the West end of the Afsluitdijk. This has recently been fitted with reversible pitch blades. This ingenious technology enables the turbine to make the best use of both the incoming and outgoing tides. In the course of 2011 the company will install five such turbines, with a generating capacity of 150 kW each, in the Eastern Scheldt storm surge barrier. This is an ideal spot, because the tides here move hundreds of millions of cubic metres of water back and forth with perfect regularity. Such predictability is a major advantage: it makes tidal power a stable source of energy. Another advantage is that the plant is largely under water, so it does not affect the landscape. In the Netherlands, hydro-electric power will not be the largest source of sustainable energy, but there is still a great deal of untapped potential which, using turbines such as these could provide electricity for several tens of thousands of households. More information here

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    CertiQ 3.1 The certification system Guarantees of Origin are issued for electricity generated from renewable sources: wind, biomass, hydro-electric and solar power. These provide proof that the amount Historical background of renewable electricity consumed has actually been generated in a sustainable way. In 2001, the Dutch government decided to structure the trade in, and supply of, This system is administered through the creation and cancelling of certificates. electricity generated in environmentally friendly ways by introducing a certification The ultimate goal is transparency for consumers. Guarantee of Origin certificates system. The certification system ensures that the supply of this electricity is verifiable for renewable electricity can also be used for obtaining SDE subsidies. Producers from producer through to user. The certificates also demonstrate that the volume can apply for this subsidy from the NL Agency. of green electricity consumed in the Netherlands was in fact generated in accordance with the stipulated conditions. Environmentally friendly ways of generating electricity Guarantees of Origin for renewable electricity serve a third purpose, in addition are defined as generation from sustainable sources or in a combined heat and power to creating transparency and the possibility of subsidies: they facilitate the international (CHP) plant. trade in electricity certificates. The certificates allow a country to buy renewable electricity from another country by importing certificates for foreign production. CertiQ BV, a subsidiary of TenneT TSO BV, manages the system for issuing Guarantees To ensure that this process goes smoothly, CertiQ is a member of the Association of Origin certificates. CertiQ is also charged with implementing the Renewable Energy of Issuing Bodies (AIB), the international partnership of the organisations that Certificate System (RECS) in the Netherlands. This European certification system, manage Guarantees of Origin. which was initiated by various market actors, is not specifically anchored in national legislation. Energy labelling certificates are designed for energy suppliers. On the basis of these certificates they can give their customers precise information about the portion of In 2003 the MEP subsidy scheme, which was intended to improve the environmental the electricity they supply that is not covered by Guarantees of Origin for renewable quality of electricity production, came into effect. This scheme established, for the electricity. first time, a linkage between certification and subsidies for electricity generated in environmentally friendly ways. In 2008 the MEP scheme was replaced by the RECS certificates are intended for the international trade in renewable electricity, Sustainable Energy Production Incentives (SDE) scheme. but unlike Guarantees of Origin they are based on a voluntary system. This is why these certificates may not be used in the Netherlands as proof of the supply of The certificates and their purpose green electricity. Only Guarantees of Origin may be used for that purpose. CertiQ issues electronic certificates on the basis of the number of megawatt hours of electricity that a plant has produced. A certificate reports the volume and origin of the electricity produced and the period during which it was generated. CertiQ can issue various types of certificate: Guarantees of Origin (for sustainable electricity and for high-efficiency CHP plants), energy labelling certificates, Renewable Energy Certificate System (RECS) certificates and CHP certificates. 10 CertiQ BV 2010 Annual Report

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    How it works Traders do this themselves, by logging in to CertiQ’s certification system and entering A producer fills out an application form, which is obtainable from CertiQ’s website, the number of certificates in their accounts that have been used and should now be signs it and sends it to the grid operator. The operator assesses whether the plant deducted. The Office of Energy Regulation monitors this process by checking whether meets all of the legal requirements. If it’s clear that it does, the operator also signs the quantity of certificates cancelled corresponds to the amount of electricity sold as the producer’s application and sends it to CertiQ. We then register the producer and sustainable electricity. can begin to issue Guarantee of Origin certificates. The number of certificates to be issued is determined on the basis of production data from the plant, which the network Guarantees of Origin are not tradable if the sustainable electricity produced is not sold operator sends to CertiQ every month or, in the case of smaller plants, every year. to the public grid but is rather supplied directly to an own facility such as a factory. In this case, the power is consumed by the producer, for whom the Guarantees of Origin In the case of biomass, additional information about the composition and sustainability certificates are still proof of sustainable production. These certificates can only be used level of the biomass is required before certificates can be issued. to obtain subsidies if they relate to solar power. The smallest production volume for which a Guarantee of Origin certificate is issued is For more detailed information about certification, see www.certiq.nl. one megawatt hour (MWh). The solar panels mounted on the roofs of private homes may need to operate for up to 12 months to earn a certificate for one MWh, whereas a wind turbine generates one megawatt of renewable electricity in less than an hour. 3.2 Overview of tariffs Within the certification system, the certificates are produced digitally in a controlled CertiQ sets its tariffs annually, after consultation with the Participants’ Council in which way. More precisely: they are credited to the account of a trader nominated by the participants in the certification system are represented, on the basis of a forecast the producer. Only traders who are registered with CertiQ can own Guarantees of Origin. of its operations. These tariffs are based on the revenues and costs of our organisation, Any natural or legal person can register with CertiQ as a trader. The trader can trade which works on a cost-recovery basis. Any profit or loss in one year is adjusted in the certificates or use them as proof of the delivery of sustainable electricity following years by raising or lowering the tariffs. In line with this mechanism, to end-users. For every megawatt hour of green electricity supplied, a certificate the tariffs for issuing and cancelling certificates in 2011 have been set 35 percent of equal value must be debited, or cancelled from the account. lower than those for 2010. 11 CertiQ BV 2010 Annual Report

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    Table 4 Overview of tariffs from 2007 to 2011 3.4 Code of Corporate Governance Component January January January January January CertiQ, like TenneT (CertiQ’s sole shareholder and manager) has chosen to comply 2007 2008 2009 2010 2011 with the Code of Corporate Governance, wherever this is possible. Registration producer 25 25 25 25 - Registration trader 750 750 750 750 750 Management Registration aggregator 750 750 750 750 750 The management of CertiQ is responsible for strategic and organisational policy and for Annual fee producer 25 25 25 25 25 issuing and recording Guarantees of Origin and CHP certificates. CertiQ is accountable Annual fee trader 2.500 2.500 2.500 2.500 2.500 to TenneT for these activities. Annual fee trader (<50,000 MWh) 750 750 750 750 750 TenneT establishes the framework for policy making in relation to our internal risk Annual fee aggregator 2.500 2.500 2.500 2.500 2.500 management and risk control systems. Within this framework, the directorate and Annual fee aggregator (<50,000 MWh) 750 750 750 750 750 management of CertiQ are responsible for managing these systems. Per certificate of 1 MWh At CertiQ we draw up an annual financial plan, including the operating budget, - issuing 0.062 0.069 0.060 0.045 0.0293 investment budget and funding requirements. This plan, which is approved by - transfer 0.012 0.013 0.010 0.008 0.008 the shareholder, constitutes the mandate for the management. We report at least - use (cancel) 0.062 0.069 0.060 0.045 0.0293 once each quarter to the shareholder about the implementation of the annual plan - import 0.012 0.013 0.010 0.008 0.008 and we report periodically on our financial results and operational developments. - export 0.012 0.013 0.010 0.008 0.008 Financial reporting The management considers that the annual accounts for 2010 contain no inaccuracies 3.3 Organisational structure of material importance. The management is of the opinion, to the best of its knowledge and belief, that there are no further indications that CertiQ’s internal risk management The team at CertiQ consisted of fourteen staff in 2010. The average staff level was and control systems with regard to financial reporting risks have not worked properly 12.5 full-time equivalents, the same as in the previous year. All CertiQ staff are in the reporting year, and would therefore be unable to provide a reasonable degree formally employed by our parent company, TenneT TSO BV. of certainty that the financial reporting does not contain inaccuracies of material importance. 12 CertiQ BV 2010 Annual Report

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    External accountant CertiQ’s external accountant, PricewaterhouseCoopers Accountants NV, is charged with verifying our annual accounts and reports to both the Supervisory Board and the Management. The external accountant draws up the Audit Report and the Management Letter and provides an auditor’s opinion to accompany the annual accounts. 13 CertiQ BV 2010 Annual Report

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    Day by day, the sun delivers more The smaller the invention, the bigger the solution. This saying certainly applies to the solar cell film developed at the University of Utrecht. Professor Ruud Schropp and his research team at the Utrecht Solar Energy Laboratory have been studying ways of improving solar electricity generation for many years. Recently this work has produced a spectacular development: a flexible film bearing solar cells whose active part is three hundred times thinner than the material currently applied in solar panels. The researchers, together with partners in the Netherlands, have also come up with an optimal manufacturing technique. This technology, which is entirely new in the world, offers substantial advantages. The solar cell film can be produced at a much lower cost than contemporary solar panels, and the film is easy to install because it is flexible and weighs much less than a conventional solar panel. The solar cell film can easily be applied to the roofs of stadiums, railway stations and commercial buildings, without requiring any strengthening of the roof structure. Naturally the film is also extremely suitable for use on the roofs of houses. Thanks to this discovery, solar power generation may in the future play a much larger role in the Netherlands than is now the case. One crucial factor is that the cost per kilowatt hour for this innovative, sustainable form of power generation will, in the foreseeable future, be the same as the cost for grey electricity. A manufacturer, which is engaged in producing this solar cell film ‘by the roll’, expects to launch it on the market during 2012. Meanwhile, the laboratory in Utrecht is continuing to work on designing a solar cell film that will require even less material and produce even more power. More information here

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    Results for 2010 4.1 Guarantees of Origin issued Figure 1 shows the number of certificates issued per month for each energy source In 2010, we issued Guarantees of Origin for a total of 10,701,294 megawatt hours Figure 1 Certificates issued for sustainable electricity generated in the Netherlands of sustainable electricity generated in the Netherlands. Most of this was related to x 1,000 MWh power generated in 2010, with a smaller part relating to production from previous 1,600 years. Table 5 shows the breakdown for the various energy sources. 1,500 1,400 Table 5 Guarantees of Origin issued in 2009 and 2010 1,300 1,200 Guarantees of Origin for 2010 2009 1,100 Biomass 6,499,822 5,620,158 1,000 Wind 4,086,331 4,461,229 900 Hydro-electric 104,437 101,239 800 Solar 10,704 6,313 700 Total 10,701,294 10,188,939 600 500 The number of certificates issued in 2010 was five percent higher than in 2009. 400 The volume for biomass grew by 15.7 percent in comparison to 2009. The volume 300 Wind produced by wind power declined by 8.4 percent, because there was relatively little 200 Solar wind in 2010. As a result, biomass outweighs wind energy in the certified production 100 Hydro-electric by an even larger margin (60.7 percent versus 38.2 percent). Solar and hydro-electric 0 Biomass 2008 2009 2010 power together accounted for 1.1 percent of total certified production, the same percentage as in 2009 and 2008. The number of certificates cancelled in CertiQ’s system (that is, the total consumption of sustainable electricity in the Netherlands) grew again last year, from 25,371,724 megawatt hours in 2009 to 27,450,124 megawatt hours in 2010, an increase of 8.2 percent. 15 CertiQ BV 2010 Annual Report

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    4.2 Guarantees of Origin imported and exported Figure 2 shows that in 2010, imports of certificates once again related mainly to electricity generated from hydro-electric power. In Europe, hydro-electric power Imports of sustainable electricity fell by 5.6 percent last year, to a total of 15,987,028 is by far the most important source of sustainable electricity production. megawatt hours. Exports grew by 34.7 percent, but still amounted to relatively few megawatt hours (see Table 6). Figure 3 Imports of Guarantees of Origin by country of origin Table 6 Overview of imports and exports Import / Export in MWh 2010 2009 Import 15,987,028 16,937,736 Export 416,963 309,476 Denmark Finland Netherlands Norway Figure 2 Imports of sustainable electricity Austria Sweden x 1,000 MWh 3,500 3,250 3,000 Guarantees of Origin can be traded within Europe. Figure 3 shows the country 2,750 of origin of Guarantees of Origin imported into the Netherlands in 2010. 2,500 2,250 2,000 1,750 1,500 1,250 1,000 750 500 Wind 250 Hydro-electric 0 Biomass 2008 2009 2010 16 CertiQ BV 2010 Annual Report

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    Figure 4 Transactions relating to sustainable electricity in the CertiQ system Table 7 RECS participants x 1,000 MWh 4,500 31 December 2010 31 December 2009 4,000 Number of generating plants 247 245 3,500 Number of traders 27 28 3,000 Number of aggregators 0 0 2,500 2,000 Supply 1,500 (cancellations and own use) Table 8 Guarantee of Origin participants Export 1,000 Import 500 Expired 31 December 2010 31 December 2009 0 Issue Number of generating plants 7,599 4,837 2008 2009 2010 Number of traders 53 55 Number of aggregators 2 2 Figure 5 Certificate transfers between traders x 1,000 MWh 1,400 4.3 Financial results 1,200 1,000 The costs and revenues for 2010 (in euros) can be summarised as follows: 800 600 Table 9 Financial result 2010 2009 400 Invoiced revenue 2,507,955 3,045,728 200 To adjust in tariffs - 425,577 - 967,229 0 Revenue as per the annual accounts 2,082,378 2,078,499 2008 2009 2010 Operating costs 2,089,490 2,081,086 Figure 5 shows domestic trading transactions between Dutch certificate traders. Trading results - 7,112 - 2,587 Financial costs and income 7,112 2,587 Result - - 17 CertiQ BV 2010 Annual Report

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    The invoiced revenue in 2010 was 17.7 percent lower than in 2009. This is because we reduced the tariffs in comparison to 2009 for issuing and cancelling certificates by 25 percent and for certificate transfers within the Netherlands by 20 percent. If the tariffs had not been reduced, CertiQ’s revenues in 2010 would have risen, since both the number of participants and the number of certificates issued and traded rose. Operating costs hardly increased at all over 2009. Lower depreciation charges were offset by development costs for the new certification system. CertiQ sets its tariffs on a cost-recovery basis. The difference between revenues and costs will be cleared by adjusting tariffs in the future. The difference for 2010 is € 425,577. The cumulative amount to be adjusted in tariffs is now € 2,073,733. Of this balance, € 725,000 will be adjusted in 2011 by means of a temporary 35 percent discount in the tariffs for issuing and cancelling certificates. In addition, € 750,000 was reserved at the end of 2010 for updating our certification system. 18 CertiQ BV 2010 Annual Report

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    A drive for the lighter breeze The ideal site for a wind-powered generator would be one where the wind blows hard. That, at least, is what one would expect. A less self-evident, but certainly not less interesting idea is to generate electricity in areas with low to moderate wind speeds. In the Netherlands, that means areas such as the province of Limburg and other areas along the German border. Siemens has developed the SWT-2.3-113 wind turbine, which is able to make the best use of lighter winds, especially in such locations. This turbine, with a capacity of 2.3 megawatts, employs the direct drive technology that is becoming increasingly common today. This means that it contains about fifty percent fewer components than a conventional gearbox turbine, and that maintenance is also less critical. But it has one even more important advantage: this technology means that the SWT-2.3 begins moving more readily at low wind speeds. The finely calculated design means that, in a less windy setting, this 2.3 MW turbine produces more power than a conventional 3 MW turbine. The lightweight blades also contribute to this improved performance. The manufacturer has calculated that this turbine should produce 10,700 megawatt hours of sustainable electricity at an average wind speed of 7.8 metres per second. According to Siemens, this output puts the SWT-2.3 at the leading edge of the market in turbines for lower wind speed areas. A prototype of the advanced turbine was installed at the Energy Research Centre’s wind turbine test site at Wieringermeer in North Holland in March of this year. Series production of the SWT-2.3 will begin in 2012. More information here

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    Financial statements Balance at 31 December 2010, after appropriation of profits 21 Profit and loss account for 2010 21 Cash flow statement for 2010 22 General notes 22 Notes to the balance sheet at 31 December 2010, after appropriation of profits 24 Notes to the profit and loss account for 2010 25 Other information 28 20 CertiQ BV 2010 Annual Report

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    Balance at 31 December 2010, after appropriation of profits (in euros) Profit and loss account for 2010 (in euros) Assets Ref. 31 December 2010 31 December 2009 Ref. 2010 2009 Fixed assets 1 Revenue 6 2,082,378 2,078,499 Material fixed assets 127,844 393,693 Operating costs 7 127,844 393,693 Systems for process automation 485,785 357,774 Liquid assets Hiring of personnel 719,404 736,109 Claims 2 Depreciation on material fixed assets 265,849 388,633 Receivables 399,151 390,882 Costs of general management 618,452 598,570 Associated companies 1,822,459 1,291,693 2,089,490 2,081,086 Prepaid sales tax (BTW) - 392 Operating result -7,112 -2,587 Accrued assets - 21,680 Financial costs and income 8 2,221,610 1,704,647 Interest received 7,112 2,587 Liquid funds 3 - - 2,349,454 2,098,340 Pre-tax profit - - Tax - - Result after tax - - Liabilities Ref. 31 December 2010 31 December 2009 Equity 4 Share capital 18,000 18,000 18,000 18,000 Current liabilities 5 Creditors 54,071 26,417 Associated companies - - Accrued liabilities 203,650 405,767 Prepaid amounts 2,073,733 1,648,156 2,331,454 2,080,340 2,349,454 2,098,340 21 CertiQ BV 2010 Annual Report

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    Cash flow statement for 2010 (in euros) are eligible for subsidies under two legally established schemes: the Sustainable Energy Production Incentives (SDE) scheme and the Environmental Quality of Electricity 2010 2009 Generation Act (MEP). They are also nationally and internationally tradable. Cash flow from operational activities CertiQ is also responsible for issuing RECS certificates, under the Renewable Energy To adjust in tariffs 425,577 967,229 Certificate System. These are certificates designed to facilitate the international trade in Depreciation on material fixed assets 265,849 388,633 renewable energy in countries where Guarantees of Origin have not yet been introduced. Working capital: - Changes in claims 13,803 73,112 CertiQ will also issue CHP certificates for subsidy purposes (under the CHP certification - Changes in current liabilities - 174,463 41,751 scheme), if requested to do so. However, in recent years there have been no requests 530,766 1,470,725 for such certificates. Cash flow from investments All of the shares in CertiQ are held by TenneT. Investments in material fixed assets 0 - 107,335 Change in the current account 530,766 1,363,390 Changes to accounting principles There have been no changes to the accounting principles in 2010. General notes Notes to the summary of cash flows The summary of cash flows has been drawn up using the indirect method. Liquid assets Nature of the business operations are automatically transferred to TenneT’s current account. This is why the current TenneT TSO BV (henceforth: TenneT), the Transmission System Operator and account appears as the final item in the cash flow statement. administrator of the national high-voltage grid, has been designated by the Minister of Economic Affairs, in a Ministerial decision, to establish an E-certificate system. Estimates TenneT established CertiQ BV to set up this system and perform the activities In applying the principles and rules for drawing up the annual accounts, the management associated with it. of CertiQ BV makes various evaluations and estimates that may be essential for the amounts shown in the annual statements. Where the nature of these evaluations and estimates CertiQ’s goal is to facilitate trading in sustainable electricity by issuing and managing must be disclosed to offer the reader the level of understanding required under Article production certificates. Production certificates, such as Guarantees of Origin, are created 2:362 of the Netherlands Civil Code (BW), the nature of these evaluations and estimates, when sustainably generated electricity and electricity from high-efficiency combined and the associated assumptions, are included in the notes to the relevant item in heat and power plants (CHP) is produced. The certificates for sustainable electricity the annual statements. 22 CertiQ BV 2010 Annual Report

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    Principles for the valuation of the assets and liabilities Principles for determining profit and loss General Revenue The annual accounts are drawn up in accordance with the legal provisions of Part 9, Under Article 6, paragraph 5 of the Ministerial decision on Guarantees of Origin Book 2, of the Netherlands Civil Code (BW), and the guidelines for annual reports for renewable electricity, the national transmission system operator may charge applicable to small legal persons, as published by the Foundation for Annual Reporting the cost of managing production certificates to the producer, customer, supplier (Raad voor de Jaarverslaggeving). The valuation principles are based on historic costs or trader. There are exceptions for some categories, for which the Minister of and unit costs. Economic Affairs bears the costs (Article 6, paragraph 6 of the Ministerial decision on Guarantees of Origin). Comparison with the previous year The valuation principles and method of determining the result are the same as The Board of TenneT fixes the tariffs each year, after hearing advice from those used in the previous year. the Participants’ Council. Any difference between actual costs and billed revenues is adjusted in future tariffs. Fixed assets The material fixed assets are valued at the original purchase price or production cost, Operating expenses after deducting linear depreciation based on the asset’s economic life. An allowance Costs are determined on a historical basis and allocated to the year to which is made for any long-term loss of value that is expected on the balance date. they relate. Liquid assets Depreciation of material fixed assets Receivables are valued, when first entered, at the real value of the consideration The depreciation on material fixed assets is based on the acquisition cost and to be received. Provisions for bad debts are subtracted from the book value of expected economic life. the receivable. Financial costs and income Liquid funds Interest received and interest charges are entered taking into account the time The liquid funds are bank balances with a term shorter than twelve months. period involved, and the effective rate of interest for the relevant assets or liabilities. Current liabilities Taxes Current liabilities are valued at nominal value. The tax due on the result is calculated by applying the currently applicable taxation rate to pre-tax profits, taking permanent differences between the fiscal and commercial calculation of profits into account. 23 CertiQ BV 2010 Annual Report

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    Notes to the balance sheet at 31 December 2010, after appropriation 2 Claims of profits (in euros) Receivables 1 Fixed assets The receivables are all claims with a remaining term of less than a year. No allowances for bad debts have been deducted from this item. Material fixed assets Software, which is included in material fixed assets, is depreciated over three years. Associated companies Since the beginning of 2006, the software developed by TenneT on behalf of CertiQ This item refers to the current account with TenneT. The year ended with has been capitalised on the balance sheet and recorded as equity. The book value of a positive balance of € 1,822,459. The balance on the current account at the material fixed assets is specified as follows: TenneT attracts interest. Software 2010 2009 Accrued assets Total Total This relates to activities during the fiscal year that have not yet been invoiced. As of 1 January 3 Liquid funds Purchase price 2,062,873 1,955,538 Cumulative depreciations and write-offs 1,669,180 1,280,547 The liquid funds consist of bank balances with a term shorter than twelve months. Book value as of 1 January 393,693 674,991 The liquid funds are automatically transferred to TenneT’s current account, through a daily cash pool. CertiQ BV participates in the intraday credit available to TenneT Capitalisation - 107,335 Holding BV. The sublimit for this intraday credit is € 10,000,000. Entering operational service - - Disinvestments at book value - - 4 Equity Depreciation 265,849 388,633 Changes - 265,849 - 281,298 Share capital The authorised capital of the company is € 90,000, divided into 900 shares of As of 31 December € 100 each. Of these, 180 shares have been issued and paid up. Purchase price 2,062,873 2,062,873 Capitalisation - - Cumulative depreciations and write-offs 1,935,029 1,669,180 Book value as of 31 December 127,844 393,693 24 CertiQ BV 2010 Annual Report

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    5 Current liabilities Rights and obligations not evident on the balance sheet Accounts payable CertiQ, with TenneT and its subsidiaries, is part of one fiscal entity for company tax The accounts payable are all liabilities with a remaining term of less than one year. and sales tax purposes. On the basis of the standard conditions as laid out by the taxation authorities at the time the fiscal entity was established, CertiQ is Accrued liabilities primarily liable for the company tax and sales tax liabilities of the whole fiscal entity. This relates to accumulated paid holidays and outstanding charges, consisting mainly of a reserve for audit fees and the cost of the annual report. This item also includes CertiQ has made two contracts for the period from 1 January 2011 to 31 December contributions received in advance from the NL Agency for the MEP-SDE and Biomass 2011. The first is a contract worth € 59,000 for the structural provision of legal projects, which are amortised in line with depreciations. The prepayments for advice, the second a contract for € 65,000 for external technical advice relating the MEP and waste incineration plants projects have been fully amortised in 2010. to CertiQ’s field of operations. Prepayments received It has been agreed with the Participants’ Council that the accumulated ‘Prepayments This relates to the difference between invoiced revenue and CertiQ’s operating costs. received’ should be adjusted with the participants by means of reducing tariffs in This amount will be adjusted with the market actors in future tariffs. Tariffs are fixed 2011 by € 725,000. It was also agreed with the Stakeholders’ Council that € 750,000 annually in consultation with the Stakeholders’ Council. of the accumulated ‘Prepayments received’ should be used to modernise the current certification system. The new system is scheduled to be brought into service at The balance ‘prepayments received ‘ has changed as follows (in euros): the end of 2011. 2010 2009 Balance as at 1 January - 1,648,156 - 680,927 Notes to the profit and loss accounts for 2010 (in euros) Change - 425,577 - 967,229 Balance as at 31 December - 2,073,733 - 1,648,156 6 Revenue During the reporting period, participants were invoiced on the basis of previously set tariffs. The amount needed to cover costs was € 2,082,378. The difference in our favour between this and the invoices issued will be accumulated with differences brought forward from previous years and will be adjusted in tariffs for the coming years. 25 CertiQ BV 2010 Annual Report

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    Revenues (in euro): 7 Operating costs 2010 2009 Hiring of personnel Invoiced revenue 2,507,955 3,045,728 The company does not have its own employees, it hires them in. In 2010, the average To adjust in tariffs - 425,577 - 967,229 number of hired staff was 12.5 fte (2009: 12.5 fte). These are all seconded from Total 2,082,378 2,078,499 TenneT. The staff level at the end of the reporting year was 11.9 fte (2009: 12.5 fte). The invoiced revenue can be specified as follows: A charge for CertiQ team members working on TenneT projects has been deducted from the personnel costs for permanent staff at CertiQ. Team members are charged 2010 2009 out on the basis of competency-based rates, consisting of the primary personnel Registration fees 72,725 74,700 costs and a surcharge for overheads. The personnel costs fell slightly in comparison Membership fees 303,700 235,550 to 2009 because members of the CertiQ team have been working more intensively Issuing certificates 506,545 655,074 on TenneT projects. Certificate transfers 192,463 259,695 Certificates cancellations 1,235,256 1,522,304 The personnel costs are specified as follows (in euros): Other income 197,266 298,405 Total 2,507,955 3,045,728 2010 2009 Hired from TenneT 696,337 695,991 Hired from third parties 23,067 40,118 Certificates Total 719,404 736,109 The lower tariffs for issuing and cancelling certificates led to lower revenues. The higher revenue from membership fees is mainly due to the registration of solar power plants. Costs of systems used for process automation The costs of systems and process automation have increased due to the cost of Other income a further study for the new certification system. The new certification system will The other income consisted largely of the amortisation of the invoiced contributions be implemented in the course of 2011. from the NL Agency and EnerQ for past investments, which were required to implement the MEP and SDE schemes. 26 CertiQ BV 2010 Annual Report

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    Depreciation on material fixed assets The transactions and balance sheet positions at the end of the fiscal year between Since 2006, the material fixed assets have been capitalised on CertiQ’s balance, CertiQ and TenneT TSO BV are as follows (in euros): whereas previously they were on TenneT’s balance sheet. The depreciation for 2010 2009 material fixed assets has decreased because some of the software applications Services - - were completely depreciated in 2010. Reimbursements 1,407,885 1,378,174 Interest charges - - Costs of general management Interest earned 7,112 2,587 The costs of general management include all the costs of premises, consultancy fees, Current account credit 1,822,459 1,291,693 office costs and travel and accommodation costs. Current account debt - - 8 Financial costs and income Arnhem, 9 May 2011 Interest received This item refers to the interest paid on the balance of our current account at TenneT. Management of CertiQ BV The increase in interest income is caused by higher average claims against companies within the group (through the current account), as compared to 2009. 9 Transactions with associated parties The transactions with associated parties are all transactions with TenneT TSO BV. 27 CertiQ BV 2010 Annual Report

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    Other information Auditor’s opinion Appropriation of profits To the General Meeting of the shareholders and management of CertiQ BV The appropriation of profits is set out in article 29 of the statutes. This reads as follows: Opinion concerning the annual accounts 1 Profits will be distributed in accordance with the provisions of this article after adoption of the annual accounts showing that this is justified. We have audited the annual accounts of CertiQ BV Arnhem for 2010, included 2 The profits are at the disposal of the general meeting. on pages 20 to 27 of this Annual Report, and consisting of the balance sheet as 3 The company may only make distributions to the shareholders and other persons at December 31, 2010, the statement of profit and loss for 2010, and the notes, entitled to the profit intended for distribution insofar as the shareholders’ equity including an overview of the accounting principles used in the financial reports exceeds the issued capital plus the reserves which must be maintained by law. and other notes. 4 A deficit may only be offset against the reserves prescribed by law to the extent permitted by law. Responsibility of the management The management of the company is responsible for preparing financial statements, which must faithfully represent the assets and results of the company, in accordance with Part 9, Book 2, of the Netherlands Civil Code (BW). The management is also responsible for whatever internal management it considers necessary to ensure that the annual accounts can be prepared in such a way that they contain no inaccuracies of material importance as a result of fraud or error. Responsibility of the auditor Our responsibility is to issue an opinion on the financial statements based on our audit. We have conducted our audit in accordance with Dutch law, including Dutch audit standards. These require us to comply with the ethical norms applicable to us and to plan and perform the audit in such a way as to obtain reasonable assurance that the financial statements are free of material misstatements. An audit includes activities to obtain audit information about the amounts and the notes to the financial statements. The choice of activities to be performed depends on the professional judgement of the auditor, including his evaluation of the risk of misstatements of material importance resulting from fraud or errors. 28 CertiQ BV 2010 Annual Report

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    Appendix: CertiQ works with … For purposes of this risk evaluation, the auditor considers the internal control system CertiQ works actively with various interested parties in the sustainable energy sector. that is relevant for the preparation and fair presentation in the annual accounts, We would like to mention the following here: in order to plan audit activities suited to the circumstances. However his purpose is not to produce an opinion about the effectiveness of the internal management of TenneT TSO BV the company. An audit also includes an evaluation of the suitability of the accounting TenneT is Europe’s first cross-border grid operator for electricity. With approximately principles used for financial reporting and of the reasonableness of estimates made 20,000 kilometres of (extra) high voltage lines and 35 million end users in the Netherlands by the company’s management, as well as evaluating the overall presentation of and Germany TenneT ranks among the top five grid operators in Europe. Their focus is the financial statements. to develop a Northwest European energy market and to integrate renewable energy. TenneT established the certification system for electricity generated in sustainable We believe that the audit information that we have obtained is adequate and suitable ways, on behalf of the Ministry of Economic Affairs (as it was then called). CertiQ as a basis for our opinion. manages this system, which is linked to TenneT’s electronic infrastructure, on behalf of TenneT. TenneT is the only shareholder in its subsidiary CertiQ. Opinion In our opinion, the financial statements give a true and fair view of the magnitude NL Agency and composition of the assets of CertiQ BV as of 31 December 2010 and of its result The NL Agency (Agentschap NL) is part of the Ministry of Economic Affairs, Agriculture for 2010, in accordance with Part 9, Book 2, of the Netherlands Civil Code. and Innovation. The NL Agency implements government policies on innovation and sustainable development, and manages the SDE and MEP subsidy schemes, which Report on other legal and regulatory requirements support the generation of renewable electricity that is certified by CertiQ. Pursuant to the legal requirement under 2:393 sub 5 part e of the Netherlands Ministry of Economic Affairs, Agriculture and Innovation Civil Code, we report that we have checked whether the information required under Among its many responsibilities, the Ministry of Economic Affairs, Agriculture and Section 2:392 sub 1 at b - h has been annexed, and have found no deficiencies. Innovation is responsible for policy-making for sustainably generated electricity. CertiQ systematically coordinates its policies with the Ministry regarding developments Arnhem, 9 May 2011 that affect CertiQ. PricewaterhouseCoopers Accountants N.V. Drs. C.J.A.M. Romme RA The Office of Energy Regulation The Office of Energy Regulation (Energiekamer) is the regulator for the Dutch energy sector. Among its duties are to supervise the correct implementation and compliance with the Electricity Act of 1998 and the legal schemes that are implemented by CertiQ. 29 CertiQ BV 2010 Annual Report

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    Regional grid operators Participants’ Council Regional grid operators are responsible for the transmission of electricity over the public CertiQ established the Participants’ Council to ensure the desires of its participants electric grid. In relation to CertiQ, the grid managers are responsible for evaluating are satisfied in an optimal way. Its members represent the interests of the participants applications for registration of generating plants and for periodically sending CertiQ in the certification system. They include producers, traders (including foreign traders their measurements of electricity. operating in the Netherlands) and representatives of several large energy suppliers. In drawing up its annual plan, CertiQ puts great weight on the advice given by Metering companies the Council. Metering companies are responsible for installing and maintaining electricity meters, for collecting the data from the meters and for passing this data on to the regional Association of Issuing Bodies (AIB) grid operator. The AIB is an international partnership of certification bodies. CertiQ is a member of the AIB. The members of the AIB issue Guarantees of Origin and/or RECS certificates. Electricity producers The AIB seeks to standardise certification systems to facilitate international trade. The producers generate electricity and supply it to the electric grid, or consume it For this purpose it has developed a common standard: the EECS norm. In its new on site. CertiQ issues Guarantees of Origin for the sustainably generated electricity. Renewable Energy Directive of 2009, the European Commission has made many In the case of CHP production, CertiQ can issue CHP certificates and Guarantees elements of the EECS norm mandatory. CertiQ exchanges certificates mainly with of Origin for high-efficiency CHP. For electricity from other sources, CertiQ can, the following national issuing bodies: VREG (Belgium), Energinet.dk (Denmark), on request, issue energy labelling certificates.. Grexel (Finland and Sweden) and Statnett (Norway). Traders RECS International Traders conclude agreements with producers regarding the purchase of Guarantees RECS stands for the Renewable Energy Certificate System. RECS International is of Origin or other certificates. A producer of sustainable electricity tells CertiQ which the sectoral organisation for this European commercial certification system, which trader he is dealing with. CertiQ credits the corresponding Guarantees of Origin to was initiated by a range of market actors. Within CertiQ, the RECS system operates the account of this trader. A trader can trade the certificates or use them as proof as much as possible in parallel to the system of Guarantees of Origin. of delivery to final users. Statistics Netherlands (CBS) Energy suppliers CertiQ sends monthly statistics regarding the electricity generation it has certified Energy suppliers are companies that purchase energy (including grey and green power) to the CBS. This is done on the basis of an agreement between TenneT/CertiQ and and sell it to commercial and private users. Thus it is the energy suppliers who have the CBS. The CBS processes the data for its publications. supply contracts with electricity customers. Every energy supplier in the Netherlands that wishes to supply green electricity must have a certificate account with CertiQ. 30 CertiQ BV 2010 Annual Report

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    CertiQ BV is a subsidiary of TenneT TSO BV, the Dutch Transmission System Operator and network manager of the national electric grid. CertiQ BV is responsible for the certification of sustainably generated electricity, on behalf of the Dutch government. It issues certificates, also called Guarantees of Origin, which enable end users to verify the origin of the green power supplied to them. In addition, this certification is an important instrument for facilitating the trade in sustainably generated electricity, and producers of this electricity can use the certificates to obtain subsidies. CertiQ BV Utrechtseweg 310 6812 AR Arnhem PO Box 718 6800 AS Arnhem The Netherlands T +31 26 373 16 58 F +31 26 373 11 58 servicedesk@certiq.nl www.certiq.nl © This annual report is a digital publication by CertiQ BV, Arnhem Text Gineke van Dijk (CertiQ), Ben Voorhorst (TenneT), Howard Krol, Castricum Translation Michael Gould Associates BV Design Loep ontwerp, Arnhem Photography Babet Hogervorst, except for page 19 (by Siemens) Published May 2011 31 CertiQ BV 2010 Annual Report

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