2010年全球智能电网行业研究报告

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Table of Contents Portfolio Strategy .........4 Sustainable Energy a Critical Secular Story ....4 Finding “Smart” Investments in Alternative Energy .........4 Investment Thesis ........6 Smart Meter Projects – US.....13 Transmission & Distribution: Outlook....16 Smart Meter Projects – International ......17 European Legislation .......17 International Projects .......17 Smart Grid Overview: Japan .......22 Electronics companies’ initiatives ...........22 Smart grids as part of a renewable energy policy ......22 Smart grids in Japan.........23 Policies on reverse power flows.........23 Power system simulator .........23 Smart meters in Japan ......24 Smart homes and home energy management systems .....24 Regulatory Environment – United States .....26 Federal Energy Regulatory Commission (FERC)......26 FERC Report........26 American Recovery and Reinvestment Act of 2009........28 U.S. Department of Energy Tax Credits ........34 Smart Grid and Smart Meter Standards .......35 NIST Standards..........36 AMI Security .............37 The Association of Home Appliance Manufacturers (AHAM) ...41 ZigBee Alliance .........44 Electric Vehicles and Grid Infrastructure ......46 The J.P. Morgan Smart Grid Basket........51 Basket Methodology and Composition..........51 Basket Performance .........52 Top Picks – ENOC/OW and ITRI/OW.......55 Itron, Inc (ITRI/Overweight)....58 Company Description ......58 Investment Thesis ............58 Valuation and Rating Analysis ..........58 Risks to Our Rating and Price Target ......59 EnerNOC Inc. (ENOC/Overweight) ....60 Company Description ......60 Investment Thesis ............60 Valuation and Rating Analysis ..........61 Risks to Our Rating and Price Target ......61 Echelon Corporation (ELON/Neutral) .....63 Company Description ......63 Investment Thesis ............63 Valuation and Rating Analysis ..........64 Risks to Our Rating and Price Target ......65 ESCO Technologies (ESE/Underweight) ......66 Company Description ......66 Investment Thesis ............66 Valuation and Rating Analysis ..........66 Risks to Our Rating and Price Target ......67 Demand Response............79 Energy Efficiency ............81 Appendix I: Company Profiles.....68 Appendix II: Electricity Demand Side Management ......79 Appendix III: Smart Meters ....82 Appendix IV: C&I Demand Response .....84 Appendix V: Smart Grid Technologies Overview....86 Appendix VI: Glossary .....88 Appendix VII: Utilities’ Awareness of Vendors ..90