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<DIV dir=ltr align=left><FONT face=Arial color=#0000ff size=2><SPAN
class=398323721-14072008>Hi Ducan, </SPAN></FONT></DIV>
<DIV dir=ltr align=left><FONT face=Arial color=#0000ff size=2><SPAN
class=398323721-14072008>I have actually raised this issue before in the GHG
Network: How far is considering the consumption of grid green electricity in
Scope 2 of an corporate GHG inventory as carbon nule? My perception is that if
it is a previously existent plant, it is not fair to consider such
electricity consumption as zero in terms of GHG emission! The reason is
that when you start consuming green electricity, there will be less green
electricity to other consumers connected to the grid. </SPAN></FONT></DIV>
<DIV dir=ltr align=left><FONT face=Arial color=#0000ff size=2><SPAN
class=398323721-14072008></SPAN></FONT><FONT face=Arial color=#0000ff
size=2><SPAN class=398323721-14072008></SPAN></FONT> </DIV>
<DIV dir=ltr align=left><FONT face=Arial color=#0000ff size=2><SPAN
class=398323721-14072008>Note that this is a quite confusing issue. Last
year a major Swedish bus and truck manufactor has
anounced "carbon-neutrality" of a production plant in Sweden
by mentioning inter-alia that they has signed a conctrate to purchase green
electricity from an existent grid connected hydro
power! </SPAN></FONT></DIV>
<DIV dir=ltr align=left><FONT face=Arial color=#0000ff size=2><SPAN
class=398323721-14072008> </SPAN></FONT></DIV>
<DIV dir=ltr align=left><FONT face=Arial color=#0000ff size=2>
<DIV dir=ltr align=left><FONT face=Arial color=#0000ff size=2><SPAN
class=398323721-14072008>We must alway keep in mind the long term benefitis
of the society consuming more and more grid electricity. Williness to pay more
for green electricity (by the use of economical incentives such as RECs or green
certificates) represents strong incentives for making new green electricitity
generation sources take off the ground (by making them more economically
feasible), However, this should never be regarded as a ponctual GHG
emission reduction initiative! It is not fair! </SPAN></FONT></DIV>
<DIV dir=ltr align=left><FONT face=Arial color=#0000ff size=2><SPAN
class=398323721-14072008></SPAN></FONT></FONT><FONT face=Arial color=#0000ff
size=2></FONT> </DIV>
<DIV dir=ltr align=left><SPAN class=398323721-14072008><FONT face=Arial
color=#0000ff size=2><!-- Converted from text/rtf format -->
<P><SPAN lang=pt-br><FONT face=Tahoma size=2>Atenciosamente/Best
regards,<BR>Marco A.
Ratton<BR>--------------------------------------<BR></FONT></SPAN><SPAN
lang=pt-br><FONT face=Tahoma size=2>Email: marco.ratton@dnv.com</FONT></SPAN>
<BR><SPAN lang=pt-br><FONT face=Tahoma size=2>Direct Phone: +55 21 3722
7540<BR>Mobile: +55 21 8124
1944<BR></FONT></SPAN></FONT></SPAN><BR></P></DIV></DIV>
<DIV class=OutlookMessageHeader lang=en-us dir=ltr align=left>
<HR tabIndex=-1>
<FONT face=Tahoma size=2><B>From:</B> discuss-bounces@ghgnetwork.org
[mailto:discuss-bounces@ghgnetwork.org] <B>On Behalf Of </B>Duncan
Noble<BR><B>Sent:</B> domingo, 13 de julho de 2008 21:03<BR><B>To:</B>
discuss@ghgnetwork.org<BR><B>Subject:</B> Re: [GHG Network] GHG Emission Factors
for UK Renewable Electricity<BR></FONT><BR></DIV>
<DIV></DIV>
<DIV dir=ltr align=left><SPAN class=296344523-13072008><FONT face=Arial
color=#0000ff size=2>Derik, Michael et al.:</FONT></SPAN></DIV>
<DIV dir=ltr align=left><SPAN class=296344523-13072008><FONT face=Arial
color=#0000ff size=2></FONT></SPAN> </DIV>
<DIV dir=ltr align=left><SPAN class=296344523-13072008><FONT face=Arial
color=#0000ff size=2>Thanks for all of your responses. </FONT></SPAN></DIV>
<DIV dir=ltr align=left><SPAN class=296344523-13072008><FONT face=Arial
color=#0000ff size=2></FONT></SPAN> </DIV>
<DIV dir=ltr align=left><SPAN class=296344523-13072008><FONT face=Arial
color=#0000ff size=2>Michael: I take your point. I accept that
a REC/ROC is not the same as an offset, and my characterization of RECs was
not accurate. However, I'm not sure how I can use this information to answer my
question of what is the appropriate emission factor to use for Scope 2 emissions
from renewable electricity purchases where the supplier receives additional
financial benefits (apparently in some cases higher than the value of the
electricity) from the ROC. Can </FONT></SPAN><SPAN
class=296344523-13072008><FONT face=Arial color=#0000ff size=2>I assume, based
on your response, that you would suggest something along the lines of what DEFRA
has proposed (per</FONT></SPAN><SPAN class=296344523-13072008><FONT face=Arial
color=#0000ff size=2> the email from Andrea Smith) that some demonstration of
additionality by the renewable supplier would be required?</FONT></SPAN></DIV>
<DIV dir=ltr align=left><SPAN class=296344523-13072008><FONT face=Arial
color=#0000ff size=2></FONT></SPAN> </DIV>
<DIV dir=ltr align=left><SPAN class=296344523-13072008><FONT face=Arial
color=#0000ff size=2>Is anyone on this list aware of what approaches UK based
renewable suppliers are currently taking in this area? (e.g., what documentation
they are supplying to support zero emission factors, etc.)</FONT></SPAN></DIV>
<DIV dir=ltr align=left><SPAN class=296344523-13072008><FONT face=Arial
color=#0000ff size=2></FONT></SPAN> </DIV>
<DIV dir=ltr align=left><SPAN class=296344523-13072008><FONT face=Arial
color=#0000ff size=2>... Duncan </FONT></SPAN></DIV><BR>
<DIV class=OutlookMessageHeader lang=en-us dir=ltr align=left>
<HR tabIndex=-1>
<FONT face=Tahoma size=2><B>From:</B> discuss-bounces@ghgnetwork.org
[mailto:discuss-bounces@ghgnetwork.org] <B>On Behalf Of </B>Derik
Broekhoff<BR><B>Sent:</B> July 10, 2008 3:44 PM<BR><B>To:</B> Michael
Gillenwater [moderator]; Duncan Noble; discuss@ghgnetwork.org<BR><B>Subject:</B>
Re: [GHG Network] GHG Emission Factors for UK Renewable
Electricity<BR></FONT><BR></DIV>
<DIV></DIV>
<DIV class=Section1>
<P class=MsoNormal><FONT face=Arial color=navy size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial">Questions of
environmental attributes and emissions accounting aside, it sounds like the real
issue is double-selling the green power. Selling a renewable-sourced MWh to
retail customers under a green power contract, while also selling off a ROC
associated with the same MWh, is a bit dodgy (as folks in the UK might say) –
essentially no different from selling multiple ROCs for the same MWh. This
sounds like an issue for whichever government agency in charge of regulating
false marketing claims, rather than a GHG accounting issue. Strictly speaking,
the ROCs should be sold or retired in conjunction with the green power contract
- otherwise you potentially have more than one party claiming to have purchased
renewable power for the same MWh. The fact that the emissions accounting is
confusing simply points to the underlying problem.<o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT face=Arial color=navy size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial"><o:p> </o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT face=Arial color=navy size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial">Derik
Broekhoff<o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT face=Arial color=navy size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial"><o:p> </o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT face=Arial color=navy size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial">Senior
Associate<o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT face=Arial color=navy size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial">World Resources
Institute<o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT face=Arial color=navy size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial">Climate and Energy
Program<o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal><st1:address w:st="on"><FONT face=Arial color=navy
size=2><SPAN style="FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial">10 G
Street NE</SPAN></FONT></st1:address><FONT face=Arial color=navy size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal><st1:place w:st="on"><st1:City w:st="on"><FONT face=Arial
color=navy size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial">Washington</SPAN></FONT></st1:City><FONT
face=Arial color=navy size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial">, <st1:State
w:st="on">DC</st1:State> <st1:PostalCode
w:st="on">20002</st1:PostalCode></SPAN></FONT></st1:place><FONT face=Arial
color=navy size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT face=Arial color=navy size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial">(202)
729-7628<o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT face=Arial color=navy size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial"><A
href="mailto:dbroekhoff@wri.org">dbroekhoff@wri.org</A>
<o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT face=Arial color=navy size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial"><o:p> </o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT face=Arial color=navy size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial"><o:p> </o:p></SPAN></FONT></P>
<DIV>
<DIV class=MsoNormal style="TEXT-ALIGN: center" align=center><FONT
face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt">
<HR tabIndex=-1 align=center width="100%" SIZE=2>
</SPAN></FONT></DIV>
<P class=MsoNormal><B><FONT face=Tahoma size=2><SPAN
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Tahoma">From:</SPAN></FONT></B><FONT
face=Tahoma size=2><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Tahoma">
discuss-bounces@ghgnetwork.org [mailto:discuss-bounces@ghgnetwork.org] <B><SPAN
style="FONT-WEIGHT: bold">On Behalf Of </SPAN></B>Michael Gillenwater
[moderator]<BR><B><SPAN style="FONT-WEIGHT: bold">Sent:</SPAN></B> Thursday,
July 10, 2008 1:41 PM<BR><B><SPAN style="FONT-WEIGHT: bold">To:</SPAN></B>
Duncan Noble; discuss@ghgnetwork.org<BR><B><SPAN
style="FONT-WEIGHT: bold">Subject:</SPAN></B> Re: [GHG Network] GHG Emission
Factors for <st1:country-region w:st="on"><st1:place
w:st="on">UK</st1:place></st1:country-region> Renewable
Electricity</SPAN></FONT><o:p></o:p></P></DIV>
<P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN
style="FONT-SIZE: 12pt"><o:p> </o:p></SPAN></FONT></P>
<DIV>
<P class=MsoNormal style="MARGIN-BOTTOM: 12pt"><FONT face=Arial size=2><SPAN
style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Duncan and Network
Participants,<BR><BR>Great question. I'm taking off my moderator hat
again, and just posting as a Network participant myself.<BR><BR>I would also be
interested to hear others perspectives on ROCs. I have always treated them
essentially the same as RECs here in the <st1:country-region
w:st="on"><st1:place w:st="on">United
States</st1:place></st1:country-region>.<BR><BR>I do have to take an exception
to <st1:City w:st="on"><st1:place w:st="on">Duncan</st1:place></st1:City>'s
characterization of RECs. Despite the oft repeated statements of REC
marketers, they do not represent the environmental benefits of renewable energy
in any practical sense. Most or all of the environmental benefits of
renewable energy are indirect to the act of producing renewable energy. A
simple way to explain it is that RECs are denoted in mega-watt hours
(MWh). Last time I checked, this was not the commonly accepted units for
trading in environmental benefits (what ever that means).<BR><BR>More seriously,
we have to be very careful about how we define and think about environmental
commodities, what we say they represent, and what claims we make when we
purchase and retire them. Just saying something something represents
something does not make it so. Markets do not operate well when based on
ambiguously defined commodities and unsubstantiated marketing claims.<BR><BR>I
won't go on futher, but instead refer you to a couple papers I wrote on this
subject. I have circulated them before to the Network, but they seem
particularly applicable to this question.<BR><BR>If you would like a copy of the
published versions just email me. Or you can freely access the
prepublication versions at: <BR><A
href="http://www.princeton.edu/%7Emgillenw/discussionpapers.htm">http://www.princeton.edu/~mgillenw/discussionpapers.htm</A><BR><BR><o:p></o:p></SPAN></FONT></P>
<P
style="MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: 181.65pt; mso-margin-top-alt: 0in"><FONT
face=Arial size=2><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Gillenwater,
M., <A href="http://dx.doi.org/10.1016/j.enpol.2008.02.036" target=_blank><SPAN
class=nfakpe>Redefining</SPAN> <SPAN class=nfakpe>RECs</SPAN> (Part 1):
Untangling attributes and offsets</A>, <I><SPAN
style="FONT-STYLE: italic">Energy Policy,</SPAN></I> Volume 36, Issue 6, June
2008, Pages 2109-2119.<o:p></o:p></SPAN></FONT></P>
<P
style="MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: 181.65pt; mso-margin-top-alt: 0in"><FONT
face=Arial size=2><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Renewable
energy and greenhouse gas emissions markets are currently in a state of
confusion regarding the treatment of Renewable Energy Certificates (RECs).
Should consumers buy RECs or emission offsets? After examining this question,
the author concludes that RECs are not equivalent to emission offset credits,
and as currently defined, the retiring of a REC may have no impact on emissions
from electric power generation. Consumers who purchase RECs in voluntary green
power markets are providing financial assistance to renewable generators in the
form of a production subsidy. Generators that sell RECs are not transferring
emission reductions, since they are unlikely to have ownership or the ability to
quantify reductions using a commonly accepted standard. More importantly, RECs
currently sold in voluntary markets do not pass credible additionality tests and
can, at best, be expected to have a market demand effect, which will be less
than the supply of RECs on the market. REC definitions that use the term
“environmental attributes” or “environmental benefits” are almost universally
ambiguous, providing the mistaken impression that consumers are purchasing a
good instead of subsidizing a public good.<o:p></o:p></SPAN></FONT></P>
<P
style="MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: 181.65pt; mso-margin-top-alt: 0in"><FONT
face=Arial size=2><SPAN
style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><o:p> </o:p></SPAN></FONT></P>
<P
style="MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: 181.65pt; mso-margin-top-alt: 0in"><FONT
face=Arial size=2><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Gillenwater,
M., <A href="http://dx.doi.org/10.1016/j.enpol.2008.02.019" target=_blank><SPAN
class=nfakpe>Redefining</SPAN> <SPAN class=nfakpe>RECs</SPAN> (Part 2):
Untangling certificates and emission markets</A>, <I><SPAN
style="FONT-STYLE: italic">Energy Policy, </SPAN></I>Volume 36, Issue 6, June
2008, Pages 2120-2129.<o:p></o:p></SPAN></FONT></P>
<P
style="MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: 181.65pt; mso-margin-top-alt: 0in"><FONT
face=Arial size=2><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Renewable
energy and greenhouse gas emissions markets are currently in a state of
confusion regarding the treatment of Renewable Energy Certificate (RECs). How
should emission-trading schemes treat RECs? How can emission mitigation policies
provide real incentives for renewable generation? The objective of REC markets
should be to promote additional renewable energy investments. The author asserts
that defining RECs in terms of attributes, especially off-site attributes, does
not further this goal. Ambiguous language such as “environmental attribute” or
“environmental benefit” creates confusion in the marketplace while failing to
address the relevant coordination issues with Renewable Portfolio Standard
compliance markets, voluntary emission offset markets, or emission cap-and-trade
markets. Specifically, defining RECs in terms of off-site attributes creates a
number of problems, including that once an emissions cap-and-trade scheme is in
place, such definitions of a REC can become indefensible. The author proposes to
redefine RECs in terms of on-site attributes, which resolves the aforementioned
problems and allows compliance and voluntary renewable energy and emission
markets to function without conflicts. Ideally, environmental commodities should
be homogeneous, first best measures of the relevant environmental good, as well
as easily measured and verified. The author proposes tradable environmental
commodities that achieve these characteristics.<o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT face=Arial size=2><SPAN
style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><BR>michael<BR> <o:p></o:p></SPAN></FONT></P>
<DIV class=MsoNormal style="TEXT-ALIGN: center" align=center><FONT face=Arial
size=2><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">
<HR align=center width="100%" SIZE=2>
</SPAN></FONT></DIV>
<P class=MsoNormal><FONT face=Verdana color=#7f7f00 size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: #7f7f00; FONT-FAMILY: Verdana"><A
href="http://www.princeton.edu/%7Emgillenw/biography.htm" target=_blank>Michael
Gillenwater</A><BR><A href="http://www.princeton.edu" target=_blank>Princeton
University</A><BR><A href="http://www.princeton.edu/%7Estep/"
target=_blank>Science, Technology and Environmental Policy Program</A><BR><BR><A
href="http://www.ghginstitute.org" target=_blank>GHG Management Institute</A>
(Dean of Institute)*<BR><A href="http://www.ghgnetwork.org" target=_blank>GHG
Experts Network</A> (Executive Director)*<BR><A
href="mailto:michael.gillenwater@ghginstitute.org"
target=_blank>michael.gillenwater@ghginstitute.org</A></SPAN></FONT><FONT
face=Arial size=2><SPAN
style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><BR></SPAN></FONT><FONT face=Verdana
color=#7f7f00 size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: #7f7f00; FONT-FAMILY: Verdana"><A
href="mailto:gillenwater@ghgnetwork.org"
target=_blank>gillenwater@ghgnetwork.org</A></SPAN></FONT><FONT face=Arial
size=2><SPAN
style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><o:p></o:p></SPAN></FONT></P>
<DIV class=MsoNormal style="TEXT-ALIGN: center" align=center><FONT face=Arial
size=2><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">
<HR align=center width="100%" color=#7f7f00 noShade SIZE=2>
</SPAN></FONT></DIV>
<P class=MsoNormal><FONT face=Verdana color=#7f7f00 size=1><SPAN
style="FONT-SIZE: 7.5pt; COLOR: #7f7f00; FONT-FAMILY: Verdana">* Organizations
are independent non-profits and are not associated with <st1:place
w:st="on"><st1:PlaceName w:st="on">Princeton</st1:PlaceName> <st1:PlaceType
w:st="on">University</st1:PlaceType></st1:place>.</SPAN></FONT><FONT face=Arial
size=2><SPAN
style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><o:p></o:p></SPAN></FONT></P>
<DIV>
<P class=MsoNormal style="MARGIN-BOTTOM: 12pt"><FONT face=Arial size=2><SPAN
style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><o:p> </o:p></SPAN></FONT></P>
<DIV>
<P class=MsoNormal style="MARGIN-BOTTOM: 12pt"><FONT face="Times New Roman"
size=3><SPAN style="FONT-SIZE: 12pt">----- Original Message ----<BR>From: Duncan
Noble <d.noble@fivewinds.com><BR>To: discuss@ghgnetwork.org<BR>Sent:
Wednesday, July 9, 2008 5:18:51 PM<BR>Subject: [GHG Network] GHG Emission
Factors for <st1:country-region w:st="on"><st1:place
w:st="on">UK</st1:place></st1:country-region> Renewable
Electricity<o:p></o:p></SPAN></FONT></P>
<DIV id=idOWAReplyText343>
<DIV>
<P class=MsoNormal><FONT face=Arial color=black size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial">I have a question
about Renewable Obligation Certificates (ROCs) in the <st1:country-region
w:st="on"><st1:place w:st="on">UK</st1:place></st1:country-region>. What is the
appropriate GHG emission factor to use when you purchase renewable electricity
from a supplier who also receives a separate financial benefit from
"selling" the ROC?</SPAN></FONT><o:p></o:p></P></DIV>
<DIV>
<P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN
style="FONT-SIZE: 12pt"> <o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=MsoNormal><FONT face=Arial size=2><SPAN
style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">In <st1:place w:st="on">North
America</st1:place>, RECs represent the environmental benefits associated with
renewable electricity generation. Hence if you want to claim that you are using
renewable electricity with a zero GHG emission factor, your options would
include: self generating renewable electricity, purchasing green power, or
purchasing RECs. A supplier can not sell both green power to customer A and then
the RECs to customer B, as that would be double counting the environmental
benefit. If the RECs are disaggregated from the electricity, there is no green
power to sell.</SPAN></FONT><o:p></o:p></P></DIV>
<DIV>
<P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN
style="FONT-SIZE: 12pt"> <o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=MsoNormal><FONT face=Arial size=2><SPAN
style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The situation with ROCs in the
<st1:country-region w:st="on"><st1:place
w:st="on">UK</st1:place></st1:country-region> appears to be similar, but not
quite the same. Can someone from the <st1:country-region w:st="on"><st1:place
w:st="on">UK</st1:place></st1:country-region> offer some guidance on how ROCs
affect GHG emission factors?</SPAN></FONT><o:p></o:p></P></DIV>
<DIV>
<P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN
style="FONT-SIZE: 12pt"> <o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=MsoNormal><FONT face=Arial size=2><SPAN
style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Cheers ... <st1:City
w:st="on"><st1:place
w:st="on">Duncan</st1:place></st1:City></SPAN></FONT><o:p></o:p></P></DIV>
<DIV>
<P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN
style="FONT-SIZE: 12pt"> <o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=MsoNormal><STRONG><B><FONT face=Arial color=black size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial">Duncan
Noble</SPAN></FONT></B></STRONG><o:p></o:p></P></DIV></DIV>
<DIV id=idSignature16977>
<DIV>
<P class=MsoNormal><STRONG><B><FONT face=Arial size=2><SPAN
style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Five Winds
International</SPAN></FONT></B></STRONG><o:p></o:p></P></DIV>
<DIV>
<P class=MsoNormal><EM><I><FONT face=Arial size=2><SPAN
style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">- Value without Burden
-</SPAN></FONT></I></EM><o:p></o:p></P></DIV>
<DIV>
<P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN
style="FONT-SIZE: 12pt"> <o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=MsoNormal><FONT face=Arial size=2><SPAN
style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><A href="http://www.fivewinds.com"
target=_blank>www.fivewinds.com</A></SPAN></FONT><o:p></o:p></P></DIV>
<DIV>
<P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN
style="FONT-SIZE: 12pt"> <o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=MsoNormal><FONT face=Arial size=2><SPAN
style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">NEW Tel. for July:
+1.867.979.5576</SPAN></FONT><o:p></o:p></P></DIV>
<DIV>
<P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN
style="FONT-SIZE: 12pt"> <o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=MsoNormal><EM><B><I><FONT face=Arial size=2><SPAN
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Five Winds is a
Carbon Neutral Company and follows a Sustainable Purchasing
Policy</SPAN></FONT></I></B></EM><o:p></o:p></P></DIV></DIV></DIV></DIV></DIV></DIV><br/>**************************************************************
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