Company Profiles

EDF Energies Nouvelles

France

EDF Energies Nouvelles is an energy company focused almost exclusively on renewable energy from wind, solar, hydro, and biomass. Wind facilities represent 90% of the company's total installed capacity, with the majority being wind farms located in the U.S. The company's strength is its focus on renewable energy, which positions it well to address ecological constraints, particularly as the risks associated with fossil fuels continue to increase. However, the company does have some exposure in fossil fuels through thermal and co-generation power plants, although these plants, particularly the co-generation facilities, are very efficient compared with typical power generation plants. EDF also has exposure in hydropower and biomass energy. The company has reduced its risk in those areas by operating mostly small-scale hydropower plants and utilizing agricultural waste from olive farms and wineries for its biomass energy business. Areas for improvement include comprehensive environmental reporting on its climate change liability, development of supplier guidelines, and implementation of a company-wide environmental management system.

To the best of our knowledge the above information is accurate and was obtained from sources we believe to be reliable. Neither the information presented above nor any opinion expressed shall be construed as an offer to sell or a solicitation to buy the security. The views expressed are those of portfolio management as of 9/30/09 and may not reflect current opinions or subsequent events.