1 Table of Contents 1 Table of Contents 2 1.1 List of Tables 5 1.2 List of Figures 6 2 Executive Summary 7 2.1 Global Carbon Emissions to Increase at a Lower rate During the Forecast Period 7 2.2 Technological Advancements and Government Support Driving Global Renewable Power Installations 7 2.3 Global Biopower Generation Expected to Reach Over 895 TWh by 2030 7 2.4 More Than Half of Belgium’s Electricity Needs to be Met Through Renewables by 2030 8 2.5 Wind Power is expected to dominate the Renewable Power Market of Belgium in 2030 9 3 Introduction 10 3.1 Carbon Emissions, Global, 2001-2016 10 3.2 Primary Energy Consumption, Global, 2001-2030 12 3.3 Biopower Market, Technology Analysis 14 3.3.1 Biopower Market, Feedstock Conversion Processes 15 3.3.2 Biopower Market, Primary Energy Conversion and Recovery Technology 17 3.4 Report Guidance 20 4 Renewable Power Market, Global, 2006-2030 21 4.1 Renewable Power Market, Global, Overview 21 4.2 Renewable Power Market, Global, Installed Capacity, 2006-2030 22 4.2.1 Renewable Power Market, Global, Cumulative Installed Capacity by Source Type, 2006-2030 22 4.2.2 Renewable Power Market, Global, Cumulative Installed Capacity Split by Source Type, 2016 and 2030 24 4.2.3 Renewable Power Market, Global, Net Capacity Additions by Source Type, 2016-2030 26 4.2.4 Renewable Power Market, Global, Comparison by Cumulative Installed Capacity of Technology, 2016-2030 28 4.3 Renewable Power Market, Global, Power Generation, 2006-2030 30 4.3.1 Renewable Power Market, Global, Power Generation by Source Type, 2006-2030 30 4.3.2 Renewable Power Market, Global, Power Generation, Source Comparison Based on Power Generation, 2016-2030 32 4.4 Renewable Power Market, Global, LCOE Comparison of Power Generating Sources, 2016 34 5 Biopower Market, Global, 2006-2030 37 5.1 Biopower Power Market, Global, Overview 37 5.2 Biopower Market, Global, Installed Capacity, 2006-2030 38 5.2.1 Biopower Market, Global, Installed Capacity Share by Region, 2016 40 5.2.2 Biopower Market, Global, Installed Capacity Share by Country, 2016 and 2030 42 5.3 Biopower Market, Global, Power Generation, 2006-2030 44 5.3.1 Biopower Market, Global, Generation Share by Region, 2016 and 2030 46 5.3.2 Biopower Market, Global, Generation Share by Country, 2016 and 2030 47 5.4 Biopower Market, Global, Investment Trends, 2016-2020 49 6 Power Market, Belgium, 2006-2030 51 6.1 Power Market, Belgium, Overview 51 6.2 Power Market, Belgium, Installed Capacity, 2006-2030 52 6.2.1 Power Market, Belgium, Cumulative Installed Capacity by Fuel Type, 2006-2030 52 6.2.2 Power Market, Belgium, Share in Cumulative Installed Capacity Split by Source Type, 2016 and 2030 55 6.2.3 Power Market, Belgium, Net Capacity Additions by Fuel Type, 2016 and 2030 56 6.2.4 Power Market, Belgium, Comparison of Technologies Based on Installed Capacity, 2016-2030 58 6.3 Power Market, Belgium, Power Generation, 2006-2030 60 6.3.1 Power Market, Belgium, Power Generation by Fuel Type, 2006-2030 60 6.3.2 Power Market, Belgium, Comparison of Technologies Based on Power Generation, 2016-2030 63 7 Renewable Power Market, Belgium, 2006-2030 65 7.1 Renewable Power Market, Belgium, Overview 65 7.2 Renewable Power Market, Belgium, Installed Capacity, 2006-2030 66 7.2.1 Renewable Power Market, Belgium, Cumulative Installed Capacity by Source Type, 2006-2030 66 7.2.2 Renewable Power Market, Belgium, Cumulative Installed Capacity Split by Source Type, 2016 and 2030 69 7.2.3 Renewable Power Market, Belgium, Net Capacity Additions by Source Type, 2016-2030 71 7.2.4 Renewable Power Market, Belgium, Comparison of Renewable Power Sources Based on Installed Capacity, 2016-2030 73 7.3 Renewable Power Market, Belgium, Power Generation, 2006-2030 75 7.3.1 Renewable Power Market, Belgium, Power Generation by Source Type, 2006-2030 75 7.3.2 Renewable Power Market, Belgium, Comparison of Renewable Power Sources Based on Power Generation, 2016-2030 78 8 Biopower Market, Belgium, 2006-2030 80 8.1 Biopower Market, Belgium, Overview 80 8.2 Biopower Market, Belgium, Installed Capacity, 2006-2030 81 8.3 Biopower Market, Belgium, Power Generation, 2006-2030 83 8.4 Biopower Market, Belgium, Investment Trends, 2016-2020 85 8.5 Biopower Market, Belgium, Project Based Analysis, 2016 87 8.5.1 Biopower Market, Belgium, Major Active Plants, 2016 87 8.6 Biopower Market, Belgium, Deal Analysis, 2016 88 8.6.1 Biopower Market, Belgium, Deal Volume vs. Deal Value, 2006-2016 88 9 Power Market, Regulatory Scenario, Belgium 90 9.1 Renewable Energy Market, Overview 90 9.2 Renewable Energy Policy Framework 90 9.2.1 Energy Efficiency Policy 90 9.2.2 Electricity Law 91 9.2.3 Nuclear Policy 91 9.2.4 National Climate Plan 92 9.2.5 National Renewable Energy Action Plan (NREAP) 92 9.2.6 Green Certificates 92 9.2.7 Energy Premium Scheme 93 9.2.8 Support Scheme for Renewable Heat and the Production of Biomethane 93 9.2.9 Belgian Support Scheme 93 9.2.10 Grants supporting solar energy 93 9.2.11 Ecological investment subsidy 93 9.2.12 Offshore Domanial Concessions for Wind and Ocean Energy Production 94 9.3 Net Metering in Brussels, Flanders, and Wallonia 94 9.4 Quota System in Brussels, Flanders, and Wallonia 94 9.5 Subsidy in Brussels, Flanders, and Wallonia 94 10 Biopower Market, Belgium, Company Profiles 95 10.1 Company Snapshot: Engie 95 10.1.1 Engie - Company Overview 95 10.1.2 Engie - Business Description 95 10.1.3 Engie - SWOT Analysis 95 10.1.4 Engie - Major Products and Services 98 10.1.5 Engie - Head Office 98 10.2 Company Snapshot: Electrawinds NV 99 10.2.1 Electrawinds NV - Company Overview 99 10.2.2 Electrawinds NV - Major Products and Services 99 10.2.3 Electrawinds NV - Head Office 99 10.3 Company Snapshot: Electrabel S.A. 100 10.3.1 Electrabel S.A. - Company Overview 100 10.3.2 Electrabel S.A. - Business Description 100 10.3.3 Electrabel S.A. - SWOT Analysis 100 10.3.4 Electrabel S.A. - Major Products and Services 103 10.3.5 Electrabel S.A. - Head Office 103 10.4 Company Snapshot: Ackermans & Van Haaren NV 104 10.4.1 Ackermans & Van Haaren NV - Company Overview 104 10.4.2 Ackermans & Van Haaren NV - Business Description 104 10.4.3 Ackermans & Van Haaren NV - SWOT Analysis 105 10.4.4 Ackermans & Van Haaren NV - Major Products and Services 108 10.4.5 Ackermans & Van Haaren NV - Head Office 108 10.5 Company Snapshot: 4Energy Invest N.V. 109 10.5.1 4Energy Invest N.V. - Company Overview 109 10.5.2 4Energy Invest N.V. - Major Products and Services 109 10.5.3 4Energy Invest N.V. - Head Office 109 11 Appendix 110 11.1 Abbreviations 110 11.2 Bibliography 110 11.3 Market Definitions 111 11.4 Methodology 112 11.5 Coverage 112 11.5.1 Secondary Research 112 11.5.2 Primary Research 112 11.5.3 Modeling and Forecasting 112 11.6 Contact Us 113 11.7 Disclaimer 113

1.1 List of Tables Table 1: Carbon Dioxide Emissions from Energy Consumption, Global (MT), 2001-2016 12 Table 2: Primary Energy Consumption, Global (Mtoe), 2001-2030 14 Table 3: Biopower Market, Primary Energy Conversion and Recovery Technologies, Comparison 17 Table 4: Renewable Power Market, Global, Cumulative Installed Capacity by Source Type (MW), 2006-2030 23 Table 5: Renewable Power Market, Global, Cumulative Installed Capacity Split by Source Type (%), 2016 and 2030 25 Table 6: Renewable Power Market, Global, Net Capacity Additions by Source Type (MW), 2016-2030 27 Table 7: Renewable Power Market, Global, Comparison by Cumulative Installed Capacity of Technology, 2016-2030 29 Table 8: Renewable Power Market, Global, Power Generation (GWh), 2006-2030 31 Table 9: Renewable Power Market, Global, Power Generation, Source Comparison Based on Power Generation, 2016-2030 33 Table 10: Renewable Power Market, Global, Assumptions for LCOE Calculation 34 Table 11: Renewable Power Market, Global, LCOE Comparison of Power-generating Sources ($/kWh), 2016 36 Table 12: Biopower Market, Global, Installed Capacity (MW), 2006-2030 39 Table 13: Biopower Market, Global, Cumulative Installed Capacity Share by Region (%), 2016 and 2030 41 Table 14: Biopower Market, Global, Cumulative Installed Capacity Share by Country (%), 2016 and 2030 43 Table 15: Biopower Market, Global, Power Generation (GWh), 2006-2030 45 Table 16: Biopower Market, Global, Generation Share by Region (%), 2016 and 2030 46 Table 17: Biopower Market, Global, Generation Share by Country (%), 2016 and 2030 48 Table 18: Biopower Market, Global, Investment Trends, 2016-2020 50 Table 19: Power Market, Belgium, Cumulative Installed Capacity by Fuel Type(MW), 2006-2030 54 Table 20: Power Market, Belgium, Cumulative Installed Capacity Split by Source Type (%), 2016 and 2030 55 Table 21: Power Market, Belgium, Net Capacity Additions by Fuel Type(MW), 2016 and 2030 57 Table 22: Power Market, Belgium, Comparison of Technologies Based on Installed Capacity, 2016-2030 59 Table 23: Power Market, Belgium, Power Generation by Fuel Type (GWh), 2006-2030 62 Table 24: Power Market, Belgium, Comparison of Technologies Based on Power Generation, 2016-2030 64 Table 25: Renewable Power Market, Belgium, Cumulative Installed Capacity by Source Type (MW), 2006-2030 68 Table 26: Renewable Power Market, Belgium, Cumulative Installed Capacity Split by Source Type (%), 2016 and 2030 70 Table 27: Renewable Power Market, Belgium, Net Capacity Additions by Source Type (MW), 2016-2030 72 Table 28: Renewable Power Market, Belgium, Comparison of Renewable Power Sources Based on Installed Capacity, 2016-2030 74 Table 29: Renewable Power Market, Belgium, Power Generation by Source Type (GWh), 2006-2030 77 Table 30: Renewable Power Market, Belgium, Comparison of Renewable Power Sources Based on Power Generation, 2016-2030 79 Table 31: Biopower Market, Belgium, Installed Capacity (MW), 2006-2030 82 Table 32: Biopower Market, Belgium, Power Generation (GWh), 2006-2030 84 Table 33: Biopower Market, Belgium, New Investment ($m), 2016-2020 86 Table 34: Biopower Market, Belgium, Major Active Plants, 2016 87 Table 35: Biopower Market, Belgium, Deal Volume vs. Deal Value ($m), 2006-2016 89 Table 36: Power Market, Belgium, Energy Efficiency Targets 2020 91 Table 37: Engie, Major Products and Services 98 Table 38: Electrawinds NV, Major Products and Services 99 Table 39: Electrabel S.A., Major Products and Services 103 Table 40: Ackermans & Van Haaren NV , Major Products and Services 108 Table 41: 4Energy Invest N.V., Major Products and Services 109 Table 42: Abbreviations 110 1.2 List of Figures Figure 1: Biopower Market, Global, Cumulative Installed Capacity and Generation, 2006-2030 8 Figure 2: Carbon-di-oxide Emissions from Energy Consumption, Global (MT), 2001-2016 11 Figure 3: Primary Energy Consumption, Global (Mtoe), 2001-2030 13 Figure 4: Biopower Market, Primary Energy Conversion and Recovery Technologies, Major Vendors 18 Figure 5: Biopower Market, Primary Energy Conversion and Recovery Technologies, Major Challenges 19 Figure 6: Renewable Power Market, Global, Cumulative Installed Capacity by Source Type (MW), 2006-2030 22 Figure 7: Renewable Power Market, Global, Cumulative Installed Capacity Split by Source Type (%), 2016 and 2030 24 Figure 8: Renewable Power Market, Global, Net Capacity Additions by Source Type (MW), 2016-2030 26 Figure 9: Renewable Power Market, Global, Comparison by Cumulative Installed Capacity of Technology, 2016-2030 28 Figure 10: Renewable Power Market, Global, Power Generation (GWh), 2006-2030 30 Figure 11: Renewable Power Market, Global, Power Generation, Source Comparison Based on Power Generation, 2016-2030 32 Figure 12: Renewable Power Market, Global, LCOE Comparison of Power-generating Sources ($/kWh), 2016 35 Figure 13: Biopower Market, Global, Installed Capacity (MW), 2006-2030 38 Figure 14: Biopower Market, Global, Cumulative Installed Capacity Share by Region (%), 2016 and 2030 40 Figure 15: Biopower Market, Global, Cumulative Installed Capacity Share by Country (%), 2016 and 2030 42 Figure 16: Biopower Market, Global, Power Generation (GWh), 2006-2030 44 Figure 17: Biopower Market, Global, Generation Share by Region (%), 2016 and 2030 46 Figure 18: Biopower Market, Global, Generation Share by Country (%), 2016 and 2030 47 Figure 19: Biopower Market, Global, Investment Trends, 2016-2020 49 Figure 20: Power Market, Belgium, Cumulative Installed Capacity by Fuel Type(MW), 2006-2030 53 Figure 21: Power Market, Belgium, Cumulative Installed Capacity Split by Source Type (%), 2016 and 2030 55 Figure 22: Power Market, Belgium, Net Capacity Additions by Fuel Type(MW), 2016 and 2030 56 Figure 23: Power Market, Belgium, Comparison of Technologies Based on Installed Capacity, 2016-2030 58 Figure 24: Power Market, Belgium, Power Generation by Fuel Type (GWh), 2006-2030 61 Figure 25: Power Market, Belgium, Comparison of Technologies Based on Power Generation, 2016-2030 63 Figure 26: Renewable Power Market, Belgium, Cumulative Installed Capacity by Source Type (MW), 2006-2030 67 Figure 27: Renewable Power Market, Belgium, Cumulative Installed Capacity Split by Source Type (%), 2016 and 2030 69 Figure 28: Renewable Power Market, Belgium, Net Capacity Additions by Source Type (MW), 2016-2030 71 Figure 29: Renewable Power Market, Belgium, Comparison of Renewable Power Sources Based on Installed Capacity, 2016-2030 73 Figure 30: Renewable Power Market, Belgium, Power Generation by Source Type (GWh), 2006-2030 76 Figure 31: Renewable Power Market, Belgium, Comparison of Renewable Power Sources Based on Power Generation, 2016-2030 78 Figure 32: Biopower Market, Belgium, Installed Capacity (MW), 2006-2030 81 Figure 33: Biopower Market, Belgium, Power Generation (GWh), 2006-2030 83 Figure 34: Biopower Market, Belgium, New Investment ($m), 2016-2020 85 Figure 35: Biopower Market, Belgium, Deal Volume vs. Deal Value ($m), 2006-2016 88

Engie Electrawinds NV Electrabel S.A. Ackermans & Van Haaren NV 4Energy Invest N.V.