In addition to concentrating on projects which are conservative, and hence bankable, from a contractual standpoint, IPC has also acted as an innovator in the use of carbon credits for power plant development. The United Nations Framework Convention on Climate Change operates the Clean Development Mechanism under the Kyoto Protocol to encourage the creation of CER carbon credits. These CERs can be traded for cash which is then used to develop clean sources of power. IPC was the first company to obtain United Nations approval for CERs from the conversion of open cycle		gas turbine to combined cycle operation, using the waste heat from a gas turbine to produce steam for further power production. This lowers emissions of CO2 by 40 per cent. for every hour of electricity produced. Creation of CERs and other forms of carbon credit is now an important part of all IPC power plant development as IPC seeks to maximise the potential of every power project to earn these important sources of revenue and then to securitise the cash flows from the forward sale of these credits to act as a hidden source of free capital for new clean power generation.

Independent Power Corporation PLC, Prince Consort House, 27-29 Albert Embankment, London, SE1 7TJ
telephone: 020 7793 5600 fax: 020 7793 7654 email: enquiries@indpow.co.uk
company registered in England and Wales number: 03097552