Uppföljning och analys av Stockholms stads solcellsanläggningar

(1)

UPTEC ES09 021

Examensarbete 20 p

April 2009

Uppföljning och analys av Stockholms

stads solcellsanläggningar

(2)

! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !

(3)

Teknisk- naturvetenskaplig fakultet UTH-enheten Besöksadress: Ångströmlaboratoriet Lägerhyddsvägen 1 Hus 4, Plan 0 Postadress: Box 536 751 21 Uppsala Telefon: 018 – 471 30 03 Telefax: 018 – 471 30 00 Hemsida: http://www.teknat.uu.se/student

Abstract

Uppföljning och analys av Stockholms stads solcellsanläggningar

Monitoring and analysis of the City of Stockholm's

photovoltaic installations

Johan Ärlebäck

During 2007 the City of Stockholm installed five grid connected photovoltaic systems. The aim of this master thesis is to quantify the amount of produced energy and recommend routines to collect and analyse production data, to make production data accessible by the public and to gain experience for future installations.

The total amount of produced energy until March 2009 is 227 000 kWh, with an annual rate of 150 000 kWh. The expected annual rate was 148 000 kWh. All system owners are positive about their plants and see economical benefits in scaling up such systems.

The installations need very little attendance and maintenance, however it is

recommended that an alarm function is installed for automatic feedback in case of a system failure. All future systems should be inspected during full operation to determine if the actual capacity is matching the installed capacity.

Sponsor: Nicolas Heyum, Stockholms stad, Energicentrum ISSN: 1650-8300, UPTEC ES09 021

Examinator: Ulla Tengblad, Institutionen för strålningsvetenskap, Uppsala universitet Ämnesgranskare: Arne Roos, Institutionen för teknikvetenskaper, Uppsala universitet Handledare: Carina Martinsson, ÅF; Mats Andersson, Energibanken; Anders Lindén, ÅF

(4)

!

!"##"$%"&&$'$()

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

I>-! +##! 2>-+! *$(%0((*+/(122/./2+-! =1);>-6+-+! +/20-! )+/! ,0/! ./*#+((0-+,0! #$330;;0&#0/8! J#8!

.!*#1((0#! ;>-! 0/! +-0+! .! &:+,-+#)0#0-A! K$330;;0&#0/! E33)1#*! E/,0-! *#+/,+-,.*0-+,0! :.((&$-! ,1-! ./*#-4(/./28! %0((#0)30-+#E-! $%'! *$(./*#-4(/./20/*! *30&#-E)! 1-! 60*#1)#A! L0**+! 60#./20(*0-! E33/4*!*1((+/!*+)#.,.2#!.!:0-&(.2'0#0/!)0,!-0*E(#+#0#!+##!,0/!-00((+!0;;0&#0/!*1((+/!E3324-!#.((! ,0/! ./*#+((0-+,0! #$330;;0&#0/A! @0/$)! +##! 60*.&#.2+! *./! +/(122/./2! )0,! +:*00/,0! 34! J#! &+/!

+/(122/./2*12+-0/!&$/#-$((0-+!'E-!,0/!E332.:/+!./*#+((0-+,0!0;;0&#0/!*#1))0-!>:0-0/*!)0,! ,0/!:0-&(.2#!./*#+((0-+,0!0;;0&#0/A!"$(%0((*)$,E(0-!34!0/!&J#!;>-!&-.*#+((./#!&.*0(!'+-!*#$-(0&0/!

MNOD! )P_{A! B! ./#0-/+#.$/0((! (.##0-+#E-! 1-! 60#0%&/./20/! ;>-! #$330;;0&#! J}

3! 0((0-! J30+&! 0;#0-!

0/20(*&+/*!30+&3$Q0-A!

I>-! +##! =1);>-+! 3-$,E&#.$/0/! '$*! (.&/+/,0! +/(122/./2+-! .! *+))+! 20$2-+;.*&+! $)-4,0! +/:1/,0-!)+/!)4##0#!I./+(!R.0(,8!R;!!*$)!+/20*!.!&J'S&J#A!T-.*#+((./+!*$(%0((0-!(0:0-0-+-!MDDN

UDD! &J'! 30-! ./*#+((0-+,! &J#! .! "#$%&'$()*$)-4,0#! 30-! /$-)+(4-! :.,! $3#.)+(! (E#/./2! $%'!

$-.0/#0-./2A!

K$#+(#! '+-! ,0! +&#E0((+! +/(122/./2+-/+! 3-$,E%0-+#! PPC! DDD! &J'! ;-4/! ./*#+((+#.$/! ;-+)! #.((! )4/+,**&.;#0#! ;06-E+-.N)+-*! PDDUA! V/(122/./2+-/+! '+-! 0/! *+))+/(+2,! 3-$,E&#.$/*#+&#! 34! %.-&+! OGD! DDD! &J'! 30-! 4-! :.(&0#! 1-! /42$#! >:0-! ,0/! *+)(+,0! ;>-:1/#+,0! 3-$,E&#.$/0/! 30-! 4-! *$)!:+-!3-$=0&#0-+,!#.((!OWM!DDD!&J'A!!

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

9&0*'$:*'+((0/!3-$,E%0-+,0!CO!ZDD!&J'!)0((+/!=E/.!PDDC!$%'!;06-E+-.!PDDUA!Y/!E33*&+##+,! 3-$,E&#.$/!+:!WM![GD!&J'!E/,0-!,0#!;>-*#+!4-0#!20-!0##!R;\:1-,0!34!UPD!&J'S&J#!:.(&0#!1-![O!

3-$%0/#!>:0-!,0/!;>-:1/#+,0!3-$,E&#.$/0/A!L0#!1-!,$%&!#-$(.2#!+##!:1H0(-.&#+-/+!:.*+-!;>-!'>2+! 3-$,E&#.$/*:1-,0/A!

(5)

! B! ,0! #.$! ;>-*&$($-/+! $%'! *&$($-/+! .! <(:*=>! '+-! ;-+)! #.((! ;06-E+-.! PDDU! #$#+(#! 3-$,E%0-+#*! GD!DGD!&J'!*0,+/!*#+-#0/!.!)+-*!PDDCA!I>-:1/#+,!3-$,E&#.$/!;>-!#:4!4-!1-!GD!DDD!&J'8!:.(&0#! >:0-0/**#1))0-! :1(! )0,! 3-$,E&#.$/0/A! ].$! +:! +/(122/./2+-/+! '+-! 0##! R;\:1-,0! 34! COWNCMW!

&J'S&J#A!

"#+,*#0+#0-/*! +/(122/./2! '+-! *0,+/! *#+-#! 3-$,E%0-+#! [Z! CDD! &J'8! )0,! 0##! R;\:1-,0! E/,0-!

PDDM!34!UDM!&J'S&J#A!L0/!;>-:1/#+,0!3-$,E&#.$/0/!;-4/!+/(122/./20/!1-!PC!ZDD!&J'!30-!4-A!

X/,0-!PDDM!3-$,E%0-+,0!,0/!PU!PDD!&J'8!:.(&0#!1-!%.-&+!Z!3-$%0/#!>:0-!-.&#:1-,0#A!Y##!*&1(!#.((! +##! ,0/! 3-$,E%0-+,0! 0/0-2./! >:0-*#.20-! ,0/! ;>-:1/#+,0! &+/! :+-+! +##! )$,E(0-/+! (0:0-0-+-! '>2-0!J#!1/!:+,!,0!1-!/$-)0-+,0!#.((A!

L0/!#+&./#02-0-+,0!*$(%0((*+/(122/./20/!+:!+)$-;#&.*0(!34!?$:0#!'+-!'.##.((*!3-$,E%0-+#!GC!ODD! &J'A! X/,0-! PDDM! :+-! ,0/! *+))+/(+2,+! 3-$,E&#.$/0/! [C! WDD! &J'! :.(&0#! :+-! OD! PDD! &J'! )./,-0! 1/! ,0/! ;>-:1/#+,0! 3-$,E&#.$/0/A! L0/! ;>-:1/#+,0! 3-$,E&#.$/0/! 1-! ,$%&! ;>-! '>2#! -1&/+,!)0,!0##!R;\:1-,0!;>-!?$:0#!34!UPZ!&J'S&J#A!L0#!1-!'>2-0!1/!"#+,*#0+#0-/!*$)!'+-!0/!

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

(6)

(7)

! !

*+,-,.)

L0##+! 0H+)0/*+-60#0! '+-! 20/$);>-#*! ./$)! %.:.(./20/=>-3-$2-+))0#! .! 0/0-2.*7*#0)! *$)! 20*! :.,! X33*+(+! E/.:0-*.#0#! $%'! ":0-.20*! (+/#6-E&*E/.:0-*.#0#A! ! "#E,.0/! '+-! E#;>-#*! *$)! 0##! *+)+-60#0! )0((+/! Y/0-2.%0/#-E)! "#$%&'$()*! "#+,8! 9INB/;-+*#-E&#E-! *+)#! Y/0-2.6+/&0/A! ?+/,(0,+-0! ;>-! +-60#0#! '+-! :+-.#! ^+-./+! _+-#./**$/! $%'! V/,0-*! `./,a/! ;-4/! 9I! *+)#! _+#*! V/,0-**$/!;-4/!Y/0-2.6+/&0/A!! b+33$-#0/!-.&#+-!*.2!#.((!+((+!*$)!1-!./#-0**0-+,0!+:!/1#+/*(E#/+!*$(0(*7*#0)A!_./!;>-'$33/./2! 1-!+##!+-60#0#!*&+!6.,-+!)0,!./;$-)+#.$/!$%'!.,a0-!$)!,0/!3$#0/#.+(!$%'!,0!'./,0-!*$)!60->-! 0#+6(0-./2!+:!*$(%0((*+/(122/./2+-A!"#E,.0/!$%'!,0**!-0*E(#+#!'$33+*!=+2!*&+((!:1%&+!./#-0**0!$%'! ;>-*#40(*0!;>-!)>=(.2'0#0-/+!;>-!*$(0(!*$)!0##!-00((#!6.,-+2!#.((!+-60#0#!)0,!+##!)./*&+!60'$:0#! +:!&>3#!0(8!*+)#.,.2#!*$)!)+/!6.,-+-!#.((!E#:0%&(./20/!+:!).(=>:1/(.2!0/0-2.#0&/.&A! ! "#$%&'$()!,0/!P!+3-.(!PDDU! ! c$'+/!<-(061%&! !

(8)

!

/$$012334%+,&056$'$()

!

"#$%&'()$*&# +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ !

!

OAO

!

F+&2-E/,ddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddd O

!

OAP

!

e-$6(0)60*&-.:/./2 dddddddddddddddddddddddddddddddddddddddddddddddddddd O

!

OA[

!

"7;#0 dddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddd P

!

OAW

!

V:2-1/*/./2+- ddddddddddddddddddddddddddddddddddddddddddddddddddddddddd P

!

OAG

!

_0#$, ddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddd P

!

,

!

-.&%*++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ /

!

PAO

!

F02-033*;>-&(+-./2 ddddddddddddddddddddddddddddddddddddddddddddddddddddd G

!

PAP

!

]1#+/*(E#/+!*$(%0((*+/(122/./2+-dddddddddddddddddddddddddddddddddddddddddd Z

!

PA[

!

K730-!+:!*$(%0((0- dddddddddddddddddddddddddddddddddddddddddddddddddddddd M

!

PAW

!

Y(3-$,E&#.$/ ddddddddddddddddddddddddddddddddddddddddddddddddddddddddd OD

!

PAG

!

"7*#0)602-1/*/./2+- dddddddddddddddddddddddddddddddddddddddddddddddddd OO

!

PAZ

!

_1#/./2!+:!#$330;;0&# ddddddddddddddddddddddddddddddddddddddddddddddddd O[

!

PAC

!

T$*#/+,0- ddddddddddddddddddddddddddddddddddddddddddddddddddddddddddd OW

!

0

!

1$2'343$.56&78659%)#9'32:.%3*)$ ++++++++++++++++++++++++++++++++++++++++++ !/

!

[AO

!

"#+#(.2#!*#>,*7*#0) dddddddddddddddddddddddddddddddddddddddddddddddddddd OG

!

[AP

!

B/)+#/./2*#+-.;; dddddddddddddddddddddddddddddddddddddddddddddddddddddd OG

!

[A[

!

_+-&/+,*>:0-*.&# ddddddddddddddddddddddddddddddddddddddddddddddddddddd OG

!

[AW

!

"7*#0)>:0-:+&/./2dddddddddddddddddddddddddddddddddddddddddddddddddddd OC

!

;

!

"#*$*9$*: ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ !<

!

WAO

!

B/.#.+#.:!$%'!;>-*#E,.0 dddddddddddddddddddddddddddddddddddddddddddddddddd OU

!

/

!

1$('.%9'.69#=>??#*#?9% +++++++++++++++++++++++++++++++++++++++++++++++++++ !<

!

GAO

!

51((./267!6-+/,*#+#.$/ ddddddddddddddddddddddddddddddddddddddddddddddddd OU

!

GAP

!

9&0*'$:*'+((0/ ddddddddddddddddddddddddddddddddddddddddddddddddddddddd PO

!

GA[

!

"&$($-!.!<(:*=> dddddddddddddddddddddddddddddddddddddddddddddddddddddddd PP

!

GAW

!

"#+,*#0+#0-/ ddddddddddddddddddddddddddddddddddddddddddddddddddddddddd P[

!

GAG

!

?$:0#ddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddd PG

!

@

!

A.3(=$9$6&7869#9=43 +++++++++++++++++++++++++++++++++++++++++++++++++++++++ ,B

!

ZAO

!

Y(3-$,E&#.$/ ddddddddddddddddddddddddddddddddddddddddddddddddddddddddd PC

!

ZAP

!

_$#.:!;>-!E33;>-+/,0#!+:!+/(122/./2+-/+ dddddddddddddddddddddddddddddddddd [P

!

(9)

! ZA[

!

I$-#*+##!*+#*/./2 dddddddddddddddddddddddddddddddddddddddddddddddddddddd [P

!

B

!

C*3)(33*&# ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 0/

!

CAO

!

Y&$/$). dddddddddddddddddddddddddddddddddddddddddddddddddddddddddddd [G

!

CAP

!

"E6:0/#.$/0-ddddddddddddddddddddddddddddddddddddddddddddddddddddddddd [G

!

CA[

!

L.)0/*.$/0-./2!$%'!3-$,E&#.$/*>:0-*&$## ddddddddddddddddddddddddddddddddd [G

!

CAW

!

_1#+:2.;#0-!$%'!3-$,E&#.$/*>:0-*&$## dddddddddddddddddddddddddddddddddddd [Z

!

CAG

!

"30%.;.&+!3-$6(0)!$%'!(>*/./2+- ddddddddddddddddddddddddddddddddddddddddd [Z

!

CAZ

!

`4/2*.&#.2#!#1/&+/,0ddddddddddddddddddddddddddddddddddddddddddddddddddd [C

!

D

!

A.)&55.#'9$*&#.%6&7863=($39$3.% ++++++++++++++++++++++++++++++++++++++++++ 0<

!

MAO

!

b0&$))0/,+#.$/0-!;>-!;-+)#.,+!3-$=0&#ddddddddddddddddddddddddddddddddddd [U

!

MAP

!

"(E#*+#*0- ddddddddddddddddddddddddddddddddddddddddddddddddddddddddddd WD

!

<

!

A.E.%.#3.% ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ ;!

!

(10)

(11)

O!

**! "#$%&'()$*&#+**

!,! -.)/%(#'+

B! ":0-.20! '+-! )+/! *0,+/! *(E#0#! +:! CDN#+(0#! +/:1/#! *.2! +:! *$(%0((0-! ;>-! +##! ,-.:+! ;7-+-8! />,#0(0;$/0-!$%'!(1/&*#+#.$/0-!.!;=1((:1-(,0/!,1-!,0#!'+-!:+-.#!,7-#!+##!&$33(+!./!*.2!#.((!,0#!;+*#+! 0(/1#0#A! L0**+! *4! &+((+,0! *#+/,+($/0N*7*#0)! *3-0,! *.2! :.,+-0! #.((! ;-.#.,*64#+-8! 'E*:+2/+-! $%'! +:(12*/+!*$))+-*#E2$-!.!*+)6+/,!)0,!+##!&$*#/+,0-/+!;>-!*7*#0)0/!2.%&!/0-!.!3-.*A!B,+2!1-! ./*#+((+#.$/! +:! /1#+/*(E#/+! *7*#0)! :+/(.2+-0A! B! 0##! /1#+/*(E#0#! *7*#0)! *4! )+#+*! ,0/! 3-$,E%0-+,0! 0(0/! ./! 34! ,0#! +(()1//+! 0(/1#0#! :.+! ;+*#.2'0#0/! *$)! 34! ,0#! *1##0#! )./*&+-! *.##! 60'$:!+:!&>3#!0/0-2.A!

B! ":0-.20! .,+2! ;.//*! #$#+(#! *=E! )02+Q+##! ./*#+((0-+,! 0;;0&#! *$(0(8! $%'! +:! ,0**+! 1-! &/+33#! #-0! )02+Q+##!+/*(E#0#!#.((!0(/1#0#A!"#>--0!,0(0/!+:!,0/!./*#+((0-+,0!0;;0&#!*$)!1-!&$33(+,!#.((!/1#0#! '+-!#.((&$)).#!*0,+/!)+=!PDDG!,4!f"#>,0#!#.((!0/0-2.0;;0&#.:.*0-./2!$%'!&$/:0-#0-./2!.!($&+(0-! ;>-! $;;0/#(.2! :0-&*+)'0#f! NgIIbgK! 0-6=>,! CD! 3-$%0/#! )$#;./+/*.0-./2! /1-! )+/! ./*#+((0-+,0! /1#+/*(E#/+!*$(%0((0-!34!$;;0/#(.2+!6722/+,0-A!"#>,0#!21((,0!;-+)!#.((!E#24/20/!+:!PDDMA!

Y/!:.&#.2!,-.:&-+;#!;>-!*$(%0((*E#:0%&(./20/!.!":0-.20!'+-!:+-.#!"$(Y(N3-$2-+))0#!*$)!*#+-#+,0!4-! OUUGA! "$(Y(N3-$2-+))0#! ,-.:0-! ;-42$-! $)! &E/*&+3*E#:0%&(./2! ;>-! 'E-! *$(0(*7*#0)! ;E/20-+-! E/,0-! *:0/*&+! ;>-'4((+/,0/! $%'! 0;;0&#0-! +:! ./#02-0-./2! +:! *$(%0((0-! .! 0(/1#0#A! e-$2-+))0#! :0-&+-!1:0/!;>-!+##!6722+!E33!0/!./'0)*&!)+-&/+,!$%'!*#>,=0-!&$))0-*.+(.*0-./20/!+:!*:0/*&! ;$-*&/./2A!e-$2-+))0#!;./+/*.0-+*!#.((!WD!3-$%0/#!+:!Y/0-2.)7/,.2'0#0/!$%'!#.((!ZD!3-$%0/#!+:! /1-./2*(.:0#A!

I$-*&/./20/!$)!*$(%0((0-!.!":0-.20!1-!+&#.:!64,0!:+,!21((0-!2-E/,;$-*&/./2!34!E/.:0-*.#0#!$%'! &$))0-*.0((! ;$-*&/./2A! e-$,E&#.$/! +:! *$(%0((0-! *&0-! ,$%&! 0/,+*#! .! 0/! (.#0/! *&+(+8! +:*0,,! ;>-! 3-$,E&#.$/*$3#.)0-./2! ;>-! ;+6-.&0-! .! K7*&(+/,A! L1-0)$#! 1-! 3-$,E&#.$/! +:! *$(%0((*)$,E(0-! 0/! ./,E*#-.!)0,!0/!3-$,E&#.$/*&+3+%.#0#!34!OOD!_J!30-!4-!hPDDCiA!I>-0#+20/!'+-!'.*#$-.*&#!*0##! ;4##!+:*1##/./2!;>-!*./!3-$,E&#.$/!.!K7*&(+/,!,1-!)+/!20/$)!0##!(4/2*.&#.2#!*#+#(.2#!*#>,!6722#! E33!0/!)+-&/+,!;>-!/1#+/*(E#/+!*7*#0)!*$)!1-!%+!PGDD!24/20-!*#>--0!1/!,0/!*:0/*&+A!L0##+! #-$#*! +##! )+/! .! K7*&(+/,! ./#0! '+-! 61##-0! /.:40-! 34! *$(./*#-4(/./20/! 1/! .! #.((! 0H0)30(! _1(+--02.$/0/A! B! ,+2+-/+! '+-! ]1-./2*,03+-#0)0/#0#! 3-0*0/#0-+#! 0/! ;$-#*1##/./2! 34! gIIbgKA! Y##! *#>,! 34! ZD!3-$%0/#!+:!./:0*#0-./2*&$*#/+,0/!&$))0-!+##!21((+!1:0/!;>-!3-.:+#30-*$/0-!E/,0-!30-.$,0/! PDDU! #.((! PDOO! )0,! 0##! #+&! 34! GD! ).(=$/0-! ;>-! 4-! PDDUA! L0##+! ;4-! ;>-)$,(.20/! #.((! ;>(=,! +##! ./#-0**0#!;-4/!+(()1/'0#0/!+##!./*#+((0-+!/1#+/*(E#+!*$(0(*7*#0)!&$))0-!+##!>&+!&-+;#.2#A!

**!,0 1%&2345246)%7##/+**

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

(12)

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

!,8 9:;$4+

"7;#0#! )0,! ,0##+! 0H+)0/*+-60#0! 1-! +##! &:+/#.;.0-+! 0(3-$,E&#.$/0/! ;-4/! ,0! +&#E0((+! *$(0(*7*#0)0/! *+)#! +##! ,-+! (1-,$)+-! ;>-! +##! E/,0-(1##+! E33'+/,(./2! $%'! E33;>(=/./2! +:! 3-$,E&#.$/! $%'! 3-0*#+/,+! :.,! ;-+)#.,+! ./*#+((+#.$/0-A! L0! E33'+/,(./2+-! *$)! E#;>-,0*! ;>-! ,0! +&#E0((+!+/(122/./2+-/+!&$))0-!1:0/!+##!*#E,0-+*!)0,!+:*00/,0!34!)$#.:!$%'!0-;+-0/'0#0-! 20/$)!./#0-:=E0-!$%'!#.((21/2(.2!,$&E)0/#+#.$/A!!

**!,< =7/%>#6#*#/.%+**

Y/,+*#!$:+/!/1)/,+!+/(122/./2+-!./24-!.!*#E,.0/A!!

?+(:(0,+-#0&/.&0/! ;>-! *$(%0((0-! 60*&-.:*! ./#0! /1-)+-0! .! ,0//+! -+33$-#8! ,4! ;$&E*! (.220-! 34! *7*#0)0/*!;E/&#.$/A!

Y/,+*#! .%&0N&$/%0/#-0-+/,0! *$(%0((0-! '+-! #+2.#*! E33! .! #0$-.,0(0/! 0;#0-*$)! ,0! E/,0-*>&#+! +/(122/./2+-/+!1-!+:!,0//+!#73A!

L0!0&$/$).*&+!+*30&#0-/+!+:!,0!./*#+((0-+,0!*7*#0)0/!'+-!./#0!E#:1-,0-+#*A!

!,? @4$&'+

YH+)0/*+-60#0#! +:*0-! 0/! E#:1-,0-./2! +:! 3-$,E&#.$/*+/(122/./2+-! $%'! 6>-=+,0! )0,! +##! *1&0-*#1((+! +##! ,0#! ;+//*! 3-$,E&#.$/*,+#+! #.((21/2(.2+A! L0##+! 2=$-,0*! 20/$)! +##! *1##+! *.2! ./! .! L-.;#,+#+6+*0/!(SolEl 2009)!$%'!:.+!&$/#+&#0-!)0,!+/(122/./2*12+-/+A!L0!+/(122/./2+-!*$)! ./#0! '+,0! :+-! E33#+2/+! .! ,-.;#,+#+6+*0/! 60*>&#0*! ;>-! +##! +:2>-+! .! :.(&0/! )4/! ,+#+! ;+//*! #.((21/2(.2A!e-$%0,E-0/!-0,$:.*+*!E#;>-(.2#!.!&+3.#0(!GAOAP!_>=(.2'0#!#.((!,+#+./*+)(./2A!!

"+)#(.2+! +/(122/./2+-! 60*>&#0*! ;>-! +##! ;4! 0/! #7,(.2+-0! >:0-6(.%&! $%'! ;>-! 'E-! -E#./0-! ;>-! E33;>(=/./2!&E/,0!E#:0%&(+*!;>-!+##!3+**+!,0!*30%.;.&+!+/(122/./2+-/+A!B/*#-E&#.$/0-!E#:0-&+,0*! 1:0/! ;>-! 30-*$/+(! :.,! +/(122/./2+-/+! ;>-! +##! ;>-0/&(+! )+/E0((! ,+#+./*+)(./2! :.+! L-.;#,+#+6+*0/A!L0##+!;>-!+##!&$/#./E0-(.2#!;4!./!,+#+8!64,0!#.((!0H+)0/*+-60#0#!$%'!;>-!;-+)#.,+! &$/#-$((0-!$%'!E#:1-,0-./2+-A!

K0$-.!'+-!./'1)#+#*!20/$)!(.##0-+#E-*#E,.0-8!*#E,.060*>&!34!+/(122/./2+-!.!?+))+-67!"=>*#+,! $%'!.!_+()>8!*$(0(*0**.$/0/!34!Y/0-2.#./20# (Energitinget 2009)8!*+)#!)E/#(.2#!20/$)!*:0/*&! 0H30-#.*! 34! *$(0($)-4,0#A! L0! +&#E0((+! 30-*$/0-/+! 1-! /+)/2.:/+! E/,0-! &+3.#(0#! _E/#(.2+! -0;0-0/*0-A!!

(13)

[! "+)#(.2+! +/(122/./2*12+-0! '+-! &$/#+&#+#*! ;>-! +##! *+)(+! ./! ;>-*#E,.0-! $%'! )+#0-.+(! +/240/,0! ,-.;#! $%'! E33;>(=/./2A! <:0/! ./#0-:=E0-! +/240/,0! 6+&2-E/,! $%'! )$#.:! ;>-! +/(122/./20/*! E33;>-+/,0!'+-!E#;>-#*A!

"+)#(.2+! 60-1&/./2+-! '+-! E#;>-#*! )0,! &E/*&+3! ./'1)#+,! 20/$)! (.##0-+#E-*#E,.0-! $%'! )0,! '=1(3!+:!3-$2-+))0#!e5"R"KA!e5"R"K!+/:1/,*!6(+/,!+//+#!;>-!+##!&$--.20-+-!*$(./*#-4(/./20/!.! '$-.*$/#+(3(+/!#.((!+/(122/./20/*!)$,E(3(+/A!

"$(,+#+! '+-! ./'1)#+#*! &$*#/+,*;-.##! :.+! ":0-.20*! _0#0$-$($2.*&+! $%'! ?7,-$($2.*&+! ./*#.#E#*! h"_?Bi! #=1/*#! "Kb9]@! *$)! E#:0%&(+#*! #.((*+))+/*! )0,! "#-4(*1&0-'0#*)7/,.2'0#0/! $%'! ]+#E-:4-,*:0-&0#A! "Kb9]@! 1-! 0/! )$,0((! ;>-! *$(./*#-4(/./2! >:0-! ":0-.20! *$)! 67220-! 34! ,+#+! ;-4/! OP! +:! "_?Bj*! :1,0-*#+#.$/0-! $%'! ./#0-3$(0-./2! +:! 2-E/,,+#+! ;>-! 3E/&#0-! ,1-0)0((+/A! _$,0((0/!1-!#.((21/2(.2!:.+!./#0-/0#!$%'!E33,+#0-+*!:+-=0!#.))0!$%'!'+-!(.&+!*#$-!E33(>*/./2A! F$:0-&0#! '+-! &$/#+&#+#*! $%'! :+-.#! 60'=1(3(.2! )0,! +/(122/./2+-/+*! &$*#/+,! $%'! ;>-:1/#+,! 0(3-$,E&#.$/A!

(14)

(15)

G! !

**0 A4&%*+**

**0,! -4/%4BB6;C%)3.%*#/+**

!"#"# $%&'())*+(,-'.//*00*1'-I>-!+##!=1);>-+!*#$-(0&+-!*$(%0((*./*#+((+#.$/0-!+/:1/,0-!)+/!*.2!+:!0##!0;;0&#)4##8!J#$33!0((0-! J#A! Y/!*$(%0((*)$,E(*!0;;0&#!)1#*!:.,!*#+/,+-,.*0-+,0!:.((&$-8!"#+/,+-*!K0*#!^$/,.#.$/*!h"K^i!;>-!+##! 2>-+! $(.&+! #730-! +:! *$(%0((0-! =1);>-6+-+A! 5.,! "K^! *&+! *$(./*#-4(/./20/! :+-+! ODDD! JS)P_{! )0,!}

:./&0(-1##!./;+((!*+)#!'+!0##!*$(*30&#-E)!*$)!)$#*:+-+-!+##!,0#!'+-!24##!.20/$)!+#)$*;1-0/!O8G! 24/20-! hV_O8Gi! :.(&0#! 1-! (.&#7,.2#! +##! *$('>=,0/! 1-! WO8M°! >:0-! '$-.*$/#0/A! <:0/! %0((#0)30-+#E-0/! '$*! )$,E(0/! 1-! -02(0-+,! ,4! ,0#! '+-! ./:0-&+/! 34! 0(3-$,E&#.$/0/A! K0)30-+#E-0/!1-!*+##!#.((!PG!°^!;>-!+##!;>-0/&(+!#0*#3-$%0,E-0/A!L0#!:1-,0!34!J#!*$)!)+/!;4-!

:.,!E#3-$:/./2!+:!)$,E(0/!1-!;>-!L^N0;;0&#A!

B!./#0-/+#.$/0((!(.##0-+#E-!1-!60#0%&/./20/!J3!0((0-!J30+&!0;#0-!0/20(*&+/*!30+&3$Q0-A!

]1-! )+/! )E(#.3(.%0-+-! +/#+(0#! )$,E(0-! )0,! )$,E(0/*! /$-)0-+,0! 0;;0&#! ;4-! )+/! +/(122/./20/*! ./*#+((0-+,0! #$330;;0&#A! L0#! 1-! ,0#! 0/&(+*#0! *1##0#! +##! =1);>-+! $(.&+! +/(122/./2+-*!*#$-(0&!,4!0;;0&#.:.#0#0/!'$*!$(.&+!#730-!+:!*$(%0((0-!:+-.0-+-!$%'!0/!=1);>-0(*0! )0,!*#$-(0&!.!&:+,-+#)0#0-!./#0!6(.-!-1##:.*A!O!&J#!;>-!&-.*#+((./#!&.*0(!'+-!*#$-(0&0/!MNOD!)PA!

L0#! 1-! *1((+/! $:+/! 60*&-.:/+! ;>-E#*1##/./2+-! E33*#4-! .! :0-&(.2'0#0/A! ]1-! *$(./*#-4(/./20/! 1-! ODDD!JS)P_{!*4!(.220-!$;#+*#!%0((#0)30-+#E-0/!(4/2#!>:0-!PG!°^A!_0,!-0*E(#+#0#!+##!,0/!-00((+!}

0;;0&#!*$)!$):+/,(+*!#.((!V^N0;;0&#!*1((+/!E3324-!,0/!#.((!,0/!./*#+((0-+,0!#$330;;0&#0/A!!

!"#"!

23%()-43*),-I./+(! 7.0(,! hR;i! 1-! 0##! )4##! 34! +/(122/./20/*! 3-$,E&#.$/! $%'! '+-! 0/'0#0/! &J'S&J#A! R;! 2>-!

(.&/+/,0! +/(122/./2+-! .! *+))+! 20$2-+;.*&+! $)-4,0! =1);>-6+-+A! L0/! )1#*! $;#+*#! 34! 4-*6+*.*! )0,!:1-,0/!34!CDDNUDD!&J'S&J#!30-!4-!;>-!*:0/*&+!;>-'4((+/,0/8!,1-!,0!(12-0!:1-,0/+!;4*!;>-!

;+*+,./*#+((+#.$/0-A!!

Y/'0#0/! &+/! ;>-&$-#+*! #.((! #.))+-! h'i! $%'! *$)! :.,! +//+/! &-+;#3-$,E&#.$/! 0-'4((0*! 0/! 4-(.2! /7##=+/,02-+,! /1-! )+/! ,0(+-! )0,! 4-0#*! +/#+(! #.))+-A! L0//+! =1);>-0(*0! 6(.-! ,$%&! '+(#+/,0! 0;#0-*$)!,0/!./*#+((0-+,0!#$330;;0&#0/!;>-!*7*#0)0#!*1((+/!/4*!h*0!3E/&#!PAOAOiA! !"#"5 6*+0.+7(%8*-9('3.-X##-7%&0#!e0-;$-)+/%0!b+#.$!hebi!+/:1/,*!;>-!+##!E33*&+##+!'0(+!*7*#0)0#*!:0-&/./2*2-+,!/1-! )+/!'+-!#.((24/2!#.((!0/!./*#-4(/./2*)1#+-0A!51-,0#!34!eb!1-!0##!&:+(.#0#*)4##!34!+/(122/./2+-*! *7*#0)./*#+((+#.$/!$+:*0##!($&+(.*0-./2!0((0-!#73!+:!./*#+((+#.$/A! ! !

(16)

Z! !

eb!,0;./0-+*!*$)!&:$#0/!)0((+/!,0/!3-$,E%0-+,0!0/0-2./!h&J'i!$%'!,0/!./*#+((0-+,0!0;;0&#0/! h&J#i! ,0(+#! )0,! *$(./*#-4(/./20/! h&J'S)Pi! .! 3(+/0#! /$-)0-+,! 0/(.2#! "K^!hODDDJS)Pi! :.(&0#!

4*&4,(.22>-*!0/(.2#! ! eb!1-!0/!,.)0/*.$/*(>*!&:$#!)0((+/!DNO!,1-!/$-)+(+!:1-,0/!1-!D8CGND8MGA! @0/$)! +##! .,0/#.;.0-+! ,0/! ;>-*#+! &:$#0/! #.((! R;! h*0! $:+/i8! +/20! :1-,0#! +:! ,0/! 2($6+(+! *$(./*#-4(/./20/! .! _J'! ;>-! *+))+! 30-.$,! $%'! *#-7&+! +((+! 0/'0#0-! .! *:+-0#! 0-'4((0-! )+/! ,0#! 0/&(+-0!E##-7%&0#! ! g)!)+/!'+-!#.((24/2!#.((!)1#:1-,0/!;>-!2($6+(!*$(./*#-4(/./2!.!,0#!'$-.*$/#0((+!3(+/0#!.!*7*#0)0#*! 3E/&#!&+/!3-$2-+))0#!e5"R"K!+/:1/,+*!;>-!+##!&$--.20-+-!*$(./*#-4(/./20/!.!'$-.*$/#+(3(+/!#.((! +/(122/./20/*!)$,E(3(+/A!

**0,0 D>$.#63($#.+6&3E4336.#3>//#*#/.%+**

Y/! /1#+/*(E#0/! *$(%0((*+/(122/./2! 60*#4-! +:! #-0! ,0(+-k! *$(%0((*)$,E(0-/+! *$)! ;4/2+-! E33! *$(./*#-4(/./20/! $%'! $):+/,(+-! ,0/! #.((! (.&*#->)8! 0/! :1H0(-.&#+-0S$):+/,(+-0! L^SV^! *$)! #-+/*;$-)0-+-!(.&*#->))0/!#.((!:1H0(*#->)!$%'!0/!&$33(./2!#.((!,0#!./#0-/+!0(/1#0#!*$)!,-.:0-! ./#0-/+! 0((+*#0-! *4*$)! #.((! 0H0)30(! (+)3$-A! B/#0-/+! 0(/1#0#! 1-! .! *./! #E-! 1-! &$33(+,! #.((! ,0#! 0H#0-/+!0(/1#0#!*$)!*7)6$(.*0-+*!+:!*#-0%&0#!(1/2*#!#.((!'>20-!.!;.2E-!OA!

! F*?(%6!G6H#).=63)*336E2%6.$$6#>$9#3=($.$63&=.=343$.5I6

!

(17)

C! I.2E-!P!:.*+-!0/!*$(%0((*)$,E(!*$)!60*#4-!+:!*+))+/&$33(+,0!*$(%0((0-!*$)!1-!./&+3*(+,0!.!0/! -+)!)0,!0##!#-+/*3+-0/#!*&.&#!34!,0/!+&#.:+!*.,+/A!L0/!'+-!0/!60*#1),!E#*31//./2!*$)!60-$-! 34! 'E-! )4/2+! %0((0-! *$)! 1-! *+))+/&$33(+,0A! "$(%0((*)$,E(0-! (0:0-0-+-! (.&*#->)! ,1-! *#->))0/!1-!3-$3$-#.$/0((!)$#!*$(./*#-4(/./20/!*$)!:.*+*!.!I.2E-![,1-!*$(./*#-4(/./20/!:+-.0-+*! )0((+/!PDD!#.((!ODDD!JS)P_A!

!

F*?(%60G61$%25M3N>##*#?36)(%:96E2%6.#3)*='6)*3.=7.==I6O>==9G6PPPI3&=9%3.%:.%I'.6

I.2E-! W! :.*+-! 'E-! :1H0(-.&#+-0/! +E#$)+#.*&#! *>&0-! ,0/! 3E/&#! 34! &E-:+/! ,1-! :1-,0#! +:! *31//./20/!h5)3i!24/20-!*#->))0/!hB)3i!6(.-!*#>-*#!h_+H.)E)!3$Q0-!3$./#8!_33iA!L0#!1-!/1-! *$(%0((*)$,E(0/! +-60#+-! :.,! ,0#! :1-,0#! *$)! )$,E(0/! ;4-! E#! )+H.)+(! 0;;0&#A! ]$-)+(+! :1-,0/! ;>-!E#0;;0&#0/!;>-!)$,E(0-!(.220-!)0((+/!ODD!$%'!PDDJA!

!

F*?(%6;G61$%25M3N>##*#?3)(%:96E2%63&=7.==35&'(=I6O>==9G6HJ1C6Q6-.78#&=&?46R($=*#.6

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

:1H0(-.&#+-0!'+-!./*#+((0-+#*!:.,!I-0*%+#.A!_$,0-/+!:1H0(-.&#+-0!'+-!./6722,+!;-4/*&.(=+-0!*$)!+:! *1&0-'0#**&1(!*(4-!.;-4/!3-$,E&#.$/0/!$)!,0#!6(.-!*#->)+:6-$##!34!/1#0#A!!

(18)

M! F*?(%6/G6S>T.=%*)$9%.69:65>%).$61JUI66O>==9G6VUW16

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

0,8 A:B4%+.7+6&3E4334%+

!"5"# :+3&'())3%'-13&*)-L0#!:+/(.2+*#0!*1##0#!+##!3-$,E%0-+!*$(%0((0-!1-!:.+!&.*0(!$%'!:1-,0&0,=+/!;>-!&.*0(!>:0-6(.%&+*!.! I.2E-!ZA!"$(%0((0-/+!60*#4-!+:!*&.:$-!hQ+;0-*i!+:!-0/#!&.*0(!*$)!1-!D8OND8[!))!#=$%&+!*$)!*42+#*! E-!0/!&.*0(2>#A!?.*#$-.*&#!*0##!'+-!%0((0-/+!:+-.#!*#$-(0&*)1**.2#!OD!l!OD!%)!$%'!*+))+/;$2+,0!.! )$,E(0-! ;>-! +##! >&+! E#*31//./20/! $%'! ;4! 0/! 0/&(+-0! '+/#0-6+-! *#$-(0&A! B,+2! 1-! ,0#! :+/(.2+-0! )0,!%0((*#$-(0&!34!OG!l!OG!%)A!

6 F*?(%6@G6S>%'.).'X96E2%6)*3.=3&=7.==.%I6O>==9G6WS6H#$.%N%*3.6

_$/$&-.*#+((./#! &.*0(! 1-! ,0/! #73! +:! *$(%0((! *$)! '+-! '>2*#! )$,E(:0-&/./2*2-+,! +:! ,0! .%&0&$/%0/#-0-+/,0! *$(%0((0-/+! )0,! O[NOG! 3-$%0/#! :0-&/./2*2-+,A! 51-(,*-0&$-,0#! ;>-! 0/! 0/*&.(,! %0((! (.220-! 34! PW8C! 3-$%0/#A! _$/$&-.*#+((./#! &.*0(! *#$,! ;>-! WP8P! 3-$%0/#! +:! :1-(,*)+-&/+,0/!4-!PDDC (Solar Generation V 2008)A!

e$(7&-.*#+((./+! *$(%0((0-! 3-$,E%0-+*! ;-4/! &.*0(6($%&! $%'! '+-! 0##! $-020(6E/,0#! )>/*#0-! *$)! E33&$))0-! +:! +##! ;(0-+! *)4! &.*0(&-.*#+((0-! :1H0-! 6-0,:.,! :+-+/,-+A! e$(7&-.*#+((./+! &.*0(%0((0-! *#$,! ;>-! WG8P! 3-$%0/#! +:! :1-(,*)+-&/+,0/! 4-! PDDC! $%'! :+-! ,1-)0,! ,0#! *#>-*#+! *02)0/#0#A! 5+/(.2#:.*!(.220-!)$,E(:0-&/./2*2-+,0/!)0((+/!OP!$%'!OW!3-$%0/#A!

!"5"!

;<%%03)7-KE//;.()**$(%0((0-!60(122*!34!0##!*E6*#-+#!$%'!,0#!+&#.:+!)+#0-.+(0#!1-!0/,+*#!D8DDPND8DD[!))! #=$%&#A!!

(19)

U! V)$-;#&.*0(8! !N".8! $%'! ).&-$&-.*#+((./#&.*0(8! µ%N".8! 1-! 0/&(+-0! $%'! */+66+-0! +##! 3-$,E%0-+! 1/! &-.*#+((./#!&.*0(A!L0!'+-!,$%&!0/!(12-0!:0-&/./2*2-+,!)0,!GNM!3-$%0/#!*$)!/$-)+(+!:1-,0/!34! )$,E(:0-&/./2*2-+,0/A!50-&/./2*2-+,0/!*=E/&0-!1:0/!)0,!#.,0/!,4!!N&.*0(!./#0!1-!(.&+!*#+6.(#! *$)! &-.*#+((./#! &.*0(A! V)$-;#&.*0(! #.((*+))+/*! )0,! ).&-$&-.*#+((./#&.*0(! '+,0! G8P! 3-$%0/#! +:! )+-&/+,0/!4-!PDDCA!

^,K08! &+,).E)#0((E-.,8! '+,0! W8C! 3-$%0/#! +:! )+-&/+,0/! )0/! &$))0-! #-$(.20/! 6(.! ,0/! ,$)./0-+/,0! #E//;.()*#0&/.&0/! $%'! )0,! 0/! :0-&/./2*2-+,! 34! GNC! 3-$%0/#! 1-! ,0/! 6.((.2+*#0! #0&/.&0/!+##!;-+)*#1((+!*$(%0((0-!.,+2A!

^B@"! h&$33+-8! ./,.E)8! 2+((.E)! $%'! ,.*0(0/.,i! $%'! ^B"! *#$,! 0/,+*#! ;>-! D8G! 3-$%0/#! +:! :1-(,*)+-&/+,0/!)0/!'+-!0/!'>2!:0-&/./2*2-+,!34!CNOO!3-$%0/#!:.(&0#!2>-!+##!#0&/.&0/!:0-&+-! ($:+/,0A! V((+!)+-&/+,*+/,0(+-!1-!>:0-*&4,(.2#!E#-.#+,0!.!I.2E-!CA! ! F*?(%6BG6C.=69:6:>%='359%)#9'.#6Y,ZZB[6O>==9G61&=9%6\.#.%9$*&#6S6 !"5"5

=*73'+(%&/(+(%'(-&.)8*))*+-K-+/*3+-+/#+! *$(%0((0-! &+/! :+-+! +:! 64,0! &-.*#+((./! $%'! #E//;.()*! #73A! @0/$)! +##! 3(+%0-+! ,0! &-.*#+((./+!%0((0-/+!.!0##!2(+*!)0,!*#>--0!)0((+/-E)!)0((+/!%0((0-/+!;4-!)+/!0;;0&#0/!+##!*$(0/! *&./0-!.20/$)!.!)0((+/-E))0/!:.(&0#!&+/!60*&4,+*!.!I.2E-!MA!

!

(20)

OD! :0-&*+))+!+-0+/A!

**0,< F3B%&'()$*&#+**

T-.*#+((./+! *$(%0((0-! (0:0-0-+-! MDDNUDD! &J'! 30-! ./*#+((0-+,! &J#! .! "#$%&'$()*$)-4,0#! 30-!

/$-)+(4-! :.,! $3#.)+(! (E#/./2! $%'! $-.0/#0-./2A! ! B! I.2E-! U! *0-! )+/! +##! ,0**+! ;>-E#*1##/./2+-! 1-! ;E((#! =1);>-6+-+! )0,! %0/#-+(+! K7*&(+/,A! L0! (12-0! ./*#-4(/./2*/.:40-/+! &$)30/*0-+*! +:! +##! $)2.:/./2*#0)30-+#E-0/!1-!(12-0!$%'!34!*4!*1##!>&+-!3-$,E&#.$/0/!h*0!/0,+/iA!X/,0-!*:0/*&+! ;>-'4((+/,0/! #+-! ,0#! &/+33#! [! 4-! +##! ;4! #.((6+&+! ,0/! 0/0-2.! *$)! +/:1/,*! :.,! 3-$,E&#.$/! $%'! &$))+/,0!4#0-:.//./2!+:!*$(%0((*)$,E(0/ (PVPS 2006)A!

! 6

(21)

OO!

**0,? 9:6$4524/%>#6#*#/.%+**

!">"# $%&'+?)%3%@-X/,0-!0##!/$-)+(4-!.!":0-.20!:+-.0-+-!*$(./*#-4(/./20/!;-4/!MMD!&J'S)P!_{.!/$--!#.((!OPDD!&J'S)}P_! .! b$*(+20/8! @$#(+/,! $%'! *>,-+! ":0-.20! :.,! $3#.)+(! (E#/./2! +:! 3(+/0#A! ! X/,0-! PDDM! :+-! ,0/! 2($6+(+!*$(./*#-4(/./20/!.!F-$))+!ODDC!&J'S)P_{8!:.(&0#!1-!.!3+-.#0#!)0,!,0!OD!*0/+*#0!4-0/*!} */.##!34!ODOO!&J'S)P_{!h"_?B8!"Kb9]@!EA,AiA!"Kb9]@!6+*0-+-!*.2!34!"_?Bj*!#$(:!)1#*#+#.$/0-!} E#*3-.,,+!>:0-!":0-.20A! ! F*?(%6!ZG6`%=*?6?=&K9=6*#3$%L=#*#?6a)^8_5,_{b6:*'6&N$*59=6=($#*#?I6O>==9G6WS\"16} @0/$)! +##! &$)6./0-+! *$(./*#-4(/./2*,+#+! ;-4/! "_?Bj*! ,+#+)$,0((! "Kb9]@! $%'! 3-$2-+))0#! e5"R"K!;4-!)+/!;-+)!0/!2-$:!E33*&+##/./2!+:!,0/!./;+((+/,0!2($6+(+!*$(./*#-4(/./20/A!`.&/+/,0! E33*&+##/./2! 24-! +##! ;4! ;-4/! e5@B"8! )0/! ./24/2*,+#+! 6(.-! ,4! 0##! )0,0(! +:! *0/+*#0! 4-0/*! ./*#-4(/./2!$%'!./#0!*30%.;.&!;>-!0/!)4/+,!0((0-!0##!4-!*$)!24-!+##!#+!;-+)!:.+!"Kb9]@A! !">"! A<'%3%@-I>-!+##!$3#.)0-+!3-$,E&#.$/0/!:./&(+-!)+/!)$,E(0-/+!64,0!:0-#.&+(#!$%'!'$-.*$/#0((#A!L0#!1-! *1((+/! ,0/! $3#.)+(+! :./&0(/! .! '$-.*$/#0((! -.&#/./2! *&.(=0-! *.2! )0-! 1/! /42-+! 2-+,0-! ;-4/! -+&#!

(22)

OP! .! /$--A! `E#/./20/! )1#*! .;-4/! ,0#! '$-.*$/#0((+! 3(+/0#! $%'! ,0/! $3#.)+(+! (E#/./20/! ;>-! 0/! *$(%0((*+/(122/./2!.!"#$%&'$()*$)-4,0#!1-!WD!2-+,0-A!L0#!;.//*!1:0/!&$/*#-E&#.$/0-!;>-!)./,-0! *$(;>(=+/,0! *7*#0)A! "$(+-.#! VF! #.((:0-&+-! *./! 3-$,E&#! .! ":0-.20! $%'! >&+-! 0/(.2#! 4#0-;>-*1(=+-0/! E#67#0#!)0,!PDNODD!3-$%0/#A!e4!4-*6+*.*!6(.-!,0#!)+H.)+(#!WD!3-$%0/#*!>&/./2A!!

! F*?(%6!!G61&=E2=X9#'.6343$.56E%L#61&=9%*$6UcI6O>==9G61&=9%*$6 !">"5

;*7/*+('<+-]1-! #0)30-+#E-0/! >&+-! *4! >&+-! 1:0/! -0*.*#+/*0/! ;>-! 0(0&#-$/0-/+! .! *$(%0((0-/+! $%'! 0;;0&#.:.#0#0/! *=E/&0-A! X#0;;0&#0/! *=E/&0-! )0,! D8W! 3-$%0/#! 30-! %0(*.E*2-+,! >:0-! "K^N #0)30-+#E-! '$*! )$,E(0/A! I>-(E*#0-/+! ;>-! +)$-;+! &.*0(%0((0-! 6(.-! (12-0! ,4! ,0! 1-! )./,-0! #0)30-+#E-60-$0/,0 (Temperaturberoende u.d.)A!

!">"B

=1<@@%3%@-]1-!)+/!*&E22+-!0/!%0((!*=E/&0-!*31//./20/!.!,0/!%0((0/!:.(&0#!(0,0-!#.((!+##!*31//./20/!.!'0(+! )$,E(0/! *1/&*A! L0#! )$#:0-&+-! )+/! 20/$)! +##! ./*#+((0-+! 67N3+**N,.$,0-! .! )$,E(0-/+! *$)! &$33(+-!;>-6.!,0#!$)-4,0!+:!*$(%0((*)$,E(0/!*$)!1-!*&E22+,A!L0#!-0*E(#0-+-!.!+##!*#->))0/!.! )$,E(0/!60'4((*!)0/!+##!*31//./2*6.,-+20#!;-4/!,0!%0((0-!*$)!1-!*&E22+,0!;>-($-+*A!

!">">

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edström och Palmblad 2006)!

(23)

O[! !

F*?(%6!,G6-*==6:>#3$.%G6cWM5&'(=.%63&5689%6:9%*$6*6'%*E$6*62:.%6!/6L%6*6"$9=*.#I6-*==682?.%G65&'(=.%6 3&5689%6:9%*$6*6'%*E$6(#'.%63:.#3)96E2%8L==9#'.#6*6,/6L%I6O>==9G6H=E&%3)6Z@GB!6

L0#! 1-! *:4-#! +##! :0#+! 'E-! (1/20! )$,E(0-/+! '4((0-! .! &$/#./E0-(.2! *:0/*&! ,-.;#! ,4! FE((0->)$,E(0-/+!1-!/0,)$/#0-+,0!$%'!0=!(1/2-0!+/:1/,*A!L0#!1(,*#+!*7*#0)0#!.!":0-.20!*$)! ;$-#;+-+/,0!1-!.!,-.;#!1-!0##!P8O!&J#!.!?E:E,*#+8!"#$%&'$()!*$)!,-.;#*+##0*!Oj+!$&#$60-!OUMWA!

!">"D

EFG*)+31'(+*-_$,0-/+!:1H0(-.&#+-0!'+-!0/!:0-&/./2*2-+,!34!U[NUM!3-$%0/#!/1-!,0!+-60#+-!:.,!*./!$3#.)+(+! 60(+*#/./2A! I>-! +##! >&+! 60(+*#/./20/! ;.//*! ,0#! .,+2! /7+! :1H0(-.&#+-0! *$)! +-60#+-! 0;#0-! )+*#0-S*(+:0N3-./%.30/!,1-!:1H0(-.&#+-/+!&$33(+*!./!0/!0;#0-!0/!:+-#0;#0-!0;;0&#0/!>&+*A!e4!,0#! *1##0#! +-60#+-! ,0! :1H0(-.&#+-/+! *$)! +/:1/,*! (1/2-0! #.,! :.,! *.##! $3#.)E)! $%'! ,0! :1H0(-.&#+-0! *$)!,0#!./#0!;.//*!60'$:!;>-!)./*&+*!*(.#+20#A!

L0!3-$6(0)!*$)!E33*#4##!)0,!*$(%0((*+/(122/./2+-!'+-!'.*#$-.*&#!*0##!:+-.#!&$33(+#!#.((!,0;0&#+! :1H0(-.&#+-0A!_$,0-/+!:1H0(-.&#+-0!'+-!0/!;>-:1/#+,!(.:*(1/2,!34!OG!4-A!

**0,G @>$#*#/+.7+$&BB4;;4)$+**

@0/$)!+##!60*.&#.2+!*./!+/(122/./2!)0,!+:*00/,0!34!J#!&+/!+/(122/./2*12+-0/!&$/#-$((0-+!+##!

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hmG!°^iA!51H0(-.&#+-0/*!:0-&/./2*2-+,!;4*!E-!,0**!,+#+6(+,A!

_1#/./2+-/+!*&+!'0(*#!2>-+*!/1-!*$(./*#-4(/./20/!1-!/1-+!ODDDJS)P_{!;>-!)1#+!*4!/1-+!"K^!*$)!}

)>=(.2#! $%'! )./*&+! ;0(&1(($-/+A! <:0/! :1H0(-.&#+-0/! &$))0-! ,4! +##! +-60#+! /1-)+-0! *.##! $3#.)E)8!:.(&0#!)./*&+-!1:0/!,0/!;0(&1((+/A!

e-+&#.*&#! /$-)0-+*! ,0/! +:(1*#+! V^N0;;0&#0/! )0,! *$(./*#-4(/./20/! *+)#! &$--.20-+-! ;>-! ;>-'>=,! %0((#0)30-+#E-!)0,!D8W!3-$%0/#!30-!°^!>:0-!PG!°^!$%'!,.:.,0-+-!,0/!/$-)0-+,0!V^N0;;0&#0/! )0,! :1H0(-.&#+-0/*! :0-&/./2*2-+,! ;>-! +##! ;4! ;-+)! L^N0;;0&#0/A! b0*E(#+#0#! 34! ,0/! E33)1##+! 0;;0&#0/!6>-!(.22+!./$)!OD!3-$%0/#!;-4/!,0/!./*#+((0-+,0!0;;0&#0/A!

(24)

OW!

!"H"#

$%&'())('3.%-L4!)+-&/+,0/!1-!2($6+(!;>-!*$(%0((0-!*4!*1##*!3-.*0-/+!.!0E-$!$%'!,$((+-A!V##!./*#+((0-+!&-.*#+((./+! *#+/,+-,)$,E(0-! )0,! 0/! *7*#0)*#$-(0&! >:0-! OD! &J#! &$*#+,0! ;>-0! ;./+/*&-.*0/! $%'! &-$/+/*!

#E-6E(0/*! 20/#0)$#! 0E-$/! %.-&+! WG! &"YTS&J#A! V:! ,0/! #$#+(+! &$*#/+,0/! (.220-! PS[! 34!

*$(%0((*)$,E(0-/+! $%'! ,0/! -0*#0-+/,0! OS[! 34! :1H0(-.&#+-08! &+6(+208! 0(./*#+((+#.$/8! *#+#.:! $%'! )$/#+20!+:!)$,E(0-A!

!"H"!

I%,*+J?))-Y##!*$(%0((**7*#0)!&-1:0-!:1(,.2#!(.#0!*&>#*0(!$%'!*$)!-020(!-02/+-!*)E#*0/!6$-#A!B!,0!;+((!,1-! )$,E(0-/+!*&7,,+-!:+-+/,-+!;-4/!-02/!*4!-0&$))0/,0-+*!#:1##/./2!0/!24/2!30-!4-A!!

I>-! +/(122/./2+-! )0,! (.#0/! :0-#.&+(! (E#/./2! &+/! */>! *$)! #1%&0-! +/(122/./20/! 20! 0##! )./*&+#! E#67#0A!"/>-.&+!4-!'+-!3-$,E&#.$/0/!)./*&+#!)0,![NW!3-$%0/#!.!"#$%&'$()*-02.$/0/ (Skötsel u.d.)A!L0#!1-!:.&#.2#!+##!#1/&+!34!+##!/1-!*$(0/!6-7#0-!.20/$)!*/>/!6(.-!)$,E(0-/+!:+-)+-0!1/! $)2.:/./20/!(Martinsson och Lindén 2005)!$%'!*/>/!*)1(#0-!*/+66#8!:.(&0#!&+/!)0,;>-+!+##! ,0#!;.//*!60'$:!;>-!E#>&+#!.*N!$%'!*/>*&7,,!;>-!,0!,0(+-!+:!#+&0#!*$)!1-!E#-E*#+#!)0,!*$(%0((0-! h_+-#./**$/!$%'!`./,a/!PDDGiA!

51H0(-.&#+-/+! 6>-! ;E/&#.$/*&$/#-$((0-+*! )0,! =1)/+! ./#0-:+((! ;>-! +##! ;>-'./,-+! 6$-#;+((! +:! 3-$,E&#.$/A! _$,0-/+! :1H0(-.&#+-0! '4((0-! %.-&+! OG! 4-! $%'! )+/! 6-E&+-! -1&/+! )0,! 0##! :1H0(-.&#+-67#0!E/,0-!+/(122/./2*!(.:*#.,A!!

g)! )+/! ./#0! '+-! 0##! +E#$)+#.*&#! >:0-:+&/./2*3-$2-+)! ;>-! *./! +/(122/./2! 6>-! 0/0-2.3-$,E&#.$/0/! ;-4/! ,0#! *0/+*#0! 4-0#! &$/#-$((0-+*! :+-=0! :4-! .//+/! /1*#+! *1*$/2! *1##0-! .24/2A!L4!&+/!)+/!0/&0(#!E33#1%&+!;+((0-+,0!:1H0(-.&#+-08!,0;0&#+!*#-1/2+-!0((0-!)$,E(0-!$%'! *&+,02>-0(*0A!

(25)

OG! !

**8 9$C'6:6$45+&EJ+5.%)#.'6C74%6*)$+**

**8,! 9$.$3*/$+6$C'6:6$45+**

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

+:! 12+-0k! 3-.:+#30-*$/0-8! ;>-0#+2! $%'! $;;0/#(.2+! $-2+/.*+#.$/0-! $%'! +/*>&+/! 2>-*! #.((! (1/**#7-0(*0/!*$)!;+##+-!3-0(.)./1-#!$%'!*(E#2.(#.2#!60*(E#A!

L0#! *(E#2.(#.2+! 60*&0,0#! $)! *#>,0#! 60-1&/+*! &$))+! /42$/! 24/2! E/,0-! +3-.(N! )+=! PDDUA! Y/0-2.)7/,.2'0#0/!&$))0-!+##!;>(=+!E33!$%'!E#:1-,0-+!*#>,0#A!

**8,0 "#5.$##/6$.%;;+**

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undesministerium für Umwelt u.d.)A!

I00,N./!#+-.;;0/!'+-!2=$-#!*$(0(*7*#0)!3$3E(1-+!.!K7*&(+/,A!B!;>(=+/,0!(1/,0-!;.//*!/E!(.&/+/,0! *7*#0)j! I-+/&-.&08! B#+(.0/8! ]0,0-(1/,0-/+8! e$-#E2+(8! "%'Q0.n8! "3+/.0/8! o*#0--.&0! *+)#! /42-+! *#+#0-!.!X"VA!

**8,8 @.%)#.'6C74%6*)$++**

5"5"#

K(+1%(,*%&-&'.+)*1-X/,0-! PDDM! ./*#+((0-+,0*! ,0#! .! :1-(,0/! G! UGD! _J#! *$(%0((0-!!$%'! ,0/! #$#+(+! +%&E)E(0-+,0!

0;;0&#0/!1-!OW!DDD!_J#A!K7*&(+/,!1-!*#>-*#!.!:1-(,0/!)0,!%.-&+!G!DDD!_J#!./*#+((0-+,!0;;0&#A!

"3+/.0/!&$))0-!34!0/!+/,-+!3(+#*8!#.((!*#$-!,0(!*$)!0/!;>(=,!+:!,0#!*#>,3-$2-+)!*$)!;+//*!.! "3+/.0/! ;-+)! #.((! ,0/! *.*#+! $&#$60-! PDDMA! V:! ,0! .! "3+/.0/! #$#+(#! ./*#+((0-+,0! [ODD! _J#! *4!

6722,0*!&/+33#!WSG!E/,0-!PDDMA!_>=(.2'0#0/!+##!6722+!*#>--0!+/(122/./2+-!E#/7##=+,0*!1:0/!.! ,0##+!*#>,3-$2-+)!:.(&0#!(0##!#.((!+##!M[!+:!,0!'E/,-+!*#>-*#+!+/(122/./2+-/+.!:1-(,0/!/E!*#4-!+##! ;.//+!.!"3+/.0/A"!!

B!":0-.20!;.//*!,0#!.,+2!P8M!_J#!/1#+/*(E#/+!*$(0(*7*#0)A!<:0/!'1-!'+-!*#>--0!,0(0/!#.((&$)).#!

E/,0-! *#>,*7*#0)0#! *$)! (>3#0! ;-+)! #.((! ,0%0)60-! PDDM! :.(&0#! :.*+*! #7,(.2#! .! I.2E-! O[A! K$#+(#! ;.//*!,0#!ODZ!/1#+/*(E#/+!*7*#0)!.!)+-*!PDDUA!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!

_{!QQQA*$(+-6EnnA%$)!}

"

_{!QQQA3:-0$E-%0A%$)!}

(26)

OZ!

! !

F*?(%6!0G6V>$9#3=($.#697)(5(=.%9'6*#3$9==.%9'6.EE.)$6*61:.%*?.I6O>==9G6C%*E$'9$9K93.#]61&=H=I6 5"5"!

=.)8*))&'3))L*+1(+*-51-(,*3-$,E&#.$/0/! +:! *$(%0((0-! 1-! &$/%0/#-0-+,! #.((! K7*&(+/,8! c+3+/8! T./+! $%'! X"VA! V:! :1-(,*3-$,E&#.$/0/! 4-! PDDC! 1-! ,0! ;0)! *#>-*#+k! pN%0((*! hK7*&(+/,i! U! 3-$%0/#8! "'+-3! hc+3+/i! M! 3-$%0/#8! "E/#0%'! e$Q0-! hT./+i! M! 3-$%0/#8! T7$%0-+! hc+3+/i! G! 3-$%0/#8! I.-*#! "$(+-! hX"Vi! G! 3-$%0/#A!!

B! ":0-.20! .,+2! *4! 1-! ,0#! 0/,+*#! "$(.6-$! *$)! '+-! :.*+#! E33! 3-$,E&#.$/! +:! *$(%0((0-! ;-4/! *./! 3-$,E&#.$/*(./+!E#+/;>-!X33*+(+A!K.((:0-&/./20/!1-!./-.&#+,!34!;>-!+##!;$-*&+!;-+)!6.((.2+-0!*1##! +##!3-$,E%0-+!^B@"N)$,E(0-A!!

_.,*E))0-!.!c1-;1((+!*&+!0/(.2#!020/!E332.;#!;-+)*#1((+!*$(%0((0-!34!*+))+!*1##!*$)!'4-,,.*&+-! 3-$,E%0-+*8! 20/$)! +##! E/,0-! :+&EE)! *3-E##+! 34! ,0! +&#.:+! (+2-0/A! I>-0#+20#! '+,0! ./20/! $)*1##/./2!E/,0-!PDDM!$%'!'+-!./#0!:.*+#!E33!/42$/!3-$,E&#!#.((!+(()1/!60*&4,+/A!

5"5"5

K.,<)'3))L*+1(+*-@0/$)! +##! .)3$-#0-+! *$(%0((0-! $%'! )$/#0-+! ,0)! .! )$,E(0-! *4! *#4-! ":0-.20! ;>-! P! 3-$%0/#! +:! 3-$,E&#.$/0/!34!:1-(,*)+-&/+,0/A!bY^!"%+/)$,E(0!'+-!/$-*&+!12+-0!)0/!1-!":0-.20*!*#>-*#+! 3-$,E%0/#!+:!*$(%0((*)$,E(0-!$%'!'+-!*$)!)4(!+##!3-$,E%0-+!OGD!_J#!E/,0-!PDDUA!X/,0-!4-!

PDDM! 3-$,E%0-+,0! ,0! MD! _J#! :+-+:! ,0#! )0*#+! +:! 3-$,E&#.$/0/! 2.%&! 34! 0H3$-#! #.((! "3+/.0/8!

K7*&(+/,!0((0-!X"VA!e5!Y/#0-3-.*0!$%'!@1((.:+-0!e'$#$:$(#+.%*!h@e5i!1-!#:4!=1)/*#$-+!;>-0#+2A! @e5!3-$,E%0-+,0!/1*#+/!PD_J#!E/,0-!4-!PDDCA!V-%#.%!"$(+-!'+-!#7*&+!12+-0A!]ZC!'+-!,+/*&+!

12+-0! $%'! (.220-! .! e$-=E*8! ,0! 1-! ,0/! #.((:0-&+-0! *$)! '+-! )./*#! 3-$,E&#.$/A! L0! *:0/*&+! 3-$,E%0/#0-/+! $)*1##0-! E/20;1-! P! ).(=+-,0-! &-$/$-! #.((*+))+/*A (Holmkvist och Bengtsson 2009)! 0 500 1 000 1 500 2 000 2 500 3 000

mar/09 mar/10 mar/11 mar/12 mar/13

Installerad ef

(27)

OC! 5"5"B =4&'*73%&'())('M+*+-B!":0-.20!;.//*!#-0!;>-0#+2!*$)!'+-!*30%.+(.*0-+#!*.2!34!+##!3-$=0&#0-+!$%'!6722+!/7%&0(;1-,.2+! *$(0(*7*#0)A!@(+%0((!h;>-0!,0##+!YH$'0+#i!]Ve"!$%'!"Q.#%'3$Q0-A!@+.+!"$(+-!1-!,+/*&!)0/!'+-! 6722#!+/(122/./2+-!.!":0-.20A!X#>:0-!,0**+!;.//*!,0#!0##!+/#+(!)./,-0!+&#>-0-!*$)!;>-*>&0-!*(4! *.2!./!34!)+-&/+,0/!$%'!'+-!E#;>-#!/42$/!0((0-!/42-+!./*#+((+#.$/0-A!

**8,< 9:6$45C74%7.)#*#/+**

I>-! +##! ;4! #.((;>-(.#(.2+! :1-,0/! #.((! >:0-:+&/./2! $%'! E33;>(=/./2! :.((! )+/! )1#+! *$(./*#-4(/./2! .! )$,E(3(+/0#8! V^N3-$,E&#.$/8! %0((#0)30-+#E-! $%'! E#$)'E*#0)30-+#E-A! ]$22-+//'0#0/! 6(.-! 60-$0/,0!+:!;>-)42+/!+##!)1#+!,0**+!3E/&#0-A!

5"B"#

EFG*)+31'(+*-5.,! /7./*#+((+#.$/! .,+2! 1-! ,0#! :+/(.2+*#! +##! )+/! :1(=0-! 0##! *7*#0)! *$)! 1-! &$33(+#! #.((! ,0/! :1H0(-.&#+-0!)+/!:1(=0-A!L`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d16^.K6=&??.%6:*39%6e==.:*36N%&'()$*&#6YN&P.%[6&7863&=*#3$%L=#*#?6Y*%%9'*9$*&#[6 5"B"! =/48*-Y##! *7*#0)! ,1-! )+/! +/:1/,0-! *+#0((.#,+#+! .*#1((0#! ;>-! *$(./*#-4(/./2*)1#+-0! *$)! -0;0-0/*! 1-! "37%0A! "7*#0)0#! '+-! 0/! (42! E33*#+-#*&$*#/+,! $%'! 0/! 4-(.2! +6$//0)+/2*&$*#/+,! $%'! 3+**+-! ,1-;>-! ;>-! *)4! *7*#0)! *$)! ./#0! :.((! &$*#+! 34! *.2! 0/! *$(./*#-4(/./2*)1#+-0A! B! +6$//0)+/20#! ./24-!+E#$)+#.*&!;=1--E#:1-,0-./2!,1-!+/(122/./2*12+-0/!&+/!*0!$)!3-$,E&#.$/0/!(.220-!./$)! ,0#!;>-:1/#+,0!$)-4,0#A!

(28)

OM! ,0#! 0)0((0-#.,! ;$-#;+-+/,0! ./#0! #.((;-0,*#1((+/,0! 60-$0/,0! 34! 3-$6(0)! )0,! >:0-;>-./2! +:! )1#,+#+A!

5"B"5

N)/+.,<1'3.%&7F'%3%@-L3(-7.O3)%F'*'-V##! )1#+! 0(3-$,E&#.$/0/! :.+! 0/! E/,0-%0/#-+(! $%'! *1/,+! ,+#+! :.+! @eb"! 1-! 0##! 0/&0(#! *1##! +##! &$33(+!E33!+/(122/./2+-!*$)!#.,.2+-0!'+-!:+-.#!'0(#!E#+/!E33;>(=/./2A!L0#+(=0-+,!./;$-)+#.$/! ;-4/! :1H0(-.&#+-/+! 24-! ;>-($-+,! ,4! )+/! 0/,+*#! )1#0-! ,0/! 3-$,E%0-+,0! 0;;0&#0/! )0/! ,0//+! (>*/./2!6>-!60-1##.2+!#.((!./#1&#0-!.!;$-)!+:!0(%0-#.;.&+#A!

5"B"B

K(%<*))-<//0M)P%3%@--L0#! +6*$(E#! :+/(.2+*#0! *1##0#! +##! ;>(=+! E33! 0/! +/(122/./2! .,+2! 1-! +##! 4-(.20/! )+/E0((#! +:(1*+! 0()1#+-0/A!L0#!20-!0/!2-$:!E33*&+##/./2!$)!+/(122/./20/!;$-#;+-+/,0!1-!.!,-.;#!$%'!:+,!,0/! 20-A!B!,0!;+((!)+/!(1*0-!+:!+/(122/./20/!)4/+,*:.*!$%'!'1)#+-!./!*$(./*#-4(/./2*,+#+!;-4/!0/! /1-(.22+/,0!:1,0-*#+#.$/!&+/!)+/!*/+66+-0!E33#1%&+!6-.*#0-!.!3-$,E&#.$/0/!*$)!&+/!60-$!34! 3-$6(0)!)0,!:1H0(-.&#+-0!0((0-!,0;0&#+!)$,E(0-A!!

(29)

OU! !

**< "#$.$*7+**

**<,! "#$.$7+&EJ+;C%6$('4+**

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f#$%&'%%'() *+) $,,'-.%/01) %$21%'() /) #.$&23$%4) 5.167) ,1-! ./#-0**+/#+! 3-$=0&#!34!#$#+(#![PD!&J#!30&+,0*!E#A!B!,0!3-$=0&#0/!./2.%&!"#+,*#0+#0-/8!9&0*'$:*'+((0/!$%'!

*&$(6722/+,0-!.!<(:*=>!*$)!-0,+/!:+-!E/,0-!3(+/0-./2A!

F-+/,;>-*:+-0#!2.%&!:.,+-0!)0,!3-$=0&#0#!$%'!0/!;>-*#E,.0!;>-!51((./267!6-+/,*#+#.$/!2=$-,0*! +:! Y/0-2.6+/&0/! .! =E/.! PDDZA! Y/0-2.6+/&0/! 2=$-,0! 1:0/! ;>-*#E,.0/! #.((! "#+,*#0+#0-/8! <(:*=>*&$($-/+!h/$:0)60-!PDDGi!$%'!?$:0#A!9&0*'$:*'+((0/*!;>-*#E,.0!2=$-,0*!+:!"Q.#%'3$Q0-! .!$&#$60-!PDDGA!

**? 9$('4%.'4+.#3>//#*#/.%+**

**?,! K>33#/2:+2%.#'6$.$&#+**

>"#"#

6+*&*%'('3.%-e4! 51((./267! 6-+/,*#+#.$/! 1-! 0/! OW! &J#! *#$-! *$(%0((*+/(122/./2! 3(+%0-+,! 34! :+2/'+((0/! .!

+/*(E#/./2!#.((!6-+/,*#+#.$/0/A!I>-!+##!./#0!)$,E(0-/+!*&+!*&E22+!:+-+/,-+!1-!,0!)$/#0-+,0!34! 0##!*#4(*#+#.:!*$)!)+/!*0-!.!I.2E-!OGA!L0!CM!)$,E(0-/+!1-!+:!3$(7&-.*#+((./!#73!,1-!:+-=0!)$,E(! '+-!0/!#$330;;0&#!34!OZD!J#A!?0(+!*7*#0)0#!1-!$-.0/#0-+#!)$#!*7,*7,:1*#A!

! F*?(%6!/G61&=7.==.%6NL6S>==*#?K46K%9#'3$9$*&#I6

(30)

PD! ./;$-)+#.$/*#+:(+! *$)! *.##0-! 34! 6-+/,*#+#.$/0/*! 7##0-:122! *$)! :.*+-! 'E-! )7%&0#! 0(! *$)! 3-$,E%0-+*! ;>-! #.((;1((0#8! ,0/! +%&E)E(0-+,0! 3-$,E&#.$/0/! *0,+/! *#+-#! *+)#! E#$)'E*#0)30-+#E-0/A!!

L0! #-0! :1H0(-.&#+-/+! +:! #.((:0-&+-0/! "_V! *.##0-! 34! :1220/! .! 2+-+20#! .! ,.-0&#+/&/7#/./2! #.((! +/(122/./20/! $%'! 1-! &$33(+,0! #.((! 0/! ($220-! ;-4/! *+))+! #.((:0-&+-0! *$)! *1/,0-! *.2/+(0/! #.((! E#$)'E*#+:(+/A! -9K.==6!G619559#3$>==#*#?69:6'9$96E2%6S>==*#?K46K%9#'3$9$*&#363&=.=9#=>??#*#?6 6 ! ! ! ! ! >"#"! Q('(3%&(7)3%@-e4! 51((./267! 6-+/,*#+#.$/! '+-! ./*#+((0-+#*! 0/! )1#($220-! +:! #730/! "F^q! ;-4/! "_V! "$(+-! K0%'/$($27A!]1-!)+/!)0,!'=1(3!+:!0/!,+#$-!)0,!"_Vj*!./*#+((0-+,0!3-$2-+):+-+!:.+!0/!E*6N &+60(!&$33(+-!E33!*.2!)$#!($220-/!)4*#0!)+/!&E//+!&$/:0-#0-+!*.2/+(0/!;-4/!b"P[P!#.((!b"WMG! ;>-! +##! ;4! &$/#+&#A! ]1-! )+/! :1(! '+-! ;4##! &$/#+&#! &+/! )+/! :.+! 3-$2-+))0#! 0/&0(#! (+,,+! '0)! ./;$-)+#.$/!)0,!,72/*:.*!E33(>*/./2!;>-!:+-!$%'!0/!+:!,0!#-0!:1H0(-.&#+-/+!;>-!/$22-+//+-0! +/+(7*A! L+#+! *3+-+*! .! ($220-/! ;>-! [CD! ,+2+-! #.((6+&+! .! #.,0/! .//+/! ).//0#! 6(.-! ;E((#! $%'! ,0/! *&-.:0-! >:0-! ,0! ;>-*#+! :1-,0/+A! L0#+(=0-+,! ./;$-)+#.$/! $)! 3-$,E&#.$/0/! ;.//*! ;-4/! ,0/! OU! =+/E+-.!PDDMA!L-.;##+2/./2*,+#E)!:+-!,0/!OU!,0%0)60-!PDDCA!

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j0!,0%0)60-!PDDC! B/*#+((0-+,!#$330;;0&#! OW8DW!&J#! V-0+! OOD!)P! I>-:1/#+,!4-*3-$,E&#.$/! OD8U!_J'! "7*#0)&$*#/+,!S!&J#! ODU!&"YT! "7*#0)&$*#/+,8!#$#+(#! O8G!_"YT! "7*#0)(0:0-+/#>-! ]Ve"!"Q0,0/!VF! e$*.#.$/! ]GU°PPr!YOC°GOr! _$,E((E#/./2! WP°! V/(122/./2*12+-0! F-+/,;>-*:+-0#!;>-0!O!=+/!PDDU8! I+*#.2'0#*&$/#$-0#!;-4/!$%'!)0,!O!=+/!PDDU!!

(31)

PO! !

?,0 L)46J&76J.334#+

>"!"#

6+*&*%'('3.%-"$(0(*7*#0)0#! 34! 9&0*'$:*'+((0/! 1-! E33,0(+#! 34! #:4! +/(122/./2+-A! L0/! *#>--0! +/(122/./20/! :.*+*! .! I.2E-! OZ! $%'! 1-! )$/#0-+,! .! WG! 2-+,0-*! (E#/./2! $%'! $-.0/#0-+,! )$#! *7,*7,:1*#! 34! .,-$##*'+((0/*!#+&A!L0/!60*#4-!E#+:!PWD!*#7%&0/!)$/$&-.*#+((./+!)$,E(0-!34!:+-,0-+!OCD!J#8! #$#+(#!WO!&J#A!L0/!1-!:1(!*7/(.2!;-4/!#E//0(6+/+/*!2->/+!(./=0!*#-+H!0;#0-!+##!)+/!'+-!(1)/+#! 9&0*'$:*!#E//0(6+/0*#+#.$/!34!:12!>*#0-E#A! ! F*?(%6!@G61&=7.==.%6NL6`).38&:36*'%&$$389==6 e4!*.)'+((0/!.!$*#*7,$*#!1-!MW!*#7%&0/!3$(7&-.*#+((./+!)$,E(0-!)$/#0-+,0!,.-0&#!34!#+&0#!)0,! 0/!(E#/./2!34!OG!2-+,0-A!V/(122/./20/!1-!1:0/!;>-*0,,!)0,!0/!./*#-4(/./2*)1#+-0A!I>-!64,+! +/(122/./2+-/+!#.((*+))+/*!6(.-!,0/!#$#+(+!0;;0&#0/!G[!&J#A!!

L0! #.$! :1H0(-.&#+-/+! 1-! &$33(+,0! #.((! 0/! ($220-! +:! )1-&0#! e$Q0-(7/H! *$)! 2>-! ,0#! )>=(.2#! +##! &$/#./E0-(.2#! :.*+! E33! 3-$,E&#.$/*N! $%'! *$(./*#-4(/./2*:1-,0/! ;-4/! +/(122/./20/! $)! ($220-/! &$33(+*!E33!)$#!./#0-/0#A! -9K.==6,G619559#3$>==#*#?69:6'9$96E2%6`).38&:63&=.=9#=>??#*#?6 ! ! ! ! -! >"!"! Q('(3%&(7)3%@-K.((! 9&0*'$:*'+((0/! 1-! 0/! L`"! J06! ($220-! ./*#+((0-+,! )0/! ,0//+! 1-! ./#0! ./&$33(+,! #.((! ,0#! ./#0-/+! /1#:0-&0#A! _0,! 0/! ;E/20-+/,0! J06! ($220-! &+/! )+/! ;>(=+! +/(122/./20/*! 3-$,E&#.$/! $%'!*$(./*#-4(/./20/!>:0-!./#0-/0#A!L0#!24-!1:0/!+##!3-$2-+))0-+!,0/!*4!+##!;0()0,,0(+/,0/! *&.%&+*!:.+!)+.(!/1-!+/(122/./20/!./#0!3-$,E%0-+-!.!;+*!)0,!*$(./*#-4(/./20/A!! L-.;#*#+-#! PMj0!=E/.!PDDC! B/*#+((0-+,!#$330;;0&#! G[8D!&J#! V-0+! WDD!)P! I>-:1/#+,!4-*3-$,E&#.$/! [C!_J'! "7*#0)&$*#/+,!S!&J#! GW!&"YT! "7*#0)&$*#/+,8!#$#+(#! P8M!_"YT! "7*#0)(0:0-+/#>-! "Q.#%'3$Q0-! e$*.#.$/! ]GU°POr!YOC°GZr! _$,E((E#/./2! WG°!*+)#!OG°! V/(122/./2*12+-0! B,-$##*;>-:+(#/./20/!

(32)

PP! +:!30-*$/+(!;-4/!L+(&.+!;+*#.2'0#*N*&>#*0(!*0,+/!=E/.!PDDMA!_4/+,*:1-,0/+!1-!/42$#!:+-.0-+/,0! .!&:+(.#0#!,4!,0!+:(1*#0*!.!).##0/!+:!)4/+,0/!)0,!/42-+!,+2+-*!+::.&0(*0A!I-4/!$%'!)0,!)+-*! PDDU!+:(1*0*!)1#:1-,0/+!.!6>-=+/!+:!)4/+,0/A!! L0#! ;.//*! 0/! &$/:0/#.$/0((! 0()1#+-0! *$)! ;0(3-$2-+))0-+,0*! /1-! ,0/! ./*#+((0-+,0*! *4! ,0**+! )1#:1-,0/!*#1))0-!#7:1--!./#0A!V/(122/./20/!#$2*!.!6-E&!PMj0!=E/.!PDDCA! >"!"5

$%'*+%-<'LF+,*+3%@-(L-,+30'-e4! 9&0*'$:*'+((0/! 1-! ,0#! L+(&.+! ;+*#.2'0#**&>#*0(! *$)! *+)(+-! ./! ,+#+! $)! 3-$,E&#.$/0/! $%'! -+33$-#0-+-! #.((! F.-2.##+! V/,0-**$/A! "7*#0)0#! '+-! ;4! ->-(.2+! ,0(+-! $%'! ,0#! '+-! :+-.#! )7%&0#! )./,-0!&$)3(.%0-+#!)0,!E/,0-'4((!1/!:+,!)+/!;>-:1/#+,0A!V/,0-*!e0##0-**$/!*:+-+-!+##!f<-! ,0#! /42-+! 3-$6(0)! h)0,! ,-.;#0/i! *4! 6-E&+-! )+/! ;4! '>-+! ,0)fA! L0! '+-! ./#0! '+;#! /42-+! ,-.;#*#>-/./2+-8!)0/!3430&+-!+##!+/(122/./20/!1/!1-!*4!(1/20!1-!-0(+#.:#!/7A!_+/!:.((!21-/+!*0! +##! )1#:1-,0/+! *+)(+,0*! ./! +E#$)+#.*&#! $%'! &$))0-! ./! .! ,0-+*! >:0-:+&/./2**7*#0)! KbY]LA! L0#!1-!1:0/!*:4-#!+##!:0#+!/1-!+/(122/./20/!20-!)+H.)+(!3-$,E&#.$/A! >"!"B $%0.+7('3.%&&/+3,%3%@-9&0*'$:*'+((0/! '+-! *#>##! 34! ./#-0**0! ./#0-/#! ./$)! B,-$##*;>-:+(#/./20/! $%'! ;>-:+(#+-0! ;-4/! +/,-+!6$(+2A!

**?,8 9)&3&%+*+M376NC+**

>"5"# 6+*&*%'('3.%-"$(0(./*#+((+#.$/0/!.!<(:*=>!1-!E33,0(+,!34!4##+!*#7%&0/!)./,-0!+/(122/./2+-!*$)!1-!3(+%0-+,0! 34!;>-*&$($-!-0*30&#.:0!#:4!*#7%&0/!*#>--0!+/(122/./2+-!3(+%0-+,0!34!)0((+/*#+,.0*&$($-A! ! F*?(%6!BG61&=7.==.%6NL6E2%3)&=9#6S*#'=.).#6

"#$-(0&*0H0)30(! 34! ,0/! )./,-0! +/(122/./20/! *7/*! .! I.2E-! OC! $%'! ,0/! *#>--0! .! I.2E-! OMA! V((+! *7*#0)! 1-! )$/#0-+,0! 34! #+&0#! #.((! *&$($-/+! )0,! 0/! (E#/./2! 34! OGNWD! 2-+,0-A! L0! )./,-0! +/(122/./2+-/+!1-!34!P8WG!&J#!$%'!,0!*#>--0!1-!#-0!24/20-!*4!*#$-+!34!C8[G!&J#8!#$#+(#![W8[!&J#A!!

(33)

P[! !

F*?(%6!DG61#2$>7)$963&=7.==.%6NL6f.#$%9=3)&=9#6U=M8('96

51H0(-.&#+-/+! 1-! ;-4/! #.((:0-&+-0/! I-$/.E*! )0,! 0/! ./6722,! ($220-;E/&#.$/! $%'! *7*#0)0/! '+-! (0:0-0-+#*!)0,!)$6.(!,.*3(+7!*$)!:.*+-!)$)0/#+/!$%'!+%&E)E(0-+,!0(3-$,E&#.$/A! -9K.==60G619559#3$>==#*#?69:6'9$96E2%6g=:3X2363&=.=9#=>??#*#?9%6 ! ! -! ! -! >"5"! Q('(3%&(7)3%@-5+-=0!*&$(+!1-!;>-*0,,!)0,!0/!&$/:0/#.$/0((!0()1#+-0!*$)!2>-!+##!)+/!0/&0(#!&+/!+:(1*+!'E-! )7%&0#!0(!*$)!'+-!3-$,E%0-+#*A!! >"5"5 $%'*+%-<'LF+,*+3%@-(L-,+30'-I>-!,0!#.$!;>-*&$($-!$%'!*&$($-!.!<(:*=>!;.//*!,0#!./2+!-E#./0-!./*+)(./2!+:!3-$,E&#.$/*,+#+!0((0-! E#:1-,0-./2!+:!,-.;#8!:+-;>-!/42$/!*4,+/!'0((0-!./#0!*&0##A! >"5"B $%0.+7('3.%&&/+3,%3%@-"$(%0((*+/(122/./2+-/+!.!<(:*=>!'+-!:.*+#*!E33!:.,!4#*&.((.2+!#.((;1((0/A!

?,< 9$.'6$4.$4%#+

>"B"# 6+*&*%'('3.%-V/(122/./20/!60*#4-!+:!OMW!*#7%&0/!)$/$&-.*#+((./+!)$,E(0-!$%'!1-!./*#+((0-+,!0/(.2#!;.2E-!OU! 34!(+/#0-/./0-/+!34!"#+,*#0+#0-/*!#+&A!L0#!'+-!/1-+!0/!$3#.)+(!:./&0(!,1-!,0!1-!)$/#0-+,0!WG! 2-+,0-*!(E#/./2!$%'!)0,!0/!$-.0/#0-./2!.!*7,*7,$*#A! L-.;#*#+-#! )+-*!PDDC! V/#+(!+/(122/./2+-! OD!*#! B/*#+((0-+,!#$330;;0&#! ![W8[!&J#! V-0+! !P[W!)P! I>-:1/#+,!4-*3-$,E&#.$/! !PG8D!_J'! "7*#0)&$*#/+,!S!&J#! !CC!&"YT! "7*#0)&$*#/+,8!#$#+(#! !P8Z!_"YT! "7*#0)(0:0-+/#>-! "Q.#%'3$Q0-! e$*.#.$/! ]GU°OZNOCr!YOC°GMrN!OM°DPr! _$,E((E#/./2! OZ°!#.((!WD°! V/(122/./2*12+-0! "B"VF8! "&$(;+*#.2'0#0-! .! "#$%&'$()! VF!

(34)

PW! F*?(%6!<G61&=7.==.%65&#$.%9'.6NL6=9#$.%#*#.%6NL61$9'3$.9$.%#36$9)6 6 F*?(%6,ZG6F%&#*(36:>T.=%*)$9%.6 L0!*0H!:1H0(-.&#+-/+!1-!&$33(+,0!#.((!0/!I-$/.E*N($220-!*$)!(1*0-!+:!3-$,E&#.$/0/!:+-!;0)#$/,0! )./E#!$%'!*1/,0-!,+#+!:.,+-0!#.((!0/!,+#$-!*$)!,-.;#*30-*$/+(0/!'+-!#.((24/2!#.((A! -9K.==6;G619559#3$>==#*#?69:6'9$96E2%61$9'3$.9$.%#63&=.=9#=>??#*#?6 ! 6 6 ! ! 6 >"B"! Q('(3%&(7)3%@-_1#:1-,0/! ;-4/! :1H0(-.&#+-/+! *+)(+*! :+-! ;0)#$/,0! )./E#! $%'! (+2-+*! .! 0/! ,+#$-! *$)! '+-! &$33(+#*!#.((!($220-/A!_1#:1-,0/+!1-!#.((21/2(.2+!;>-!,-.;#*30-*$/+(0/!:.+!0/!*30%.+((>*/./2!,1-! )+/! &$33(+-! E33! *.2! )$#! ,+#$-/! *$)! #+-! 0)$#! )1#:1-,0/+A! L0//+! ,+#$-! *&+! 1:0/! ;>-*0! 0/! *&1-)!.!0/#-a/!)0,!)1#:1-,0/!;>-!3E6(.&!4#0-&$33(./2!+:!3-$,E&#.$/0/A!! L-.;#*#+-#! !P[j0!+E2E*#.!PDDC! B/*#+((0-+,!#$330;;0&#! ![P8P!&J#! V-0+! !PMZ!)P! I>-:1/#+,!4-*3-$,E&#.$/! !PC8Z!_J'! "7*#0)&$*#/+,!S!&J#! !ZU!&"YT! "7*#0)&$*#/+,8!#$#+(#! !P8P!_"YT! "7*#0)(0:0-+/#>-! "Q.#%'3$Q0-! e$*.#.$/! ]GU°PDr!YOM°DWr! _$,E((E#/./2! WG°! V/(122/./2*12+-0! I+*#.2'0#*&$/#$-0#!.!"#$%&'$()!

(35)

PG! >"B"5 $%'*+%-<'LF+,*+3%@-(L-,+30'-e4!"#+,*#0+#0-/!'+-!+:(1*/./2+-!+:!,0/!&$/:0/#.$/0((+!0()1#+-0/!0/,+*#!2=$-#*!.!*+)6+/,!)0,! +##!4-*3-$,E&#.$/0/!*&E((0!-+33$-#0-+*!./!#.((!(1/**#7-0(*0/A! >"B"B $%0.+7('3.%&&/+3,%3%@-e4!"#+,*#0+#0-/!'+-!)+/!'+;#!)./*#!OD!*#7%&0/!*#E,.060*>&8!64,0!E#.;-4/!$%'!./#0-/#A!L0#!1-! 1:0/!)0/./20/!+##!,0/!,.*3(+7!*$)!*.##0-!.!0/#-a/!*&+!:.*+!E33!)$)0/#+/!$%'!+%&E)E(0-+,! 3-$,E&#.$/!$%'!34!*4!*1##!:1%&+!./#-0**08!)0/!,.*3(+70/!'+-!./#0!;E/20-+#!*$)!+:*0##A!

?,? O&74$+

>">"# 6+*&*%'('3.%-! F*?(%6,!G6-(##E*=533&=7.==.%6($%(==9'.6NL6h&:.$36$9)6 V/(122/./20/!34!?$:0#*!#+&!*&.(=0-!*.2!;-4/!,0!+/,-+!+/(122/./2+-/+!20/$)!+##!,0/!60*#4-!+:! #E//;.()**$(%0((0-!+:!+)$-;#!&.*0(A!"$(%0((0-/+!1-!./#02-0-+,0!.!0##!#+&)0)6-+/!+:!e5^!$%'!Y5VA! B!$%'!)0,!+##!+)$-;#!&.*0(!'+-!+/:1/#*!*$)!'+-!0/!(12-0!:0-&/./2*2-+,!1/!&-.*#+((./#!&.*0(!'+-! 7#+/!>&+#*!#.((!ODMD!)P_!;>-!GO!&J #A!`E#/./2!34!#+&0#!1-!OD!2-+,0-!)0,!0/!-+&#!*7,(.2!$-.0/#0-./2A! 51H0(-.&#+-0/!1-!0/!I-$/.E*!+:!)+*#0-S*(+:0N#73!*$)!60*#4-!+:!OG!)./,-0!:1H0(-.&#+-0A! -9K.==6/G619559#3$>==#*#?69:6'9$96E2%6h&:.$363&=.=9#=>??#*#?6 ! ! ! ! ! ! >">"!

Q('(3%&(7)3%@-?$:0#! '+-! 0/! &$/:0/#.$/0((! 0()1#+-0! *$)! )+/E0((#! +:(1*0*! +:! ,-.;#30-*$/+(! :+-=0! )4/+,A! V/(122/./20/!*+&/+-!*$(./*#-4(/./2*)1#+-0!$%'!($220-!#.((!:1H0(-.&#+-0/A! L-.;#*#+-#! !PDj0!=E/.!PDDC! B/*#+((0-+,!#$330;;0&#! !GO8W!&J#! V-0+! !ODMD!)P! I>-:1/#+,!4-*3-$,E&#.$/! !WC8Z!_J'! "7*#0)&$*#/+,!S!&J#! !Z[!&"YT! "7*#0)&$*#/+,8!#$#+(#! ![8W!_"YT! "7*#0)(0:0-+/#>-! ">,0-60-2*!R##0-#+&!SV(Q.#-+! e$*.#.$/! ]GU°OMr!YOM°DGr! _$,E((E#/./2! OD°! V/(122/./2*12+-0! @($60!V-0/+*!

(36)

PZ! ?$:0#!'+-!*0,+/!3-$,E&#.$/**#+-#!&$/#./E0-(.2#!(1*#!+:!*./!0()1#+-0!)4/+,*:.*A!e-$,E&#.$/0/! :.*+-!+##!+/(122/./20/!1-!.!,-.;#A!g)!,0#!*&E((0!6(.!/42-+!*#>-/./2+-!E33#1%&*!./#0!,0**+!;>--1/! :.,!)4/+,**&.;#0/+A!L-.;#)1**.2#!1-!)+/!:1(,.2#!3$*.#.:A!! >">"B $%0.+7('3.%&&/+3,%3%@-?$:0#!'+-!'+;#!%.-&+!OG!*#7%&0/!*#E,.060*>&!#.((!0H0)30(!/7(.20/!;-4/!30-*$/0-!*$)!*&+!6>-=+! +-60#+!)0,!./*#+((+#.$/!+:!#E//;.()**$(%0((0-A!

(37)

PC! !

G P46(3$.$+&EJ+.#.3:6+

**G,! F3B%&'()$*&#++**

K$#+(#! '+-! +/(122/./2+-/+! 3-$,E%0-+#! PPC! DDD! &J'! ;-4/! ./*#+((+#.$/! ;-+)! #.((! )4/+,**&.;#0#! ;06-E+-.N)+-*!PDDUA!V/(122/./2+-/+!'+-!0/!*+))+/(+2,!3-$,E&#.$/*#+&#!34!%.-&+!OGD!DDD!&J'! 30-!4-!:.(&0#!1-!/42$#!>:0-!,0/!*+)(+,0!;>-:1/#+,0!3-$,E&#.$/0/!30-!4-!*$)!:+-!3-$=0&#0-+,! #.((!OWM!DDD!&J'A!!

D"#"#

EF))3%@O4-O+(%,&'('3.%-51((./267! 6-+/,*#+#.$/! '+,0! )0((+/! ,0/! OU! ,0%0)60-! PDDC! $%'! PG! =+/E+-.! PDDU! 3-$,E%0-+#! OP!OGD!&J'A!e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

L0/! 4-(.2+! +:&+*#/./20/8! R;! h,0;./0-+*! E/,0-! 3E/&#! PAOAPi8! E/,0-! *+))+! 30-.$,! :+-!

MWC!&J'S&J#A! 5.,!E#:1-,0-./2!+:!,+#+!;-4/!:1H0(-.&#+-/+!E33#1%&#0*!0##!;0(!)0,!+/(122/./20/A!L0#!:+-!0/!+:! *#-1/2+-/+! *$)! ./#0! 3-$,E%0-+,0! /42$/! 0(! +((*A! V/(122/./20/! '+-! ,1-;>-! 0##! 6$-#;+((! +:! 3-$,E&#.$/!34!%.-&+!O!UDD!&J'!;-4/!,0/!OO!)+-*!PDDM!#.((!4-0#*!*(E#A!5.,!;E((!3-$,E&#.$/!'+,0! D! ODDD! PDDD! H=N% &'()i&#6Y)^8[6 51((./267!PDDC! 51((./267!PDDM! 51((./267!PDDU!

(38)

PM! ).**#+/&+-!$)!+##!:1H0(-.&#+-/+!:.*+-!:1(!'>2+!3-$,E&#.$/*:1-,0/A!

V/(122/./20/!:.*+-!1:0/!0/!*1/&+!.!3-$,E&#.$/0/!.!=E/.!*$)!1-!*:4-!+##!;>-&(+-+!,4!-0*#0-+/,0! +/(122/./2+-!.!-+33$-#0/!:.*+-!34!:1-,0/!;>-!=E/.!*$)!(.220-!)0((+/!)+=!$%'!=E(.A!

D"#"!

C1*&J.L&J())*%-9&0*'$:*'+((0/! 3-$,E%0-+,0! CO! ZDD! &J'! )0((+/! ,0/! PM! =E/.! PDDC! $%'! [O! =+/E+-.! PDDUA! e-$,E&#.$/*,+#+!;-4/!$%'!)0,!=E/.NDM!1-!E33,0(+,!30-!)4/+,!$%'!:.*+*!.!I.2E-!P[A!_4/+,*,+#+! 1-! /42$#! :+-.0-+/,0! .! &:+(.#0#! 60-$0/,0! 34! +##! ,0! ./#0! '+-! (1*#*! +:! :.,! *+))+! ,+#E)! :+-=0! )4/+,A!I-4/!$%'!)0,!)+-*!PDDU!+:(1*0*!3-$,E&#.$/*,+#+!.!6>-=+/!34!)4/+,0/A!

! !

F*?(%6,0G6JL#9'3:>%'.#6E%L#6`).38&:389==.#I6

Y/! E33*&+##+,! 3-$,E&#.$/! 34! WM! [GD! &J'! E/,0-! ,0#! ;>-*#+! 4-0#! 20-! 0/! R;! 34! UPD! &J'S&J#A!

L0##+!1-!;>-!64,+!+/(122/./2+-/+!*+))+/(+2#!0##!'>2#!:1-,0!,4!,0/!)./,-0!+/(122/./20/!34! *.)'+((0/!1-!3(+%0-+,!.!0/!*1)-0!:./&0(!$%'!-.&#+,!)$#!$*#*7,$*#A!L0#!1-!#-$(.2#!+##!:1H0(-.&#+-/+! :.*+-!;>-!'>2+!:1-,0/A!

L0/! ;>-:1/#+,0! 3-$,E&#.$/0/! :+-! [C! DDD! &J'! 30-! 4-8! :.(&0#! )0,! *#$-! *+//$(.&'0#! '+-! >:0-*&-.,.#*!E/,0-!+/(122/./20/*!;>-*#+!4-A!

D"#"5

=1.).+-3-R)L&PM-B! ,0! #.$! ;>-*&$($-/+! $%'! *&$($-/+! .! <(:*=>! '+-! ;-+)! #.((! ;06-E+-.! PDDU! #$#+(#! GD! DGD! &J'! 3-$,E%0-+#*! *0,+/! *#+-#0/! .! )+-*! PDDCA! ].$! *#7%&0/! +:! +/(122/./2+-/+! '+-! 0/! R;! 34! COWNCMW!

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i&#6Y)^8[6 9&0*'$:!PDDC! 9&0*'$:!PDDM! 9&0*'$:!PDDU!

(39)

PU! !

-9K.==6@G6W%&'()$*&#3'9$96E2%63)&=&%6*6g:=3X2I6

"&$(+! &J'S&J#!30-!4-! e-$,E%0-+,0!&J'8!#$#+(#!

5./,(0&0/! CMW! [MWO! K-$((*(1/,+/! CCZ! [MDD! Y&1/2*&$(+/! CZM! [CZG! "7(:0*#0-! CZ[! [C[C! ?0--1/20/! CWG! ODUWM! _E)./*#E2+/! CWD! [ZPZ! Y).(.+! CPO! [G[P! ^.#-E*24-,0/! COG! [GDG!

V(N?E,+! COW! ODGDD!

<330(1/20/! G[W! PZOC!

!

"&$($-/+!V(N?E,+!$%'!?0--1/20/!'+-!#-0!24/20-!*#>--0!./*#+((0-+,!0;;0&#!=1);>-#!)0,!,0!>:-.2+! :.(&0#! ;>-&(+-+-! ,0! '>2-0! 3-$,E&#.$/*:1-,0/+A! e4! ?0--1/20/! '+-! 0/! )$,E(! 6(.:.#! &-$**+,! /1-! /42$/!:+/,+(!#-$(.2#:.*!24##!0((0-!'$33+#!34!+/(122/./20/A!

V((+! *&$($-! 1-! E#-E*#+,0! )0,! 64,0! &$/:0/#.$/0((! 0()1#+-0! $%'! 0/! I-$/.E*N($220-A! 5.,! 0/! =1);>-0(*0!)0((+/!:0-&(.2+!3-$,E&#.$/*,+#+!$%'!($220-/*!:1-,0!:.*+,0!($220-/!&$/#./E0-(.2#!MN OO!3-$%0/#!;>-!)7%&0#A!`$220-/*!E#,+#+!24-!+##!=E*#0-+!)0,!'=1(3!+:!I-$/.E*N)=E&:+-+!*4!+##! :1-,0/+!*#1))0-!61##-0!>:0-0/*!)0,!,0/!&$/:0/#.$/0((+!0()1#+-0/*A!

D"#"B

='(,&'*('*+%-V/(122/./20/!'+-!*0,+/!*#+-#!3-$,E%0-+#![Z!CDD!&J'8!)4/+,*,+#+!-0,$:.*+*!.!I.2E-!PWA!X/,0-! 4-! PDDM! :.*+-! :0-.;.0-+,0! ,+#+! 34! 0/! 4-(.2! +:&+*#/./2! 34! UDM! &J'S&J#8! :.(&0#! 1-! '>2#! )0/!

-.)(.2#!;>-!_1(+--02.$/0/!h*0!;.2E-!ODiA! ! F*?(%6,;G6JL#9'3:>%'.#6E%L#61$9'3$.9$.%#I6 D! ODDD! PDDD! [DDD! WDDD! GDDD! =+/! ;06! )+-*!

+3-.(! )+=! =E/.! =E(.! +E2! *03

#! $& #! /$ :! ,0%! H=N% &'()i&#6Y)^8[6 "#+,*#0+#0-/!PDDC! "#+,*#0+#0-/!PDDM! "#+,*#0+#0-/!PDDU!

(40)

[D! 3-$,E%0-+,0!,0/!PU!PDD!&J'8!:.(&0#!1-!%.-&+!Z!3-$%0/#!>:0-!-.&#:1-,0#A!e-$,E&#.$/*:1-,0/+!1-! :0-.;.0-+,0!$%'!0##!*&1(!#.((!+##!,0/!3-$,E%0-+,0!0/0-2./!>:0-*#.20-!,0/!;>-:1/#+,0!&+/!:+-+!+##! )$,E(0-/+!(0:0-0-+-!'>2-0!J#!1/!:+,!,0!1-!/$-)0-+,0!#.((A! @0/$)!+##!+/:1/,+!*.2!+:!"Kb9]@!;>-!0##!:1-,0!34!*$(./*#-4(/./2!;>-!"#+,*#0+#0-/*!#+&!*+)#! e5"R"K!;>-!+##!&$--.20-+!;>-!)$,E(0-/+*!(E#/./2!&+/!)+/!&+(&7(0-+!eb!;>-!PDDM!#.((!C[!3-$%0/#!A! L4! ./20/! '1/*7/! #.((! *&E22$-! ;-4/! /1-(.22+/,0! 6722/+,0-! '+-! #+2.#*! (.220-! :1-,0#! ./$)! ;0()+-2./+(0/!;>-!/$-)+(+!:1-,0/!34!eb8!CGNMG!3-$%0/#8!:.(&0#!:.*+-!+##!+/(122/./20/!;E/20-+-! *$)!,0/!1-!#1/&#!+##!2>-+A! D"#"> S.L*'-L0/!#+&./#02-0-+,0!*$(%0((*+/(122/./20/!+:!+)$-;#&.*0(!34!?$:0#!'+-!'.##.((*!3-$,E%0-+#!GC!ODD! &J'A! _4/+,*:1-,0/+! 1-! -0,$:.*+,0! .! ;.2E-0/! /0,+/A! X/,0-! PDDM! :+-! ,0/! *+))+/(+2,+! 3-$,E&#.$/0/![C!WDD!&J'!:.(&0#!:+-!OD!PDD!&J'!)./,-0!1/!,0/!;>-:1/#+,0!3-$,E&#.$/0/A!! ! F*?(%6,/G6JL#9'3:>%'.#6E%L#6h&:.$I6 6 @0/$)!+##!&$)6./0-+!"Kb9]@!$%'!e5"R"K!34!*+))+!*1##!*$)!;>-!"#+,*#0+#0-/!.!;>-0240/,0! +:*/.##!;4*!eb!#.((!ZW!3-$%0/#A!?1-!'+-!./#0!'0((0-!/42$/!'1/*7/!#.((!*&E22$-/+!#+2.#*!:.(&0#!:.*+*!.! I.2E-! PZ! ,1-! +/(122/./20/! *&E22+*! +:! /1-(.22+/,0! 6722/+,0-! $%'! )+*#0-! ;>-! #0(0&$))E/.&+#.$/A! ! D! ODDD! PDDD! [DDD! WDDD! GDDD! ZDDD! CDDD! MDDD! H=N% &'()i&#6Y)^8[6 ?$:0#!PDDC! ?$:0#!PDDM! ?$:0#!PDDU!