Singapore's genco transactions assumed a rosy future but suffered when prices fell; fundamental analysis can tease out reality from optimism.  

Winner's curse can be a problem in any valuation, but confronting internal biases and engaging in objective reviews can mitigate the risks.

Good policy comes not from guessing the future but from basing decisions on robust analysis: understanding value and assessing relevant costs.  

China has gas in the ground but bringing it to generate power requires infrastructure, cost-reflective market prices, and the reform of dispatch.

All photographs in this calendar were taken by TLG staff and associates.

中国拥有天然气储量和潜在需求，但是大力发展天然气发电需要管道设施的支持, 反应成本的市场价格与调度改革.

A functioning electricity market in a developing country is noteworthy, but there remain regulatory challenges to ensure success for the long term.

Are the limitations of Single Buyer models holding Asia's power sectors back and allowing sub-optimal decisions to raise costs for stakeholders?

China's market is huge and growing fast, but success benefits from understanding the risks; analytical frameworks bring additional advantages.

中国能源市场规模巨大，增幅迅速，但成功得益于对其中风险的理解。 分析框架带来额外的优势。