Thursday, January 31, 2013


“Procurement costs for solar plants are falling. It is fair and appropriate for the tariff to be reduced accordingly.”

Masayoshi Son

According to Forbes magazine, Son's net worth is $8.1 billion as of 2011 and he is the second richest man in Japan, despite being the person who has lost the most money in history (approximately $70 billion in the dot com crash of 2000).

See Wikipedia

Germany hits 7.6 GW for 2012

Germany installed 7604.1 MW in 2012. December total of 330.1 MW will lead to a 2.2% degression rate in February through April. Interestingly, the last two degressions steps have been decided by surprisingly small margins. Once was lucky, twice feels like data manipulation.

Looking more closely at the data the December installation rates accross all brackets were healthy considering the time of year. Surprisingly the 5 MW+ bracket continues to show resiliency with over 50 MW installed in December.

Note:Average installation prices in January were 1476 Euro/kWp and trending down during the month.

Wednesday, January 30, 2013

Germany's Surcharge Problem

BAH! A pox on taxes!
Germany's Environmental Minister Peter Altmaier recently proposed ammendments to the FiT rules that would hold the FiT surcharge - currently at 5.3 cents/kWh - in check. While this proposal has merit Altmaier's subsequent suggestion that Germany impose retroactive taxes is a miserable idea.

One measure that may work would be to ask people to defer their contracted FiT for X months. You'd be paid the current FiT rate for your net production. After X months you'd go back to your contract but it will have been extended by X months. If you could get enough people to defer payment every other year you'd be able to hold the surcharge in check.

Another angle would be to look at time-weighted wholesale electricity prices over the last 5 years and extrapolate where they'd be without the FiT. Let's say the aggregated savings to Heavy industry has been a billion dollars. Raise the surcharge for the Heavy Industries so that you recover this billion dollars. I think this rule is actually rather important. The subsidy effect the FiT has on Heavy Industrial electricity purchases could easily be seen as unfair competition under WTO conventions.

The concept of holding the surcharge in check is reasonable. There do seem to be some options. 

Tuesday, January 29, 2013

Green Journalists and Carbon

Why do Green journalists talk about Carbon so much when they should be talking about the competitiveness of solar? At this point it's like calling into work sick when you're dressed to then nines and ready to dance a jig. The Carbon story was entertaining for a while... So is watching hamfisted monkeys playing Operation.  I think it’s time to change the music. This isn't about denying climate change - It's about denying the solution to climate change. Wake the fuck up you lazy pull it out the drawer fuckdoodles and start creating a better narrative.

Craig Morris earns exceptions points for:

"it's about renewables, not carbon"

Misreading the Bones

In electricity markets there is nearly always much more generation available than needed. We have the extra generation for peaking, outages and so forth. All generation options are not equal. Some options have a price of 25 $/MWh, others 50 $/MWh and others still more. Some generation options provide firm energy, others non-firm. 
I'd argue that in solar manufacturing we don't have an overabundance of players that can deliver a competitive price at Tier 1 quality. There's extra capacity but the price point is either too high or the quality level is too low for what the market really wants and needs. Analysts yammer on about manufacturing overcapacity but when you look at what's competitive we're not far from balanced.
I follow Germany closely. To be honest I see plenty of demand for Tier 2 and Tier 3 product so that contradicts my points here to some degree. That said I also see plenty of demand for quality and the price differential between quality and Meh isn't ridiculous. I don't think the market is suffering from over supply - it's suffering from under information. 
At the Power System Operations level reliability trumps price - not by much but it's a Kings beats Queens situation. We pay more for Firm Energy than Non-Firm Energy because we recognize there's a premium that comes with reliabiltiy. I expect the same will happen with photoelectrics. Solar is a 25+ year investment. FiTs and assorted incentive policies create unnatural pressure to rush into the market to take advantage of incentives. Once we remove the artificial sweeteners I'm convinced we'll see the reliability bias take over. Take away the hurry factor and people will make smarter investments. If we view manufacturing capacity with a reliability bias the overcapacity situation goes away. Conclusion... the banalysts are misreading the bones.

Saturday, January 26, 2013

Vitamin Z

I look in the cabinet for vitamin Z
The little white tablets that organize me
Take one for luck and two for glory
Then into the mirror and off to explore me

Dropbox Testing

Economics of Photoelectricity - January 2013

Our Blades are F***ing Great

Friday, January 25, 2013

You can't eat your song and dance - Part 1

Jules-Joseph Lefebvre, The Grasshopper 
 The Ant and the Grasshopper

In a field one summer's day a Grasshopper was hopping about, chirping and singing to its heart's content. An Ant passed by, bearing along with great toil an ear of corn (must be the New World version)  he was taking to the nest.

"Why not come and chat with me," said the Grasshopper,
"instead of toiling and moiling that way?"

"I am helping to lay up food for the winter," said the Ant,
"and recommend you to do the same."

"Why bother about winter?" said the Grasshopper; we have got plenty of food at present." But the Ant went on its way and continued its toil. When the winter came the Grasshopper had no food and found itself dying of hunger, while it saw the ants distributing every day corn and grain from the stores they had collected in the summer. Then the Grasshopper knew:

It is best to prepare for the days of necessity.

Thanks Sherlock

New England Journal of Medicine Studies Find Huge Health Benefits to Quitting Smoking

The Crying Game: Women’s Tears Dial Down Testosterone

What's that Sherlock? Drinking and smoking is even worse for your heath than just smoking. Shit... Thanks Sherlock.

Read more here:

Thursday, January 24, 2013

Have You Seen Me?

Anybody know where I can get a copy of the UBS report: The Unsubsidized Solar Revolution?

If you could, please send me a copy at:

Creepy Trigger Hippie

Saturday, January 19, 2013

QOTD - Michael Liebrich

The whole debate about green jobs is utterly daft. The point about energy is to provide energy.

Michael Liebrich 

Friday, January 18, 2013

Cock of the County

The big fight scene intro goes like so...

The Gatlin boys just laughed at him when he walked into the bar room
One of them got up and met him half way cross the floor
When Tommy turned around they said, hey look Old Yellas leavin'
But you could have heard a pin drop when Tommy stopped and locked the door

Then Tommy beats them all up. He doesn't do a Leroy Brown make em look like jigsaw puzzles type of deal. Just beats them up. Now... One of my mentors taught me the only way to deal with the Gatlin sort is to "put the boots to them". I think George Carlin had a better idea... Cornhole... Yeah... Cornhole...For Becky's sake, Tommy should have cornholed the Gatlin boys to death Pulp Fiction style.

Imagine that version... So you hear the pin drop. Ding... And then Tommy drops his pants and the clock strikes 12. Dong! You feel sorry for Becky all over again... They called him The Cock from then on. That's justice!

Moldie Oldies - Dicks R' US

"Has SunRun done anything legislatively to undermine the PACE program?"
Holly can't say no because she was probably the one doing the undermining.
What really kills me is that Holly Gordon just happens to be the State Policy Committee Chair with the SEIA. Why on earth would you have someone who undermined PACE in any leadership position with the SEIA? What happened to their Code of Ethics?  
I suppose giving a klepto the keys to the silver is nothing new in the US but it's a terrible shame. As a serial-offender she's assuredly doing everything she can to build an asymmetrical playing field as far as the solar policy environment goes. But there is a bright side... If you want to figure out what to fix just follow her trail.

Wednesday, January 16, 2013


One thing that is different today [in energy] is software, which changes the game.

Bill Gates
I've tried and tried and tried to succintly state this idea. Bill wins.  

Tuesday, January 15, 2013

Art Imitating Life

A character based on Elon Musk is the villian in the last few episodes of The Mentalist. That's funny...

Monday, January 14, 2013

Another Letter to Hans-Josef Fell

Hello Mr. Fell,

I'm writing to suggest several simplifications to the photovoltaic EEG rules for your consideration.
  • The use of a defined cut-off to characterize Heavy Electricity users should be avoided because it encourages gaming. Consider having a system where all usage up to X gigawatt hours is subject to the full EEG surcharge. A second usage category between X and Y would be subject to a reduced surcharge. All usage beyond Y could be exempt or subject to a minimal surcharge.
  • You could use similar rules for the EEG payments. As things stand you have three payment Steps based on installed capacity: a < 10 kW bracket, a 10 to 40 kW bracket and a 40 to 1000 kW bracket. Your brackets should be based on electricity. Your Step 1 payment would be for the first 10 MWh per year of backfeed regardless of system size. Your Step 2 payment would be paid on the next 30 MWh of backfeed. All remaining production would get the Step 3 rate.
  • Alternatively, the EEG payments for Step 1 and 2 could be consolidated because they are already so close to each other. Then you'd only have two payment steps: Step 1 for all excess production up to 40 MWh and Step 2 for everything else. Simple.
  • As far as I can tell the rooftop vs. ground mount distinction should be eliminated.
Good luck with your good work.


Thursday, January 10, 2013

Let's Play What's Wrong?

PUCO deals blow to AEP solar project

"Turning Point, estimated at one time to cost $250 million, was announced in October 2010 with much fanfare by AEP and then-Gov. Ted Strickland in the closing weeks of his re-election campaign. He said it would lead to 300 permanent manufacturing jobs and 300 construction jobs."

"It’s deeply disappointing that Gov. Kasich has given the appearance his administration is more interested in rewarding his campaign donors than supporting a project that would create more than 600 jobs, including many for veterans,” Redfern said."

  • A 50 MW solar project will not create 300 permanent jobs - more like 10.  
  • Veterans don't like it when assholes wrap themselves in the flag.
  • 50 MW plants don't cost 250 million anymore - more like 100 million.

If you ain't cheating, you ain't trying

Mark Grace is credited with the Yogi Berraish quote, "If you ain't cheating, you ain't trying."

This quote stuck in my head.... Why? The other day I was randomly thinking about this. Here's a fulcrum problem.  

Let's say you're in school taking a multiple choice bubble test. You're at the end of the test and you have your answer to the last bubble question but as you're on your way to answer the question - pencil in motion - the buzzer sounds. Do you fill in the blank in the next split second or do you put your pencil down?

I think you should fill in the blank. Technically that's cheating but in this case cheating may be your best option.

If you're the test grader would you rather see a student "cheating" for the last answer or not answering it?

As a grader, if you had perfect observation, I think you'd rather see the student cheat on that last hand in motion question. Why? Because it tells you the student knew the answer - or at least thought she knew the answer. It provides you with extra information about the student's knowledge. It's a two way street... If you're the student and you know you're under perfect observation you must answer the question if you know the answer - it shows effort and provides information to the grader. If you put down your pencil it shows nothing - no information. Even under perfect observation you have to try even though you know it shows you're cheating - you have to show that you almost had the answer in time. It's basic game strategy. Mark Grace was and is right.

Mac Bandy

  • It don't need to be pretty... just needs to work. Making work look pretty is for artists. Are you an artist? OK then STFU.
  • This ain't a footsteps in the sand world. That's a fairy tale.
  • We make jokes about Mexicans being lazy. Truth is they're the hardest working people on the block. Makes you realize jokes on them are jokes on you.
  • We're all savages when the lights go out.
  • Sometimes I make a big sneeze. Some time later I discover a mystery ball of snot on my shirt sleeve or collar. It's like Something About Mary.
  • My buddy's little boy stuck a fork in a socket. He called the experience a "Lite Bite!"
  • I've never seen a QB the size of this Kaepernick. He moves like da devil. Doze tatoos are blacka magic.
  • The Heart of the Devil is made of Gold.
  • Information No results found for "the heart of the devil is made of gold" - Booya... 
  • I just heard the newslady use the term suffering from gunshot wounds. Umm... Recovering?
  • Some people go to therapy. I watch football. Reminds me of being 16. Wish I could still run like that. What's taking so long with the Brave New World perfection genetics. Stay perfect until it's time to die and then you just go into a shoot. 
  • Slaves to beauty are we.
  • TO ALL MY FRIENDS!!!! Cheers

Surfing Squid after Midnight

Wednesday, January 9, 2013

How Wind and Solar Complement Each Other

Wind: You look delicious today! I could eat you up.
Sun: I know. I'd fuck me.

Paint by Numbers - A Quick World Tour of Photoelectrics in 2013

The Untold Stability Story 
  • Spot market prices for polysilicon, cells and modules have stabilized. Not only have they stabilized but they've done so in the face of a rising dollar. 
  • China announced an annual solar installation target of 10 GW and a medium term target of 40 GW. 
Put these things together and what do you get? A new story is what. If solar had a mantra in 2012 it would have been oversupply. That story was never very interesting but it thankfully looks to be wrapping up. The rag hacks and banalysts will say the World has in excess of 50 GW of production capacity while demand in 2013 is only expected to be 35 to 40 GW. We're still oversupplied right? 

Look at things from a different angle. If there are 100 people for 50 jobs, will all the jobs be filled? Maybe, maybe not. You need 50 qualified people out of the 100 if you hope to fill all the jobs. When it comes to the solar industry the world doesn't have over 50 GW of qualified supply - qualified capacity is much closer to the 35 to 40 GW of expected demand. My own tracking indicates around 37 GW at the end of 2011. 

An additional factor here is that in addition to the relatively balanced supply of "qualified" product it looks like China is taking steps to curtail the production of unqualified product. The fact that the spot market is stabilizing in the face of a rising dollar tells me that things are moving forward quickly.  

Me thinks a balanced market will bring some buyers out of the woodwork. The logic here is that you don't want to buy a widget just as prices are dropping through the floor. Might as well sit on the sidelines if you can and wait out  the price evolution. Down the road you can buy a bigger, better widget for less. He waits, he shoots, he scores.

The balancing of the solar market doesn't only have an effect on individual buying behavior - governments behave the same way. Why spend a bundle on something like solar when you're well supplied by coal, natural gas, nuclear or whatever? Better to let the first movers carry the cost of pushing the gizmo down the learning curve - better to wait. The stabilization of prices is a signal to these bystanders to reassess the solar market and decide whether the product is now cost effective and desirable. In my experience people are downright shocked when they find out how cheap solar has gotten.

Over the last six months we've seen a wave of bystander enter the space - South Africa, several countries in the Middle East, Chile, Brazil, Mexico...  It looks to me like the bystanders want to play. Or maybe there are some shady backroom deals pushing the interest. Probably a little of both.... Shady solar, I like that. Needs a little work but it's good for now.

Many have been expecting movement towards solar from the Middle East for a while now. Saudi Arabia burns an attrocious amount of petroleum to make electricity and desalinate water. They have a clear incentive to use solar to produce electricity and save the petroleum for sale on the market at 100 bucks a barrel. Finally - a real connection between oil and solar. I figure Saudi Arabia could turn into a 500 MW plus market overnight.

Germany: Prices and Demand in 2012 vs. 2013

Feed in Tariff (Euro/kWh)0.24430.1700
Retail Electricity Rate (Euro/kWh)0.26220.2800
Average System Cost (Euro/kWp)1,9501,500
Levelized Cost of Electricity0.130.11
Internal Rate of Return12%13%
Modified Internal Rate of Return10%12%
Net Present Value909834
Simple Payback Period9.29.0
Time to Net Positive Cash Flow9.08.0

This comparison of a standard 10 kWp systems indicates that despite the 30% reduction in the FiT rates the buying conditions in Germany at the start of 2013 are comparable to where they were at the beginning of 2012 as far as IRR, MIRR, NPV and payback metrics go. Logically you'd think this would drive a comparable volume of installs between 2012 and 2013 - for small and medium systems yes and no. For larger systems no. 

Official installation estimates for 2013 range from 3.5 to 6.5 GW depending on who you listen to. This is a obviously a very wide band. The problem with guessing what's going to happen in Germany arises from the fact that the new FiT policies are expected to curtail the development of larger multi-MW systems. One simple way to guess at 2013 installs would be to subtract out the multi-MW installs from the 2012 statistics and use the resulting value as a guess for 2013 installs. If you were to do this you'd guess at about 4.5 GW of demand in 2013. 

This is a decent guess but it doesn't account for new wildcard sources of demand. Check out the ever awesome graph of Germany's system price evolution on the right - so nice... so smooth. I'm a power system operator - we likey smooth graphs. Now that prices are a third of what they were 5 years ago we're starting to see interesting buying behaviors. For example, I see people buying smaller systems (10ish kWp) for cash even though it's easy to get financing in Germany through the KfW. I'm also seeing a lot of people buying who don't care about profit. For most of these buyers photoelectric systems are a hedge play against rising electricity rates but there's a notable contingent making environmental dogood investments. Why are we seeing these buying behaviors so much more now? Well... My thinking is simple - It's a lot easier to pay cash, play a hedge or buy based on  environmental righteousness when the investment is 10 k vs. 30 k. 10 k is middle class accessible - 30 k isn't. The IRR, MIRR and NPV metrics don't tell this accessibility story. 

Now that the FiT architects have structured things to favor smaller projects over larger projects we're likely to see some interesting changes in the market. Will this be the year we see clear action on self-consumption policies? I sure hope so. The market signals are getting stronger by the month. With price drops mostly worked out of the market I figure there's going to be even more focus on alternate demand levers - improving self-consumption is one such lever. Here are some rough numbers comparing the financial performance of systems with 30% vs. 50% self consumption rates.

30% SC50% SC
Internal Rate of Return13%17%
Modified Internal Rate of Return12%12%
Net Present Value8341280
Simple Payback Period9.008.20
Time to Net Positive Cash Flow8.007.00

If Germany was to get hot on promoting self-consumption it would expose a profit angle that has been obscured up to this point. That would drive more demand - how much more I don't know. Germany has figured out a way to install about 7.5 GW for three years straight. I'd like to think they can do it again in 2013. 

P.S. Thoughts on Germany...
  • Germany may consolidate the bottom two FiT tiers into one bracket. This would result in three FiT categories: sub-40 kWp, 40 to 1 MW rooftops and 1 MW+ projects. 
  • Ideally Germany could move to tiers based on production rather than Installed Wattage. Under good sun conditions in Southern Germany you get about a MWh per kWp installed per year. Rather than paying systems that are sized up to 10 kWp a FiT rate of X you give the first 10 MWh of annual production a FiT rate of X, the next 30 MWh/year a FiT rate of Y and all remaining MWh/year a FiT rate of Z. This payment structure maintains the cost control of the current FiT bracket structure but it removes the arbitrary boundaries that can prevent proper system sizing.
  • Germany may tweak the 70% rule - perhaps moving to a 60% rule. Probably unnecessary given the natural incentives in the market.
  • I expect the Solar Developers in Germany are putting feelers out: Have Skills - Will Travel South.
  • In an effort to improve cost sharing and prevent gaming Germany is likely to restructure the EEG payment rules for Heavy Industry.
Growth in the UK

Several months back I projected the UK market would finish the year with 10 MW per week in installs. Tricky thing about December is that everybody goes on holiday so the last few weeks of installations in the U.K. have been minimal. That said, the last regular work week in the U.K. saw 8 MW of installs up from 6.2 MW the previous week. The market is clearly growing at a steady pace. It won't take long for the 10 MW per week threshold to be crossed - a few weeks I'd guess. It won't take long after that to reach the 20 MW/week target - a few months perhaps. All and all the market rebound is on track. I'm going to SWAG for at least 2 GW of commercial & residential installs in the UK in 2013. 

What the Hell is Italy Going to do? 

The Italian FiT budget is going to be used up any day now. Makea you wonder why we haven't heard about an installation rush - it's what you'd rightfully expect given the circumstances. Anyways, at this point there's no more FiT funding planned. I see two reasonable options for Italy. First, they could defy the austerity measures and scrape together another FiT budget and continue scaling down FiT rates. If this option was chosen you'd have to expect more restrictions on larger systems, a step cut in FiT rates down to 15 to 17 cents/kWh (for small systems - lower for medium to large systems) plus reintroducing a monthly/quarterly degression policy. If a full budget can't be found they could compromise on a smaller budget and set  new excess feed rates at a price that is half way between the current FiT and wholesale - something like 10 cents/kWh. Given the investment made so far (over 100 billion in commitments) you'd have to hope Italy can find a way to move forward with option 1 rather than unnecessarily shocking their market with option 2. Option 1 should give 2+ GW growth in 2013.

Solar in the US

The solar kleptocracy will keep right on trucking towards the inevitable oh shit Enron moment. If congress gets serious about closing budget loopholes and fixing over-generous subsidies things could change quickly and for the better - by quickly I mean slowly. I have no sense of what congress is going to do these days. I may be a red blooded American but I prefer to study markets like Germany, China and Australia because these countries build solar policies that actually make sense to me - the US... not so much, not yet at least. Fortunately, hope springs eternal... Maybe this will be the year we boot the crooks out of the industry.


Thursday, January 3, 2013

A Strange Result on Costs?

I was wondering how much it would cost Germany to continue using FiTs until their 52 GW target? Here's a guess. I've arbitrarily used the magical 435 MW/month installation pace from the previous post and broken it up between the tiers like so.

Rooftops up to 10 kWRooftops 10 to 40 kWRooftops 40 to 1000 kWRooftops 1 to 10 MWGround < 10 MW

In the first month (November 2012 in this case) 15% of the 435 MW (~65 MW) are installed in the < 10 kW rooftop category which gets a FiT of 17.9 cents/kWh. To calculate the incremental extra annual cost you subtract the Wholesale Cost of electricity (assumed to be 5 cents/kWh) from the FiT rate (17.9 - 5 = 12.9 cents/kWh), multiply this value by the total MW installed in that Bracket (65 MW) and then multiply that total by the expected production which is assumed to be 1000 MWh per MW. I've done this procedure (with some tweaking) for each bracket and summed the total below.

As you can see from the table, over time the incremental cost of each additional 435 MW is less and less because the FiT falls month by month. The sum total extra annual cost I came up with was just under a billion. Interestingly, if you project out the FiT degressions the extra cost of the FiT program go negative in November of 2017 - i.e. If you keep dropping the FiT you actually start saving money over wholesale in about 5 years.

I have mixed feelings here. On the one hand I know the FiT is probably a tad too generous and this means you can shave it down. On the other hand look at how low these extra costs are! Why screw with a good thing when it's cheap to let it ride?

**NOTE: Something about these results doesn't seem right. I suspect I may have dropped something in the math somewhere because this just seems too good to be true. I've double and triple checked things but I keep coming up with the same results. The graph says it all. Germany is in the Home Stretch.

YearRooftops up to 10 kWRooftops 10 to 40 kWRooftops 40 to 1000 kWRooftops 1 to 10 MWGround < 10 MWTotal
Nov-12 5,892,025 14,072,798 17,654,148 3,215,621 1,607,811 42,442,403
Dec-12 5,687,631 13,574,166 16,995,294 3,080,856 1,540,428 40,878,374
Jan-13 5,488,346 13,087,999 16,352,912 2,949,459 1,474,730 39,353,446
Feb-13 5,294,044 12,613,987 15,726,589 2,821,348 1,410,674 37,866,641
Mar-13 5,104,599 12,151,824 15,115,924 2,696,439 1,348,220 36,417,006
Apr-13 4,919,890 11,701,216 14,520,526 2,574,653 1,287,327 35,003,612
May-13 4,761,410 11,314,595 14,009,674 2,470,161 1,235,080 33,790,920
Jun-13 4,606,417 10,936,478 13,510,062 2,367,967 1,183,984 32,604,908
Jul-13 4,454,833 10,566,681 13,021,440 2,268,022 1,134,011 31,444,987
Aug-13 4,306,584 10,205,019 12,543,569 2,170,275 1,085,138 30,310,585
Sep-13 4,161,597 9,851,314 12,076,210 2,074,679 1,037,340 29,201,140
Oct-13 4,019,799 9,505,390 11,619,133 1,981,186 990,593 28,116,102
Nov-13 3,906,335 9,228,588 11,253,389 1,906,375 953,188 27,247,875
Dec-13 3,794,914 8,956,768 10,894,228 1,832,910 916,455 26,395,275
Jan-14 3,685,498 8,689,841 10,541,532 1,760,768 880,384 25,558,023
Feb-14 3,578,052 8,427,719 10,195,184 1,689,924 844,962 24,735,841
Mar-14 3,472,539 8,170,315 9,855,071 1,620,355 810,178 23,928,458
Apr-14 3,368,926 7,917,544 9,521,080 1,552,039 776,020 23,135,609
May-14 3,267,178 7,669,324 9,193,100 1,484,952 742,476 22,357,030
Jun-14 3,167,261 7,425,571 8,871,025 1,419,073 709,537 21,592,466
Jul-14 3,069,143 7,186,206 8,554,746 1,354,380 677,190 20,841,664
Aug-14 2,972,791 6,951,149 8,244,161 1,290,851 645,426 20,104,377
Sep-14 2,878,173 6,720,323 7,939,166 1,228,466 614,233 19,380,361
Oct-14 2,785,258 6,493,652 7,639,661 1,167,203 583,602 18,669,377
Nov-14 2,694,016 6,271,062 7,345,547 1,107,044 553,522 17,971,190
Dec-14 2,604,416 6,052,478 7,056,727 1,047,967 523,983 17,285,571
Jan-15 2,516,429 5,837,828 6,773,106 989,953 494,977 16,612,294
Feb-15 2,430,026 5,627,042 6,494,590 932,984 466,492 15,951,135
Mar-15 2,345,178 5,420,050 6,221,087 877,041 438,520 15,301,877
Apr-15 2,261,858 5,216,784 5,952,508 822,104 411,052 14,664,306
May-15 2,180,037 5,017,177 5,688,763 768,156 384,078 14,038,211
Jun-15 2,099,688 4,821,163 5,429,765 715,179 357,590 13,423,385
Jul-15 2,020,787 4,628,677 5,175,429 663,156 331,578 12,819,627
Aug-15 1,943,305 4,439,656 4,925,671 612,069 306,035 12,226,736
Sep-15 1,867,218 4,254,037 4,680,409 561,902 280,951 11,644,517
Oct-15 1,792,500 4,071,759 4,439,562 512,638 256,319 11,072,779
Nov-15 1,719,128 3,892,763 4,203,050 464,260 232,130 10,511,331
Dec-15 1,647,076 3,716,988 3,970,795 416,754 208,377 9,959,990
Jan-16 1,576,321 3,544,377 3,742,721 370,102 185,051 9,418,572
Feb-16 1,506,840 3,374,873 3,518,752 324,290 162,145 8,886,900
Mar-16 1,438,609 3,208,421 3,298,814 279,303 139,651 8,364,799
Apr-16 1,371,607 3,044,964 3,082,836 235,125 117,563 7,852,095
May-16 1,305,811 2,884,450 2,870,745 191,743 95,872 7,348,620
Jun-16 1,241,198 2,726,825 2,662,471 149,142 74,571 6,854,207
Jul-16 1,177,749 2,572,037 2,457,947 107,307 53,654 6,368,694
Aug-16 1,115,442 2,420,035 2,257,104 66,226 33,113 5,891,920
Sep-16 1,054,257 2,270,770 2,059,876 25,884 12,942 5,423,728