7DEOH Dutch energy intensity (GJ per 1000 euro output)
Based on data compiled in COMETR
Just as in the other countries covered in this study, the carbon-energy tax burden varies significantly across the eight sub-sectors.
7DEOH Dutch carbon-energy tax burden (tax in euro per GJ)
Based on the database compiled in COMETR
Despite the large differences in the energy intensity and tax burden, the analysis of the eight Dutch sectors shows that most of the sectors have actually managed to decrease their relative energy expenditure following the introduction of energy taxation. Table 5.3 below shows that the in-troduction of carbon-energy taxation has only caused additional eco-nomic burden in sector 15.1 (meat and meat products), which is the sec-tor with the lowest overall energy intensity of the eight Dutch secsec-tors ex-amined.
Million Euro 15.1 21.2 24.1 24.4 26.1 26.5 27.1-3 27.4 Meat
and meat products
Paper and paper products
Basic chemicals
Pharma-ceuticals
Glass and glass products
Cement, lime and plaster
Ferrous metals
Non-ferrous metals
1990 1991 1992
1993 0.67 2.05 12.29 2.73 14.77 6.95 43.57 13.22 1994 0.68 1.87 11.47 2.66 13.95 6.71 41.50 12.14 1995 0.66 1.69 10.19 2.59 14.30 7.55 40.58 10.57 1996 0.69 1.85 10.18 2.15 12.99 6.86 44.61 11.66 1997 0.74 1.90 9.52 2.15 11.69 6.90 40.47 11.01 1998 0.70 1.84 8.86 2.03 11.79 6.49 40.67 10.85 1999 0.67 1.64 9.17 1.86 11.20 6.81 34.32 10.48 2000 0.71 1.66 8.77 1.57 9.16 5.97 34.59 11.44 2001 0.80 1.60 8.96 1.54 10.40 6.04
2002 0.71 1.72 9.53 1.28 10.28 5.45
Million Euro 15.1 21.2 24.1 24.4 26.1 26.5 27.1-3 27.4 Meat
and meat products
Paper and paper products
Basic chemicals
Pharma-ceuticals
Glass and glass products
Cement, lime and plaster
Ferrous metals
Non-ferrous metals
1990
1991
1992
1993 0.23 0.22 0.34 0.30 0.36 0.37 0.55 0.06 1994 0.22 0.22 0.33 0.29 0.35 0.36 0.54 0.07 1995 0.22 0.22 0.34 0.30 0.36 0.37 0.56 0.08 1996 0.33 0.30 0.34 0.31 0.35 0.38 0.54 0.07 1997 0.40 0.36 0.32 0.31 0.31 0.38 0.50 0.08 1998 0.46 0.44 0.33 0.31 0.32 0.38 0.50 0.07 1999 0.65 0.64 0.35 0.46 0.37 0.46 0.50 0.08 2000 0.84 0.82 0.34 0.61 0.39 0.56 0.47 0.10 2001 1.27 1.23 0.38 0.89 0.54 0.82 0.48 0.15 2002 1.28 1.28 0.39 0.93 0.54 0.84 0.47 0.15
7DEOH Net gain or loss from energy savings and tax burden (Netherlands)
Based on the database compiled in COMETR
The revenue recycling mechanism in the Netherlands further supports the positive effects of the environmental tax reform. Recycling the tax re-venues back to industry decreases the economic burden of the taxation scheme. Precise figures for the total economic effect of the recycling mechanism in the Netherlands are difficult to estimate. Green tax reve-nues have been recycled back to the industries in the form of a percent-age reduction in the corporate tax and a percentpercent-age reduction in the em-ployers’ contributions to the national healthcare system. This revenue re-cycling further reduces the negative economic impact of the green taxa-tion schemes on the industrial sectors studied.
Million euro 15.1 21.2 24.1 24.4 26.1 26.5 27.1-3 27.4 Meat and
meat products
Paper and paper products
Basic chemicals
Pharma-ceuticals
Glass and glass products
Cement, lime and plaster
Ferrous metals
Non-ferrous metals
1990 1991 1992 1993 1994 -0.45 55.34 2.60 2.98 1.35 11.85 12.38 1995 0.95 153.74 5.63 1.67 -3.16 14.64 35.82 1996 -1.57 164.56 22.28 7.36 0.42 -4.40 19.75 1997 -7.00 235.93 26.29 15.09 0.20 23.08 31.04 1998 -4.23 287.57 30.97 14.40 2.84 23.04 35.96 1999 -2.49 241.91 35.73 16.49 0.16 58.97 43.32 2000 -7.84 397.51 66.03 38.82 6.23 73.98 33.45 2001 -16.63 367.87 63.70 22.56 2.85 2002 -9.46 273.66 87.06 22.61 6.41
6ORYHQLD
The Slovenian case is the weakest case of the seven COMETR countries with regard to data reliability and consistency. Several anomalies have been detected in the Slovenian data which remain unexplained. A num-ber of these will be the product of real changes caused by the fact that Slovenia was going through a transition period during the 1990s. How-ever, it is also suspected that some of the anomalies are caused by devel-opments in the data collection methods used in the statistical bureaus in Slovenia.
For the period from 1995 to 2000, Figure 6.1 below shows a general downward trend in energy intensity only for three energy-intensive sec-tors 26.1 (glass and glass products), 27.1-3 (ferrous metals) and 27.4 (non-ferrous metals). Between 2000 and 2003, however, energy intensity in-creased in these sectors; although the increase appears abrupt. Sector 21.2 (paper and paper products) displays a stable but slightly decreasing energy intensity. The remaining sectors, i.e. the very energy-intensive sector 26.5 (cement, lime and plaster) and the two low energy-intensive sectors 15.1 (meat and meat products) and 24.4 (pharmaceuticals) all dis-play a general increase in energy intensity over the observed period.
Changes in energy efficiency or energy intensity, however, depend on factors other than carbon-energy taxation. The status of Slovenia as a transition country with a rapidly changing economy has without doubt been a major factor affecting the development of many of the industrial sectors in the country, and the impact of carbon-energy taxation on en-ergy efficiency may have been clouded.
)LJXUH Energy intensity index (based on GJ per unit of output) in eight Slovenian sub-sectors
(QHUJ\LQWHQVLW\GHYHORSPHQWLQ6ORYHQLD
50 75 100 125 150 175
199 0
1992 1994
1996 199
8 2000
2002
,QGH[LQ\HDU sector 15.1
sector 21.2 sector 24.1 sector 24.4 sector 26.1 sector 26.5 sector 27.1-3 sector 27.4
Based on data compiled in COMETR
7DEOH Slovenian energy intensity (GJ per 1000 Euro output)
Based on data compiled in COMETR
There are only small variations in the tax burden experienced by the eight Slovenian sectors. Table 6.2 below displays the average carbon-energy tax level in the various Slovenian sectors. Only the tax rates in sectors 26.5 (cement, lime and plaster) and 27.4 (non-ferrous metals) de-viate significantly from those in the other sectors.
7DEOH Slovenian carbon-energy tax burden (tax in Euro per GJ)
Based on data compiled in COMETR
The total economic effect of the carbon-energy taxation in the eight Slovenian sub-sectors analysed in COMETR can be found in Table 6.3 be-low. The table shows that sectors 21.2 (paper and paper products), 26.1
Million Euro 15.1 21.2 24.1 24.4 26.1 26.5 27.1-3 27.4 Meat
and meat products
Paper and paper products
Basic chemicals
Pharma-ceuticals
Glass and glass products
Cement, lime and
plaster
Ferrous metals
Non-ferrous metals
1990 1991 1992 1993 1994
1995 1.15 4.95 1.16 15.66 39.65 18.79 30.26 1996 1.05 4.86 1.31 15.46 49.41 20.27 31.87 1997 2.02 5.28 1.52 13.74 49.10 17.37 28.45 1998 2.42 4.98 1.73 12.64 44.57 17.13 30.61 1999 2.25 4.70 2.11 11.64 47.89 16.82 27.77 2000 2.65 4.94 2.04 12.34 53.57 16.17 20.02 2001 2.30 4.84 1.97 13.38 58.30 20.22 24.55 2002 1.78 4.50 1.69 12.63 48.77 19.53 29.53 2003 2.09 1.81 13.78 56.45 17.86 34.17
Million Euro 15.1 21.2 24.1 24.4 26.1 26.5 27.1-3 27.4 Meat
and meat products
Paper and paper products
Basic chemicals
Pharma-ceuticals
Glass and glass products
Cement, lime and plaster
Ferrous metals
Non-ferrous metals
1990
1991
1992
1993
1994
1995
1996
1997 0.21 0.16 0.20 0.15 0.18 0.31 0.17 0.03 1998 0.61 0.46 0.53 0.39 0.48 0.83 0.45 0.09 1999 0.72 0.61 0.65 0.54 0.64 0.95 0.54 0.11 2000 0.80 0.58 0.60 0.51 0.62 0.88 0.50 0.11 2001 0.89 0.65 0.69 0.57 0.71 0.86 0.53 0.13 2002 0.81 0.60 0.61 0.51 0.64 0.85 0.49 0.09 2003 0.74 0.60 0.61 0.47 0.63 0.85 0.57 0.09
(glass and glass products) and 27.4 (non-ferrous metals) have experi-enced a general positive offset. Most sectors face a negative offset.
7DEOH Net gain or loss from energy savings and tax burden (Slovenia)
Based on data compiled in COMETR
Million Euro 15.1 21.2 24.1 24.4 26.1 26.5 27.1-3 27.4 Meat and
meat products
Paper and paper products
Basic chemicals
Pharma-ceuticals
Glass and glass products
Cement, lime and plaster
Ferrous metals
Non-ferrous metals
1990 1991 1992 1993 1994 1995
1996 0.41 0.91 3.89 -0.87 0.14 -3.39 -3.24 -2.99 1997 -2.78 0.13 0.25 -2.40 1.31 -4.64 2.71 3.70 1998 -3.81 0.65 -1.62 -3.60 2.03 -5.13 1.70 -1.08 1999 -3.90 1.29 -2.05 -5.02 2.82 -6.93 1.73 4.61 2000 -5.32 1.26 -2.08 -5.18 2.22 -9.62 4.44 28.01 2001 -4.18 1.62 -4.61 -5.36 1.14 -10.82 -6.70 11.71 2002 -2.40 1.47 -4.18 -3.41 1.38 -5.70 -4.36 1.05 2003 -3.42 -0.52 -5.67 -4.47 0.32 -7.77 -1.55 -8.62
6ZHGHQ
Various forms of carbon-energy taxes have been levied on Swedish in-dustry over the entire period under observation. Sweden was also one of the first countries to gain experience with genuine ETR. Already in 1991/1992, Sweden introduced a tax reform that linked environmental taxation to revenue recycling in the form of lower personal income taxa-tion.
Figure 7.1 below depicts the developments in energy intensity in the Swedish sub-sectors. Even when disregarding sector 21.2 (paper and pa-per products) and 27.1-3 (ferrous metals) (see note for the figure) the general trend is still somewhat mixed. Especially sectors 24.1 (basic chemicals) and 26.5 (cement, lime and plaster) can be characterized by their increasing energy intensity while sectors 27.4 (pharmaceuticals) and 26.1 (glass and glass products) can be characterized by their decreas-ing energy intensity.
)LJXUH Energy intensity index (based on GJ per unit of output) in eight Swedish sub-sectors
(QHUJ\LQWHQVLW\GHYHORSPHQWLQ6ZHGHQ
40 60 80 100 120 140 160
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
,QGH[LQ\HDU sector 15.1
sector 21.2 sector 24.1 sector 24.4 sector 26.1 sector 26.5 sector 27.1-3 sector 27.4
Based on data compiled in COMETR
1RWH the significant increase in the energy intensity in sector 21.2 (paper and paper products) and 27.1-3 (ferrous metals) in the time period from 1995 to 1998 could reflect a change in the calculation method or sector definitions more than a real change in the consumption.
7DEOH Swedish energy intensity (GJ per 1000 Euro output)
Based on data compiled in COMETR
The Swedish carbon-energy tax burden also varies across the sub-sectors.
The most significant difference in tax burden in the Swedish sectors is not found across sectors but across time. As a result of general economic problems in Sweden in the 1990s and the competitiveness problems ex-perienced by Swedish industry, it was decided to reduce carbon-energy taxation significantly in 1993. During the remainder of the period ob-served, carbon-energy taxation in Sweden does not reach the level of the early 1990s.
7DEOH Swedish carbon-energy tax burden (tax in Euro per GJ)
Based on data compiled in COMETR
The reduction in energy taxation can be expected to have reduced the in-centives to achieve more efficient consumption of energy and minimize the cost of the taxation. However, carbon-energy tax levels are still
rela-Million Euro 15.1 21.2 24.1 24.4 26.1 26.5 27.1-3 27.4 Meat and
meat prod-ucts
Paper and paper products
Basic chemicals
Pharma-ceuticals
Glass and glass products
Cement, lime and plaster
Ferrous metals
Non-ferrous metals
1990 1991 1992
1993 1.16 1.19 5.80 8.17 55.63 6.88 9.85 1994 1.06 1.12 5.52 8.15 50.71 6.39 8.44 1995 1.01 1.31 5.13 8.20 41.51 7.09 8.65 1996 1.05 2.27 5.93 8.21 46.15 6.45 9.23 1997 0.84 2.54 6.14 7.87 41.23 8.37 8.71 1998 1.01 1.88 5.18 8.55 38.17 14.21 7.96 1999 0.78 2.01 5.76 7.33 39.10 12.74 6.80 2000 1.03 2.23 5.75 7.41 48.51 12.35 7.20 2001 0.84 2.28 7.10 6.83 50.87 13.31 8.57 2002 0.75 1.91 7.19 6.05 56.27 12.99 8.96
Million Euro 15.1 21.2 24.1 24.4 26.1 26.5 27.1-3 27.4 Meat
and meat products
Paper and paper products
Basic chemicals
Pharma-ceuticals
Glass and glass products
Cement, lime and plaster
Ferrous metals
Non-ferrous metals
1990 2.40 1.40 2.14 1.44 1.36 0.65 0.58 0.32 1991 2.23 1.31 1.96 1.57 0.86 0.96 0.84 0.34 1992 2.14 1.38 1.85 1.71 0.78 0.94 0.79 0.33 1993 0.25 0.27 0.10 0.05 0.15 0.21 0.16 0.06 1994 0.22 0.28 0.13 0.08 0.15 0.20 0.16 0.05 1995 0.24 0.26 0.13 0.19 0.14 0.20 0.14 0.04 1996 0.26 0.22 0.13 0.20 0.21 0.21 0.17 0.05 1997 0.60 0.44 0.26 0.54 0.43 0.40 0.27 0.10 1998 0.49 0.46 0.21 0.37 0.40 0.39 0.26 0.13 1999 0.35 0.26 0.17 0.46 0.43 0.41 0.27 0.07 2000 0.53 0.24 0.23 0.23 0.73 0.36 0.27 0.14 2001 0.50 0.25 0.20 0.29 0.68 0.32 0.27 0.10 2002 0.38 0.22 0.21 0.19 0.69 0.33 0.27 0.08
tively high compared with several of the other countries analysed by COMETR. When looking at the total economic costs of carbon-energy taxation (see Table 7.3 below) it becomes apparent that most of the Swed-ish sectors, despite the high cost of the taxation, have been able to create positive offsets under the taxation scheme.
7DEOH Net gain or loss from energy savings and tax burden (Sweden)
Based on data compiled in COMETR
Million Euro 15.1 21.2 24.1 24.4 26.1 26.5 27.1-3 27.4 Meat
and meat products
Paper and paper products
Basic chemicals
Pharma-ceuticals
Glass and glass products
Cement, lime and plaster
Ferrous metals
Non-ferrous metals
1990 1991 1992 1993
1994 3.34 7.70 -3.13 0.07 3.13 22.03 14.92 1995 4.95 20.03 -0.17 -0.13 11.74 -9.00 11.01 1996 3.56 -4.36 0.04 -0.18 6.62 19.12 6.72 1997 6.93 -11.53 5.02 1.05 9.69 -48.98 11.33 1998 3.86 16.73 9.93 -1.44 13.43 -211.54 21.76 1999 9.99 -0.95 12.44 2.69 9.74 -176.92 40.01 2000 2.42 -2.09 4.09 2.96 3.32 -193.63 31.92 2001 10.24 -40.07 12.03 5.64 3.04 -215.55 12.07 2002 13.23 -42.32 15.39 9.49 -0.35 -220.26 8.65
8QLWHG.LQJGRP
The UK implemented the first purely environmental tax reform with the introduction of the climate change levy in 2001. The climate change levy was not the first energy tax levied on industry in the UK. A tax on en-ergy consumption was levied on UK industry during the entire period observed in COMETR. Table 8.2 displays the developments in carbon-energy tax burden over the entire period observed. It is evident from the figures in the table that introduction of the climate change levy in 2001 marked a significant increase in the carbon-energy tax burden on UK in-dustry. The tax burden more than doubled in all sectors as a result of the climate change levy. However, the tax levels had also changed signifi-cantly several times during the decade up to the turn of the century and the overall tax level had often been significantly higher in earlier years than in 2001 after the introduction of the climate change levy. In addition it should be noted that a significant difference in carbon-energy tax bur-den across the eight sub-sectors can be observed in Table 8.2.
)LJXUH Energy intensity in eight UK sub-sectors
(QHUJ\LQWHQVLW\GHYHORSPHQWLQ8.
50 75 100 125 150 175 200 225
199 0
199 2
199 4
199 6
1998
2000 200
2
,QGH[LQ\HDU
sector 15.1 sector 21.2 sector 24.1 sector 24.4 sector 26.1 sector 26.5 sector 27.1-3 sector 27.4
Based on data compiled in COMETR
Figure 8.1 above shows developments in energy intensity in the UK. The graphs indicate that the industrial sectors have developed very differ-ently over the period observed with regard to energy intensity. Over the ten-year period some sectors have decreased energy consumption per unit of output, in correspondence with Porter expectations, while other sectors have increased energy consumption. Although the climate change levy was not introduced until 2001, studies have shown that a change in behaviour in connection with the climate change levy could be measured already in 1999, two years before the actual introduction of the tax. This phenomenon has been labelled the ‘announcement effect’ (Ag-nolucci, Barker, Ekins, 2004).
7DEOH UK energy intensity (GJ per 1000 euro output)
Based on data compiled in COMETR
In particular two sectors, sector 24.4 (pharmaceuticals) and 27.4 (non-ferrous metals) show an increasing trend in energy intensity over the pe-riod observed in Figure 8.1. Sector 24.4 (pharmaceuticals) is character-ized by low energy intensity, see Table 8.1, while sector 27.4 (non-ferrous metals), on the other hand, does not display low energy consumption per unit of output.
7DEOH UK carbon-energy tax burden (tax in Euro per GJ)
Based on data compiled in COMETR
In section 3.7.1 it was shown that trends in energy intensity differ across the eight UK sub-sectors. These differences may partly be explained by differences in the importance of energy input within the sectors, and as-sociated managerial interest in improving energy efficiency.
Million Euro 15.1 21.2 24.1 24.4 26.1 26.5 27.1-3 27.4 Meat
and meat products
Paper and paper products
Basic chemicals
Pharma-ceuticals
Glass and glass products
Cement, lime and plaster
Ferrous metals
Non-ferrous metals
1990 1991 1992 1.23 2.24 12.34 1.26 7.76 25.68 19.96 4.84 1993 1.29 2.11 13.36 1.58 6.49 24.87 21.16 4.80 1994 1.28 2.10 14.60 1.61 7.10 22.47 22.23 4.87 1995 1.44 2.13 13.56 1.41 5.60 23.45 22.01 4.25 1996 1.30 1.96 12.54 1.35 5.48 26.12 22.12 4.24 1997 1.32 1.66 13.56 1.44 5.37 28.14 20.65 4.93 1998 1.46 1.54 13.79 1.59 5.12 28.11 18.89 5.62 1999 1.36 1.48 12.13 1.65 5.18 24.51 19.65 6.13 2000 1.19 1.27 14.72 1.66 5.06 20.95 21.65 5.76 2001 1.15 2.23 12.40 1.82 4.91 20.79 20.63 5.66 2002 1.09 2.10 13.29 1.60 4.70 15.95 18.96 5.24
Million Euro 15.1 21.2 24.1 24.4 26.1 26.5 27.1-3 27.4 Meat
and meat products
Paper and paper products
Basic chemicals
Pharma-ceuticals
Glass and glass products
Cement, lime and plaster
Ferrous Metals
Non-ferrous metals
1990 0.844 0.689 0.250 0.413 0.416 0.164 0.153 0.681 1991 1.075 0.897 0.322 0.573 0.528 0.215 0.194 0.789 1992 1.050 0.873 0.281 0.549 0.565 0.256 0.182 0.629 1993 0.999 0.939 0.271 0.507 0.585 0.257 0.174 0.708 1994 0.834 0.817 0.242 0.446 0.551 0.195 0.157 0.656 1995 0.743 0.784 0.265 0.472 0.570 0.207 0.180 0.641 1996 0.716 0.741 0.250 0.394 0.487 0.207 0.163 0.563 1997 0.230 0.324 0.105 0.100 0.216 0.054 0.106 0.188 1998 0.117 0.213 0.078 0.056 0.117 0.031 0.082 0.069 1999 0.170 0.119 0.042 0.021 0.233 0.015 0.080 0.076 2000 0.178 0.072 0.051 0.016 0.068 0.013 0.083 0.061 2001 0.502 0.438 0.189 0.247 0.309 0.234 0.174 0.234 2002 0.490 0.462 0.151 0.250 0.278 0.243 0.165 0.215
A closer analysis including the energy savings (see Table 8.3 below) sheds further light on the situation. The three sectors in Table 8.3 give a good indication of the overall reason behind the lack of positive offset in the majority of the sectors. The table shows that the cost figures in all three sectors are not high. The other countries in this analysis display similar tax burdens and hence similar costs. The general negative offset is created by a lack of savings, a situation that changed when the climate change levy was announced and companies diverted focus towards effi-ciency in energy consumption.
7DEOH Tax burden and energy savings induced by carbon-energy taxation in three UK sectors
Based on data compiled in COMETR
Altogether, the UK case has produced results that differentiate the UK from the remaining countries in this analysis. Whereas support for the Porter hypothesis can be found in most sectors in the other countries in this analysis, the UK case with its short time-span only shows a few re-sults that can support the hypothesis about a positive economic offset induced by environmental policy instruments.
Million Euro 15.1
Meat and meat products
26.1
Glass and glass products
26.5
Cement, lime and plaster
Savings Tax Total Savings Tax Total Savings Tax Total 1990 1991 1992 1993 -15.34 -1.05 -14.29 30.88 0.51 30.37 8.49 0.01 8.48 1994 -11.40 -4.73 -6.68 17.40 -0.41 17.82 33.88 -2.93 36.81 1995 -42.94 -7.74 -35.20 68.46 0.13 68.33 21.54 -2.33 23.87 1996 -16.24 -7.77 -8.47 64.73 -1.87 66.60 -3.51 -2.16 -1.35 1997 -19.67 -19.41 -0.27 64.05 -7.95 72.01 -16.43 -8.92 -7.51 1998 -45.60 -22.25 -23.35 69.98 -9.38 79.36 -16.87 -9.27 -7.60 1999 -24.11 -20.20 -3.90 68.56 -7.33 75.90 8.65 -9.27 17.92 2000 9.43 -19.18 28.61 82.08 -11.02 93.09 35.86 -8.56 44.42 2001 16.68 -11.32 28.00 86.83 -5.76 92.59 35.11 -0.76 35.88 2002 28.93 -11.20 40.13 93.49 -6.41 99.90 83.85 -0.42 84.26
7DEOH Net gain or loss from energy savings and tax burden (without revenue recycling) (UK)
Based on data compiled in COMETR
Revenue recycling in the UK is an important additional factor that should be taken into consideration. In conjunction with the climate change levy in 2001 the UK government introduced a recycling mecha-nism to feed back the entire revenue from the climate change levy. In to-tal between 330 and 860 million Euro has been recycled to the UK indus-try each year in the form of employers’ tax contributions. Recycling the energy tax revenues back to industry decreases the economic burden of the taxation scheme. Precise figures for the total economic effect of the recycling mechanism for each of the eight sub-sectors are not possible to estimate with the available dataset. However, it can be concluded that the revenue recycled back to industry will reduce the negative economic impact of energy taxation on the industrial sectors covered in this analy-sis.
Million Euro 15.1 21.2 24.1 24.4 26.1 26.5 27.1-3 27.4 Meat and
meat products
Paper and paper products
Basic chemicals
Pharma-ceuticals
Glass and glass products
Cement, lime and plaster
Ferrous metals
Non-ferrous metals
1990 1991 1992 1993 -14.29 -2.05 -160.06 -42.28 30.37 8.48 -115.99 0.86 1994 -6.68 7.10 -324.90 -43.33 17.82 36.81 -203.34 -3.72 1995 -35.20 15.75 -181.28 -19.23 68.33 23.87 -194.10 57.03 1996 -8.47 125.46 -22.92 -8.51 66.60 -1.35 -208.92 57.13 1997 -0.27 191.51 -128.30 -12.62 72.01 -7.51 -45.88 11.98 1998 -23.35 259.43 -154.23 -33.71 79.36 -7.60 133.07 -29.54 1999 -3.90 300.76 113.82 -37.20 75.90 17.92 57.18 -55.21 2000 28.61 377.01 -282.47 -28.43 93.09 44.42 -108.40 -34.84 2001 28.00 193.74 19.15 -55.78 92.59 35.88 -47.73 -39.00 2002 40.13 259.88 -111.21 -33.62 99.90 84.26 70.71 -7.79