Press conference 5 May 2011
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1 Press conference 5 May results and outlook 1 16 mai 2011 Title of the presentation
2 CONTENTS : a rapidly expanding business 2 Very solid financial results 3 A new development phase: towards a single exchange zone in France 4 Integration of markets in Europe 5 3 rd Gas Directive: adaptation underway 2 16 mai 2011 Title of the presentation
3 Transmission operator GRTgaz operates the longest high-pressure natural gas transmission network in Europe, across most of the French territory. Its missions: Transmitting the natural gas provided by its customers under the best safety, cost and reliability conditions; Supplying the natural gas to over 4500 substations: large industrial consumers, power stations, public distribution networks, adjacent transmission networks; Expanding transmission capacities to meet market needs and improve security of supply in France and in Europe. 3 8 February 2011
4 4 10 May 2011 Title of the presentation
5 2010: a rapidly expanding business 5 16 mai 2011 Title of the presentation
6 2010: buoyant sales Increase in sales of delivery capacities: +8% in volume for industrial customers and power stations Sharp upturn in energy trading on the markets (North Zone and South Zone): +23% (313 TWh) 76 shippers (including 15 industrial customers) end of 2010 (compared to 60 end of 2009) 6 16 mai 2011 Title of the presentation
7 2010: a respected industrial programme Sustained programme of infrastructure protection: 3105 km inspected, 2375 km overhauled Mâconnais pipeline (85 kilometres between Génelard and Etrez) A new compressor station (Saint-Victor) commissioned Ten stations connected to the transmission network and consuming gas 7 16 mai 2011 Title of the presentation
8 2010: a more comprehensive and flexible offer Adapted balancing rules More information provided to shippers On target for a balancing system by 2013 More effective information system Launch of the TRANS@ctions secure portal Launch of Smart GRTgaz (March 2011) Service dedicated to customers with highly modulated consumption (deliberation of the Energy Regulatory Commission on 28 October 2010) Mainly to meet the needs of the CCGs Marketing of the capacities provided by GDFSUEZ under the "France Access" commitments 8 16 mai 2011 Title of the presentation
9 Very solid financial results 9 10 May 2011 Title of the presentation
10 Key figures: strong growth in income En M /09 Comments Sales % Transmission income ( 1386 M, 91% of sales), up +4.7% Operational profit % Sharp increase in the operating margin linked to: - an increase in sales; - increase in self-constructed assets; - decrease in energy costs; - reduction in metering discrepancies; Net income excluding nonrecurring items* % - Increase in operating income - Increase in financial income (fall in rates on the variable portion of the debt) Investments % Maintenance of investment expenditure at a high level despite the 2012 time-lag of certain projects: - 2/3 maintenance expenses - 1/3 development expenses Percentage of debt (debt/equity) 53% 62 % Very solid balance sheet marked by low level of debt * Total net income for 2010 totalled 176 M: it includes the provision write-back for dismantling GRTgaz works at the end of the exploitation of global gas reserves May 2010 General Management
11 Buoyant activity driven by transmission income 2% 3% 2010 sales 1520 M: +3% compared to % Transmission: 1386 M Industrial customer connections and public distributions: 36 M Balancing sales: 39 M +5% in transmission income 1,479 M Transmissio n income + 63 M + 5 % Connection services - 3 M -7 % Other income - 19 M - 16% 1,520 M 91% Others: 59 M 2009 sales 2010 sales The increase in activity (+3%) is explained by the increase in transmission income (+4%), effect of the pricing increase as a consequence of the development of the regulated assets base and an increase in subscription volumes. 11 April 2010 Sales Division
12 Sharp growth in operational profit OP 2010: 800 M, +10.5% Sales Capitalised production and other income 22 M +22% 47 M -37% Raw material purchases (mainly energy costs) - 27 M +6% Other purchases External costs* Other costs - 7 M +2% 41 M +3% OP M OP M Operating income (excl. write-backs): 1623 M; + 63 M; +4% Operating expenses (excl. allowances): 823 M; - 13 M; -15% Improvement in operating margin results mainly from the increase in activity and the control of operating expenses, particularly motive power costs. * External costs include TIGF fees, odorisation services contracts,compression, storage and rent. 12 April 2010 Sales Division
13 Net income of 127 M 1 up 15% compared to 2009 OP Net allowances - 12 M Financial profit + 8 M Non-recurring loss - 40 M + 76M Tax Profit-sharing - 12 M - 4 M 110 M 127 M NI 2010 NI Operating income 550 M The 15% rise in net income shows the improvement in the operating margin and increase in financial income. 1 Excluding provision write-back for dismantling 13 April 2010 Sales Division
14 Continuation of the investment programme: 554 M Investments (in M ) Maintenance Development Total Investment expenditure continues at high levels despite the postponement to 2012 of several projects (2 nd part of the compressor overhaul programme and certain fluidification projects) 14 April 2010 Sales Division
15 A solid balance sheet, low debt A capital-intense activity Net debt of 1,991 M, i.e. 53% of equity Equity 3746 M Fixed assets 5,994 M Provisions for liabilities and charges 38 M Borrowings and debt 2658 M Current assets 448 M 15 April 2010 Sales Division
16 A new development phase May 2011 Title of the presentation
17 TWh Growth in volumes traded, Price convergence between European markets 300 Volumes traded on wholesale market mai 2011 Title of the presentation
18 FID taken in 2010 by GRTgaz for the creation of a compressor station in Chazelles Chazelles compressor station Features New compressor station, with power of 3 x 12.5 MW (electric motors) Commissioned mid-2013 Enables the Guyenne pipeline to transport its full capacity Total cost of 98 M Market benefits Follows the France/Spain Open Season, carried out in coordination with TIGF and ENAGAS Increases the transmission capacity between TIGF and GRTgaz by 175 GWh/d For GRTgaz it completes the "Western corridor" between France and Spain Financing European priority: subsidy of 40 M New income: capacity subscriptions between the TIGF network and the GRTgaz network Investment approval by the Energy Regulatory Commission in 2010 Chazelles 18
19 FID taken by GRTgaz in February 2011 for the ERIDAN project Eridan Features New 220 km pipeline between Saint-Martin-de-Crau (Bouches-du- Rhône) and Saint-Avit (Drôme), with a 1200 mm diameter, operational by end of 2015 Doubles the 600 mm established pipeline of the Rhone Valley Total cost 484 M Market benefits Strengthens Fos as a LNG "port of entry" in France and in Europe GWh/d, i.e. 4 Gm3/year, on entry from Fos, available when operational GWh/d in final development if the pipelines to the north are strengthened Stock volume to manage the flexibility required to 8 CCG, i.e MWe Essential step towards the merger of PEG North and GRTgaz South (single GRTgaz market zone) Financing European priority: subsidy of 74 M Savings: flexibility costs, cost of reconstructing the Bégude station avoided, compressor costs and CO2 New income: capacity subscriptions at Fos Investment approval by the Energy Regulatory Commission (19 April 2011) Eridan 19
20 Developments of the network resulting from the Dunkirk terminal decision Dunkirk LNG Terminal EDF press release of 3 May 2011 "EDF, through its subsidiary Dunkirk LNG, confirmed its investment project in the Dunkirk LNG terminal, situated on the Clipon site at Loon Plage. This announcement follows the Grand Port Maritime of Dunkirk s decision to approve this project in May The Dunkirk LNG terminal, due to be operational by the end of 2015, will have an annual regasification capacity of 13 billion m3 of gas (Gm3) and will increase the importation capacities of natural gas in France by around 20%." Pitgam Cuvilly Dierrey Arc de Dierrey Consequences for the transmission network Voisines Connection of the new terminal and strengthening of the network core, by doubling the network between Pitgam (North) and Cuvilly (Oise), then the construction of a new pipeline between Cuvilly and Voisines (Yonne): "Arc-de-Dierrey". Total projected cost 1250 M. Creation of a new interconnection by pipeline between France and Belgium to ensure an outlet from the new terminal towards Belgium as well as an interconnection between PEG North and Belgium. Development coordinated with FLUXYS in Belgium. Estimated cost of 100 M. Operational: end of
21 Developments of the network resulting from the Dunkirk terminal decision Dunkirk LNG Terminal (continued) Market benefits Market benefits result not only from the new terminal in Dunkirk, but also transport works as a result of the terminal which brings flexibility to the entire French and European gas system Positions Dunkirk as an LNG "port of entry" in France and in Europe Enables non-odorised gas to be sent to Belgium Creates # 300 GWh/d on entry of LNG to France Creates # 200 GWh/d on entry of LNG to Belgium Development of the stock volume to manage the necessary flexibility to around 15 CCG, i.e MWe L Arc-de-Dierrey is an essential step towards the merger of PEG North and GRTgaz South (single GRTgaz market zone) Pitgam Cuvilly Dierrey Arc de Dierrey Voisines Financing European priority: application for a subsidy underway Savings: flexibility costs Income: Capacity subscription on entry into France and on the interconnection with Belgium Investment approval by the Energy Regulatory Commission in December 2010 (subject to the FID on the terminal) 21
22 Other developments Following the market consultation carried out in 2010 to develop the capacity of Belgium towards France, decision to increase capacity by 50 GWh by Luxembourg Two consultations on the future market France Luxembourg (consultation planned for the second half year 2011) Switzerland France (consultation planned for the second half year 2011) 22
23 Coupling of the North and South PEGs, under an agreement between POWERNEXT and GRTgaz Powernext and GRTgaz plan to launch a coupling experiment of the gas markets in order for the PEG South to benefit from the higher liquidity of the PEG North. This model has been presented and finalised in consultation with market players. It has been approved by the Energy Regulatory Commission (19 April 2011). In May 2011, Powernext will launch spread products. The purchase of a spread results in a purchase in the South and a simultaneous sale in the North, and the sale of a spread, the reverse (geographic swap). Coupling PEG North PEG South From the summer 2011 GRTgaz will directly intervene by purchasing the spread product in the direction which favours a tightening of the North and South prices. This intervention requires putting aside a fraction of the capacity available to the link between the two PEGs (10 GWh/d out of 230 GWh/d in total). 23
24 Towards the merger of the North and South Zones? In 2016 The improvements following the Dunkirk LNG terminal decision will have made the north zone more fluid, without internal congestion The decision to carry out the ERIDAN project will have made the south zone very fluid, without internal congestion The stock volume generated by the new infrastructure will guarantee the necessary flexibility for the functioning of the combined cycle gas power stations A merger of the north and south zones then becomes possible: either by additional investments to remove the residual congestion in the centre of France or by market mechanisms to avoid situations leading to this residual congestion PEG North Merger? PEG South Eridan Arc de Dierrey GRTgaz is committed to conducting a study of the merger conditions by the end of
25 10-year prospective study 25 8 February 2011
26 Integration of markets in Europe May 2011 Title of the presentation
27 In the future, GRTgaz point of entry of LNG into Europe NBP TTF LNG ZEE PEG France NCG Gaspool CEGH PEG TIGF PSV MS ATR LNG 27
28 The 3 rd Gas Directive May 2011 Title of the presentation
29 Adaptation of the Directive Key dates 5 January 2011 Related events The enabling legislation has authorised the French Government to adapt the European Directive of 13 July 2009 by a decree. 4 May 2011 The draft decree was examined in the Cabinet March March 2013 The bill on the ratification of this decree must go before the Parliament on the last day of the third month from publication of the decree at the latest. After publication of the decree, the Energy Regulatory Commission must put forward an order setting out the certification procedure of the transmission network operators. This procedure links the departments of the European Commission, and possibly ACER. The decision granting or refusing certification must be made on this date at the latest. The European Commission must publish a specific detailed report on the assessment of the ITO model chosen by France and Germany mai 2011 Title of the presentation
30 The "independent transmission network operator" model The principle: Act in full independence regarding other entities of the vertically integrated company which carries out a production or gas supply activity. Certification issued on 3 March 2012 at the latest by the Energy Regulatory Commission after the opinion of the European Commission Award conditions: Be the owner of the network; Possess all the human, technical, material and financial resources required to carry out the obligations incumbent upon it; Be equipped with "all company services", and in the future no longer share any systems or computer hardware with the vertically integrated company; Employ the personnel required for its activity; Annually draw up a ten-year development plan to expand the gas transmission network, to be submitted to the Energy Regulatory Commission. 30
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